Defined Benefit Plans

9 Months Ended

Oct. 30, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Defined Benefit Plans

Defined Benefit Plans

Supplemental Executive Retirement Plan

The Company’s Supplemental Executive Retirement Plan (“SERP”) provides select employees who satisfy certain eligibility requirements with certain benefits upon retirement, termination of employment, death, disability or a change in control of the Company, in certain prescribed circumstances. As a non-qualified pension plan, no dedicated funding of the SERP is required; however, the Company has made periodic payments into insurance policies held in a rabbi trust to fund the expected obligations arising under the non-qualified SERP. The cash surrender values of the insurance policies were $73.0 million and $72.1 million as of October 30, 2021 and January 30, 2021, respectively, and were included in other assets in the Company’s condensed consolidated balance sheets. As a result of changes in the value of the insurance policy investments, the Company recorded unrealized gains of $0.1 million and $2.3 million in other income (expense) during the three and nine months ended October 30, 2021, respectively, and unrealized gains (losses) of $(0.3) million and $1.7 million in other income (expense) during the three and nine months ended October 31, 2020, respectively. The projected benefit obligation was $51.7 million and $52.3 million as of October 30, 2021 and January 30, 2021, respectively, and was included in accrued expenses and other long-term liabilities in the Company’s condensed consolidated balance sheets depending on the expected timing of payments. SERP benefit payments of $0.5 million and $1.4 million were made during the three and nine months ended October 30, 2021, respectively. SERP benefit payments of $0.4 million and $1.3 million were made during the three and nine months ended October 31, 2020, respectively.

Foreign Pension Plans

In certain foreign jurisdictions, primarily in Switzerland, the Company is required to guarantee the returns on Company-sponsored defined contribution plans in accordance with local regulations. The Company’s contributions must be made in an amount at least equal to the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary and gender.

As of October 30, 2021 and January 30, 2021, the foreign pension plans had a total projected benefit obligation of $40.4 million and $41.5 million, respectively, and plan assets held in independent investment fiduciaries of $34.1 million and $35.0 million, respectively. The net liability of $6.3 million and $6.4 million was included in other long-term liabilities in the Company’s condensed consolidated balance sheets as of October 30, 2021 and January 30, 2021, respectively.

The components of net periodic defined benefit pension cost related to the Company’s defined benefit plans are (in thousands):

	SERP		Foreign Pension Plans		Total
	Three Months Ended Oct 30, 2021
Service cost	$	—	$	781	$	781
Interest cost	289		18		307
Expected return on plan assets	—		(51)		(51)
Net amortization of unrecognized prior service credit	—		(16)		(16)
Net amortization of actuarial losses	21		85		106
Net periodic defined benefit pension cost	$	310	$	817	$	1,127

	Nine Months Ended Oct 30, 2021
Service cost	$	—	$	2,364	$	2,364
Interest cost	866		56		922
Expected return on plan assets	—		(155)		(155)
Net amortization of unrecognized prior service credit	—		(50)		(50)
Net amortization of actuarial losses	61		256		317
Net periodic defined benefit pension cost	$	927	$	2,471	$	3,398

	Three Months Ended Oct 31, 2020
Service cost	$	—	$	809	$	809
Interest cost	319		8		327
Expected return on plan assets	—		(48)		(48)
Net amortization of unrecognized prior service credit	—		(17)		(17)
Net amortization of actuarial losses	10		91		101
Net periodic defined benefit pension cost	$	329	$	843	$	1,172

	Nine Months Ended Oct 31, 2020
Service cost	$	—	$	2,339	$	2,339
Interest cost	958		23		981
Expected return on plan assets	—		(138)		(138)
Net amortization of unrecognized prior service credit	—		(49)		(49)
Net amortization of actuarial losses	30		264		294
Net periodic defined benefit pension cost	$	988	$	2,439	$	3,427