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Fair Value Measurements
9 Months Ended
Nov. 01, 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 November 1, 2025 and February
1, 2025:
Quoted
Prices in
Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
November 1,
2025
Assets
Inputs
Inputs
Description
Level 1
Level 2
Level 3
Assets:
Corporate Bonds
$
52,941
$
-
$
52,941
$
-
U.S. Treasury/Agencies Notes and Bonds
2,018
-
2,018
-
Cash Surrender Value of Life Insurance
9,842
-
-
9,842
Commercial Paper
1,245
-
1,245
-
Total Assets
$
66,046
$
-
$
56,204
$
9,842
Liabilities:
Deferred Compensation
$
(8,677)
$
-
$
-
$
(8,677)
Total Liabilities
$
(8,677)
$
-
$
-
$
(8,677)
NOTE 7
– FAIR VALUE MEASUREMENTS
(CONTINUED):
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
November
1,
2025
and
February
1,
2025.
The
state,
municipal
and
corporate
bonds
and
asset-backed
securities
have
contractual
maturities which
range from
1.1 months
to
2.9
years. The
U.S. Treasury/Agencies
notes and
bonds have
a
contractual maturity of up to
3.5 months
.
Additionally, at November
1, 2025, the
Company had deferred
compensation plan assets
of $
9.8
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, 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 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 nine months ended November
1, 2025 and the year ended
February 1,
2
025 (in thousands):
NOTE 7
– FAIR VALUE MEASUREMENTS
(CONTINUED):
Fair Value
Measurements Using
Significant Unobservable
Asset Inputs (Level 3)
Cash Surrender Value
Beginning Balance at February 1, 2025
$
9,301
Total gains or (losses):
Included in interest and other income (or
changes in net assets)
541
Ending Balance at November 1, 2025
$
9,842
Fair Value
Measurements Using
Significant Unobservable
Liability Inputs (Level 3)
Deferred Compensation
Beginning Balance at February 1, 2025
$
(8,548)
Redemptions
672
Additions
(167)
Total (gains) or losses:
Included in interest and other income (or
changes in net assets)
(634)
Ending Balance at November 1, 2025
$
(8,677)
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)
E
nding Balance at February 1, 2025
$
(8,548)