XML 27 R12.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurements
12 Months Ended
Feb. 01, 2025
Fair Value Measurements [Abstract]  
Fair Value Measurements
4.
 
Fair Value Measurements:
 
The following tables set forth information regarding the Company’s financial
 
assets that are measured
at fair value as of February 1, 2025 and February 3, 2024 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
`
Prices in
 
Active
Significant
 
Markets for
Other
Significant
 
Identical
Observable
Unobservable
 
February 1, 2025
Assets
Inputs
Inputs
Description
Level 1
Level 2
Level 3
Assets:
 
State/Municipal Bonds
$
1,244
$
-
$
1,244
$
-
 
Corporate Bonds
51,326
-
51,326
-
 
U.S. Treasury/Agencies Notes and Bonds
4,624
-
4,624
-
 
Cash Surrender Value of Life Insurance
9,301
-
-
9,301
 
Asset-backed Securities (ABS)
229
-
229
-
Total Assets
$
66,724
$
-
$
57,423
$
9,301
Liabilities:
 
Deferred Compensation
$
(8,548)
$
-
$
-
$
(8,548)
Total Liabilities
$
(8,548)
$
-
$
-
$
(8,548)
Prices in
 
Active
Significant
 
Markets for
Other
Significant
 
Identical
Observable
Unobservable
 
February 3, 2024
Assets
Inputs
Inputs
Description
Level 1
Level 2
Level 3
Assets:
 
State/Municipal Bonds
$
12,540
$
-
$
12,540
$
-
 
Corporate Bonds
45,400
-
45,400
-
 
U.S. Treasury/Agencies Notes and Bonds
18,114
-
18,114
-
 
Cash Surrender Value of Life Insurance
8,586
-
-
8,586
 
Asset-backed Securities (ABS)
2,958
-
2,958
-
 
Corporate Equities
1,084
1,084
-
-
Total Assets
$
88,682
$
1,084
$
79,012
$
8,586
Liabilities:
 
Deferred Compensation
$
(8,654)
$
-
$
-
$
(8,654)
Total Liabilities
$
(8,654)
$
-
$
-
$
(8,654)
The
 
Company’s
 
investment
 
portfolio
 
was
 
primarily
 
invested
 
in
 
corporate
 
bonds
 
and
 
taxable
governmental debt securities held in managed accounts
 
with underlying ratings of A or
 
better at February
1, 2025. The state,
 
municipal and corporate bonds and
 
asset-backed securities have contractual maturities
which range from
nine days
 
to
2.8 years
. The U.S. Treasury notes have contractual maturities which range
from
13 days
 
to
2.5 years
. These
 
securities are classified
 
as available-for-sale
 
and are
 
recorded as
 
Short-
term
 
investments
 
and Other
 
assets
 
on the
 
accompanying Consolidated
 
Balance Sheets.
 
These
 
assets
 
are
carried
 
at
 
fair
 
value
 
with
 
unrealized
 
gains
 
and
 
losses
 
reported
 
net
 
of
 
taxes
 
in
 
Accumulated
 
other
comprehensive income.
 
Additionally,
 
at
 
February
 
1,
 
2025
 
and
 
February
 
3,
 
2024,
 
the
 
Company
 
had
 
$
0.0
 
million
 
and
 
$
1.1
million of
 
corporate equities,
 
respectively,
 
which are
 
recorded within
 
Other assets
 
in the
 
accompanying
Consolidated Balance Sheets.
 
Level
 
1
 
category
 
securities
 
are
 
measured
 
at
 
fair
 
value
 
using
 
quoted
 
active
 
market
 
prices.
 
Level
 
2
investment
 
securities
 
include
 
corporate,
 
state
 
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 the 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
 
primarily
 
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
Consolidated Balance Sheets. These
 
funds are designed
 
to mirror the
 
return of existing
 
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 for the
 
years ended February 1, 2025 and
February 3, 2024
 
(in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
`
Fair Value
Measurements Using
Significant Unobservable
Asset Inputs (Level 3)
Cash
Surrender Value
Beginning Balance at February 3, 2024
$
8,586
 
Total gains or (losses)
 
Included in interest and other income (or
 
changes in net assets)
715
Ending Balance at February 1, 2025
$
9,301
Fair Value
Measurements Using
Significant Unobservable
Liability Inputs (Level 3)
Deferred
Compensation
Beginning Balance at February 3, 2024
$
(8,654)
 
Redemptions
1,175
 
Additions
(220)
 
Total (gains) or losses
 
Included in interest and other income (or
 
changes in net assets)
(849)
Ending Balance at February 1, 2025
$
(8,548)
Fair Value
Measurements Using
Significant Unobservable
Asset Inputs (Level 3)
Cash
Surrender Value
Beginning Balance at January 28, 2023
$
9,274
 
Withdrawals
(1,168)
 
Total gains or (losses)
 
Included in interest and other income (or
 
changes in net assets)
480
Ending Balance at February 3, 2024
$
8,586
Fair Value
Measurements Using
Significant Unobservable
Liability Inputs (Level 3)
Deferred
Compensation
Beginning Balance at January 28, 2023
$
(8,903)
 
Redemptions
1,119
 
Additions
(292)
 
Total (gains) or losses
 
Included in interest and other income (or
 
changes in net assets)
(578)
Ending Balance at February 3, 2024
$
(8,654)