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Fair Value of Financial Instruments
 3 Months Ended
Aug. 02, 2015
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
9. 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 August 2, 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:
                        
Premier Money Market Fund
   $ 2,705       N/A       N/A     $ 2,705  
Intermediate Term Bond Fund
     2,149       N/A       N/A       2,149  
Low Duration Bond Fund
     2,100       N/A       N/A       2,100  
Limited Term Bond Fund
     1,092       N/A       N/A       1,092  
Strategic Income Fund
     995       N/A       N/A       995  
Growth Allocation Fund
     109       N/A       N/A       109  
Other
     79       N/A       N/A       79  
 
   
Fair value measurements at August 3, 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
   $ 2,578       N/A       N/A     $ 2,578  
Low Duration Bond Fund
     2,078       N/A       N/A       2,078  
Premier Money Market Fund
     1,712       N/A       N/A       1,712  
Intermediate Term Bond Fund
     1,655       N/A       N/A       1,655  
Other
     37       N/A       N/A       37  

   
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  

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.

Our short-term investments include short-term bond funds and deposit accounts that have a maturity of more than three months, are classified as available-for-sale, and their unrealized gains or losses are included in other comprehensive loss. Our short-term bond funds were recorded at their fair value of $6.3 million, $6.3 million and $10.0 million at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. Our short-term bond funds had an accumulated unrealized loss totaling $184,000, $70,000, and $95,000 at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. At August 2, 2015, August 3, 2014, and May 3, 2015, the fair value of our short-term bond funds approximated its cost basis.

Effective, January 1, 2014, we established a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) and enable the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of investments in a money market fund and various mutual funds that are classified as available for sale. Our long-term investments are recorded at its fair value of $2.9 million, $1.7 million, and $2.4 million at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. The fair value of our long-term investments approximates its cost basis.
 
The carrying amount of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximates fair value because of the short maturity of these financial instruments.