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RECENTLY ADOPTED ACCOUNTING STANDARDS
3 Months Ended
May 21, 2011
RECENTLY ADOPTED ACCOUNTING STANDARDS  
RECENTLY ADOPTED ACCOUNTING STANDARDS

6.              RECENTLY ADOPTED ACCOUNTING STANDARDS

 

In January 2010, the Financial Accounting Standards Board (“FASB”) amended its standards related to fair value measurements and disclosures, which were effective for interim and annual fiscal periods beginning after December 15, 2009, except for disclosures about certain Level 3 activity that became effective for interim and annual periods beginning after December 15, 2010.  The new standards require the Company to disclose transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers as well as activity in Level 3 fair value measurements.  The new standards also require a more detailed level of disaggregation of the assets and liabilities being measured as well as increased disclosures regarding inputs and valuation techniques of the fair value measurements.  The Company adopted the amended standards effective January 31, 2010, except for disclosures about certain Level 3 activity.  The Company adopted the amended standards for disclosures about certain Level 3 activity effective January 30, 2011.  See Note 8 to the Consolidated Financial Statements for the Company’s fair value measurements and disclosures.