DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Feb. 26, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The aggregate notional amount of all Swaps as of February 26, 2022 and February 27, 2021, were $593.0 million and $1,653.0 million, respectively, of which none were designated as cash flow hedges as defined by GAAP.

On February 5, 2020, the Company repaid in full its term loans using cash on hand and proceeds from the issuance of new notes (as further discussed in Note 7 - Long-term debt and finance lease obligations). Consequently, the Company discontinued cash flow hedge accounting for the interest rate swap agreements that were entered into to hedge the interest rate risk on the then existing variable rate term loans. In accordance with hedge accounting guidance, the net unrealized loss of $37.1 million, associated with the discontinued hedging relationship, recorded within Accumulated other comprehensive income (loss), was reclassified into Other (income) expense, net in fiscal 2019 in the Consolidated Statements of Operations and Comprehensive Income.

Activity related to the Swaps consisted of the following (in millions):


	Fiscal 2021		Fiscal 2020		Fiscal 2019		Location of gain (loss) recognized from derivatives
Gain (loss) on undesignated portion of interest rate swaps	$	3.3	$	(19.5)	$	(47.9)	Other (income) expense, net
Loss on designated portion of interest rate swaps	$	—	$	—	$	(3.4)	Other comprehensive income (loss), net of tax