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EXCEL - IDEA: XBRL DOCUMENT - CRACKER BARREL OLD COUNTRY STORE, INCFinancial_Report.xls
10-Q - CRACKER BARREL OLD COUNTRY STORE, INC 10-Q 11-2-2012 - CRACKER BARREL OLD COUNTRY STORE, INCform10q.htm
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v2.4.0.6
Fair Value Measurements
3 Months Ended
Nov. 02, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
2.           Fair Value Measurements

The Company's assets and liabilities measured at fair value on a recurring basis at November 2, 2012 were as follows:
 
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
 
Significant
Other
Observable
Inputs
(Level 2)
 
 
Significant
Unobservable
Inputs
(Level 3)
 
 
Fair Value as
of November 2,
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents*
 
$
23,934
 
 
$
--
 
 
$
--
 
 
$
23,934
 
Deferred compensation plan assets**
 
 
30,778
 
 
 
--
 
 
 
--
 
 
 
30,778
 
Total assets at fair value
 
$
54,712
 
 
$
--
 
 
$
--
 
 
$
54,712
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap liability (see Note 5)
 
$
--
 
 
$
28,880
 
 
$
--
 
 
$
28,880
 
Total liabilities at fair value
 
$
--
 
 
$
28,880
 
 
$
--
 
 
$
28,880
 

The Company's assets and liabilities measured at fair value on a recurring basis at August 3, 2012 were as follows:
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
 
Significant
Other
Observable
Inputs
(Level 2)
 
 
Significant
Unobservable
Inputs
(Level 3)
 
 
Fair Value as
of August 3,
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents*
 
$
104,531
 
 
$
--
 
 
$
--
 
 
$
104,531
 
Deferred compensation plan assets**
 
 
29,443
 
 
 
--
 
 
 
--
 
 
 
29,443
 
Total assets at fair value
 
$
133,974
 
 
$
--
 
 
$
--
 
 
$
133,974
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap liability (see Note 5)
 
$
--
 
 
$
34,381
 
 
$
--
 
 
$
34,381
 
Total liabilities at fair value
 
$
--
 
 
$
34,381
 
 
$
--
 
 
$
34,381
 

*Consists of money market fund investments.
**Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company's non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets.

The Company's money market fund investments and deferred compensation plan assets are measured at fair value using quoted market prices.  The fair value of the Company's interest rate swap liabilities is determined based on the present value of expected future cash flows.  Since the values of the Company's interest rate swaps are based on the LIBOR forward curve, which is observable at commonly quoted intervals for the full terms of the swaps, it is considered a Level 2 input.  Nonperformance risk is reflected in determining the fair value of the interest rate swaps by using the Company's credit spread less the risk-free interest rate, both of which are observable at commonly quoted intervals for the terms of the swaps.  Thus, the adjustment for nonperformance risk is also considered a Level 2 input.
 
The fair values of the Company's accounts receivable and accounts payable approximate their carrying amounts because of their short duration.  The fair value of the Company's variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amount at November 2, 2012 and August 3, 2012.