Defined Benefit Plans

6 Months Ended

Aug. 03, 2019

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Note 11. Defined Benefit Plan

The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for a limited number of executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the twenty-six weeks ended August 3, 2019, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2019.

The measurement date for the SERP is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.

The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:

	Thirteen Weeks Ended						Twenty-six Weeks Ended
	August 3,			August 4,			August 3,			August 4,
(amounts in thousands)	2019			2018			2019			2018
Service cost	$	14		$	14		$	28		$	28
Interest cost		142			140			284			280
Amortization of net gain (1)		(5	)		(5	)		(10	)		(10	)
Net periodic pension cost	$	151		$	149		$	302		$	298

⁽¹⁾ The amortization of net gain is related to a director retirement plan previously provided by the Company.