Fair Value Measurements (Tables)

9 Months Ended

Oct. 25, 2020

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities measured and recorded at fair value on a recurring basis were presented in the Balance Sheets as follows:


	Fair Value as of October 25, 2020								Fair Value as of January 26, 2020
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)		Total		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Convertible debt	$	11,233	$	—	$	—	$	11,233	$	10,700	$	—	$	—	$	10,700
Foreign currency forward contracts	377		—		377		—		—		—		—		—

Total financial assets	$	11,610	$	—	$	377	$	11,233	$	10,700	$	—	$	—	$	10,700

Financial liabilities:
Cycleo Earn-out	$	—	$	—	$	—	$	—	$	2,108	$	—	$	—	$	2,108

Interest rate swap agreement	1,854		—		1,854		—		—		—		—		—
Total financial liabilities	$	1,854	$	—	$	1,854	$	—	$	2,108	$	—	$	—	$	2,108

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

The following table presents a reconciliation of the changes in the earn-out liability categorized within Level 3 in the nine months ended October 25, 2020:


(in thousands)
Balance at January 26, 2020	$	2,108
Changes in fair value of contingent earn-out obligations	(33)
Changes in fair value of non-contingent earn-out obligations	(117)
Transferred out of Level 3	(1,958)
Balance at October 25, 2020	$	—

Fair Value, Assets Measured on Recurring Basis

The following table presents a reconciliation of the changes in the convertible debt investments in the nine months ended October 25, 2020:


(in thousands)
Balance at January 26, 2020	$	10,700
Additions	2,500

Increase in credit loss reserve	(2,719)
Interest accrued	752
Balance at October 25, 2020	$	11,233