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Note 4 - Fair Value Measurements
12 Months Ended
Mar. 03, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
4.
FAIR VALUE MEASUREMENTS
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value
may
fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. The fair value hierarchy is broken down into
three
levels based on the reliability of inputs as follows:
 
• Level
1
– Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does
not
entail a significant degree of judgment.
 
• Level
2
– Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are
not
active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
 
• Level
3
– Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
 
As of
March 3, 2018,
the Company’s financial assets utilizing Level
1
inputs include short term trading investment securities traded on active securities exchanges. The Company did
not
have any financial assets utilizing Level
2
inputs. Financial assets utilizing Level
3
inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See “Investment Securities,” Note
5
).