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Fair Value
 9 Months Ended
Nov. 22, 2024
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and certain other liabilities, approximate their fair value due to their relatively short maturities. Our short-term investments, foreign exchange forward contracts, long-term investments and contingent consideration are measured at fair value on the Condensed Consolidated Balance Sheets.
Our total debt is carried at cost and was $446.9 and $446.3 as of November 22, 2024 and February 23, 2024, 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 $430.6 and $423.0 as of November 22, 2024 and February 23, 2024, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.
Starting in Q1 2025, we invested in a managed investment portfolio which consists of corporate debt securities, asset-backed securities and U.S. government debt securities. These investments are considered available-for-sale and are classified as Short-term investments on the Condensed Consolidated Balance Sheets. As of November 22, 2024, the fair value of our Short-term investments was $41.1. We have instructed our investment manager to operate under a mandate to keep the average duration of investments under two years. Fair values for these investments are based upon valuations for identical or similar instruments in active markets, with the resulting net unrealized holding gains or losses reflected net of tax as a component of Accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets. The cost basis for these investments, determined using the specific identification method, was $40.7 and unrealized gains were $0.4 as of November 22, 2024. Of our total short-term investments, $8.5 mature within one year and $32.6 mature after one year through five years.
We may 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 volatility. We do not use derivatives for speculative or trading purposes.
In connection with the acquisition of Viccarbe Habitat, S.L in Q3 2022, up to an additional $13.7 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period ending Q4 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. At each subsequent reporting date, changes in the fair value of the liability are recorded to Operating expenses until the liability is settled. As of November 22, 2024, the fair value of the contingent consideration was $0.0 based upon current projections for the Viccarbe business over the earnout period. The settlement of the contingent consideration could vary from this estimate based upon actual operating performance of the business during the earnout period compared to the underlying assumptions used in the estimation of fair value, including revenue and operating income projections, and changes to discount rates.
Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 22, 2024 and February 23, 2024 are summarized below:
 Fair Value of Financial InstrumentsNovember 22, 2024
Level 1Level 2Level 3Total
Assets:    
Cash and cash equivalents$365.2 $— $— $365.2 
Restricted cash7.2 — — 7.2 
Managed investment portfolio and other investments
Corporate debt securities - domestic— 17.9 — 17.9 
Corporate debt securities - foreign— 6.0 — 6.0 
Asset-backed securities— 9.2 — 9.2 
U.S. government debt securities7.9 — — 7.9 
Foreign exchange forward contracts— 0.5 — 0.5 
Auction rate security— — 2.8 2.8 
 $380.3 $33.6 $2.8 $416.7 
Liabilities:
Foreign exchange forward contracts$— $(3.7)$— $(3.7)
Contingent consideration— — — — 
 $— $(3.7)$— $(3.7)
Fair Value of Financial InstrumentsFebruary 23, 2024
Level 1Level 2Level 3Total
Assets:    
Cash and cash equivalents$318.6 $— $— $318.6 
Restricted cash7.3 — — 7.3 
Foreign exchange forward contracts— 0.8 — 0.8 
Auction rate security— — 2.8 2.8 
 $325.9 $0.8 $2.8 $329.5 
Liabilities:    
Foreign exchange forward contracts$— $(0.5)$— $(0.5)
Contingent consideration— — — — 
 $— $(0.5)$— $(0.5)