FLEETWOOD ENTERPRISES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(15) Fair Value of Financial Instruments
The Company has estimated the fair value of its financial instruments as of April 30, 2006, and April 24, 2005, based on relevant market information or using management estimates of discounted cash flows. The book and estimated fair values of financial instruments include those set out below or are discussed in Note 5:
| April 30, 2006 | April 24, 2005 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value |
Estimated Fair Value |
Book Value |
Estimated Fair Value |
||||||||||||
| (Amounts in thousands) | |||||||||||||||
| Cash and cash equivalents | $ | 123,141 | $ | 123,141 | $ | 27,849 | $ | 27,849 | |||||||
| Marketable investments | 22,768 | 22,768 | 17,267 | 17,267 | |||||||||||
| Cash value of Company-owned life insurance | 29,938 | 29,938 | 36,946 | 36,946 | |||||||||||
| Investments in unconsolidated subsidiaries | 8,892 | 8,892 | 8,892 | 8,892 | |||||||||||
| Other short-term borrowings | 7,476 | 7,476 | 56,661 | 56,661 | |||||||||||
| Long-term debt | 123,199 | 126,529 | 108,946 | 114,775 | |||||||||||
| Convertible subordinated debentures | 210,142 | 147,251 | 210,142 | 117,912 | |||||||||||