Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v2.4.0.8
Fair Value of Financial Instruments (Tables)
 3 Months Ended
May 31, 2013
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:
 
May 31, 2013
 
February 28, 2013
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
(in millions)
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Cash and cash investments
$
609.3

 
$
609.3

 
$
331.5

 
$
331.5

Accounts receivable, net
$
453.8

 
$
453.8

 
$
471.9

 
$
471.9

Restricted cash
$
1,550.0

 
$
1,550.0

 
$
—

 
$
—

Available-for-sale debt securities
$
34.3

 
$
34.3

 
$
34.2

 
$
34.2

Foreign currency contracts
$
6.8

 
$
6.8

 
$
9.7

 
$
9.7

Interest rate swap contracts
$
4.5

 
$
4.5

 
$
6.6

 
$
6.6

Diesel fuel swap contracts
$
0.1

 
$
0.1

 
$
0.6

 
$
0.6

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Notes payable to banks
$
221.0

 
$
221.0

 
$
—

 
$
—

Accounts payable
$
150.0

 
$
150.0

 
$
209.0

 
$
209.0

Long-term debt, including current portion
$
4,851.0

 
$
5,160.8

 
$
3,305.4

 
$
3,603.6

Foreign currency contracts
$
3.2

 
$
3.2

 
$
5.3

 
$
5.3

Interest rate swap contracts
$
42.5

 
$
42.5

 
$
47.1

 
$
47.1

Diesel fuel swap contracts
$
0.9

 
$
0.9

 
$
0.1

 
$
0.1

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)
 
 
 
 
 
 
 
May 31, 2013
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
AFS debt securities
$
—

 
$
—

 
$
34.3

 
$
34.3

Foreign currency contracts
$
—

 
$
6.8

 
$
—

 
$
6.8

Interest rate swap contracts
$
—

 
$
4.5

 
$
—

 
$
4.5

Diesel fuel swap contracts
$
—

 
$
0.1

 
$
—

 
$
0.1

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
3.2

 
$
—

 
$
3.2

Interest rate swap contracts
$
—

 
$
42.5

 
$
—

 
$
42.5

Diesel fuel swap contracts
$
—

 
$
0.9

 
$
—

 
$
0.9

 
 
 
 
 
 
 
 
February 28, 2013
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
AFS debt securities
$
—

 
$
—

 
$
34.2

 
$
34.2

Foreign currency contracts
$
—

 
$
9.7

 
$
—

 
$
9.7

Interest rate swap contracts
$
—

 
$
6.6

 
$
—

 
$
6.6

Diesel fuel swap contracts
$
—

 
$
0.6

 
$
—

 
$
0.6

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
5.3

 
$
—

 
$
5.3

Interest rate swap contracts
$
—

 
$
47.1

 
$
—

 
$
47.1

Diesel fuel swap contracts
$
—

 
$
0.1

 
$
—

 
$
0.1

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):
 
May 31, 2013
 
May 31, 2012
(in millions)
 
 
 
AFS Debt Securities
 
 
 
Balance as of March 1
$
34.2

 
$
28.5

Total net gains:
 
 
 
Included in earnings (interest expense, net)
1.3

 
1.2

Included in other comprehensive income (net unrealized losses on AFS debt securities)
(1.2
)
 
(2.3
)
Total net gains (losses)
0.1

 
(1.1
)
Balance as of the end of the period
$
34.3

 
$
27.4