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Fair Value Measurements | 3 Months Ended
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May 03, 2025
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 May 3, 2025 and February 1, 2025: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable May 3, 2025 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 697 $ - $ 697 $ - Corporate Bonds 45,601 - 45,601 - U.S. Treasury/Agencies Notes and Bonds 2,267 - 2,267 - Cash Surrender Value of Life Insurance 9,184 - - 9,184 Asset-backed Securities (ABS) 44 - 44 - Total Assets $ 57,793 $ - $ 48,609 $ 9,184 Liabilities: Deferred Compensation $ (8,236) $ - $ - $ (8,236) Total Liabilities $ (8,236) $ - $ - $ (8,236) Quoted 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) 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 May 3, 2025 and February 1, 2025. The state, municipal and corporate bonds and asset-backed securities have contractual maturities which range from 10 days to 2.9 years. The U.S. Treasury/Agencies notes and bonds have contractual maturities which range from 3 months to 1.0 year. Additionally, at May 3, 2025, the Company had deferred compensation plan assets of $ 9.2 million. At February 1, 2025, the Company had deferred compensation plan assets of $ 9.3 million. These assets are recorded within Other assets in the Condensed Consolidated Balance Sheets. 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 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 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 for the three months ended May 3, 2025 and the year ended February 1, 2025 (dollars in thousands): Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 1, 2025 $ 9,301 Redemptions - Additions - Total gains or (losses): Included in interest and other income (or changes in net assets) (117) Ending Balance at May 3, 2025 $ 9,184 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 1, 2025 $ (8,548) Redemptions 266 Additions (38) Total (gains) or losses: Included in interest and other income (or changes in net assets) 84 Ending Balance at May 3, 2025 $ (8,236) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 3, 2024 $ 8,586 Redemptions - Additions - 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)

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