Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v2.4.0.8
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Feb. 28, 2014
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:
 
February 28, 2014
 
February 28, 2013
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
(in millions)
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Cash and cash investments
$
63.9

 
$
63.9

 
$
331.5

 
$
331.5

Accounts receivable, net
$
626.2

 
$
626.2

 
$
471.9

 
$
471.9

AFS debt securities
$
8.8

 
$
8.8

 
$
34.2

 
$
34.2

Foreign currency contracts
$
18.9

 
$
18.9

 
$
9.7

 
$
9.7

Interest rate swap contracts
$
4.4

 
$
4.4

 
$
6.6

 
$
6.6

Commodity swap contracts
$
1.5

 
$
1.5

 
$
0.6

 
$
0.6

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Notes payable to banks
$
57.2

 
$
57.2

 
$
—

 
$
—

Accounts payable
$
295.2

 
$
295.2

 
$
209.0

 
$
209.0

Long-term debt, including current portion
$
6,963.3

 
$
7,140.8

 
$
3,305.4

 
$
3,603.6

Foreign currency contracts
$
4.8

 
$
4.8

 
$
5.3

 
$
5.3

Interest rate swap contracts
$
32.9

 
$
32.9

 
$
47.1

 
$
47.1

Commodity swap contracts
$
0.5

 
$
0.5

 
$
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:
 
Fair Value Measurements Using
 
 
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
(in millions)
 
 
 
 
 
 
 
February 28, 2014
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
AFS debt securities
$
—

 
$
—

 
$
8.8

 
$
8.8

Foreign currency contracts
$
—

 
$
18.9

 
$
—

 
$
18.9

Interest rate swap contracts
$
—

 
$
4.4

 
$
—

 
$
4.4

Commodity swap contracts
$
—

 
$
1.5

 
$
—

 
$
1.5

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
4.8

 
$
—

 
$
4.8

Interest rate swap contracts
$
—

 
$
32.9

 
$
—

 
$
32.9

Commodity swap contracts
$
—

 
$
0.5

 
$
—

 
$
0.5

 
 
 
 
 
 
 
 
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

Commodity swap contracts
$
—

 
$
0.6

 
$
—

 
$
0.6

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
5.3

 
$
—

 
$
5.3

Interest rate swap contracts
$
—

 
$
47.1

 
$
—

 
$
47.1

Commodity swap contracts
$
—

 
$
0.1

 
$
—

 
$
0.1

Assets and liabilities measured at fair value on a nonrecurring basis
The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented:
 
Fair Value Measurements Using
 
 
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Losses
(in millions)
 
 
 
 
 
 
 
For the Year Ended February 28, 2014
 
 
 
 
 
 
 
Goodwill
$
—

 
$
—

 
$
159.6

 
$
278.7

Trademarks
—

 
—

 
68.3

 
22.2

 
$
—

 
$
—

 
$
227.9

 
$
300.9

 
 
 
 
 
 
 
 
For the Year Ended February 29, 2012
 
 
 
 
 
 
 
Trademarks
$
—

 
$
—

 
$
96.0

 
$
38.1