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Pension and Postretirement Plans
3 Months Ended
May 05, 2018
Pension and Postretirement Plans [Abstract]  
Pension and Postretirement Plans

12. Pension and Postretirement Plans



The Company has defined benefit pension plans covering certain of its North American employees, which are funded in accordance with the provisions of the laws where the plans are in effect. The Company also has a defined benefit pension plan covering certain employees of the Runners Point Group. In addition to providing pension benefits, the Company sponsors postretirement medical and life insurance plans, which are available to most of its retired U.S. employees. These medical and life insurance plans are contributory and are not funded.



The following are the components of net periodic pension benefit cost and net periodic postretirement benefit income. In conjunction with the adoption of ASU 2017-07, Compensation - Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,   service cost continues to be recognized as part of SG&A expense, while the remaining pension and postretirement expense components are now recognized as part of other income. Prior periods were not reclassified as required by this ASU as the amounts were not considered significant.

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Pension Benefits

 

Postretirement Benefits



 

Thirteen weeks ended

 

Thirteen weeks ended



 

May 5,

 

April 29,

 

May 5,

 

April 29,

($ in millions)

 

2018

 

2017

 

2018

 

2017

Service cost

 

$

 

$

 

$

 —

 

$

 —

Interest cost

 

 

 

 

 

 

 —

 

 

 —

Expected return on plan assets

 

 

(10)

 

 

(9)

 

 

 —

 

 

 —

Amortization of net loss (gain)

 

 

 

 

 

 

 —

 

 

 —

Net benefit expense (income)

 

$

 

$

 

$

 —

 

$

 —



The Company continually evaluates the amount and timing of any future contributions. Actual contributions are dependent on several factors; however, the Company expects to make contributions totaling $128 million during 2018 in connection with the anticipated U.S. pension plan reformation. The Company contributed approximately $30 million in late May 2018 and currently expects the remaining balance to be contributed on or before September 15, 2018. See Note 14,  Legal Proceedings, for further information about this matter.