Investment Securities

12 Months Ended

Mar. 02, 2019

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

The Company’s investment securities as of March 2, 2019 and March 3, 2018 are as follows:



(in millions)	March 2, 2019		March 3, 2018
Available-for-sale securities:
Long term	$	19.9	$	19.4

Trading securities:
Short term	—		86.3

Held-to-maturity securities:
Short term	485.8		291.7
Total investment securities	$	505.7	$	397.4

Auction Rate Securities

As of March 2, 2019 and March 3, 2018, the Company’s long term available-for-sale investment securities represented approximately $20.3 million par value of auction rate securities, consisting of preferred shares of closed end municipal bond funds, less temporary valuation adjustments of approximately $0.4 million and $0.9 million, respectively. Since these valuation adjustments are deemed to be temporary, they are recorded in accumulated other comprehensive loss, net of a related tax benefit, and did not affect the Company’s net earnings.

U.S. Treasury Securities

As of March 2, 2019, the Company’s short term held-to-maturity securities included approximately $485.8 million of U.S. Treasury Bills with remaining maturities of less than one year. These securities are stated at their amortized cost which approximates fair value, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation). As of March 3, 2018, the Company had $291.7 short term held-to-maturity securities.

Trading Investment Securities

The Company’s trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value (See “Employee Benefit Plans,” Note 11). The value of these trading investment securities included in the table above was approximately $86.3 million as of March 3, 2018.