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Fair Value of Financial Instruments
 9 Months Ended
Jan. 31, 2016
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 January 31, 2016 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
   $ 3,071       N/A       N/A     $ 3,071  
Low Duration Bond Fund
     1,592       N/A       N/A       1,592  
Intermediate Term Bond Fund
     1,116       N/A       N/A       1,116  
Strategic Income Fund
     957       N/A       N/A       957  
Limited Term Bond Fund
     594       N/A       N/A       594  
Large Blend Fund
     254       N/A       N/A       254  
Growth Allocation Fund
     128       N/A       N/A       128  
Mid Cap Value Fund
     90       N/A       N/A       90  
Other
     47       N/A       N/A       47  


   
Fair value measurements at February 1, 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
   $ 3,112       N/A       N/A     $ 3,112  
Intermediate Term Bond Fund
     2,188       N/A       N/A       2,188  
Low Duration Bond Fund
     2,084       N/A       N/A       2,084  
Premier Money Market Fund
     1,951       N/A       N/A       1,951  
Strategic Income Fund
     1,000       N/A       N/A       1,000  
Growth Allocation Fund
     63       N/A       N/A       63  
Other
     49       N/A       N/A       49  

   
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.

Short-Term Investments

At January 31, 2016 and February 1, 2015, our short-term investments totaled $4.3 million and $8.4 million, respectively, and consisted of short-term bond funds. At May 3, 2015, our short-term investments totaled $10.0 million and consisted of short-term bonds of $8.4 million and a deposit account that had a maturity of more than three months of $1.6 million.

Our short-term bond funds are recorded at their fair value, are classified as available-for-sale, and their unrealized gains or losses are included in other comprehensive income (loss). Our short-term bond investments had an accumulated unrealized loss totaling $181,000, $66,000, and $95,000 at January 31, 2016, February 1, 2015, and May 3, 2015, respectively. At January 31, 2016, February 1, 2015, and May 3, 2015, the fair value of our short-term bond funds approximated its cost basis.

Long-Term Investments

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 a money market fund and various mutual funds that are classified as available for sale.

Our long-term investments are recorded at their fair value of $3.6 million, $2.1 million, and $2.4 million at January 31, 2016, February 1, 2015, and May 3, 2015, respectively. Our long-term investments had an accumulated unrealized loss of $99,000 at January 31, 2016. At February 1, 2015 and May 3, 2015, our accumulated gains or losses regarding our long-term investments were immaterial. The fair value of our long-term investments approximates its cost basis.
 
Other
 
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.