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Fair Value Measures and Disclosures | 12 Months Ended
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Feb. 28, 2025
Fair Value Disclosures [Abstract] |
Fair Value Disclosures [Text Block] | FAIR VALUE Fair value measurements are classified under the following hierarchy: •Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. •Level 2 — Inputs based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. •Level 3 — Inputs reflect management’s best estimate of what market participants would use to price the asset or liability at the measurement date in model-driven valuations. The inputs are unobservable in the market and significant to the instrument’s valuation. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be other significant inputs that are readily observable. Assets and liabilities measured at fair value within our Consolidated Balance Sheets as of February 28, 2025 and February 23, 2024 are summarized below:
Fair Value of Financial Instruments | February 28, 2025
Level 1 | Level 2 | Level 3 | Total
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 346.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 346.3 |  |
Restricted cash | 7.5 |  |  | — |  |  | — |  |  | 7.5 |  |
Managed investment portfolio and other investments |  |  |  |  |  |  |  |
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 securities | 9.3 |  |  | — |  |  | — |  |  | 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) |  |
Fair Value of Financial Instruments | February 23, 2024
Level 1 | Level 2 | Level 3 | Total
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 318.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 318.6 |  |
Restricted cash | 7.3 |  |  | — |  |  | — |  |  | 7.3 |  |
Foreign exchange forward contracts | — |  |  | 0.8 |  |  | — |  |  | 0.8 |  |
Auction rate security | — |  |  | — |  |  | 2.8 |  |  | 2.8 |  |
| $ | 325.9 |  |  | $ | 0.8 |  |  | $ | 2.8 |  |  | $ | 329.5 |  |
Liabilities: |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | — |  |  | $ | (0.5) |  |  | $ | — |  |  | $ | (0.5) |  |
| $ | — |  |  | $ | (0.5) |  |  | $ | — |  |  | $ | (0.5) |  |
Managed Investment Portfolio and Other Investments Starting in 2025, we invested in a managed investment portfolio which 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 Consolidated Balance Sheets. As of February 28, 2025, the fair value of our Short-term investments was $41.6. 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 Consolidated Balance Sheets. The cost basis for these investments, determined using the specific identification method, was $41.0 and unrealized gains were $0.6 as of February 28, 2025. Of our total short-term investments, $7.7 mature within one year and $33.9 mature after one year to five years. Foreign Exchange Forward Contracts We occasionally enter into forward contracts to reduce the impact of foreign currency fluctuations on foreign-denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including loans) and certain forecasted currency flows from foreign-denominated transactions. The fair value of foreign exchange forward contracts is based on a valuation model that calculates the differential between the contract price and the market-based forward rate as of the balance sheet date. Level 3 Fair Value Measurements Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during 2025 and 2024:
Roll-Forward of Fair Value Using Level 3 Inputs | Auction Rate Security - Other Assets | Contingent Consideration - Other Long-Term Liabilities
Balance as of February 24, 2023 | $ | 2.1 |  |  | $ | 9.5 |  |
Unrealized gain (loss) on investments | 0.7 |  |  | — |  |
Change in estimated fair value | — |  |  | (9.5) |  |
Balance as of February 23, 2024 | $ | 2.8 |  |  | $ | — |  |
Unrealized gain (loss) on investment | — |  |  | — |  |
Change in estimated fair value | — |  |  | — |  |
Balance as of February 28, 2025 | $ | 2.8 |  |  | $ | — |  |
There were no other-than-temporary impairments or transfers into or out of Level 3 during either 2025 or 2024. Our policy is to value any transfers between levels of the fair value hierarchy based on end of period fair values. Auction Rate Security As of February 28, 2025, we held an auction rate security (“ARS”) investment with a total par value of $3.2 and a fair value of $2.8. The difference between par value and fair value is comprised of other-than-temporary impairment losses recorded in previous fiscal years and unrealized gains on our ARS investment of $0.9 and $0.5, respectively. The unrealized gains are due to changes in interest rates and are expected to fluctuate over the contractual term of the investment. Unrealized gains and losses are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The ARS investment is not widely traded and therefore does not currently have a readily determinable market value. To estimate fair value, we used an internally-developed discounted cash flow analysis which considers, amongst other factors: (i) the credit ratings of the ARS, (ii) the credit quality of the underlying securities or the credit ratings of issuers, (iii) the estimated timing and amount of cash flows, (iv) the formula applicable to the security which defines the penalty interest rate and (v) discount rates equal to the sum of (a) the yield on U.S. Treasury securities with a term through the estimated workout date plus (b) a risk premium based on similarly rated observable securities. A deterioration in market conditions or the use of different assumptions could result in a different valuation of the investment. An increase to the discount rate of 100 basis points would reduce the estimated fair value of our ARS investment by approximately $0.3. Contingent Consideration In connection with the acquisition of Viccarbe Habitat, S.L ("Viccarbe") in Q3 2022, up to an additional $13.6 (or €13.0) was payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period which ended in 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. At each subsequent reporting date, changes in the fair value of the liability are recorded to Operating expenses until the liability is settled. As of February 28, 2025 and February 23, 2024, the fair value of the contingent consideration was $0.0 based upon the results of the Viccarbe business over the earnout period.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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