Pension and Retirement Savings Plan (Tables)

12 Months Ended

Jan. 31, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Pension Costs

The components of the net periodic pension costs for the fiscal years ended January 31, 2023, 2022 and 2021 are as follows:

(Amounts in thousands)	2023			2022			2021
Service cost	$	1,138		$	1,131		$	1,274
Interest cost		57			-			-
Expected return on assets		(439	)		(395	)		(372	)
Actuarial gain recognized due to partial settlement		(105	)		-			(43	)
Amortization of prior service costs		71			74			73
Net Periodic Pension Cost	$	722		$	810		$	932

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)	2023			2022
Change in benefit obligation:
Pension benefit obligation at beginning of period	$	28,302		$	26,583
Service cost		1,138			1,131
Interest cost		57			-
Benefits deposited		20			515
Employee contributions		802			760
Actuarial (gains)/losses		(1,566	)		397
Foreign currency exchange rate impact		356			(1,084	)
Pension benefit obligation at end of year		29,109			28,302
Change in plan assets:
Fair value of plan assets at beginning of period	$	29,096		$	25,837
Company contributions		1,205			1,142
Benefits deposited		20			515
Actual (loss)/return on plan assets		(3,446	)		1,914
Employee contributions		802			760
Foreign currency exchange rate impact		288			(1,072	)
Fair value of plan assets at end of year		27,965			29,096
Funded status - consolidated	$	(1,144	)	$	794
Amounts recognized in the consolidated balance sheets    consist of:
Other non-current assets	$	-		$	794
Other non-current liabilities		(1,144	)		-
Amounts recognized in accumulated other    comprehensive income/(loss):
Prior service cost		288			358
Net actuarial loss/(gain)		1,899			(618	)
Tax effect		(467	)		55
Net amount recognized, after tax	$	1,720		$	(205	)
Accumulated benefit obligation	$	28,997		$	28,142

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:

	2023			2022			2021
Discount rate		1.90	%		0.20	%		0.00	%
Salary progression rate		1.10	%		1.10	%		1.10	%
Expected long-term rate of return on plan assets		2.50	%		1.50	%		1.50	%

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

	2023			2022			2021
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	%

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, 2023 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, 2024. Payments from the pension plan are made from the plan assets.

Fiscal Year ending January 31,	(in thousands)
2024	$	679
2025		403
2026		364
2027		519
2028		276
2029-2033		3,534