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FAIR VALUE | 12 Months Ended
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Feb. 28, 2013
FAIR VALUE |
FAIR VALUE | NOTE 11 – FAIR VALUE The following tables present the fair value hierarchy of our financial assets and liabilities carried at fair value and measured on a recurring basis as of the last day of February 2013 and 2012: FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES (in thousands)
|  |  |  | Quoted Prices in |  | Significant Other |
|  |  |  | Active Markets |  | Observable |
|  | Fair Values at |  | for Identical Assets |  | Market Inputs |
Description |  | February 28, 2013 |  | (Level 1) |  | (Level 2) |
Assets: |  |  |  |  |  |  |
Money market accounts |  | $ | 1,091 |  | $ | 1,091 |  | $ | - |
Foreign currency contracts |  | 496 |  | - |  | 496 |
Total assets |  | $ | 1,587 |  | $ | 1,091 |  | $ | 496 |
Liabilities: |  |  |  |  |  |  |
Long-term debt - fixed rate (1) |  | $ | 105,725 |  | $ | - |  | $ | 105,725 |
Long-term debt - floating rate |  | 75,000 |  | - |  | 75,000 |
Interest rate swaps |  | 4,824 |  | - |  | 4,824 |
Total liabilities |  | $ | 185,549 |  | $ | - |  | $ | 185,549 |
|  |  |  | Quoted Prices in |  | Significant Other |
|  |  |  | Active Markets |  | Observable |
|  | Fair Values at |  | for Identical Assets |  | Market Inputs |
Description |  | February 29, 2012 |  | (Level 1) |  | (Level 2) |
Assets: |  |  |  |  |  |  |
Money market accounts |  | $ | 801 |  | $ | 801 |  | $ | - |
Note receivable (1) |  | 737 |  | - |  | 737 |
Total assets |  | $ | 1,538 |  | $ | 801 |  | $ | 737 |
Liabilities: |  |  |  |  |  |  |
Long-term debt - fixed rate (1) |  | $ | 104,450 |  | $ | - |  | $ | 104,450 |
Long-term debt - floating rate |  | 75,000 |  | - |  | 75,000 |
Interest rate swaps |  | 8,553 |  | - |  | 8,553 |
Foreign currency contracts |  | 163 |  | - |  | 163 |
Total liabilities |  | $ | 188,166 |  | $ | - |  | $ | 188,166 |
(1) Note receivable and debt values are reported at estimated fair value in this table but are recorded in the accompanying consolidated balance sheets at the undiscounted value of remaining principal payments due. The carrying amounts of cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturity of these items. Money market accounts are included in cash and cash equivalents in the accompanying consolidated balance sheets and are classified as Level 1 items. We classify our note receivable, fixed and floating rate debt as Level 2 items because the estimation of the fair market value of these financial assets requires the use of a discount rate based upon current market rates of interest for obligations with comparable remaining terms. Such comparable rates are considered significant other observable market inputs. The fair market value of the note receivable was computed using a discounted cash flow analysis and a discount rate of 6.95 percent at February 29, 2012. The fair market value of the fixed rate debt was computed using a discounted cash flow analysis and a discount rate of 1.83 percent at February 28, 2013 (one Senior Note) and discount rates ranging from 0.54 to 3.54 percent at February 29, 2012 (multiple Senior Notes). All other long-term debt has floating interest rates, and its book value approximates its fair value as of the reporting date. We use derivatives for hedging purposes and our derivatives are primarily foreign currency contracts, foreign currency swaps and interest rate swaps. We determine the fair value of our derivative instruments based on Level 2 inputs in the fair value hierarchy. See Notes (1), (12) and (17) to these consolidated financial statements for more information on our hedging activities. The Company’s other non-financial assets include goodwill and other intangible assets, which we classify as Level 3 items. These items are measured at fair value on a non-recurring basis as part of the Company’s impairment assessments and as circumstances require. The table below presents a reconciliation of our ARS measured and recorded at fair value on a recurring basis in fiscal year 2012 and other non-financial assets measured on a non-recurring basis using significant unobservable inputs (Level 3) for the fiscal years 2013 and 2012: FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (Level 3) (in thousands)
|  | Fiscal Years Ended |
|  | 2013 |  |  | 2012 |
|  | Other |  |  |  |  | Other |
|  | Non-Financial |  |  |  |  | Non-Financial |
|  | Assets |  |  | ARS |  | Assets |
Beginning balances |  | $ | 829,500 |  |  | $ | 20,711 |  | $ | 660,947 |
Total gains/income (losses/expense): |  |  |  |  |  |  |  |
Included in net income - realized |  | (22,400 | ) |  | (626 | ) | (20,069 | )
Included in other comprehensive income - unrealized |  | - |  |  | 1,213 |  | - |
Acquired during the period |  | 778 |  |  | - |  | 178,676 |
Acquisition adjustments during the period |  | 991 |  |  | - |  | 9,946 |
Sales at par |  | - |  |  | (3,250 | ) | - |
Sales at fair value |  | - |  |  | (18,048 | ) | - |
Ending balances |  | $ | 808,869 |  |  | $ | - |  | $ | 829,500 |
Cumulative unrealized losses relating to assets still held at each reporting date, net of taxes |  |  |  |  | $ | - |  |  |
On September 15, 2011, the Company entered into an agreement to sell its then-remaining portfolio of $18.80 million par value ARS for approximately 96 percent of par, or $18.05 million. The transaction settled in the fiscal quarter ended November 30, 2011. As a result of the agreement, a temporary impairment loss was reversed through other comprehensive income and an other-than-temporary, nonoperating pre-tax realized loss of $0.75 million, net of related tax effects of $0.26 million, was recognized in our consolidated statement of income for fiscal year 2012. For the fiscal year ended February 2012, in addition to the transaction just described, we liquidated $3.25 million of these securities at par.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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