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Basis of Presentation (Tables)
 9 Months Ended
Oct. 29, 2022
Accounting Policies [Abstract]  
Other Comprehensive Income (Loss) and Reclassifications from AOCI

Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three and nine months ended October 29, 2022 and October 30, 2021, respectively, were as follows:

 

 

 

October 29, 2022

 

 

October 30, 2021

 

For the three months ended:

 

(in thousands)

 

 

 

Pension
Plans

 

 

Foreign
Currency

 

 

Total

 

 

Pension
Plans

 

 

Foreign
Currency

 

 

Total

 

Balance at beginning of the quarter

 

$

(5,331

)

 

$

(66

)

 

$

(5,397

)

 

$

(6,068

)

 

$

(39

)

 

$

(6,107

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before
   reclassifications, net of taxes

 

 

77

 

 

 

(3

)

 

 

74

 

 

 

90

 

 

 

2

 

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other
   comprehensive income, net of taxes (1)

 

 

(9

)

 

 

—

 

 

 

(9

)

 

 

(13

)

 

 

—

 

 

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) for the period

 

 

68

 

 

 

(3

)

 

 

65

 

 

 

77

 

 

 

2

 

 

 

79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of quarter

 

$

(5,263

)

 

$

(69

)

 

$

(5,332

)

 

$

(5,991

)

 

$

(37

)

 

$

(6,028

)

 

 

 

October 29, 2022

 

 

October 30, 2021

 

For the nine months ended:

 

(in thousands)

 

 

 

Pension
Plans

 

 

Foreign
 Currency

 

 

Total

 

 

Pension
Plans

 

 

Foreign
Currency

 

 

Total

 

Balance at beginning of fiscal year

 

$

(5,466

)

 

$

(59

)

 

$

(5,525

)

 

$

(6,224

)

 

$

3

 

 

$

(6,221

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before
   reclassifications, net of taxes

 

 

232

 

 

 

(10

)

 

 

222

 

 

 

270

 

 

 

(40

)

 

 

230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other
   comprehensive income, net of taxes (1)

 

 

(29

)

 

 

—

 

 

 

(29

)

 

 

(37

)

 

 

—

 

 

 

(37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) for the period

 

 

203

 

 

 

(10

)

 

 

193

 

 

 

233

 

 

 

(40

)

 

 

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of quarter

 

$

(5,263

)

 

$

(69

)

 

$

(5,332

)

 

$

(5,991

)

 

$

(37

)

 

$

(6,028

)

 

(1)
Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The Company recognized income of $9,000 and $13,000 for the three months ended October 29, 2022 and October 30, 2021, respectively, and income of $29,000 and $37,000 for the first nine months ended October 29, 2022 and October 30, 2021, respectively, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for the three and nine months ended October 29, 2022 and October 30, 2021.
Valuation Assumptions for Stock Options

The fair value of each stock option grant is 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 during the first nine months of fiscal 2022 and fiscal 2021.

 

 

 

October 29, 2022

 

 

October 30, 2021

 

Expected volatility

 

87.9%-123.7%

 

 

97.4% - 104.9%

 

Risk-free interest rate

 

2.52%-4.41%

 

 

0.31% - 0.60%

 

Expected term

 

2.0-3.5 yrs.

 

 

3.0 - 4.0 yrs.

 

Dividend rate

 

 

—

 

 

 

—

 

Weighted average fair value of options granted

 

$

3.46

 

 

$

0.47