FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 04, 2012

FAIR VALUE MEASUREMENTS [Abstract]

Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis

The following table presents the fair values of our financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall (in thousands):

	Level		September 4, 2012			June 5, 2012
Deferred compensation plan: other investments – Assets		1	$	8,449		$	7,974
Deferred compensation plan: other investments – Liabilities		1		(8,449	)		(7,974	)
Deferred compensation plan: RTI common stock – Equity		1		962			1,008
Deferred compensation plan: RTI common stock – Equity		1		(962	)		(1,008	)
Total			$	–		$	–

Fair Values of Financial Assets and Liabilities Measured on a Non-Recurring basis

The following table presents the fair values for those assets and liabilities measured on a non-recurring basis and remaining on our Condensed Consolidated Balance Sheets as of September 4, 2012 and June 5, 2012 (in thousands):

	Fair Value Measurements
	Level		September 4, 2012			June 5, 2012
Long-lived assets held for sale *		2		$	26,256		$	26,495
Long-lived assets held for use		2			448			385
Total				$	26,704		$	26,880

* Included in the carrying value of long-lived assets held for sale as of September 4, 2012 and June 5, 2012 are $18.4 million and $21.8 million, respectively, of assets included in Construction in progress in the Condensed Consolidated Balance Sheet as we do not expect to sell these assets within the next 12 months.

The following table presents the losses recognized during the 13 weeks ended September 4, 2012 and August 30, 2011 resulting from fair value measurements of assets and liabilities measured on a non-recurring basis.  These losses are included in Closures and impairments in our  Condensed Consolidated Statements of Income and Comprehensive Income (in thousands):

	13 weeks ended
	September 4, 2012		August 30, 2011
Long-lived assets held for sale	$	157	$	206
Long-lived assets held for use		291		–
Total	$	448	$	206

Carrying Amounts and Fair Values of Other Financial Instruments Not Measured on a Recurring Basis

Our financial instruments at September 4, 2012 and June 5, 2012 consisted of cash and cash equivalents, accounts receivable and payable, long-term debt, and letters of credit.  The fair values of cash and cash equivalents and accounts receivable and payable approximated carrying value because of the short-term nature of these instruments.  The carrying amounts and fair values of our other financial instruments not measured on a recurring basis using fair value, however subject to fair value disclosures are as follows (in thousands):

	September 4, 2012				June 5, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt and capital leases	$	322,111	$	318,540	$	326,663	$	312,225
Letters of credit		–		247		–		222