Employee Benefit Plans

12 Months Ended

Jan. 28, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company has a defined contribution plan that is available to certain employees. Under the plan, employee and Company contributions and accumulated plan earnings qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code. This plan permits employees to make contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches up to 4% of the employee’s salary up to the plan limits. Company matching contributions to the 401(k) plan were $24.8 million, $23.6 million, and $20.8 million in fiscal 2022, 2021, and 2020, respectively.

The Company also makes available to management a Nonqualified Deferred Compensation Plan which allows management to make payroll contributions on a pre-tax basis in addition to the 401(k) plan. Other long-term assets include $155.5 million and $163.9 million at January 28, 2023 and January 29, 2022, respectively, of long-term plan investments, at market value, set aside or designated for the Nonqualified Deferred Compensation Plan. Refer to Note B: Fair Value Measurements for additional information. Plan investments are designated by the participants, and investment returns are not guaranteed by the Company. The Company has a corresponding liability to participants of $155.5 million and $163.9 million at January 28, 2023 and January 29, 2022, respectively, included in Other long-term liabilities in the Consolidated Balance Sheets.

In addition, the Company has certain individuals who receive or will receive post-employment medical benefits. The estimated liability for these benefits of $13.3 million and $15.5 million is included in Accrued expenses and other in the accompanying Consolidated Balance Sheets as of January 28, 2023 and January 29, 2022, respectively.