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Basis of Presentation (Tables) | 9 Months Ended
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Oct. 28, 2023
Accounting Policies [Abstract] |
Other Comprehensive Income (Loss) and Reclassifications from AOCI | Other comprehensive income (loss) includes amounts related to foreign currency and retirement plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three and nine months ended October 28, 2023 and October 29, 2022 were as follows:
|  | October 28, 2023 |  |  | October 29, 2022 |
For the three months ended: |  | (in thousands) |
|  | Retirement Plans |  |  | Foreign Currency |  |  | Total |  |  | Retirement Plans |  |  | Foreign Currency |  |  | Total |
Balance at beginning of the quarter |  | $ | (1,751 | ) |  | $ | — |  |  | $ | (1,751 | ) |  | $ | (5,331 | ) |  | $ | (66 | ) |  | $ | (5,397 | )
Other comprehensive income (loss) before reclassifications, net of taxes |  |  | 14 |  |  |  | — |  |  |  | 14 |  |  |  | 77 |  |  |  | (3 | ) |  |  | 74 |
Recognition of loss on retirement plan termination, net of taxes (1) |  |  | 31 |  |  |  |  |  |  | 31 |  |  |  |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive income, net of taxes (2) |  |  | 35 |  |  |  | — |  |  |  | 35 |  |  |  | (9 | ) |  |  | — |  |  |  | (9 | )
Other comprehensive income (loss) for the period |  |  | 80 |  |  |  | — |  |  |  | 80 |  |  |  | 68 |  |  |  | (3 | ) |  |  | 65 |
Balance at end of quarter |  | $ | (1,671 | ) |  | $ | — |  |  | $ | (1,671 | ) |  | $ | (5,263 | ) |  | $ | (69 | ) |  | $ | (5,332 | )
|  | October 28, 2023 |  |  | October 29, 2022 |
For the nine months ended: |  | (in thousands) |
|  | Retirement Plans |  |  | Foreign Currency |  |  | Total |  |  | Retirement Plans |  |  | Foreign Currency |  |  | Total |
Balance at beginning of fiscal year |  | $ | (4,928 | ) |  | $ | — |  |  | $ | (4,928 | ) |  | $ | (5,466 | ) |  | $ | (59 | ) |  | $ | (5,525 | )
Other comprehensive income (loss) before reclassifications, net of taxes |  |  | 43 |  |  |  | — |  |  |  | 43 |  |  |  | 232 |  |  |  | (10 | ) |  |  | 222 |
Recognition of loss on retirement plan termination, net of taxes (1) |  |  | 3,111 |  |  |  |  |  |  | 3,111 |  |  |  | — |  |  |  | — |  |  |  | — |
Amounts reclassified from accumulated other comprehensive income, net of taxes (2) |  |  | 103 |  |  |  | — |  |  |  | 103 |  |  |  | (29 | ) |  |  | — |  |  |  | (29 | )
Other comprehensive income (loss) for the period |  |  | 3,257 |  |  |  | — |  |  |  | 3,257 |  |  |  | 203 |  |  |  | (10 | ) |  |  | 193 |
Balance at end of quarter |  | $ | (1,671 | ) |  | $ | — |  |  | $ | (1,671 | ) |  | $ | (5,263 | ) |  | $ | (69 | ) |  | $ | (5,332 | )
(1) In connection with the Company's decision to terminate its frozen retirement plans, the Company completed a termination of its Supplemental Executive Retirement Plan ("SERP") in the third quarter of fiscal 2023 and recognized the loss in AOCI of $31,000, with no related tax effect. Results for the nine months ended October 28, 2023 also reflect the partial settlement of the Pension Plan which resulted in the recognition of $4.2 million loss on termination, or $3.1 million net of taxes. (2) Includes the amortization of the unrecognized loss on retirement plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The Company recognized expense of $47,000, or $35,000 net of taxes, for the three months ended October 28, 2023 and expense of $139,000, or $103,000 net of taxes, for the nine months ended October 28, 2023. For the three and nine months ended October 29, 2022, the Company recognized income of $9,000 and $29,000, respectively, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for the three and nine months ended October 29, 2022.
Valuation Assumptions for Stock Options | The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first nine months of fiscal 2023 and fiscal 2022.
|  | October 28, 2023 |  |  | October 29, 2022 |
Expected volatility |  | 86.3% - 92.1% |  |  | 87.9% - 123.7% |
Risk-free interest rate |  | 3.71%-4.42% |  |  | 2.52% - 4.41% |
Expected term |  | 2.5 yrs. |  |  | 2.0 - 3.5 yrs. |
Dividend rate |  |  | — |  |  |  | — |
Weighted average fair value of options granted |  | $ | 3.24 |  |  | $ | 3.46 |
During the third quarter of fiscal 2023, the Company granted performance stock units (PSUs) with a market condition. The respective grant-date fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model. The valuation included assumptions with respect to the volatility, risk-free rate and cost of equity are discussed in Note 6, "Stock-Based Compensation."

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