Fair Value of Financial Instruments

12 Months Ended

May 03, 2015

The Company's financial instruments measured at fair value on a recurring basis as of May 3, 2015 and April 27, 2014 were as follows:



	May 3, 2015										April 27, 2014
	Carrying		Fair Value								Carrying		Fair Value
(in thousands)	Amount		Level 1		Level 2		Level 3		Total		Amount		Level 1		Level 2		Level 3		Total
Money market funds	$	196	$	196	$	—	$	—	$	196	$	30,169	$	30,169	$	—	$	—	$	30,169
Commercial paper	—		—		—		—		—		89,922		—		89,922		—		89,922
Certificates of deposit	292,748		—		292,748		—		292,748		120,000		—		120,000		—		120,000
Total	$	292,944	$	196	$	292,748	$	—	$	292,944	$	240,091	$	30,169	$	209,922	$	—	$	240,091

The Company's Level 2 financial instruments in the table above are valued using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data.

The Company has not estimated the fair value of its minority investments in two privately held companies as it is not practicable to estimate the fair value of these investments because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. As of May 3, 2015, the carrying value of the Company's minority investments in these privately held companies was $2.8 million, which management believes is not impaired.

The Company's financial instruments not measured at fair value on a recurring basis as of May 3, 2015 and April 27, 2014 were as follows:



	May 3, 2015										April 27, 2014
	Carrying		Fair Value								Carrying		Fair Value
(in thousands)	Amount		Level 1		Level 2		Level 3		Total		Amount		Level 1		Level 2		Level 3		Total
2029 Notes	$	—	$	—	$	—	$	—	$	—	$	40,015	$	104,105	$	—	$	—	$	104,105
2033 Notes	221,406		264,364		—		—		264,364		212,253		305,325		—		—		305,307
Total	$	221,406	$	264,364	$	—	$	—	$	264,364	$	252,268	$	409,430	$	—	$	—	$	409,412

The fair values of the 2029 Notes and 2033 Notes are based on the price in the open market as of or close to the respective balance sheet dates. The difference between the carrying value and the fair value is primarily due to the spread between the conversion price and the market value of the shares underlying the conversion as of each respective balance sheet date.

- 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.

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