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 $287.1 and $289.0 as of November 22, 2013 and February 22, 2013, 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 $319 and $321 as of November 22, 2013 and February 22, 2013, respectively.

We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest 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.

Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of November 22, 2013 and February 22, 2013 are summarized below:



	November 22, 2013
Fair Value of Financial Instruments	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	149.1	$	—		$	—	$	149.1
Restricted cash	3.5		—			—		3.5
Managed investment portfolio and other investments
U.S. agency debt securities	—		54.1			—		54.1
Corporate debt securities	—		71.6			—		71.6
U.S. government debt securities	6.1		—			—		6.1
Asset backed securities	—		5.7			—		5.7
Municipal debt securities	—		3.5			—		3.5
Other investments	—		6.9			—		6.9
Foreign exchange forward contracts	—		0.6			—		0.6
Auction rate securities	—		—			9.9		9.9
Canadian asset-backed commercial paper restructuring notes	—		—			3.8		3.8
	$	158.7	$	142.4		$	13.7	$	314.8
Liabilities
Foreign exchange forward contracts	$	—	$	(1.9	)	$	—	$	(1.9	)
	$	—	$	(1.9	)	$	—	$	(1.9	)

	February 22, 2013
Fair Value of Financial Instruments	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	150.4	$	—		$	—	$	150.4
Restricted cash	3.5		—			—		3.5
Managed investment portfolio and other investments
U.S. agency debt securities	—		44.1			—		44.1
Corporate debt securities	—		30.3			—		30.3
U.S. government debt securities	4.4		—			—		4.4
Asset backed securities	—		5.5			—		5.5
Municipal debt securities	—		14.1			—		14.1
Other investments	—		2.1			—		2.1
Foreign exchange forward contracts	—		1.3			—		1.3
Auction rate securities	—		—			9.8		9.8
Canadian asset-backed commercial paper restructuring notes	—		—			3.5		3.5
	$	158.3	$	97.4		$	13.3	$	269.0
Liabilities
Foreign exchange forward contracts	$	—	$	(1.9	)	$	—	$	(1.9	)
	$	—	$	(1.9	)	$	—	$	(1.9	)

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the nine months ended November 22, 2013:



Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Securities		Canadian Asset-Backed Commercial Paper Restructuring Notes
Balance as of February 22, 2013	$	9.8	$	3.5
Unrealized gain on investments	0.1		0.5
Other-than-temporary impairments	—		—
Currency translation adjustment	—		(0.2		)
Balance as of November 22, 2013	$	9.9	$	3.8