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Fair Value Measurements | 12 Months Ended
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Apr. 30, 2020
Fair Value Measurements |
Fair Value Measurements | 4. Fair Value Measurements ​ Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: ​
| ● | Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.
​
| ● | Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data.
​
| ● | Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability.
​ The Company’s financial assets measured at fair value on a recurring basis at April 30, 2020, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement Using |
​ |  | ​ | ​ |  | Significant |  | ​ | ​ |  | ​ | ​ |
​ | ​ | Quoted prices in | ​ | other | ​ | Significant | ​ | ​ | ​ |
​ | ​ | active markets for | ​ | observable | ​ | unobservable | ​ | ​ | ​ |
​ | ​ | identical assets | ​ | inputs | ​ | inputs | ​ | ​ | ​ |
Description | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Total |
Available-for-sale securities | ​ | $ | — | ​ | $ | 58,095 | ​ | $ | — | ​ | $ | 58,095 | ​
Total | ​ | $ | — | ​ | $ | 58,095 | ​ | $ | — | ​ | $ | 58,095 | ​
​ The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): ​
​ | ​ | ​ | ​ | ​
​ |  | Fair Value |
​ | ​ | Measurements Using |
​ | ​ | Significant |
​ | ​ | Unobservable Inputs |
Description | ​ | (Level 3) |
Balance at May 1, 2019 | ​ | $ | — | ​
Business acquisition | ​ | ​ | 1,703 | ​
Transfers to Level 3 | ​ |  | — | ​
Total (gains) losses (realized or unrealized) | ​ | ​ | ​ | ​
Included in product cost of sales | ​ |  | 1,147 | ​
Included in selling, general and administrative | ​ |  | (703) | ​
Included in research and development | ​ | ​ | 353 | ​
Included in other comprehensive income | ​ |  | — | ​
Settlements | ​ |  | (2,500) | ​
Balance at April 30, 2020 | ​ | $ | — | ​
The amount of total (gains) or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at April 30, 2020 | ​ | $ | — | ​
​ Pursuant to the Pulse Purchase Agreement, the sellers may have received up to a maximum of $5,000,000 in additional cash consideration (“contingent consideration”), if specific research and development milestones were achieved by December 10, 2021 and the continued employment of specific key employees. The contingent consideration was valued using a probability weighted discounted cash flow model. The analysis considered, among other items, contractual terms of the Pulse Purchase Agreement, the Company’s discount rate, the timing of expected future cash flows and the probability that the milestones required for payment of the contingent consideration will be achieved. See Note 19—Business Acquisitions. During the fiscal year ended April 30, 2020, one of the research and development milestones was achieved, and the requirements for the payout of remaining contingent consideration were concluded to not have been met. As a result, the Company recorded a gain of $832,000, which was recorded in selling, general, and administrative expense in the consolidated statements of income. On February 26, 2020, $2,500,000 of contingent consideration was paid to the sellers for the achieved milestone, and the remaining $2,500,000 will not be paid.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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