Fair Value Measurements

9 Months Ended

Apr. 27, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

2.             Fair Value Measurements

The Company's assets and liabilities measured at fair value on a recurring basis at April 27, 2012 were as follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of April 27, 2012
Cash equivalents*	$	79,929	$	-	$	-	$	79,929
Deferred compensation plan assets**		30,421		-		-		30,421
Total assets at fair value	$	110,350	$	-	$	-	$	110,350
Interest rate swap liability (see Note 5)	$	-	$	38,702	$	-	$	38,702
Total liabilities at fair value	$	-	$	38,702	$	-	$	38,702

The Company's assets and liabilities measured at fair value on a recurring basis at July 29, 2011 were as follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of July 29, 2011
Cash equivalents*	$	29,548	$	-	$	-	$	29,548
Deferred compensation plan assets**		29,665		-		-		29,665
Total assets at fair value	$	59,213	$	-	$	-	$	59,213
Interest rate swap liability (see Note 5)	$	-	$	51,604	$	-	$	51,604
Total liabilities at fair value	$	-	$	51,604	$	-	$	51,604

*Consists of money market fund investments.

**Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company's non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets.

The Company's money market fund investments and deferred compensation plan assets are measured at fair value using quoted market prices.  The fair value of the Company's interest rate swap liability is determined based on the present value of expected future cash flows.  Since the Company's interest rate swap values are based on the LIBOR forward curve, which is observable at commonly quoted intervals for the full terms of the swaps, it is considered a Level 2 input.  Nonperformance risk is reflected in determining the fair value of the interest rate swaps by using the Company's credit spread less the risk-free interest rate, both of which are observable at commonly quoted intervals for the terms of the swaps.  Thus, the adjustment for nonperformance risk is also considered a Level 2 input.

The fair values of the Company's accounts receivable and accounts payable approximate their carrying amounts because of their short duration.  The fair value of the Company's variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amount at April 27, 2012 and July 29, 2011.