Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows:

The guidance requires the use of observable market data if such data is available without undue cost and effort.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 30, 2026 and 2025 and January 31, 2026 (in thousands):


		Fair Value at April 30, 2026
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	286	$	—	$	—	$	286
Short-term investment	Other current assets		153		—		—		153
SERP assets - employer	Other non-current assets		679		—		—		679
SERP assets - employee	Other non-current assets		55,539		—		—		55,539
Defined benefit plan assets	Other non-current liabilities		—		—		38,268		38,268
Hedge derivatives	Other current assets		—		65		—		65
Total		$	56,657	$	65	$	38,268	$	94,990
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	55,539	$	—	$	—	$	55,539
Hedge derivatives	Accrued liabilities		—		103		—		103
Total		$	55,539	$	103	$	—	$	55,642


		Fair Value at January 31, 2026
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	281	$	—	$	—	$	281
Short-term investment	Other current assets		153		—		—		153
SERP assets - employer	Other non-current assets		607		—		—		607
SERP assets - employee	Other non-current assets		55,739		—		—		55,739
Defined benefit plan assets	Other non-current liabilities		—		—		40,045		40,045
Hedge derivatives	Other current assets		—		484		—		484
Total		$	56,780	$	484	$	40,045	$	97,309
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	55,739	$	—	$	—	$	55,739
Hedge derivatives	Accrued liabilities		—		10		—		10
Total		$	55,739	$	10	$	—	$	55,749


		Fair Value at April 30, 2025
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	265	$	—	$	—	$	265
Short-term investment	Other current assets		151		—		—		151
SERP assets - employer	Other non-current assets		618		—		—		618
SERP assets - employee	Other non-current assets		49,633		—		—		49,633
Defined benefit plan assets	Other non-current liabilities		—		—		36,423		36,423
Hedge derivatives	Other current assets		—		1,255		—		1,255
Total		$	50,667	$	1,255	$	36,423	$	88,345
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	49,633	$	—	$	—	$	49,633
Hedge derivatives	Accrued liabilities		—		1,263		—		1,263
Total		$	49,633	$	1,263	$	—	$	50,896

The fair values of the Company’s available-for-sale securities are based on quoted market prices. The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of one percent calculated annually. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives consist of cash flow hedging instruments and forward contracts (see Note 7 for further discussion) and are entered into by the Company principally to reduce its exposure to Swiss Franc and Euro exchange rate risks. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates.

The Company sponsors a defined benefit pension plan in Switzerland. The plan covers certain eligible employees and provides benefits based on years of service and compensation on a career-average pay basis. The assets within the plan are classified as Level 3 within the fair value hierarchy and consist primarily of investments in pooled funds, including separate employee accounts invested in equity securities, debt securities and real estate. The fair values of these investments are based on valuations provided by the fund administrators, which are not readily observable and cannot be corroborated by observable market data; accordingly, these investments are classified within Level 3 of the fair value hierarchy. The net funded status of the plan, which reflects the fair value of plan assets less the projected benefit obligation, is included in Other non-current liabilities in the Consolidated Balance Sheets at April 30, 2026, January 31, 2026, and April 30, 2025.

There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.

From time to time the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. Through fiscal 2026, the Company invested approximately $17.5 million and during the first three months of fiscal 2027, the Company invested an additional $0.5 million in venture capital funds. The Company will continue to regularly evaluate the carrying value of its investments. The carrying value of the investments is recorded in Other non-current assets in the Consolidated Balance Sheets at April 30, 2026, January 31, 2026 and April 30, 2025. These investments are carried at cost, less impairment, adjusted for observable price changes, if any, as fair values are not readily determinable. Other than additional investments made during the three months ended April 30, 2026, there were no impairment charges or observable price changes related to these investments.