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Termination of Noncontributory Pension Plan (Tables)
6 Months Ended
Jul. 29, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Pension Cost

Net periodic pension cost for the three and six months ended July 29, 2023 and July 30, 2022 was as follows:

 

 

 

For the three months ended

 

 

For the six months ended

 

 

 

July 29, 2023

 

 

July 30. 2022

 

 

July 29, 2023

 

 

July 30. 2022

 

Net periodic pension cost:

 

(in thousands)

 

Interest cost on projected benefit obligation

 

$

129

 

 

$

102

 

 

$

261

 

 

$

207

 

Expected return on plan assets

 

 

(160

)

 

 

(178

)

 

 

(300

)

 

 

(362

)

Amortization of unrecognized loss

 

 

65

 

 

 

68

 

 

 

131

 

 

 

135

 

Loss on pension plan termination

 

 

4,174

 

 

 

 

 

 

4,174

 

 

 

 

Net periodic pension cost (income)

 

$

4,208

 

 

$

(8

)

 

$

4,266

 

 

$

(20

)

Assumptions used to Determine the Net Periodic Benefit Cost

Assumptions used were as follows:

 

 

 

For the six months ended

 

 

 

 

July 29, 2023

 

 

July 30. 2022

 

 

Discount rate

 

 

5.2

%

 

 

3.0

%

 

Expected return on plan assets

 

 

5.1

%

 

 

6.5

%