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Pension and Postretirement Plans

9 Months Ended

Nov. 02, 2019

Pension and Postretirement Plans [Abstract]

11. 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 components of net periodic pension benefit cost and net periodic postretirement benefit income are included in the table below. Service cost is recognized as part of SG&A, while the remaining pension and postretirement expense components are recognized as part of other income.


	Pension Benefits								Postretirement Benefits
	Thirteen weeks ended				Thirty-nine weeks ended					Thirteen weeks ended			Thirty-nine weeks ended
		Nov. 2		Nov. 3		Nov. 2		Nov. 3		Nov. 2		Nov. 3		Nov. 2		Nov. 3
		2019		2018		2019		2018		2019		2018		2019		2018
	($ in millions)
Service cost	$	5	$	5	$	15	$	14	$	—	$	—	$	—	$	—
Interest cost		7		8		20		21		—		—		—		—
Expected return on plan assets		(9)		(10)		(27)		(29)		—		—		—		—
Amortization of net loss (gain)		3		3		9		9		—		—		(1)		(1)
Net benefit expense (income)	$	6	$	6	$	17	$	15	$	—	$	—	$	(1)	$	(1)

In March 2019, the Company contributed $55 million to its U.S. qualified pension plan. The Company continually evaluates the amount and timing of any future contributions.

In May 2019, the U.S. qualified pension plan was amended such that all employees who are not participants in the plan as of December 31, 2019, shall not become participants after such date. All benefit accruals will be frozen as of December 31, 2019 for all plan participants with less than eleven years of service as of December 31, 2019. For participants with more than eleven years of service, benefit accruals will be frozen as of December 31, 2022. Participants will continue to accrue interest in accordance with the plan’s provisions.