Fair Value Measurement (Tables)

6 Months Ended

Oct. 27, 2018

The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at October 27, 2018 and April 28, 2018 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented.



	Fair Value Measurements
	Level 1		Level 2			Level 3			Total
Balance as of October 27, 2018
Cash and cash equivalents	$	35,557	$	—		$	—		$	35,557
Restricted cash	26		—			—			26
Available-for-sale securities:
Certificates of deposit	—		5,196			—			5,196
U.S. Government securities	7,231		—			—			7,231
U.S. Government sponsored entities	—		15,986			—			15,986
Municipal bonds	—		3,308			—			3,308
Derivatives - asset position	—		187			—			187
Derivatives - liability position	—		(7		)	—			(7		)
Contingent liabilities	—		—			(1,338		)	(1,338		)
	$	42,814	$	24,670		$	(1,338	)	$	66,146
Balance as of April 28, 2018
Cash and cash equivalents	$	29,727	$	—		$	—		$	29,727
Restricted cash	28		—			—			28
Available-for-sale securities:
Certificates of deposit	—		8,669			—			8,669
U.S. Government securities	992		—			—			992
U.S. Government sponsored entities	—		19,949			—			19,949
Municipal bonds	—		4,912			—			4,912
Derivatives - asset position	—		41			—			41
Derivatives - liability position	—		(236		)	—			(236		)
Contingent liabilities	—		—			(1,000		)	(1,000		)
	$	30,747	$	33,335		$	(1,000	)	$	63,082

Rollforward of Level 3 Contingent Consideration Liabilities

A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the six months ended October 27, 2018 is as follows:



Contingent liability as of April 28, 2018	$	1,000
Additions	1,316
Fair value adjustments (1)	(956		)
Interest	(7		)
Foreign currency translation	(15		)
Contingent liabilities as of October 27, 2018	$	1,338

(1) We recorded an adjustment to the contingent consideration liability in the second quarter of fiscal 2019, resulting in an increase in income from operations. The adjustment was caused by a change in the fair value of the contingent liability, which reflected future financial performance measures established by the seller prior to the close of the acquisition.