Fair Value Measurements

12 Months Ended

Feb. 29, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 14 – FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value are classified using the fair value hierarchy based upon the transparency of inputs as of the measurement date. The following table summarizes the financial assets measured at fair value as of the measurement date, February 29, 2012, and the basis for that measurement, by level within the fair value hierarchy:

	Balance as of February  29, 2012		Quoted prices in active markets for identical assets and liabilities (Level 1)		Quoted prices in active markets for similar assets and liabilities (Level 2)		Significant unobservable inputs (Level 3)
Assets measured on a recurring basis:
Deferred compensation plan assets(1)	$	9,198	$	9,198	$	-	$	-

The following table summarizes the financial assets measured at fair value as of the measurement date, February 28, 2011, and the basis for that measurement, by level within the fair value hierarchy:

	Balance as of February  28, 2011		Quoted prices in active markets for identical assets and liabilities (Level 1)		Quoted prices in active markets for similar assets and liabilities (Level 2)		Significant unobservable inputs (Level 3)
Assets measured on a recurring basis:
Active employees’ medical plan trust assets	$	3,223	$	3,223	$	-	$	-
Deferred compensation plan assets(1)		6,871		6,871		-		-
Total	$	10,094	$	10,094	$	-	$	-
Assets measured on a non-recurring basis:
Assets held for sale	$	5,282	$	-	$	5,282	$	-

(1) There is an offsetting liability for the obligation to its employees on the Corporation’s books.

As of February 29, 2012, the active employees’ medical plan trust was terminated. During the prior year, the fair value of the investments in the active employees’ medical plan trust was considered a Level 1 valuation as it was based on the quoted market value per share of each individual security investment in an active market.

The deferred compensation plan includes mutual fund assets. Assets held in mutual funds were recorded at fair value, which was considered a Level 1 valuation as it is based on each fund’s quoted market value per share in an active market. Although the Corporation is under no obligation to fund employees’ nonqualified accounts, the fair value of the related nonqualified deferred compensation liability is based on the fair value of the mutual fund assets.

Certain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances. During the fourth quarter of 2010, assets held for sale relating to the Corporation’s party goods product lines were written down to fair value of $5,875, less cost to sell of $318, or $5,557. This resulted in an impairment charge of $8,379, which was recorded in “Material, labor and other production costs” on the Consolidated Statement of Operations. The assets held for sale included land and buildings related to the Kalamazoo facility within the North American Social Expression Products segment. During the fourth quarter of 2011, these assets were subsequently re-measured, at fair value less cost to sell, and an additional impairment charge of $275 was recorded. The fair value of the assets held for sale was considered a Level 2 valuation as it was based on observable selling prices for similar assets that were sold within the past twelve to eighteen months. These assets related to the party good product lines were sold in the third quarter of 2012.