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Fair Value | 6 Months Ended
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Oct. 29, 2023
Fair Value Disclosures [Abstract] |
Fair Value | 11. Fair Value Accounting Standard Codification ("ASC") Topic 820, Fair Value Measurement 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 October 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 |  | $ | 7,060 |  |  | N/A |  | N/A |  | $ | 7,060 |
Growth Allocation Mutual Funds |  |  | 560 |  |  | N/A |  | N/A |  |  | 560 |
Moderate Allocation Mutual Fund |  |  | 46 |  |  | N/A |  | N/A |  |  | 46 |
Other |  |  | 266 |  |  | N/A |  | N/A |  |  | 266 |
|  | Fair value measurements as of October 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 |  | $ | 9,089 |  |  | N/A |  | N/A |  | $ | 9,089 |
Growth Allocation Mutual Funds |  |  | 438 |  |  | N/A |  | N/A |  |  | 438 |
Moderate Allocation Mutual Fund |  |  | 77 |  |  | N/A |  | N/A |  |  | 77 |
Other |  |  | 159 |  |  | N/A |  | N/A |  |  | 159 |
|  | Fair value measurements as of April 30, 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 |  | $ | 7,649 |  |  | N/A |  | N/A |  | $ | 7,649 |
Growth Allocation Mutual Funds |  |  | 528 |  |  | N/A |  | N/A |  |  | 528 |
Moderate Allocation Mutual Fund |  |  | 86 |  |  | N/A |  | N/A |  |  | 86 |
Other |  |  | 208 |  |  | N/A |  | N/A |  |  | 208 |
Investments - Rabbi Trust We have a rabbi trust (the “Trust”) for the participants of our deferred compensation plan (the “Plan”), that enables participants to direct their contributions to various investment options under the Plan. The investments associated with the Trust consist of a money market fund and various mutual funds that are classified as available-for-sale. As of October 29, 2023, our investments associated with the Trust totaled $7.9 million, of which $937,000 and $7.0 million were classified as short-term and long-term, respectively. As of October 30, 2022, our investments associated with the Trust totaled $9.8 million, of which $2.2 million and $7.6 million were classified as short-term and long-term, respectively. As of April 30, 2023, our investments associated with the Trust totaled $8.5 million, of which $1.4 million and $7.1 million were classified as short-term and long-term, respectively. The investments associated with the Trust had an accumulated unrealized loss of $6,000, an accumulated unrealized loss of $21,000, and an accumulated unrealized gain of $19,000 as of October 29, 2023, October 30, 2022, and April 30, 2023, respectively. The fair value of our investments associated with the 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.

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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