Employee Retirement Benefits

12 Months Ended

Jan. 31, 2012

Employee Retirement Benefits [Abstract]

Employee Retirement Benefits

NOTE 7 EMPLOYEE RETIREMENT BENEFITS

The company has two 401(k) plans covering substantially all employees as of January 31, 2012. One plan, which covers the majority of employees, matches employee contributions up to 4%. Prior to January 1, 2010, the company contributed 3% of qualified payroll. The other 401(k) plan was assumed as part of the Vista acquisition. This plan makes a 3% contribution annually and may make additional discretionary contributions to the plan that are determined annually by management. Total 401(k) contribution expense was $1,556, $1,254 and $1,085 for fiscal 2012, 2011 and 2010, respectively.

In addition, the company provides postretirement medical and other benefits to senior executive officers and senior managers. There are no assets held for the plans and any obligations are covered through operating cash and investments. The accumulated benefit obligation for these benefits is shown below:

	For the years ended January 31
	2012			2011			2010
Benefit obligation at beginning of year	$	5,969		$	5,512		$	4,840
Service cost	121			62			55
Interest cost	334			324			332
Actuarial (gain) loss and assumption changes	1,363			237			476
Total recognized in net and other comprehensive income	1,818			623			863
Retiree benefits paid	(227		)	(166		)	(191		)
Benefit obligation at end of year	$	7,560		$	5,969		$	5,512

The liability and expense reflected in the balance sheet and income statement were as follows:

	For the years ended January 31
	2012			2011			2010
Beginning liability balance	$	5,969		$	5,512		$	4,840
Employer expense	582			552			515
Other comprehensive (income) loss	1,236			71			348
Total recognized in net and other comprehensive income	1,818			623			863
Retiree benefits paid	(227		)	(166		)	(191		)
Ending liability balance	$	7,560		$	5,969		$	5,512
Current portion in accrued liabilities	$	212		$	212		$	229
Long-term portion in other liabilities	$	7,348		$	5,757		$	5,283
Assumptions used:
Discount rate	4.50		%	5.75		%	6.00		%
Wage inflation rate	4.00		%	4.00		%	3.00		%

The discount rate is based on matching rates of return on high-quality fixed-income investments with the timing and amount of expected benefit payments. No material fluctuations in retiree benefit payments are expected in future years.

The assumed health care cost trend rate for fiscal 2012 was 8.60% compared with 9.00% and 9.51% for fiscal 2011 and 2010. The impact of a one-percentage-point change in assumed health care rates would not be significant to the company's income statement and would affect the ending liability balance by approximately $1,307. The rate to which the fiscal 2012 health care cost trend rate is assumed to decline is 5.00%, which is the ultimate trend rate. The fiscal year that the rate reaches the ultimate trend rate is expected to be fiscal 2025.