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Fair Value Measurements - Notes to Financial Statements
 3 Months Ended 12 Months Ended
Apr. 30, 2016
Jan. 30, 2016
Fair Value Measurements [Abstract]    
Fair Value Disclosures Text Block

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 April 30, 2016 and January 30, 2016

Quoted
Prices in
ActiveSignificant
Markets forOtherSignificant
IdenticalObservableUnobservable
April 30, 2016AssetsInputsInputs
DescriptionLevel 1Level 2Level 3
Assets:
State/Municipal Bonds$207,580$-$207,580$-
Corporate Bonds23,882-23,882-
U.S. Treasury Notes3,0053,005--
Cash Surrender Value of Life Insurance7,452--7,452
Asset-backed Securities (ABS)10,909-10,909-
Corporate Equities607607--
Certificates of Deposit100100--
Total Assets$253,535$3,712$242,371$7,452
Liabilities:
Deferred Compensation(7,313)--(7,313)
Total Liabilities$(7,313)$-$-$(7,313)

The Company’s investment portfolio was primarily invested in corporate bonds and tax-exempt and taxable governmental debt securities held in managed accounts with underlying ratings of A or better at April 30, 2016 and January 30, 2016. The state, municipal and corporate bonds have contractual maturities which range from one day to 8.0 years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities which range from five months to 1.9 years. These securities are classified as available-for-sale and are recorded as Short-term investments, Restricted cash and investments and Other assets on the accompanying Condensed Consolidated Balance Sheets. These assets are carried at fair value with unrealized gains and losses reported net of taxes in Accumulated other comprehensive income.

Additionally, at April 30, 2016, the Company had $0.6 million of corporate equities and deferred compensation plan assets of $7.5 million. At January 30, 2016, the Company had $0.6 million of corporate equities and deferred compensation plan assets of $6.4 million. All of these assets are recorded within Other assets in the Condensed Consolidated Balance Sheets.

Level 1 category securities are measured at fair value using quoted active market prices. 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 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. These funds are designed to mirror existing mutual funds and money market funds that are observable and actively traded. Cash surrender values are provided by third parties and reviewed for reasonableness by the Company.

The following tables summarize the change in fair value of the Company’s financial assets measured using Level 3 inputs as of April 30, 2016 and May 2, 2015 (dollars in thousands):

Fair Value Measurements Using Significant
Unobservable Asset Inputs (Level 3)
Available-For-SaleCash
Debt SecuritiesOther Investments Surrender
ARSPrivate EquityValueTotal
Beginning Balance at January 30, 2016$-$-$6,409$6,409
Redemptions----
Additions--809809
Total gains or (losses)
Included in interest and other
income (or changes in net assets)--234234
Included in other comprehensive income----
Ending Balance at April 30, 2016$-$-$7,452$7,452
Fair Value Measurements Using Significant
Unobservable Liability Inputs (Level 3)
Deferred
CompensationTotal
Beginning Balance at January 30, 2016$(6,187)$(6,187)
Redemptions--
Additions(836)(836)
Total (gains) or losses
Included in interest and other
income (or changes in net assets)(290)(290)
Included in other comprehensive income--
Ending Balance at April 30, 2016$(7,313)$(7,313)
Fair Value Measurements Using Significant
Unobservable Asset Inputs (Level 3)
Available-For-SaleCash
Debt SecuritiesOther Investments Surrender
ARSPrivate EquityValueTotal
Beginning Balance at January 31, 2015$-$306$4,558$4,865
Redemptions-(246)-(246)
Additions--
Total gains or (losses)
Included in interest and other
income (or changes in net assets)--215215
Included in other comprehensive income-(21)-(21)
Ending Balance at May 2, 2015$-$39$4,773$4,812
Fair Value Measurements Using Significant
Unobservable Liability Inputs (Level 3)
Deferred
CompensationTotal
Beginning Balance at January 31, 2015$(4,272)$(4,272)
Redemptions4747
Total (gains) or losses
Included in interest and other
income (or changes in net assets)(195)(195)
Ending Balance at May 2, 2015$(4,420)$(4,420)
Quoted
Prices in
ActiveSignificant
Markets forOtherSignificant
IdenticalObservableUnobservable
January 30, 2016AssetsInputsInputs
DescriptionLevel 1Level 2Level 3
Assets:
State/Municipal Bonds$193,500$-$193,500$-
Corporate Bonds10,941-10,941-
U.S. Treasury Notes1,2031,203--
Cash Surrender Value of Life Insurance6,409--6,409
Asset-backed Securities (ABS)11,054-11,054-
Corporate Equities578578--
Certificates of Deposit100100--
Total Assets$223,785$1,881$215,495$6,409
Liabilities:
Deferred Compensation(6,187)--(6,187)
Total Liabilities$(6,187)$-$-$(6,187)