XML 28 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Employee Benefit Plans
 6 Months Ended
Aug. 01, 2021
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block]

10. Employee Benefit Plans

 

We maintain two “frozen” retirement plans, which are paying benefits and may include active employees among the participants. We do not expect to add participants to these plans in the future. The two plans include:

 

 

■

a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation; and

 

 

■

the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives.

 

   

Thirteen Weeks Ended

    

Twenty-Six Weeks Ended

  
   

August 1,

    

August 2,

    

August 1,

    

August 2,

  
   

2021

    

2020

    

2021

    

2020

  

Net periodic benefit costs

                                

Service cost

     33       32       66       64  

Interest cost

     53       74       106       148  

Actuarial loss

     100       84       201       169  
                                 

Consolidated net periodic benefit costs

   $ 186     $ 190     $ 373     $ 381  

 

The SRIP and SERP plans are unfunded plans. In fiscal 2022, we paid $365,000 in the second quarter and $544,000 in the first half and expect to pay a total of approximately $489,000 in benefit payments from our general assets during the remainder of fiscal 2022 to fund SRIP and SERP payments.