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Retirement Benefits
12 Months Ended
Jan. 28, 2012
Supplemental Executive Retirement Plan [Abstract]  
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

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 $16.4 million in Fiscal 2011, $19.4 million in Fiscal 2010 and $17.8 million in Fiscal 2009.

 

Effective February 2, 2003, the Company established a Chief Executive Officer Supplemental Executive Retirement Plan (the “SERP”) to provide additional retirement income to its Chairman and Chief Executive Officer (“CEO”). Subject to service requirements, the CEO will receive a monthly benefit equal to 50% of his final average compensation (as defined in the SERP) for life. The final average compensation used for the calculation is based on actual compensation, base salary and cash incentive compensation, averaged over the last 36 consecutive full calendar months ending before the CEO's retirement. The Company recorded net expense of $1.3 million and $2.7 million for Fiscal 2011 and Fiscal 2010, respectively, and net income of $1.0 million for Fiscal 2009, associated with the SERP.

 

The expense for the fifty-two weeks ended January 29, 2011, included an expense of $2.1 million to correct a cumulative under accrual of the SERP relating to prior periods, primarily Fiscal 2008. The Company does not believe this correction was material to the periods affected.