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Fair Value Measurements (Tables)

3 Months Ended

Oct. 29, 2011

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis:

	October 29, 2011		July 30, 2011
	(millions)
Financial assets carried at fair value:
Municipal bonds(a)	$	179.4	$	179.2
Auction rate securities(b)		8.9		12.0
Total	$	188.3	$	191.2

(a)

Based on Level 1 measurements.

(b)

Based on Level 3 measurements.

Reconciliation of Beginning and Ending Balances of Investment Securities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table provides a reconciliation of the beginning and ending balances of the investment securities measured at fair value using significant unobservable inputs (Level 3):

	Three Months Ended
Level 3 (Unobservable inputs)	October 29, 2011			October 30, 2010
	(millions)
Balance at beginning of period	$	12.0		$	22.7
Change in temporary valuation adjustment included in other comprehensive income		0.3			0.1
Redemptions at par		(3.4	)		(6.9	)
Balance at end of period	$	8.9		$	15.9

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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