Fair Value

9 Months Ended

Jan. 27, 2013

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 27, 2013:

	Three Months Ended						Nine Months Ended
	January 27,			January 22,			January 27,			January 22,
Interest Rate Hedges	2013			2012			2013			2012
Beginning Balance	$	(1,708	)	$	(3,663	)	$	(2,493	)	$	(5,004	)
Realized gains/(losses)	460			749			1,245			2,116
Unrealized gains/(losses)	—			(3		)	—			(29		)
Ending Balance	$	(1,248	)	$	(2,917	)	$	(1,248	)	$	(2,917	)

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

	January 27, 2013				April 29, 2012
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	67,830	$	67,830	$	94,461	$	94,461
Marketable securities	25,136		25,136		24,943		24,943
Restricted cash	12,930		12,930		12,551		12,551
Notes receivable	96		96		1,293		1,293
Financial liabilities:
Revolving line of credit	$	10,000	$	9,300	$	—	$	—
Variable rate term loans	491,250		500,461		495,000		498,713
7.75% Senior notes	298,189		325,026		298,026		308,829
7% Senior subordinated notes	N/A		N/A		357,275		358,168
8.875% Senior subordinated notes	350,000		386,750		N/A		N/A
Other long-term debt	3,788		3,788		4,130		4,130
Other long-term obligations	16,732		16,732		16,556		16,556

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 (Level 1) 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 (Level 3). Debt obligations with a short remaining maturity are valued at the carrying amount.