Defined Benefit Plan |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan |
Note 10. Defined Benefit
Plan
The Company maintains a non-qualified
Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. As of February 28, 2020,
no active employees were participants in the SERP. During the thirteen weeks ended April 30, 2022, the Company did not make any cash
contributions to the SERP and presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2022.
The measurement date for the SERP is the
fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the
measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.
The following represents the components of the net periodic pension cost related to
the Company’s SERP for the respective periods:
|
|||||||||||||||||||||||||||||||||||||||||||||