Defined Benefit Plans

3 Months Ended

Apr. 30, 2022

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 $67.1 million and $70.9 million as of April 30, 2022 and January 29, 2022, 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 losses of $3.3 million during the three months ended April 30, 2022 and immaterial unrealized losses in other expense during the three months ended May 1, 2021. The projected benefit obligation was $49.3 million and $49.4 million as of April 30, 2022 and January 29, 2022, respectively, and was included in accrued expenses and other current liabilities 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 were made during each of the three months ended April 30, 2022 and May 1, 2021.

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 April 30, 2022 and January 29, 2022, the foreign pension plans had a total projected benefit obligation of $40.8 million and $42.7 million, respectively, and plan assets held in independent investment fiduciaries of $36.3 million and $38.0 million, respectively. The net liability of $4.5 million and $4.7 million was included in other long-term liabilities in the Company’s condensed consolidated balance sheets as of April 30, 2022 and January 29, 2022, 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 Apr 30, 2022
Service cost	$	—	$	775	$	775
Interest cost	333		57		390
Expected return on plan assets	—		(70)		(70)
Net amortization of unrecognized prior service credit	—		(23)		(23)
Net amortization of actuarial losses	17		13		30
Net periodic defined benefit pension cost	$	350	$	752	$	1,102

	Three Months Ended May 1, 2021
Service cost	$	—	$	790	$	790
Interest cost	289		19		308
Expected return on plan assets	—		(52)		(52)
Net amortization of unrecognized prior service credit	—		(17)		(17)
Net amortization of actuarial losses	20		85		105
Net periodic defined benefit pension cost	$	309	$	825	$	1,134