Fair Value
 9 Months Ended
Nov. 23, 2012
Fair Value Disclosures [Abstract]  
Fair Value
FAIR VALUE
The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our short-term investments, foreign exchange forward contracts and long-term investments are measured at fair value on the Condensed Consolidated Balance Sheets.
Our total debt is carried at cost and was $289.8 and $291.5 as of November 23, 2012 and February 24, 2012, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $312 and $305 as of November 23, 2012 and February 24, 2012, respectively.
We periodically use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes.
 
November 23, 2012
Fair Value of Financial Instruments
Level 1
Level 2
Level 3
Total
Assets:
 

 
 

 
 

 
 

Cash and cash equivalents
$
136.0

 
$
—

 
$
—

 
$
136.0

Managed investment portfolio and other investments
 
 
 
 
 
 
 
Corporate debt securities
—

 
36.1

 
—

 
36.1

U.S. agency debt securities
—

 
36.6

 
—

 
36.6

U.S. government debt securities
4.4

 
—

 
—

 
4.4

Other investments
3.5

 
0.3

 
—

 
3.8

Foreign exchange forward contracts
—

 
0.7

 
—

 
0.7

Auction rate securities
—

 
—

 
13.9

 
13.9

Canadian asset-backed commercial paper restructuring notes
—

 
—

 
4.1

 
4.1

 
$
143.9

 
$
73.7

 
$
18.0

 
$
235.6

Liabilities
 

 
 

 
 

 
 

Foreign exchange forward contracts
$
—

 
$
(1.8
)
 
$
—

 
$
(1.8
)
 
$
—

 
$
(1.8
)
 
$
—

 
$
(1.8
)
 
 
 
 
 
 
 
 
 
February 24, 2012
Fair Value of Financial Instruments
Level 1
Level 2
Level 3
Total
Assets:
 

 
 

 
 

 
 

Cash and cash equivalents
$
112.1

 
$
—

 
$
—

 
$
112.1

Managed investment portfolio and other investments
 
 
 
 
 
 
 
Corporate debt securities
—

 
47.8

 
—

 
47.8

U.S. agency debt securities
—

 
27.7

 
—

 
27.7

U.S. government debt securities
1.5

 
—

 
—

 
1.5

Asset backed securities
—

 
0.9

 
—

 
0.9

Municipal debt securities
—

 
0.9

 
—

 
0.9

Other investments
3.5

 
0.3

 
—

 
3.8

Foreign exchange forward contracts
—

 
0.9

 
—

 
0.9

Auction rate securities
—

 
—

 
12.9

 
12.9

Canadian asset-backed commercial paper restructuring notes
—

 
—

 
4.1

 
4.1

 
$
117.1

 
$
78.5

 
$
17.0

 
$
212.6

Liabilities
 

 
 

 
 

 
 

Foreign exchange forward contracts
$
—

 
$
(2.1
)
 
$
—

 
$
(2.1
)
 
$
—

 
$
(2.1
)
 
$
—

 
$
(2.1
)


Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the nine months ended November 23, 2012:
Roll-Forward of Fair Value Using Level 3 Inputs
Auction Rate Securities
Canadian
Asset-Backed
Commercial
Paper
Restructuring Notes
Balance as of February 24, 2012
$
12.9

 
$
4.1

Unrealized gain on investments
1.0

 
—

Other-than-temporary impairments
—

 
—

Balance as of November 23, 2012
$
13.9

 
$
4.1