XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.4

Financial Instruments | 9 Months Ended
--- | ---
Nov. 25, 2023
Marketable Securities [Abstract] |
Financial Instruments | Financial Instruments Marketable securities Through our wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), we hold the following available-for-sale marketable securities, made up of fixed-maturity investments:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
November 25, 2023 |  | $ | 10,168 |  |  | $ | 3 |  |  | $ | 597 |  |  | $ | 9,574 |
February 25, 2023 |  | 10,647 |  |  | — |  |  | 702 |  |  | 9,945 |
Prism insures a portion of our general liability, workers’ compensation and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments for the purpose of providing collateral for Prism’s obligations under the reinsurance agreements. The amortized cost and estimated fair values of these investments at November 25, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without penalty.
(In thousands) |  | Amortized Cost |  | Estimated Fair Value
Due within one year |  | $ | 2,439 |  |  | $ | 2,406 |
Due after one year through five years |  | 7,729 |  |  | 7,168 |
Total |  | $ | 10,168 |  |  | $ | 9,574 |
Derivative instruments We use interest rate swaps, foreign exchange contracts, commodity swaps and forward purchase contracts to manage risks generally associated with foreign exchange rate, interest rate and commodity price fluctuations. The information that follows explains the various types of derivatives and financial instruments we use, how such instruments are accounted for, and how such instruments impact our financial position and performance. In fiscal 2020, we entered into an interest rate swap to hedge exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility. As of November 25, 2023, the interest rate swap contract had a notional value of $30.0 million and has a maturity date of February 5, 2026. We periodically enter into forward purchase contracts and/or fixed/floating swaps to manage the risk associated with fluctuations in aluminum prices and fluctuations in foreign exchange rates. These contracts generally have an original maturity date of less than one year. As of November 25, 2023, we held aluminum fixed/floating swaps and foreign exchange contracts with U.S. dollar notional values of $14.9 million and $0.8 million, respectively. These derivative instruments are recorded within our consolidated balance sheets within other current assets and liabilities. Gains or losses associated with these instruments are recorded as a component of accumulated other comprehensive income. Fair value measurements Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). We do not have any Level 3 financial assets or liabilities.
(In thousands) |  | Quoted Prices in Active Markets (Level 1) |  | Other Observable Inputs (Level 2) |  | Total Fair Value
November 25, 2023 |  |  |  |  |  |
Assets: |  |  |  |  |  |
Money market funds |  | $ | 13,262 |  |  | $ | — |  |  | $ | 13,262 |
Municipal and corporate bonds |  | — |  |  | 9,574 |  |  | 9,574 |
Foreign currency option contract |  | — |  |  | 3 |  |  | 3 |
Interest rate swap contract |  | — |  |  | 1,550 |  |  | 1,550 |
Liabilities: |  |  |  |  |  |
Aluminum hedging contract |  | — |  |  | 724 |  |  | 724 |
February 25, 2023 |  |  |  |  |  |
Assets: |  |  |  |  |  |
Money market funds |  | $ | 8,062 |  |  | $ | — |  |  | $ | 8,062 |
Municipal and corporate bonds |  | — |  |  | 9,945 |  |  | 9,945 |
Interest rate swap contract |  | — |  |  | 1,817 |  |  | 1,817 |
Liabilities: |  |  |  |  |  |
Foreign currency option contract |  | — |  |  | 206 |  |  | 206 |
Aluminum hedging contract |  | — |  |  | 1,075 |  |  | 1,075 |

X
- References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration