Fair Value Measurements

12 Months Ended

Mar. 02, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Financial assets and liabilities measured at fair value as of March 2, 2013 and March 3, 2012, are summarized below:

(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value
March 2, 2013
Cash equivalents
Money market funds	$	17,639	$	—	$	—	$	17,639
Total cash equivalents	17,639		—		—		17,639
Short-term marketable securities available for sale
Municipal bonds	—		26,007		—		26,007
Total short-term marketable securities available for sale	—		26,007		—		26,007
Marketable securities available for sale
Municipal bonds	—		12,807		—		12,807
Total marketable securities available for sale	—		12,807		—		12,807
Restricted investments
Money market funds	26,443		—		—		26,443
Total restricted investments	26,443		—		—		26,443
Mutual fund investments
Mutual funds	251		—		—		251
Total mutual fund investments	251		—		—		251
Total assets at fair value	$	44,333	$	38,814	$	—	$	83,147
Foreign currency instruments
Foreign currency instruments	$	—	$	405	$	—	$	405
Total liabilities at fair value	$	—	$	405	$	—	$	405

(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value
March 3, 2012
Cash equivalents
Money market funds	$	46,141	$	—	$	—	$	46,141
Total cash equivalents	46,141		—		—		46,141
Short-term marketable securities available for sale
Municipal bonds	—		11,664		—		11,664
Total short-term marketable securities available for sale	—		11,664		—		11,664
Marketable securities available for sale
Municipal bonds	—		7,936		—		7,936
Total marketable securities available for sale	—		7,936		—		7,936
Restricted investments
Money market funds	23,136		—		—		23,136
Total restricted investments	23,136		—		—		23,136
Mutual fund investments
Mutual funds	1,150		—		—		1,150
Total mutual fund investments	1,150		—		—		1,150
Total assets at fair value	$	70,427	$	19,600	$	—	$	90,027

Cash equivalents

Cash equivalents include highly liquid investments with an original maturity of three months or less, and consist primarily of money market funds. The cash equivalents are held at fair value based on quoted market prices, which approximates stated cost.

Short-term marketable securities available for sale

The Company has short-term marketable securities available for sale of $26.0 million as of March 2, 2013, consisting of municipal bonds. The Company classifies these short-term marketable securities as “available-for-sale,” and they are carried at fair market value based on market prices from recent trades of similar securities.

Marketable securities available for sale

The Company has $12.8 million of marketable securities available for sale, consisting of municipal bonds. All of the Company’s fixed maturity investments are classified as “available-for-sale,” are carried at fair value and are reported as marketable securities available for sale in the consolidated balance sheet. These investments are held at fair value based on prices from recent trades of similar securities.

Restricted investments

The Company has $21.8 million of current restricted investments consisting of money market funds that were required to be made available to cover our exposure for letters of credit outside of our revolving credit facility and money market funds that are restricted for future investment in the Company’s architectural glass fabrication facility in Utah. The Company has $4.6 million of long-term restricted investments consisting of money market funds, which are short-term in nature but are restricted for future investment in the Company’s storefront and entrance business in Michigan, and are, therefore, classified as long term. The restricted investments are held at fair value based on quoted market prices, which approximate stated cost.

Mutual fund investments

The Company has $0.3 million of mutual fund investments as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet.

Foreign Currency Instruments

The Company has a foreign exchange forward contract in place to hedge against the effect of exchange rate fluctuations on certain forecasted purchases. The forward contract is measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates.