Defined Benefit Plan

9 Months Ended

Oct. 30, 2021

Defined Benefit Plan [Abstract]

Defined Benefit Plan

Note 10. Defined Benefit Plan

The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company.  The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements.  During the thirty-nine weeks ended October 30, 2021, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2021.

The measurement date for the SERP is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.

The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:

	Thirteen Weeks Ended					Thirty-nine Weeks Ended
(amounts in thousands)	October 30, 2021		October 31, 2020			October 30, 2021		October 31, 2020
Interest cost	$	63	$	89		$	189	$	266
Amortization of net gain(1)		-		(3	)		-		(9	)
Net periodic pension cost	$	63	$	86		$	189	$	257

⁽¹⁾   The amortization of net gain is related to a director retirement plan previously provided by the Company.