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Fair Value Measurements | 12 Months Ended
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Apr. 29, 2017
Fair Value Measurements |
Fair Value Measurements | Note 19: Fair Value Measurements Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them:
• | Level 1—Financial assets and liabilities the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.
• | Level 2—Financial assets and liabilities the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.
• | Level 3—Financial assets and liabilities the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur. In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as trade names, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss. During fiscal 2017 we recorded our American Drew trade name at fair value based upon the relief from royalty method. The following table presents the fair value hierarchy for those assets we measured at fair value on a recurring basis at April 29, 2017, and April 30, 2016: Fiscal 2017
|  | Fair Value Measurements |
(Amounts in thousands) |  | Level 1(a) |  | Level 2(a) |  | Level 3(b) |
Assets |  |  |  |  |  |  |  |  |  |
Available-for-sale investments |  | $ | 1,217 |  | $ | 36,638 |  | $ | 1,400 |
Trading securities |  |  | — |  |  | 6 |  |  | — |
Held-to-maturity investments |  |  | 1,866 |  |  | — |  |  | — |
Cost basis investment |  |  | — |  |  | — |  |  | 5,500 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  | $ | 3,083 |  | $ | 36,644 |  | $ | 6,900 |
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Liabilities |  |  |  |  |  |  |  |  |  |
Contingent consideration liability |  | $ | — |  | $ | — |  | $ | 1,248 |
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(a) | There were no transfers between Level 1 and Level 2 during fiscal 2017.
(b) | There were no transfers into or out of Level 3 during fiscal 2017.
Fiscal 2016
|  | Fair Value Measurements |
(Amounts in thousands) |  | Level 1(c) |  | Level 2(c) |  | Level 3(d) |
Assets |  |  |  |  |  |  |  |  |  |
Available-for-sale investments |  | $ | 1,177 |  | $ | 36,802 |  | $ | — |
Held-to-maturity investments |  |  | 1,826 |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 3,003 |  | $ | 36,802 |  | $ | — |
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(c) | There were no transfers between Level 1 and Level 2 during fiscal 2016.
(d) | There were no transfers into or out of Level 3 during fiscal 2016.
At April 29, 2017, and April 30, 2016, we held available-for-sale marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, as well as trading securities to fund future obligations of our executive deferred compensation plan and our performance compensation retirement plan. We also held other fixed income and cost basis investments. The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs. Our Level 3 investments include an available-for-sale convertible debt security, and preferred shares and a warrant to purchase common shares of a privately-held company. We initially valued our Level 3 investments at their cost basis as of the date of purchase, because the cost basis was the best estimate of their fair value on the date of acquisition. Subsequent to the acquisition date, in the fourth quarter of fiscal 2017, we recorded an unrealized gain on our available-for-sale convertible debt security, based on our assessment of that security's fair value on the last day of the fiscal year. We based that assessment on the present value of the probability-weighted future cash flows and recorded the unrealized gain as a part of other comprehensive income. Our Level 3 liability is a contingent consideration liability, and we estimate the fair value of this liability based on the present value of the probability-weighted future cash flows, which are unobservable inputs that are not supported by market activity. The following table is a reconciliation of our Level 3 assets and liabilities recorded at fair value using significant unobservable inputs:
(Amounts in thousands) |  | Level 3 |
Assets |  |  |  |
Balance at April 30, 2016 |  | $ | — |
Purchases |  |  | 6,250 |
Unrealized gain |  |  | 650 |
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Balance at April 29, 2017 |  | $ | 6,900 |
​ | ​ | ​ | ​ | ​
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Liabilities |  |  |  |
Balance at April 30, 2016 |  | $ | — |
Acquisitions |  |  | 1,204 |
Translation adjustment |  |  | 44 |
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Balance at April 29, 2017 |  | $ | 1,248 |
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We hold certain available-for-sale investments that we measure at fair value using net asset value per share under the practical expedient methodology. In accordance with recently issued accounting standards, we no longer include these investments in our asset leveling using the fair value hierarchy. Adoption of this standard had no effect on our consolidated financial statements, but, as a result of this updated standard, we have reclassified the fiscal 2016 table above to conform to the fiscal 2017 presentation by removing our available-for-sale securities that are measured using net asset value. These investments are still included in the total fair value column of the table in our investment footnote (see Note 7). The fair value of the investments measured using net asset value at April 29, 2017, and April 30, 2016, was $7.1 million and $7.2 million, respectively.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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