Postretirement Benefits

12 Months Ended

Jan. 30, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Postretirement Benefits

NOTE 7: POSTRETIREMENT BENEFITS

We have a SERP, which provides retirement benefits to certain officers and select employees. The SERP has different benefit levels depending on the participant’s role. At the end of 2020, we had 57 participants in the plan, including eight officers and select employees eligible for SERP benefits, 46 retirees and three beneficiaries. This plan is non-qualified and does not have a minimum funding requirement.

Benefit Obligations and Funded Status

Our benefit obligation and funded status is as follows:

	January 30, 2021	February 1, 2020
Change in benefit obligation:
Benefit obligation at beginning of year	$224	$190
Participant service cost	2	2
Interest cost	6	7
Benefits paid	(10)	(9)
Actuarial loss	7	34
Benefit obligation at end of year	229	224
Change in plan assets:
Fair value of plan assets at beginning of year	—	—
Employer contribution	10	9
Benefits paid	(10)	(9)
Fair value of plan assets at end of year	—	—
Underfunded status at end of year	($229)	($224)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $227 and $222 at the end of 2020 and 2019.

Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:

	January 30, 2021	February 1, 2020
Accrued salaries, wages and related benefits	$11	$11
Other liabilities (noncurrent)	218	213
Net amount recognized	$229	$224

Components of SERP Expense

The components of SERP expense recognized in the Consolidated Statements of Earnings are as follows:

Fiscal year	2020	2019	2018
Participant service cost	$2	$2	$2
Interest cost	6	7	7
Amortization of net loss and other	9	1	5
Total SERP expense	$17	$10	$14

Amounts not yet reflected in SERP expense and included in accumulated other comprehensive loss (pre-tax) consist of the following:

	January 30, 2021	February 1, 2020
Accumulated loss	($61)	($62)
Prior service credit	—	—
Total accumulated other comprehensive loss	($61)	($62)

Assumptions

Weighted-average assumptions used to determine our benefit obligation and SERP expense are as follows:

Fiscal year	2020		2019		2018
Assumptions used to determine benefit obligation:
Discount rate	2.62	%	2.97	%	4.27	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%
Assumptions used to determine SERP expense:
Discount rate	2.97	%	4.27	%	3.95	%
Rate of compensation increase	2.50	%	2.50	%	3.00	%

Future Benefit Payments and Contributions

As of January 30, 2021, the expected future benefit payments based upon the assumptions described above and including benefits attributable to estimated future employee service are as follows:

Fiscal year
2021	$11
2022	11
2023	12
2024	12
2025	12
2026 – 2030	62