Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Tables)
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12 Months Ended |
Feb. 02, 2019 |
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| Retirement Benefits [Abstract] |
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| 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 |
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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 | ) |
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| 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 | ) |
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| 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 |
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| 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 |
|
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| 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 |
|
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| 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 | ) |
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| 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 |
|
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| 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 |
|
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| 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 |
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| 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 |
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| 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 | % |
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| 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 |
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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 |
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| 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 |
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