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Basis of Presentation (Tables)
 3 Months Ended
May 01, 2021
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 months ended May 1, 2021 and May 2, 2020, respectively, were as follows:

 

 

May 1, 2021

 

 

May 2, 2020

 

For the three months ended:

 

(in thousands)

 

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

Balance at beginning of the quarter

 

$

(6,224

)

 

$

3

 

 

$

(6,221

)

 

$

(6,478

)

 

$

47

 

 

$

(6,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before

   reclassifications, net of taxes

 

 

90

 

 

 

(25

)

 

 

65

 

 

 

77

 

 

 

(34

)

 

 

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other

   comprehensive income, net of taxes  (1)

 

 

(12

)

 

 

—

 

 

 

(12

)

 

 

165

 

 

 

—

 

 

 

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) for the period

 

 

78

 

 

 

(25

)

 

 

53

 

 

 

242

 

 

 

(34

)

 

 

208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of quarter

 

$

(6,146

)

 

$

(22

)

 

$

(6,168

)

 

$

(6,236

)

 

$

13

 

 

$

(6,223

)

 

 

(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 amortization of the unrecognized loss, before tax, was $165,000 for the three-month period ended May 2, 2020. For the three months ended May 1, 2021, the Company recognized income of $12,000 as a result of a change in amortization from average remaining future service to average remaining lifetime.  There was no related tax effect for either period.
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 three months of fiscal 2021.  There were no grants of stock options during the first three months of fiscal 2020.

 

 

 

May 1, 2021

Expected volatility

 

97.4% - 104.9%

Risk-free interest rate

 

0.31% - 0.60%

Expected life

 

3.0 - 4.0

Dividend rate

 

-

Weighted average fair value of options granted

 

$0.47