Basis of Presentation (Tables)

6 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Other Comprehensive Income (Loss) and Reclassifications from AOCI

For the first three and six months of fiscal 2023, other comprehensive income and reclassifications from AOCI was as follows:

in thousands	For the three months ended July 29, 2023			For the six months ended July 29, 2023
Balance at beginning of fiscal year	$	(4,879	)	$	(4,928	)
Other comprehensive income before    reclassifications, net of taxes		23			29
Recognition of loss on retirement plan termination, net of taxes (1)		3,080			3,080
Amounts reclassified from accumulated other    comprehensive income, net of taxes (2)		25			68
Other comprehensive income for the period		3,128			3,177
Balance at end of quarter	$	(1,751	)	$	(1,751	)

(1)In connection with the Company's decision to terminate its pension plan, during the second quarter of fiscal 2023 the Company completed a partial settlement and accordingly recognized a pro-rated portion of AOCI in the amount of $4.2 million, or $3.1 million net of taxes.

(2)Includes the amortization of the unrecognized loss on retirement plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for the three and six months ended July 29, 2023. The Company recognized expense of $34,000, or $25,000 net of taxes, for the three months ended July 29, 2023 and expense of $92,000, or $68,000 net of taxes, for the six months ended July 29, 2023.

Valuation Assumptions for Stock Options

For the first six months of fiscal 2023, the fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted.

	July 29, 2023
Expected volatility	86.3% - 92.1%
Risk-free interest rate	3.71%-4.42%
Expected term	2.5 yrs.
Dividend rate		—
Weighted average fair value of options granted	$	3.24