FAIR VALUE MEASUREMENTS (Note)

9 Months Ended

Aug. 27, 2011

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Fair Value Measurements

The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its quarterly and annual financial statements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.  Fair value measurements are categorized in a hierarchy based upon the observability of inputs used in valuation techniques.  Observable inputs are the highest level and reflect market data obtained from independent sources, while unobservable inputs are the lowest level and reflect internally developed market assumptions.  The Company classifies fair value measurements by the following hierarchy:

• Level 1 – Quoted active market prices for identical assets

• Level 2 – Significant other observable inputs, such as quoted prices for similar (but not identical) instruments in active markets, quoted prices for identical or similar instruments in markets which are not active and model determined valuations in which all significant inputs or significant value-drivers are observable in active markets

• Level 3 – Significant unobservable inputs, such as model determined valuations in which one or more significant inputs or significant value-drivers are unobservable

Assets or liabilities that have recurring fair value measurements are shown below:

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
August 27, 2011
Restricted trust, included in Other noncurrent assets
Mutual fund investments - equities	$	734	$	734	$	—	$	—
Mutual fund investments - bonds	502		502		—		—
Cash and equivalents	13		13		—		—
Total restricted trust	$	1,249	$	1,249	$	—	$	—
TransWeb contingent earn-out, included in Other long-term liabilities	$	1,089	$	—	$	—	$	1,089
November 27, 2010
Restricted trust, included in Other noncurrent assets
Mutual fund investments - equities	$	879	$	879	$	—	$	—
Mutual fund investments - bonds	357		357		—		—
Cash and equivalents	22		22		—		—
Total restricted trust	$	1,258	$	1,258	$	—	$	—

The restricted trust, which is used to fund certain payments for the Company’s U.S. combined nonqualified pension plans, consists of actively traded equity and bond funds.  The TransWeb contingent earn-out payment was established in connection with the acquisition of TransWeb (see Note 2).  There were no changes in the fair value determination methods or significant assumptions used in those methods during the nine months endedAugust 27, 2011.  There were no transfers between Level 1 and Level 2 during the nine months endedAugust 27, 2011. The fair value of the TransWeb contingent earn-out payment increased by $71, based on changes in the remaining discount period, during the nine months endedAugust 27, 2011 and is included in Selling and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings.

Fair Values of Financial Instruments

The fair values of the Company’s financial instruments, which are cash and cash equivalents, restricted cash, accounts receivable and the restricted trust, approximated the carrying values of those financial instruments at both August 27, 2011 and November 27, 2010.  An expected present value technique is used to estimate the fair value of long-term debt.  A fair value estimate of $16,581 and $16,892 for long-term debt at August 27, 2011 and November 27, 2010, respectively, is based on the current interest rates available to the Company for debt with similar remaining maturities.  The carrying value for the long-term debt at August 27, 2011 and November 27, 2010 is $17,352 and $17,477, respectively.