Fair Value Measurements

3 Months Ended

May 28, 2016

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). We do not have any Level 3 assets or liabilities.



(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
May 28, 2016
Cash equivalents
Money market funds	$	12,045	$	—	$	12,045
Commercial paper	—		11,416		11,416
Total cash equivalents	12,045		11,416		23,461
Short-term securities
Mutual funds	30,177		—		30,177
Municipal bonds	—		325		325
Total short-term securities	30,177		325		30,502
Long-term securities
Municipal bonds	—		12,930		12,930
Total assets at fair value	$	42,222	$	24,671	$	66,893
February 27, 2016
Cash equivalents
Money market funds	$	23,199	$	—	$	23,199
Commercial paper	—		29,774		29,774
Total cash equivalents	23,199		29,774		52,973
Short-term securities
Mutual funds	30,123		—		30,123
Municipal bonds	—		50		50
Total short-term securities	30,123		50		30,173
Long-term securities
Municipal bonds	—		12,519		12,519
Total assets at fair value	$	53,322	$	42,343	$	95,665

Cash equivalents

Fair value of money market funds was determined based on quoted prices in active markets. Commercial paper was measured at fair value using inputs based on quoted prices for similar securities in active markets.

Short- and long-term securities

Mutual funds were measured at fair value based on quoted prices for identical assets in active markets.

Municipal bonds were measured 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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