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Fair Value of Financial Instruments
 12 Months Ended
May. 03, 2015
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
13. Fair Value of Financial Instruments

ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and

Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use.

Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis:

   
Fair value measurements at May 3, 2015 using:
  
       
   
Quoted prices in
 active markets
 for identical
 assets
  
Significant other
 observable inputs
  
Significant
 unobservable
 inputs
      
                         
(amounts in thousands) 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Assets:
                        
Limited Term Bond Fund
   $ 3,107       N/A       N/A     $ 3,107  
Premier Money Market Fund
     2,285       N/A       N/A       2,285  
Intermediate Term Bond Fund
     2,181       N/A       N/A       2,181  
Low Duration Bond Fund
     2,096       N/A       N/A       2,096  
Strategic Income Fund
     1,008       N/A       N/A       1,008  
Growth Allocation Fund
     85       N/A       N/A       85  
Other
     45       N/A       N/A       45  
                                 

   
Fair value measurements at April 27, 2014 using:
  
       
   
Quoted prices in
 active markets
 for identical
 assets
  
Significant other
 observable inputs
  
Significant
 unobservable
 inputs
      
                         
(amounts in thousands) 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Assets:
                        
Limited Term Bond Fund
   $ 2,576       N/A       N/A     $ 2,576  
Low Duration Bond Fund
     2,077       N/A       N/A       2,077  
Intermediate Term Bond Fund
     1,641       N/A       N/A       1,641  
Premier Money Market Fund
     755       N/A       N/A       755  
Other
     10       N/A       N/A       10  

The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.
 
The fair value of the company’s long-term debt is estimated by discounting the future cash flows at rates currently offered to the company for similar debt instruments of comparable maturities.  At May 3, 2015, the carrying value of the company’s long-term debt was $2.2 million and the fair value was $2.3 million. At April 27, 2014, the carrying value of the company’s long-term debt was $4.4 million and the fair value was $4.6 million.
 
Nonrecurring Basis

During fiscal 2015, we did not have any financial assets that were required to be measured at fair value on a nonrecurring basis.

As of April 27, 2014, we had no assets that are required to be measured at fair value on a nonrecurring basis other than the assets acquired from Bodet & Horst (see note 2) that were acquired at fair value.

   
Fair value measurements at April 27, 2014 using:
  
       
   
Quoted prices in
 active markets
 for identical
 assets
  
Significant other
 observable inputs
  
Significant
 unobservable
 inputs
      
                         
(amounts in thousands) 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Assets:
                        
Equipment
   $ -     $ 890     $ -     $ 890  
Non-compete Agreement
     -       -       882       882  
Customer Relationships
     -       -       868       868  

The equipment was classified as level 2 as the fair value was determined using quoted market prices from a third party. The non-compete agreement was recorded at its fair value using a discounted cash flow valuation model that used significant unobservable inputs and was classified as level 3. The customer relationships were recorded at fair value using a multi-period excess earnings valuation model that used significant unobservable inputs and was classified as level 3.