Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Feb. 02, 2019

Retirement Benefits [Abstract]

Obligations and funded status

Obligations and Funded Status

The measurement date of the assets and liabilities for the defined benefit pension plan and postretirement medical and life insurance plans is the month-end date that is closest to the Company's fiscal year end.

Change in Benefit Obligation

	Pension Benefits						Other Benefits
In thousands	2019			2018			2019			2018
Benefit obligation at beginning of year	$	85,035		$	86,947		$	10,584		$	8,943
Service cost - ongoing operations	450			550			409			507
Service cost - discontinued operations	—			—			300			396
Interest cost - ongoing operations	3,022			3,277			214			251
Interest cost - discontinued operations	—			—			80			103
Plan participants’ contributions	—			—			126			159
Effect of plan change	—			—			(3,658		)	—
Benefits paid	(7,490		)	(7,811		)	(231		)	(403		)
Actuarial (gain) loss	(2,695		)	2,072			(3,299		)	628
Benefit Obligation at End of Year	$	78,322		$	85,035		$	4,525		$	10,584

Change in Plan Assets

	Pension Benefits						Other Benefits
In thousands	2019			2018			2019			2018
Fair value of plan assets at beginning of year	$	85,730		$	80,682		$	—		$	—
Actual gain on plan assets	892			12,859			—			—
Employer contributions	3,500			—			105			244
Plan participants’ contributions	—			—			126			159
Benefits paid	(7,490		)	(7,811		)	(231		)	(403		)
Fair Value of Plan Assets at End of Year	$	82,632		$	85,730		—			—
Funded Status at End of Year	$	4,310		$	695		$	(4,525	)	$	(10,584	)

Amounts recognized in the consolidated balance sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

	Pension Benefits				Other Benefits
In thousands	2019		2018		2019			2018
Noncurrent assets	$	4,310	$	695	$	—		$	—
Current liabilities	—		—		(391		)	(393		)
Noncurrent liabilities	—		—		(4,134		)	(10,191		)
Net Amount Recognized	$	4,310	$	695	$	(4,525	)	$	(10,584	)

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				Other Benefits
In thousands	2019		2018		2019			2018
Prior service cost	$	—	$	—	$	(2,165	)	$	—
Net loss (gain)	8,148		8,314		(334		)	3,008
Total Recognized in Accumulated Other Comprehensive Loss	$	8,148	$	8,314	$	(2,499	)	$	3,008

Pension benefits

Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows:

In thousands	February 2, 2019		February 3, 2018
Projected benefit obligation	$	78,322	$	85,035
Accumulated benefit obligation	78,322		85,035
Fair value of plan assets	82,632		85,730

Components of net periodic benefit cost

Net Periodic Benefit Cost

	Pension Benefits									Other Benefits
In thousands	2019			2018			2017			2019			2018		2017
Service cost	$	450		$	550		$	550		$	409		$	507	$	429
Interest cost	3,022			3,277			4,118			214			251		225
Expected return on plan assets	(4,198		)	(4,505		)	(5,641		)	—			—		—
Settlement loss recognized	—			—			2,456			—			—		—
Amortization:
Prior service cost	—			—			—			(231		)	—		—
Losses	776			834			810			37			114		117
Net amortization	$	776		$	834		$	810		$	(194	)	$	114	$	117
Other components of net periodic benefit cost	$	(400	)	$	(394	)	$	1,743		$	20		$	365	$	342
Net Periodic Benefit Cost - Ongoing Operations	$	50		$	156		$	2,293		$	429		$	872	$	771
Net Periodic Benefit Cost - Discontinued Operations	$	—		$	—		$	—		$	(877	)	$	524	$	344

Reconciliation of accumulated other comprehensive income

Reconciliation of Accumulated Other Comprehensive Income

	Pension Benefits			Other Benefits
In thousands	2019			2019
Net (gain) loss	$	610		$	(3,299	)
Prior service cost	—			(3,658		)
Amortization of prior service cost	—			294
Recognition of prior service cost due to curtailment	—			1,199
Amortization of net actuarial loss	(776		)	(42		)
Total Recognized in Other Comprehensive Income	$	(166	)	$	(5,506	)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	(116	)	$	(5,954	)

Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations

	Pension Benefits				Other Benefits
	2019		2018		2019		2018
Discount rate	4.05	%	3.70	%	3.48	%	3.67	%
Rate of compensation increase	NA		NA		NA		NA

Weighted-average assumptions used to determine net periodic benefit costs

Weighted-average assumptions used to determine net periodic benefit costs

	Pension Benefits						Other Benefits
	2019		2018		2017		2019		2018		2017
Discount rate	3.70	%	3.95	%	4.30	%	3.67	%	3.98	%	4.04	%
Expected long-term rate of return on plan assets	5.65	%	6.05	%	6.35	%	NA		NA		NA
Rate of compensation increase	NA		NA		NA		NA		NA		NA

Assumed health care cost trend rates

Assumed health care cost trend rates

	2019		2018
Health care cost trend rate assumed for next year	7.25	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	6.75	%	5	%
Year that the rate reaches the ultimate trend rate	2022		2028

Effect of one percentage point change in the assumed health care cost trend rate

The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below.

In thousands	1% Increase in Rates		1% Decrease in Rates
Aggregated service and interest cost	$	220	$	177
Accumulated postretirement benefit obligation	$	290	$	265

Company's pension plan weighted average asset allocations by asset category

The Company’s pension plan weighted average asset allocations as of February 2, 2019 and February 3, 2018, by asset category are as follows:

	Plan Assets
	February 2, 2019		February 3, 2018
Asset Category
Cash	2	%	2	%
Equity securities	0	%	64	%
Debt securities	98	%	34	%
Total	100	%	100	%

Hierarchy of plan assets by level within fair values

The following tables present the pension plan assets by level within the fair value hierarchy as of February 2, 2019 and February 3, 2018. 

February 2, 2019 (In thousands)	Level 1			Level 2		Level 3		Total
Equity Securities:
International Securities	$	—		$	—	$	—	$	—
U.S. Securities	—			—		—		—
Fixed Income Securities	—			80,876		—		80,876
Other:
Cash Equivalents	1,871			—		—		1,871
Other (includes receivables and payables)	(115		)	—		—		(115		)
Total Pension Plan Assets	$	1,756		$	80,876	$	—	$	82,632

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

February 3, 2018 (In thousands)	Level 1			Level 2		Level 3		Total
Equity Securities:
International Securities	$	—		$	11,076	$	—	$	11,076
U.S. Securities	—			44,013		—		44,013
Fixed Income Securities	—			28,795		—		28,795
Other:
Cash Equivalents	1,893			—		—		1,893
Other (includes receivables and payables)	(47		)	—		—		(47		)
Total Pension Plan Assets	$	1,846		$	83,884	$	—	$	85,730

Expected benefit payments from the trust, including future service and pay

Expected benefit payments from the trust, including future service and pay, are as follows:

Estimated future payments	Pension Benefits ($ in millions)		Other Benefits ($ in millions)
2019	$	7.0	$	0.4
2020	6.7		0.4
2021	6.4		0.4
2022	6.4		0.4
2023	6.2		0.4
2024 – 2028	27.1		1.9