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Fair Value Measurements
 12 Months Ended
Mar. 03, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements

5 Fair Value Measurements

The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company's assumptions used to measure assets and liabilities at fair value. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

 

Financial assets and liabilities measured at fair value as of March 3, 2012, and February 26, 2011, are summarized below:

 

(In thousands)

   Quoted Prices in
Active Markets
(Level 1)		      Other
Observable
Inputs
(Level 2)		      Unobservable
Inputs
(Level 3)		      Total Fair
Value		  

March 3, 2012

            

Cash equivalents

            

Money market funds

    $ 46,141       $ —         $ —         $ 46,141   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total cash equivalents

      46,141         —           —           46,141   

Short-term marketable securities available for sale

            

Municipal bonds

    $ —         $ 11,664       $ —         $ 11,664   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total short-term marketable securities available for sale

      —           11,664         —           11,664   

Marketable securities available for sale

            

Municipal bonds

    $ —         $ 7,936       $ —         $ 7,936   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total marketable securities available for sale

      —           7,936         —           7,936   

Restricted investments

            

Money market funds

    $ 23,136       $ —         $ —         $ 23,136   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total restricted investments

      23,136         —           —           23,136   

Mutual fund investments

            

Mutual funds

    $ 1,150       $ —         $ —         $ 1,150   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total mutual fund investments

      1,150         —           —           1,150   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets and liabilities at fair value

    $ 70,427       $ 19,600       $ —         $ 90,027   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(In thousands)

   Quoted Prices in
Active Markets
(Level 1)		      Other
Observable
Inputs
(Level 2)		      Unobservable
Inputs
(Level 3)		      Total Fair
Value		  

February 26, 2011

            

Cash equivalents

            

Money market funds

    $ 13,787       $ —         $ —         $ 13,787   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total cash equivalents

      13,787         —           —           13,787   

Short-term marketable securities available for sale

            

Variable rate demand notes

    $ —         $ 7,300       $ —         $ 7,300   

Municipal bonds

      —           3,863         —           3,863   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total short-term marketable securities available for sale

      —           11,163         —           11,163   

Marketable securities available for sale

            

Municipal bonds

    $ —         $ 15,709       $ —         $ 15,709   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total marketable securities available for sale

      —           15,709         —           15,709   

Restricted investments

            

Money market funds

    $ 35,803       $ —         $ —         $ 35,803   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total restricted investments

      35,803         —           —           35,803   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets and liabilities at fair value

    $ 49,590       $ 26,872       $ —         $ 76,462   
  

 

 

     

 

 

     

 

 

     

 

 

  

Cash equivalents

Cash equivalents include highly liquid investments with an original maturity of three months or less, and consist primarily of money market funds. The cash equivalents are held at fair value based on quoted market prices, which approximates stated cost.

Short-term investments

The Company has short-term marketable securities available for sale of $11.7 million as of March 3, 2012, consisting of municipal bonds. The Company classifies these short-term marketable securities as "available-for-sale," and they are carried at fair market value based on market prices from recent trades of similar securities.

 

Marketable securities available for sale

The Company has $7.9 million of marketable securities available for sale, consisting of municipal bonds. All of the Company's fixed maturity investments are classified as "available-for-sale," are carried at fair value and are reported as marketable securities available for sale in the consolidated balance sheet. These investments are held at fair value based on prices from recent trades of similar securities.

Restricted investments

The Company has $13.6 million of current restricted investments consisting of money market funds that were required to be made available to cover exposures for letters of credit outside of the revolving credit facility and credit-card programs. The Company has $9.5 million of long-term restricted investments consisting of money market funds, which are short-term in nature but are restricted for future investment in the Company's architectural glass fabrication facility in Utah, and are, therefore, classified as long-term. The restricted investments are held at fair value based on quoted market prices, which approximates stated cost.

Mutual fund investments

The Company has $1.2 million of mutual fund investments as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet.