Fair Value Measurements

3 Months Ended

May. 30, 2015

Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). The Company does not have any Level 3 assets or liabilities.

Financial assets measured at fair value on a recurring basis as of May 30, 2015 and February 28, 2015, are summarized below:



(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
May 30, 2015
Cash equivalents
Money market funds	$	18,363	$	—	$	18,363
Short-term securities
Mutual funds	$	29,998	$	—	$	29,998
Commercial paper	$	—	$	5,000	$	5,000
Municipal bonds	$	—	$	281	$	281
Total short-term securities	29,998		5,281		35,279
Long-term securities
Mutual funds	$	271	$	—	$	271
Municipal bonds	$	—	$	9,703	$	9,703
Total long-term securities	$	271	$	9,703	$	9,974
Total assets at fair value	$	48,632	$	14,984	$	63,616

February 28, 2015
Cash equivalents
Money market funds	$	34,386	$	—	$	34,386
Short-term securities
Municipal bonds	$	—	$	327	$	327
Long-term securities
Mutual funds	$	305			$	305
Municipal bonds	$	—	$	10,655	$	10,655
Total assets at fair value	$	34,691	$	10,982	$	45,673

The following methods were used to estimate the fair value of each class of financial instrument:

Cash equivalents

Cash equivalents consisted of highly liquid investments with an original maturity of three months or less. Money market funds were measured at fair value based on quoted prices in active markets.

Short- and long-term securities

Mutual funds were measured at fair value based on quoted prices in active markets. A portion of our mutual funds are considered a long-term funding source for the deferred compensation plan and are included in other non-current assets in the consolidated balance sheet.

Commercial paper was measured using inputs based upon quoted prices for similar instruments in active markets.

Municipal bonds were carried at fair value based on market prices from recent trades of similar securities and are classified as short-term or long-term based on maturity date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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