v3.26.1
Fair Value Measurements
 3 Months Ended
Jul. 25, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 14: Fair Value Measurements

Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them:

•Level 1 — Financial assets and liabilities, the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.

•Level 2 — Financial assets and liabilities, the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.

•Level 3 — Financial assets and liabilities, the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. 

Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur.

In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as other intangible assets, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss.

The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at July 25, 2026 and April 25, 2026. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.
At July 25, 2026
Fair Value Measurements
(Unaudited, amounts in thousands)Level 1Level 2Level 3NAV(1)Total
Assets
Marketable securities$— $975 $— $15 $990 
Held-to-maturity investments5,391 — — — 5,391 
Total assets$5,391 $975 $— $15 $6,381 

At April 25, 2026
Fair Value Measurements
(Unaudited, amounts in thousands)Level 1Level 2Level 3NAV(1)Total
Assets
Marketable securities$— $2,573 $— $9,950 $12,523 
Held-to-maturity investments5,510 — — — 5,510 
Total assets$5,510 $2,573 $— $9,950 $18,033 
(1)Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

As of April 25, 2026, we held marketable securities to fund future obligations under a non-qualified legacy acquired retirement plan. In the first quarter of fiscal 2027, the vast majority of our marketable securities were sold to fund lump-sum payments to participants to terminate the plan.
The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs.