Hibbett Sports 2010 Annual Report Download - page 54

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NOTE 11. FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a three-level fair value hierarchy
that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as
follows:
 Level I – Quoted prices in active markets for identical assets or liabilities.
 Level II – Observable inputs other than quoted prices included in Level I.
 Level III – Unobservable inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities.
The table below segregates all financial assets and liabilities that are measured at fair value on a recurring
basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to
determine the fair value at January 30, 2010 and January 31, 2009 (in thousands):
Level I Level II Level III Level I Level II Level III
Short-term investments -$ -$ -$ 191$ -$ -$
Long-term investments 372 - - 141 - -
Total investments 372$ -$ -$ 332$ -$ -$
January 30, 2010 January 31, 2009
Long-term investments are reported in other assets on our consolidated balance sheets.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable.
Item 9A. Controls and Procedures.
(a) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer,
evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e)
under the Securities Exchange Act) as of October 31, 2009. Based on this evaluation, our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and procedures were designed and functioning
effectively to provide reasonable assurance that the information required to be disclosed in our Securities Exchange
Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and
Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure.
(b) Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rules 13a-15(f). Under the supervision and with the participation of
our management, including our principal executive officer and principal financial officer, we conducted an evaluation
of the effectiveness of our internal control over financial reporting as of January 30, 2010, based on the Internal
Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on our evaluation under the framework in Internal Control – Integrated Framework, our management
concluded that our internal control over financial reporting was effective as of January 30, 2010.
KPMG LLP, our independent registered public accounting firm, has issued an attestation report on the
Company’s internal control over financial reporting as of January 30, 2010 included in Item 8 herein.
(c) Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting during the fourth quarter of Fiscal
2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial
reporting.
Item 9B. Other Information.
None.