Pension and Retirement Savings Plan (Tables)

12 Months Ended

Jan. 31, 2022

Retirement Benefits [Abstract]

Components of Net Periodic Pension Costs

The components of the net periodic pension costs for the fiscal years ended January 31, 2022, 2021 and 2020 are as follows:

(Amounts in thousands)	2022			2021			2020
Service cost	$	1,131		$	1,274		$	1,121
Interest cost		-			-			300
Expected return on assets		(395	)		(372	)		(205	)
Actuarial gain recognized due to partial settlement		-			(43	)		-
Amortization of prior service costs		74			73			68
Net Periodic Pension Cost	$	810		$	932		$	1,284

Reconciliation of Change in Benefit Obligation, Change in Plan Assets and Net Amount Recognized in Consolidated Balance Sheets

A reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheets are shown below (based on a January 31 measurement date):

(Amounts in thousands)	2022			2021
Change in benefit obligation:
Pension benefit obligation at beginning of period	$	26,583		$	24,813
Service cost		1,131			1,274
Interest cost		-			-
Benefits (paid) deposited		515			(2,551	)
Employee contributions		760			791
Actuarial losses		397			240
Foreign currency exchange rate impact		(1,084	)		2,016
Pension benefit obligation at end of year		28,302			26,583
Change in plan assets:
Fair value of plan assets at beginning of period	$	25,837		$	24,227
Company contributions		1,142			1,187
Benefits (paid) deposited		515			(2,551	)
Actual return on plan assets		1,914			220
Employee contributions		760			791
Foreign currency exchange rate impact		(1,072	)		1,963
Fair value of plan assets at end of year		29,096			25,837
Funded status - consolidated	$	794		$	(746	)
Amounts recognized in the consolidated balance sheets    consist of:
Other non-current assets	$	794		$	-
Other non-current liabilities		-			746
Amounts recognized in accumulated other    comprehensive income/(loss):
Prior service cost		358			448
Net actuarial (gain)/loss		(618	)		511
Tax effect		55			(209	)
Net amount recognized, after tax	$	(205	)	$	750
Accumulated benefit obligation	$	28,142		$	26,390

Weighted-average Assumptions Used to Calculate Benefit Obligations and Net Periodic Pension Cost

The weighted‑average assumptions that were used to determine the Company’s benefit obligations as of the measurement date (January 31) were as follows:

	2022			2021			2020
Discount rate		0.20	%		0.00	%		0.00	%
Salary progression rate		1.10	%		1.10	%		1.10	%
Expected long-term rate of return on plan assets		1.50	%		1.50	%		1.50	%

The weighted‑average assumptions that were used to determine the Company’s net periodic pension cost were as follows:

	2022			2021			2020
Discount rate		0.00	%		0.00	%		0.90	%
Salary progression rate		1.10	%		1.10	%		1.10	%
Expected long-term rate of return on plan assets		1.50	%		1.50	%		0.90	%

Schedule of Expected Benefit Payments of Pension Plans

The Company expects the following benefit payments to be paid out for the fiscal years indicated. The expected benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at January 31, 2022 and include estimated future employee service. The Company does not expect any plan assets to be returned to it during the fiscal year ending January 31, 2023. Payments from the pension plan are made from the plan assets.

Fiscal Year ending January 31,	(in thousands)
2023	$	255
2024		458
2025		317
2026		305
2027		449
2028-2032		2,570