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 $297.3 and $299.1 as of November 25, 2016 and February 26, 2016, 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 $332 and $326 as of November 25, 2016 and February 26, 2016, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.

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 25, 2016 and February 26, 2016 are summarized below:



	November 25, 2016
Fair Value of Financial Instruments	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	139.1	$	—		$	—	$	139.1
Restricted cash	2.5		—			—		2.5
Managed investment portfolio and other investments
Corporate debt securities	—		63.4			—		63.4
U.S. agency debt securities	—		21.0			—		21.0
Asset backed securities	—		8.8			—		8.8
U.S. government debt securities	2.2		—			—		2.2
Municipal debt securities	—		1.3			—		1.3
Foreign exchange forward contracts	—		5.0			—		5.0
Auction rate securities	—		—			3.7		3.7
Canadian asset-backed commercial paper restructuring notes	—		2.4			—		2.4
	$	143.8	$	101.9		$	3.7	$	249.4
Liabilities
Foreign exchange forward contracts	—		(2.3		)	—		(2.3		)
	$	—	$	(2.3	)	$	—	$	(2.3	)



	February 26, 2016
Fair Value of Financial Instruments	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	181.9	$	—		$	—	$	181.9
Restricted cash	2.5		—			—		2.5
Managed investment portfolio and other investments
Corporate debt securities	—		31.7			—		31.7
U.S. agency debt securities	—		34.7			—		34.7
Asset backed securities	—		9.2			—		9.2
U.S. government debt securities	8.2		—			—		8.2
Municipal debt securities	—		0.3			—		0.3
Foreign exchange forward contracts	—		1.8			—		1.8
Auction rate securities	—		—			4.4		4.4
Canadian asset-backed commercial paper restructuring notes	—		3.1			—		3.1
	$	192.6	$	80.8		$	4.4	$	277.8
Liabilities
Foreign exchange forward contracts	$	—	$	(3.3	)	$	—	$	(3.3	)
	$	—	$	(3.3	)	$	—	$	(3.3	)

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the nine months ended November 25, 2016:



Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Securities
Balance as of February 26, 2016	$	4.4
Unrealized loss on investments	(0.7		)
Balance as of November 25, 2016	$	3.7