Defined Benefit Plan

6 Months Ended

Jul. 30, 2022

Defined Benefit Plan [Abstract]

Defined Benefit Plan

Note 11. 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.  As of February 28, 2020, no active employees were participants in the SERP. During the thirteen weeks ended July 30, 2022, 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 2022.

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				Twenty-six Weeks Ended
(amounts in thousands)	July 30,		July 31,		July 30,		July 31,
	2022		2021		2022		2021
Interest cost	$	89	$	63	$	178	$	126
Net periodic pension cost	$	89	$	63	$	178	$	126