Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Plan

v3.21.2
Defined Benefit Plan
6 Months Ended
Jul. 31, 2021
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.  During the twenty-six weeks ended July 31, 2021, 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 2021.



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:


   
Thirteen Weeks Ended
   
Twenty-Six Weeks Ended
 
(amounts in thousands)
 
 
July 31,
2021
   
August 1,
2020
   
July 31,
2021
   
August 1,
2020
 
                         
Interest cost
 
$
63
   
$
89
   
$
126
   
$
178
 
Amortization of net gain(1)
   
-
     
(3
)
   
-
     
(6
)
Net periodic pension cost
 
$
63
   
$
86
   
$
126
   
$
172
 



(1)   The amortization of net gain is related to a director retirement plan previously provided by the Company.