PBY » Topics » Assets and Liabilities that are Measured at Fair Value on a Recurring Basis:

These excerpts taken from the PBY 10-K filed Apr 15, 2009.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis:

        Effective February 3, 2008, the application of fair value under SFAS No. 157 (as amended by FSP Nos. 157-1,157-2, and 157-3) related to the Company's long-term investments and interest rate swap agreements. These items were previously, and will continue to be, recorded at fair value at each balance sheet date. The information in the following paragraphs and tables primarily addresses matters relative to these financial assets and liabilities.

        Derivative liability:

        The Company has an interest rate swap which is within the scope of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." The Company values this swap using observable market data to discount projected cash flows and for credit risk adjustments. The inputs used to value our derivative fall within Level 2 of the fair value hierarchy.

        Cash Equivalents:

        Cash equivalents, other than credit card receivables, include highly liquid investments with an original maturity of three months or less at acquisition. We carry these investments at cost, which approximates fair value. As a result, we have determined that our cash equivalents in their entirety are classified as a Level 1 within the fair value hierarchy.

        The following table provides information by level for assets and liabilities that are measured at fair value, as defined by SFAS No. 157, on a recurring basis.

 
   
  Fair Value Measurements
Using Inputs Considered as
 
 
  Fair
Value at
January 31,
2009
 
(dollar amounts in thousands)
Description
  Level 1   Level 2   Level 3  

Assets:

                         
 

Cash and Cash Equivalents

  $ 21,332   $ 21,332              

Liabilities:

                         

Other Long-term liabilities
Derivative liability

  $ 15,808         $ 15,808        

83


Table of Contents


THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Years ended January 31, 2009, February 2, 2008 and February 3, 2007

(dollar amounts in thousands, except share data)

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis:





        Effective February 3, 2008, the application of fair value under SFAS No. 157 (as amended by FSP
Nos. 157-1,157-2, and 157-3) related to the Company's long-term investments and interest rate swap agreements. These items were previously, and
will continue to be, recorded at fair value at each balance sheet date. The information in the following paragraphs and tables primarily addresses matters relative to these financial assets and
liabilities.



        Derivative
liability:



        The
Company has an interest rate swap which is within the scope of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." The Company values this swap using
observable market data to discount projected cash flows and for credit risk adjustments. The inputs used to value our derivative fall within Level 2 of the fair value hierarchy.



        Cash
Equivalents:



        Cash
equivalents, other than credit card receivables, include highly liquid investments with an original maturity of three months or less at acquisition. We carry these investments at
cost, which approximates fair value. As a result, we have determined that our cash equivalents in their entirety are classified as a Level 1 within the fair value hierarchy.




        The
following table provides information by level for assets and liabilities that are measured at fair value, as defined by SFAS No. 157, on a recurring basis.
















































































































 
  
 Fair Value Measurements

Using Inputs Considered as
 
 
 Fair

Value at

January 31,

2009
 
(dollar amounts in thousands)

Description



 Level 1  Level 2  Level 3  

Assets:

             
 

Cash and Cash Equivalents

 $21,332 $21,332       

Liabilities:

             

Other Long-term liabilities

Derivative liability

 $15,808    $15,808    



83









HREF="#bg47201a_main_toc">Table of Contents





THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)



Years ended January 31, 2009, February 2, 2008 and February 3, 2007



(dollar amounts in thousands, except share data)



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Apr 15, 2009

"Assets and Liabilities that are Measured at Fair Value on a Recurring Basis:" elsewhere:

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