XML 57 R41.htm IDEA: XBRL DOCUMENT v3.19.1
Postretirement Medical Benefits (Tables)
 12 Months Ended
Feb. 02, 2019
Retirement Benefits [Abstract]  
Change in obligation and funded status
The change in obligation and funded status of the plan at February 2, 2019 and February 3, 2018 was as follows (in thousands):
 
Fiscal Year Ended
February 2, 2019
 
Fiscal Year Ended
February 3, 2018
Change in Obligation
 
 
 
Projected benefit obligation at beginning of period
$
5,360

 
$
5,927

Company service cost
143

 
182

Interest cost
150

 
147

Plan participants’ contributions
270

 
316

Net actuarial loss
(1,336
)
 
(392
)
Benefit payments made directly by the Company
(413
)
 
(820
)
Projected benefit obligation at end of period
$
4,174

 
$
5,360

Change in Plan Assets


 


Fair value of plan assets at beginning of period
$
—

 
$
—

Company contributions
143

 
504

Plan participants’ contributions
270

 
316

Benefit payments made directly by the Company
(413
)
 
(820
)
Fair value of plan assets at end of period
—

 
—

Funded status at end of year
$
(4,174
)
 
$
(5,360
)
Net periodic postretirement benefit cost
Net periodic postretirement benefit cost for the last three fiscal years consists of the following (in thousands):
 
Fiscal Year Ended
February 2, 2019
 
Fiscal Year Ended
February 3, 2018
 
Fiscal Year Ended
January 28, 2017
Company service cost
$
143

 
$
182

 
$
204

Interest cost
150

 
147

 
142

Net prior service credit amortization
(693
)
 
(693
)
 
(693
)
Amortization of unrecognized gain
(316
)
 
(250
)
 
(510
)
Net periodic postretirement benefit cost
$
(716
)
 
$
(614
)
 
$
(857
)
Discount rate used to determine cost
3.00
%
 
2.63
%
 
2.45
%
Health care cost trend rates
6.50
%
 
7.00
%
 
7.00
%
Change in accumulated other comprehensive income
The change in accumulated other comprehensive income (“AOCI”), gross of tax, consists of the following (in thousands):
 
Fiscal Year Ended
February 2, 2019
 
Fiscal Year Ended
February 3, 2018
AOCI at the beginning of period
$
(3,331
)
 
$
(3,882
)
Net prior service credit amortization
693

 
693

Amortization of net actuarial gain
316

 
250

Net actuarial loss for the period
(1,336
)
 
(392)

AOCI at the end of the period
$
(3,658
)
 
$
(3,331
)
Weighted-average assumptions used to determine postretirement benefit obligations
The following weighted-average assumptions were used to determine the postretirement benefit obligations:
 
February 2, 2019
 
February 3, 2018
Discount rate
3.04
%
 
3.00
%
Health care cost trend rate assumed for next year
6.50
%
 
6.50
%
Ultimate trend rate
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
2024

 
2024
Effects of one-percentage point change in assumed health care cost trend rates
A one-percentage point change in assumed health care cost trend rates would have the following effects as of February 2, 2019 (in thousands):
Effect of 1% Increase in Medical Trend Rates
 
Postretirement benefit obligation increases by
$
124

Total of service and interest cost increases by
16

Effect of 1% Decrease in Medical Trend Rates
 
Postretirement benefit obligation decreases by
$
120

Total of service and interest cost decreases by
15
Estimated future benefit payments for postretirement plan
The estimated future benefit payments for the postretirement health care plan at February 2, 2019 are (in thousands):
Fiscal Year
Future
minimum
payments
2019
$
774

2020
707

2021
692

2022
706

2023
640

2024 to 2028
1,357

Total
4,876