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Fair Value Measurements
 3 Months Ended
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)