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Fair Value Measurements
12 Months Ended
Feb. 28, 2015
Fair Value Measurements  
Fair Value Measurements

 

6. Fair Value Measurements

        The Company utilizes the three-level valuation hierarchy as described in Note 5, Lease Termination and Impairment Charges, for the recognition and disclosure of fair value measurements.

        As of February 28, 2015 and March 1, 2014, the Company did not have any financial assets measured on a recurring basis. Please see Note 5 for fair value measurements of non-financial assets measured on a non-recurring basis.

Other Financial Instruments

        Financial instruments other than long-term indebtedness include cash and cash equivalents, accounts receivable and accounts payable. These instruments are recorded at book value, which we believe approximate their fair values due to their short term nature.

        The fair value for LIBOR-based borrowings under the Company's senior secured credit facility and first and second lien term loans are estimated based on the quoted market price of the financial instrument which is considered Level 1 of the fair value hierarchy. The fair values of substantially all of the Company's other long-term indebtedness are estimated based on quoted market prices of the financial instruments which are considered Level 1 of the fair value hierarchy. The carrying amount and estimated fair value of the Company's total long-term indebtedness was $5,552,950 and $5,880,626, respectively, as of February 28, 2015. The carrying amount and estimated fair value of the Company's total long-term indebtedness was $5,649,732 and $6,094,285, respectively, as of March 1, 2014. There were no outstanding derivative financial instruments as of February 28, 2015 and March 1, 2014.