Fair Value Measurements

3 Months Ended

Jan. 26, 2013

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 January 26, 2013.

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 January 26, 2013 and October 27, 2012.

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 January 26, 2013 were as follows (in thousands):

			Fair Value Measurements Using
	Balance as of  January 26, 2013		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)	$	233,975	$	233,975	$	—	$	—
Derivative assets	3,316		—		3,316		—
Total assets measured at fair value	$	237,291	$	233,975	$	3,316	$	—
Liabilities:
Derivative liabilities	$	944	$	—	$	944	$	—
Total liabilities measured at fair value	$	944	$	—	$	944	$	—

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

Assets and liabilities measured and recorded at fair value on a recurring basis as of October 27, 2012 were as follows (in thousands):

			Fair Value Measurements Using
	Balance as of  October 27, 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)	$	308,960	$	308,960	$	—	$	—
Derivative assets	2,941		—		2,941		—
Total assets measured at fair value	$	311,901	$	308,960	$	2,941	$	—
Liabilities:
Derivative liabilities	$	296	$	—	$	296	$	—
Total liabilities measured at fair value	$	296	$	—	$	296	$	—

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

During the three months ended January 26, 2013, the Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value.