Fair Value Measurements

9 Months Ended

Oct. 29, 2011

Fair Value Measurements

3. Fair Value Measurements

ASC 820-10, Fair Value Measurements and Disclosures, establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The following tables segregate all financial assets and liabilities of the Company as of October 29, 2011, January 29, 2011 and October 30, 2010 that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine fair value at the measurement date:

			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	October 29,		Identical Assets		Inputs		Inputs
	2011		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Non-qualified deferred compensation plan assets (1)	$	3,796	$	1,123	$	2,673	$	—
Total assets	$	3,796	$	1,123	$	2,673	$	—
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	January 29,		Identical Assets		Inputs		Inputs
	2011		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Non-qualified deferred compensation plan assets (1)	$	2,804	$	103	$	2,701	$	—
Total assets	$	2,804	$	103	$	2,701	$	—

			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	October 30,		Identical Assets		Inputs		Inputs
	2010		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Non-qualified deferred compensation plan assets (1)	$	2,606	$	—	$	2,606	$	—
Total assets	$	2,606	$	—	$	2,606	$	—

(1) The Company maintains a self-directed, non-qualified deferred compensation plan structured as a rabbi trust for certain associates at the vice-president level and above. The investment assets of the rabbi trust are valued using quoted market prices multiplied by the number of shares held in the trust. The classification of all prior year amounts was updated to reflect current year classification.

For the quarter and nine months ended October 29, 2011, no non-financial assets or liabilities measured at fair value on a non-recurring basis were impaired. For the quarter and nine months ended October 30, 2010, impairment charges related to non-financial assets or liabilities measured at fair value on a non-recurring basis were immaterial.

At October 29, 2011, the Company believes that the carrying value of cash and cash equivalents, receivables and payables approximates fair value, due to the short maturity of these financial instruments.