Fair Value Measurements (Tables)

3 Months Ended

Jul. 25, 2014

Fair Value Measurements, Recurring and Nonrecurring

The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the periods presented (in thousands):



	July 25, 2014
	Total		Level 1		Level 2		Level 3
Assets
Cash and equivalents ⁽¹⁾	$	3,625	$	3,625	$	—	$	—
Short-term note receivable ⁽²⁾	18		—		18		—
Long-term note receivable ⁽³⁾	16,798		—		221		16,577
	$	20,441	$	3,625	$	239	$	16,577
Liabilities ⁽⁴⁾
Long-term debt ⁽⁵⁾	$	840	$	—	$	840	$	—



	April 25, 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


⁽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 seven percent.


⁽³⁾	Long-term note receivable includes a note receivable from the sale of land with an interest rate of seven 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).

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):



	July 25, 2014
	Long-term note receivable
Carrying value at the beginning of the period	$	16,018
Plus:
Accretion ⁽¹⁾	445
Interest, net realized/unrealized gains ⁽¹⁾	114
Carrying value at the end of the period	$	16,577

	April 25, 2014
	Long-term note receivable
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


⁽¹⁾	Reflected in the “Net interest expense (income)” line in the Consolidated Statements of Operations.

Fair Value Assets Remeasured For Impairments On Nonrecurring Basis

The following table represents noncash asset impairment charges for those assets remeasured to fair value on a non-recurring basis during the three months ended July 25, 2014, and July 26, 2013 (in thousands):



	Three Months Ended
	July 25, 2014			July 26, 2013
Bob Evans Restaurants
Assets held for use	$	1,319	⁽¹⁾	$	1,180	⁽²⁾
Assets held for sale	258		⁽³⁾	8,609		⁽⁴⁾

⁽¹⁾ $1,319 relates to impairment of five operating locations

⁽²⁾ $1,180 relates to impairment of one operating location

⁽³⁾ $258 relates to impairment of one nonoperating location

⁽⁴⁾ $8,609 relates to impairment of 29 nonoperating locations, of which one location is no longer classified as held for sale

- 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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