XML 38 R25.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Retirement Plans (Tables)
 12 Months Ended
Jan. 31, 2024
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, 2024 and 2023:
 Combined Employee Retirement Plans
1/31/20241/31/2023
Change in Benefit Obligation
Benefit obligation at beginning of year$32,985 $40,586 
Service cost— — 
Interest cost1,410 1,295 
Participant contributions— — 
Amendments— — 
Actuarial gains(115)(6,892)
Plan settlement— — 
Benefits paid(6,895)(2,004)
Benefit obligation at end of year27,385 32,985 
Change in Plan Assets
Fair value at beginning of year 23,628 26,429 
Actual return on plan assets1,702 (1,428)
Company contributions676 631 
Settlements— — 
Benefits paid(6,895)(2,004)
Fair value at end of year19,111 23,628 
Funded Status
Unfunded status of the plans$(8,274)$(9,357)
Amounts Recognized in Statement of Financial Position
Current liabilities$(314)$(324)
Non-current liabilities(7,960)(9,033)
Accrued benefit cost$(8,274)$(9,357)
Amounts Recognized in Statement of Financial Position and Operations
Accrued benefit liability$(8,274)$(9,357)
Accumulated other compensation loss495 1,910 
Net amount recognized$(7,779)$(7,447)
Items not yet Recognized as a Component of Net Periodic Pension Expense, included in AOCI
Unrecognized net actuarial loss$495 $1,910 
Unamortized prior service costs— — 
Net initial asset recognition— — 
$495 $1,910 
 Combined Employee Retirement Plans
1/31/20241/31/2023
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net gain$(1,044)$(4,472)
Prior service cost— — 
Amortization of gain (loss)4 (507)
Recognized loss due to settlement(375)— 
Amortization of initial asset— — 
Total recognized in other comprehensive income$(1,415)$(4,979)
Items to be Recognized as a Component of Periodic Pension Cost for next fiscal year
Prior service cost$— $— 
Net actuarial loss (gain)$(141)$6 
$(141)$6 
Supplemental Data
Projected benefit obligation$27,385 $32,985 
Accumulated benefit obligation$27,385 $32,985 
Fair value of plan assets$19,111 $23,628 
Components of Net Cost
Service cost$— $— 
Interest cost1,410 1,295 
Expected return on plan assets(789)(1,000)
Amortization of transition amount— — 
Recognized loss due to settlement375 — 
Amortization of prior service cost— — 
Recognized net actuarial loss12 521 
Benefit cost$1,008 $816 
Estimated Future Benefit Payments
FYE 01-31-2025$6,344 
FYE 01-31-20262,422 
FYE 01-31-20272,241 
FYE 01-31-20282,129 
FYE 01-31-20291,847 
FYE 01-31-2030 to 20348,459 
Total$23,442 
Weighted Average Assumptions to Determine Benefit Obligations at Year-End
Discount rate
5.15% - 5.20%
4.85%
Rate of compensation increaseN/AN/A
Weighted Average Assumptions to Determine Net Periodic Pension Cost
Discount rate
4.85%
3.20%
Expected return on plan assets6.00%6.00%
Rate of compensation increaseN/AN/A
Fair value measurements of plan assets
1/31/20241/31/2023
Level 1 Measurement
Common Stock$11,560 $9,389 
Principal Money Market204 233 
Federated Herme Gove Oblig327 722 
PNC Govt Money Fund— — 
Vanguard INTM Term Investment675 930 
Vanguard LT Investment1,744 2,382 
Ishares Russell 200016 718 
Ishares Russell MID-CAP17 738 
Ishares Emerging Markets15 748 
Ishares MCSI RAFE39 1,857 
Ishares S&P Index15 483 
  Vanguard LT Treasury1,695 2,352 
  Vanguard INTM Term Treasury663 921 
Total Level 1 Investments$16,970 $21,473 
Life insurance liability
The following sets forth the Company's change in death benefits payable during the years ended January 31, 2024 and 2023 (in thousands):
1/31/20241/31/2023
Liability beginning of year$1,643 $1,616 
Accretion expense25 27 
Death benefits paid(200)— 
Liability end of year$1,468 $1,643