Investment Securities

6 Months Ended

Aug. 29, 2020

Investments, Debt and Equity Securities [Abstract]

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



(in millions)	August 29, 2020		February 29, 2020
Available-for-sale securities:
Long term	$	19.8	$	20.3

Held-to-maturity securities:
Short term	—		385.6
Total investment securities	$	19.8	$	405.9

Auction Rate Securities

As of August 29, 2020 and February 29, 2020, 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 $482,000 and $5,000, 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. There were no short term held-to maturity securities as of August 29, 2020. These securities are stated at their amortized cost, which approximates fair value.