RETIREMENT AND BENEFIT PLANS

9 Months Ended

Oct. 28, 2012

Notes to Financial Statements [Abstract]

RETIREMENT AND BENEFIT PLANS

RETIREMENT AND BENEFIT PLANS

The Company has five noncontributory defined benefit pension plans covering substantially all employees resident in the United States who meet certain age and service requirements. For those vested (after five years of service), the plans provide monthly benefits upon retirement based on career compensation and years of credited service. The Company also has for certain of such employees an unfunded non-qualified supplemental defined benefit pension plan, which provides benefits for compensation in excess of Internal Revenue Service earnings limits and requires payments to vested employees upon, or shortly after, employment termination or retirement. The Company refers to these six plans as its “pension plans.”

The Company has an unfunded non-qualified supplemental defined benefit plan, which covered two current and 17 retired executives as of October 28, 2012. Under the individual participants’ agreements, the participants in this plan will receive a predetermined amount during the 10 years following the attainment of age 65, provided that prior to the termination of employment with the Company, the participant has been in the plan for at least 10 years and has attained age 55. In addition, as a result of the Company’s acquisition of Tommy Hilfiger B.V. and certain affiliated companies (collectively, “Tommy Hilfiger”), the Company also has for certain members of Tommy Hilfiger’s domestic senior management a supplemental executive retirement plan, which is an unfunded non-qualified supplemental defined benefit pension plan. Such plan is frozen and, as a result, participants do not accrue additional benefits. The Company refers to these two plans as its “SERP Plans.”

The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. Retirees contribute to the cost of this plan, which is unfunded. During 2002, the postretirement plan was amended to eliminate benefits for active participants who, as of January 1, 2003, had not attained age 55 and 10 years of service.

Net benefit cost related to the Company’s pension plans was recognized as follows:

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	10/28/12			10/30/11			10/28/12			10/30/11
Service cost, including plan expenses	$	4,799		$	3,632		$	14,396		$	10,896
Interest cost	4,958			4,796			14,874			14,387
Amortization of net loss	3,993			2,310			11,979			6,930
Expected return on plan assets	(5,540		)	(5,531		)	(16,621		)	(16,592		)
Amortization of prior service credit	(16		)	(15		)	(47		)	(46		)
Total	$	8,194		$	5,192		$	24,581		$	15,575

Net benefit cost related to the Company’s SERP Plans was recognized as follows:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	10/28/12		10/30/11		10/28/12		10/30/11
Service cost, including plan expenses	$	27	$	25	$	82	$	74
Interest cost	372		453		1,116		1,358
Amortization of net loss	25		—		74		—
Total	$	424	$	478	$	1,272	$	1,432

Net benefit cost related to the Company’s postretirement plan was recognized as follows:

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	10/28/12			10/30/11			10/28/12			10/30/11
Interest cost	$	200		$	255		$	599		$	764
Amortization of net loss	—			6			—			20
Amortization of prior service credit	(204		)	(204		)	(613		)	(613		)
Total	$	(4	)	$	57		$	(14	)	$	171