Retirement Plans (Tables)

12 Months Ended

Jan. 31, 2023

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, 2023 and 2022:

	Combined Employee Retirement Plans
	1/31/2023		1/31/2022
Change in Benefit Obligation
Benefit obligation at beginning of year	$	40,586	$	44,178
Service cost	—		—
Interest cost	1,295		1,113
Participant contributions	—		—
Amendments	—		—
Actuarial losses (gains)	(6,892)		(2,373)
Plan settlement	—		—
Benefits paid	(2,004)		(2,332)
Benefit obligation at end of year	32,985		40,586
Change in Plan Assets
Fair value at beginning of year	26,429		23,972
Actual return on plan assets	(1,428)		4,099
Company contributions	631		690
Settlements	—		—
Benefits paid	(2,004)		(2,332)
Fair value at end of year	23,628		26,429
Funded Status
Unfunded status of the plans	$	(9,357)	$	(14,157)
Amounts Recognized in Statement of Financial Position
Current liabilities	$	(324)	$	(344)
Non-current liabilities	(9,033)		(13,813)
Accrued benefit cost	$	(9,357)	$	(14,157)
Amounts Recognized in Statement of Financial Position and Operations
Accrued benefit liability	$	(9,357)	$	(14,157)
Accumulated other compensation loss	1,910		6,889
Net amount recognized	$	(7,447)	$	(7,268)
Items not yet Recognized as a Component of Net Periodic Pension Expense, included in AOCI
Unrecognized net actuarial loss	$	1,910	$	6,889
Unamortized prior service costs	—		—
Net initial asset recognition	—		—
	$	1,910	$	6,889

	Combined Employee Retirement Plans
	1/31/2023		1/31/2022
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss	$	(4,472)	$	(5,782)
Prior service cost	—		—
Amortization of loss	(507)		(1,774)
Amortization of prior service cost (credit)	—		—
Amortization of initial asset	—		—
Total recognized in other comprehensive loss	$	(4,979)	$	(7,556)
Items to be Recognized as a Component of Periodic Pension Cost for next fiscal year
Prior service cost	$	—	$	—
Net actuarial loss	6		536
	$	6	$	536
Supplemental Data
Projected benefit obligation	$	32,985	$	40,586
Accumulated benefit obligation	$	32,985	$	40,586
Fair value of plan assets	$	23,628	$	26,429
Components of Net Cost
Service cost	$	—	$	—
Interest cost	1,295		1,113
Expected return on plan assets	(1,000)		(690)
Amortization of transition amount	—		—
Recognized (gain) loss due to settlement	—		—
Amortization of prior service cost	—		—
Recognized net actuarial loss	521		1,774
Benefit cost	$	816	$	2,197
Estimated Future Benefit Payments
FYE 01-31-2024	$	6,234
FYE 01-31-2025	3,272
FYE 01-31-2026	2,581
FYE 01-31-2027	2,449
FYE 01-31-2028	2,397
FYE 01-31-2029 to 2033	10,289
Total	$	27,222
Weighted Average Assumptions to Determine Benefit Obligations at Year-End
Discount rate	4.85%		3.20%
Rate of compensation increase	N/A		N/A
Weighted Average Assumptions to Determine Net Periodic Pension Cost
Discount rate	3.20%		2.75% - 2.80%
Expected return on plan assets	6.00%		6.00%
Rate of compensation increase	N/A		N/A

Fair value measurements of plan assets

	1/31/2023		1/31/2022
Level 1 Measurement
Common Stock	$	9,389	$	14,094
Principal Money Market	233		523
Federated Herme Gove Oblig	722		—
PNC Govt Money Fund	—		204
Vanguard INTM Term Investment	930		394
Vanguard LT Investment	2,382		983
Ishares Russell 2000	718		1,457
Ishares Russell MID-CAP	738		1,958
Ishares Emerging Markets	748		1,091
Ishares MCSI RAFE	1,857		1,713
Ishares S&P Index	483		781
Vanguard INTM Term Treasury	2,352		404
Vanguard LT Treasury	921		1,036
Total Level 1 Investments	$	21,473	$	24,638

Life insurance liability

The following sets forth the Company's change in death benefits payable during the years ended January 31, 2023 and 2022 (in thousands):

	1/31/2023		1/31/2022
Liability beginning of year	$	1,616	$	2,034
Accretion expense	27		60
Death benefits paid	—		(478)
Liability end of year	$	1,643	$	1,616