Fair Value Measurements

9 Months Ended

Nov. 26, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

7. 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 November 26, 2011 and February 26, 2011, are summarized below:

(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value
November 26, 2011
Cash equivalents
Money market funds	$	13,115	$	—	$	—	$	13,115
Total cash equivalents		13,115		—		—		13,115
Short-term marketable securities available for sale
Municipal bonds	$	—	$	6,834	$	—	$	6,834
Total short-term marketable securities available for sale		—		6,834		—		6,834
Marketable securities available for sale
Municipal bonds	$	—	$	13,361	$	—	$	13,361
Total marketable securities available for sale		—		13,361		—		13,361
Restricted investments
Money market funds	$	23,188	$	—	$	—	$	23,188
Total restricted investments		23,188		—		—		23,188
Mutual fund investments
Mutual funds	$	1,048	$	—	$	—	$	1,048
Total mutual fund investments		1,048		—		—		1,048
Total assets and liabilities at fair value	$	37,351	$	20,195	$	—	$	57,546
February 26, 2011
Cash equivalents
Money market funds	$	13,787	$	—	$	—	$	13,787
Total cash equivalents		13,787		—		—		13,787
Short-term marketable securities available for sale
Variable rate demand notes	$	—	$	7,300	$	—	$	7,300
Municipal bonds		—		3,863		—		3,863
Total short-term marketable securities available for sale		—		11,163		—		11,163
Marketable securities available for sale
Municipal bonds	$	—	$	15,709	$	—	$	15,709
Total marketable securities available for sale		—		15,709		—		15,709
Restricted investments
Money market funds	$	35,803	$	—	$	—	$	35,803
Total restricted investments		35,803		—		—		35,803
Total assets and liabilities at fair value	$	49,590	$	26,872	$	—	$	76,462

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 $6.8 million as of November 26, 2011, 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 $13.4 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 $13.6 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 credit-card programs. The Company has $9.6 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 architectural glass fabrication facility in Utah, and are therefore classified as long-term. The restricted investments are held at fair value based on quoted market prices, which approximates stated cost.

Mutual fund investments

The Company has $1.0 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.