Fair Value

9 Months Ended

Jan. 22, 2012

Fair Value

Fair Value

9.  Fair Value

The fair value of our interest swap and cap contracts are recorded using Level 3 inputs at the present value of all expected future cash flows based on the LIBOR-based swap yield curve as of the date of the valuation.

The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three and nine months ended January 22, 2012 and January 23, 2011:

	Three Months Ended						Nine Months Ended
Interest Rate Hedges	January 22, 2012			January 23, 2011			January 22, 2012			January 23, 2011
Beginning Balance	$	(3,663	)	$	(8,060	)	$	(5,004	)	$	(12,927	)
Realized gains/(losses)	749			2,345			2,116			7,208
Unrealized gains/(losses)	(3		)	63			(29		)	67
Ending Balance	$	(2,917	)	$	(5,652	)	$	(2,917	)	$	(5,652	)

Financial Instruments - The estimated carrying amounts and fair values of our other financial instruments are as follows:

	January 22, 2012				April 24, 2011
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	72,426	$	72,426	$	75,178	$	75,178
Marketable securities	25,650		25,650		22,173		22,173
Restricted cash and investments	12,492		12,492		12,810		12,810
Notes receivable	1,923		1,923		3,788		3,788
Financial liabilities:
Revolving line of credit	$	10,000	$	8,550	$	33,000	$	31,350
Variable rate term loans	496,500		498,111		500,000		505,000
7% Senior subordinated notes	357,275		351,916		357,275		358,615
7.75% Senior notes	297,970		277,857		297,815		305,055
Other long-term debt	3,927		3,927		4,504		4,504
Other long-term obligations	16,870		16,870		16,694		16,694

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash and cash equivalents, restricted cash and notes receivable are carried at cost, which approximates fair value due to their short-term maturities.

Marketable securities are based upon Level 1 inputs obtained from quoted prices available in active markets and represent the amounts we would expect to receive if we sold these marketable securities.

The fair value of our long-term debt or other long-term obligations is estimated based on the quoted market price of the underlying debt issue or, when a quoted market price is not available, the discounted cash flow of future payments utilizing current rates available to us for debt of similar remaining maturities. Debt obligations with a short remaining maturity are valued at the carrying amount.