Fair Value Measurement

12 Months Ended

Oct. 26, 2012

Fair Value Measurement [Abstract]

Fair Value Measurement

NOTE 18 – FAIR VALUE MEASUREMENT

We measure certain assets and liabilities at fair value or disclose the fair value of certain assets and liabilities recorded at cost in the Consolidated Financial Statements on both a recurring and non-recurring basis. Fair value is defined as an exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a hierarchy for inputs used in measuring fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs must be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available. Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the inputs used in the valuation. We classify assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. There were no transfers between levels for all periods presented. The three levels are defined as follows:

• Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

• Level 3: Unobservable inputs that reflect an entity's own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.

Recurring Fair Value Measurements

The following tables provide information by level for assets and liabilities that are recorded at fair value on a recurring basis:

	Fair Value at October 26, 2012		Fair Value Measurements Using Inputs Considered as
			Level 1		Level 2		Level 3
Assets
Short-term securities1	$	122,273	$	122,273	$	—	$	—
Restricted cash		19,907		19,907		—		—
Foreign currency contracts2		16		—		16		—
Total assets	$	142,196	$	142,180	$	16	$	—

	Fair Value at October 28, 2011		Fair Value Measurements Using Inputs Considered as
			Level 1		Level 2		Level 3
Assets
Short-term securities1	$	17,627	$	17,627	$	—	$	—
Restricted cash		20,378		20,378		—		—
Foreign currency contracts2		3		—		3		—
Total assets	$	38,008	$	38,005	$	3	$	—
Liabilities
Treasury lock contracts2	$	20,005	$	—	$	20,005	$	—
Total liabilities	$	20,005	$	—	$	20,005	$	—

1	Short-term securities are included in our cash and cash equivalents balance in the Consolidated Balance Sheets. See Note 1 for additional information on restricted cash.
2	Foreign currency contracts are included in prepaid expenses and other in the Consolidated Balance Sheets. Treasury lock contracts are included in other accrued liabilities in the Consolidated Balance Sheets. The fair market value was estimated using observable market data for similar financial instruments. See Note 6 for additional information on derivative financial instruments.

The following tables provide information regarding the estimated fair value of our outstanding debt. We did not elect the option to report our debt at fair value in our Consolidated Balance Sheets.

	Fair Value at October 26, 2012		Fair Value Measurements Using Inputs Considered as
			Level 1		Level 2		Level 3
Debt3
Publicly traded debt	$	1,141,105	$	1,141,105	$	—	$	—
Non-publicly traded debt		150,575		—		150,575		—
Total Debt	$	1,291,680	$	1,141,105	$	150,575	$	—

	Fair Value at October 28, 2011		Fair Value Measurements Using Inputs Considered as
			Level 1		Level 2		Level 3
Debt3
Publicly traded debt	$	888,251	$	888,251	$	—	$	—
Non-publicly traded debt		255,807		—		255,807		—
Total Debt	$	1,144,058	$	888,251	$	255,807	$	—

³ Debt is recorded at carrying value of $1,151,109 and $1,057,124 on the Consolidated Balance Sheet as of October 26, 2012 and October 28, 2011, respectively. The fair value of our publicly traded debt is based on quoted prices (unadjusted) in active markets. 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. In addition, the carrying values of our commercial paper, included in non-publicly traded debt, approximate fair value as the maturities are less than three months. See Note 5 for additional information on debt.

Nonrecurring Fair Value Measurements

We measure certain assets at fair value on a nonrecurring basis. These assets include goodwill, long-lived tangible and intangible assets and assets acquired and liabilities assumed as part of an acquisition. See Note 8 for further information.