Fair Value Measurements

6 Months Ended

Jul. 30, 2011

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

In connection with our nonqualified deferred compensation plan, we had mutual fund investments of $21.1 million and $19.2 million at July 30, 2011 and January 29, 2011, respectively, which were recorded in other assets. These investments were classified as trading securities and were recorded at their fair value. The fair values of mutual fund investments were Level 1 valuations under the fair value hierarchy because each fund’s quoted market value per share was available in an active market.

Included in cash and cash equivalents were amounts on deposit with financial institutions totaling $60.3 million at January 29, 2011, stated at cost, which approximates fair value. We had no such deposits at July 30, 2011.

At July 30, 2011 and January 29, 2011, cash and cash equivalents carried at fair value was comprised of the following:

	July 30, 2011
(In thousands)	Total		Level 1		Level 2		Level 3
Money market funds	$	—	$	—	$	—	$	—
Variable rate demand notes	—		—		—		—
Total	$	—	$	—	$	—	$	—
	January 29, 2011
(In thousands)	Total		Level 1		Level 2		Level 3
Money market funds	$	40,800	$	40,800	$	—	$	—
Variable rate demand notes	25,000		—		25,000		—
Total	$	65,800	$	40,800	$	25,000	$	—

Variable rate demand notes are issued by various corporate, non-profit and governmental entities that are of high credit quality with many being secured by direct-pay letters of credit from a major financial institution.  In addition, variable rate demand notes can be tendered for sale upon notice (generally no longer than seven days) to the original issuer, at par plus accrued interest.

The carrying value of accounts receivable, accounts payable, accrued expenses, and long-term obligations approximates fair value because of the relatively short maturity of these items.