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

12 Months Ended

Feb. 01, 2020

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 our fiscal year end.

Change in Plan Assets

	Pension Benefits						Other Benefits
(In thousands)	2020			2019			2020			2019
Fair value of plan assets at beginning of year	$	82,632		$	85,730		$	—		$	—
Actual gain on plan assets	8,470			892			—			—
Employer contributions	—			3,500			480			105
Plan participants’ contributions	—			—			111			126
Benefits paid	(26,363		)	(7,490		)	(591		)	(231		)
Asset transfer	(64,739		)	—			—			—
Fair Value of Plan Assets at End of Year	$	—		$	82,632		—			—

Change in Benefit Obligation

 

	Pension Benefits						Other Benefits
(In thousands)	2020			2019			2020			2019
Benefit obligation at beginning of year	$	78,322		$	85,035		$	4,525		$	10,584
Service cost - ongoing operations	596			450			89			409
Service cost - discontinued operations	—			—			—			300
Interest cost - ongoing operations	2,771			3,022			151			214
Interest cost - discontinued operations	—			—			—			80
Plan participants’ contributions	—			—			111			126
Effect of plan change	—			—			—			(3,658		)
Asset transfer	(64,739		)	—			—			—
Benefits paid	(26,363		)	(7,490		)	(591		)	(231		)
Actuarial (gain) loss	9,413			(2,695		)	2,740			(3,299		)
Benefit Obligation at End of Year	$	—		$	78,322		$	7,025		$	4,525
Funded Status at End of Year	$	—		$	4,310		$	(7,025	)	$	(4,525	)

Amounts recognized in the consolidated balance sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

	Pension Benefits				Other Benefits
(In thousands)	2020		2019		2020			2019
Noncurrent assets	$	—	$	4,310	$	—		$	—
Current liabilities	—		—		(603		)	(391		)
Noncurrent liabilities	—		—		(6,422		)	(4,134		)
Net Amount Recognized	$	—	$	4,310	$	(7,025	)	$	(4,525	)

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				Other Benefits
(In thousands)	2020		2019		2020			2019
Prior service cost	$	—	$	—	$	(1,244	)	$	(2,165	)
Net loss (gain)	—		8,148		2,384			(334		)
Total Recognized in Accumulated Other Comprehensive Loss	$	—	$	8,148	$	1,140		$	(2,499	)

Pension benefits

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

(In thousands)	February 1, 2020		February 2, 2019
Projected benefit obligation	$	—	$	78,322
Accumulated benefit obligation	—		78,322
Fair value of plan assets	—		82,632

Components of net periodic benefit cost

Net Periodic Benefit Cost

	Pension Benefits									Other Benefits
(In thousands)	2020			2019			2018			2020			2019			2018
Service cost	$	596		$	450		$	550		$	89		$	409		$	507
Interest cost	2,771			3,022			3,277			151			214			251
Expected return on plan assets	(2,676		)	(4,198		)	(4,505		)	—			—			—
Amortization:
Prior service cost	—			—			—			(921		)	(231		)	—
Losses	258			776			834			22			37			114
Net amortization	258			776			834			(899		)	(194		)	114
Other components of net periodic benefit cost	$	353		$	(400	)	$	(394	)	$	(748	)	$	20		$	365
Net Periodic Benefit Cost - Ongoing Operations	$	949		$	50		$	156		$	(659	)	$	429		$	872
Net Periodic Benefit Cost - Discontinued Operations	$	—		$	—		$	—		$	—		$	(877	)	$	524

Reconciliation of accumulated other comprehensive income

Reconciliation of Accumulated Other Comprehensive Income

	Pension Benefits			Other Benefits
(In thousands)	2020			2020
Net (gain) loss	$	3,620		$	2,740
Amortization of prior service cost	—			921
Settlement charge	(11,510		)	—
Amortization of net actuarial loss	(258		)	(22		)
Total Recognized in Other Comprehensive Income	$	(8,148	)	$	3,639
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	(7,199	)	$	2,980

Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations

	Pension Benefits			Other Benefits
	2020	2019		2020		2019
Discount rate	NA	4.05	%	2.21	%	3.48	%
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
	2020		2019		2018		2020		2019		2018
Discount rate	4.05	%	3.70	%	3.95	%	3.48	%	3.67	%	3.98	%
Expected long-term rate of return on plan assets	3.85	%	5.65	%	6.05	%	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

	2020		2019
Health care cost trend rate assumed for next year	7.25	%	7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	6.25	%	6.75	%
Year that the rate reaches the ultimate trend rate	2024		2022

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	$	20	$	18
Accumulated postretirement benefit obligation	$	526	$	480

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

Expected benefit payments for other postretirement benefits, paid from the employee benefit trust, are as follows:

Estimated future payments	Other Benefits ($ in millions)
2020	$	0.6
2021	0.6
2022	0.6
2023	0.6
2024	0.5
2025 – 2029	2.8