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Fair Value Measurements | 3 Months Ended
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Apr. 29, 2023
Fair Value Measurements [Abstract] |
Fair Value Measurements | NOTE 7 – FAIR VALUE MEASUREMENTS: The following tables set forth information regarding the Company’s financial assets and liabilities that are measured at fair value (in thousands) as of April 29, 2023 and January 28, 2023: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable April 29, 2023 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 22,187 $ - $ 22,187 $ - Corporate Bonds 40,057 - 40,057 - U.S. Treasury/Agencies Notes and Bonds 16,541 - 16,541 - Cash Surrender Value of Life Insurance 9,281 - - 9,281 Asset-backed Securities (ABS) 7,925 - 7,925 - Corporate Equities 801 801 - - Commercial Paper 1,039 - 1,039 - Total Assets $ 97,831 $ 801 $ 87,749 $ 9,281 Liabilities: Deferred Compensation $ (8,731) $ - $ - $ (8,731) Total Liabilities $ (8,731) $ - $ - $ (8,731) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable January 28, 2023 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 23,102 $ - $ 23,102 $ - Corporate Bonds 47,901 - 47,901 - U.S. Treasury/Agencies Notes and Bonds 27,250 - 27,250 - Cash Surrender Value of Life Insurance 9,274 - - 9,274 Asset-backed Securities (ABS) 9,373 - 9,373 - Corporate Equities 923 923 - - Commercial Paper 1,026 - 1,026 - Total Assets $ 118,849 $ 923 $ 108,652 $ 9,274 Liabilities: Deferred Compensation $ (8,903) $ - $ - $ (8,903) Total Liabilities $ (8,903) $ - $ - $ (8,903) The Company’s investment portfolio was primarily invested in corporate bonds and tax-exempt and taxable governmental debt securities held in managed accounts with underlying ratings of A or better at April 29, 2023 and January 28, 2023. The state, municipal and corporate bonds and asset-backed securities have contractual maturities which range from two days to 3.6 years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities which range from one day to 2.8 years. These securities are classified as available-for-sale and are recorded as Short-term investments, Restricted cash and Other assets on the accompanying Condensed Consolidated Balance Sheets. These assets are carried at fair value with unrealized gains and losses reported net of taxes in Accumulated other comprehensive income. The asset-backed securities are bonds comprised of auto loans and bank credit cards that carry AAA ratings. The auto loan asset-backed securities are backed by static pools of auto loans that were originated and serviced by captive auto finance units, banks or finance companies. The bank credit card asset-backed securities are backed by revolving pools of credit card receivables generated by account holders of cards from American Express, Citibank, JPMorgan Chase, Capital One, and Discover. Additionally, at April 29, 2023, the Company had $ 0.8 million of corporate equities and deferred compensation plan assets of $ 9.3 million. At January 28, 2023, the Company had $ 0.9 million of corporate equities and deferred compensation plan assets of $ 9.3 million. All of these assets are recorded within Other assets in the Condensed Consolidated Balance Sheets. Level 1 category securities are measured at fair value using quoted active market prices. Level 2 investment securities include corporate and municipal bonds for which quoted prices may not be available on active exchanges for identical instruments. Their fair value is principally based on market values determined by management with assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the pricing service using observable market information such as quotes from less active markets and/or quoted prices of securities with similar characteristics, among other factors. Deferred compensation plan assets consist of life insurance policies. These life insurance policies are valued based on the cash surrender value of the insurance contract, which is determined based on such factors as the fair value of the underlying assets and discounted cash flow and are therefore classified within Level 3 of the valuation hierarchy. The Level 3 liability associated with the life insurance policies represents a deferred compensation obligation, the value of which is tracked via underlying insurance funds’ net asset values, as recorded in Other noncurrent liabilities in the Condensed Consolidated Balance Sheet. These funds are designed to mirror mutual funds and money market funds that are observable and actively traded. The following tables summarize the change in fair value of the Company’s financial assets and liabilities measured using Level 3 inputs as of April 29, 2023 and January 28, 2023 (dollars in thousands): Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 28, 2023 $ 9,274 Redemptions - Additions - Total gains or (losses) Included in interest and other income (or changes in net assets) 7 Included in other comprehensive income - Ending Balance at April 29, 2023 $ 9,281 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 28, 2023 $ (8,903) Redemptions 292 Additions (82) Total (gains) or losses Included in interest and other income (or changes in net assets) (38) Included in other comprehensive income - Ending Balance at April 29, 2023 $ (8,731) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 29, 2022 $ 11,472 Redemptions (1,718) Additions - Total gains or (losses) Included in interest and other income (or changes in net assets) (480) Included in other comprehensive income - Ending Balance at January 28, 2023 $ 9,274 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 29, 2022 $ (10,020) Redemptions 1,142 Additions (379) Total (gains) or losses Included in interest and other income (or changes in net assets) 354 Included in other comprehensive income - Ending Balance at January 28, 2023 $ (8,903)

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