Fair Value Measurements

9 Months Ended

Dec. 01, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Financial assets measured at fair value as of December 1, 2012 and March 3, 2012, are summarized below:

(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value
December 1, 2012
Cash equivalents
Money market funds	$	17,886	$	—	$	—	$	17,886
Total cash equivalents	17,886		—		—		17,886
Short-term marketable securities available for sale
Municipal bonds	$	—	$	25,154	$	—	$	25,154
Total short-term marketable securities available for sale	—		25,154		—		25,154
Marketable securities available for sale
Municipal bonds	$	—	$	10,356	$	—	$	10,356
Total marketable securities available for sale	—		10,356		—		10,356
Restricted investments
Money market funds	$	26,682	$	—	$	—	$	26,682
Total restricted investments	26,682		—		—		26,682
Mutual fund investments
Mutual funds	$	174	$	—	$	—	$	174
Total mutual fund investments	174		—		—		174
Total assets at fair value	$	44,742	$	35,510	$	—	$	80,252
March 3, 2012
Cash equivalents
Money market funds	$	46,141	$	—	$	—	$	46,141
Total cash equivalents	46,141		—		—		46,141
Short-term marketable securities available for sale
Municipal bonds	$	—	$	11,664	$	—	$	11,664
Total short-term marketable securities available for sale	—		11,664		—		11,664
Marketable securities available for sale
Municipal bonds	$	—	$	7,936	$	—	$	7,936
Total marketable securities available for sale	—		7,936		—		7,936
Restricted investments
Money market funds	$	23,136	$	—	$	—	$	23,136
Total restricted investments	23,136		—		—		23,136
Mutual fund investments
Mutual funds	$	1,150	$	—	$	—	$	1,150
Total mutual fund investments	1,150		—		—		1,150
Total assets at fair value	$	70,427	$	19,600	$	—	$	90,027

Cash equivalents

Cash equivalents include highly liquid investments with an original maturity of three months or less, and consist primarily of money market funds. The cash equivalents are held at fair value based on quoted market prices, which approximates stated cost.

Short-term marketable securities available for sale

The Company has short-term marketable securities available for sale of $25.2 million as of December 1, 2012, consisting of municipal bonds. The Company classifies these short-term marketable securities as “available-for-sale,” and they are carried at fair market value based on market prices from recent trades of similar securities.

Marketable securities available for sale

The Company has $10.4 million of marketable securities available for sale, consisting of municipal bonds. All of the Company’s fixed maturity investments are classified as “available-for-sale,” are carried at fair value and are reported as marketable securities available for sale in the consolidated balance sheet. These investments are held at fair value based on prices from recent trades of similar securities.

Restricted investments

The Company has $12.4 million of current restricted investments consisting of money market funds that were required to be made available to cover our exposure for letters of credit outside of our revolving credit facility. The Company has $14.3 million of long-term restricted investments consisting of money market funds, which are short-term in nature but are restricted for future investment in the Company’s architectural glass fabrication facility in Utah, and storefront and entrance business in Michigan, and are, therefore, classified as long term. The restricted investments are held at fair value based on quoted market prices, which approximate stated cost.

Mutual fund investments

The Company has $0.2 million of mutual fund investments as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet.