Fair Value Measurements

3 Months Ended

Apr. 30, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value Measurements

NOTE 8 – FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows:

•Level 1 – Quoted prices in active markets for identical assets or liabilities.

•Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

•Level 3 – Unobservable inputs based on the Company’s assumptions.

The guidance requires the use of observable market data if such data is available without undue cost and effort.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 30, 2025 and 2024 and January 31, 2025 (in thousands):

		Fair Value at April 30, 2025
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	265	$	—	$	—	$	265
Short-term investment	Other current assets		151		—		—		151
SERP assets - employer	Other non-current assets		618		—		—		618
SERP assets - employee	Other non-current assets		49,633		—		—		49,633
Defined benefit plan assets	Other non-current liabilities		—		—		36,423		36,423
Hedge derivatives	Other current assets		—		1,255		—		1,255
Total		$	50,667	$	1,255	$	36,423	$	88,345
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	49,633	$	—	$	—	$	49,633
Hedge derivatives	Accrued liabilities		—		1,263		—		1,263
Total		$	49,633	$	1,263	$	—	$	50,896

		Fair Value at January 31, 2025
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	306	$	—	$	—	$	306
Short-term investment	Other current assets		143		—		—		143
SERP assets - employer	Other non-current assets		605		—		—		605
SERP assets - employee	Other non-current assets		53,442		—		—		53,442
Defined benefit plan assets	Other non-current liabilities		—		—		34,313		34,313
Hedge derivatives	Other current assets		—		13		—		13
Total		$	54,496	$	13	$	34,313	$	88,822
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	53,442	$	—	$	—	$	53,442
Hedge derivatives	Accrued liabilities		—		1,111		—		1,111
Total		$	53,442	$	1,111	$	—	$	54,553

		Fair Value at April 30, 2024
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	251	$	—	$	—	$	251
Short-term investment	Other current assets		151		—		—		151
SERP assets - employer	Other non-current assets		559		—		—		559
SERP assets - employee	Other non-current assets		49,093		—		—		49,093
Defined benefit plan assets	Other non-current liabilities		—		—		32,996		32,996
Hedge derivatives	Other current assets		—		112		—		112
Total		$	50,054	$	112	$	32,996	$	83,162
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	49,093	$	—	$	—	$	49,093
Hedge derivatives	Accrued liabilities		—		697		—		697
Total		$	49,093	$	697	$	—	$	49,790

The fair values of the Company’s available-for-sale securities are based on quoted market prices. The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of one percent calculated annually. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives consist of cash flow hedging instruments and forward contracts (see Note 7 for further discussion) and are entered into by the Company principally to reduce its exposure to Swiss Franc and Euro exchange rate risks. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates.

The Company sponsors a defined benefit pension plan in Switzerland. The plan covers certain international employees and is based on years of service and compensation on a career-average pay basis. The assets within the plan are classified as a Level 3 asset within the fair value hierarchy and consist of an investment in pooled assets and include separate employee accounts that are invested in equity securities, debt securities and real estate. The values of the separate accounts invested are based on values provided by the administrator of the funds that cannot be readily derived from or corroborated by observable market data. The value of the assets is part of the defined benefit plan and included in other non-current liabilities in the Consolidated Balance Sheets at April 30, 2025, January 31, 2025, and April 30, 2024.

There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.

Investments Without Readily Determinable Fair Values

From time to time the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. Through fiscal 2025, the Company invested approximately $14.1 million and during the first quarter of fiscal 2026, the Company invested an additional $1.3 million in venture capital funds. The Company has evaluated and will regularly evaluate the carrying value of its investments. The carrying value of the investments are recorded in Other non-current assets in the Consolidated Balance Sheets at April 30, 2025, January 31, 2025 and April 30, 2024.