Fair Value (Tables)

9 Months Ended

Oct. 27, 2012

Company's Assets and Liabilities Measured at Fair Value

The three levels of the hierarchy and the distribution of the Company’s assets and liabilities, measured at fair value, within it were as follows:



	Assets and Liabilities at Fair Value as of October 27, 2012 (in thousands)
	Level 1		Level 2		Level 3		Total
ASSETS:
ARS—available-for-sale—student loan backed	$	—	$	—	$	4,755	$	4,755
ARS—available-for-sale—municipal authority bonds	—		—		15,148		15,148
Derivative financial instruments	—		2,887		—		2,887
Total assets measured at fair value	$	—	$	2,887	$	19,903	$	22,790
LIABILITIES:
Derivative financial instruments	—		2,954		—		2,954
Total liabilities measured at fair value	$	—	$	2,954	$	—	$	2,954



	Assets and Liabilities at Fair Value as of January 28, 2012 (in thousands)
	Level 1		Level 2		Level 3		Total
ASSETS:
Money market funds	$	209,039	$	—	$	—	$	209,039
ARS—available-for-sale—student loan backed	—		—		84,650		84,650
ARS—available-for-sale—municipal authority bonds	—		—		14,858		14,858
Derivative financial instruments	—		10,770		—		10,770
Total assets measured at fair value	$	209,039	$	10,770	$	99,508	$	319,317
LIABILITIES:
Derivative financial instruments	—		1,458		—		1,458
Total liabilities measured at fair value	$	—	$	1,458	$	—	$	1,458

Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation

Certain significant inputs into the model for Level 3 assets are unobservable in the market. The table below provides quantitative information on the unobservable inputs discussed above:



Quantitative information about Level 3 fair value measurements (in thousands)
	Fair Value at October 28, 2012		Valuation Technique	Unobservable Inputs	Range (weighted average)
Student loan ARS				Periodic coupon rate	0.51% - 3.79%
	$	4,755	Discounted cash flow	Market rate of return	0.21% - 2.34%
				Expected term	15.0
Municipal authority ARS				Periodic coupon rate	0.30% - 6.90%
	$	15,148	Discounted cash flow	Market rate of return	0.00% - 4.04%
				Expected term	21.5 - 27.0



(in thousands)	Available-for-sale ARS - Student Loans			Available-for-sale ARS - Muni Bonds		Total
Fair value, January 28, 2012	$	84,650		$	14,858	$	99,508
Redemptions / Settlements	(80,693		)	—		(80,693		)
Gains, net:
Reported in Net Income	798			290		1,088
Fair value, October 27, 2012	$	4,755		$	15,148	$	19,903

- 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, 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, issuances, 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.

+ References+ Details