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Financial Instruments | 6 Months Ended
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Aug. 30, 2025
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
August 30, 2025 |  | $ | 9,262 |  |  | $ | 18 |  |  | $ | 172 |  |  | $ | 9,108 |
March 1, 2025 |  | 10,148 |  |  | 33 |  |  | 222 |  |  | 9,959 |
Prism insures a portion of our general liability, workers’ compensation and automobile liability risks using third-party agreements to meet statutory requirements. Our third-party carriers require Prism to maintain fixed-maturity investments for the purpose of providing collateral for Prism’s obligations under these agreements. The amortized cost and estimated fair values of these investments at August 30, 2025, 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. Investments that are due within one year are included in other current assets while those due after one year are included as other non-current assets. Gross realized gains and losses were insignificant for all periods presented.
(In thousands) |  | Amortized Cost |  | Estimated Fair Value
Due within one year |  | $ | 6,732 |  |  | $ | 6,652 |
Due after one year through five years |  | 2,530 |  |  | 2,456 |
Total |  | $ | 9,262 |  |  | $ | 9,108 |
Derivative instruments We periodically use interest rate swaps, currency put options, forward purchase contracts, or other instruments to manage risks generally associated with foreign exchange rate (primarily related to the Canadian dollar and euro), 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 the second quarter of fiscal 2026, we entered into an interest rate swap with a notional value of $50.0 million with an expiration date of August 5, 2027. In fiscal 2025, we entered into an interest rate swap with a notional value of $75.0 million with an expiration date of January 5, 2027. In fiscal 2020, we entered into an interest rate swap with a notional value of $30.0 million with an expiration date of February 5, 2026. We entered into these swaps to hedge a portion of our exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility. As of August 30, 2025, we had no foreign exchange option contracts with U.S. dollar notional values outstanding. Derivative instruments that qualify for hedge accounting are recorded within our consolidated balance sheets within other current assets and other current liabilities. Gains or losses associated with these instruments are recorded as a component of accumulated other comprehensive loss until which time the hedged transaction is settled and gains or losses are reclassified to earnings. 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. Financial assets and liabilities measured at fair value on a recurring basis were:
(In thousands) |  | Quoted Prices in Active Markets (Level 1) |  | Other Observable Inputs (Level 2) |  | Total Fair Value
August 30, 2025 |  |  |  |  |  |
Assets: |  |  |  |  |  |
Money market funds |  | $ | 28,705 |  |  | $ | — |  |  | $ | 28,705 |
Municipal bonds |  | — |  |  | 9,108 |  |  | 9,108 |
Interest rate swap contracts |  | — |  |  | 282 |  |  | 282 |
Liabilities: |  |  |  |  |  |
Interest rate swap contracts |  | — |  |  | 764 |  |  | 764 |
March 1, 2025 |  |  |  |  |  |
Assets: |  |  |  |  |  |
Money market funds |  | $ | 20,758 |  |  | $ | — |  |  | $ | 20,758 |
Municipal bonds |  | — |  |  | 9,959 |  |  | 9,959 |
Foreign currency option contract |  | — |  |  | 29 |  |  | 29 |
Interest rate swap contracts |  | — |  |  | 539 |  |  | 539 |
Liabilities: |  |  |  |  |  |
Interest rate swap contracts |  | — |  |  | 540 |  |  | 540 |

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- 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
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