SERP

12 Months Ended

Jan. 28, 2023

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

SERP

NOTE 8: SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

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 2022, we had 57 participants in the plan, including seven officers and select employees eligible for SERP benefits, 47 retirees and three beneficiaries. This plan is non-qualified and does not have a minimum funding requirement. We selected the measurement date of January 31, the calendar month end closest to our fiscal year end, to value our SERP.

Benefit Obligations and Funded Status

Our benefit obligation and funded status is as follows:

	January 28, 2023	January 29, 2022
Change in benefit obligation:
Benefit obligation at beginning of year	$212	$229
Participant service cost	2	2
Interest cost	6	5
Benefits paid	(10)	(10)
Actuarial (gain) loss	(34)	(14)
Benefit obligation at end of year	176	212
Change in plan assets:
Fair value of plan assets at beginning of year	—	—
Employer contribution	10	10
Benefits paid	(10)	(10)
Fair value of plan assets at end of year	—	—
Underfunded status at end of year	($176)	($212)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $175 and $211 at the end of 2022 and 2021. Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:

	January 28, 2023	January 29, 2022
Accrued salaries, wages and related benefits	$11	$11
Other liabilities (noncurrent)	165	201
Net amount recognized	$176	$212

Components of SERP Expense

The components of SERP expense recognized in SG&A expense on the Consolidated Statements of Earnings are as follows:

Fiscal year	2022	2021	2020
Participant service cost	$2	$2	$2
Interest cost	6	5	6
Amortization of net loss and other	4	8	9
Total SERP expense	$12	$15	$17

Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss (pre-tax) consist of the following:

	2022	2021	2020
Actuarial (gain) loss	($34)	($14)	$7
Amortization of net loss and other	(4)	(8)	(9)
Amounts recognized in accumulated other comprehensive loss	($38)	($22)	($2)

Assumptions

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

Fiscal year	2022		2021		2020
Assumptions used to determine benefit obligation:
Discount rate	4.95	%	3.19	%	2.62	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%
Assumptions used to determine SERP expense:
Discount rate	3.19	%	2.62	%	2.97	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%

Future Benefit Payments and Contributions

As of January 28, 2023, 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
2023	$11
2024	12
2025	12
2026	13
2027	13
2028 – 2032	62
Thereafter	53