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Fair Value of Financial Instruments | 9 Months Ended
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Jan. 28, 2018
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 measured at fair value on a recurring basis:
|  | Fair value measurements at January 28, 2018 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 |  | $ | 6,287 |  |  |  | N/A |  |  |  | N/A |  |  | $ | 6,287 |
Low Duration Bond Fund |  |  | 1,085 |  |  |  | N/A |  |  |  | N/A |  |  |  | 1,085 |
Intermediate Term Bond Fund |  |  | 759 |  |  |  | N/A |  |  |  | N/A |  |  |  | 759 |
Strategic Income Fund |  |  | 628 |  |  |  | N/A |  |  |  | N/A |  |  |  | 628 |
Large Blend Fund |  |  | 431 |  |  |  | N/A |  |  |  | N/A |  |  |  | 431 |
Growth Allocation Fund |  |  | 171 |  |  |  | N/A |  |  |  | N/A |  |  |  | 171 |
Moderate Allocation Fund |  |  | 114 |  |  |  | N/A |  |  |  | N/A |  |  |  | 114 |
Other |  |  | 173 |  |  |  | N/A |  |  |  | N/A |  |  |  | 173 |
|  | Fair value measurements at January 29, 2017 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 |  | $ | 4,888 |  |  |  | N/A |  |  |  | N/A |  |  | $ | 4,888 |
Low Duration Bond Fund |  |  | 1,073 |  |  |  | N/A |  |  |  | N/A |  |  |  | 1,073 |
Intermediate Term Bond Fund |  |  | 739 |  |  |  | N/A |  |  |  | N/A |  |  |  | 739 |
Strategic Income Fund |  |  | 598 |  |  |  | N/A |  |  |  | N/A |  |  |  | 598 |
Large Blend Fund |  |  | 343 |  |  |  | N/A |  |  |  | N/A |  |  |  | 343 |
Growth Allocation Fund |  |  | 113 |  |  |  | N/A |  |  |  | N/A |  |  |  | 113 |
Moderate Allocation Fund |  |  | 83 |  |  |  | N/A |  |  |  | N/A |  |  |  | 83 |
Other |  |  | 61 |  |  |  | N/A |  |  |  | N/A |  |  |  | 61 |
|  | Fair value measurements at April 30, 2017 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 |  | $ | 4,811 |  |  |  | N/A |  |  |  | N/A |  |  | $ | 4,811 |
Low Duration Bond Fund |  |  | 1,081 |  |  |  | N/A |  |  |  | N/A |  |  |  | 1,081 |
Intermediate Term Bond Fund |  |  | 751 |  |  |  | N/A |  |  |  | N/A |  |  |  | 751 |
Strategic Income Fund |  |  | 611 |  |  |  | N/A |  |  |  | N/A |  |  |  | 611 |
Large Blend Fund |  |  | 365 |  |  |  | N/A |  |  |  | N/A |  |  |  | 365 |
Growth Allocation Fund |  |  | 126 |  |  |  | N/A |  |  |  | N/A |  |  |  | 126 |
Moderate Allocation Fund |  |  | 88 |  |  |  | N/A |  |  |  | N/A |  |  |  | 88 |
Other |  |  | 76 |  |  |  | N/A |  |  |  | N/A |  |  |  | 76 |
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 – Available for Sale At January 28, 2018, January 29, 2017, and April 30, 2017, our short-term investments classified as available for sale totaled $2.5 million, $2.4 million, and $2.4 million, respectively, and consisted of short-term bond funds. Since these short-term bond funds are classified as available for sale, these investments are recorded at their fair market value and their unrealized gains or losses are included in other comprehensive income (loss). Our short-term bond investments had an accumulated unrealized loss totaling $57,000, $68,000, and $47,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. At January 28, 2018, January 29, 2017, and April 30, 2017, the fair value of our short-term bond funds approximated its cost basis. Short-Term and Long-Term Investments—Held-To-Maturity During the second quarter of fiscal 2017, management decided to invest approximately $31.0 million in investment grade U.S. Corporate bonds with maturities that ranged from 2 to 2.5 years. The purpose of this investment was to earn a higher rate of return on our excess cash located in the Cayman Islands. These investments are classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments will be recorded as either current or noncurrent on our Consolidated Balance Sheets, based on contractual maturity date as of a respective reporting period and recorded at amortized cost. At January 28, 2018, January 29, 2017 and April 30, 2017, our held-to-maturity investments recorded at amortized cost totaled $30.8 million, $30.8 million, and $30.9 million, respectively, and consisted of U.S. Corporate bonds. The fair value of our held-to-maturity investments at January 28, 2018, January 29, 2017, and April 30, 2017 totaled $30.7 million, $30.7 million, and $30.8 million, respectively. Our U.S. corporate bonds were classified as level 2 as they are traded over the counter within a broker network and not on an active market. The fair value of our U.S. corporate bonds is determined based on a published source that provides an average bid price. The average bid price is based on various broker prices that are determined based on market conditions, interest rates, and the rating of the respective U.S. corporate bond. Long-Term Investments—Rabbi Trust We have a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) which allows 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. These long-term investments are recorded at their fair values of $7.2 million, $5.5 million, and $5.5 million at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. Our long-term investments had an accumulated unrealized gain of $113,000, $11,000 and $43,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. The fair value of our long-term investments associated with our Rabbi Trust approximates its cost basis. Other The carrying amount of our cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses, and line of credit approximates fair value because of the short maturity of these financial instruments.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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