Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v2.4.0.6
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Nov. 30, 2012
Fair Value Disclosures [Abstract]  
Carrying amount and estimated fair value of financial instruments
The carrying amount and estimated fair value of the Company’s financial instruments are summarized as follows:

 
November 30, 2012
 
February 29, 2012
  
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
(in millions)
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Cash and cash investments
$
200.5

 
$
200.5

 
$
85.8

 
$
85.8

Accounts receivable, net
$
539.1

 
$
539.1

 
$
436.0

 
$
436.0

Restricted cash
$
650.3

 
$
650.3

 
$
—

 
$
—

Available-for-sale debt securities
$
33.3

 
$
33.3

 
$
28.5

 
$
28.5

Foreign currency contracts
$
6.9

 
$
6.9

 
$
13.2

 
$
13.2

Interest rate swap contracts
$
8.8

 
$
8.8

 
$
—

 
$
—

Diesel fuel swap contracts
$
1.0

 
$
1.0

 
$
—

 
$
—

Notes receivable
$
—

 
$
—

 
$
1.6

 
$
1.6

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Notes payable to banks
$
16.6

 
$
16.6

 
$
377.9

 
$
377.6

Accounts payable
$
300.4

 
$
300.4

 
$
130.5

 
$
130.5

Long-term debt, including current portion
$
3,978.8

 
$
4,358.9

 
$
2,751.6

 
$
3,007.9

Foreign currency contracts
$
2.6

 
$
2.6

 
$
6.4

 
$
6.4

Interest rate swap contracts
$
55.9

 
$
55.9

 
$
45.7

 
$
45.7

Financial assets and liabilities measured at fair value on a recurring basis
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis.

 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
(in millions)
 
 
 
 
 
 
 
November 30, 2012
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
AFS debt securities
$
—

 
$
—

 
$
33.3

 
$
33.3

Foreign currency contracts
$
—

 
$
6.9

 
$
—

 
$
6.9

Interest rate swap contracts
$
—

 
$
8.8

 
$
—

 
$
8.8

Diesel fuel swap contracts
$
—

 
$
1.0

 
$
—

 
$
1.0

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
2.6

 
$
—

 
$
2.6

Interest rate swap contracts
$
—

 
$
55.9

 
$
—

 
$
55.9

 
 
 
 
 
 
 
 
February 29, 2012
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
AFS debt securities
$
—

 
$
—

 
$
28.5

 
$
28.5

Foreign currency contracts
$
—

 
$
13.2

 
$
—

 
$
13.2

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
6.4

 
$
—

 
$
6.4

Interest rate swap contracts
$
—

 
$
45.7

 
$
—

 
$
45.7

Reconciliation of changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs
The following table represents a reconciliation of the changes in fair value of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

 
November 30, 2012
 
November 30, 2011
(in millions)
 
 
 
AFS Debt Securities
 
 
 
Balance as of March 1
$
28.5

 
$
40.8

Total net gains:
 
 
 
Included in earnings (interest expense, net)
3.7

 
4.5

Included in other comprehensive income (net unrealized gains on AFS debt securities)
1.1

 
1.5

Total net gains
4.8

 
6.0

Settlements
—

 
(21.7
)
Balance as of the end of the period
$
33.3

 
$
25.1