Fair Value Measurements (Tables)

12 Months Ended

Apr. 25, 2014

Fair Value Measurements, Recurring and Nonrecurring

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of the periods presented:



	2014
	Total	Level 1	Level 2	Level 3
Assets
Cash and equivalents (1)	$7,826	$7,826	—	—
Short-term note receivable (2)	18	—	18	—
Long-term note receivable (3)	16,243	—	225	16,018
	$24,087	$7,826	$243	$16,018
Liabilities (4)
Long-term debt (5)	835	—	835	—



	2013
	Total	Level 1	Level 2	Level 3
Assets
Cash and equivalents (1)	$9,010	$9,010	—	—
Short-term note receivable (2)	18	—	18	—
Long-term note receivable (3)	13,815	—	245	13,570
	$22,843	$9,010	$263	$13,570
Liabilities (4)
Long-term debt (5)	816	—	816	—


(1)	Cash and equivalents primarily represent cash deposits as well as credit card receivables that generally settle in less than three days.


(2)	Short-term note receivable is the current portion of a note receivable from the sale of land with an interest rate of 7 percent.


(3)	Long-term note receivable includes a note receivable from the sale of land with an interest rate of 7 percent (Level 2) and a promissory note from SWH Mimi's Café Holding Company, LLC that is valued using a discounted cash flow model (Level 3).


(4)	Carrying value of our revolving credit facility, recorded as a current liability on our consolidated balance sheets, approximates fair value


(5)	The fair value of our interest-free long-term debt is based on the current interest rates offered for similar instruments. This loan provided funds to assist with the construction costs of our new corporate headquarters.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the activity related to Level 3 fair value measurements for the periods presented (amounts in thousands):



	Long-term note receivable
	2014
Carrying value at the beginning of the period	$	13,570
Plus:
Accretion ⁽¹⁾	1,918
Interest, net realized/unrealized gains ⁽¹⁾	530
Carrying value at the end of the period	$	16,018

	2013
Carrying value at the beginning of the period	$	—
Note from SWH Mimi's Café Holding Company, LLC	13,570
Carrying value at the end of the period	$	13,570


(1)	Reflected in the line "Net interest expense" in the Consolidated Statements of Net Income

Fair Value Table

The following table represents impairments for those assets remeasured to fair value on a nonrecurring basis during the fiscal year:



	Impairments
	2014			2013			2012
Bob Evans Restaurants
Assets held for use	$	4,470	⁽¹⁾	$	4,409	⁽²⁾	$	3,199	⁽³⁾
Assets held for sale	9,380		⁽⁴⁾	—			—
BEF Foods
Assets held for use	—			—			87
Assets held for sale	3,000		⁽⁵⁾	—			—


⁽¹⁾	$4,133 and $337 relates to impairment of seven operating locations and certain commercial vehicles, respectively


⁽²⁾	$1,717 and $2,692 relates to impairment of three operating and ten nonoperating locations, respectively


⁽³⁾	$993 and $2,206 relates to impairment of three operating and five nonoperating locations, respectively


⁽⁴⁾	$9,380 relates to impairment of 29 nonoperating locations, of which $714 relates to the impairment of one location no longer classified as held for sale.


⁽⁵⁾	$3,000 relates to impairment of one nonoperating location

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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