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EX-31.2 - SECTION 302 CFO CERTIFICATION - APOGEE ENTERPRISES, INC.d367176dex312.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - APOGEE ENTERPRISES, INC.d367176dex311.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - APOGEE ENTERPRISES, INC.d367176dex321.htm
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EX-32.2 - SECTION 906 CFO CERTIFICATION - APOGEE ENTERPRISES, INC.d367176dex322.htm
v2.4.0.6
Fair Value Measurements
3 Months Ended
Jun. 02, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
7. Fair Value Measurements

The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

 

Financial assets and liabilities measured at fair value as of June 2, 2012 and March 3, 2012, are summarized below:

 

                                 

(In thousands)

  Quoted Prices in
Active Markets
(Level 1)
    Other
Observable
Inputs
(Level 2)
    Unobservable
Inputs
(Level 3)
    Total Fair
Value
 

June 2, 2012

                               

Cash equivalents

                               

Money market funds

  $ 11,504     $ —       $ —       $ 11,504  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total cash equivalents

    11,504       —         —         11,504  

Short-term marketable securities available for sale

                               

Municipal bonds

  $ —       $ 20,909     $ —       $ 20,909  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total short-term marketable securities available for sale

    —         20,909       —         20,909  

Marketable securities available for sale

                               

Municipal bonds

  $ —       $ 10,279     $ —       $ 10,279  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total marketable securities available for sale

    —         10,279       —         10,279  

Restricted investments

                               

Money market funds

  $ 31,405     $ —       $ —       $ 31,405  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total restricted investments

    31,405       —         —         31,405  

Mutual fund investments

                               

Mutual funds

  $ 592     $ —       $ —       $ 592  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total mutual fund investments

    592       —         —         592  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets and liabilities at fair value

  $ 43,501     $ 31,188     $ —       $ 74,689  
   

 

 

   

 

 

   

 

 

   

 

 

 

March 3, 2012

                               

Cash equivalents

                               

Money market funds

  $ 46,141     $ —       $ —       $ 46,141  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total cash equivalents

    46,141       —         —         46,141  

Short-term marketable securities available for sale

                               

Municipal bonds

  $ —       $ 11,664     $ —       $ 11,664  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total short-term marketable securities available for sale

    —         11,664       —         11,664  

Marketable securities available for sale

                               

Municipal bonds

  $ —       $ 7,936     $ —       $ 7,936  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total marketable securities available for sale

    —         7,936       —         7,936  

Restricted investments

                               

Money market funds

  $ 23,136     $ —       $ —       $ 23,136  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total restricted investments

    23,136       —         —         23,136  

Mutual fund investments

                               

Mutual funds

  $ 1,150     $ —       $ —       $ 1,150  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total mutual fund investments

    1,150       —         —         1,150  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets and liabilities at fair value

  $ 70,427     $ 19,600     $ —       $ 90,027  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash equivalents

Cash equivalents include highly liquid investments with an original maturity of three months or less, and consist primarily of money market funds. The cash equivalents are held at fair value based on quoted market prices, which approximates stated cost.

Short-term marketable securities available for sale

The Company has short-term marketable securities available for sale of $20.9 million as of June 2, 2012, consisting of municipal bonds. The Company classifies these short-term marketable securities as “available-for-sale,” and they are carried at fair market value based on market prices from recent trades of similar securities.

Marketable securities available for sale

The Company has $10.3 million of marketable securities available for sale, consisting of municipal bonds. All of the Company’s fixed maturity investments are classified as “available-for-sale,” are carried at fair value and are reported as marketable securities available for sale in the consolidated balance sheet. These investments are held at fair value based on prices from recent trades of similar securities.

 

Restricted investments

The Company has $13.6 million of current restricted investments consisting of money market funds that were required to be made available to cover our exposure for letters of credit outside of our revolving credit facility and credit-card programs. The Company has $17.8 million of long-term restricted investments consisting of money market funds, which are short-term in nature but are restricted for future investment in the Company’s architectural glass fabrication facility in Utah and storefront and entrance business in Michigan, and are therefore classified as long-term. The restricted investments are held at fair value based on quoted market prices, which approximates stated cost.

Mutual fund investments

The Company has $0.6 million of mutual fund investments as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet.