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Employee Benefit Plans
 12 Months Ended
Feb. 02, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

NOTE 8: EMPLOYEE BENEFIT PLANS

Deferred Compensation Plan

We sponsor a non-qualified deferred compensation plan (“DCP”) wherein eligible employees can defer a portion of their compensation or unvested restricted stock and allocate the deferrals to a choice of investment options. In September 2012, the DCP was terminated and all benefits under the DCP will be distributed to participants in accordance with applicable laws and the plan document. The liability for compensation deferred under the DCP was $7,733 and $12,428 as of February 2, 2013 and January 28, 2012, respectively and is included in accrued compensation and related items on the accompanying Consolidated Balance Sheets. We manage the risk of changes in the fair value of the liability for deferred compensation by electing to match our liability under the DCP with investment vehicles that offset a substantial portion of our exposure. The cash value of the investment vehicles was $7,795 and $12,000 as of February 2, 2013 and January 28, 2012, respectively, and is included in other current assets on the accompanying Consolidated Balance Sheets.

Employee Savings Plan

We sponsor a qualified defined contribution savings plan (“Savings Plan”) that covers substantially all full-time employees. Eligible employees may elect regular payroll deductions of up to 90% of their eligible compensation, as defined in the plan document, on a pre-tax basis, subject to Internal Revenue Service (“IRS”) limitations. We make contributions matching a portion of the employees' contribution on the first 5% of compensation that a participant elects to contribute. The employer matching contribution was suspended in 2009. Effective July 2010, our matching contribution was reinstated at a rate of 10%. The employer matching contribution rate was 40% and 35% during 2012 and 2011, respectively. Effective January 2013, the employer matching contribution rate was increased to 45%. Expenses incurred in connection with the Savings Plan for 2012, 2011, and 2010 were $6,137, $4,497, and $297, respectively. As of February 2, 2013 and January 28, 2012, total assets invested by participants under the Savings Plan were $445,329 and $424,251, respectively. As of February 2, 2013 approximately 1.2% of the Savings Plan's assets were invested in our common stock at the discretion of the participating employees.

Defined Benefit Plans

We sponsor a funded defined-benefit cash balance pension plan (“Pension Plan”) and an unfunded supplemental executive retirement plan (“SERP”) for certain employees. Effective January 1, 2007, we amended the Pension Plan, suspending future benefit accruals for all participants, except certain participants who as of December 31, 2006 had attained age 55, completed 10 years of credited service, and who are not considered to be highly compensated employees. Effective March 13, 2009, we amended the Pension Plan, suspending future benefit accruals for all remaining participants.

Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income

The components of pre-tax net periodic benefit cost and other amounts recognized in other comprehensive income related to the Pension Plan and SERP for the years ended February 2, 2013, January 28, 2012, and January 29, 2011 were as follows:

    2012 2011 2010
Components of net periodic benefit cost:        
Interest cost$ 5,240 $ 6,520 $ 7,315
Expected return on plan assets  (6,963)   (8,010)   (6,920)
Amortization of net loss  2,830   2,254   2,626
Settlement loss recognized  2,750   ―   3,654
 Net periodic benefit cost$ 3,857 $ 764 $ 6,675
            
Changes recognized in other comprehensive income:        
Net gain (loss) arising during the year  2,410   (16,602)   (1,840)
Settlement loss and amortization of net loss  5,580   2,254   6,281
 Total recognized in other comprehensive income (loss)$ 7,990 $ (14,348) $ 4,441

As of February 2, 2013 and January 28, 2012, amounts recognized in accumulated other comprehensive loss that have not yet been recognized as a component of net periodic benefit cost consisted of a pre-tax net loss of $81,875 and $89,865, respectively. The estimated pre-tax net loss that is expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2013 is $2,691.

Benefit Obligations and Funded Status

The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the Pension Plan and SERP as of February 2, 2013 and January 28, 2012:

   February 2, January 28,
   2013 2012
Change in benefit obligation:     
Benefit obligation at beginning of period $ 167,377 $ 158,761
 Interest cost  5,240   6,520
 Actuarial loss  1,349   12,846
 Benefits paid  (12,389)   (10,750)
Benefit obligation at end of period$ 161,577 $ 167,377
        
Change in plan assets:     
Fair value of plan assets at beginning of period$ 126,476 $ 128,545
 Actual return on plan assets  10,764   4,298
 Employer contributions  4,808   4,383
 Benefits paid  (12,389)   (10,750)
Fair value of plan assets at end of period$ 129,659 $ 126,476
Funded status$ (31,918) $ (40,901)
        
Amounts recognized on the Consolidated Balance Sheets:     
Current liabilities$ (1,274) $ (1,281)
Non-current liabilities  (30,644)   (39,620)
 Net amount recognized$ (31,918) $ (40,901)
        
Benefit plans with accumulated benefit obligations in excess of plan assets:     
Accumulated benefit obligation$ (161,577) $ (167,377)
Effect of projected salary increases  ―   ―
 Projected benefit obligation$ (161,577) $ (167,377)
        
Fair value of plan assets$ 129,659 $ 126,476
        

Assumptions

The weighted-average assumptions used to determine our benefit obligation were as follows:

    February 2, January 28,
    2013 2012
 Pension Plan:   
  Discount rate 3.4%  3.6%
  Measurement date2/2/2013 1/28/2012
 SERP:   
  Discount rate 3.7%  3.8%
  Measurement date2/2/2013 1/28/2012

The weighted-average assumptions used to determine the net periodic benefit cost were as follows:

   2012 2011 2010
 Pension Plan:     
  Discount rate 3.6%  4.8%  5.1%
  Expected long-term rate of return on plan assets 6.5%  7.5%  8.0%
        
 SERP:     
  Discount rate 3.8%  5.1%  5.5%

The assumptions used in the determination of our obligations and benefit cost are based upon management's best estimates as of the annual measurement date. The discount rate is primarily used in calculating our pension obligation, which is represented by the accumulated benefit obligation (“ABO”) and the projected benefit obligation (“PBO”) and in calculating net periodic benefit cost. The discount rate utilized was based upon pension discount curves and bond portfolio curves over a duration that is similar to the Pension Plan's expected future cash flows as of the measurement date.

 

This expected long-term rate of return on plan assets is used primarily in calculating the expected return on plan assets component of our net periodic benefit cost. Our estimate of the expected long-term rate of return considers the historical returns on plan assets, as well as the future expectations of returns on classes of assets within the target asset allocation of the plan asset portfolio. The expected long-term rate of return on plan assets is the weighted-average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the PBO.

No assumption for the average rate of compensation increase was used as the Pension Plan was amended in 2009 to suspend all future benefit accruals for all participants.

 

Plan Assets

The Pension Plan's overall investment objective is to maintain a diversified portfolio of assets with the primary goal of ensuring that funds are available to meet the Pension Plan's benefit obligations when they become due, while maintaining an appropriate level of risk. We employ a liability-driven investment strategy, which is designed to reduce the volatility of the Pension Plan's funded status by more closely aligning the duration of the assets with the duration of the liabilities. The target asset allocation is determined by our Retirement Committee, taking into consideration the amounts and timing of projected liabilities, our funding policies, expected returns on various asset categories, as well as the risk characteristics of, and correlations among, the various asset classes. The Pension Plan does not hold any investments in our common stock. Actual asset allocations as of February 2, 2013 and January 28, 2012 and the targeted asset allocation as of February 2, 2013 by asset category were as follows:

   Target February 2, January 28,
   Allocation 2013 2012
Common/collective trust funds:     
 Equity securities 35.0%  33.7%  35.2%
 Fixed income securities 65.0%  66.3%  59.8%
 Real estate securities -%  -%  5.0%
  Total 100.0%  100.0%  100.0%

Fair Value Measurements

The following table sets forth the fair value of the Pension Plan's financial assets by level within the fair value hierarchy as of February 2, 2013 and January 28, 2012:

   February 2, 2013 January 28, 2012
   Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Common/collective trust funds:                       
 Equity securities$ ― $ 43,708 $ ― $ 43,708 $ ― $ 44,535 $ ― $ 44,535
 Fixed income securities  ―   85,951   ―   85,951   ―   75,635   ―   75,635
 Real estate securities  ―   ―   ―   ―   ―   ―   6,306   6,306
  Total$ ― $ 129,659 $ ― $ 129,659 $ ― $ 120,170 $ 6,306 $ 126,476

The following table summarizes changes in the fair value of Level 3 assets for the year ended February 2, 2013 and January 28, 2012:

    Real Estate Securities
    February 2, January 28,
    2013 2012
Fair value at beginning of year$ 6,306 $ 5,620
 Actual return on plan assets:     
  Relating to assets still held at year-end  ―   686
  Relating to assets sold during the year  329   ―
 Purchases, sales and settlements  (6,635)   ―
 Transfers in (out) of Level 3  ―   ―
Fair value at end of year$ ― $ 6,306

There have been no changes in the valuation techniques used to measure the fair value of the Pension Plan's assets as of February 2, 2013 and January 28, 2012. Investments in common/collective trust funds are valued at the net asset value per unit as determined by the trustee of the common/collective trust funds on each valuation date, without further adjustment as a practical expedient. The net asset value per unit is determined by the trustee of the common/collective trust funds based on the fair values of the underlying assets. Underlying assets that are traded on national securities exchanges are valued based on the last reported sale or settlement price for each such security on the valuation date. Underlying assets that are not traded in public markets or for which quoted prices are not readily available are valued based on broker/dealer quotes or valuation estimates from internal pricing models, which utilize inputs that are primarily observable. Underlying assets consisting of real estate are valued based on periodic independent appraisals.

 

None of the common/collective trust funds in which the Pension Plan currently invests have restrictions on redemption frequency, nor do they have advance notification requirements.

Contributions and Estimated Future Benefit Payments

We generally fund pension costs currently, subject to regulatory funding requirements. We expect funding requirements of approximately $2,473 in 2013. As of February 2, 2013, the following Pension Plan and SERP benefit payments are expected to be paid:

 Benefit
 Payments
2013$ 17,755
2014  17,743
2015  16,661
2016  16,001
2017  15,680
2018 - 2022  43,993
 $ 127,833