Financial Instruments

12 Months Ended

Feb. 29, 2020

Financial Instruments

Financial Instruments

26. Financial Instruments

The carrying amounts and fair values of financial instruments at February 29, 2020 and March 2, 2019 are listed as follows:

	2020				2019
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Variable rate indebtedness	$	1,077,787	$	1,100,000	$	1,297,013	$	1,325,000
Fixed rate indebtedness	$	1,999,481	$	1,921,385	$	2,157,571	$	1,795,335

Cash, trade receivables and trade payables are carried at market value, which approximates their fair values due to the short-term maturity of these instruments. In addition, as of February 29, 2020 and March 2, 2019, the Company had $7,022 and $7,191, respectively, of investments carried at amortized cost, as these investments are being held to maturity. As of February 29, 2020, these investments are included as a component of other assets. As of March 2, 2019, these investments are included as a component of prepaid expenses and other current assets. The Company believes the carrying value of these investments approximates their fair value.

The following methods and assumptions were used in estimating fair value disclosures for financial instruments:

LIBOR-based borrowings under credit facilities:

The carrying amounts for LIBOR-based borrowings under the credit facilities and term notes are estimated based on the quoted market price of the financial instruments.

Long-term indebtedness:

The fair values of long-term indebtedness are estimated based on the quoted market prices of the financial instruments. If quoted market prices were not available, the Company estimated the fair value based on the quoted market price of a financial instrument with similar characteristics.