Fair Value Measurements

6 Months Ended

Oct. 09, 2011

Fair Value Measurements

4. Fair Value Measurements

The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate fair value due to the short-term nature of the items as of October 9, 2011 and March 27, 2011. We believe that the carrying amount of our debt at March 27, 2011 approximated fair value due to the variable rates associated with the debt instrument and the recent amendment to our line of credit agreement in fiscal year 2011 (refer to Note 5, Long-Term Debt). We had no borrowings outstanding under the credit facility as of October 9, 2011.

As of October 9, 2011, we held certain publicly traded mutual funds that invest in debt and equity securities, included in investment securities available for sale – restricted in our accompanying condensed consolidated balance sheets, that are required to be measured at fair value on a recurring basis. We invest in these mutual funds to mirror and track the performance of the elections made by employees that participate in our deferred compensation plan. These mutual fund investments are classified as available for sale and are carried at fair value, with unrealized gains and losses reflected as a separate component of stockholders’ equity. We determined the fair value of our investment securities available for sale using quoted market prices (Level 1 in the fair value hierarchy).   

The following tables disclose, as of October 9, 2011 and March 27, 2011, our available for sale investment securities at both the cost basis and fair value by investment type. None of our available for sale investment securities were in a material loss position as of October 9, 2011 or March 27, 2011.

	October 9, 2011				March 27, 2011
	Cost		Fair value		Cost		Fair value
Equity securities	$	386	$	378	$	360	$	439
Fixed income securities		63		69		65		67
Money market fund deposits		33		33		113		113
	$	482	$	480	$	538	$	619

We periodically evaluate unrealized losses in our available for sale investment securities for other-than-temporary impairment using both qualitative and quantitative criteria and, as of October 9, 2011, determined that there was no material other-than-temporary impairment.

Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in the valuation of our reporting units for the purpose of assessing goodwill impairment and the valuation of property and equipment when assessing long-lived asset impairment. None of our nonfinancial assets or nonfinancial liabilities were adjusted to fair value during the seven periods ended October 9, 2011.