Retirement Benefits

12 Months Ended

Jan. 31, 2015

Compensation and Retirement Disclosure [Abstract]

RETIREMENT BENEFITS

RETIREMENT BENEFITS

The Company maintains the Abercrombie & Fitch Co. Savings & Retirement Plan, a qualified plan. All U.S. associates are eligible to participate in this plan if they are at least 21 years of age and have completed a year of employment with 1,000 or more hours of service. In addition, the Company maintains the Abercrombie & Fitch Co. Nonqualified Savings and Supplemental Retirement, composed of two sub-plans (Plan I and Plan II). Plan I contains contributions made through December 31, 2004, while Plan II contains contributions made on and after January 1, 2005. Participation in these plans is based on service and compensation. The Company’s contributions are based on a percentage of associates’ eligible annual compensation. The cost of the Company’s contributions to these plans was $13.8 million, $18.3 million and $21.1 million for Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively.

Effective February 2, 2003, the Company established a SERP to provide additional retirement income to its former CEO. On December 8, 2014, the former CEO, Michael S. Jeffries, retired from his position as Chief Executive Officer. Mr. Jeffries' employment with the Company terminated on December 31, 2014. In connection with his Employment Agreement, the former CEO will receive a monthly benefit which accumulates annually to 50% of his final average compensation (as defined in the SERP) for life. The final average compensation used for the calculation was based on actual compensation, base salary and cash incentive compensation, averaged over the last 36 consecutive full calendar months ended before the former CEO’s retirement. The Company recorded income of $1.0 million and $4.4 million, and expense of $3.9 million for Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively, associated with the SERP.