Financial Instruments Fair Value Disclosure

12 Months Ended

Mar. 30, 2012

Financial Instruments Fair Value Disclosure [Abstract]

Financial Instruments Fair Value Disclosure

Note 15. Financial Instruments Fair Value Disclosure

The estimated fair values of the Company's financial instruments at March 30, 2012 and March 25, 2011 were as follows:

(in thousands)	2012				2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Short-term investments	$	26,245	$	26,245	$	56,860	$	56,860
Liabilities:
3¾% Convertible senior notes	$	10,500	$	1,537	$	10,500	$	8,709
7¼% Redeemable convertible subordinated debentures	$	23,704	$	8,178	$	23,704	$	21,334

The following methods and assumptions were used in estimating the fair values of financial instruments:

Cash and cash equivalents: The carrying amounts reported in the balance sheets for cash and cash equivalents approximate their estimated fair values due to their short maturities.

Short-term Investments: Fair values are based on quoted market prices and observable prices that are based on inputs not quoted on active markets, but corroborated by market data. See Note 2.

Restricted Cash: The carrying value approximates fair value.

Accrued Liabilities: The carrying value approximates fair value.

Convertible Debt: The Company has estimated the approximate fair value of these securities using the quoted market price or trade closest to March 30, 2012. Covertible debt was valued based on Level 2 inputs within the fair value hierarchy. See Note 2.

Foreign exchange contracts: The Company's foreign exchange forward contracts require an exchange of foreign currencies to U.S. dollars or vice versa, and generally mature in one month or less. As of March 30, 2012, the Company had no outstanding foreign exchange contracts. As of March 25, 2011, the Company had outstanding foreign exchange forward contracts with an aggregate notional amount of $5.9 million, which had a remaining maturity less than one month. The amounts recorded on the consolidated balance sheets for foreign exchange contracts are not material.

- 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.

+ References

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