XML 67 R18.htm IDEA: XBRL DOCUMENT
v2.4.1.9

NOTE 10 - EMPLOYEE BENEFIT PLANS | 12 Months Ended
--- | ---
Feb. 01, 2015
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10 – EMPLOYEE BENEFIT PLANS Employee Savings Plans We sponsor a tax-qualified 401(k) retirement plan covering substantially all employees. This plan assists employees in meeting their savings and retirement planning goals through employee salary deferrals and discretionary employer matching contributions. Company contributions to the plan amounted to $605,000 in fiscal 2015, $593,000 in fiscal 2014 and $575,000 in fiscal 2013. Executive Benefits We provide supplemental executive retirement benefits to certain management employees under a supplemental retirement income plan (“SRIP”). The SRIP provides monthly payments to participants or their designated beneficiaries based on a participant’s “final average monthly earnings” and “specified percentage” participation level as defined in the plan, subject to a vesting schedule that may vary for each participant. The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death. In addition, the monthly retirement benefit for each participant, regardless of age, becomes fully vested and the present value of that benefit is paid to each participant in a lump sum upon a change in control of the Company as defined in the plan. The SRIP is unfunded and all benefits are payable solely from the general assets of the Company. The plan liability is based on the aggregate actuarial present value of the vested benefits to which participating employees are currently entitled, but based on the employees’ expected dates of separation or retirement. No employees have been added to the plan since 2008 and we do not expect to add additional employees in the future, due to changes in the Company’s compensation philosophy, which emphasize more performance-based compensation measures in total management compensation. Summarized plan information as of each fiscal year-end (the measurement date) is as follows:
|  | Fifty-Two |  |  | Fifty-Two |
|  | Weeks Ended |  |  | Weeks Ended |
|  | February 1, |  |  | February 2, |
|  | 2015 |  |  | 2014 |
Change in benefit obligation: |  |  |  |  |  |
Beginning projected benefit obligation |  | $ | 7,662 |  |  | $ | 7,435 |
Service cost |  |  | 102 |  |  |  | 256 |
Interest cost |  |  | 339 |  |  |  | 292 |
Benefits paid |  |  | (354 | ) |  |  | (379 | )
Actuarial loss |  |  | 636 |  |  |  | 58 |
Ending projected benefit obligation (funded status) |  | $ | 8,385 |  |  | $ | 7,662 |
Accumulated benefit obligation |  | $ | 7,373 |  |  | $ | 7,231 |
Discount rate used to value the ending benefit obligations: |  |  | 3.5 | % |  |  | 4.5 | %
Amount recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Current liabilities (Accrued salaries, wages and benefits line) |  | $ | 354 |  |  | $ | 354 |
Non-current liabilities (Deferred compensation line*) |  |  | 8,031 |  |  |  | 7,308 |
Total |  | $ | 8,385 |  |  | $ | 7,662 |
|  | Fifty-Two |  |  | Fifty-Two |  |  | Fifty-Three |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | February 1, |  |  | February 2, |  |  | February 3, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Net periodic benefit cost |  |  |  |  |  |  |  |  |
Service cost |  | $ | 102 |  |  | $ | 256 |  |  | $ | 255 |
Interest cost |  |  | 339 |  |  |  | 292 |  |  |  | 297 |
Net (gain) loss |  |  | (51 | ) |  |  | (106 | ) |  |  | (58 | )
Net periodic benefit cost |  | $ | 390 |  |  | $ | 442 |  |  | $ | 494 |
Other changes recognized in accumulated other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) arising during period |  |  | 637 |  |  |  | 57 |  |  |  | (203 | )
(Gain) loss |  |  | (51 | ) |  |  | (106 | ) |  |  | (58 | )
Total recognized in other comprehensive loss (income) |  |  | 688 |  |  |  | 163 |  |  |  | (145 | )
Total recognized in net periodic benefit cost and accumulated other comprehensive income |  | $ | 1,078 |  |  | $ | 605 |  |  | $ | 349 |
Assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (Moody's Composite Bond Rate) |  |  | 4.5 | % |  |  | 4.0 | % |  |  | 4.0 | %
Increase in future compensation levels |  |  | 4.0 | % |  |  | 4.0 | % |  |  | 4.0 | %
Estimated Future Benefit Payments: |  |  |  |  |  |  |  |  |  |  |  |
Fiscal 2016 |  | $ | 354 |  |  |  |  |  |  |  |  |
Fiscal 2017 |  |  | 517 |  |  |  |  |  |  |  |  |
Fiscal 2018 |  |  | 530 |  |  |  |  |  |  |  |  |
Fiscal 2019 |  |  | 530 |  |  |  |  |  |  |  |  |
Fiscal 2020 |  |  | 793 |  |  |  |  |  |  |  |  |
Fiscal 2021 through Fiscal 2025 |  |  | 4,248 |  |  |  |  |  |  |  |  |
*Total deferred compensation in the long-term liabilities section of our consolidated balance sheets is $8.3 million at February 1, 2015 and $7.7 million at February 2, 2014. These totals include the SRIP amounts shown in the table above, as well as additional long-term compensation-related items unrelated to our SRIP. The increase in both the projected benefit obligation and the net loss recognized in other accumulated comprehensive income was primarily due to a decrease in the discount rate from 4.5% at February 2, 2014 to 3.5% at February 1, 2015. The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at February 1, 2015 by approximately $669,000 or 8%. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 1, 2015 by $759,000 or 9%. At February 1, 2015, the actuarial losses related to this plan amounted to ($335,000), net of tax of $198,000, was recognized in accumulated other comprehensive income At February 2, 2014, actuarial losses related to this plan amounted to $98,000, net of tax of $56,000. The estimated prior service (cost) credit and actuarial gain (loss) that will be amortized from accumulated other comprehensive income into net periodic benefit cost over fiscal 2016 are $0 and ($178,000), respectively. We also provide a life insurance program for certain executives. The life insurance program provides death benefit protection for these executives during employment up to age 65. Coverage under the program declines when a participating executive attains age 60 and automatically terminates when the executive attains age 65 or terminates employment with us for any reason, other than death, whichever occurs first. The life insurance policies funding this program are owned by the Company with a specified portion of the death benefits payable under those policies endorsed to the insured executives’ designated beneficiaries. Performance Grants From time to time, the Compensation Committee of our Board of Directors may award performance grants to certain senior executives under the Company’s Stock Incentive Plan. Payments under these awards are based on our achieving specified performance targets during a designated performance period. Generally, each executive must remain continuously employed with the Company through the end of the performance period. Typically, performance grants can be paid in cash, shares of the Company’s common stock, or both, at the discretion of the Compensation Committee at the time payment is made. Outstanding performance grants are classified as liabilities since the (i) settlement amount for each grant is not known until after the applicable performance period is completed and (ii) settlement of the grants may be made in common stock, cash or a combination of both. The estimated cost of each grant is recorded as compensation expense over its performance period when it becomes probable that the applicable performance targets will be achieved. The expected cost of the performance grants is revalued each reporting period. As assumptions change regarding the expected achievement of performance targets, a cumulative adjustment is recorded and future compensation expense will increase or decrease based on the currently projected performance levels. If we determine that it is not probable that the minimum performance thresholds for outstanding performance grants will be met, no further compensation cost will be recognized and any previously recognized compensation cost will be reversed. During fiscal 2013, the Compensation Committee awarded performance grants for the 2013 and 2014 fiscal years. The 2013 awards had a three-year performance period that ended on January 25, 2015. The performance criteria for these awards were met and were paid in April 2015. The performance period for the 2014 awards ends on January 15, 2016. During fiscal 2015, the Compensation Committee awarded performance grants for the 2015 fiscal year that have three-year performance periods ending on January 31, 2017. The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated:
|  | February 1, |  |  | February 2, |
|  | 2015 |  |  | 2014 |
Performance grants |  |  |  |  |  |
Fiscal 2013 grant (Current liabilities, Accrued wages, salaries and benefits) |  | $ | 689 |  |  | $ | 305 |
Fiscal 2014 grant (Non-current liabilities, Deferred compensation) |  |  | 195 |  |  |  | 73 |
Fiscal 2015 grant (Non-current liabilities, Deferred compensation) |  |  | 86 |  |  |  | - |
Total performance grants accrued |  | $ | 970 |  |  | $ | 378 |

X
- Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49170332&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration