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Fair Value
 12 Months Ended
Feb. 29, 2020
Fair Value Disclosures [Abstract]  
Fair Value
Note 17 - Fair Value
We classify our various assets and liabilities recorded or reported at fair value under a hierarchy prescribed by GAAP that prioritizes inputs to fair value measurement techniques into three broad levels:
•
Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets;
•
Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and
•
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. 
Assets and liabilities subject to classification are classified upon acquisition. When circumstances dictate the transfer of an asset or liability to a different level, our policy is to recognize the transfer at the beginning of the reporting period in which the event resulting in the transfer occurred.
The following tables present the fair value of our financial assets and liabilities measured on a recurring basis as of the last day of February 2020 and 2019:
 
Fair Values at
 
February 29, 2020
(in thousands)
(level 2) (1)
Assets:
 

Money market accounts
$
2,648

Interest rate swaps
—

Foreign currency contracts
2,083

Total assets
$
4,731

 
 
Liabilities:
 

Floating rate debt
$
339,305

Interest rate swaps
10,717

Foreign currency contracts
159

Total liabilities
$
350,181

 
Fair Values at
 
February 28, 2019
(in thousands)
(level 2) (1)
Assets:
 

Money market accounts
$
915

Interest rate swap
512

Foreign currency contracts
1,692

Total assets
$
3,119

 
 
Liabilities:
 

Floating rate debt
320,784

Interest rate swap
339

Foreign currency contracts
563

Total liabilities
$
321,686

(1)
Our financial assets and liabilities are classified as Level 2 assets because their valuation is dependent on observable inputs and other quoted prices for similar assets or liabilities, or model-derived valuations whose significant value drivers are observable.
The carrying amounts of cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturity of these items. 
We use derivatives for hedging purposes and our derivatives are primarily interest rate swaps, foreign currency contracts, zero cost collars and cross-currency debt swaps (see Notes 1, 18 and 19 for more information on our hedging activities). 
We classify our floating rate debt as a Level 2 item because the estimation of the fair market value of these financial assets requires the use of current market rates of interest for obligations with comparable remaining terms.  Such comparable rates are considered significant other observable market inputs. Our debt has floating interest rates and its book value approximates its fair value as of the reporting date. Our other non-financial assets include goodwill and other intangible assets, which we classify as Level 3 items.  These assets are measured at fair value on a non-recurring basis as part of our impairment testing.  Note 10 to these consolidated financial statements contains additional information regarding impairment testing and related intangible asset impairments.  
The table below presents other non-financial assets measured on a non-recurring basis using significant unobservable inputs (Level 3) for fiscal 2020 and 2019:
 
Fiscal Years Ended
Last Day of February,
(in thousands)
2020
2019
Beginning balances
$
893,846

$
905,235

Total income (expense):
 

 

Included in net income - realized
(62,287
)
(14,109
)
Acquired during the period
236,898

2,815

Retirement adjustments during the period
(31
)
(95
)
Reclassification to assets held for sale
(27,573
)
—

Ending balances
$
1,040,853

$
893,846