Retirement Plans (Tables)

12 Months Ended

Jan. 31, 2022

Retirement Benefits [Abstract]

Schedule of pension plans

The following tables set forth (in thousands) the combined funded status of the Company’s pension plans at January 31, 2022 and 2021:

	Combined Employee Retirement Plans
	1/31/2022		1/31/2021
Change in Benefit Obligation
Benefit obligation at beginning of year	$	44,178	$	43,292
Service cost	—		—
Interest cost	1,113		1,211
Participant contributions	—		—
Amendments	—		—
Actuarial losses (gains)	(2,373)		1,588
Plan settlement	—		—
Benefits paid	(2,332)		(1,913)
Benefit obligation at end of year	$	40,586	$	44,178
Change in Plan Assets
Fair value at beginning of year	$	23,972	$	23,654
Actual return on plan assets	4,099		1,591
Company contributions	690		640
Settlements	—		—
Benefits paid	(2,332)		(1,913)
Fair value at end of year	$	26,429	$	23,972
Funded Status
Unfunded status of the plans	$	(14,157)	$	(20,206)
Amounts Recognized in Statement of Financial Position
Current liabilities	$	(344)	$	(364)
Non-current liabilities	(13,813)		(19,842)
Accrued benefit cost	$	(14,157)	$	(20,206)
Amounts Recognized in Statement of Financial Position and Operations
Accrued benefit liability	(14,157)		(20,206)
Accumulated other compensation loss	6,889		14,444
Net amount recognized	$	(7,268)	$	(5,762)
Items not yet Recognized as a Component of Net Periodic Pension Expense, included in AOCI
Unrecognized net actuarial loss	$	6,889	$	14,444
Unamortized prior service costs	—		—
Net initial asset recognition	—		—
	$	6,889	$	14,444

	Combined Employee Retirement Plans
	1/31/2022		1/31/2021
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net (gain) loss	$	(5,782)	$	849
Prior service cost	—		—
Amortization of loss	(1,774)		(1,831)
Amortization of prior service cost (credit)	—		—
Amortization of initial asset	—		—
Total recognized in other comprehensive loss	$	(7,556)	$	(982)
Items to be Recognized as a Component of Periodic Pension Cost for next fiscal year
Prior service cost	$	—	$	—
Net actuarial loss	536		1,771
	$	536	$	1,771
Supplemental Data
Projected benefit obligation	$	40,586	$	44,178
Accumulated benefit obligation	40,586		44,178
Fair value of plan assets	26,429		23,972
Components of Net Cost
Service cost	$	—	$	—
Interest cost	1,113		1,211
Expected return on plan assets	(690)		(869)
Amortization of transition amount	—		—
Recognized (gain) loss due to settlement	—		—
Amortization of prior service cost	—		—
Recognized net actuarial loss	1,774		1,831
Benefit cost	$	2,197	$	2,173
Estimated Future Benefit Payments
FYE 01-31-2023	$	6,264
FYE 01-31-2024	3,012
FYE 01-31-2025	3,231
FYE 01-31-2026	2,649
FYE 01-31-2027	2,597
FYE 01-31-2028 to 2032	11,387
Total	$	29,140
Weighted Average Assumptions to Determine Benefit Obligations at Year-End
Discount rate	3.20%		2.75% - 2.80%
Rate of compensation increase	N/A		N/A
Weighted Average Assumptions to Determine Net Periodic Pension Cost
Discount rate	2.75% - 2.80%		3.00% - 3.05%
Expected return on plan assets	6.00%		6.00%
Rate of compensation increase	N/A		N/A

Fair value measurements of plan assets

	1/31/2022		1/31/2021
Level 1 Measurement
Common Stock	14,094		10,323
Principal Money Market	523		458
PNC Govt Money Fund	204		271
Vanguard INTM Term Investment	394		410
Vanguard LT Investment	983		1,044
Ishares Russell 2000	1,457		1,724
Ishares Russell MID-CAP	1,958		1,890
Ishares Emerging Markets	1,091		1,191
Ishares MCSI RAFE	1,713		1,636
Ishares S&P Index	781		2,091
Vanguard INTM Term Treasury	404		410
Vanguard LT Treasury	1,036		1,047
Total Level 1 Investments	$	24,638	$	22,495

Life insurance liability

The following sets forth the Company's change in death benefits payable during the years ended January 31, 2022 and 2021:

	1/31/2022		1/31/2021
Liability beginning of year	$	2,034,000	$	1,986,000
Accretion expense	60,000		48,000
Death benefits paid	(478,000)		—
Liability end of year	$	1,616,000	$	2,034,000