Fair Value Measurements

3 Months Ended

Apr. 30, 2018

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]

Fair Value Measurements

NOTE 3 – FAIR VALUE MEASUREMENTS

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:

• Level 1 – Quoted prices in active markets for identical assets or liabilities.

• Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

• Level 3 – Unobservable inputs based on the Company’s assumptions.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands) as of April 30, 2018 and 2017 and January 31, 2018:

		Fair Value at April 30, 2018
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	251	$	—	$	—	$	251
Short-term investment	Other current assets		157		—		—		157
SERP assets - employer	Other non-current assets		1,008		—		—		1,008
SERP assets - employee	Other non-current assets		37,210		—		—		37,210
Hedge derivatives	Other current assets		—		124		—		124
Total		$	38,626	$	124	$	—	$	38,750
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	37,210	$	—	$	—	$	37,210
Hedge derivatives	Accrued liabilities		—		704		—		704
Total		$	37,210	$	704	$	—	$	37,914

		Fair Value at January 31, 2018
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	275	$	—	$	—	$	275
Short-term investment	Other current assets		164		—		—		164
SERP assets - employer	Other non-current assets		994		—		—		994
SERP assets - employee	Other non-current assets		38,577		—		—		38,577
Hedge derivatives	Other current assets		—		544		—		544
Total		$	40,010	$	544	$	—	$	40,554
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	38,577	$	—	$	—	$	38,577
Hedge derivatives	Accrued liabilities		—		46		—		46
Total		$	38,577	$	46	$	—	$	38,623

		Fair Value at April 30, 2017
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	291	$	—	$	—	$	291
Short-term investment	Other current assets		147		—		—		147
SERP assets - employer	Other non-current assets		1,241		—		—		1,241
SERP assets - employee	Other non-current assets		32,421		—		—		32,421
Hedge derivatives	Other current assets		—		205		—		205
Total		$	34,100	$	205	$	—	$	34,305
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	32,421	$	—	$	—	$	32,421
Hedge derivatives	Accrued liabilities		—		162		—		162
Total		$	32,421	$	162	$	—	$	32,583

The fair values of the Company’s available-for-sale securities are based on quoted 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 a 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 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.