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Fair Value | 9 Months Ended
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Jan. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value | 12. Fair Value 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. Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use. 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. Recurring Basis The following tables present information about assets measured at fair value on a recurring basis:
|  | Fair value measurements as of January 31, 2021 using: |
|  | Quoted prices |  |  | Significant |  |  |  |  |  |
|  | in active |  |  | other |  | Significant |  |  |  |
|  | markets for |  |  | observable |  | unobservable |  |  |  |
|  | identical assets |  |  | inputs |  | inputs |  |  |  |
(amounts in thousands) |  | Level 1 |  |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Premier Money Market Fund |  | $ | 7,771 |  |  | N/A |  | N/A |  | $ | 7,771 |
Inflation Protected Bond Funds |  |  | 2,893 |  |  | N/A |  | N/A |  |  | 2,893 |
Short Term Bond Funds |  |  | 2,655 |  |  | N/A |  | N/A |  |  | 2,655 |
Growth Allocation Fund |  |  | 299 |  |  | N/A |  | N/A |  |  | 299 |
Moderate Allocation Fund |  |  | 80 |  |  | N/A |  | N/A |  |  | 80 |
Other |  |  | 82 |  |  | N/A |  | N/A |  |  | 82 |
|  | Fair value measurements as of February 2, 2020 using: |
|  | Quoted prices |  |  | Significant |  |  |  |  |  |
|  | in active |  |  | other |  | Significant |  |  |  |
|  | markets for |  |  | observable |  | unobservable |  |  |  |
|  | identical assets |  |  | inputs |  | inputs |  |  |  |
(amounts in thousands) |  | Level 1 |  |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Premier Money Market Fund |  | $ | 6,334 |  |  | N/A |  | N/A |  | $ | 6,334 |
Short Term Bond Funds |  |  | 4,743 |  |  | N/A |  | N/A |  |  | 4,743 |
Inflation Protected Bond Funds |  |  | 2,837 |  |  | N/A |  | N/A |  |  | 2,837 |
Strategic Income Fund |  |  | 1,001 |  |  | N/A |  | N/A |  |  | 1,001 |
Growth Allocation Funds |  |  | 239 |  |  | N/A |  | N/A |  |  | 239 |
Moderate Allocation Fund |  |  | 138 |  |  | N/A |  | N/A |  |  | 138 |
Other |  |  | 92 |  |  | N/A |  | N/A |  |  | 92 |
|  | Fair value measurements as of May 3, 2020 using: |
|  | Quoted prices |  |  | Significant |  |  |  |  |  |
|  | in active |  |  | other |  | Significant |  |  |  |
|  | markets for |  |  | observable |  | unobservable |  |  |  |
|  | identical assets |  |  | inputs |  | inputs |  |  |  |
(amounts in thousands) |  | Level 1 |  |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Premier Money Market Fund |  | $ | 7,496 |  |  | N/A |  | N/A |  | $ | 7,496 |
Short Term Bond Funds |  |  | 923 |  |  | N/A |  | N/A |  |  | 923 |
Growth Allocation Funds |  |  | 219 |  |  | N/A |  | N/A |  |  | 219 |
Moderate Allocation Fund |  |  | 63 |  |  | N/A |  | N/A |  |  | 63 |
Other |  |  | 56 |  |  | N/A |  | N/A |  |  | 56 |
Short-Term Investments – Available for Sale Our short-term investments classified as available for sale consisted primarily of short-term and inflation protected bond mutual funds and had an accumulated unrealized gain totaling $30,000, $48,000, and $9,000 as of January 31, 2021, February 2, 2020, and May 3, 2020, respectively. Our short-term investments classified as available for sale were recorded at their fair values of $5.5 million, $7.6 million, and $923,000 as of January 31, 2021, February 2, 2020, and May 3, 2020, respectively. As of January 31, 2021, February 2, 2020, and May 3, 2020, the fair value of our short-term investments approximated their cost basis. Short-Term and Long-Term Investments - Held-To-Maturity Our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds with original maturities that range from 2 to 10 years, all of which have remaining maturities of less than 2 years as of January 31, 2021. These investments were classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent on our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period, and were recorded at amortized cost. As of January 31, 2021, February 2, 2020, and May 3, 2020, our held-to-maturity investments recorded at amortized cost and totaled $10.3 million, $5.4 million, and $6.3 million, respectively. The fair value of our held-to-maturity investments as of January 31, 2021, February 2, 2020, and May 3, 2020, totaled $10.3 million, $5.4 million, and $6.4 million, respectively. Our bond investments were classified as level 2 as they were traded over the counter within a broker network and not on an active market. The fair value of our bond investments was determined based on a published source that provided an average bid price. The average bid price was based on various broker prices that were determined based on market conditions, interest rates, and the rating of the respective bond investment. Current Expected Credit Loses (“CECL”)- Available for Sale and Held-To-Maturity Investments As of May 4, 2020, we did not have an allowance for credit losses related to our short-term available for sale and held-to-maturity investments, which are comprised mostly of fixed income securities that are predominantly high-grade U.S. and foreign corporate bonds, U.S. Treasury bonds, and short-term mutual bond funds. As a result of our adoption of Topic 326 effective May 4, 2020, we determined that our credit loss exposure was immaterial due to the short-term nature of our mutual bond funds, and we have experienced historically low unrealized losses and gains during past reporting periods. In addition, it is not our intention to sell, and it is not likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis. As of January 31, 2021, we reported an accumulated unrealized gain of $30,000 associated with our short-term investments classified as available for sale. As mentioned above, it is not our intention to sell nor is it likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis. Accordingly, we did not record any credit loss expense during the nine-month period ending January 31, 2021. Long-Term Investments - Rabbi Trust We have a rabbi trust to set aside funds for participants of our deferred compensation plan (the “Plan”), which enables its 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. The long-term investments associated with our rabbi trust were recorded at their fair values of $8.2 million, $7.8 million, and $7.8 million as of January 31, 2021, February 2, 2020, and May 3, 2020, respectively. The long-term investments associated with our rabbi trust had an accumulated unrealized gain of $87,000 and $56,000, as of January 31, 2021 and February 2, 2020, respectively, and an accumulated unrealized loss $19,000 as of May 3, 2020. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis. Other The carrying amount of our 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. Nonrecurring Basis – February 2, 2020 The following table presents information about assets and liabilities measured at fair value on a nonrecurring basis related to a discontinued operation as of February 2, 2020:
|  | Fair value measurements as of February 2, 2020 using: |
|  | Quoted prices |  | Significant |  |  |  |  |  |  |  |
|  | in active |  | other |  | Significant |  |  |  |  |
|  | markets for |  | observable |  | unobservable |  |  |  |  |
|  | identical assets |  | inputs |  | inputs |  |  |  |  |
(amounts in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill (Notes 3 and 8) |  | N/A |  | N/A |  | $ | 2,442 |  |  | $ | 2,442 |
Tradename (Notes 3 and 7) |  | N/A |  | N/A |  |  | 4,121 |  |  |  | 4,121 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration – Earn-Out Obligation (Note 3) |  | N/A |  | N/A |  | $ | — |  |  | $ | — |
The goodwill was recorded at fair market value using the discounted cash flow method that used significant unobservable inputs and was classified as level 3. The tradename was recorded at fair market value using the relief from royalty method that used significant unobservable inputs and was classified as level 3. See Notes 7 and 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment tests. Nonrecurring Basis – May 3, 2020 The following table presents information about assets measured at fair value on a nonrecurring basis related to continuing operations as of May 3, 2020:
|  | Fair value measurements at May 3, 2020 using: |
|  | Quoted prices |  | Significant |  |  |  |  |  |  |  |
|  | in active |  | other |  | Significant |  |  |  |  |
|  | markets for |  | observable |  | unobservable |  |  |  |  |
|  | identical assets |  | inputs |  | inputs |  |  |  |  |
(amounts in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill (Note 8) |  | N/A |  | N/A |  | $ | — |  |  | $ | — |
Tradename (Note 7) |  | N/A |  | N/A |  |  | 540 |  |  |  | 540 |
Goodwill was recorded at fair market value using a discounted cash flow method that used significant unobservable inputs and was classified as level 3. See Note 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment test. Tradename was recorded at fair market value using the relief from royalty method that used significant unobservable inputs and was classified as level 3. See Note 7 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment test. The following table presents information about assets and liabilities measured at fair value on a nonrecurring basis related to a discontinued operation as of May 3, 2020:
|  | Fair value measurements at May 3, 2020 using:
|  | Quoted prices |  | Significant |  |  |  |
|  | in active |  | other |  | Significant |  |
|  | markets for |  | observable |  | unobservable |  |
|  | identical assets |  | inputs |  | inputs |  |
(amounts in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Goodwill (Notes 3 and 8) |  | N/A |  | N/A |  | N/A |  | N/A
Tradename (Notes 3 and 7) |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |
Contingent Consideration – Earn-Out Obligation (Note 3) |  | N/A |  | N/A |  | N/A |  | N/A
During the fourth quarter of fiscal 2020, goodwill and tradename were recorded at fair market value based on the expected selling price of our entire ownership in eLuxury in comparison to its carrying amount. As disclosed in Note 3 of the consolidated financial statements, effective March 31, 2020, we sold our entire ownership interest in eLuxury to its former noncontrolling interest holder, resulting in the elimination of the home accessories segment at such time. Based on the terms of the sale agreement, we did not receive any consideration for eLuxury’s net assets associated with the sale of our entire ownership interest in eLuxury. We believe the selling price represents a significant observable input and was classified as level 2. See Notes 7 and 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment tests.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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