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FAIR VALUE MEASUREMENTS
 6 Months Ended
Oct. 27, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
 
ASC No. 820, "Fair Value Measurements and Disclosures" defines fair value as the exchange price that would be received for 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.
 
ASC No. 820 also specifies a fair value hierarchy based upon the observation of inputs in valuation techniques.  Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions.  In accordance with ASC No. 820, fair value measurements are classified under the following hierarchy:
 
·               Level 1 — Quoted prices in active markets for identical assets and liabilities.
 
·               Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
 
·               Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.  This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
 
Below is a table that summarizes the fair value of assets and liabilities as of October 27, 2012: 

 
 
Fair Value Measurement Used
 
 
Recorded Value
 
Quoted prices in active markets for identical instruments
 
Quoted prices in active markets for similar instruments
 
Other unobservable inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 

 
 

 
 

 
 

Cash and cash equivalents (1)
 
$
76,999

 
$
76,999

 
$
—

 
$
—

Assets related to deferred compensation plan
 
3,958

 
3,958

 
—

 
—

Total assets at fair value
 
$
80,957

 
$
80,957

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Liabilities related to deferred compensation plan
 
$
3,111

 
$
3,111

 
$
—

 
$
—

Total liabilities at fair value
 
$
3,111

 
$
3,111

 
$
—

 
$
—

(1)
Includes cash, money-market investments and certificates of deposit.

Below is a table that summarizes the fair value of assets and liabilities as of April 28, 2012:
 
 
 
Fair Value Measurement Used
 
 
Recorded Value
 
Quoted prices in active markets for identical instruments
 
Quoted prices in active markets for similar instruments
 
Other unobservable inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 

 
 

 
 

 
 

Cash and cash equivalents (1)
 
$
86,797

 
$
86,797

 
$
—

 
$
—

Assets related to deferred compensation plan
 
3,965

 
3,965

 
—

 
—

Total assets at fair value
 
$
90,762

 
$
90,762

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Liabilities related to deferred compensation plan
 
$
2,798

 
$
2,798

 
$
—

 
$
—

Total liabilities at fair value
 
$
2,798

 
$
2,798

 
$
—

 
$
—

(1)
Includes cash, money-market investments and certificates of deposit.

The carrying values of our short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and long-term debt, approximate their fair values because of the short maturity of these instruments.