v3.26.1
Fair Value Measurements
 3 Months Ended
May 02, 2026
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 2, 2026 and
January 31, 2026:
Quoted
Prices in
Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
May 2, 2026
Assets
Inputs
Inputs
Description
Level 1
Level 2
Level 3
Assets:
Corporate Bonds
$
55,558
$
-
$
55,558
$
-
Cash Surrender Value of Life Insurance
9,827
-
-
9,827
Total Assets
$
65,385
$
-
$
55,558
$
9,827
Liabilities:
Deferred Compensation
$
(8,343)
$
-
$
-
$
(8,343)
Total Liabilities
$
(8,343)
$
-
$
-
$
(8,343)
Quoted
Prices in
Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
January 31,
2026
Assets
Inputs
Inputs
Description
Level 1
Level 2
Level 3
Assets:
Corporate Bonds
$
54,822
$
-
$
54,822
$
-
U.S. Treasury/Agencies Notes and Bonds
2,037
-
2,037
-
Cash Surrender Value of Life Insurance
9,693
-
-
9,693
Total Assets
$
66,552
$
-
$
56,859
$
9,693
Liabilities:
Deferred Compensation
$
(8,383)
$
-
$
-
$
(8,383)
Total Liabilities
$
(8,383)
$
-
$
-
$
(8,383)
The
Company’s investment
portfolio
was
primarily invested
in corporate
bonds
held in
managed accounts
with
underlying
ratings
of
A
or
better
at
May
2,
2026.
The
corporate
bonds
have
contractual
maturities
which range from
13 days
to
2.9
years.
Additionally,
at
May
2,
2026,
the
Company
had
deferred
compensation
plan
assets
of
$
9.8
million.
At
January
31,
2026,
the
Company
had
deferred
compensation
plan
assets
of
$
9.7
million.
These
assets
are
recorded within Other assets in the Condensed
Consolidated Balance Sheets.
Level 2 investment securities include corporate 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 2, 2026
and the year ended January 31,
2026
(dollars in thousands):
Fair Value
Measurements Using
Significant Unobservable
Asset Inputs (Level 3)
Cash Surrender Value
Beginning Balance at January 31, 2026
$
9,693
Redemptions
-
Additions
-
Total gains or (losses):
Included in interest and other income, net (or changes in net assets)
134
Ending Balance at May 2, 2026
$
9,827
Fair Value
Measurements Using
Significant Unobservable
Liability Inputs (Level 3)
Deferred Compensation
Beginning Balance at January 31, 2026
$
(8,383)
Redemptions
231
Additions
(30)
Total (gains) or losses:
Included in interest and other income, net (or changes in net assets)
(161)
Ending Balance at May 2, 2026
$
(8,343)
Fair Value
Measurements Using
Significant Unobservable
Asset Inputs (Level 3)
Cash Surrender Value
Beginning Balance at February 1, 2025
$
9,301
Redemptions
(365)
Additions
-
Total gains or (losses):
Included in interest and other income, net (or changes in net assets)
757
Ending Balance at January 31, 2026
$
9,693
Fair Value
Measurements Using
Significant Unobservable
Liability Inputs (Level 3)
Deferred Compensation
Beginning Balance at February 1, 2025
$
(8,548)
Redemptions
1,246
Additions
(206)
Total (gains) or losses:
Included in interest and other income, net (or changes in net assets)
(875)
Ending Balance at January 31, 2026
$
(8,383)