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Basis of Presentation (Tables) | 9 Months Ended
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Nov. 02, 2024
Accounting Policies [Abstract] |
Other Comprehensive Income (Loss) and Reclassifications from AOCI | For the first three and nine months of fiscal 2023, other comprehensive income and reclassifications from AOCI was as follows:
in thousands |  | For the three months ended October 28, 2023 |  |  | For the nine months ended October 28, 2023 |
Balance at beginning of fiscal year |  | $ | (1,751 | ) |  | $ | (4,928 | )
Other comprehensive income before reclassifications, net of taxes |  |  | 14 |  |  |  | 43 |
Recognition of loss on retirement plan termination, net of taxes (1) |  |  | 31 |  |  |  | 3,111 |
Amounts reclassified from accumulated other comprehensive income, net of taxes (2) |  |  | 35 |  |  |  | 103 |
Other comprehensive income for the period |  |  | 80 |  |  |  | 3,257 |
Balance at end of quarter |  | $ | (1,671 | ) |  | $ | (1,671 | )
(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.
Valuation Assumptions for Stock Options | For the first nine months of fiscal 2023, the fair value of each stock option grant was 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.
|  | October 28, 2023 |
Expected volatility |  | 86.3% - 92.1% |
Risk-free interest rate |  | 3.71%-4.42% |
Expected term |  | 2.5 yrs. |
Dividend rate |  |  | — |
Weighted average fair value of options granted |  | $ | 3.24 |

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