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Fair Value | 9 Months Ended
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Jan. 29, 2023
Fair Value Disclosures [Abstract] |
Fair Value | 10. 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, and 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 29, 2023, 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: |  |  |  |  |  |  |  |  |  |
U.S. Government Money Market Fund |  | $ | 9,364 |  |  | N/A |  | N/A |  | $ | 9,364 |
Growth Allocation Mutual Funds |  |  | 508 |  |  | N/A |  | N/A |  |  | 508 |
Moderate Allocation Mutual Fund |  |  | 85 |  |  | N/A |  | N/A |  |  | 85 |
Other |  |  | 188 |  |  | N/A |  | N/A |  |  | 188 |
|  | Fair value measurements as of January 30, 2022, 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: |  |  |  |  |  |  |  |  |  |
U.S. Government Money Market Fund |  | $ | 8,531 |  |  | N/A |  | N/A |  | $ | 8,531 |
Growth Allocation Mutual Funds |  |  | 444 |  |  | N/A |  | N/A |  |  | 444 |
Bond Mutual Funds |  |  | 267 |  |  | N/A |  | N/A |  |  | 267 |
Moderate Allocation Mutual Fund |  |  | 86 |  |  | N/A |  | N/A |  |  | 86 |
Large Cap Equity Mutual Funds |  |  | 74 |  |  | N/A |  | N/A |  |  | 74 |
Other |  |  | 259 |  |  | N/A |  | N/A |  |  | 259 |
|  | Fair value measurements as of May 1, 2022, 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: |  |  |  |  |  |  |  |  |  |
U.S. Government Money Market Fund |  | $ | 8,683 |  |  | N/A |  | N/A |  | $ | 8,683 |
Growth Allocation Mutual Funds |  |  | 435 |  |  | N/A |  | N/A |  |  | 435 |
Moderate Allocation Mutual Fund |  |  | 81 |  |  | N/A |  | N/A |  |  | 81 |
Other |  |  | 158 |  |  | N/A |  | N/A |  |  | 158 |
Short-Term Investments – Available for Sale During the fourth quarter of fiscal 2022, we sold all of our remaining short-term investments classified as available-for-sale, and therefore we did not report short-term investments classified as available-for-sale in the accompanying Consolidated Balance Sheets as of January 29, 2023, and May 1, 2022. As of January 30, 2022, our short-term investments classified as available-for-sale (i) consisted of various types of bond and equity mutual funds, (ii) were recorded at their fair value totaling $438,000, (iii) had an accumulated unrealized loss of $2,000, (iv) approximated their cost basis, and (v) resided with our U.S. operations. Short-Term and Long-Term Investments - Held-To-Maturity During the fourth quarter of fiscal 2022, we sold all of our remaining investments classified as held-to-maturity, and therefore we did not report short-term or long-term investments classified as held-to-maturity in the accompanying Consolidated Balance Sheets as of January 29, 2023, and May 1, 2022. As of January 30, 2022, our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds. These investments were classified as held-to-maturity as we had the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent in 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 30, 2022, our held-to-maturity investments (i) were recorded at amortized cost totaling $10.0 million, (ii) had a fair value totaling $9.8 million, and (iii) resided with our U.S. operations. Our held-to-maturity investments were classified as level 2 within the fair value hierarchy as they were traded over the counter within a broker network and not on an active market. The fair value of our held-to-maturity 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. Investments - Rabbi Trust We have a rabbi trust for the participants of our deferred compensation plan (the “Plan”), that enables participants to credit their contributions to various investment options under the Plan. The investments associated with the rabbi trust consist of a U.S. Government money market fund and various equity-related mutual funds that are classified as available-for-sale. As of January 29, 2023, our investments associated with our rabbi trust totaled $10.1 million, of which $2.4 million and $7.7 million were classified as short-term and long-term, respectively. As of January 30, 2022, our investments associated with our rabbi trust totaled $9.2 million, all of which were classified as long-term. As of May 1, 2022, our investments associated with our rabbi trust totaled $9.4 million, all of which were classified as long-term. The investments associated with our rabbi trust had an accumulated unrealized gain of $21,000, $90,000, and $32,000 as of January 29, 2023, January 30, 2022, and May 1, 2022, respectively. 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 approximated their fair value because of the short maturity of these financial instruments. Non-Recurring Basis In connection with the restructuring activity associated with our upholstery fabrics cut and sew operation located in Haiti (which is described more fully in Note 8 of the consolidated financial statements), we classified a right of use asset associated with a leased facility as held for sale in the accompanying Consolidated Balance Sheet as of January 29, 2023. This right of use asset classified as held for sale was recorded at its fair value of $2.0 million, which represents the present value of future discounted cash flows based on the payments and timing of such payments due from the Lessee as stated in the related Termination Agreement. The interest rate used to determine the present value of discounted cash flows was based on significant unobservable inputs and assumptions determined by management such as (i) the credit characteristics of the Lessee and guarantor of the Termination Agreement; (ii) the length of the payment terms as defined in the Termination Agreement; (iii) the payment terms as defined in the Termination Agreement are denominated in USD, and (iv) the fact that the right of use asset is located in and the Lessee and guarantor conduct business in Haiti, a foreign country. As a result, since management used significant unobservable inputs and assumptions to determine the fair value of this right of use asset, this right of use asset is classified as level 3 within the fair value hierarchy defined above.

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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