Fair Value Measurements

3 Months Ended

Nov. 02, 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 November 2, 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 November 2, 2012
Cash equivalents*	$	23,934	$	--	$	--	$	23,934
Deferred compensation plan assets**		30,778		--		--		30,778
Total assets at fair value	$	54,712	$	--	$	--	$	54,712
Interest rate swap liability (see Note 5)	$	--	$	28,880	$	--	$	28,880
Total liabilities at fair value	$	--	$	28,880	$	--	$	28,880

The Company's assets and liabilities measured at fair value on a recurring basis at August 3, 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 August 3, 2012
Cash equivalents*	$	104,531	$	--	$	--	$	104,531
Deferred compensation plan assets**		29,443		--		--		29,443
Total assets at fair value	$	133,974	$	--	$	--	$	133,974
Interest rate swap liability (see Note 5)	$	--	$	34,381	$	--	$	34,381
Total liabilities at fair value	$	--	$	34,381	$	--	$	34,381

*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 liabilities is determined based on the present value of expected future cash flows.  Since the values of the Company's interest rate swaps 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 November 2, 2012 and August 3, 2012.