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11. Employee Benefit Plans | 9 Months Ended
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Oct. 28, 2018
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. Employee Benefit Plans We maintain three retirement plans for the benefit of certain former and current employees, including a supplemental retirement income plan (“SRIP”) for certain former and current employees of Hooker Furniture Corporation, as well as two plans for the benefit of certain and former employees of Pulaski Furniture Corporation, which we assumed when we acquired the business of Home Meridian International. 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 Pension Plan for former Pulaski Furniture Corporation employees.
The SRIP, SERP and Pension Plan are all “frozen” and we do not expect to add additional participants 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 1 inputs, which are quoted prices in active markets.
|  | Thirteen Weeks Ended |  |  | Thirty-Nine Weeks Ended |
|  | October 28, |  |  | October 29, |  |  | October 28, |  |  | October 29, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Net periodic benefit costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  | 81 |  |  |  | 76 |  |  |  | 243 |  |  |  | 228 |
Interest cost |  |  | 206 |  |  |  | 280 |  |  |  | 618 |  |  |  | 839 |
Actuarial loss |  |  | 43 |  |  |  | 15 |  |  |  | 129 |  |  |  | 45 |
Expected return on pension plan assets |  |  | (144 | ) |  |  | (234 | ) |  |  | (431 | ) |  |  | (700 | )
Expected administrative expenses |  |  | 70 |  |  |  | 70 |  |  |  | 210 |  |  |  | 210 |
Consolidated net periodic benefit costs |  | $ | 256 |  |  | $ | 207 |  |  | $ | 769 |  |  | $ | 622 |
We adopted ASU 2017-07 as of the beginning of our 2019 fiscal year on January 29, 2018. Components of net periodic benefit cost other than the service cost for the SRIP, SERP and the Pension Plan are included in the line item “Other income, net” in our condensed consolidated statements of income. Service cost is included in our condensed consolidated statements of income under “Selling and administrative expenses.” The adoption resulted in the reclassification of $131,000 and $393,000 expense from Selling and administrative expenses to Other income, net in the third quarter and first nine months of our fiscal 2018 condensed consolidated statements of income. The expected long-term rate of return on Pension Plan assets is 6.9% as of the Pension Plan’s most recent valuation date of January 28, 2018. We contributed $110,000 in required contributions to the Pension Plan in the fiscal 2019 first quarter. In the third quarter, we made an additional $3 million contribution to the Pension Plan as part of a Pension Plan asset de-risking strategy. As part of this strategy, Pension Plan assets were moved into generally lower risk investments to preserve asset value. No benefits have accrued under the Pension Plan since it was frozen in March 1995. We expect savings from reduced Pension Plan administrative costs and PBGC premiums as a result of this contribution. The SRIP and SERP plans are unfunded plans. Consequently, we expect to pay a total of approximately $179,000 in benefit payments from our general assets during the remainder of fiscal 2019 to fund SRIP and SERP payments.

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