Investment Securities

12 Months Ended

Feb. 29, 2020

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

The Company’s investment securities as of February 29, 2020 and March 2, 2019 are as follows:



(in millions)	February 29, 2020		March 2, 2019
Available-for-sale securities:
Long term	$	20.3	$	19.9

Held-to-maturity securities:
Short term	385.6		485.8
Total investment securities	$	405.9	$	505.7

Auction Rate Securities

As of February 29, 2020 and March 2, 2019, 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 $5,000 and $365,000, 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 February 29, 2020, the Company’s short term held-to-maturity securities included approximately $385.6 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 2, 2019, the Company had $485.8 million short term held-to-maturity securities.