22. Financial Instruments
The carrying amounts and fair values of financial instruments at March 2, 2013 and March 3, 2012 are listed as follows:
| |
2013 | 2012 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
Carrying Amount |
Fair Value |
Carrying Amount |
Fair Value |
|||||||||
|
Variable rate indebtedness |
$ | 2,296,001 | $ | 2,275,694 | $ | 1,512,313 | $ | 1,469,813 | |||||
|
Fixed rate indebtedness |
$ | 3,622,351 | $ | 3,912,903 | $ | 4,688,904 | $ | 4,934,587 | |||||
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.
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, term loans 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.