XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
General - Notes to Financial Statements
 3 Months Ended
Apr. 30, 2022
General Dsiclosure [Abstract]  
Summary of Significant Account Policies
NOTE 1
 
- GENERAL
:
The condensed
 
consolidated financial
 
statements as
 
of April
 
30, 2022
 
and for
 
the thirteen-week
 
periods
ended
 
April
 
30,
 
2022
 
and
 
May
 
1,
 
2021
 
have
 
been
 
prepared
 
from
 
the
 
accounting
 
records
 
of
 
The
 
Cato
Corporation and
 
its wholly-owned
 
subsidiaries (the
 
“Company”), and
 
all amounts
 
shown are
 
unaudited.
 
In the opinion of management, all adjustments considered necessary for a fair presentation of the financial
statements
 
have been
 
included.
 
All such
 
adjustments are
 
of a
 
normal, recurring
 
nature unless
 
otherwise
noted.
 
The results of the interim period may not be indicative of the results expected
 
for the entire year.
The interim financial
 
statements should be read
 
in conjunction with
 
the consolidated financial statements
and
 
notes
 
thereto,
 
included
 
in
 
the
 
Company’s
 
Annual
 
Report
 
on
 
Form
 
10-K
 
for
 
the
 
fiscal
 
year
 
ended
January 29, 2022.
 
Amounts as of January 29, 2022 have been derived from the audited balance sheet, but
do not include all disclosures required by
 
accounting principles generally accepted in the United States of
America.
As
 
planned,
 
in
 
May
 
2022,
 
the
 
Company
 
made
 
a
 
$14.4
 
million
 
contribution
 
to
 
its
 
Employee
 
Stock
Ownership
 
Plan,
 
which
 
is
 
included
 
in
 
Accrued
 
bonus
 
and
 
benefits
 
on
 
the
 
accompanying
 
Condensed
Consolidated Balance Sheets.
Subsequent to
 
April 30,
 
2022, the
 
Company received
 
$18 million
 
of its
 
income tax
 
receivable, which
 
is
included in Accounts receivable. The Company anticipates that the remaining balance will
 
be received by
the end of the second quarter of fiscal 2022.
On May 19, 2022, the Board of Directors declared the quarterly dividend
 
at $0.17 per share.