Fair Value

3 Months Ended

May 25, 2012

Fair Value, by Balance Sheet Grouping, Methodology and Assumptions [Abstract]

Fair Value

FAIR VALUE

The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our short-term investments, foreign exchange forward contracts and long-term investments are measured at fair value on the Condensed Consolidated Balance Sheets.

Our total debt is carried at cost and was $291.0 and $291.5 as of May 25, 2012 and February 24, 2012, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $303 and $305 as of May 25, 2012 and February 24, 2012, respectively.

We periodically use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes.

	May 25, 2012
Fair Value of Financial Instruments	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	80.5	$	—		$	—	$	80.5
Managed investment portfolio and other investments
Corporate debt securities	—		25.6			—		25.6
U.S. agency debt securities	—		25.3			—		25.3
Asset backed securities	—		0.9			—		0.9
Other investments	3.5		0.3			—		3.8
Foreign exchange forward contracts	—		1.6			—		1.6
Auction rate securities	—		—			13.2		13.2
Canadian asset-backed commercial paper restructuring notes	—		—			4.0		4.0
	$	84.0	$	53.7		$	17.2	$	154.9
Liabilities
Foreign exchange forward contracts	$	—	$	(1.4	)	$	—	$	(1.4	)
	$	—	$	(1.4	)	$	—	$	(1.4	)

	February 24, 2012
Fair Value of Financial Instruments	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	112.1	$	—		$	—	$	112.1
Managed investment portfolio and other investments
Corporate debt securities	—		47.8			—		47.8
U.S. agency debt securities	—		27.7			—		27.7
U.S. government debt securities	1.5		—			—		1.5
Asset backed securities	—		0.9			—		0.9
Municipal debt securities	—		0.9			—		0.9
Other investments	3.5		0.3			—		3.8
Foreign exchange forward contracts	—		0.9			—		0.9
Auction rate securities	—		—			12.9		12.9
Canadian asset-backed commercial paper restructuring notes	—		—			4.1		4.1
	$	117.1	$	78.5		$	17.0	$	212.6
Liabilities
Foreign exchange forward contracts	$	—	$	(2.1	)	$	—	$	(2.1	)
	$	—	$	(2.1	)	$	—	$	(2.1	)

There were no transfers between Level 1 and Level 2 of the fair value hierarchy for any period presented.

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months endedMay 25, 2012:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Securities		Canadian Asset-Backed Commercial Paper Restructuring Notes
Balance as of February 24, 2012	$	12.9	$	4.1
Unrealized gains on investments	0.3		—
Currency translation adjustments	—		(0.1		)
Balance as of May 25, 2012	$	13.2	$	4.0

There were no other-than-temporary impairments recognized on our auction rate securities during the three months endedMay 25, 2012 and May 27, 2011.