v3.25.2
Fair Value
 6 Months Ended
Aug. 29, 2025
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 payable 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.
Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of August 29, 2025 and February 28, 2025 are summarized below:
 Fair Value of Financial InstrumentsAugust 29, 2025
Level 1Level 2Level 3Total
Assets:    
Cash and cash equivalents$216.8 $— $— $216.8 
Restricted cash7.3 — — 7.3 
Managed investment portfolio:
Corporate debt securities - domestic— 17.6 — 17.6 
Corporate debt securities - foreign— 5.2 — 5.2 
Asset-backed securities— 9.8 — 9.8 
U.S. government debt securities8.5 — — 8.5 
Foreign exchange forward contracts— 3.0 — 3.0 
Auction rate security— — 2.7 2.7 
 $232.6 $35.6 $2.7 $270.9 
Liabilities:
Foreign exchange forward contracts$— $(0.3)$— $(0.3)
 $— $(0.3)$— $(0.3)
Fair Value of Financial InstrumentsFebruary 28, 2025
Level 1Level 2Level 3Total
Assets:    
Cash and cash equivalents$346.3 $— $— $346.3 
Restricted cash7.5 — — 7.5 
Managed investment portfolio:
Corporate debt securities - domestic— 18.0 — 18.0 
Corporate debt securities - foreign— 5.7 — 5.7 
Asset-backed securities— 8.6 — 8.6 
U.S. government debt securities9.3 — — 9.3 
Foreign exchange forward contracts— 0.8 — 0.8 
Auction rate security— — 2.8 2.8 
 $363.1 $33.1 $2.8 $399.0 
Liabilities:    
Foreign exchange forward contracts$— $(1.4)$— $(1.4)
 $— $(1.4)$— $(1.4)
Our managed investment portfolio consists of corporate debt securities, asset-backed securities and U.S. government debt securities. These investments are considered available-for-sale and are classified as Short-term investments on the Condensed Consolidated Balance Sheets. As of August 29, 2025, the fair value of our Short-term investments was $41.1. We have instructed our investment manager to operate under a mandate to keep the average duration of investments under two years. Fair values for these investments are based upon valuations for identical or similar instruments in active markets, with the resulting net unrealized holding gains or losses reflected net of tax as a component of Accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets. The cost basis for these investments, determined using the specific identification method, was $40.4 and unrealized gains were $0.7 as of August 29, 2025. Of our total short-term investments, $10.4 mature within one year and $30.7 mature after one year through five years.
We may use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. We do not use derivatives for speculative or trading purposes.
Our total debt is carried at cost and was $447.4 and $447.1 as of August 29, 2025 and February 28, 2025, 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 $443.7 and $432.8 as of August 29, 2025 and February 28, 2025, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.