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Company-Owned Life Insurance | 12 Months Ended
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Feb. 26, 2021
Company-Owned Life Insurance [Abstract] |
Company-Owned Life Insurance | COMPANY-OWNED LIFE INSURANCE Our investments in company-owned life insurance (“COLI”) policies are recorded at their net cash surrender value. Our investments in COLI are intended to be utilized as a long-term funding source for post-retirement medical benefits, deferred compensation and defined benefit pension plan obligations. The designation of our COLI investments as funding sources for our long-term benefit plan obligations does not result in these investments representing a committed funding source for these obligations. They are subject to claims from creditors, and we can designate any portion of them to another purpose at any time. The net returns in cash surrender value, normal insurance expenses and any maturity benefits related to our investments in COLI policies ("COLI income") are recorded in Operating expenses on the Consolidated Statements of Income. COLI income is intended to offset the expense associated with long-term benefit plan obligations which are also recorded in Operating expenses on the Consolidated Statements of Income. COLI income totaled $12.3 in 2021, $6.6 in 2020 and $7.5 in 2019. The balances of our COLI investments as of February 26, 2021 and February 28, 2020 were as follows:
Type | Ability to Choose Investments | Net Return | Target Asset Allocation as of February 26, 2021 | Net Cash Surrender Value
February 26, 2021 | February 28, 2020
Whole life COLI policies | No ability | A rate of return set periodically by the insurance companies | Not applicable | $ | 111.3 |  |  | $ | 110.3 |  |
Variable life COLI policies | Can allocate across a set of choices provided by the insurance companies | Fluctuates depending on performance of underlying investments | 50% fixed income; 50% equity | 58.2 |  |  | 49.7 |  |
|  |  |  | $ | 169.5 |  |  | $ | 160.0 |  |

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- Definition Company-Owned Life Insurance [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for corporate (COLI) or bank (BOLI) owned life insurance including the amount of cash surrender value that could be received as of the date of the statement of financial position, any restrictions on the company's ability to obtain the value of the life insurance policy on surrender, or any other additional information desired to be disclosed. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 + Details
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