XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.4.0.3

11. Employee Benefit Plans | 3 Months Ended
--- | ---
May. 01, 2016
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. Employee Benefit Plans We maintain a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation. Additionally, we assumed Home Meridian’s pension plan and other retirement plan liabilities upon completion of the Home Meridian acquisition on February 1, 2016. Home Meridian’s legacy pension plan obligations relate to Pulaski Furniture Corporation, one of two entities combined to form HMI. These legacy pension plan obligations include:
§ | the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. The SERP is an unfunded plan and all benefits are paid solely out of our general assets; and
§ | the Pulaski Furniture Corporation Pension Plan (“Pension Plan”) for former Pulaski Furniture Corporation employees.
The SRIP, SERP and Pension plans are all “frozen” and we do not expect to add additional employees to any of these plans in the future. Pension plan assets include a range of mutual fund asset classes and are measured at fair value using level one inputs, which are quoted prices in active markets. The consolidated liability for our pension plan obligations at May 1, 2016 and January 31, 2016 were $16.8 million and $8.2 million, respectively, and are shown in our condensed consolidated balance sheets as follows:
|  | May 1, |  |  | January 31, |
|  | 2016 |  |  | 2016 |
Accrued salaries, wages and benefits (current portions) |  |  |  |  |  |
Hooker SRIP |  | $ | 354 |  |  | $ | 354 |
Home Meridian SERP |  |  | 262 |  |  |  | - |
Home Meridian Pension |  |  | 1,191 |  |  |  | - |
Total current portion |  | $ | 1,807 |  |  | $ | 354 |
Long-term portions |  |  |  |  |  |  |  |
Hooker SRIP |  | $ | 7,895 |  |  | $ | 7,799 |
Home Meridian SERP |  |  | 2,169 |  |  |  | - |
Total deferred compensation* |  |  | 10,064 |  |  |  | 7,799 |
Home Meridian Pension Plan |  |  | 4,967 |  |  |  | - |
Total deferred compensation and pension plans |  |  | 15,031 |  |  | $ | 7,799 |
Consolidated pension liabilities |  | $ | 16,838 |  |  | $ | 8,153 |
*Total Deferred Compensation shown in the Long-Term Liabilities section of our Condensed Consolidated Balance Sheets is $10.6 million at May 1, 2016 and $8.4 million at January 31, 2016. These totals include the SRIP and SERP amounts shown in the table above, as well as miscellaneous additional long-term compensation-related items unrelated to these plans. Components of net periodic benefit cost for the SRIP, SERP and pension plans are included in our condensed consolidated statements of income under selling and administrative expenses.
|  | Thirteen Weeks Ended |
|  | May 1, |  |  | May 3, |
|  | 2016 |  |  | 2015 |
Net periodic benefit costs |  |  |  |  |  |
SRIP: |  |  |  |  |  |
Service cost |  | $ | 94 |  |  | $ | 101 |
Interest cost |  |  | 85 |  |  |  | 72 |
Actuarial loss (gain) |  |  | (18 | ) |  |  | 45 |
Total SRIP |  |  | 161 |  |  |  | 218 |
SERP: |  |  |  |  |  |  |  |
Interest cost |  |  | 22 |  |  |  | - |
Total SERP |  |  | 22 |  |  |  | - |
Pension Plan: |  |  |  |  |  |  |  |
Interest cost |  |  | 188 |  |  |  | - |
Expected return on pension plan assets |  |  | (197 | ) |  |  |  |
Expected administrative expenses |  |  | 70 |  |  |  | - |
Total Pension Plan |  |  | 60 |  |  |  | - |
Consolidated net periodic benefit costs |  | $ | 244 |  |  | $ | 218 |
The expected long-term rate of return on Pension Plan assets is 7.0% as of the Plan’s most recent valuation date of February 2, 2016. We contributed $146,000 in required contributions to the Pension Plan in the fiscal 2017 first quarter and expect to contribute an additional $450,000 in required contributions to the Pension Plan during fiscal 2017, typically once every fiscal quarter. The SRIP and SERP plans are unfunded plans. Consequently, we expect to pay a total of approximately $450,000 in benefit payments from our general assets during the remainder of fiscal 2017 to fund SRIP and SERP payments.

X
- References No definition available. + 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 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947 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=65897934&loc=d3e2410-114920 Reference 3: 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 Reference 4: 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 5: 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=66047640&loc=d3e39622-114963 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration