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FAIR VALUE MEASUREMENTS
 12 Months Ended
Jan. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

NOTE 11 – FAIR VALUE MEASUREMENTS

 

Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

 

Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities;

 

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

 

Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

As of January 28, 2024 and January 29, 2023, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period.

 

Our assets measured at fair value on a recurring basis at January 28, 2024 and January 29, 2023 were as follows:

 

   

Fair value at January 28, 2024

    

Fair value at January 29, 2023

  

Description

  

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

  
   

(In thousands)

  

Assets measured at fair value

                                                                

Company-owned life insurance

   $ -     $ 28,528     $ -     $ 28,528     $ -     $ 27,576     $ -     $ 27,576