Investments And Restricted Investments

6 Months Ended

Jul. 30, 2011

Investments And Restricted Investments

Note B: Investments and Restricted Investments

The amortized cost and fair value of the Company's available-for-sale securities as of July 30, 2011 were:


($000)	Amortized		Unrealized		Unrealized
Investments	cost		gains		losses			Fair value		Short-term		Long-term
Corporate securities	$	5,818	$	532	$	(52	)	$	6,298	$	622	$	5,676
Mortgage-backed securities		858		46		-			904		337		567
Total investments		6,676		578		(52	)		7,202		959		6,243

Restricted Investments
Corporate securities		1,355		117		-			1,472		-		1,472
U.S. government and agency
securities		4,782		237		-			5,019		1,004		4,015
Total restricted investments		6,137		354		-			6,491		1,004		5,487

Total	$	12,813	$	932	$	(52	)	$	13,693	$	1,963	$	11,730

The amortized cost and fair value of the Company's available-for-sale securities as of January 29, 2011 were:


	Amortized		Unrealized		Unrealized
($000)	cost		gains		losses			Fair value		Short-term		Long-term
Corporate securities	$	7,465	$	634	$	(37	)	$	8,062	$	300	$	7,762
U.S. government and agency
securities		7,959		77		(5	)		8,031		2,366		5,665
Mortgage-backed securities		1,111		82		-			1,193		538		655
Total	$	16,535	$	793	$	(42	)	$	17,286	$	3,204	$	14,082

The amortized cost and fair value of the Company's available-for-sale securities as of July 31, 2010 were:


	Amortized		Unrealized		Unrealized
($000)	cost		gains		losses			Fair value		Short-term		Long-term
Corporate securities	$	8,157	$	681	$	(54	)	$	8,784	$	1,009	$	7,775
U.S. Government and agency
securities		10,572		174		(2	)		10,744		352		10,392
Mortgage-backed securities		1,433		65		-			1,498		1,130		368
Total	$	20,162	$	920	$	(56	)	$	21,026	$	2,491	$	18,535

Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. This fair value hierarchy also requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

Investments and restricted investments measured at fair value at July 30, 2011 are summarized below:



			Fair Value Measurements at Reporting Date
			Quoted
			prices in
			active		Significant
			markets for		other		Significant
			identical		observable		unobservable
($000)	July 30,		assets		inputs		inputs
Investments	2011		(Level 1)		(Level 2)		(Level 3)
Corporate securities	$	6,298	$	-	$	6,298	$	-
Mortgage-backed securities		904		-		904		-
Total investments		7,202		-		7,202		-

Restricted Investments
Corporate securities		1,472		-		1,472		-
U.S. government and agency securities		5,019		5,019		-		-
Total restricted investments		6,491		5,019		1,472		-

Total	$	13,693	$	5,019	$	8,674	$	-

Investments measured at fair value at January 29, 2011 are summarized below:



			Fair Value Measurements at Reporting Date
			Quoted
			prices in
			active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	January 29,		assets		inputs		inputs
($000)	2011		(Level 1)		(Level 2)		(Level 3)
Corporate securities	$	8,062	$	-	$	8,062	$	-
U.S. government and agency securities		8,031		8,031		-		-
Mortgage-backed securities		1,193		-		1,193		-
Total	$	17,286	$	8,031	$	9,255	$	-

Investments measured at fair value at July 31, 2010 are summarized below:



			Fair Value Measurements at Reporting Date
			Quoted
			prices in
			active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	July 31,		assets		inputs		inputs
($000)	2010		(Level 1)		(Level 2)		(Level 3)
Corporate securities	$	8,784	$	-	$	8,784	$	-
U.S. Government and agency securities		10,744		10,744		-		-
Mortgage-backed securities		1,498		-		1,498		-
Total	$	21,026	$	10,744	$	10,282	$	-

The maturities of investment securities at July 30, 2011 were:



	Investments				Restricted Investments
			Estimated				Estimated
($000)	Cost basis		fair value		Cost basis		fair value
Maturing in one year or less	$	915	$	959	$	1,002	$	1,004
Maturing after one year through five years		3,183		3,277		1,499		1,622
Maturing after five years through ten years		2,578		2,966		3,636		3,865
	$	6,676	$	7,202	$	6,137	$	6,491

The underlying assets in the Company's non-qualified deferred compensation program totaling $69.0 million as of July 30, 2011 (included in other long-term assets and in other long-term liabilities) primarily consist of participant directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) totaled $59.3 million as of July 30, 2011. The fair value measurement for funds without quoted market prices in active markets (Level 2) totaled $9.7 million as of July 30, 2011. Fair market value for these Level 2 funds is considered to be the sum of participant funds invested under a group annuity contract plus accrued interest.