Fair Value Measurements

9 Months Ended

Jul. 28, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company applies fair value measurements for both financial and nonfinancial assets and liabilities. The Company has no nonfinancial assets and liabilities that are required to be measured at fair value on a recurring basis as of July 28, 2012.

The fair value accounting guidance permits companies to elect fair value measurement for many financial instruments and certain other items that are otherwise not required to be accounted for at fair value. The Company did not elect to measure any eligible financial instruments or other assets at fair value as of July 28, 2012 and October 29, 2011.

Fair Value Hierarchy

The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Assets and liabilities measured and recorded at fair value on a recurring basis as of July 28, 2012 were as follows (in thousands):

			Fair Value Measurements Using
	Balance as of  July 28, 2012		Quoted Prices in Active Markets For Identical Instruments (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	238,940	$	238,940	$	—	$	—
Corporate bonds	808		—		808		—
Derivative assets	272		—		272		—
Total assets measured at fair value	$	240,020	$	238,940	$	1,080	$	—
Liabilities:
Derivative liabilities	$	4,485	$	—	$	4,485	$	—
Total liabilities measured at fair value	$	4,485	$	—	$	4,485	$	—

(1) Money market funds are reported within “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets.

Assets and liabilities measured and recorded at fair value on a recurring basis as of October 29, 2011 were as follows (in thousands):

			Fair Value Measurements Using
	Balance as of  October 29, 2011		Quoted Prices in Active Markets For Identical Instruments (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	138,959	$	138,959	$	—	$	—
Corporate bonds	774		—		774		—
Derivative assets	1,368		—		1,368		—
Total assets measured at fair value	$	141,101	$	138,959	$	2,142	$	—
Liabilities:
Derivative liabilities	$	1,790	$	—	$	1,790	$	—
Total liabilities measured at fair value	$	1,790	$	—	$	1,790	$	—

(1) Money market funds are reported within “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets.

During the nine months ended July 28, 2012, the Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value.