Ross 2015 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2015 Ross annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 82

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82

52
Note B: Investments and Restricted Investments
Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the
inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as
quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly
observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the
Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified
within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and
models utilizing market observable inputs.
There were no transfers between Level 1 and Level 2 categories during the fiscal year ended January 30, 2016. The fair
value of the Company’s financial instruments are as follows:
($000)
January 30, 2016
January 31, 2015
Cash and cash equivalents
Level 1
761,602
696,608
Investments
Level 2
3,068
3,610
Restricted cash and cash equivalents
Level 1
67,947
71,992
Restricted investments
Level 1
3,736
3,828
The underlying assets in the Company’s non-qualified deferred compensation program as of January 30, 2016 and
January 31, 2015 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-
directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market
prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows:
($000)
2015
2014
Level 1
73,633
81,926
Level 2
12,440
12,128
Total
86,073
94,054