NOTE 9: DEBT AND MONEY MARKET SECURITIES

The tables below summarize the carrying value and fair market value of our outstanding debt. The fair market value of our publicly traded debt is based on observable market prices. Our publicly traded debt is classified as Level 1 securities within the fair value hierarchy as it has observable inputs based on quoted prices (unadjusted) in active markets for identical liabilities. The fair market value of our non-publicly traded debt was estimated using a discounted cash flow analysis based on our current borrowing costs for debt with similar maturities. The carrying values approximate the fair values for our outstanding commercial paper as the maturities are less than three months. Our non-publicly traded debt is classified as Level 2 securities within the fair value hierarchy as it has observable inputs, other than those included in Level 1, based on quoted prices for similar liabilities in active markets, or quoted prices for identical liabilities in inactive markets. See Note 1 in Notes to Consolidated Financial Statements in our Form 10-K for more information on fair value measurements. We did not elect the option to report our debt at fair value in our Condensed Consolidated Balance Sheets.


	April 27, 2012
	Balance Sheet (Carrying value)		Fair Market Value
Publicly traded debt	$	1,200,000	$	1,332,850
Non-publicly traded debt		71,013		70,229
Total Debt	$	1,271,013	$	1,403,079


	October 28, 2011
	Balance Sheet (Carrying value)		Fair Market Value
Publicly traded debt	$	800,000	$	888,251
Non-publicly traded debt		257,124		255,807
Total Debt	$	1,057,124	$	1,144,058


	April 29, 2011
	Balance Sheet (Carrying value)		Fair Market Value
Publicly traded debt	$	800,000	$	898,503
Non-publicly traded debt		457,498		456,005
Total Debt	$	1,257,498	$	1,354,508

Our non-publicly traded debt consists of the following:


	April 27, 2012		October 28, 2011		April 29, 2011
Commercial paper	$	—	$	153,955	$	344,903
Credit facility borrowings		49,145		74,827		89,851
Industrial development bonds		12,502		12,502		12,502
Uncommitted borrowings		9,366		15,840		10,242
Total Non-publicly Traded Debt	$	71,013	$	257,124	$	457,498

In the first quarter of 2012, we issued $400,000 of unsecured Senior Notes that mature on January 15, 2022 with a coupon rate of 4.20%. The net proceeds were $396,816. The public offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. We used the net proceeds for general corporate purposes, including paying down our commercial paper borrowings and subsequent to the end of our second quarter, retiring our $200,000 of 5.625% Senior Notes that matured on May 1, 2012.

Our credit facilities have covenants that require us to maintain certain financial ratios. We were in compliance with these covenants as of April 27, 2012. Our debt covenants do not limit, nor are they reasonably likely to limit, our ability to obtain additional debt or equity financing.

To ensure availability of funds, we maintain uncommitted bank lines of credit sufficient to cover outstanding short-term borrowings. These arrangements are reviewed periodically for renewal and modification.

We invest in short-term securities, including money market funds, with high-credit quality financial institutions and diversify our holdings among such financial institutions to reduce our exposure to credit losses. The fair values of our short-term securities are $109,995, $34,114 and $16,751 as of April 27, 2012, October 28, 2011 and April 29, 2011, respectively. The money market funds are included in our cash and cash equivalents and restricted cash balances with the carrying values approximating the fair values as the maturities are less than three months. These assets are classified as Level 1 inputs under the fair value hierarchy as the fair value is determined using observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. See Note 1 in Notes to Consolidated Financial Statements in our Form 10-K for more information on fair value measurements. There were no transfers of money market funds between Level 1 and Level 2 of the fair value hierarchy as of April 27, 2012, October 28, 2011 or April 29, 2011.

Restricted cash represents cash that is restricted from withdrawal. As of April 27, 2012, October 28, 2011 and April 29, 2011, we had restricted cash of $21,309, $20,378 and $16,977, respectively. The restricted cash primarily serves as collateral for our liability insurance programs.