Fair Value Measurements

6 Months Ended

Jul. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

7.          Fair Value Measurements

Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

■ Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities;

■ Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

■ Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of July 30, 2023 and January 29, 2023, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period.

Our assets measured at fair value on a recurring basis at July 30, 2023 and January 29, 2023, were as follows:

	Fair value at July 30, 2023								Fair value at January 29, 2023
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
		(In thousands)
Assets measured at fair value
Company-owned life insurance	$	-	$	28,050	$	-	$	28,050	$	-	$	27,576	$	-	$	27,576