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, 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:
 
May 31, 2014
 
February 28, 2014
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
(in millions)
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Cash and cash investments
$
378.0

 
$
378.0

 
$
63.9

 
$
63.9

Accounts receivable, net
$
651.3

 
$
651.3

 
$
626.2

 
$
626.2

Available-for-sale debt securities
$
9.0

 
$
9.0

 
$
8.8

 
$
8.8

Foreign currency contracts
$
25.4

 
$
25.4

 
$
18.9

 
$
18.9

Interest rate swap contracts
$
5.0

 
$
5.0

 
$
4.4

 
$
4.4

Commodity swap contracts
$
1.8

 
$
1.8

 
$
1.5

 
$
1.5

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Notes payable to banks
$
235.2

 
$
235.2

 
$
57.2

 
$
57.2

Accounts payable
$
345.7

 
$
345.7

 
$
295.2

 
$
295.2

Long-term debt, including current portion
$
6,960.0

 
$
7,133.7

 
$
6,963.3

 
$
7,140.8

Foreign currency contracts
$
6.3

 
$
6.3

 
$
4.8

 
$
4.8

Interest rate swap contracts
$
33.7

 
$
33.7

 
$
32.9

 
$
32.9

Commodity swap contracts
$
1.1

 
$
1.1

 
$
0.5

 
$
0.5

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 estimated 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)
 
 
 
 
 
 
 
May 31, 2014
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
AFS debt securities
$
—

 
$
—

 
$
9.0

 
$
9.0

Foreign currency contracts
$
—

 
$
25.4

 
$
—

 
$
25.4

Interest rate swap contracts
$
—

 
$
5.0

 
$
—

 
$
5.0

Commodity swap contracts
$
—

 
$
1.8

 
$
—

 
$
1.8

Liabilities:
 
 
 
 
 
 
 
Foreign currency contracts
$
—

 
$
6.3

 
$
—

 
$
6.3

Interest rate swap contracts
$
—

 
$
33.7

 
$
—

 
$
33.7

Commodity swap contracts
$
—

 
$
1.1

 
$
—

 
$
1.1

 
 
 
 
 
 
 
 
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