APOGEE ENTERPRISES, INC. Fair Value Disclosure
(In thousands) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Total Fair Value | ||||||||
March 3, 2018 | |||||||||||
Cash equivalents | |||||||||||
Money market funds | $ | 2,901 | $ | — | $ | 2,901 | |||||
Commercial paper | — | 400 | 400 | ||||||||
Total cash equivalents | 2,901 | 400 | 3,301 | ||||||||
Short-term securities | |||||||||||
Municipal bonds | — | 423 | 423 | ||||||||
Long-term securities | |||||||||||
Municipal bonds | — | 8,630 | 8,630 | ||||||||
Total assets at fair value | $ | 2,901 | $ | 9,453 | $ | 12,354 | |||||
March 4, 2017 | |||||||||||
Cash equivalents | |||||||||||
Money market funds | $ | 4,423 | $ | — | $ | 4,423 | |||||
Commercial paper | — | 5,500 | 5,500 | ||||||||
Total cash equivalents | 4,423 | 5,500 | 9,923 | ||||||||
Short-term securities | |||||||||||
Municipal bonds | — | 548 | 548 | ||||||||
Long-term securities | |||||||||||
Municipal bonds | — | 9,041 | 9,041 | ||||||||
Total assets at fair value | $ | 4,423 | $ | 15,089 | $ | 19,512 | |||||
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.