FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 2012

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 16—FAIR VALUE MEASUREMENTS

        Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts business. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine the fair values. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories:

Level 1:	Quoted market prices in active markets for identical assets or liabilities.
Level 2:	Observable market based inputs or unobservable inputs that are corroborated by market data.
Level 3:	Unobservable inputs that are not corroborated by market data.

        Recurring Fair Value Measurements.    The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of December 31, 2012:

			Fair Value Measurements at December 31, 2012 Using
(In thousands)	Total Carrying Value at December 31, 2012		Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Other long-term assets:
Money Market Mutual Funds	$	85	$	85	$	—	$	—
Equity securities, available-for-sale:
RealD Inc. Common Stock		13,707		13,707		—		—
Mutual Fund Large U.S. Equity		1,995		1,995		—		—
Mutual Fund Small/Mid U.S. Equity		413		413		—		—
Mutual Fund International		249		249		—		—
Mutual Fund Balance		150		150		—		—
Mutual Fund Fixed Income		349		349		—		—
Total assets at fair value	$	16,948	$	16,948	$	—	$	—

        The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of March 29, 2012:

			Fair Value Measurements at March 29, 2012 Using
	Total Carrying Value at March 29, 2012
(In thousands)			Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Other long-term assets:
Money Market Mutual Funds	$	72	$	72	$	—	$	—
Equity securities, available-for-sale:
RealD Inc. Common Stock		15,945		15,945		—		—
Mutual Fund Large U.S. Equity		2,186		2,186		—		—
Mutual Fund Small/Mid U.S. Equity		332		332		—		—
Mutual Fund International		146		146		—		—
Mutual Fund Broad U.S. Equity		34		34		—		—
Mutual Fund Balance		79		79		—		—
Mutual Fund Fixed Income		267		267		—		—
Total assets at fair value	$	19,061	$	19,061	$	—	$	—

        Valuation Techniques.    The Company's money market mutual funds are invested in funds that seek to preserve principal, are highly liquid, and therefore are recorded on the balance sheet at the principal amounts deposited, which equals fair value. The equity securities, available-for-sale, primarily consist of common stock and mutual funds invested in equity and fixed income funds and are measured at fair value using quoted market prices. See Note 7—Investments, for further information regarding RealD Inc. common stock and the related other-than-temporary impairment. The unrealized gain on the equity securities recorded in accumulated other comprehensive income as of December 31, 2012 was approximately $1,913,000.

        Nonrecurring Fair Value Measurements.    See Note 2—Merger, for information regarding the Company's assets and liabilities that were measured at fair value on a nonrecurring basis due to the Merger on August 30, 2012. The following table summarizes the fair value hierarchy of the Company's assets that were measured at fair value on a nonrecurring basis during fiscal 2012:

			Fair Value Measurements During Fiscal 2012 Using
(In thousands)	Total Carrying Value		Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total Losses
Property, net:
Property owned, net	$	99		—		—	$	99	$	285
Other long-term assets:
Investment in a joint venture		2,761		—		—		2,761		2,742

        In accordance with the provisions of the impairment of long-lived assets subsections of ASC 360-10, long-lived assets held and used that were considered impaired were written down to their fair value at December 29, 2011, March 29, 2012 and March 31, 2011 of $2,761,000, $99,000 and $10,587,000, respectively. For the fifty-two weeks ending March 29, 2012, the Company recorded impairments of long-lived assets of $285,000 and a charge to equity in earnings of non-consolidated entities of $2,742,000.

        Other Fair Value Measurement Disclosures.    The Company is required to disclose the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value:

			Fair Value Measurements at December 31, 2012 Using
(In thousands)	Total Carrying Value at December 31, 2012		Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Current Maturities of Corporate Borrowings	$	8,004	$	—	$	8,063	$	—
Corporate Borrowings		2,070,671		—		2,115,919		—

        Valuation Technique.    Quoted market prices were used to estimate fair value.

        At March 29, 2012, the carrying amount of the Company's liabilities for corporate borrowings was $2,146,534,000 and the fair value was approximately $2,146,136,000.