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v3.21.1

Retirement Plans (Tables) | 12 Months Ended
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Jan. 31, 2021
Retirement Benefits [Abstract] |
Schedule of pension plans | The following tables set forth (in thousands) the combined funded status of the Company’s pension plans at January 31, 2021 and 2020:
| Combined Employee Retirement Plans |
1/31/2021 |  | 1/31/2020 |
Change in Benefit Obligation
Benefit obligation at beginning of year | $ | 43,292 |  |  | $ | 36,299 |  |
Service cost | — |  |  | — |  |
Interest cost | 1,211 |  |  | 1,382 |  |
Participant contributions | — |  |  | — |  |
Amendments | — |  |  | — |  |
Actuarial losses (gains) | 1,588 |  |  | 8,280 |  |
Plan settlement | — |  |  | — |  |
Benefits paid | (1,913) |  |  | (2,669) |  |
Benefit obligation at end of year | $ | 44,178 |  |  | $ | 43,292 |  |
Change in Plan Assets |  |  |  |
Fair value at beginning of year | $ | 23,654 |  |  | $ | 23,527 |  |
Actual return on plan assets | 1,591 |  |  | 1,806 |  |
Company contributions | 640 |  |  | 990 |  |
Settlements | — |  |  | — |  |
Benefits paid | (1,913) |  |  | (2,669) |  |
Fair value at end of year | $ | 23,972 |  |  | $ | 23,654 |  |
Funded Status |  |  |  |
Unfunded status of the plans | $ | (20,206) |  |  | $ | (19,638) |  |
Amounts Recognized in Statement of Financial Position |  |  |  |
Current liabilities | $ | (364) |  |  | $ | (314) |  |
Non-current liabilities | (19,842) |  |  | (19,324) |  |
Accrued benefit cost | $ | (20,206) |  |  | $ | (19,638) |  |
Amounts Recognized in Statement of Financial Position and Operations |  |  |  |
Accrued benefit liability | (20,206) |  |  | (19,638) |  |
Accumulated other compensation loss | 14,444 |  |  | 15,427 |  |
Net amount recognized | $ | (5,762) |  |  | $ | (4,211) |  |
Items not yet Recognized as a Component of Net Periodic Pension Expense, Included in AOCI |  |  |  |
Unrecognized net actuarial loss | $ | 14,444 |  |  | $ | 15,427 |  |
Unamortized prior service costs | — |  |  | — |  |
Net initial asset recognition | — |  |  | — |  |
| $ | 14,444 |  |  | $ | 15,427 |  |
| Combined Employee Retirement Plans |
1/31/2021 |  | 1/31/2020 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss | $ | 849 |  |  | $ | 7,885 |  |
Prior service cost | — |  |  | — |  |
Amortization of loss | (1,831) |  |  | (776) |  |
Amortization of prior service cost (credit) | — |  |  | — |  |
Amortization of initial asset | — |  |  | — |  |
Total recognized in other comprehensive (loss) income | $ | (982) |  |  | $ | 7,109 |  |
Items to be Recognized as a Component of Periodic Pension Cost for next fiscal year |  |  |  |
Prior service cost | $ | — |  |  | $ | — |  |
Net actuarial loss | 1,771 |  |  | 1,872 |  |
| $ | 1,771 |  |  | $ | 1,872 |  |
Supplemental Data |  |  |  |
Projected benefit obligation | $ | 44,178 |  |  | $ | 43,292 |  |
Accumulated benefit obligation | 44,178 |  |  | 43,292 |  |
Fair value of plan assets | 23,972 |  |  | 23,654 |  |
Components of Net Cost |  |  |  |
Service cost | $ | — |  |  | $ | — |  |
Interest cost | 1,211 |  |  | 1,382 |  |
Expected return on plan assets | (869) |  |  | (1,432) |  |
Amortization of transition amount | — |  |  | — |  |
Recognized (gain) loss due to settlement | — |  |  | — |  |
Amortization of prior service cost | — |  |  | — |  |
Recognized net actuarial loss | 1,831 |  |  | 776 |  |
Benefit cost | $ | 2,173 |  |  | $ | 726 |  |
Estimated Future Benefit Payments |  |  |  |
FYE 01-31-2022 | $ | 6,724 |  |  |  |
FYE 01-31-2023 | 3,122 |  |  |  |
FYE 01-31-2024 | 2,791 |  |  |  |
FYE 01-31-2025 | 3,169 |  |  |  |
FYE 01-31-2026 | 2,647 |  |  |  |
FYE 01-31-2027 to 2031 | 11,917 |  |  |  |
Total | $ | 30,370 |  |  |  |
Weighted Average Assumptions to Determine Benefit Obligations at Year-End |  |  |  |
Discount rate | 2.75% -2.80% |  | 3.00% - 3.05% |
Rate of compensation increase | N/A |  | N/A |
Weighted Average Assumptions to Determine Net Periodic Pension Cost |  |  |  |
Discount rate | 3.00% - 3.05% |  | 4.10% |
Expected return on plan assets | 6.00% |  | 6.50% |
Rate of compensation increase | N/A |  | N/A |
Fair value measurements of plan assets |
| 1/31/2021 |  | 1/31/2020
Level 1 Measurement |  |  |
Common Stock | 10,323 |  |  | 10,080 |
Principal Money Market | 458 |  |  | 799 |
PNC Govt Money Fund | 271 |  |  | 175 |
Vanguard INTM Term Investment | 410 |  |  | 250 |
Vanguard LT Investment | 1,044 |  |  | 1,161 |
Ishares Russell 2000 | 1,724 |  |  | 1,560 |
Ishares Russell MID-CAP | 1,890 |  |  | 1,850 |
Ishares Emerging Markets | 1,191 |  |  | 1,103 |
Ishares MCSI RAFE | 1,636 |  |  | 1,577 |
Ishares S&P Index | 2,091 |  |  | 2,252 |
Vanguard INTM Term Treasury | 410 |  |  | 250 |
Vanguard LT Treasury | 1,047 |  |  | 1,183 |
Total Level 1 Investments | $ | 22,495 |  |  | $ | 22,240 |
Life insurance liability | The following sets forth the Company's change in death benefits payable during the years ended January 31, 2021 and 2020:
| 1/31/2021 |  | 1/31/2020
Liability beginning of year | $ | 1,986,000 |  |  | $ | 2,037,000 |
Accretion expense | 48,000 |  |  | 49,000 |
Death benefits paid | — |  |  | (100,000) |
Liability end of year | $ | 2,034,000 |  |  | $ | 1,986,000 |

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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