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Fair Value | 6 Months Ended
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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 Instruments | August 29, 2025
Level 1 | Level 2 | Level 3 | Total
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 216.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 216.8 |  |
Restricted cash | 7.3 |  |  | — |  |  | — |  |  | 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 securities | 8.5 |  |  | — |  |  | — |  |  | 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 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: |  |  |  |  |  |  |  |
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) |  |
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.

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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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