Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||
Feb. 28, 2014 | Aug. 23, 2013 | Apr. 11, 2014 | Apr. 11, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 28-Feb-14 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Entity Registrant Name | 'STEELCASE INC | ' | ' | ' |
Entity Central Index Key | '0001050825 | ' | ' | ' |
Current Fiscal Year End Date | '--02-28 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 90,617,740 | 32,660,726 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Public Float | ' | $1,287,726,932 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Revenue | $2,988.90 | $2,868.70 | $2,749.50 |
Cost of sales | 2,046.50 | 1,987.80 | 1,913.60 |
Restructuring costs | 6.6 | 34.7 | 30.5 |
Gross profit | 945.2 | 866 | 809.7 |
Operating expenses | 757 | 727 | 708.3 |
Goodwill and intangible asset impairment charges | 12.9 | 59.9 | 0 |
Operating income | 165.9 | 59.3 | 97.1 |
Interest expense | -17.8 | -17.8 | -25.6 |
Investment income | -0.3 | 3.7 | 5.2 |
Other income (expense), net | -0.6 | 9.7 | 5.3 |
Income before income tax expense | 147.2 | 54.9 | 82 |
Income tax expense | 59.5 | 16.1 | 25.3 |
Net income | 87.7 | 38.8 | 56.7 |
Earnings per share: | ' | ' | ' |
Basic | $0.70 | $0.30 | $0.43 |
Diluted | $0.69 | $0.30 | $0.43 |
Cost of Sales [Member] | ' | ' | ' |
Restructuring costs | -2.8 | 14.9 | 26.2 |
Operating Expense [Member] | ' | ' | ' |
Restructuring costs | $9.40 | $19.80 | $4.30 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $87.70 | $38.80 | $56.70 |
Unrealized gain (loss) on investments | 0.3 | 2.5 | -0.7 |
Pension and other post-retirement liability adjustments | 1.1 | 0 | 0.5 |
Derivative adjustments | 0 | 0 | -0.2 |
Foreign currency translation adjustments | 4.1 | -5.8 | 0.8 |
Total other comprehensive income (loss), gross | 5.5 | -3.3 | 0.4 |
Unrealized gain (loss) on investments | -0.1 | -0.9 | 0.3 |
Pension and other post-retirement liability adjustments | -0.4 | -0.8 | -0.6 |
Derivative adjustments | 0 | 0 | 0.1 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Total other comprehensive income (loss), tax (expense) benefit | -0.5 | -1.7 | -0.2 |
Unrealized gain (loss) on investments | 0.2 | 1.6 | -0.4 |
Pension and other post-retirement liability adjustments | 0.7 | -0.8 | -0.1 |
Derivative adjustments | 0 | 0 | -0.1 |
Foreign currency translation adjustments | 4.1 | -5.8 | 0.8 |
Total other comprehensive income (loss), net | 5 | -5 | 0.2 |
Comprehensive income | $92.70 | $33.80 | $56.90 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 28, 2014 | Feb. 22, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $201.80 | $150.40 |
Short-term investments | 119.5 | 100.5 |
Accounts receivable, net of allowances of $13.0 and $14.5 | 306.8 | 287.3 |
Inventories | 151.5 | 137.5 |
Deferred income taxes | 56 | 56.2 |
Prepaid expenses | 19.3 | 17.9 |
Other current assets | 35 | 28.8 |
Total current assets | 889.9 | 778.6 |
Property, plant and equipment, net of accumulated depreciation of $1,140.8 and $1,221.4 | 377 | 353.2 |
Company-owned life insurance | 154.3 | 225.8 |
Deferred income taxes | 85.1 | 101.7 |
Goodwill | 108.1 | 121.4 |
Other intangible assets, net of accumulated amortization of $41.8 and $46.6 | 16.6 | 19.2 |
Investments in unconsolidated affiliates | 53 | 53.3 |
Other assets | 42.7 | 36.4 |
Total assets | 1,726.70 | 1,689.60 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable | 212.5 | 198.6 |
Short-term borrowings and current portion of long-term debt | 2.6 | 2.6 |
Accrued expenses: | ' | ' |
Employee compensation | 152.8 | 129.4 |
Employee benefit plan obligations | 26.1 | 23.8 |
Customer deposits | 16 | 13.5 |
Product warranties | 17.5 | 14.1 |
Other | 110.7 | 102.8 |
Total current liabilities | 538.2 | 484.8 |
Long-term liabilities: | ' | ' |
Long-term debt less current maturities | 284.4 | 286.4 |
Employee benefit plan obligations | 151.1 | 158 |
Other long-term liabilities | 75.9 | 92.4 |
Total long-term liabilities | 511.4 | 536.8 |
Total liabilities | 1,049.60 | 1,021.60 |
Shareholders' equity: | ' | ' |
Additional paid-in capital | 0 | 27.2 |
Accumulated other comprehensive income (loss) | 0.8 | -4.2 |
Retained earnings | 676.3 | 645 |
Total shareholders' equity | 677.1 | 668 |
Total liabilities and shareholders' equity | 1,726.70 | 1,689.60 |
Preferred Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | 0 | 0 |
Class B Common Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2014 | Feb. 22, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $13 | $14.50 |
Property, plant and equipment, accumulated depreciation | -1,140.80 | -1,221.40 |
Other intangible assets, accumulated amortization | $41.80 | $46.60 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares outstanding | 122,900,000 | 125,200,000 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 89,909,946 | 86,010,584 |
Common stock, shares outstanding | 89,909,946 | 86,010,584 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 32,966,818 | 39,154,003 |
Common stock, shares outstanding | 32,966,818 | 39,154,003 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Total | Restricted Stock Units (RSUs) [Member] | Common Shares Outstanding [Member] | Common Shares Outstanding [Member] | Common Shares Outstanding [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Millions, except Share data | USD ($) | Performance Units [Member] | Restricted Stock Units (RSUs) [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Feb. 25, 2011 | $696.30 | ' | ' | ' | ' | $48.50 | $0 | $20.20 | $0.60 | $627 |
Balance, shares at Feb. 25, 2011 | ' | ' | 132,234,568 | ' | ' | ' | ' | ' | ' | ' |
Common stock issuance | 0.3 | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' |
Common stock issuance, shares | ' | ' | 38,888 | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchases | -47.7 | ' | ' | ' | ' | -47.7 | ' | ' | ' | ' |
Common stock repurchases, shares | ' | ' | -5,802,293 | ' | ' | ' | ' | ' | ' | ' |
Tax effect of exercise of stock awards | 1.1 | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' |
Units issued as common stock, shares | ' | ' | ' | ' | 18,166 | ' | ' | ' | ' | ' |
Performance units and restricted stock units expense | 11.3 | ' | ' | ' | ' | ' | ' | 11.3 | ' | ' |
Other comprehensive income (loss) | 0.2 | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' |
Dividends paid | -31.7 | ' | ' | ' | ' | ' | ' | ' | ' | -31.7 |
Net income | 56.7 | ' | ' | ' | ' | ' | ' | ' | ' | 56.7 |
Balance at Feb. 24, 2012 | 686.5 | ' | ' | ' | ' | 1.1 | 0 | 32.6 | 0.8 | 652 |
Balance, shares at Feb. 24, 2012 | 126,500,000 | ' | 126,489,329 | ' | ' | ' | ' | ' | ' | ' |
Common stock issuance | 0.3 | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Common stock issuance, shares | ' | ' | 43,238 | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchases | -19.9 | ' | ' | ' | ' | -1.1 | ' | -18.8 | ' | ' |
Common stock repurchases, shares | -2,300,000 | ' | -2,346,590 | ' | ' | ' | ' | ' | ' | ' |
Tax effect of exercise of stock awards | 3.8 | ' | ' | ' | ' | ' | ' | 3.8 | ' | ' |
Units issued as common stock, shares | ' | ' | ' | 763,425 | 215,185 | ' | ' | ' | ' | ' |
Performance units and restricted stock units expense | 9.3 | ' | ' | ' | ' | ' | ' | 9.3 | ' | ' |
Other comprehensive income (loss) | -5 | ' | ' | ' | ' | ' | ' | ' | -5 | ' |
Dividends paid | -45.8 | ' | ' | ' | ' | ' | ' | ' | ' | -45.8 |
Net income | 38.8 | ' | ' | ' | ' | ' | ' | ' | ' | 38.8 |
Balance at Feb. 22, 2013 | 668 | ' | ' | ' | ' | 0 | 0 | 27.2 | -4.2 | 645 |
Balance, shares at Feb. 22, 2013 | 125,200,000 | ' | 125,164,587 | ' | ' | ' | ' | ' | ' | ' |
Common stock issuance | 0.5 | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' |
Common stock issuance, shares | ' | ' | 31,790 | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchases | -49.9 | ' | ' | ' | ' | ' | ' | -43.7 | ' | -6.2 |
Common stock repurchases, shares | -3,600,000 | ' | -3,619,817 | ' | ' | ' | ' | ' | ' | ' |
Tax effect of exercise of stock awards | 0.5 | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' |
Units issued as common stock, shares | ' | 266,704 | ' | 1,018,500 | 281,704 | ' | ' | ' | ' | ' |
Performance units and restricted stock units expense | 16.3 | ' | ' | ' | ' | ' | ' | 16.3 | ' | ' |
Common stock repurchases related to vested but not issued | -0.8 | ' | ' | ' | ' | ' | ' | -0.8 | ' | ' |
Other comprehensive income (loss) | 5 | ' | ' | ' | ' | ' | ' | ' | 5 | ' |
Dividends paid | -50.2 | ' | ' | ' | ' | ' | ' | ' | ' | -50.2 |
Net income | 87.7 | ' | ' | ' | ' | ' | ' | ' | ' | 87.7 |
Balance at Feb. 28, 2014 | $677.10 | ' | ' | ' | ' | $0 | $0 | $0 | $0.80 | $676.30 |
Balance, shares at Feb. 28, 2014 | 122,900,000 | ' | 122,876,764 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends paid per share | $0.40 | $0.36 | $0.24 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $87.70 | $38.80 | $56.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 60 | 58.3 | 56.4 |
Goodwill and intangible asset impairment charges | 12.9 | 59.9 | 0 |
Loss (gain) on disposal of fixed assets | -1.7 | 1.6 | 4.6 |
Deferred income taxes | 14.1 | -3 | 13.6 |
Restructuring costs | 6.6 | 34.7 | 30.5 |
Non-cash stock compensation | 16.8 | 9.6 | 11.6 |
Equity in income of unconsolidated affiliates | -10.2 | -9.4 | -8.3 |
Dividends received from unconsolidated affiliates | 6.2 | 5.4 | 5.8 |
Other | 3.8 | 2 | -2.5 |
Changes in operating assets and liabilities, net of acquisitions, divestures, and deconsolidations: | ' | ' | ' |
Accounts receivable | -15.7 | -12.8 | 8 |
Inventories | -13.1 | 2.1 | -17.1 |
Other assets | -6.6 | 2.4 | 7.3 |
Accounts payable | 12.7 | 3.4 | -2 |
Employee compensation liabilities | 5.5 | 5.8 | -32.5 |
Employee benefit obligations | -4.1 | -2.9 | -0.4 |
Accrued expenses and other liabilities | 3.9 | -8.6 | -30 |
Net cash provided by operating activities | 178.8 | 187.3 | 101.7 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -86.8 | -74 | -64.9 |
Proceeds from disposal of fixed assets | 9.5 | 15.5 | 11.7 |
Purchases of investments | -146.7 | -78.6 | -195.8 |
Liquidations of investments | 122.3 | 62.6 | 466.1 |
Liquidations of COLI | 74.5 | ' | ' |
Acquisitions, net of cash acquired | 0 | -6.2 | -20.9 |
Other | 2 | -4.8 | 7 |
Net cash provided by (used in) investing activities | -25.2 | -85.5 | 203.2 |
FINANCING ACTIVITIES | ' | ' | ' |
Dividends paid | -50.2 | -45.8 | -31.7 |
Common stock repurchases | -49.9 | -19.9 | -47.7 |
Excess tax benefit from vesting of stock awards | 0.5 | 3.8 | 1.1 |
Borrowings of long-term debt, net of issuance costs | 0.6 | 0.3 | 0.2 |
Repayments of long-term debt | -2.5 | -2.6 | -255.5 |
Borrowings of lines of credit | 0.2 | 1.5 | 0 |
Repayments of lines of credit | -0.3 | -1.5 | -0.7 |
Net cash used in financing activities | -101.6 | -64.2 | -334.3 |
Effect of exchange rate changes on cash and cash equivalents | -0.6 | 0.7 | -0.7 |
Net increase (decrease) in cash and cash equivalents | 51.4 | 38.3 | -30.1 |
Cash and cash equivalents, beginning of year | 150.4 | 112.1 | 142.2 |
Cash and cash equivalents, end of year | 201.8 | 150.4 | 112.1 |
Supplemental Cash Flow Information: | ' | ' | ' |
Income taxes paid, net of refunds received | 33.1 | 9.4 | 10.7 |
Interest paid, net of amounts capitalized | $17.40 | $17.40 | $26.20 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Feb. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature Of Operations | ' |
NATURE OF OPERATIONS | |
Steelcase is the global leader in furnishing the work experience in office environments. Founded in 1912, we are headquartered in Grand Rapids, Michigan, U.S.A. and employ approximately 10,700 employees. We operate manufacturing and distribution center facilities in 21 principal locations. We distribute products through various channels, including independent and company-owned dealers, in more than 800 locations throughout the world, and have led the global office furniture industry in revenue every year since 1974. We operate under the Americas and EMEA reportable segments plus an “Other” category. Additional information about our reportable segments is contained in Note 18. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Steelcase Inc. and its subsidiaries. We consolidate entities in which we maintain a controlling interest. All material intercompany transactions and balances have been eliminated in consolidation. We also consolidate variable interest entities when appropriate. | |||||||||||||
Investments in entities where our equity ownership falls between 20% and 50%, or where we otherwise have significant influence, are accounted for under the equity method of accounting. All other investments in unconsolidated affiliates are accounted for under the cost method of accounting. These investments are reported as Investments in unconsolidated affiliates on the Consolidated Balance Sheets, and income from equity method and cost method investments are reported in Other income (expense), net on the Consolidated Statements of Income. See Note 11 for additional information. | |||||||||||||
Fiscal Year | |||||||||||||
Our fiscal year ends on the last Friday in February with each fiscal quarter typically including 13 weeks. The fiscal year ended February 28, 2014 contained 53 weeks, with Q4 2014 containing 14 weeks. The fiscal years ended February 22, 2013 and February 24, 2012 contained 52 weeks. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements and accompanying notes. Although these estimates are based on historical data and management’s knowledge of current events and actions we may undertake in the future, actual results may differ from these estimates under different assumptions or conditions. | |||||||||||||
Foreign Currency | |||||||||||||
For most international operations, local currencies are considered the functional currencies. We translate assets and liabilities of these subsidiaries to their U.S. dollar equivalents at exchange rates in effect as of the balance sheet date. Translation adjustments are not included in determining net income, but are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets until a sale or substantially complete liquidation of the net investment in the international subsidiary takes place. We translate Consolidated Statements of Income accounts at average exchange rates for the applicable period. | |||||||||||||
Foreign currency transaction gains and losses, net of derivatives, arising primarily from changes in exchange rates on foreign currency denominated intercompany loans and other intercompany transactions and balances between foreign locations, are recorded in Other income (expense), net. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include demand bank deposits and highly liquid investment securities with an original maturity of three months or less. Cash equivalents are reported at cost and approximate fair value. Outstanding checks in excess of funds on deposit are classified as Accounts payable on the Consolidated Balance Sheets. Our restricted cash balance as of February 28, 2014 and February 22, 2013 was $9.0 and $3.5, respectively, and consisted primarily of funds held in escrow for construction in progress and potential future workers’ compensation claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. | |||||||||||||
Allowances for Credit Losses | |||||||||||||
Allowances for credit losses related to accounts receivable and notes receivable are maintained at a level considered by management to be adequate to absorb an estimate of probable future losses existing at the balance sheet date. In estimating probable losses, we review accounts that are past due or in bankruptcy. We consider an accounts receivable or notes receivable balance past due when payment is not received within the stated terms. We review accounts that may have higher credit risk using information available about the debtor, such as financial statements, news reports and published credit ratings. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. Using an estimate of current fair market value of any applicable collateral and other credit enhancements, such as third party guarantees, we arrive at an estimated loss for specific concerns and estimate an additional amount for the remainder of trade balances based on historical trends and other factors previously referenced. Receivable balances are written off when we determine the balance is uncollectible. Subsequent recoveries, if any, are credited to bad debt expense when received. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Our trade receivables are primarily due from independent dealers who, in turn, carry receivables from their customers. We monitor and manage the credit risk associated with individual dealers and direct customers where applicable. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to us. In those cases, we may assume the credit risk. Whether from dealers or customers, our trade credit exposures are not concentrated with any particular entity. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market. The Americas segment primarily uses the last in, first out (“LIFO”) method to value its inventories. The EMEA segment values inventories primarily using the first in, first out method. Businesses within the Other category primarily use the first in, first out or the average cost inventory valuation methods. See Note 7 for additional information. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Major improvements that materially extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. | |||||||||||||
Long-lived assets such as property, plant and equipment are tested for impairment when conditions indicate that the carrying value may not be recoverable. We evaluate several conditions, including, but not limited to, the following: a significant decrease in the market price of an asset or an asset group; a significant adverse change in the extent or manner in which a long-lived asset is being used, including an extended period of idleness; and a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review the carrying value of our long-lived assets held and used using estimates of future undiscounted cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. | |||||||||||||
When assets are classified as “held for sale,” losses are recorded for the difference between the carrying amount of the property, plant and equipment and the estimated fair value less estimated selling costs. Assets are considered “held for sale” when it is expected that the asset is going to be sold within twelve months. See Note 8 for additional information. | |||||||||||||
Operating Leases | |||||||||||||
Rent expense under operating leases is recorded on a straight-line basis over the lease term unless the lease contains an escalation clause which is not fixed and determinable. The lease term begins when we have the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. If a lease has a fixed and determinable escalation clause, the difference between rent expense and rent paid is recorded as deferred rent. Rent expense under operating leases that do not have an escalation clause or where escalation is based on an inflation index is expensed over the lease term as it is payable. See Note 17 for additional information. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the difference between the purchase price and the related underlying tangible and identifiable intangible net asset values resulting from business acquisitions. Annually in Q4, or earlier if conditions indicate it is necessary, the carrying value of the reporting unit is compared to an estimate of its fair value. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is impaired and is written down to its estimated fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. We evaluate goodwill and intangible assets using five reporting units where goodwill is recorded: the Americas, EMEA, Asia Pacific, Designtex and PolyVision. See Note 10 for additional information. | |||||||||||||
Other intangible assets subject to amortization consist primarily of proprietary technology, trademarks, customer relationships and non-compete agreements and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization, consisting of certain trademarks, are accounted for and evaluated for potential impairment in a manner consistent with goodwill. See Note 10 for additional information. | |||||||||||||
Contingencies | |||||||||||||
Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred. We are involved in litigation from time to time in the ordinary course of our business. Based on known information, we do not believe we are party to any lawsuit or proceeding, individually and in the aggregate, that is likely to have a material adverse impact on the consolidated financial statements. | |||||||||||||
Self-Insurance | |||||||||||||
We are self-insured for certain losses relating to domestic workers’ compensation, product liability, and employee medical, dental, and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. | |||||||||||||
Our total reserve for estimated domestic workers’ compensation claims incurred as of February 28, 2014 and February 22, 2013 was $14.6 and $15.9, respectively. Our reserve for estimated domestic workers’ compensation claims expected to be paid within one year as of February 28, 2014 and February 22, 2013 was $5.0 and $4.8, respectively, and is included in Accrued expenses: Other on the Consolidated Balance Sheets, while our reserve for estimated domestic workers’ compensation claims expected to be paid beyond one year is included in Other long-term liabilities on the Consolidated Balance Sheets. | |||||||||||||
Our reserve for estimated product liability claims incurred as of February 28, 2014 and February 22, 2013 was $5.8 and $5.3, respectively, and is included in Accrued expenses: Other on the Consolidated Balance Sheets. | |||||||||||||
The estimate for employee medical, dental, and short-term disability claims incurred as of February 28, 2014 and February 22, 2013 was $2.8 and $3.0, respectively, and is recorded within Accrued expenses: Other on the Consolidated Balance Sheets. | |||||||||||||
Product Warranties | |||||||||||||
We offer warranties ranging from 12 years to lifetime for most products, subject to certain exceptions. These warranties provide for the free repair or replacement of any covered product, part or component that fails during normal use because of a defect in materials or workmanship. The accrued liability for product warranties is based on an estimated amount needed to cover product warranty costs, including product recall and retrofit costs incurred as of the balance sheet date determined by historical claims experience and our knowledge of current events and actions. | |||||||||||||
Roll-Forward of Accrued | Year Ended | ||||||||||||
Liability for Product Warranties | February 28, | February 22, | February 24, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of beginning of period | $ | 31.1 | $ | 29.9 | $ | 31.3 | |||||||
Accruals related to product warranties, recalls and retrofits | 16.2 | 10.7 | 11.1 | ||||||||||
Adjustments related to changes in estimates | 4.6 | (0.3 | ) | 1.9 | |||||||||
Reductions for settlements | (14.9 | ) | (9.4 | ) | (14.4 | ) | |||||||
Currency translation adjustments | 0.3 | 0.2 | — | ||||||||||
Balance as of end of period | $ | 37.3 | $ | 31.1 | $ | 29.9 | |||||||
Our reserve for estimated settlements expected to be paid beyond one year as of February 28, 2014 and February 22, 2013 was $19.8 and $17.0, respectively, and is included in Other long-term liabilities on the Consolidated Balance Sheets. | |||||||||||||
Pension and Other Post-Retirement Benefits | |||||||||||||
We sponsor a number of domestic and foreign plans to provide pension benefits and medical and life insurance benefits to retired employees. We measure the net over-funded or under-funded positions of our defined benefit pension plans and post-retirement benefit plans as of the fiscal year end and display that position as an asset or liability on the Consolidated Balance Sheets. Any unrecognized prior service credit (cost), experience gains(losses) or transition obligation is reported as a component of Accumulated Other Comprehensive Income (Loss), net of tax, in shareholders’ equity. See Note 13 for additional information. | |||||||||||||
Environmental Matters | |||||||||||||
Environmental expenditures related to current operations are expensed or capitalized as appropriate. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are expensed. Generally, the timing of these accruals coincides with completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis as site-specific plans indicate the amount and timing of cash payments are fixed or reliably determinable. We have ongoing monitoring and identification processes to assess how the activities, with respect to the known exposures, are progressing against the accrued cost estimates, as well as to identify other potential remediation sites that are presently unknown. The liability for environmental contingencies included in Accrued expenses: Other on the Consolidated Balance Sheets was $6.6 and $5.6 as of February 28, 2014 and February 22, 2013, respectively. These liabilities were discounted using a rate of 3.6% and 3.2% as of February 28, 2014 and February 22, 2013, respectively. Our undiscounted liabilities were $8.5 and $7.2 as of February 28, 2014 and February 22, 2013, respectively. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to absorb the costs of all known environmental assessments and the remediation costs of all known sites. | |||||||||||||
Asset Retirement Obligations | |||||||||||||
We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated. We also have known conditional asset retirement obligations that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations we have not yet discovered, and therefore, these obligations also have not been included in the consolidated financial statements. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue consists substantially of product sales and related service revenue. Product sales are reported net of discounts and are recognized when title and risks associated with ownership have passed to the dealer or customer. Typically, this is when product is shipped to the dealer. When product is shipped directly to an end customer, revenue is typically recognized upon delivery or upon acceptance by the end customer. Revenue from services is recognized when the services have been rendered. Total revenue does not include sales tax, as we consider ourselves a pass-through entity for collecting and remitting sales taxes. | |||||||||||||
Cost of Sales | |||||||||||||
Cost of sales includes material, labor and overhead. Included within these categories are such items as compensation expense, depreciation, facilities expense, inbound freight charges, warehousing costs, shipping and handling expenses, warranty expense, internal transfer costs and other costs of our distribution network. | |||||||||||||
Operating Expenses | |||||||||||||
Operating expenses include selling, general and administrative expenses not directly related to the manufacturing of our products. Included in these expenses are items such as compensation expense, depreciation, facilities expense, research and development expense, rental expense, royalty expense, information technology services, legal and other professional services and travel and entertainment expense. | |||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expenses, which are expensed as incurred, were $35.9 for 2014, $36.0 for 2013 and $35.8 for 2012. Royalties are sometimes paid to external designers of our products as the products are sold. These costs are not included in the research and development expenses. | |||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. These deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits associated with net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies will enable us to utilize the net operating loss carryforwards. In making this determination we consider all available positive and negative evidence. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. | |||||||||||||
We recognize the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits from uncertain tax positions recognized are reflected at the amounts most likely to be sustained on examination. See Note 15 for additional information. | |||||||||||||
Share-Based Compensation | |||||||||||||
Our share-based compensation consists of restricted stock units and performance units. Our policy is to expense share-based compensation using the fair-value based method of accounting for all awards granted, modified or settled. | |||||||||||||
Restricted stock units and performance units are credited to equity as they are expensed over the requisite service periods based on the grant-date fair value of the shares expected to be issued. See Note 16 for additional information. | |||||||||||||
Financial Instruments | |||||||||||||
The carrying amounts of our financial instruments, consisting of cash and cash equivalents, accounts and notes receivable, accounts and notes payable 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 Consolidated Balance Sheets. Our total debt is carried at cost and was $287.0 and $289.0 as of February 28, 2014 and February 22, 2013, 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 $327 and $321 as of February 28, 2014 and February 22, 2013, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. | |||||||||||||
See Note 6 and Note 12 for additional information. | |||||||||||||
We periodically use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange 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. | |||||||||||||
Foreign Exchange Forward Contracts | |||||||||||||
A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching same currency revenue with same currency costs and same currency assets with same currency liabilities. Foreign exchange risk is also managed through the use of derivative instruments. Foreign exchange forward contracts serve to mitigate the risk of conversion or translation of certain foreign denominated net income, assets and liabilities. We primarily use derivatives for intercompany loans and certain forecasted transactions. The foreign exchange forward contracts relate principally to the euro, Mexican peso, Canadian dollar, pound sterling and Australian dollar and have maturity dates less than one year. See Note 6 for additional information. | |||||||||||||
Assets and liabilities related to derivative instruments as of February 28, 2014 and February 22, 2013 are summarized below: | |||||||||||||
Consolidated Balance Sheets | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Other current assets | $ | 0.3 | $ | 1.3 | |||||||||
Accrued expenses | (3.2 | ) | (1.9 | ) | |||||||||
Total net fair value of derivative instruments (1) | $ | (2.9 | ) | $ | (0.6 | ) | |||||||
________________________ | |||||||||||||
-1 | The notional amounts of the outstanding foreign exchange forward contracts were $122.4 as of February 28, 2014 and $115.0 as of February 22, 2013. | ||||||||||||
Net gains (losses) recognized from derivative instrument activity in 2014, 2013 and 2012 are summarized below: | |||||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | $ | (0.1 | ) | $ | 0.2 | $ | 0.3 | ||||||
Operating expenses | — | 0.1 | 0.1 | ||||||||||
Other income (expense), net | (3.5 | ) | (0.5 | ) | 4.8 | ||||||||
Total net gains (losses) | $ | (3.6 | ) | $ | (0.2 | ) | $ | 5.2 | |||||
New_Accounting_Standards
New Accounting Standards | 12 Months Ended |
Feb. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
NEW ACCOUNTING STANDARDS | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The guidance requires an entity to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. This presentation may be either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. For other significant amounts not required to be reclassified in their entirety to net income in the same reporting period, a cross reference to other disclosures that provide additional detail about the reclassification amounts is required. The Company adopted these provisions in Q1 2014, applied prospectively. This update impacts disclosures only, and therefore adoption did not have an impact on our consolidated financial position, results of operations or cash flows. The disclosures required by this update are included in Note 5. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities include performance units and restricted stock units in which the participants have non-forfeitable rights to dividends or dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividends or dividend equivalents during the performance period. | |||||||||||||
Computation of Earnings per Share | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 87.7 | $ | 38.8 | $ | 56.7 | |||||||
Adjustment for earnings attributable to participating securities | (1.4 | ) | (0.6 | ) | (1.0 | ) | |||||||
Net income used in calculating earnings per share | $ | 86.3 | $ | 38.2 | $ | 55.7 | |||||||
Weighted-average common shares outstanding including participating securities (in millions) | 126 | 127.4 | 131.9 | ||||||||||
Adjustment for participating securities (in millions) | (1.9 | ) | (1.8 | ) | (2.3 | ) | |||||||
Shares used in calculating basic earnings per share (in millions) | 124.1 | 125.6 | 129.6 | ||||||||||
Effect of dilutive stock-based compensation (in millions) | 1.3 | 1.7 | — | ||||||||||
Shares used in calculating diluted earnings per share (in millions) | 125.4 | 127.3 | 129.6 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.7 | $ | 0.3 | $ | 0.43 | |||||||
Diluted | $ | 0.69 | $ | 0.3 | $ | 0.43 | |||||||
Total common shares outstanding at period end (in millions) | 122.9 | 125.2 | 126.5 | ||||||||||
Anti-dilutive options and performance units excluded from computation of diluted earnings per share (in millions) | 0.1 | — | 3.5 | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for 2014: | |||||||||||||||||||||
Unrealized gain on investments | Pension and other post-retirement liability adjustments | Derivative adjustments | Foreign currency translation adjustments | Total | |||||||||||||||||
Balance as of February 22, 2013 | $ | 0.6 | $ | 18.9 | $ | (0.1 | ) | $ | (23.6 | ) | $ | (4.2 | ) | ||||||||
Other comprehensive income before reclassifications | 0.3 | 6.4 | — | 4.1 | 10.8 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1 | ) | (5.7 | ) | — | — | (5.8 | ) | |||||||||||||
Net current period other comprehensive income | 0.2 | 0.7 | — | 4.1 | 5 | ||||||||||||||||
Balance as of February 28, 2014 | $ | 0.8 | $ | 19.6 | $ | (0.1 | ) | $ | (19.5 | ) | $ | 0.8 | |||||||||
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for 2014: | |||||||||||||||||||||
Detail of Accumulated Other Comprehensive | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Consolidated Statements of Income | |||||||||||||||||||
Income (Loss) Components | Year Ended | ||||||||||||||||||||
February 28, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Unrealized gains on investments | $ | (0.1 | ) | Other income | |||||||||||||||||
— | Income tax expense | ||||||||||||||||||||
(0.1 | ) | Net income | |||||||||||||||||||
Amortization of pension and other post-retirement liability adjustments | |||||||||||||||||||||
Actuarial losses | 0.3 | Cost of sales | |||||||||||||||||||
Actuarial losses | 1.2 | Operating expenses | |||||||||||||||||||
Prior service credit | (4.3 | ) | Cost of sales | ||||||||||||||||||
Prior service credit | (4.8 | ) | Operating expenses | ||||||||||||||||||
1.9 | Income tax expense | ||||||||||||||||||||
(5.7 | ) | Net of tax | |||||||||||||||||||
Total reclassifications | $ | (5.8 | ) |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
FAIR VALUE | |||||||||||||||||
Fair value measurements are classified under the following hierarchy: | |||||||||||||||||
Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. | |||||||||||||||||
Level 2 — Inputs based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |||||||||||||||||
Level 3 — Inputs reflect management’s best estimate of what market participants would use to price the asset or liability at the measurement date in model-driven valuations. The inputs are unobservable in the market and significant to the instrument’s valuation. | |||||||||||||||||
Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be other significant inputs that are readily observable. | |||||||||||||||||
Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of February 28, 2014 and February 22, 2013 are summarized below: | |||||||||||||||||
Fair Value of Financial Instruments | February 28, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 201.8 | $ | — | $ | — | $ | 201.8 | |||||||||
Restricted cash | 9 | — | — | 9 | |||||||||||||
Managed investment portfolio and other investments | |||||||||||||||||
Corporate debt securities | — | 48 | — | 48 | |||||||||||||
U.S. agency debt securities | — | 48.9 | — | 48.9 | |||||||||||||
U.S. government debt securities | 7.8 | — | — | 7.8 | |||||||||||||
Asset backed securities | — | 5.6 | — | 5.6 | |||||||||||||
Municipal debt securities | — | 3.4 | — | 3.4 | |||||||||||||
Other investments | — | 5.8 | — | 5.8 | |||||||||||||
Foreign exchange forward contracts | — | 0.3 | — | 0.3 | |||||||||||||
Auction rate securities | — | — | 9.6 | 9.6 | |||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | 3.7 | — | 3.7 | |||||||||||||
$ | 218.6 | $ | 115.7 | $ | 9.6 | $ | 343.9 | ||||||||||
Liabilities: | |||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | |||||||
$ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | ||||||||
Fair Value of Financial Instruments | February 22, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 150.4 | $ | — | $ | — | $ | 150.4 | |||||||||
Restricted cash | 3.5 | — | — | 3.5 | |||||||||||||
Managed investment portfolio and other investments | |||||||||||||||||
Corporate debt securities | — | 30.3 | — | 30.3 | |||||||||||||
U.S. agency debt securities | — | 44.1 | — | 44.1 | |||||||||||||
U.S. government debt securities | 4.4 | — | — | 4.4 | |||||||||||||
Asset backed securities | — | 5.5 | — | 5.5 | |||||||||||||
Municipal debt securities | — | 14.1 | — | 14.1 | |||||||||||||
Other investments | — | 2.1 | — | 2.1 | |||||||||||||
Foreign exchange forward contracts | — | 1.3 | — | 1.3 | |||||||||||||
Auction rate securities | — | — | 9.8 | 9.8 | |||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | — | 3.5 | 3.5 | |||||||||||||
$ | 158.3 | $ | 97.4 | $ | 13.3 | $ | 269 | ||||||||||
Liabilities: | |||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | |||||||
$ | — | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | ||||||||
Managed Investment Portfolio and Other Investments | |||||||||||||||||
Our managed investment portfolio consists of U.S. agency debt securities, U.S. government debt securities, corporate debt securities, asset backed securities and municipal debt securities, and our investment manager operates under a mandate to keep the average duration of investments under two years. Our managed investment portfolio and other investments are considered available-for-sale. Fair values for these investments are based upon valuations for identical or similar instruments in active markets, with the resulting net unrealized holding gains or losses reflected net of tax as a component of Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. | |||||||||||||||||
The cost basis for these investments, determined using the specific identification method, was $119.0 and $99.9 as of February 28, 2014 and February 22, 2013, respectively. Gross unrealized gains were $0.2 for 2014 and 2013. As of February 28, 2014, approximately 42% of the debt securities mature within one year, approximately 25% in two years, approximately 27% in three years and approximately 6% in four or more years. | |||||||||||||||||
Foreign Exchange Forward Contracts | |||||||||||||||||
From time to time, we enter into forward contracts to mitigate the risk of translation into U.S. dollars of certain foreign-denominated net income, assets and liabilities. We primarily hedge intercompany working capital loans and certain forecasted currency flows from intercompany transactions. The fair value of foreign exchange forward contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. | |||||||||||||||||
Auction Rate Securities | |||||||||||||||||
As of February 28, 2014, we held auction rate securities (“ARS”) totaling $11.7 of par value. Historically, liquidity for these securities was provided through a Dutch auction process that reset the applicable interest rate at pre-determined short-term intervals. The auctions failed in 2008 and are not being conducted at this time. While there has been no payment default with respect to our remaining ARS, these investments are not widely traded and therefore do not currently have a readily-determinable market value. We receive higher penalty interest rates on the securities ranging from 30-day LIBOR plus 2.0 to 2.5%. We have the intent and ability to hold these securities until recovery of market value or maturity, and we believe the current inability to easily liquidate these investments will have no impact on our ability to fund our ongoing operations. During 2013, one issuance held in our portfolio was redeemed at par for $5.0 in proceeds. | |||||||||||||||||
To estimate fair value, we used an internally-developed discounted cash flow analysis. Our discounted cash flow analysis considers, among other factors, (i) the credit ratings of the ARS, (ii) the credit quality of the underlying securities or the credit rating of issuers, (iii) the estimated timing and amount of cash flows and (iv) the formula applicable to each security which defines the penalty interest rate and (v) discount rates equal to the sum of (a) the yield on U.S. Treasury securities with a term through the estimated workout date plus (b) a risk premium based on similarly rated observable securities. These assumptions are based on our current judgment and our view of current market conditions. Based upon these factors, ARS with an original par value of approximately $11.7 have been adjusted to an estimated fair value of $9.6 as of February 28, 2014. | |||||||||||||||||
We periodically review our investment portfolio to determine if any investment is other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. Since the inception of our ARS investments, we have recorded other-than-temporary impairment losses and unrealized gains of $2.5 and $0.4, respectively. The investments other-than-temporarily impaired as of February 28, 2014 were impaired due to general credit declines, and the impairments were recorded in Investment income in the Consolidated Statements of Income. Unrealized gains are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The unrealized gains are due to changes in interest rates and are expected to fluctuate over the contractual term of the instruments. The use of different assumptions could result in a different valuation and additional impairments. For example, an increase to the discount rate of 100 basis points would reduce the estimated fair value of our investment in ARS by approximately $0.5. | |||||||||||||||||
We continue to monitor the market for ARS and consider the impact, if any, on the estimated fair value of these investments. If current market conditions deteriorate further, or the anticipated recovery in market values does not occur, we may be required to record additional other-than-temporary impairments and/or unrealized impairment losses. | |||||||||||||||||
Canadian Asset-Backed Commercial Paper Restructuring Notes | |||||||||||||||||
As of February 28, 2014, we held four floating-rate Canadian asset-backed commercial paper restructuring notes with a combined par value of Canadian $4.4. These notes replaced an investment in Canadian asset-backed commercial paper, which, as a result of a lack of liquidity in the market, failed to settle on maturity and went into default. We recorded an other-than-temporary impairment of our investment in 2008 of $0.9. During 2013, one note held in our portfolio matured and was redeemed at par for $0.5 in proceeds. | |||||||||||||||||
The restructuring notes were issued under the court-approved restructuring entity, Master Asset Vehicle II, in 2009. We hold a class A-1 note, a class A-2 note, a class B note and a class C note. The class A-1 note is rated “AA” by Dominion Bond Rating Service and equals 75% of the par value of the notes; the class A-2 note is rated “A” by Dominion Bond Rating Service and equals 19% of the par value. The class B and class C notes carry no rating and approximate 6% of the par value of the notes. The notes pay interest quarterly at a rate equal to the Canadian Bankers Acceptance Rate less 50 basis points. | |||||||||||||||||
In 2014, these assets were transferred out of Level 3 primarily as the result of increased market liquidity and price transparency. | |||||||||||||||||
Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs for the years ended February 28, 2014 and February 22, 2013: | |||||||||||||||||
Roll-forward of Fair Value Using Level 3 Inputs | Auction Rate | Canadian | |||||||||||||||
Securities | Asset-Backed | ||||||||||||||||
Commercial | |||||||||||||||||
Paper | |||||||||||||||||
Balance as of February 24, 2012 | $ | 12.9 | $ | 4.1 | |||||||||||||
Unrealized gain on investments | 1.9 | — | |||||||||||||||
Sale of investments | (5.0 | ) | — | ||||||||||||||
Maturities of investments | — | (0.5 | ) | ||||||||||||||
Currency translation adjustment | — | (0.1 | ) | ||||||||||||||
Balance as of February 22, 2013 | $ | 9.8 | $ | 3.5 | |||||||||||||
Unrealized gain (loss) on investments | (0.2 | ) | 0.5 | ||||||||||||||
Currency translation adjustment | — | (0.3 | ) | ||||||||||||||
Transfers out of Level 3 | — | (3.7 | ) | ||||||||||||||
Balance as of February 28, 2014 | $ | 9.6 | $ | — | |||||||||||||
There were no other-than-temporary impairments or transfers into Level 3 during either 2014 or 2013. It is the Company's policy to value any transfers between levels of the fair value hierarchy based on end of period fair values. |
Inventories
Inventories | 12 Months Ended | ||||||||
Feb. 28, 2014 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
Inventories | February 28, | February 22, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 73.1 | $ | 58.7 | |||||
Work in process | 12.2 | 13.2 | |||||||
Finished goods | 87.7 | 87 | |||||||
173 | 158.9 | ||||||||
Less: LIFO reserve | 21.5 | 21.4 | |||||||
$ | 151.5 | $ | 137.5 | ||||||
The portion of inventories determined by the LIFO method aggregated to $70.8 and $70.2 as of February 28, 2014 and February 22, 2013, respectively. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||||||||
Feb. 28, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant And Equipment | ' | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Property, Plant and Equipment | Estimated | February 28, | February 22, | ||||||||
Useful Lives | 2014 | 2013 | |||||||||
(Years) | |||||||||||
Land | $ | 41.3 | $ | 38.6 | |||||||
Buildings and improvements | 10 – 40 | 490.7 | 526.3 | ||||||||
Machinery and equipment | 3 – 15 | 709.2 | 715.4 | ||||||||
Furniture and fixtures | 5 – 8 | 55.9 | 68 | ||||||||
Leasehold improvements | 3 – 10 | 52.6 | 53 | ||||||||
Capitalized software | 3 – 10 | 128.7 | 139 | ||||||||
Construction in progress | 39.4 | 34.3 | |||||||||
1,517.80 | 1,574.60 | ||||||||||
Accumulated depreciation | (1,140.8 | ) | (1,221.4 | ) | |||||||
$ | 377 | $ | 353.2 | ||||||||
A majority of the net book value of property, plant and equipment as of February 28, 2014 relates to machinery and equipment of $152.7 and buildings and improvements of $103.2. A majority of the net book value of property, plant and equipment as of February 22, 2013 relates to machinery and equipment of $126.6 and building and improvements of $118.1. Depreciation expense on property, plant and equipment was $56.3 for 2014, $53.6 for 2013 and $52.7 for 2012. The estimated cost to complete construction in progress was $34.4 and $22.2 as of February 28, 2014 and February 22, 2013, respectively. There were no interest costs capitalized in construction in progress in 2014 or 2013, and there was $0.8 capitalized in 2012. | |||||||||||
In 2013, we recognized a $12.4 impairment charge in conjunction with the previously announced closure of our Corporate Development Center. The decline in market value of the facility and the completion of employee relocations out of the facility led to the charge in 2013. This charge was included in Restructuring costs in the Consolidated Statements of Income. See Note 20 for further details. | |||||||||||
Included in Other current assets on the Consolidated Balance Sheets as of February 28, 2014 is $5.3 of buildings and improvements that is classified as assets “held for sale”. |
CompanyOwned_Life_Insurance
Company-Owned Life Insurance | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Insurance [Abstract] | ' | ||||||||||||
Company-Owned Life Insurance | ' | ||||||||||||
COMPANY-OWNED LIFE INSURANCE | |||||||||||||
Our investments in company-owned life insurance (“COLI”) policies are recorded at their net cash surrender value. | |||||||||||||
Prior to Q3 2014, our investments in whole life COLI policies were intended to be utilized as a long-term funding source for post-retirement medical benefits, deferred compensation and supplemental retirement plan obligations, and our investments in variable life COLI policies were primarily considered a source of corporate liquidity. | |||||||||||||
During Q3 2014, we reduced the variable life COLI balances by withdrawing basis of $74.5 (tax-free) and invested the cash proceeds in short-term investments. The remaining investments in whole life and variable life COLI policies are intended to be utilized as a long-term funding source for post-retirement medical benefits, deferred compensation and supplemental retirement plan obligations, which as of February 28, 2014 aggregated approximately $150, with a related deferred tax asset of approximately $55. The designations of our COLI investments as funding sources for our benefit obligations do not result in these investments representing a committed funding source for these obligations. They are subject to claims from creditors, and we can designate them to another purpose at any time. | |||||||||||||
The costs associated with the long-term benefit obligations that the investments are intended to fund are recorded in Operating expenses on the Consolidated Statements of Income. As these costs exceed the net returns in cash surrender value, normal insurance expenses and any death benefit gains (“COLI income”) related to our investments in COLI policies, we began recording all COLI income in Operating expenses on the Consolidated Statements of Income during Q3 2014. | |||||||||||||
The balances of our COLI investments as of February 28, 2014 and February 22, 2013 were as follows: | |||||||||||||
Type | Ability to Choose | Net Return | Target Asset Allocation as of February 28, 2014 | Net Cash Surrender Value | |||||||||
Investments | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Whole life | No ability | A rate of return set periodically by the | Not applicable | $ | 114.3 | $ | 109.6 | ||||||
COLI policies | insurance companies | ||||||||||||
Variable life | Can allocate across a set of choices provided by the insurance companies | Fluctuates depending on performance of underlying investments | 50% fixed income; 50% equity | 40 | 116.2 | ||||||||
COLI policies | |||||||||||||
$ | 154.3 | $ | 225.8 | ||||||||||
Following is a summary of the allocation of COLI income for 2014, 2013 and 2012: | |||||||||||||
COLI Income | Whole Life | Variable Life | Total | ||||||||||
Policies | Policies | ||||||||||||
2014 | |||||||||||||
Cost of sales | $ | 0.6 | $ | — | $ | 0.6 | |||||||
Operating expenses | 4.5 | 0.9 | 5.4 | ||||||||||
Operating income | 5.1 | 0.9 | 6 | ||||||||||
Investment income (loss) | — | (1.8 | ) | (1.8 | ) | ||||||||
Income before income tax expense | $ | 5.1 | $ | (0.9 | ) | $ | 4.2 | ||||||
2013 | |||||||||||||
Cost of sales | $ | 1.2 | $ | — | $ | 1.2 | |||||||
Operating expenses | 4.6 | — | 4.6 | ||||||||||
Operating income | 5.8 | — | 5.8 | ||||||||||
Investment income | — | 3 | 3 | ||||||||||
Income before income tax expense | $ | 5.8 | $ | 3 | $ | 8.8 | |||||||
2012 | |||||||||||||
Cost of sales | $ | 1 | $ | — | $ | 1 | |||||||
Operating expenses | 4.1 | — | 4.1 | ||||||||||
Operating income | 5.1 | — | 5.1 | ||||||||||
Investment income | — | 3.2 | 3.2 | ||||||||||
Income before income tax expense | $ | 5.1 | $ | 3.2 | $ | 8.3 | |||||||
Goodwill_Other_Intangible_Asse
Goodwill & Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill & Other Intangible Assets | ' | |||||||||||||||||||||||||||
GOODWILL & OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
A summary of the changes in goodwill during the years ended February 28, 2014 and February 22, 2013, by reportable segment, is as follows: | ||||||||||||||||||||||||||||
Goodwill | Americas | EMEA | Other | Total | ||||||||||||||||||||||||
Goodwill | $ | 92.4 | $ | 259.9 | $ | 116.8 | $ | 469.1 | ||||||||||||||||||||
Accumulated impairment losses | (1.7 | ) | (229.9 | ) | (60.9 | ) | (292.5 | ) | ||||||||||||||||||||
Balance as of February 24, 2012 | $ | 90.7 | $ | 30 | $ | 55.9 | $ | 176.6 | ||||||||||||||||||||
Acquisitions (1) | — | 4.4 | — | 4.4 | ||||||||||||||||||||||||
Impairments (2) | — | (35.1 | ) | (24.8 | ) | (59.9 | ) | |||||||||||||||||||||
Currency translation adjustments | (0.3 | ) | 0.7 | (0.1 | ) | 0.3 | ||||||||||||||||||||||
Goodwill | 92.1 | 265 | 116.7 | 473.8 | ||||||||||||||||||||||||
Accumulated impairment losses | (1.7 | ) | (265.0 | ) | (85.7 | ) | (352.4 | ) | ||||||||||||||||||||
Balance as of February 22, 2013 | $ | 90.4 | $ | — | $ | 31 | $ | 121.4 | ||||||||||||||||||||
Impairments (3) | — | — | (12.3 | ) | (12.3 | ) | ||||||||||||||||||||||
Currency translation adjustments | (0.8 | ) | — | (0.2 | ) | (1.0 | ) | |||||||||||||||||||||
Goodwill | 91.3 | 265 | 116.5 | 472.8 | ||||||||||||||||||||||||
Accumulated impairment losses | (1.7 | ) | (265.0 | ) | (98.0 | ) | (364.7 | ) | ||||||||||||||||||||
Balance as of February 28, 2014 | $ | 89.6 | $ | — | $ | 18.5 | $ | 108.1 | ||||||||||||||||||||
________________________ | ||||||||||||||||||||||||||||
-1 | In 2013, we made various immaterial acquisitions resulting in additions to goodwill in the EMEA segment. | |||||||||||||||||||||||||||
-2 | In 2013, we recorded goodwill impairment charges in both our EMEA and Designtex reporting units. See further details below. | |||||||||||||||||||||||||||
-3 | In 2014, we recorded goodwill impairment charges in our Asia Pacific reporting unit. See further details below. | |||||||||||||||||||||||||||
Our goodwill impairment evaluation is a two step process. In step one, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, we perform step two to measure the amount of impairment loss, if any. In step two, the reporting unit's fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit's goodwill is less than the carrying value, the difference is recorded as an impairment loss. | ||||||||||||||||||||||||||||
We estimated the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The estimation of the fair value of our reporting units represents a Level 3 measurement. | ||||||||||||||||||||||||||||
In Q3 2014, we determined that it was more likely than not that the fair value of our Asia Pacific reporting unit (in the Other category) had fallen below its carrying value. The decline in the estimated fair value of the Asia Pacific reporting unit was driven in part by continued quarterly operating losses during 2014, which were substantially below previous expectations. These losses were primarily the result of lower than expected revenue in most markets, especially China, Australia and Japan. The sales shortfalls were partially due to the impact of weaker than expected economic conditions in the region. During Q3 2014, senior management completed a comprehensive review of the Asia Pacific business unit during a visit to the region, including an update of our near-term financial projections, taking into consideration current industry and market conditions and business model challenges facing the Asia Pacific business unit. As a result, we determined that lower levels of near-term revenue growth and profitability were more likely than not and thus, we completed an interim goodwill impairment evaluation for the Asia Pacific reporting unit. Based on the step one and step two analyses, we recorded a $12.3 goodwill impairment charge in Q3 2014, and there was no remaining net goodwill in the Asia Pacific reporting unit as of February 28, 2014. We tested the recoverability of the Asia Pacific long-lived assets (other than goodwill and intangible assets) and concluded that these assets were not impaired. | ||||||||||||||||||||||||||||
In Q4 2013, we completed our annual goodwill impairment analysis and concluded that the fair value of our EMEA reporting unit (in the EMEA segment) and the Designtex reporting unit (in the Other category) were below their respective carrying values. The decline in the estimated fair value of the EMEA reporting unit was driven in part by the operating loss we recorded in 2013. In addition, the near-term outlook for Western Europe remained heavily challenged by macroeconomic headwinds. Therefore, in Q4 2013, we determined that these factors were likely to negatively impact the level of near-term profitability we would expect to achieve with our current business model. The projections used in our impairment model reflected our assumptions regarding revenue growth rates, economic and market trends, cost structure and other expectations about the anticipated short-term and long-term operating results of the EMEA reporting unit. Based on the step one and step two analyses, we recorded a $35.1 goodwill impairment charge in 2013, and there was no remaining net goodwill in the EMEA reporting unit as of February 28, 2014 and February 22, 2013. Additionally, we tested the recoverability of the EMEA long-lived assets (other than goodwill) and concluded that these assets were not impaired. | ||||||||||||||||||||||||||||
The decline in the estimated fair value of the Designtex reporting unit was largely driven by lower than expected operating performance in 2013 and the significant future investment required to strengthen our product offering, marketing and overall brand image. The projections used in our impairment model reflected our assumptions regarding revenue growth rates, market trends, business mix, cost structure and other expectations about the anticipated short-term and long-term operating results of the Designtex reporting unit. The decline in the fair value of the Designtex reporting unit, as well as the allocation of fair value to unrecognized intangible assets in step two of the goodwill impairment test, resulted in an implied fair value of goodwill below the carrying value of the goodwill for the Designtex reporting unit. As a result, we recorded a goodwill impairment charge of $24.8, and the remaining net goodwill in the Designtex reporting unit was $10.7 as of February 28, 2014 and February 22, 2013. | ||||||||||||||||||||||||||||
Based on the results of the annual impairment tests, we concluded that no other goodwill impairment existed apart from the impairment charges discussed above. The excess of fair value over carrying value for each of our reporting units as of the annual testing date ranged from approximately 73% to approximately 189% of carrying value. We will continue to evaluate goodwill, on an annual basis in Q4, and whenever events or changes in circumstances, such as significant adverse changes in business climate or operating results, changes in management's business strategy or significant declines in our stock price, indicate that there may be a potential indicator of impairment. | ||||||||||||||||||||||||||||
As of February 28, 2014 and February 22, 2013, our other intangible assets and related accumulated amortization consisted of the following: | ||||||||||||||||||||||||||||
Other Intangible Assets | February 28, 2014 | February 22, 2013 | ||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||||
Average | Amortization | Amortization | ||||||||||||||||||||||||||
Useful Life | ||||||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||||||
Proprietary technology | 9.7 | $ | 22.8 | $ | 20.8 | $ | 2 | $ | 22.8 | $ | 19.7 | $ | 3.1 | |||||||||||||||
Trademarks | 10 | 10.7 | 10.7 | — | 13.3 | 13.3 | — | |||||||||||||||||||||
Non-compete agreements | 6.1 | 1.3 | 1.1 | 0.2 | 2.6 | 2.4 | 0.2 | |||||||||||||||||||||
Other | 5.2 | 11 | 9.2 | 1.8 | 14.5 | 11.2 | 3.3 | |||||||||||||||||||||
45.8 | 41.8 | 4 | 53.2 | 46.6 | 6.6 | |||||||||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||||||||||
Trademarks | n/a | 12.6 | — | 12.6 | 12.6 | — | 12.6 | |||||||||||||||||||||
$ | 58.4 | $ | 41.8 | $ | 16.6 | $ | 65.8 | $ | 46.6 | $ | 19.2 | |||||||||||||||||
In 2014, we recorded a charge of $0.6 in Asia Pacific for impairment of other intangible assets. In 2013 and 2012, no intangible asset impairment charges were recorded. | ||||||||||||||||||||||||||||
We recorded amortization expense on intangible assets subject to amortization of $2.1 in 2014, $3.0 in 2013 and $3.0 for 2012. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: | ||||||||||||||||||||||||||||
Year Ending in February | Amount | |||||||||||||||||||||||||||
2015 | $ | 1.7 | ||||||||||||||||||||||||||
2016 | 1.5 | |||||||||||||||||||||||||||
2017 | 0.6 | |||||||||||||||||||||||||||
2018 | 0.2 | |||||||||||||||||||||||||||
2019 | — | |||||||||||||||||||||||||||
$ | 4 | |||||||||||||||||||||||||||
Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Investments_In_Unconsolidated_
Investments In Unconsolidated Affiliates | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | ' | ||||||||||||
Investments in Unconsolidated Affiliates | ' | ||||||||||||
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |||||||||||||
We enter into joint ventures and other equity investments from time to time to expand or maintain our geographic presence, support our distribution network or invest in new business ventures, complementary products and services. Equity method investments were $46.7 and $47.5 as of February 28, 2014 and February 22, 2013, respectively. Cost method investments were $6.3 and $5.8 as of February 28, 2014 and February 22, 2013. Our investments in unconsolidated affiliates primarily consist of IDEO, dealer relationships and manufacturing joint ventures. Our investments in unconsolidated affiliates and related direct ownership interests are summarized below: | |||||||||||||
Investments in Unconsolidated Affiliates | February 28, 2014 | February 22, 2013 | |||||||||||
Investment | Ownership | Investment | Ownership | ||||||||||
Balance | Interest | Balance | Interest | ||||||||||
IDEO | $ | 17.4 | 20% | $ | 16.1 | 20% | |||||||
Dealer relationships: | |||||||||||||
Equity method investments | 17.8 | 20%-40% | 18.4 | 20%-40% | |||||||||
Cost method investments | 5.8 | Less than 10% | 5.8 | Less than 10% | |||||||||
Total dealer relationships | 23.6 | 24.2 | |||||||||||
Manufacturing joint ventures: | |||||||||||||
Equity method investments | 11.5 | 25%-49% | 8.3 | 25%-49% | |||||||||
Other | 0.5 | 1%-39% | 4.7 | 8%-39% | |||||||||
Total investments in unconsolidated affiliates | $ | 53 | $ | 53.3 | |||||||||
Our equity in earnings of unconsolidated affiliates is recorded in Other income (expense), net on the Consolidated Statements of Income and is summarized below: | |||||||||||||
Equity in earnings of unconsolidated affiliates | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
IDEO | $ | 2.7 | $ | 2.6 | $ | 2.5 | |||||||
Dealer relationships | 3.1 | 3.9 | 3.1 | ||||||||||
Manufacturing joint ventures | 5.7 | 3.4 | 2.7 | ||||||||||
Other | (1.3 | ) | (0.5 | ) | — | ||||||||
Total equity in earnings of unconsolidated affiliates | $ | 10.2 | $ | 9.4 | $ | 8.3 | |||||||
Additionally, during 2014 we recorded a $6.0 other-than-temporary loss on the value of an equity method investment and related notes receivable in Other income (expense), net. | |||||||||||||
IDEO | |||||||||||||
IDEO LP is an innovation and design firm that uses a human-centered, design-based approach to generate new offerings and build new capabilities for its customers. IDEO serves Steelcase and a variety of other organizations within consumer products, financial services, healthcare, information technology, government, transportation and other industries. We own a 20% equity interest in IDEO. | |||||||||||||
Dealer Relationships | |||||||||||||
We have invested in dealers from time to time to expand or maintain our geographic presence and support our distribution network. These dealer relationships may include asset-based lending and term financing as a result of the dealer facing financial difficulty or facing difficulty in transitioning to new ownership. We choose to make financial investments in these dealers to address these risks or continue our presence in a region as establishing new dealers in a market can take considerable time and resources. | |||||||||||||
Manufacturing Joint Ventures | |||||||||||||
We have entered into manufacturing joint ventures from time to time to expand or maintain our geographic presence. The manufacturing joint ventures primarily consist of Steelcase Jeraisy Company Limited, which is located in Saudi Arabia and is engaged in the manufacturing of wood and metal office furniture systems, accessories and related products for the region. | |||||||||||||
The summarized financial information presented below represents the combined accounts of our equity method investments in unconsolidated affiliates. | |||||||||||||
Consolidated Balance Sheets | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Total current assets | $ | 148.8 | $ | 143.5 | |||||||||
Total non-current assets | 29.7 | 38.2 | |||||||||||
Total assets | $ | 178.5 | $ | 181.7 | |||||||||
Total current liabilities | $ | 72.4 | $ | 82.1 | |||||||||
Total long-term liabilities | 21.7 | 19.9 | |||||||||||
Total liabilities | $ | 94.1 | $ | 102 | |||||||||
Statements of Income | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | 450.7 | $ | 515.9 | $ | 472.9 | |||||||
Gross profit | 141.3 | 151.6 | 140.6 | ||||||||||
Income before income tax expense | 36 | 34.4 | 33.1 | ||||||||||
Net income | 32.5 | 31.6 | 30.2 | ||||||||||
Dividends received from our investments in unconsolidated affiliates were $6.2, $5.4 and $5.8 in 2014, 2013 and 2012, respectively. We had sales to our unconsolidated affiliates of $222.3, $247.3 and $219.3 in 2014, 2013 and 2012, respectively. Amounts due from our unconsolidated affiliates were $13.2 and $24.4 as of February 28, 2014 and February 22, 2013, respectively. |
ShortTerm_Borrowings_And_LongT
Short-Term Borrowings And Long-Term Debt | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Short-Term Borrowings And Long-Term Debt | ' | ||||||||||||
SHORT-TERM BORROWINGS AND LONG-TERM DEBT | |||||||||||||
Debt Obligations | Interest Rate Range as of February 28, 2014 | Fiscal Year | February 28, | February 22, | |||||||||
Maturity Range | 2014 | 2013 | |||||||||||
U.S. dollar obligations: | |||||||||||||
Senior notes (1) | 6.38% | 2021 | $ | 249.9 | $ | 249.9 | |||||||
Revolving credit facilities (2)(4) | 2018 | — | — | ||||||||||
Notes payable (3) | LIBOR + 3.35% | 2017 | 35.8 | 38.4 | |||||||||
Capitalized lease obligations | 6.0%-6.5% | 2014-2016 | 0.2 | 0.4 | |||||||||
285.9 | 288.7 | ||||||||||||
Foreign currency obligations: | |||||||||||||
Revolving credit facilities (4) | — | — | |||||||||||
Notes payable | 6.0%- 8.0% | 0.3 | 0.3 | ||||||||||
Capitalized lease obligations | 1.90% | 2019 | 0.8 | — | |||||||||
Total short-term borrowings and long-term debt | 287 | 289 | |||||||||||
Short-term borrowings and current portion of long-term debt (5) | 2.6 | 2.6 | |||||||||||
Long-term debt | $ | 284.4 | $ | 286.4 | |||||||||
________________________ | |||||||||||||
-1 | We have $250 of unsecured unsubordinated senior notes, due in February 2021 (“2021 Notes”). The 2021 Notes were issued at 99.953% of par value. The bond discount of $0.1 and direct debt issue costs of $3.0 were deferred and are being amortized over the life of the 2021 Notes. Although the coupon rate of the 2021 Notes is 6.375%, the effective interest rate is 6.6% after taking into account the impact of the discount, debt issuance costs and the deferred loss on interest rate locks related to the debt issuance. The 2021 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2021 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 45 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. Amortization expense related to the discount and debt issuance costs on the 2021 Notes was $0.3 in 2014, 2013 and 2012. | ||||||||||||
-2 | We have a $125 global committed five-year bank facility which was entered into in Q1 2013. As of February 28, 2014 and February 22, 2013, there were no borrowings outstanding under the facility, our availability was not limited, and we were in compliance with all covenants under the facility. | ||||||||||||
In addition, we have a $13.5 unsecured committed revolving bank facility which is utilized primarily for standby letters of credit in support of our self-insured workers’ compensation program. As of February 28, 2014 and February 22, 2013, we had $11.3 and $12.1, respectively, in outstanding standby letters of credit against this facility. We had no draws against our standby letters of credit during 2014 or 2013. | |||||||||||||
-3 | We have a note payable with an original amount of $47.0 at a floating interest rate based on 30-day LIBOR plus 3.35%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 based on a 20-year amortization schedule with a $30 balloon payment due in Q2 2017. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. | ||||||||||||
-4 | We have unsecured uncommitted short-term credit facilities of up to $3.5 of U.S. dollar obligations and unsecured uncommitted short-term credit facilities of up to $35.1 of foreign currency obligations with various financial institutions as of February 28, 2014. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 28, 2014 and February 22, 2013. | ||||||||||||
-5 | The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 3.5% as of February 28, 2014 and 3.8% as of February 22, 2013. | ||||||||||||
The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows: | |||||||||||||
Year Ending in February | Amount | ||||||||||||
2015 | $ | 2.6 | |||||||||||
2016 | 2.6 | ||||||||||||
2017 | 31.3 | ||||||||||||
2018 | 0.1 | ||||||||||||
2019 | 0.1 | ||||||||||||
Thereafter | 250.3 | ||||||||||||
$ | 287 | ||||||||||||
Global Credit Facility | |||||||||||||
Our $125 committed five-year unsecured revolving syndicated credit facility expires in 2018. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $75 by obtaining at least one commitment from a lender. | |||||||||||||
We can use borrowings under the facility for general corporate purposes, including friendly acquisitions. Interest on borrowings under the facility is based on the rate, as selected by us, between the following two options: | |||||||||||||
• | The greatest of the prime rate, the Federal fund effective rate plus 0.5%, and the Eurocurrency rate for a one month interest period plus 1%, plus the applicable margin as set forth in the credit agreement; or | ||||||||||||
• | The Eurocurrency rate plus the applicable margin as set forth in the credit agreement. | ||||||||||||
The facility requires us to satisfy two financial covenants: | |||||||||||||
• | A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness (as determined under the credit agreement) less excess liquidity (as determined under the credit agreement) to (y) the trailing four quarter Adjusted EBITDA (as determined under the credit agreement) and is required to be no greater than 3:1. (In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 3.25 to 1.0 for four consecutive quarters). | ||||||||||||
• | A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter Adjusted EBITDA (as determined under the credit agreement) to (z) trailing four quarter interest expense and is required to be no less than 3.5:1. | ||||||||||||
The facility requires us to comply with certain other covenants, including a restriction on the aggregate amount of cash dividend payments and share repurchases in any fiscal year. In general, as long as our leverage ratio is less than 2.50 to 1.00, there is no restriction on cash dividends and share repurchases. If our leverage ratio is between 2.50 to 1.00 and the maximum then permitted, our ability to pay more than $35.0 in cash dividends and share repurchases in aggregate in any fiscal year may be restricted, depending on our liquidity. As of February 28, 2014, our leverage ratio was less than 2.50 to 1.00. | |||||||||||||
As of February 28, 2014 and February 22, 2013, we were in compliance with all covenants under the facility. |
Employee_Benefit_Plan_Obligati
Employee Benefit Plan Obligations | 12 Months Ended | ||||||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plan Obligations | ' | ||||||||||||||||||||||||
EMPLOYEE BENEFIT PLAN OBLIGATIONS | |||||||||||||||||||||||||
Employee Benefit Plan Obligations | February 28, | February 22, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Defined contribution retirement plans | $ | 15 | $ | 13.3 | |||||||||||||||||||||
Post-retirement medical benefits | 69.1 | 77.3 | |||||||||||||||||||||||
Defined benefit pension plans | 48.5 | 51.5 | |||||||||||||||||||||||
Deferred compensation plans and agreements | 42.7 | 39.5 | |||||||||||||||||||||||
175.3 | 181.6 | ||||||||||||||||||||||||
Current portion | 26.1 | 23.8 | |||||||||||||||||||||||
Long-term portion | $ | 149.2 | $ | 157.8 | |||||||||||||||||||||
Defined Contribution Retirement Plans | |||||||||||||||||||||||||
Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) pre-tax contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants. Company contributions for this plan are discretionary and can be declared by the Compensation Committee of our Board of Directors any time during each fiscal year. Our other defined contribution retirement plans provide for matching contributions and/or discretionary contributions declared by management. | |||||||||||||||||||||||||
Total expense under all defined contribution retirement plans was $22.6 for 2014, $19.0 for 2013 and $16.3 for 2012. We expect to fund approximately $24.6 related to our defined contribution plans in 2015, including funding related to our discretionary profit sharing contributions. | |||||||||||||||||||||||||
Post-Retirement Medical Benefits | |||||||||||||||||||||||||
We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded, but our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 9 for additional information. While we do not expect the timing of cash flows to closely match, we intend to hold the policies until maturity, and we expect the policies will generate insufficient cash to cover the obligation payments over the next several years and generate excess cash in later years. | |||||||||||||||||||||||||
In Q4 2012, we changed the model of the post-retirement benefit plan and cost-sharing provisions for the post-65 retiree population. This change resulted in a company-provided fixed subsidy towards post-retirement healthcare benefits for eligible retirees. This amendment resulted in a decrease in the accumulated post-retirement projected benefit obligation of $20.9. In Q4 2013, due to a change in the participation assumption resulting from actual participation rates during the year, the accumulated post-retirement projected benefit obligation was reduced by $12.4. | |||||||||||||||||||||||||
The Medicare Prescription Drug Improvement and Modernization Act of 2003 (the “Medicare Act”) entitles employers who provide certain prescription drug benefits for retirees to receive a federal subsidy, thereby creating the potential for benefit cost savings. We provide retiree drug benefits through our U.S. post-retirement benefit plans that exceed the value of the benefits that will be provided by Medicare Part D. We are not eligible to receive a tax deduction for the portion of prescription drug expenses reimbursed under the Medicare Part D subsidy. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
Our defined benefit pension plans include various qualified domestic and foreign retirement plans as well as non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan is unfunded, but our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 9 for additional information. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: | |||||||||||||||||||||||||
Defined Benefit Pension | February 28, 2014 | February 22, 2013 | |||||||||||||||||||||||
Plan Obligations | Qualified Plans | Non-qualified | Qualified Plans | Non-qualified | |||||||||||||||||||||
Supplemental | Supplemental | ||||||||||||||||||||||||
Domestic | Foreign | Retirement Plans | Domestic | Foreign | Retirement Plans | ||||||||||||||||||||
Plan assets | $ | 8.8 | $ | 46.2 | $ | — | $ | 8.7 | $ | 41.5 | $ | — | |||||||||||||
Projected benefit plan obligations | 9.3 | 61.3 | 32.9 | 9.9 | 58.1 | 33.7 | |||||||||||||||||||
Funded status | $ | (0.5 | ) | $ | (15.1 | ) | $ | (32.9 | ) | $ | (1.2 | ) | $ | (16.6 | ) | $ | (33.7 | ) | |||||||
Long-term asset | $ | — | $ | 1.6 | $ | — | $ | — | $ | 0.2 | $ | — | |||||||||||||
Current liability | — | (0.1 | ) | (3.3 | ) | — | (0.1 | ) | (2.8 | ) | |||||||||||||||
Long-term liability | (0.5 | ) | (16.6 | ) | (29.6 | ) | (1.2 | ) | (16.7 | ) | (30.9 | ) | |||||||||||||
Total benefit plan obligations | $ | (0.5 | ) | $ | (15.1 | ) | $ | (32.9 | ) | $ | (1.2 | ) | $ | (16.6 | ) | $ | (33.7 | ) | |||||||
Accumulated benefit obligation | $ | 9.3 | $ | 55.9 | $ | 30.4 | $ | 9.9 | $ | 53.5 | $ | 31.6 | |||||||||||||
As of February 28, 2014, we had one qualified foreign plan in an over funded status, as plan assets of $13.8 exceeded projected benefit plan obligations of $12.2 by $1.6. | |||||||||||||||||||||||||
Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans | |||||||||||||||||||||||||
The following tables summarize our defined benefit pension and post-retirement plans. | |||||||||||||||||||||||||
Changes in Assets, Benefit Obligations and Funded Status | Defined Benefit | Post-Retirement | |||||||||||||||||||||||
Pension Plans | Plans | ||||||||||||||||||||||||
February 28, | February 22, | February 28, | February 22, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 50.2 | $ | 49.1 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 5.4 | 4.5 | — | — | |||||||||||||||||||||
Employer contributions | 3.6 | 3.7 | 5.6 | 5.8 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 2.9 | 5.9 | |||||||||||||||||||||
Estimated Medicare subsidies received | — | — | 0.1 | 1.2 | |||||||||||||||||||||
Currency changes | 1.2 | (1.6 | ) | — | — | ||||||||||||||||||||
Benefits paid | (5.4 | ) | (5.5 | ) | (8.6 | ) | (12.9 | ) | |||||||||||||||||
Fair value of plan assets, end of year | 55 | 50.2 | — | — | |||||||||||||||||||||
Change in benefit obligations: | |||||||||||||||||||||||||
Benefit plan obligations, beginning of year | 101.7 | 95 | 77.3 | 90.9 | |||||||||||||||||||||
Service cost | 3.5 | 3 | 0.8 | 0.9 | |||||||||||||||||||||
Interest cost | 3.5 | 3.7 | 2.8 | 3.8 | |||||||||||||||||||||
Amendments | 0.1 | — | — | — | |||||||||||||||||||||
Net actuarial (gain) loss | (0.8 | ) | 6.3 | (5.7 | ) | (12.4 | ) | ||||||||||||||||||
Plan participants’ contributions | — | — | 2.9 | 5.9 | |||||||||||||||||||||
Medicare subsidies received | — | — | 0.1 | 1.2 | |||||||||||||||||||||
Curtailment | (0.1 | ) | — | — | — | ||||||||||||||||||||
Currency changes | 2.2 | (1.1 | ) | (0.5 | ) | (0.1 | ) | ||||||||||||||||||
Other adjustments | (1.2 | ) | 0.4 | — | — | ||||||||||||||||||||
Benefits paid | (5.4 | ) | (5.6 | ) | (8.6 | ) | (12.9 | ) | |||||||||||||||||
Benefit plan obligations, end of year | 103.5 | 101.7 | 69.1 | 77.3 | |||||||||||||||||||||
Funded status | $ | (48.5 | ) | $ | (51.5 | ) | $ | (69.1 | ) | $ | (77.3 | ) | |||||||||||||
Amounts recognized on the Consolidated Balance Sheets: | |||||||||||||||||||||||||
Prepaid pension costs | $ | 1.6 | $ | 0.2 | $ | — | $ | — | |||||||||||||||||
Current liability | (3.4 | ) | (2.9 | ) | (4.7 | ) | (4.6 | ) | |||||||||||||||||
Long-term liability | (46.7 | ) | (48.8 | ) | (64.4 | ) | (72.7 | ) | |||||||||||||||||
Net amount recognized | $ | (48.5 | ) | $ | (51.5 | ) | $ | (69.1 | ) | $ | (77.3 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive income—pretax: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | 19.2 | $ | 22.3 | $ | (8.3 | ) | $ | (2.4 | ) | |||||||||||||||
Prior service cost (credit) | 0.6 | 0.7 | (36.0 | ) | (45.2 | ) | |||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income—pretax | $ | 19.8 | $ | 23 | $ | (44.3 | ) | $ | (47.6 | ) | |||||||||||||||
Estimated amounts to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | 0.7 | $ | 1.2 | $ | (0.5 | ) | $ | 0.2 | ||||||||||||||||
Prior service cost (credit) | 0.1 | 0.1 | (9.1 | ) | (9.1 | ) | |||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income—pretax | $ | 0.8 | $ | 1.3 | $ | (9.6 | ) | $ | (8.9 | ) | |||||||||||||||
Components of | Pension Plans | Post-Retirement Plans | |||||||||||||||||||||||
Expense | Year Ended | Year Ended | |||||||||||||||||||||||
February 28, | February 22, | February 24, | February 28, | February 22, | February 24, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Components of expense: | |||||||||||||||||||||||||
Service cost | $ | 3.5 | $ | 3 | $ | 2.1 | $ | 0.8 | $ | 0.9 | $ | 1 | |||||||||||||
Interest cost | 3.5 | 3.7 | 4.2 | 2.8 | 3.8 | 5.6 | |||||||||||||||||||
Amortization of net loss | 1.2 | 1.1 | 0.5 | 0.2 | 0.2 | 0.1 | |||||||||||||||||||
Amortization of prior year service cost (credit) | 0.1 | 0.1 | 0.2 | (9.2 | ) | (9.3 | ) | (8.6 | ) | ||||||||||||||||
Expected return on plan assets | (2.9 | ) | (2.6 | ) | (3.2 | ) | — | — | — | ||||||||||||||||
Adjustment due to plan curtailment | (0.1 | ) | — | — | — | (0.1 | ) | (2.9 | ) | ||||||||||||||||
Adjustment due to plan settlement | 0.1 | 0.1 | — | — | 0.1 | — | |||||||||||||||||||
Adjustment due to special termination benefits | — | — | — | — | — | 0.1 | |||||||||||||||||||
Other | (0.8 | ) | — | — | — | — | — | ||||||||||||||||||
Net expense (credit) recognized in Consolidated Statements of Income | 4.6 | 5.4 | 3.8 | (5.4 | ) | (4.4 | ) | (4.7 | ) | ||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): | |||||||||||||||||||||||||
Net loss (gain) | (3.2 | ) | 4.8 | 8.9 | (5.7 | ) | (12.4 | ) | 0.9 | ||||||||||||||||
Prior service cost (credit) | 0.1 | — | 0.1 | — | — | (20.9 | ) | ||||||||||||||||||
Amortization of gain (loss) | (1.3 | ) | (1.1 | ) | (0.5 | ) | (0.2 | ) | (0.3 | ) | (0.6 | ) | |||||||||||||
Amortization of prior year service credit (cost) | (0.1 | ) | (0.1 | ) | (0.2 | ) | 9.2 | 9.4 | 12 | ||||||||||||||||
Other | (0.3 | ) | — | — | — | — | — | ||||||||||||||||||
Total recognized in other comprehensive income | (4.8 | ) | 3.6 | 8.3 | 3.3 | (3.3 | ) | (8.6 | ) | ||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) | $ | (0.2 | ) | $ | 9 | $ | 12.1 | $ | (2.1 | ) | $ | (7.7 | ) | $ | (13.3 | ) | |||||||||
Pension and Other Post-Retirement Liability Adjustments | Before Tax | Tax (Expense) | Net of | ||||||||||||||||||||||
Amount | Benefit | Tax Amount | |||||||||||||||||||||||
Balance as of February 24, 2012 | $ | 23.4 | $ | (3.7 | ) | $ | 19.7 | ||||||||||||||||||
Amortization of prior service cost (credit) included in net periodic pension cost | (9.3 | ) | 3.5 | (5.8 | ) | ||||||||||||||||||||
Net prior service (cost) credit during period | (9.3 | ) | 3.5 | (5.8 | ) | ||||||||||||||||||||
Net actuarial gain (loss) arising during period | 7.6 | (3.9 | ) | 3.7 | |||||||||||||||||||||
Amortization of net actuarial (gain) loss included in net periodic pension cost | 1.4 | (0.5 | ) | 0.9 | |||||||||||||||||||||
Net actuarial gain (loss) during period | 9 | (4.4 | ) | 4.6 | |||||||||||||||||||||
Foreign currency translation adjustments | 0.3 | 0.1 | 0.4 | ||||||||||||||||||||||
Current period change | — | (0.8 | ) | (0.8 | ) | ||||||||||||||||||||
Balance as of February 22, 2013 | $ | 23.4 | $ | (4.5 | ) | $ | 18.9 | ||||||||||||||||||
Prior service (cost) credit arising during period | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||||||
Amortization of prior service cost (credit) included in net periodic pension cost | (9.1 | ) | 3.5 | (5.6 | ) | ||||||||||||||||||||
Net prior service (cost) credit during period | (9.2 | ) | 3.5 | (5.7 | ) | ||||||||||||||||||||
Net actuarial gain (loss) arising during period | 8.9 | (3.5 | ) | 5.4 | |||||||||||||||||||||
Amortization of net actuarial (gain) loss included in net periodic pension cost | 1.5 | (0.5 | ) | 1 | |||||||||||||||||||||
Net actuarial gain (loss) during period | 10.4 | (4.0 | ) | 6.4 | |||||||||||||||||||||
Other | 0.3 | — | 0.3 | ||||||||||||||||||||||
Foreign currency translation adjustments | (0.4 | ) | 0.1 | (0.3 | ) | ||||||||||||||||||||
Current period change | 1.1 | (0.4 | ) | 0.7 | |||||||||||||||||||||
Balance as of February 28, 2014 | $ | 24.5 | $ | (4.9 | ) | $ | 19.6 | ||||||||||||||||||
Weighted-Average | Pension Plans | Post-Retirement Plans | |||||||||||||||||||||||
Assumptions | Year Ended | Year Ended | |||||||||||||||||||||||
February 28, | February 22, | February 24, | February 28, | February 22, | February 24, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 3.8 | % | 3.6 | % | 4.2 | % | 4.31 | % | 3.82 | % | 4.34 | % | |||||||||||||
Rate of salary progression | 2.7 | % | 3 | % | 2.9 | % | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 3.7 | % | 4.2 | % | 5.1 | % | 3.82 | % | 4.31 | % | 5.3 | % | |||||||||||||
Expected return on plan assets | 4.9 | % | 5 | % | 3.1 | % | |||||||||||||||||||
Rate of salary progression | 3.1 | % | 2.9 | % | 3 | % | |||||||||||||||||||
The measurement dates for our retiree benefit plans are consistent with our fiscal year-end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we considered the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists. | |||||||||||||||||||||||||
The assumed healthcare cost trend was 7.04% for pre-age 65 retirees as of February 28, 2014, gradually declining to 4.50% after six years. As of February 22, 2013, the assumed healthcare cost trend was 7.51% for pre-age 65 retirees, gradually declining to 4.50% after seven years. Post-age 65 trend rates are not applicable due to the Company moving to a fixed subsidy for post-age 65 benefits. A one percentage point change in assumed healthcare cost trend rates would have had the following effects as of February 28, 2014: | |||||||||||||||||||||||||
Health Cost Trend Sensitivity | One percentage | One percentage | |||||||||||||||||||||||
point increase | point decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | — | $ | — | |||||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 0.3 | $ | (0.3 | ) | ||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
The investments of the domestic plans are managed by third-party investment managers. The investment strategy for the domestic plans is to maximize returns while taking into consideration the investment horizon and expected volatility to ensure there are sufficient assets to pay benefits as they come due. | |||||||||||||||||||||||||
The investments of the foreign plans are managed by third-party investment managers. These investment managers follow local regulations; we are not actively involved in the investment strategies. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due. | |||||||||||||||||||||||||
Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 28, 2014 and February 22, 2013 are reflected in the following table. The target allocations are established by the investment committees of each plan in consultation with external advisors after consideration of the associated risk and expected return of the underlying investments. | |||||||||||||||||||||||||
Asset Category | February 28, 2014 | February 22, 2013 | |||||||||||||||||||||||
Actual | Target | Actual | Target | ||||||||||||||||||||||
Allocations | Allocations | Allocations | Allocations | ||||||||||||||||||||||
Equity securities | 65 | % | 54 | % | 63 | % | 53 | % | |||||||||||||||||
Debt securities | 24 | 33 | 25 | 33 | |||||||||||||||||||||
Real estate | 2 | 4 | 2 | 4 | |||||||||||||||||||||
Other (1) | 9 | 9 | 10 | 10 | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
________________________ | |||||||||||||||||||||||||
-1 | Represents guaranteed insurance contracts, money market funds and cash. | ||||||||||||||||||||||||
The fair value of the pension plan assets as of February 28, 2014 and February 22, 2013, by asset category are as follows: | |||||||||||||||||||||||||
Fair Value of Pension Plan Assets | February 28, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | — | $ | — | $ | 0.1 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 0.9 | — | — | 0.9 | |||||||||||||||||||||
U.S. small-cap | 0.9 | — | — | 0.9 | |||||||||||||||||||||
U.S. index | 1 | — | — | 1 | |||||||||||||||||||||
International | — | 24.9 | — | 24.9 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Bond funds | — | 8.5 | — | 8.5 | |||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||
Group annuity contract (1) | — | — | 2.3 | 2.3 | |||||||||||||||||||||
Insurance products | — | 13.9 | — | 13.9 | |||||||||||||||||||||
Guaranteed insurance contracts (2) | — | — | 1.6 | 1.6 | |||||||||||||||||||||
Property funds | 0.9 | — | — | 0.9 | |||||||||||||||||||||
$ | 3.8 | $ | 47.3 | $ | 3.9 | $ | 55 | ||||||||||||||||||
Fair Value of Pension Plan Assets | February 22, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | — | $ | — | $ | 0.1 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 0.9 | — | — | 0.9 | |||||||||||||||||||||
U.S. small-cap | 0.7 | — | — | 0.7 | |||||||||||||||||||||
U.S. index | 1 | — | — | 1 | |||||||||||||||||||||
International | — | 20.9 | — | 20.9 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Bond funds | — | 8 | — | 8 | |||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||
Group annuity contract (1) | — | — | 2.4 | 2.4 | |||||||||||||||||||||
Insurance products | — | 13.7 | — | 13.7 | |||||||||||||||||||||
Guaranteed insurance contracts (2) | — | — | 1.7 | 1.7 | |||||||||||||||||||||
Property funds | 0.8 | — | — | 0.8 | |||||||||||||||||||||
$ | 3.5 | $ | 42.6 | $ | 4.1 | $ | 50.2 | ||||||||||||||||||
________________________ | |||||||||||||||||||||||||
-1 | Group annuity contracts are valued utilizing a discounted cash flow model. The term “cash flow” refers to the future principal and interest payments we expect to receive on a given asset in the general account. The model projects future cash flows separately for each investment period and each category of investment. | ||||||||||||||||||||||||
-2 | Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows. | ||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented. | |||||||||||||||||||||||||
Below is a roll-forward of plan assets measured at estimated fair value using Level 3 inputs for the years ended February 28, 2014 and February 22, 2013: | |||||||||||||||||||||||||
Roll-forward of Fair Value Using Level 3 Inputs | Group | Guaranteed | |||||||||||||||||||||||
Annuity | Insurance | ||||||||||||||||||||||||
Contract | Contracts | ||||||||||||||||||||||||
Balance as of February 24, 2012 | $ | 2.4 | $ | 2 | |||||||||||||||||||||
Unrealized return on plan assets, including changes in foreign exchange rates | 0.2 | — | |||||||||||||||||||||||
Purchases, sales, and other, net | (0.2 | ) | (0.3 | ) | |||||||||||||||||||||
Balance as of February 22, 2013 | $ | 2.4 | $ | 1.7 | |||||||||||||||||||||
Unrealized return on plan assets, including changes in foreign exchange rates | 0.1 | 0.1 | |||||||||||||||||||||||
Purchases, sales, and other, net | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||
Balance as of February 28, 2014 | $ | 2.3 | $ | 1.6 | |||||||||||||||||||||
We expect to contribute approximately $6 to our pension plans and fund approximately $5 related to our post-retirement plans in 2015. The estimated future benefit payments under our pension and post-retirement plans are as follows: | |||||||||||||||||||||||||
Year Ending in February | Pension Plans | Post-retirement Plans | |||||||||||||||||||||||
Before | Medicare Act | After Medicare | |||||||||||||||||||||||
Medicare Act | Subsidy | Act Subsidy | |||||||||||||||||||||||
Subsidy | |||||||||||||||||||||||||
2015 | $ | 6.7 | $ | 4.9 | $ | (0.1 | ) | $ | 4.8 | ||||||||||||||||
2016 | 5.3 | 4.6 | (0.1 | ) | 4.5 | ||||||||||||||||||||
2017 | 5.3 | 4.7 | (0.1 | ) | 4.6 | ||||||||||||||||||||
2018 | 5.6 | 4.7 | (0.1 | ) | 4.6 | ||||||||||||||||||||
2019 | 7 | 4.8 | (0.1 | ) | 4.7 | ||||||||||||||||||||
2020 - 2024 | 35.6 | 24.5 | (0.1 | ) | 24.4 | ||||||||||||||||||||
Multi-Employer Pension Plan | |||||||||||||||||||||||||
Our subsidiary SC Transport Inc. contributes to the Central States, Southeast and Southwest Areas Pension Fund based on obligations arising from a collective bargaining agreement covering certain SC Transport Inc. employees. This plan provides retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Trustees are appointed by employers and unions; however, we are not a trustee. The trustees typically are responsible for determining the level of benefits to be provided to participants as well as for such matters as the investment of the assets and the administration of the plan. | |||||||||||||||||||||||||
Based on the most recent information available, we believe that the projected benefit obligations in this multi-employer plan significantly exceed the value of the assets held in trust to pay benefits. Because we are one of a number of employers contributing to this plan, it is difficult to ascertain what the exact amount of the under-funding would be, although we anticipate the contribution per participating employee will increase at each contract renegotiation. We believe that funding levels have not changed significantly since year-end. | |||||||||||||||||||||||||
The risks of participating in a multi-employer plan are different from the risks associated with single-employer plans in the following respects: | |||||||||||||||||||||||||
• | Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||||||
• | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||||||||||
• | If a participating employer chooses to stop participating in a multi-employer plan or otherwise has participation in the plan drop below certain levels, that employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||
Our participation in this plan is outlined in the tables below. Expense is recognized at the time our contributions are funded, in accordance with applicable accounting standards. Any adjustment for a withdrawal liability would be recorded at the time the liability is both probable and can be reasonably determined. The most recent estimate of our potential withdrawal liability is $24.7. | |||||||||||||||||||||||||
Pension Fund | EIN - Pension Plan Number | Plan Month / Day End Date | Pension Protection Act Zone Status (1) | FIP/RP Status Pending / Implemented (2) | Contributions | Surcharges Imposed or Amortization Provisions | |||||||||||||||||||
2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 366044243-001 | 31-Dec | Red | Red | Implemented | $0.30 | $0.30 | $0.50 | No | ||||||||||||||||
________________________ | |||||||||||||||||||||||||
-1 | The most recent Pension Protection Act Zone Status available in 2013 and 2012 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. | ||||||||||||||||||||||||
-2 | The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan. | ||||||||||||||||||||||||
The following table describes the expiration of the collective bargaining agreement associated with the multi-employer plan in which we participate: | |||||||||||||||||||||||||
Pension Fund | Total Collective Bargaining Agreements | Expiration Date | % of Associates Under Collective Bargaining Agreement | Over 5% Contribution 2014 | |||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 1 | 3/31/18 | 0.20% | No | |||||||||||||||||||||
At the date the financial statements were issued, the Form 5500 was not available for the plan year ending in 2013. | |||||||||||||||||||||||||
Deferred Compensation Programs | |||||||||||||||||||||||||
We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan, but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected by the participant. | |||||||||||||||||||||||||
These deferred compensation obligations are unfunded, but our investments in COLI policies are intended to be utilized as a long-term funding source for these deferred compensation obligations. See Note 9 for additional information. | |||||||||||||||||||||||||
Deferred compensation expense, which represents annual participant earnings on amounts that have been deferred, and restoration retirement benefits were $5.0 for 2014, $4.8 for 2013 and $2.2 for 2012. |
Capital_Structure
Capital Structure | 12 Months Ended |
Feb. 28, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Capital Structure | ' |
CAPITAL STRUCTURE | |
Terms of Class A Common Stock and Class B Common Stock | |
The holders of common stock are generally entitled to vote as a single class on all matters upon which shareholders have a right to vote, subject to the requirements of applicable laws and the rights of any outstanding series of preferred stock to vote as a separate class. Each share of Class A Common Stock entitles its holder to one vote and each share of Class B Common Stock entitles its holder to 10 votes. Each share of Class B Common Stock is convertible into a share of Class A Common Stock on a one-for-one basis (i) at the option of the holder at any time, (ii) upon transfer to a person or entity which is not a Permitted Transferee (as defined in our Second Restated Articles of Incorporation, as amended), (iii) with respect to shares of Class B Common Stock acquired after February 20, 1998, at such time as a corporation, partnership, limited liability company, trust or charitable organization holding such shares ceases to be controlled or owned 100% by Permitted Transferees and (iv) on the date on which the number of shares of Class B Common Stock outstanding is less than 15% of all of the then outstanding shares of common stock (calculated without regard to voting rights). | |
Except for the voting and conversion features described above, the terms of Class A Common Stock and Class B Common Stock are generally similar. That is, the holders are entitled to equal dividends when declared by the Board of Directors and generally will receive the same per share consideration in the event of a merger and be treated on an equal per share basis in the event of a liquidation or winding up of the Company. In addition, we are not entitled to issue additional shares of Class B Common Stock, or issue options, rights or warrants to subscribe for additional shares of Class B Common Stock, except that we may make a pro rata offer to all holders of common stock of rights to purchase additional shares of the class of common stock held by them, and any dividend payable in common stock will be paid in the form of Class A Common Stock to Class A holders and Class B Common Stock to Class B holders. Neither class of stock may be split, divided or combined unless the other class is proportionally split, divided or combined. | |
Preferred Stock | |
Our Second Restated Articles of Incorporation, as amended, authorize our Board of Directors, without any vote or action by our shareholders, to create one or more series of preferred stock up to the limit of our authorized but unissued shares of preferred stock and to fix the designations, preferences, rights, qualifications, limitations and restrictions thereof, including the voting rights, dividend rights, dividend rate, conversion rights, terms of redemption (including sinking fund provisions), redemption price or prices, liquidation preferences and the number of shares constituting any series. | |
Share Repurchases and Conversions | |
During 2014, we repurchased 3.6 million shares of our Class A Common Stock for $49.9. During 2013, we repurchased 2.3 million shares of our Class A Common Stock for $19.9. During 2014 and 2013, 6.2 million and 2.1 million shares of our Class B Common Stock were converted to Class A Common Stock, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||||||||||||||
Provision for Income Taxes | |||||||||||||||||||||||||||||||||
The provision for income taxes on income before income taxes consists of: | |||||||||||||||||||||||||||||||||
Provision for Income Taxes—Expense | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Current income taxes: | |||||||||||||||||||||||||||||||||
Federal | $ | 26.8 | $ | 12.1 | $ | — | |||||||||||||||||||||||||||
State and local | 13.5 | 1.4 | 0.4 | ||||||||||||||||||||||||||||||
Foreign | 5.1 | 5.6 | 11.3 | ||||||||||||||||||||||||||||||
45.4 | 19.1 | 11.7 | |||||||||||||||||||||||||||||||
Deferred income taxes: | |||||||||||||||||||||||||||||||||
Federal | 9.3 | (48.8 | ) | 18 | |||||||||||||||||||||||||||||
State and local | 0.1 | 3.1 | 2.5 | ||||||||||||||||||||||||||||||
Foreign | 4.7 | 42.7 | (6.9 | ) | |||||||||||||||||||||||||||||
14.1 | (3.0 | ) | 13.6 | ||||||||||||||||||||||||||||||
Income tax expense | $ | 59.5 | $ | 16.1 | $ | 25.3 | |||||||||||||||||||||||||||
Income taxes were based on the following sources of income (loss) before income tax expense: | |||||||||||||||||||||||||||||||||
Source of Income (Loss) Before Income Tax Expense | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Domestic | $ | 164.7 | $ | 83.8 | $ | 63.8 | |||||||||||||||||||||||||||
Foreign | (17.5 | ) | (28.9 | ) | 18.2 | ||||||||||||||||||||||||||||
$ | 147.2 | $ | 54.9 | $ | 82 | ||||||||||||||||||||||||||||
The total income tax expense we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 35% as follows: | |||||||||||||||||||||||||||||||||
Income Tax Provision Reconciliation | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Tax expense at the U.S. federal statutory rate | $ | 51.5 | $ | 19.2 | $ | 28.7 | |||||||||||||||||||||||||||
Foreign subsidiary liquidation (1) | (7.7 | ) | — | — | |||||||||||||||||||||||||||||
Foreign dividends, less applicable foreign tax credits (2) | 0.2 | (57.6 | ) | 1.3 | |||||||||||||||||||||||||||||
Valuation allowance provisions and adjustments (3) | 8.4 | 40 | 0.7 | ||||||||||||||||||||||||||||||
Goodwill impairment (4) | 2.7 | 12.3 | — | ||||||||||||||||||||||||||||||
COLI income (5) | (1.5 | ) | (3.1 | ) | (2.9 | ) | |||||||||||||||||||||||||||
State and local income taxes, net of federal | 6.6 | 2.9 | 1.9 | ||||||||||||||||||||||||||||||
Foreign operations, less applicable foreign tax credits (6) | 2.1 | 2.5 | 0.7 | ||||||||||||||||||||||||||||||
Research tax credit | (1.4 | ) | (1.9 | ) | (1.6 | ) | |||||||||||||||||||||||||||
Tax reserve adjustments | 0.2 | 0.7 | 1.1 | ||||||||||||||||||||||||||||||
Sale of subsidiary (7) | — | — | (2.3 | ) | |||||||||||||||||||||||||||||
Other | (1.6 | ) | 1.1 | (2.3 | ) | ||||||||||||||||||||||||||||
Total income tax expense recognized | $ | 59.5 | $ | 16.1 | $ | 25.3 | |||||||||||||||||||||||||||
________________________ | |||||||||||||||||||||||||||||||||
-1 | In 2014, a group of foreign subsidiaries was liquidated for tax purposes, triggering a U.S. worthless stock deduction equal to the remaining tax basis in the group and a U.S. deduction for uncollectible intercompany balances due from the group. | ||||||||||||||||||||||||||||||||
-2 | Foreign tax credit carryforwards of $21.0 are expected to be utilized within the remaining allowable 10 year carryfoward period. The foreign tax credit carryforwards were generated in 2013 when we converted a wholly owned French holding company from a disregarded entity to a controlled foreign corporation for U.S. tax purposes, and that conversion caused outstanding intercompany debt to be treated as a deemed dividend taxable in the U.S. Foreign taxes paid on the income that generated the deemed dividend exceeded the U.S. tax cost creating an excess foreign tax credit of $56.7. Additionally, other cash dividends received from our Canadian subsidiary resulted in excess foreign tax credits of $0.9 in 2013. | ||||||||||||||||||||||||||||||||
-3 | The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. | ||||||||||||||||||||||||||||||||
-4 | The impairment charges related to goodwill recorded in purchase accounting are non-deductible. | ||||||||||||||||||||||||||||||||
-5 | The net returns in cash surrender value, normal insurance expenses and death benefit gains related to our investments in COLI policies are non-taxable. | ||||||||||||||||||||||||||||||||
-6 | The foreign operations, less applicable foreign tax credits amount includes the rate differential on foreign operations, U.S. tax cost of foreign branches and the impact of rate reductions in foreign jurisdictions. | ||||||||||||||||||||||||||||||||
-7 | In Q2 2012, we completed the sale of PolyVision’s remaining low margin whiteboard fabrication business in Europe to a third party for proceeds totaling $2.3. The transaction included the sale of PolyVision SAS (France) and PolyVision A/S (Denmark). Basis differences resulted in a tax benefit of $2.3. | ||||||||||||||||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||||||||||||||||
The significant components of deferred income taxes are as follows: | |||||||||||||||||||||||||||||||||
Deferred Income Taxes | February 28, | February 22, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||||||||||||||
Employee benefit plan obligations and deferred compensation | $ | 113.5 | $ | 90.7 | |||||||||||||||||||||||||||||
Foreign and domestic net operating loss carryforwards | 89.8 | 85 | |||||||||||||||||||||||||||||||
Reserves and accruals | 23.1 | 26.5 | |||||||||||||||||||||||||||||||
Tax credit carryforwards | 23.6 | 60.2 | |||||||||||||||||||||||||||||||
Other, net | 15.8 | 6.1 | |||||||||||||||||||||||||||||||
Total deferred income tax assets | 265.8 | 268.5 | |||||||||||||||||||||||||||||||
Valuation allowances | (81.8 | ) | (70.4 | ) | |||||||||||||||||||||||||||||
Net deferred income tax assets | 184 | 198.1 | |||||||||||||||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||||||||||||||
Property, plant and equipment | 29.7 | 31.7 | |||||||||||||||||||||||||||||||
Intangible assets | 16.2 | 14.2 | |||||||||||||||||||||||||||||||
Total deferred income tax liabilities | 45.9 | 45.9 | |||||||||||||||||||||||||||||||
Net deferred income taxes | $ | 138.1 | $ | 152.2 | |||||||||||||||||||||||||||||
Net deferred income taxes is comprised of the following components: | |||||||||||||||||||||||||||||||||
Deferred income tax assets—current | $ | 56 | $ | 56.2 | |||||||||||||||||||||||||||||
Deferred income tax assets—non-current | 85.1 | 101.7 | |||||||||||||||||||||||||||||||
Deferred income tax liabilities—current | 0.1 | — | |||||||||||||||||||||||||||||||
Deferred income tax liabilities—non-current | 2.9 | 5.7 | |||||||||||||||||||||||||||||||
In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. Under U.S. GAAP, we are generally required to record U.S. deferred taxes on the anticipated repatriation of foreign income as the income is recognized for financial reporting purposes. An exception under certain accounting guidance permits us not to record a U.S. deferred tax liability for foreign income that we expect to reinvest in foreign operations and for which remittance will be postponed indefinitely. If it becomes apparent that some or all undistributed income will be remitted in the foreseeable future, the related deferred taxes are recorded in that period. In determining indefinite reinvestment, we regularly evaluate the capital needs of our foreign operations considering all available information, including operating and capital plans, regulatory capital requirements, debt requirements and cash flow needs, as well as, the applicable tax laws to which our foreign subsidiaries are subject. We expect existing foreign cash, cash equivalents and cash flows from future foreign operations to be sufficient to fund foreign operations. Debt and capital financing are available from the U.S. in the event foreign circumstances change. In addition, we expect our existing domestic cash balances and availability of domestic financing sources to be sufficient to fund domestic operating activities for at least the next 12 months and thereafter for the foreseeable future. Should we require more capital in the U.S. than is available domestically, we could repatriate future earnings from foreign jurisdictions, which could result in higher effective tax rates. As of February 28, 2014, we have not made a provision for U.S. or additional foreign withholding taxes on approximately $144.7 of unremitted foreign earnings we consider permanently reinvested. We believe the U.S. tax cost, net of related foreign tax credits, on the unremitted foreign earnings would be approximately $15 if the amounts were not considered permanently reinvested. | |||||||||||||||||||||||||||||||||
We establish valuation allowances against deferred tax assets when it is more likely than not that all or a portion of the deferred tax asset will not be realized. All evidence, both positive and negative, is identified and considered in making the determination. Future realization of the existing deferred tax asset ultimately depends, in part, on the existence of sufficient taxable income of appropriate character within the carryforward period available under tax law applicable in the jurisdiction in which the losses were incurred. | |||||||||||||||||||||||||||||||||
At February 28, 2014, the valuation allowance of $81.8 is comprised of $81.4 relating to foreign deferred tax assets, of which $70.4 relates to our French subsidiaries. In 2014, we recorded a net increase of $11.4 related to the valuation allowance, of which $5.9 related to our French subsidiaries. In 2013, we recorded a net increase of $40.0 to the valuation allowance, which was comprised primarily of an increase in the valuation allowance on deferred tax assets in France of $44.2 and a decrease in the valuation allowance on deferred tax assets in the U.K. of $4.9. | |||||||||||||||||||||||||||||||||
In 2013, the deferred tax assets related to our French subsidiaries were fully reserved. Therefore, in 2014, the increase in the valuation allowance is due to additional current year losses. The valuation allowances of the remaining entities increased due to updated assessments about the ultimate realization of the related deferred tax assets. | |||||||||||||||||||||||||||||||||
In updating our assessment of the ultimate realization of deferred tax assets, we considered the following factors: | |||||||||||||||||||||||||||||||||
• | the nature, frequency and severity of cumulative financial reporting losses in recent years, | ||||||||||||||||||||||||||||||||
• | the predictability of future operating income, | ||||||||||||||||||||||||||||||||
• | prudent and feasible tax planning strategies that could be implemented, to protect the loss of the deferred tax asset and | ||||||||||||||||||||||||||||||||
• | the effect of reversing taxable temporary differences. | ||||||||||||||||||||||||||||||||
Based on our evaluation of these factors, particularly increasing cumulative losses and the continuing inability to materially achieve sales and profit projections, we were unable to assert that it is more likely than not that the deferred tax assets in France, our owned dealer in the U.K., Morocco, the Netherlands, Hong Kong and Belgium would be realized as of February 28, 2014. | |||||||||||||||||||||||||||||||||
Current Taxes Payable or Refundable | |||||||||||||||||||||||||||||||||
Income taxes currently payable or refundable are reported on the Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||||||||||
Current Income Taxes | February 28, | February 22, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Other current assets: | |||||||||||||||||||||||||||||||||
Income taxes receivable | $ | 3.9 | $ | 4.7 | |||||||||||||||||||||||||||||
Accrued expenses: | |||||||||||||||||||||||||||||||||
Income taxes payable | $ | 2.6 | $ | 2.7 | |||||||||||||||||||||||||||||
Net Operating Loss and Tax Credit Carryforwards | |||||||||||||||||||||||||||||||||
Operating loss and tax credit carryforwards expire as follows: | |||||||||||||||||||||||||||||||||
Year Ending February | Net Operating Loss | Tax Effected Net Operating Loss | Tax Credit | ||||||||||||||||||||||||||||||
Carryforwards (Gross) | Carryforwards | Carryforwards | |||||||||||||||||||||||||||||||
Federal | State | International | Federal | State | International | Total | |||||||||||||||||||||||||||
2015 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | |||||||||||||||||
2016 | — | — | 5.8 | — | — | 1.7 | 1.7 | — | |||||||||||||||||||||||||
2017 | — | — | 2 | — | — | 0.6 | 0.6 | — | |||||||||||||||||||||||||
2018 | — | — | 4.1 | — | — | 1.2 | 1.2 | — | |||||||||||||||||||||||||
2019-2034 | — | 140.6 | 16.2 | — | 3.3 | 4.3 | 7.6 | 21 | |||||||||||||||||||||||||
No expiration | — | — | 259.3 | — | — | 79.5 | 79.5 | 2.6 | |||||||||||||||||||||||||
$ | — | $ | 140.6 | $ | 288.4 | — | 3.3 | 87.6 | 90.9 | 23.6 | |||||||||||||||||||||||
Valuation allowances | — | (0.6 | ) | (75.6 | ) | (76.2 | ) | — | |||||||||||||||||||||||||
Net benefit | $ | — | $ | 2.7 | $ | 12 | $ | 14.7 | $ | 23.6 | |||||||||||||||||||||||
Future tax benefits for net operating loss and tax credit carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. It is considered more likely than not that a benefit of $38.3 will be realized on these net operating loss and tax credit carryforwards. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies available to us will enable utilization of the carryforwards. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Valuation allowances are recorded to the extent that realization of these carryovers is not more likely than not. | |||||||||||||||||||||||||||||||||
Uncertain Tax Positions | |||||||||||||||||||||||||||||||||
We are subject to taxation in the U.S. and various states and foreign jurisdictions with varying statutes of limitation. Tax years that remain subject to examination by major tax jurisdictions include, the United States 2014, Canada 2009 through 2014, France 2010 through 2014 and Germany 2009 through 2014. We adjust these reserves, as well as the related interest and penalties, in light of changing facts and circumstances. | |||||||||||||||||||||||||||||||||
We are audited by the U.S. Internal Revenue Service under the Compliance Assurance Process (“CAP”). Under CAP, the U.S. Internal Revenue Service works with large business taxpayers to identify and resolve issues prior to the filing of a tax return. Accordingly, we record minimal liabilities for U.S. Federal uncertain tax positions. | |||||||||||||||||||||||||||||||||
We recognize interest and penalties associated with uncertain tax positions in income tax expense, and these items were insignificant for 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||
As of February 28, 2014 and February 22, 2013, the liability for uncertain tax positions, including interest and penalties, reported on the Consolidated Balance Sheets was as follows: | |||||||||||||||||||||||||||||||||
Liability for Uncertain Tax Positions | February 28, | February 22, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Other accrued expenses | $ | — | $ | 0.3 | |||||||||||||||||||||||||||||
Other long-term liabilities | 2.2 | 1.6 | |||||||||||||||||||||||||||||||
$ | 2.2 | $ | 1.9 | ||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: | |||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 12.2 | $ | 11.5 | $ | 0.1 | |||||||||||||||||||||||||||
Gross increases—tax positions in prior period | 0.4 | 1.6 | — | ||||||||||||||||||||||||||||||
Gross decreases—tax positions in prior period | — | (0.9 | ) | — | |||||||||||||||||||||||||||||
Gross increases—tax positions in current period | 0.1 | — | 11.5 | ||||||||||||||||||||||||||||||
Lapse of statute of limitations | — | — | (0.1 | ) | |||||||||||||||||||||||||||||
Balance as of end of period | $ | 12.7 | $ | 12.2 | $ | 11.5 | |||||||||||||||||||||||||||
Unrecognized tax benefits of $2.2, if favorably resolved would affect our effective tax rate. We do not expect the balance of unrecognized tax benefits to significantly increase or decrease within the next year. | |||||||||||||||||||||||||||||||||
We have taken tax positions in a non-U.S. jurisdiction that do not meet the more likely than not test required under the uncertain tax position accounting guidance. Since the tax positions have increased net operating loss carryforwards, the underlying deferred tax asset is shown net of the liability for uncertain tax positions. If we prevail on these tax positions, which total $10.5, the resolution of these items would not impact tax expense, since the positions were taken in countries where we have recorded full valuation allowances. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||
The Steelcase Inc. Incentive Compensation Plan (the “Incentive Compensation Plan”) provides for the issuance of share-based compensation awards to employees and members of the Board of Directors. There are 25,000,000 shares of Class A Common Stock reserved for issuance under our Incentive Compensation Plan, with 11,317,414 and 12,751,324 shares remaining for future issuance under our Incentive Compensation Plan as of February 28, 2014 and February 22, 2013, respectively. | |||||||||||||
A variety of awards may be granted under the Incentive Compensation Plan including stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, performance shares, performance units, cash-based awards, phantom shares and other share-based awards. Outstanding awards under the Incentive Compensation Plan vest over a period of one, three or five years or at the time a participant becomes a qualified retiree. Stock options granted under the Incentive Compensation Plan may be either incentive stock options intended to qualify under Section 422 of the Code or non-qualified stock options not so intended. The Board may amend or terminate the Incentive Compensation Plan at its discretion subject to certain provisions as stipulated within the plan. | |||||||||||||
Share-based awards currently outstanding under the Incentive Compensation Plan are as follows: | |||||||||||||
Total Outstanding Awards | February 28, | ||||||||||||
2014 | |||||||||||||
Performance units (1) | 1,833,288 | ||||||||||||
Restricted stock units | 2,001,758 | ||||||||||||
Total outstanding awards | 3,835,046 | ||||||||||||
________________________ | |||||||||||||
-1 | This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. | ||||||||||||
The share-based compensation awards outstanding as of February 28, 2014 consist of restricted stock units and performance units, and the majority of the outstanding awards are held by our executive officers. | |||||||||||||
In the event of a “change of control,” as defined in the Incentive Compensation Plan, | |||||||||||||
• | if at least six months have elapsed following the award date, any performance-based conditions imposed with respect to outstanding awards shall be deemed to be fully earned and a pro rata portion of each such outstanding award granted for all outstanding performance periods shall become payable in shares of Class A Common Stock; and | ||||||||||||
• | all restrictions imposed on restricted stock units that are not performance-based shall lapse. | ||||||||||||
Performance Units | |||||||||||||
Performance units have been granted only to our executive officers. These awards are earned after a three-year performance period and only if the performance criteria stated in the applicable award are achieved. After completion of the performance period, the number of performance units earned will be issued as shares of Class A Common Stock. The aggregate number of shares of Class A Common Stock that ultimately may be issued under performance units where the performance period has not been completed ranges from 0 to 1,833,288 shares as of February 28, 2014. The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the plan and determined by the Administrative Committee in its discretion. | |||||||||||||
A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period, equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as Class A Common Stock. At the end of the performance period, the dividend equivalents are paid in the form of cash or Class A Common Stock at the discretion of the Board of Directors. | |||||||||||||
Half of the performance units granted in 2014 can be earned based on our three-year average return on invested capital ("ROIC PSUs"), which is a performance condition. The number of shares that may be earned under the ROIC PSUs can range from 0% to 200% of the target amount. The ROIC PSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the performance periods based on the probability that the performance condition will be met. The expense recorded will be adjusted as the estimate of the total number of ROIC PSUs that will ultimately be earned changes. The weighted average grant date fair value per share of ROIC PSUs granted was $12.66. The fair value is equal to the closing price on the date of the grant. | |||||||||||||
The remaining half of the performance units granted in 2014 and all performance units granted in 2013 and 2012 can be earned based on achievement of certain total shareholder return results relative to a comparison group of companies ("TSR PSUs"), which is a market condition. The number of units that may be earned under the TSR PSUs can range from 0% to 200% of the target amount. The TSR PSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the performance periods. Based on actual performance results, the 2012 TSR PSUs were earned at 106.6% of the target level and 453,627 shares of Class A Common Stock were issued to participants in Q1 2015. | |||||||||||||
The fair values of the the TSR PSUs were calculated on their respective grant dates using the Monte Carlo simulation model, which resulted in a fair value of $5.7, $6.4 and $8.1 for years 2014, 2013 and 2012, respectively. The Monte Carlo simulation was computed using the following assumptions: | |||||||||||||
2014 Awards | 2013 Awards | 2012 Awards | |||||||||||
Three-year risk-free interest rate (1) | 0.3 | % | 0.5 | % | 1.4 | % | |||||||
Expected term | 3 years | 3 years | 3 years | ||||||||||
Estimated volatility (2) | 44.7 | % | 49.8 | % | 50.9 | % | |||||||
________________________ | |||||||||||||
-1 | Based on the U.S. Government bond benchmark on the grant date. | ||||||||||||
-2 | Represents the historical price volatility of the Company’s Class A Common Stock for the three-year period preceding the grant date. | ||||||||||||
The Monte Carlo simulation resulted in the following weighted-average grant date fair values: | |||||||||||||
Grant Date Fair Value per TSR PSU | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average grant date fair value per share of TSR PSUs granted during 2014, 2013 and 2012 | $ | 15.5 | $ | 11.92 | $ | 16.57 | |||||||
The total performance units expense and associated tax benefit in 2014, 2013 and 2012 are as follows: | |||||||||||||
Performance Units | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Expense | $ | 6 | $ | 5.5 | $ | 8.1 | |||||||
Tax benefit | 2.3 | 3 | 1.2 | ||||||||||
The 2014 activity for performance units is as follows: | |||||||||||||
Maximum Number of Nonvested Units | Total | Weighted-Average | |||||||||||
Grant Date | |||||||||||||
Fair Value per Unit | |||||||||||||
Nonvested as of February 22, 2013 | 1,932,030 | $ | 13.96 | ||||||||||
Granted | 839,448 | 14.08 | |||||||||||
Vested | (453,627 | ) | 16.56 | ||||||||||
Forfeited | (87,100 | ) | 13.02 | ||||||||||
Adjustments (1) | (397,463 | ) | 16.56 | ||||||||||
Nonvested as of February 28, 2014 | 1,833,288 | 14.04 | |||||||||||
________________________ | |||||||||||||
-1 | Adjustments were due to the number of shares earned under the 2012 award at the end of the performance period being less than the maximum. | ||||||||||||
As of February 28, 2014, there was $2.4 of remaining unrecognized compensation cost related to nonvested performance units. That cost is expected to be recognized over a remaining weighted-average period of 1.7 years. | |||||||||||||
The total fair value of performance units vested was $6.7, $14.0 and $7.0 during 2014, 2013 and 2012, respectively. | |||||||||||||
Restricted Stock Units | |||||||||||||
Restricted stock units (“RSUs”) have restrictions on transfer which lapse one, three or five years (depending on the terms of the individual grant) after the date of grant, at which time RSUs are issued as unrestricted shares of Class A Common Stock. These awards are subject to forfeiture if a participant leaves the company for reasons other than retirement, disability, death or termination by us without cause prior to the vesting date. RSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. | |||||||||||||
Grant Date Fair Value per Share | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average grant date fair value per share of RSUs granted during 2014, 2013 and 2012 | $ | 13.46 | $ | 9.66 | $ | 9.64 | |||||||
The total RSUs expense and associated tax benefit in 2014, 2013 and 2012 is as follows: | |||||||||||||
Restricted Stock Units | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Expense | $ | 10.3 | $ | 3.8 | $ | 3.2 | |||||||
Tax benefit | 3.3 | 1.2 | 1 | ||||||||||
Holders of RSUs receive cash dividends equal to the dividends we declare and pay on our Class A Common Stock, which are included in Dividends paid on the Consolidated Statements of Cash Flows. | |||||||||||||
The 2014 activity for RSUs is as follows: | |||||||||||||
Nonvested Units | Total | Weighted-Average | |||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
per Share | |||||||||||||
Nonvested as of February 22, 2013 | 1,221,227 | $ | 9.42 | ||||||||||
Granted | 1,097,941 | 13.46 | |||||||||||
Vested | (266,704 | ) | 8.71 | ||||||||||
Forfeited | (50,706 | ) | 10.42 | ||||||||||
Nonvested as of February 28, 2014 | 2,001,758 | 11.71 | |||||||||||
There was $8.8 of remaining unrecognized compensation cost related to RSUs as of February 28, 2014. That cost is expected to be recognized over a weighted-average period of 2.1 years. | |||||||||||||
The total fair value of restricted stock and RSUs vested was $4.2, $1.7 and $0.8 during 2014, 2013 and 2012, respectively. | |||||||||||||
Unrestricted Share Grants | |||||||||||||
Under the Incentive Compensation Plan, unrestricted shares may be issued to members of the Board of Directors as compensation for director’s fees, as a result of directors’ elections to receive unrestricted shares in lieu of cash payment. We granted a total of 31,790, 43,238 and 38,888 unrestricted shares at a weighted average grant date fair value per share of $14.82, $9.62 and $8.39 during 2014, 2013 and 2012, respectively. |
Commitments_And_Guarantees
Commitments And Guarantees | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments And Guarantees | ' | ||||||||||||
COMMITMENTS | |||||||||||||
We lease certain sales offices, showrooms, warehouses and equipment under non-cancelable operating leases that expire at various dates through fiscal year 2025. During the normal course of business, we have entered into sale-leaseback arrangements for certain facilities. Accordingly, these leases are accounted for as operating leases and the related gains from the sale of the properties are recorded as deferred gains and are amortized over the lease term. Total deferred gains are included as a component of Other long-term liabilities, on the Consolidated Balance Sheets and amounted to $10.1 as of February 28, 2014 and $14.2 as of February 22, 2013. | |||||||||||||
Rent expense under all non-cancelable operating leases, net of sublease rental income and excluding lease impairment charges recorded as restructuring costs, was $51.4, $53.0 and $50.0 for 2014, 2013 and 2012, respectively. Sublease rental income was $4.9, $5.7 and $7.8 for 2014, 2013 and 2012, respectively. Lease impairment charges recorded as restructuring costs were $0.5, $0.0 and $3.0 for 2014, 2013 and 2012, respectively. | |||||||||||||
Our estimated future minimum annual rental commitments and sublease rental income under non-cancelable operating leases are as follows: | |||||||||||||
Year Ending in February | Minimum annual | Minimum annual | Minimum annual | ||||||||||
rental commitments | sublease rental income | rental commitments, net | |||||||||||
2015 | $ | 41.3 | $ | (3.8 | ) | $ | 37.5 | ||||||
2016 | 35.8 | (3.2 | ) | 32.6 | |||||||||
2017 | 24.7 | (2.9 | ) | 21.8 | |||||||||
2018 | 26.9 | (2.4 | ) | 24.5 | |||||||||
2019 | 14.4 | (1.3 | ) | 13.1 | |||||||||
Thereafter | 44.4 | (3.0 | ) | 41.4 | |||||||||
$ | 187.5 | $ | (16.6 | ) | $ | 170.9 | |||||||
We have outstanding capital expenditure commitments of $34.4. |
Reportable_Segments
Reportable Segments | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ||||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||||
REPORTABLE SEGMENTS | |||||||||||||||||||||
Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate. | |||||||||||||||||||||
The Americas segment serves customers in the U.S., Canada and Latin America with a portfolio of integrated architecture, furniture and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Nurture, Coalesse, Details and Turnstone brands. | |||||||||||||||||||||
The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. | |||||||||||||||||||||
The Other category includes Asia Pacific, Designtex and PolyVision. Asia Pacific serves customers in Asia and Australia primarily under the Steelcase brand with an emphasis on freestanding furniture systems, storage and seating solutions. Designtex designs and sells surface materials including textiles and wall coverings which are specified by architects and designers directly to end-use customers primarily in North America. PolyVision manufactures ceramic steel surfaces for use in multiple applications, but primarily for sale to third-party fabricators and distributors to create static whiteboards and chalkboards sold in the primary and secondary education markets globally. | |||||||||||||||||||||
We primarily review and evaluate operating income by segment in both our internal review processes and for external financial reporting. We also allocate resources primarily based on operating income. Total assets by segment include manufacturing and other assets associated with each segment. | |||||||||||||||||||||
Corporate costs include unallocated portions of shared service functions such as information technology, human resources, finance, executive, corporate facilities, legal and research. Corporate assets consist primarily of unallocated cash and investment balances and COLI balances. | |||||||||||||||||||||
No single customer represented more than 5% of our consolidated revenue in 2014, 2013 or 2012. | |||||||||||||||||||||
Operating Segment Data | Americas | EMEA | Other | Corporate | Consolidated | ||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
Revenue | $ | 2,154.40 | $ | 566.9 | $ | 267.6 | $ | — | $ | 2,988.90 | |||||||||||
Operating income (loss) | 247.4 | (31.4 | ) | (8.7 | ) | (41.4 | ) | 165.9 | |||||||||||||
Total assets | 901.4 | 288.6 | 159.9 | 376.8 | 1,726.70 | ||||||||||||||||
Capital expenditures | 59.8 | 19.3 | 7.7 | — | 86.8 | ||||||||||||||||
Depreciation & amortization | 41.5 | 12.8 | 5.7 | — | 60 | ||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||
Revenue | $ | 2,015.10 | $ | 594.8 | $ | 258.8 | $ | — | $ | 2,868.70 | |||||||||||
Operating income (loss) | 168.3 | (50.9 | ) | (20.1 | ) | (38.0 | ) | 59.3 | |||||||||||||
Total assets | 876.6 | 278.1 | 155.9 | 379 | 1,689.60 | ||||||||||||||||
Capital expenditures | 50.9 | 15.1 | 7.9 | 0.1 | 74 | ||||||||||||||||
Depreciation & amortization | 38.6 | 13.1 | 6.1 | 0.5 | 58.3 | ||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||
Revenue | $ | 1,868.40 | $ | 610.5 | $ | 270.6 | $ | — | $ | 2,749.50 | |||||||||||
Operating income (loss) | 122.8 | (9.9 | ) | 14.6 | (30.4 | ) | 97.1 | ||||||||||||||
Total assets | 860.6 | 326.3 | 179 | 313 | 1,678.90 | ||||||||||||||||
Capital expenditures | 46.6 | 12.7 | 4.4 | 1.2 | 64.9 | ||||||||||||||||
Depreciation & amortization | 36.6 | 13.4 | 6.1 | 0.3 | 56.4 | ||||||||||||||||
The accounting policies of each of the reportable segments are the same as those described in Note 2. Revenue comparisons have been impacted by divestitures and deconsolidations along with currency translation effects. In addition, operating income (loss) has been significantly impacted by goodwill impairment charges and restructuring costs. See Notes 10 and 20 for additional information. | |||||||||||||||||||||
Reportable geographic information is as follows: | |||||||||||||||||||||
Reportable Geographic Data | Year Ended | ||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
United States | $ | 2,020.30 | $ | 1,881.30 | $ | 1,751.00 | |||||||||||||||
Foreign locations | 968.6 | 987.4 | 998.5 | ||||||||||||||||||
$ | 2,988.90 | $ | 2,868.70 | $ | 2,749.50 | ||||||||||||||||
Long-lived assets: | |||||||||||||||||||||
United States | $ | 603.2 | $ | 666.1 | $ | 688.7 | |||||||||||||||
Foreign locations | 124.8 | 127.1 | 151.5 | ||||||||||||||||||
$ | 728 | $ | 793.2 | $ | 840.2 | ||||||||||||||||
Revenue is attributable to countries based on the location of the customer. No country other than the U.S. represented greater than 10% of our consolidated revenue or long-lived assets in 2014, 2013 or 2012. In 2014, foreign revenues and long-lived assets represented approximately 32% and 17% of consolidated amounts, respectively. Our EMEA business is spread across a number of geographic regions, with Western Europe representing approximately 83% of EMEA revenue in 2014. | |||||||||||||||||||||
Our global product offerings consist of furniture, interior architecture, technology and services. These product offerings are marketed, distributed and managed primarily as a group of similar products on an overall portfolio basis. The following is a summary of net sales by product category. As product line information is not readily available for the Company as a whole, this summary represents a reasonable estimate of revenue by product category based on the best information available: | |||||||||||||||||||||
Product Category Data | Year Ended | ||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Systems and storage | $ | 1,354.80 | $ | 1,358.70 | $ | 1,306.10 | |||||||||||||||
Seating | 888.6 | 840.7 | 821.6 | ||||||||||||||||||
Other (1) | 745.5 | 669.3 | 621.8 | ||||||||||||||||||
Total | $ | 2,988.90 | $ | 2,868.70 | $ | 2,749.50 | |||||||||||||||
________________________ | |||||||||||||||||||||
-1 | Other consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, and other uncategorized product lines, and services, none of which are individually greater than 10% of consolidated revenue. |
Divestitures_and_Acquisitions
Divestitures and Acquisitions | 12 Months Ended | ||||
Feb. 28, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Divestitures and Acquisitions | ' | ||||
DIVESTITURES AND ACQUISITIONS | |||||
Divestiture of PolyVision Division | |||||
In Q2 2012, we completed the sale of PolyVision’s remaining low margin whiteboard fabrication business in Europe to a third party for proceeds totaling $2.3. The transaction included the sale of PolyVision SAS (France) and PolyVision A/S (Denmark) and resulted in a loss of $0.9 recorded in Restructuring costs on the Consolidated Statements of Income. | |||||
Our Consolidated Statements of Income included the following related to PolyVision SAS and PolyVision A/S: | |||||
PolyVision SAS and PolyVision A/S | Year Ended | ||||
February 24, | |||||
2012 | |||||
Revenue | $ | 8.6 | |||
Gross profit | 1.6 | ||||
Operating income | 0.1 | ||||
Dealer Acquisition | |||||
In Q1 2012, Red Thread Spaces LLC (“Red Thread”), formerly known as Office Environments of New England, LLC, a wholly-owned subsidiary of Steelcase Inc., acquired substantially all the assets of bkm Total Office (“BKM”) for cash consideration of approximately $18.7. Red Thread and BKM, both authorized Steelcase dealers, combined to create a regional enterprise supporting workplace needs that offer a broadened portfolio of products and services and expanded geographical coverage in New England. The final purchase price allocation resulted in goodwill and intangible asset valuations of $2.0 and $0.3, respectively. The combined dealers are included in the Americas segment. The purchase of BKM did not have a material impact on our consolidated financial statements. |
Restructuring_Activities
Restructuring Activities | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Restructuring Activities [Abstract] | ' | ||||||||||||
Restructuring Activities | ' | ||||||||||||
RESTRUCTURING ACTIVITIES | |||||||||||||
In Q4 2014, we recognized a $4.5 gain related to the sale of a facility in the EMEA segment in connection with previously announced restructuring actions. | |||||||||||||
In Q3 2014, we announced restructuring actions in EMEA to safeguard our global competitiveness through changes in our EMEA manufacturing footprint. We have initiated procedures related to the closure of a manufacturing facility in Germany and the establishment of a new manufacturing location in the Czech Republic. In connection with this project, we expect to incur approximately $20 to $25 of cash restructuring costs, with approximately $15 to $20 related to employee termination costs and approximately $5 related to business exit and other related costs. We incurred $0.7 of business exit and other related costs in the EMEA segment in connection with these actions in 2014. | |||||||||||||
In Q1 2014, we announced restructuring actions in EMEA to reorganize the sales, marketing and support functions in France. In Q2 2014, we completed negotiations with the works councils related to these actions. We currently estimate the cash restructuring costs associated with these actions will approximate $9, with approximately $8 related to employee termination costs and approximately $1 of business exit and other related costs. We incurred $6.3 of employee termination costs, $0.9 of business exit and other related costs related to these actions in 2014. | |||||||||||||
In Q4 2013, we recognized a $12.4 impairment charge in the Americas segment in conjunction with the previously announced closure of our Corporate Development Center. The impairment charge was calculated as the amount by which the carrying value of the building exceeded its fair value as of February 22, 2013. The fair value of the building was based on a third-party appraisal which included an evaluation of quoted market prices for similar properties. | |||||||||||||
In Q4 2013, we completed restructuring actions in EMEA to consolidate owned dealers and eliminate 60 full-time equivalent positions. These eliminations resulted from local actions taken by a few countries and included attrition, expiration of fixed-term, temporary contracts and workforce reductions. We incurred $3.8 related to these restructuring actions in 2013. | |||||||||||||
In Q2 2013, we announced plans to integrate PolyVision's global technology business into the Steelcase Education Solutions group. We incurred $0.9 of business exit and other related costs in the Americas segment related to this restructuring plan during 2014. We incurred $1.4 of employee termination costs and $0.6 of business exit and other related costs in the Americas segment in 2013. These restructuring actions are complete. | |||||||||||||
In Q2 2012, we announced the closure of our Morocco manufacturing facility within our EMEA segment. In conjunction with the closure, we recorded $6.8 of employee termination costs, $0.3 of business exit and other related costs, and a $4.1 gain related to the sale of the facility. These restructuring actions are complete. | |||||||||||||
In Q2 2012, we completed the sale of PolyVision’s remaining low margin whiteboard fabrication business in Europe to a third party which resulted in a net loss of $0.9 recorded in the Other category during 2012. | |||||||||||||
In Q4 2011, we announced the planned closure of three additional manufacturing facilities in North America. This project is now complete. The restructuring costs associated with these actions were $41.0, with $28.4 related to workforce reductions and $12.6 related to costs associated with manufacturing consolidation and production moves. During 2013 and 2012, we incurred $4.2 and $14.3 of employee termination costs, respectively. During 2013 and 2012, we incurred $8.8 and $3.6 of business exit and other related costs, respectively. | |||||||||||||
Restructuring costs are summarized in the following table: | |||||||||||||
Restructuring Costs | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | |||||||||||||
Americas | $ | 0.7 | $ | 13.9 | $ | 20 | |||||||
EMEA | (3.6 | ) | 1 | 5 | |||||||||
Other | 0.1 | — | 1.2 | ||||||||||
(2.8 | ) | 14.9 | 26.2 | ||||||||||
Operating expenses | |||||||||||||
Americas | 1 | 14.7 | 1.5 | ||||||||||
EMEA | 8.2 | 4 | 3 | ||||||||||
Other | 0.2 | 1.1 | (0.2 | ) | |||||||||
9.4 | 19.8 | 4.3 | |||||||||||
$ | 6.6 | $ | 34.7 | $ | 30.5 | ||||||||
Below is a summary of the charges, payments and adjustments to the restructuring reserve balance during 2014, 2013 and 2012: | |||||||||||||
Restructuring Reserve | Workforce | Business Exits | Total | ||||||||||
Reductions | and Related | ||||||||||||
Costs | |||||||||||||
Reserve balance as of February 25, 2011 | $ | 25.7 | $ | 1.3 | $ | 27 | |||||||
Additions | 25.6 | 4.9 | 30.5 | ||||||||||
Payments | (38.2 | ) | (6.9 | ) | (45.1 | ) | |||||||
Adjustments | (0.2 | ) | 5.4 | 5.2 | |||||||||
Reserve balance as of February 24, 2012 | $ | 12.9 | $ | 4.7 | $ | 17.6 | |||||||
Additions | 11.5 | 23.2 | 34.7 | ||||||||||
Payments | (16.4 | ) | (24.1 | ) | (40.5 | ) | |||||||
Adjustments | (0.2 | ) | (0.5 | ) | (0.7 | ) | |||||||
Reserve balance as of February 22, 2013 | $ | 7.8 | $ | 3.3 | $ | 11.1 | |||||||
Additions | 7.4 | 3.7 | 11.1 | ||||||||||
Payments | (6.8 | ) | (5.6 | ) | (12.4 | ) | |||||||
Adjustments | (0.7 | ) | 0.6 | (0.1 | ) | ||||||||
Reserve balance as of February 28, 2014 | $ | 7.7 | $ | 2 | $ | 9.7 | |||||||
The workforce reductions reserve balance as of February 28, 2014 primarily relates to restructuring actions in EMEA. The adjustments to the business exits and related costs in 2012 primarily relate to a $4.1 gain associated with the sale of a facility in Morocco. |
Unaudited_Quarterly_Results
Unaudited Quarterly Results | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Unaudited Quarterly Results [Abstract] | ' | ||||||||||||||||||||
Unaudited Quarterly Results [Text Block] | ' | ||||||||||||||||||||
UNAUDITED QUARTERLY RESULTS | |||||||||||||||||||||
Unaudited Quarterly Results | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2014 | |||||||||||||||||||||
Revenue | $ | 667.1 | $ | 757.6 | $ | 784.8 | $ | 779.4 | $ | 2,988.90 | |||||||||||
Gross profit | 209.7 | 244.3 | 242.8 | 248.4 | 945.2 | ||||||||||||||||
Operating income | 20.4 | 52 | 39.3 | 54.2 | 165.9 | ||||||||||||||||
Net income | 13.2 | 27.6 | 23 | 23.9 | 87.7 | ||||||||||||||||
Basic earnings per share | 0.1 | 0.22 | 0.18 | 0.19 | 0.7 | ||||||||||||||||
Diluted earnings per share | 0.1 | 0.22 | 0.18 | 0.19 | 0.69 | ||||||||||||||||
2013 | |||||||||||||||||||||
Revenue | $ | 675.2 | $ | 744.9 | $ | 727.2 | $ | 721.4 | $ | 2,868.70 | |||||||||||
Gross profit | 196 | 228.1 | 225.9 | 216 | 866 | ||||||||||||||||
Operating income (loss) | 19.3 | 46.8 | 38.4 | (45.2 | ) | 59.3 | |||||||||||||||
Net income (loss) | 13.2 | 29.5 | 23.6 | (27.5 | ) | 38.8 | |||||||||||||||
Basic earnings (loss) per share | 0.1 | 0.23 | 0.19 | (0.22 | ) | 0.3 | |||||||||||||||
Diluted earnings (loss) per share | 0.1 | 0.23 | 0.18 | (0.22 | ) | 0.3 | |||||||||||||||
Revenue comparisons have been impacted by divestitures and deconsolidations along with currency translation effects. In addition, operating income (loss) has been significantly impacted by goodwill impairment charges and restructuring costs. See Notes 10 and 20 for further details. |
Schedule_II_Valuation_And_Qual
Schedule II Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule II Valuation And Qualifying Accounts | ' | ||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
Allowance for Losses on Accounts Receivable | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of beginning of period | $ | 14.5 | $ | 19.6 | $ | 23.1 | |||||||
Additions: | |||||||||||||
Charged to costs and expenses | 2.7 | 2.8 | 2 | ||||||||||
Charged to other accounts | $ | 0.1 | 0.3 | (0.2 | ) | ||||||||
Deductions (1) | (4.6 | ) | (7.9 | ) | (4.7 | ) | |||||||
Other adjustments (2) | 0.3 | (0.3 | ) | (0.6 | ) | ||||||||
Balance as of end of period | $ | 13 | $ | 14.5 | $ | 19.6 | |||||||
________________________ | |||||||||||||
-1 | Primarily represents excess of accounts written off over recoveries. | ||||||||||||
-2 | Primarily currency translation adjustments. | ||||||||||||
Valuation Allowance for Deferred Income Tax Assets | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of beginning of period | $ | 70.4 | $ | 34.5 | $ | 34.9 | |||||||
Additions: | |||||||||||||
Charged to costs and expenses | 8.9 | 40 | 2.5 | ||||||||||
Charged to other accounts | — | — | — | ||||||||||
Deductions and expirations | (0.5 | ) | (4.4 | ) | (1.8 | ) | |||||||
Other adjustments (1) | 3 | 0.3 | (1.1 | ) | |||||||||
Balance as of end of period | $ | 81.8 | $ | 70.4 | $ | 34.5 | |||||||
________________________ | |||||||||||||
-1 | Primarily currency translation adjustments. |
Recovered_Sheet1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Steelcase Inc. and its subsidiaries. We consolidate entities in which we maintain a controlling interest. All material intercompany transactions and balances have been eliminated in consolidation. We also consolidate variable interest entities when appropriate. | |||||||||||||
Investments in entities where our equity ownership falls between 20% and 50%, or where we otherwise have significant influence, are accounted for under the equity method of accounting. All other investments in unconsolidated affiliates are accounted for under the cost method of accounting. These investments are reported as Investments in unconsolidated affiliates on the Consolidated Balance Sheets, and income from equity method and cost method investments are reported in Other income (expense), net on the Consolidated Statements of Income. See Note 11 for additional information. | |||||||||||||
Fiscal Period, Policy [Policy Text Block] | ' | ||||||||||||
Fiscal Year | |||||||||||||
Our fiscal year ends on the last Friday in February with each fiscal quarter typically including 13 weeks. The fiscal year ended February 28, 2014 contained 53 weeks, with Q4 2014 containing 14 weeks. The fiscal years ended February 22, 2013 and February 24, 2012 contained 52 weeks. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements and accompanying notes. Although these estimates are based on historical data and management’s knowledge of current events and actions we may undertake in the future, actual results may differ from these estimates under different assumptions or conditions. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||
Foreign Currency | |||||||||||||
For most international operations, local currencies are considered the functional currencies. We translate assets and liabilities of these subsidiaries to their U.S. dollar equivalents at exchange rates in effect as of the balance sheet date. Translation adjustments are not included in determining net income, but are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets until a sale or substantially complete liquidation of the net investment in the international subsidiary takes place. We translate Consolidated Statements of Income accounts at average exchange rates for the applicable period. | |||||||||||||
Foreign currency transaction gains and losses, net of derivatives, arising primarily from changes in exchange rates on foreign currency denominated intercompany loans and other intercompany transactions and balances between foreign locations, are recorded in Other income (expense), net. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include demand bank deposits and highly liquid investment securities with an original maturity of three months or less. Cash equivalents are reported at cost and approximate fair value. Outstanding checks in excess of funds on deposit are classified as Accounts payable on the Consolidated Balance Sheets. Our restricted cash balance as of February 28, 2014 and February 22, 2013 was $9.0 and $3.5, respectively, and consisted primarily of funds held in escrow for construction in progress and potential future workers’ compensation claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Allowances for Credit Losses | |||||||||||||
Allowances for credit losses related to accounts receivable and notes receivable are maintained at a level considered by management to be adequate to absorb an estimate of probable future losses existing at the balance sheet date. In estimating probable losses, we review accounts that are past due or in bankruptcy. We consider an accounts receivable or notes receivable balance past due when payment is not received within the stated terms. We review accounts that may have higher credit risk using information available about the debtor, such as financial statements, news reports and published credit ratings. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. Using an estimate of current fair market value of any applicable collateral and other credit enhancements, such as third party guarantees, we arrive at an estimated loss for specific concerns and estimate an additional amount for the remainder of trade balances based on historical trends and other factors previously referenced. Receivable balances are written off when we determine the balance is uncollectible. Subsequent recoveries, if any, are credited to bad debt expense when received. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Concentrations of Credit Risk | |||||||||||||
Our trade receivables are primarily due from independent dealers who, in turn, carry receivables from their customers. We monitor and manage the credit risk associated with individual dealers and direct customers where applicable. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to us. In those cases, we may assume the credit risk. Whether from dealers or customers, our trade credit exposures are not concentrated with any particular entity. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market. The Americas segment primarily uses the last in, first out (“LIFO”) method to value its inventories. The EMEA segment values inventories primarily using the first in, first out method. Businesses within the Other category primarily use the first in, first out or the average cost inventory valuation methods. See Note 7 for additional information. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Major improvements that materially extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. | |||||||||||||
Long-lived assets such as property, plant and equipment are tested for impairment when conditions indicate that the carrying value may not be recoverable. We evaluate several conditions, including, but not limited to, the following: a significant decrease in the market price of an asset or an asset group; a significant adverse change in the extent or manner in which a long-lived asset is being used, including an extended period of idleness; and a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review the carrying value of our long-lived assets held and used using estimates of future undiscounted cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. | |||||||||||||
When assets are classified as “held for sale,” losses are recorded for the difference between the carrying amount of the property, plant and equipment and the estimated fair value less estimated selling costs. Assets are considered “held for sale” when it is expected that the asset is going to be sold within twelve months. See Note 8 for additional information. | |||||||||||||
Lease, Policy [Policy Text Block] | ' | ||||||||||||
Operating Leases | |||||||||||||
Rent expense under operating leases is recorded on a straight-line basis over the lease term unless the lease contains an escalation clause which is not fixed and determinable. The lease term begins when we have the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. If a lease has a fixed and determinable escalation clause, the difference between rent expense and rent paid is recorded as deferred rent. Rent expense under operating leases that do not have an escalation clause or where escalation is based on an inflation index is expensed over the lease term as it is payable. See Note 17 for additional information. | |||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the difference between the purchase price and the related underlying tangible and identifiable intangible net asset values resulting from business acquisitions. Annually in Q4, or earlier if conditions indicate it is necessary, the carrying value of the reporting unit is compared to an estimate of its fair value. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is impaired and is written down to its estimated fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. We evaluate goodwill and intangible assets using five reporting units where goodwill is recorded: the Americas, EMEA, Asia Pacific, Designtex and PolyVision. See Note 10 for additional information. | |||||||||||||
Other intangible assets subject to amortization consist primarily of proprietary technology, trademarks, customer relationships and non-compete agreements and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization, consisting of certain trademarks, are accounted for and evaluated for potential impairment in a manner consistent with goodwill. See Note 10 for additional information. | |||||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||||||
Contingencies | |||||||||||||
Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred. We are involved in litigation from time to time in the ordinary course of our business. Based on known information, we do not believe we are party to any lawsuit or proceeding, individually and in the aggregate, that is likely to have a material adverse impact on the consolidated financial statements. | |||||||||||||
Self Insurance [Policy Text Block] | ' | ||||||||||||
Self-Insurance | |||||||||||||
We are self-insured for certain losses relating to domestic workers’ compensation, product liability, and employee medical, dental, and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. | |||||||||||||
Our total reserve for estimated domestic workers’ compensation claims incurred as of February 28, 2014 and February 22, 2013 was $14.6 and $15.9, respectively. Our reserve for estimated domestic workers’ compensation claims expected to be paid within one year as of February 28, 2014 and February 22, 2013 was $5.0 and $4.8, respectively, and is included in Accrued expenses: Other on the Consolidated Balance Sheets, while our reserve for estimated domestic workers’ compensation claims expected to be paid beyond one year is included in Other long-term liabilities on the Consolidated Balance Sheets. | |||||||||||||
Our reserve for estimated product liability claims incurred as of February 28, 2014 and February 22, 2013 was $5.8 and $5.3, respectively, and is included in Accrued expenses: Other on the Consolidated Balance Sheets. | |||||||||||||
The estimate for employee medical, dental, and short-term disability claims incurred as of February 28, 2014 and February 22, 2013 was $2.8 and $3.0, respectively, and is recorded within Accrued expenses: Other on the Consolidated Balance Sheets. | |||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||||||
Product Warranties | |||||||||||||
We offer warranties ranging from 12 years to lifetime for most products, subject to certain exceptions. These warranties provide for the free repair or replacement of any covered product, part or component that fails during normal use because of a defect in materials or workmanship. The accrued liability for product warranties is based on an estimated amount needed to cover product warranty costs, including product recall and retrofit costs incurred as of the balance sheet date determined by historical claims experience and our knowledge of current events and actions. | |||||||||||||
Roll-Forward of Accrued | Year Ended | ||||||||||||
Liability for Product Warranties | February 28, | February 22, | February 24, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of beginning of period | $ | 31.1 | $ | 29.9 | $ | 31.3 | |||||||
Accruals related to product warranties, recalls and retrofits | 16.2 | 10.7 | 11.1 | ||||||||||
Adjustments related to changes in estimates | 4.6 | (0.3 | ) | 1.9 | |||||||||
Reductions for settlements | (14.9 | ) | (9.4 | ) | (14.4 | ) | |||||||
Currency translation adjustments | 0.3 | 0.2 | — | ||||||||||
Balance as of end of period | $ | 37.3 | $ | 31.1 | $ | 29.9 | |||||||
Our reserve for estimated settlements expected to be paid beyond one year as of February 28, 2014 and February 22, 2013 was $19.8 and $17.0, respectively, and is included in Other long-term liabilities on the Consolidated Balance Sheets. | |||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' | ||||||||||||
Pension and Other Post-Retirement Benefits | |||||||||||||
We sponsor a number of domestic and foreign plans to provide pension benefits and medical and life insurance benefits to retired employees. We measure the net over-funded or under-funded positions of our defined benefit pension plans and post-retirement benefit plans as of the fiscal year end and display that position as an asset or liability on the Consolidated Balance Sheets. Any unrecognized prior service credit (cost), experience gains(losses) or transition obligation is reported as a component of Accumulated Other Comprehensive Income (Loss), net of tax, in shareholders’ equity. See Note 13 for additional information. | |||||||||||||
Environmental Costs, Policy [Policy Text Block] | ' | ||||||||||||
Environmental Matters | |||||||||||||
Environmental expenditures related to current operations are expensed or capitalized as appropriate. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are expensed. Generally, the timing of these accruals coincides with completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis as site-specific plans indicate the amount and timing of cash payments are fixed or reliably determinable. We have ongoing monitoring and identification processes to assess how the activities, with respect to the known exposures, are progressing against the accrued cost estimates, as well as to identify other potential remediation sites that are presently unknown. The liability for environmental contingencies included in Accrued expenses: Other on the Consolidated Balance Sheets was $6.6 and $5.6 as of February 28, 2014 and February 22, 2013, respectively. These liabilities were discounted using a rate of 3.6% and 3.2% as of February 28, 2014 and February 22, 2013, respectively. Our undiscounted liabilities were $8.5 and $7.2 as of February 28, 2014 and February 22, 2013, respectively. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to absorb the costs of all known environmental assessments and the remediation costs of all known sites. | |||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | ||||||||||||
Asset Retirement Obligations | |||||||||||||
We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated. We also have known conditional asset retirement obligations that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations we have not yet discovered, and therefore, these obligations also have not been included in the consolidated financial statements. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenue consists substantially of product sales and related service revenue. Product sales are reported net of discounts and are recognized when title and risks associated with ownership have passed to the dealer or customer. Typically, this is when product is shipped to the dealer. When product is shipped directly to an end customer, revenue is typically recognized upon delivery or upon acceptance by the end customer. Revenue from services is recognized when the services have been rendered. Total revenue does not include sales tax, as we consider ourselves a pass-through entity for collecting and remitting sales taxes. | |||||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||||
Cost of Sales | |||||||||||||
Cost of sales includes material, labor and overhead. Included within these categories are such items as compensation expense, depreciation, facilities expense, inbound freight charges, warehousing costs, shipping and handling expenses, warranty expense, internal transfer costs and other costs of our distribution network. | |||||||||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | ||||||||||||
Operating Expenses | |||||||||||||
Operating expenses include selling, general and administrative expenses not directly related to the manufacturing of our products. Included in these expenses are items such as compensation expense, depreciation, facilities expense, research and development expense, rental expense, royalty expense, information technology services, legal and other professional services and travel and entertainment expense. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expenses, which are expensed as incurred, were $35.9 for 2014, $36.0 for 2013 and $35.8 for 2012. Royalties are sometimes paid to external designers of our products as the products are sold. These costs are not included in the research and development expenses. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. These deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits associated with net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies will enable us to utilize the net operating loss carryforwards. In making this determination we consider all available positive and negative evidence. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. | |||||||||||||
We recognize the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits from uncertain tax positions recognized are reflected at the amounts most likely to be sustained on examination. See Note 15 for additional information. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
Our share-based compensation consists of restricted stock units and performance units. Our policy is to expense share-based compensation using the fair-value based method of accounting for all awards granted, modified or settled. | |||||||||||||
Restricted stock units and performance units are credited to equity as they are expensed over the requisite service periods based on the grant-date fair value of the shares expected to be issued. See Note 16 for additional information. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
Financial Instruments | |||||||||||||
The carrying amounts of our financial instruments, consisting of cash and cash equivalents, accounts and notes receivable, accounts and notes payable 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 Consolidated Balance Sheets. Our total debt is carried at cost and was $287.0 and $289.0 as of February 28, 2014 and February 22, 2013, 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 $327 and $321 as of February 28, 2014 and February 22, 2013, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. | |||||||||||||
See Note 6 and Note 12 for additional information. | |||||||||||||
We periodically use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange 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. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Foreign Exchange Forward Contracts | |||||||||||||
A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching same currency revenue with same currency costs and same currency assets with same currency liabilities. Foreign exchange risk is also managed through the use of derivative instruments. Foreign exchange forward contracts serve to mitigate the risk of conversion or translation of certain foreign denominated net income, assets and liabilities. We primarily use derivatives for intercompany loans and certain forecasted transactions. The foreign exchange forward contracts relate principally to the euro, Mexican peso, Canadian dollar, pound sterling and Australian dollar and have maturity dates less than one year. See Note 6 for additional information. | |||||||||||||
Assets and liabilities related to derivative instruments as of February 28, 2014 and February 22, 2013 are summarized below: | |||||||||||||
Consolidated Balance Sheets | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Other current assets | $ | 0.3 | $ | 1.3 | |||||||||
Accrued expenses | (3.2 | ) | (1.9 | ) | |||||||||
Total net fair value of derivative instruments (1) | $ | (2.9 | ) | $ | (0.6 | ) | |||||||
________________________ | |||||||||||||
-1 | The notional amounts of the outstanding foreign exchange forward contracts were $122.4 as of February 28, 2014 and $115.0 as of February 22, 2013. | ||||||||||||
Net gains (losses) recognized from derivative instrument activity in 2014, 2013 and 2012 are summarized below: | |||||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | $ | (0.1 | ) | $ | 0.2 | $ | 0.3 | ||||||
Operating expenses | — | 0.1 | 0.1 | ||||||||||
Other income (expense), net | (3.5 | ) | (0.5 | ) | 4.8 | ||||||||
Total net gains (losses) | $ | (3.6 | ) | $ | (0.2 | ) | $ | 5.2 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Signficant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||
Roll-Forward of Accrued | Year Ended | ||||||||||||
Liability for Product Warranties | February 28, | February 22, | February 24, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of beginning of period | $ | 31.1 | $ | 29.9 | $ | 31.3 | |||||||
Accruals related to product warranties, recalls and retrofits | 16.2 | 10.7 | 11.1 | ||||||||||
Adjustments related to changes in estimates | 4.6 | (0.3 | ) | 1.9 | |||||||||
Reductions for settlements | (14.9 | ) | (9.4 | ) | (14.4 | ) | |||||||
Currency translation adjustments | 0.3 | 0.2 | — | ||||||||||
Balance as of end of period | $ | 37.3 | $ | 31.1 | $ | 29.9 | |||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||
Assets and liabilities related to derivative instruments as of February 28, 2014 and February 22, 2013 are summarized below: | |||||||||||||
Consolidated Balance Sheets | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Other current assets | $ | 0.3 | $ | 1.3 | |||||||||
Accrued expenses | (3.2 | ) | (1.9 | ) | |||||||||
Total net fair value of derivative instruments (1) | $ | (2.9 | ) | $ | (0.6 | ) | |||||||
________________________ | |||||||||||||
-1 | The notional amounts of the outstanding foreign exchange forward contracts were $122.4 as of February 28, 2014 and $115.0 as of February 22, 2013 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||
Net gains (losses) recognized from derivative instrument activity in 2014, 2013 and 2012 are summarized below: | |||||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | $ | (0.1 | ) | $ | 0.2 | $ | 0.3 | ||||||
Operating expenses | — | 0.1 | 0.1 | ||||||||||
Other income (expense), net | (3.5 | ) | (0.5 | ) | 4.8 | ||||||||
Total net gains (losses) | $ | (3.6 | ) | $ | (0.2 | ) | $ | 5.2 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Computation of Earnings per Share | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 87.7 | $ | 38.8 | $ | 56.7 | |||||||
Adjustment for earnings attributable to participating securities | (1.4 | ) | (0.6 | ) | (1.0 | ) | |||||||
Net income used in calculating earnings per share | $ | 86.3 | $ | 38.2 | $ | 55.7 | |||||||
Weighted-average common shares outstanding including participating securities (in millions) | 126 | 127.4 | 131.9 | ||||||||||
Adjustment for participating securities (in millions) | (1.9 | ) | (1.8 | ) | (2.3 | ) | |||||||
Shares used in calculating basic earnings per share (in millions) | 124.1 | 125.6 | 129.6 | ||||||||||
Effect of dilutive stock-based compensation (in millions) | 1.3 | 1.7 | — | ||||||||||
Shares used in calculating diluted earnings per share (in millions) | 125.4 | 127.3 | 129.6 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.7 | $ | 0.3 | $ | 0.43 | |||||||
Diluted | $ | 0.69 | $ | 0.3 | $ | 0.43 | |||||||
Total common shares outstanding at period end (in millions) | 122.9 | 125.2 | 126.5 | ||||||||||
Anti-dilutive options and performance units excluded from computation of diluted earnings per share (in millions) | 0.1 | — | 3.5 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for 2014: | |||||||||||||||||||||
Unrealized gain on investments | Pension and other post-retirement liability adjustments | Derivative adjustments | Foreign currency translation adjustments | Total | |||||||||||||||||
Balance as of February 22, 2013 | $ | 0.6 | $ | 18.9 | $ | (0.1 | ) | $ | (23.6 | ) | $ | (4.2 | ) | ||||||||
Other comprehensive income before reclassifications | 0.3 | 6.4 | — | 4.1 | 10.8 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1 | ) | (5.7 | ) | — | — | (5.8 | ) | |||||||||||||
Net current period other comprehensive income | 0.2 | 0.7 | — | 4.1 | 5 | ||||||||||||||||
Balance as of February 28, 2014 | $ | 0.8 | $ | 19.6 | $ | (0.1 | ) | $ | (19.5 | ) | $ | 0.8 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for 2014: | |||||||||||||||||||||
Detail of Accumulated Other Comprehensive | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Consolidated Statements of Income | |||||||||||||||||||
Income (Loss) Components | Year Ended | ||||||||||||||||||||
February 28, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Unrealized gains on investments | $ | (0.1 | ) | Other income | |||||||||||||||||
— | Income tax expense | ||||||||||||||||||||
(0.1 | ) | Net income | |||||||||||||||||||
Amortization of pension and other post-retirement liability adjustments | |||||||||||||||||||||
Actuarial losses | 0.3 | Cost of sales | |||||||||||||||||||
Actuarial losses | 1.2 | Operating expenses | |||||||||||||||||||
Prior service credit | (4.3 | ) | Cost of sales | ||||||||||||||||||
Prior service credit | (4.8 | ) | Operating expenses | ||||||||||||||||||
1.9 | Income tax expense | ||||||||||||||||||||
(5.7 | ) | Net of tax | |||||||||||||||||||
Total reclassifications | $ | (5.8 | ) |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of February 28, 2014 and February 22, 2013 are summarized below: | |||||||||||||||||
Fair Value of Financial Instruments | February 28, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 201.8 | $ | — | $ | — | $ | 201.8 | |||||||||
Restricted cash | 9 | — | — | 9 | |||||||||||||
Managed investment portfolio and other investments | |||||||||||||||||
Corporate debt securities | — | 48 | — | 48 | |||||||||||||
U.S. agency debt securities | — | 48.9 | — | 48.9 | |||||||||||||
U.S. government debt securities | 7.8 | — | — | 7.8 | |||||||||||||
Asset backed securities | — | 5.6 | — | 5.6 | |||||||||||||
Municipal debt securities | — | 3.4 | — | 3.4 | |||||||||||||
Other investments | — | 5.8 | — | 5.8 | |||||||||||||
Foreign exchange forward contracts | — | 0.3 | — | 0.3 | |||||||||||||
Auction rate securities | — | — | 9.6 | 9.6 | |||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | 3.7 | — | 3.7 | |||||||||||||
$ | 218.6 | $ | 115.7 | $ | 9.6 | $ | 343.9 | ||||||||||
Liabilities: | |||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | |||||||
$ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | ||||||||
Fair Value of Financial Instruments | February 22, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 150.4 | $ | — | $ | — | $ | 150.4 | |||||||||
Restricted cash | 3.5 | — | — | 3.5 | |||||||||||||
Managed investment portfolio and other investments | |||||||||||||||||
Corporate debt securities | — | 30.3 | — | 30.3 | |||||||||||||
U.S. agency debt securities | — | 44.1 | — | 44.1 | |||||||||||||
U.S. government debt securities | 4.4 | — | — | 4.4 | |||||||||||||
Asset backed securities | — | 5.5 | — | 5.5 | |||||||||||||
Municipal debt securities | — | 14.1 | — | 14.1 | |||||||||||||
Other investments | — | 2.1 | — | 2.1 | |||||||||||||
Foreign exchange forward contracts | — | 1.3 | — | 1.3 | |||||||||||||
Auction rate securities | — | — | 9.8 | 9.8 | |||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | — | 3.5 | 3.5 | |||||||||||||
$ | 158.3 | $ | 97.4 | $ | 13.3 | $ | 269 | ||||||||||
Liabilities: | |||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | |||||||
$ | — | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs for the years ended February 28, 2014 and February 22, 2013: | |||||||||||||||||
Roll-forward of Fair Value Using Level 3 Inputs | Auction Rate | Canadian | |||||||||||||||
Securities | Asset-Backed | ||||||||||||||||
Commercial | |||||||||||||||||
Paper | |||||||||||||||||
Balance as of February 24, 2012 | $ | 12.9 | $ | 4.1 | |||||||||||||
Unrealized gain on investments | 1.9 | — | |||||||||||||||
Sale of investments | (5.0 | ) | — | ||||||||||||||
Maturities of investments | — | (0.5 | ) | ||||||||||||||
Currency translation adjustment | — | (0.1 | ) | ||||||||||||||
Balance as of February 22, 2013 | $ | 9.8 | $ | 3.5 | |||||||||||||
Unrealized gain (loss) on investments | (0.2 | ) | 0.5 | ||||||||||||||
Currency translation adjustment | — | (0.3 | ) | ||||||||||||||
Transfers out of Level 3 | — | (3.7 | ) | ||||||||||||||
Balance as of February 28, 2014 | $ | 9.6 | $ | — | |||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
Inventories | February 28, | February 22, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 73.1 | $ | 58.7 | |||||
Work in process | 12.2 | 13.2 | |||||||
Finished goods | 87.7 | 87 | |||||||
173 | 158.9 | ||||||||
Less: LIFO reserve | 21.5 | 21.4 | |||||||
$ | 151.5 | $ | 137.5 | ||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | ||||||||||
Feb. 28, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
Property, Plant and Equipment | Estimated | February 28, | February 22, | ||||||||
Useful Lives | 2014 | 2013 | |||||||||
(Years) | |||||||||||
Land | $ | 41.3 | $ | 38.6 | |||||||
Buildings and improvements | 10 – 40 | 490.7 | 526.3 | ||||||||
Machinery and equipment | 3 – 15 | 709.2 | 715.4 | ||||||||
Furniture and fixtures | 5 – 8 | 55.9 | 68 | ||||||||
Leasehold improvements | 3 – 10 | 52.6 | 53 | ||||||||
Capitalized software | 3 – 10 | 128.7 | 139 | ||||||||
Construction in progress | 39.4 | 34.3 | |||||||||
1,517.80 | 1,574.60 | ||||||||||
Accumulated depreciation | (1,140.8 | ) | (1,221.4 | ) | |||||||
$ | 377 | $ | 353.2 | ||||||||
CompanyOwned_Life_Insurance_Ta
Company-Owned Life Insurance (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Company-Owned Life Insurance [Abstract] | ' | ||||||||||||
Investment [Table Text Block] | ' | ||||||||||||
Type | Ability to Choose | Net Return | Target Asset Allocation as of February 28, 2014 | Net Cash Surrender Value | |||||||||
Investments | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Whole life | No ability | A rate of return set periodically by the | Not applicable | $ | 114.3 | $ | 109.6 | ||||||
COLI policies | insurance companies | ||||||||||||
Variable life | Can allocate across a set of choices provided by the insurance companies | Fluctuates depending on performance of underlying investments | 50% fixed income; 50% equity | 40 | 116.2 | ||||||||
COLI policies | |||||||||||||
$ | 154.3 | $ | 225.8 | ||||||||||
Investment Income [Table Text Block] | ' | ||||||||||||
Following is a summary of the allocation of COLI income for 2014, 2013 and 2012: | |||||||||||||
COLI Income | Whole Life | Variable Life | Total | ||||||||||
Policies | Policies | ||||||||||||
2014 | |||||||||||||
Cost of sales | $ | 0.6 | $ | — | $ | 0.6 | |||||||
Operating expenses | 4.5 | 0.9 | 5.4 | ||||||||||
Operating income | 5.1 | 0.9 | 6 | ||||||||||
Investment income (loss) | — | (1.8 | ) | (1.8 | ) | ||||||||
Income before income tax expense | $ | 5.1 | $ | (0.9 | ) | $ | 4.2 | ||||||
2013 | |||||||||||||
Cost of sales | $ | 1.2 | $ | — | $ | 1.2 | |||||||
Operating expenses | 4.6 | — | 4.6 | ||||||||||
Operating income | 5.8 | — | 5.8 | ||||||||||
Investment income | — | 3 | 3 | ||||||||||
Income before income tax expense | $ | 5.8 | $ | 3 | $ | 8.8 | |||||||
2012 | |||||||||||||
Cost of sales | $ | 1 | $ | — | $ | 1 | |||||||
Operating expenses | 4.1 | — | 4.1 | ||||||||||
Operating income | 5.1 | — | 5.1 | ||||||||||
Investment income | — | 3.2 | 3.2 | ||||||||||
Income before income tax expense | $ | 5.1 | $ | 3.2 | $ | 8.3 | |||||||
Goodwill_Other_Intangible_Asse1
Goodwill & Other Intangible Assets Goodwill (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||
Goodwill [Abstract] | ' | ||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||
A summary of the changes in goodwill during the years ended February 28, 2014 and February 22, 2013, by reportable segment, is as follows: | |||||||||||||||||
Goodwill | Americas | EMEA | Other | Total | |||||||||||||
Goodwill | $ | 92.4 | $ | 259.9 | $ | 116.8 | $ | 469.1 | |||||||||
Accumulated impairment losses | (1.7 | ) | (229.9 | ) | (60.9 | ) | (292.5 | ) | |||||||||
Balance as of February 24, 2012 | $ | 90.7 | $ | 30 | $ | 55.9 | $ | 176.6 | |||||||||
Acquisitions (1) | — | 4.4 | — | 4.4 | |||||||||||||
Impairments (2) | — | (35.1 | ) | (24.8 | ) | (59.9 | ) | ||||||||||
Currency translation adjustments | (0.3 | ) | 0.7 | (0.1 | ) | 0.3 | |||||||||||
Goodwill | 92.1 | 265 | 116.7 | 473.8 | |||||||||||||
Accumulated impairment losses | (1.7 | ) | (265.0 | ) | (85.7 | ) | (352.4 | ) | |||||||||
Balance as of February 22, 2013 | $ | 90.4 | $ | — | $ | 31 | $ | 121.4 | |||||||||
Impairments (3) | — | — | (12.3 | ) | (12.3 | ) | |||||||||||
Currency translation adjustments | (0.8 | ) | — | (0.2 | ) | (1.0 | ) | ||||||||||
Goodwill | 91.3 | 265 | 116.5 | 472.8 | |||||||||||||
Accumulated impairment losses | (1.7 | ) | (265.0 | ) | (98.0 | ) | (364.7 | ) | |||||||||
Balance as of February 28, 2014 | $ | 89.6 | $ | — | $ | 18.5 | $ | 108.1 | |||||||||
________________________ | |||||||||||||||||
-1 | In 2013, we made various immaterial acquisitions resulting in additions to goodwill in the EMEA segment. | ||||||||||||||||
-2 | In 2013, we recorded goodwill impairment charges in both our EMEA and Designtex reporting units. See further details below. | ||||||||||||||||
-3 | In 2014, we recorded goodwill impairment charges in our Asia Pacific reporting unit. See further details below. |
Goodwill_Other_Intangible_Asse2
Goodwill & Other Intangible Assets Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||||||||||||||||
Intangible Assets Disclosure [Table Text Block] | ' | |||||||||||||||||||||||||||
As of February 28, 2014 and February 22, 2013, our other intangible assets and related accumulated amortization consisted of the following: | ||||||||||||||||||||||||||||
Other Intangible Assets | February 28, 2014 | February 22, 2013 | ||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||||
Average | Amortization | Amortization | ||||||||||||||||||||||||||
Useful Life | ||||||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||||||
Proprietary technology | 9.7 | $ | 22.8 | $ | 20.8 | $ | 2 | $ | 22.8 | $ | 19.7 | $ | 3.1 | |||||||||||||||
Trademarks | 10 | 10.7 | 10.7 | — | 13.3 | 13.3 | — | |||||||||||||||||||||
Non-compete agreements | 6.1 | 1.3 | 1.1 | 0.2 | 2.6 | 2.4 | 0.2 | |||||||||||||||||||||
Other | 5.2 | 11 | 9.2 | 1.8 | 14.5 | 11.2 | 3.3 | |||||||||||||||||||||
45.8 | 41.8 | 4 | 53.2 | 46.6 | 6.6 | |||||||||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||||||||||
Trademarks | n/a | 12.6 | — | 12.6 | 12.6 | — | 12.6 | |||||||||||||||||||||
$ | 58.4 | $ | 41.8 | $ | 16.6 | $ | 65.8 | $ | 46.6 | $ | 19.2 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||||||
Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: | ||||||||||||||||||||||||||||
Year Ending in February | Amount | |||||||||||||||||||||||||||
2015 | $ | 1.7 | ||||||||||||||||||||||||||
2016 | 1.5 | |||||||||||||||||||||||||||
2017 | 0.6 | |||||||||||||||||||||||||||
2018 | 0.2 | |||||||||||||||||||||||||||
2019 | — | |||||||||||||||||||||||||||
$ | 4 | |||||||||||||||||||||||||||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Affiliates (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | ' | ||||||||||||
Schedule of equity method investments [Table Text Block] | ' | ||||||||||||
Our investments in unconsolidated affiliates and related direct ownership interests are summarized below: | |||||||||||||
Investments in Unconsolidated Affiliates | February 28, 2014 | February 22, 2013 | |||||||||||
Investment | Ownership | Investment | Ownership | ||||||||||
Balance | Interest | Balance | Interest | ||||||||||
IDEO | $ | 17.4 | 20% | $ | 16.1 | 20% | |||||||
Dealer relationships: | |||||||||||||
Equity method investments | 17.8 | 20%-40% | 18.4 | 20%-40% | |||||||||
Cost method investments | 5.8 | Less than 10% | 5.8 | Less than 10% | |||||||||
Total dealer relationships | 23.6 | 24.2 | |||||||||||
Manufacturing joint ventures: | |||||||||||||
Equity method investments | 11.5 | 25%-49% | 8.3 | 25%-49% | |||||||||
Other | 0.5 | 1%-39% | 4.7 | 8%-39% | |||||||||
Total investments in unconsolidated affiliates | $ | 53 | $ | 53.3 | |||||||||
Equity in earnings of unconsolidated affiliates [Table Text Block] | ' | ||||||||||||
Our equity in earnings of unconsolidated affiliates is recorded in Other income (expense), net on the Consolidated Statements of Income and is summarized below: | |||||||||||||
Equity in earnings of unconsolidated affiliates | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
IDEO | $ | 2.7 | $ | 2.6 | $ | 2.5 | |||||||
Dealer relationships | 3.1 | 3.9 | 3.1 | ||||||||||
Manufacturing joint ventures | 5.7 | 3.4 | 2.7 | ||||||||||
Other | (1.3 | ) | (0.5 | ) | — | ||||||||
Total equity in earnings of unconsolidated affiliates | $ | 10.2 | $ | 9.4 | $ | 8.3 | |||||||
Schedule of consolidated balance sheets of unconsolidated affiliates [Table Text Block] | ' | ||||||||||||
The summarized financial information presented below represents the combined accounts of our equity method investments in unconsolidated affiliates. | |||||||||||||
Consolidated Balance Sheets | February 28, | February 22, | |||||||||||
2014 | 2013 | ||||||||||||
Total current assets | $ | 148.8 | $ | 143.5 | |||||||||
Total non-current assets | 29.7 | 38.2 | |||||||||||
Total assets | $ | 178.5 | $ | 181.7 | |||||||||
Total current liabilities | $ | 72.4 | $ | 82.1 | |||||||||
Total long-term liabilities | 21.7 | 19.9 | |||||||||||
Total liabilities | $ | 94.1 | $ | 102 | |||||||||
Schedule of statements of income of unconsolidated affiliates [Table Text Block] | ' | ||||||||||||
Statements of Income | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | 450.7 | $ | 515.9 | $ | 472.9 | |||||||
Gross profit | 141.3 | 151.6 | 140.6 | ||||||||||
Income before income tax expense | 36 | 34.4 | 33.1 | ||||||||||
Net income | 32.5 | 31.6 | 30.2 | ||||||||||
ShortTerm_Borrowings_And_LongT1
Short-Term Borrowings And Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Debt Obligations [Abstract] | ' | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||
Debt Obligations | Interest Rate Range as of February 28, 2014 | Fiscal Year | February 28, | February 22, | |||||||||
Maturity Range | 2014 | 2013 | |||||||||||
U.S. dollar obligations: | |||||||||||||
Senior notes (1) | 6.38% | 2021 | $ | 249.9 | $ | 249.9 | |||||||
Revolving credit facilities (2)(4) | 2018 | — | — | ||||||||||
Notes payable (3) | LIBOR + 3.35% | 2017 | 35.8 | 38.4 | |||||||||
Capitalized lease obligations | 6.0%-6.5% | 2014-2016 | 0.2 | 0.4 | |||||||||
285.9 | 288.7 | ||||||||||||
Foreign currency obligations: | |||||||||||||
Revolving credit facilities (4) | — | — | |||||||||||
Notes payable | 6.0%- 8.0% | 0.3 | 0.3 | ||||||||||
Capitalized lease obligations | 1.90% | 2019 | 0.8 | — | |||||||||
Total short-term borrowings and long-term debt | 287 | 289 | |||||||||||
Short-term borrowings and current portion of long-term debt (5) | 2.6 | 2.6 | |||||||||||
Long-term debt | $ | 284.4 | $ | 286.4 | |||||||||
________________________ | |||||||||||||
-1 | We have $250 of unsecured unsubordinated senior notes, due in February 2021 (“2021 Notes”). The 2021 Notes were issued at 99.953% of par value. The bond discount of $0.1 and direct debt issue costs of $3.0 were deferred and are being amortized over the life of the 2021 Notes. Although the coupon rate of the 2021 Notes is 6.375%, the effective interest rate is 6.6% after taking into account the impact of the discount, debt issuance costs and the deferred loss on interest rate locks related to the debt issuance. The 2021 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2021 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 45 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. Amortization expense related to the discount and debt issuance costs on the 2021 Notes was $0.3 in 2014, 2013 and 2012. | ||||||||||||
-2 | We have a $125 global committed five-year bank facility which was entered into in Q1 2013. As of February 28, 2014 and February 22, 2013, there were no borrowings outstanding under the facility, our availability was not limited, and we were in compliance with all covenants under the facility. | ||||||||||||
In addition, we have a $13.5 unsecured committed revolving bank facility which is utilized primarily for standby letters of credit in support of our self-insured workers’ compensation program. As of February 28, 2014 and February 22, 2013, we had $11.3 and $12.1, respectively, in outstanding standby letters of credit against this facility. We had no draws against our standby letters of credit during 2014 or 2013. | |||||||||||||
-3 | We have a note payable with an original amount of $47.0 at a floating interest rate based on 30-day LIBOR plus 3.35%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 based on a 20-year amortization schedule with a $30 balloon payment due in Q2 2017. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. | ||||||||||||
-4 | We have unsecured uncommitted short-term credit facilities of up to $3.5 of U.S. dollar obligations and unsecured uncommitted short-term credit facilities of up to $35.1 of foreign currency obligations with various financial institutions as of February 28, 2014. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 28, 2014 and February 22, 2013. | ||||||||||||
-5 | The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 3.5% as of February 28, 2014 and 3.8% as of February 22, 2013. | ||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||
The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows: | |||||||||||||
Year Ending in February | Amount | ||||||||||||
2015 | $ | 2.6 | |||||||||||
2016 | 2.6 | ||||||||||||
2017 | 31.3 | ||||||||||||
2018 | 0.1 | ||||||||||||
2019 | 0.1 | ||||||||||||
Thereafter | 250.3 | ||||||||||||
$ | 287 | ||||||||||||
Employee_Benefit_Plan_Obligati1
Employee Benefit Plan Obligations Employee Benefit Plan Obligation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||||||
Employee Benefit Plan Obligations [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plan Obligation Summary [Table Text Block] | ' | ||||||||||||||||||||||||
Employee Benefit Plan Obligations | February 28, | February 22, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Defined contribution retirement plans | $ | 15 | $ | 13.3 | |||||||||||||||||||||
Post-retirement medical benefits | 69.1 | 77.3 | |||||||||||||||||||||||
Defined benefit pension plans | 48.5 | 51.5 | |||||||||||||||||||||||
Deferred compensation plans and agreements | 42.7 | 39.5 | |||||||||||||||||||||||
175.3 | 181.6 | ||||||||||||||||||||||||
Current portion | 26.1 | 23.8 | |||||||||||||||||||||||
Long-term portion | $ | 149.2 | $ | 157.8 | |||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: | |||||||||||||||||||||||||
Defined Benefit Pension | February 28, 2014 | February 22, 2013 | |||||||||||||||||||||||
Plan Obligations | Qualified Plans | Non-qualified | Qualified Plans | Non-qualified | |||||||||||||||||||||
Supplemental | Supplemental | ||||||||||||||||||||||||
Domestic | Foreign | Retirement Plans | Domestic | Foreign | Retirement Plans | ||||||||||||||||||||
Plan assets | $ | 8.8 | $ | 46.2 | $ | — | $ | 8.7 | $ | 41.5 | $ | — | |||||||||||||
Projected benefit plan obligations | 9.3 | 61.3 | 32.9 | 9.9 | 58.1 | 33.7 | |||||||||||||||||||
Funded status | $ | (0.5 | ) | $ | (15.1 | ) | $ | (32.9 | ) | $ | (1.2 | ) | $ | (16.6 | ) | $ | (33.7 | ) | |||||||
Long-term asset | $ | — | $ | 1.6 | $ | — | $ | — | $ | 0.2 | $ | — | |||||||||||||
Current liability | — | (0.1 | ) | (3.3 | ) | — | (0.1 | ) | (2.8 | ) | |||||||||||||||
Long-term liability | (0.5 | ) | (16.6 | ) | (29.6 | ) | (1.2 | ) | (16.7 | ) | (30.9 | ) | |||||||||||||
Total benefit plan obligations | $ | (0.5 | ) | $ | (15.1 | ) | $ | (32.9 | ) | $ | (1.2 | ) | $ | (16.6 | ) | $ | (33.7 | ) | |||||||
Accumulated benefit obligation | $ | 9.3 | $ | 55.9 | $ | 30.4 | $ | 9.9 | $ | 53.5 | $ | 31.6 | |||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize our defined benefit pension and post-retirement plans. | |||||||||||||||||||||||||
Changes in Assets, Benefit Obligations and Funded Status | Defined Benefit | Post-Retirement | |||||||||||||||||||||||
Pension Plans | Plans | ||||||||||||||||||||||||
February 28, | February 22, | February 28, | February 22, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 50.2 | $ | 49.1 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 5.4 | 4.5 | — | — | |||||||||||||||||||||
Employer contributions | 3.6 | 3.7 | 5.6 | 5.8 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 2.9 | 5.9 | |||||||||||||||||||||
Estimated Medicare subsidies received | — | — | 0.1 | 1.2 | |||||||||||||||||||||
Currency changes | 1.2 | (1.6 | ) | — | — | ||||||||||||||||||||
Benefits paid | (5.4 | ) | (5.5 | ) | (8.6 | ) | (12.9 | ) | |||||||||||||||||
Fair value of plan assets, end of year | 55 | 50.2 | — | — | |||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
Change in benefit obligations: | |||||||||||||||||||||||||
Benefit plan obligations, beginning of year | 101.7 | 95 | 77.3 | 90.9 | |||||||||||||||||||||
Service cost | 3.5 | 3 | 0.8 | 0.9 | |||||||||||||||||||||
Interest cost | 3.5 | 3.7 | 2.8 | 3.8 | |||||||||||||||||||||
Amendments | 0.1 | — | — | — | |||||||||||||||||||||
Net actuarial (gain) loss | (0.8 | ) | 6.3 | (5.7 | ) | (12.4 | ) | ||||||||||||||||||
Plan participants’ contributions | — | — | 2.9 | 5.9 | |||||||||||||||||||||
Medicare subsidies received | — | — | 0.1 | 1.2 | |||||||||||||||||||||
Curtailment | (0.1 | ) | — | — | — | ||||||||||||||||||||
Currency changes | 2.2 | (1.1 | ) | (0.5 | ) | (0.1 | ) | ||||||||||||||||||
Other adjustments | (1.2 | ) | 0.4 | — | — | ||||||||||||||||||||
Benefits paid | (5.4 | ) | (5.6 | ) | (8.6 | ) | (12.9 | ) | |||||||||||||||||
Benefit plan obligations, end of year | 103.5 | 101.7 | 69.1 | 77.3 | |||||||||||||||||||||
Funded status | $ | (48.5 | ) | $ | (51.5 | ) | $ | (69.1 | ) | $ | (77.3 | ) | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
Amounts recognized on the Consolidated Balance Sheets: | |||||||||||||||||||||||||
Prepaid pension costs | $ | 1.6 | $ | 0.2 | $ | — | $ | — | |||||||||||||||||
Current liability | (3.4 | ) | (2.9 | ) | (4.7 | ) | (4.6 | ) | |||||||||||||||||
Long-term liability | (46.7 | ) | (48.8 | ) | (64.4 | ) | (72.7 | ) | |||||||||||||||||
Net amount recognized | $ | (48.5 | ) | $ | (51.5 | ) | $ | (69.1 | ) | $ | (77.3 | ) | |||||||||||||
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income—pretax: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | 19.2 | $ | 22.3 | $ | (8.3 | ) | $ | (2.4 | ) | |||||||||||||||
Prior service cost (credit) | 0.6 | 0.7 | (36.0 | ) | (45.2 | ) | |||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income—pretax | $ | 19.8 | $ | 23 | $ | (44.3 | ) | $ | (47.6 | ) | |||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ' | ||||||||||||||||||||||||
Estimated amounts to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | 0.7 | $ | 1.2 | $ | (0.5 | ) | $ | 0.2 | ||||||||||||||||
Prior service cost (credit) | 0.1 | 0.1 | (9.1 | ) | (9.1 | ) | |||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income—pretax | $ | 0.8 | $ | 1.3 | $ | (9.6 | ) | $ | (8.9 | ) | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||
Components of | Pension Plans | Post-Retirement Plans | |||||||||||||||||||||||
Expense | Year Ended | Year Ended | |||||||||||||||||||||||
February 28, | February 22, | February 24, | February 28, | February 22, | February 24, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Components of expense: | |||||||||||||||||||||||||
Service cost | $ | 3.5 | $ | 3 | $ | 2.1 | $ | 0.8 | $ | 0.9 | $ | 1 | |||||||||||||
Interest cost | 3.5 | 3.7 | 4.2 | 2.8 | 3.8 | 5.6 | |||||||||||||||||||
Amortization of net loss | 1.2 | 1.1 | 0.5 | 0.2 | 0.2 | 0.1 | |||||||||||||||||||
Amortization of prior year service cost (credit) | 0.1 | 0.1 | 0.2 | (9.2 | ) | (9.3 | ) | (8.6 | ) | ||||||||||||||||
Expected return on plan assets | (2.9 | ) | (2.6 | ) | (3.2 | ) | — | — | — | ||||||||||||||||
Adjustment due to plan curtailment | (0.1 | ) | — | — | — | (0.1 | ) | (2.9 | ) | ||||||||||||||||
Adjustment due to plan settlement | 0.1 | 0.1 | — | — | 0.1 | — | |||||||||||||||||||
Adjustment due to special termination benefits | — | — | — | — | — | 0.1 | |||||||||||||||||||
Other | (0.8 | ) | — | — | — | — | — | ||||||||||||||||||
Net expense (credit) recognized in Consolidated Statements of Income | 4.6 | 5.4 | 3.8 | (5.4 | ) | (4.4 | ) | (4.7 | ) | ||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): | |||||||||||||||||||||||||
Net loss (gain) | (3.2 | ) | 4.8 | 8.9 | (5.7 | ) | (12.4 | ) | 0.9 | ||||||||||||||||
Prior service cost (credit) | 0.1 | — | 0.1 | — | — | (20.9 | ) | ||||||||||||||||||
Amortization of gain (loss) | (1.3 | ) | (1.1 | ) | (0.5 | ) | (0.2 | ) | (0.3 | ) | (0.6 | ) | |||||||||||||
Amortization of prior year service credit (cost) | (0.1 | ) | (0.1 | ) | (0.2 | ) | 9.2 | 9.4 | 12 | ||||||||||||||||
Other | (0.3 | ) | — | — | — | — | — | ||||||||||||||||||
Total recognized in other comprehensive income | (4.8 | ) | 3.6 | 8.3 | 3.3 | (3.3 | ) | (8.6 | ) | ||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) | $ | (0.2 | ) | $ | 9 | $ | 12.1 | $ | (2.1 | ) | $ | (7.7 | ) | $ | (13.3 | ) | |||||||||
Pension and Other Post-Retirement Liability Adjustments [Table Text Block] | ' | ||||||||||||||||||||||||
Pension and Other Post-Retirement Liability Adjustments | Before Tax | Tax (Expense) | Net of | ||||||||||||||||||||||
Amount | Benefit | Tax Amount | |||||||||||||||||||||||
Balance as of February 24, 2012 | $ | 23.4 | $ | (3.7 | ) | $ | 19.7 | ||||||||||||||||||
Amortization of prior service cost (credit) included in net periodic pension cost | (9.3 | ) | 3.5 | (5.8 | ) | ||||||||||||||||||||
Net prior service (cost) credit during period | (9.3 | ) | 3.5 | (5.8 | ) | ||||||||||||||||||||
Net actuarial gain (loss) arising during period | 7.6 | (3.9 | ) | 3.7 | |||||||||||||||||||||
Amortization of net actuarial (gain) loss included in net periodic pension cost | 1.4 | (0.5 | ) | 0.9 | |||||||||||||||||||||
Net actuarial gain (loss) during period | 9 | (4.4 | ) | 4.6 | |||||||||||||||||||||
Foreign currency translation adjustments | 0.3 | 0.1 | 0.4 | ||||||||||||||||||||||
Current period change | — | (0.8 | ) | (0.8 | ) | ||||||||||||||||||||
Balance as of February 22, 2013 | $ | 23.4 | $ | (4.5 | ) | $ | 18.9 | ||||||||||||||||||
Prior service (cost) credit arising during period | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||||||
Amortization of prior service cost (credit) included in net periodic pension cost | (9.1 | ) | 3.5 | (5.6 | ) | ||||||||||||||||||||
Net prior service (cost) credit during period | (9.2 | ) | 3.5 | (5.7 | ) | ||||||||||||||||||||
Net actuarial gain (loss) arising during period | 8.9 | (3.5 | ) | 5.4 | |||||||||||||||||||||
Amortization of net actuarial (gain) loss included in net periodic pension cost | 1.5 | (0.5 | ) | 1 | |||||||||||||||||||||
Net actuarial gain (loss) during period | 10.4 | (4.0 | ) | 6.4 | |||||||||||||||||||||
Other | 0.3 | — | 0.3 | ||||||||||||||||||||||
Foreign currency translation adjustments | (0.4 | ) | 0.1 | (0.3 | ) | ||||||||||||||||||||
Current period change | 1.1 | (0.4 | ) | 0.7 | |||||||||||||||||||||
Balance as of February 28, 2014 | $ | 24.5 | $ | (4.9 | ) | $ | 19.6 | ||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||
Weighted-Average | Pension Plans | Post-Retirement Plans | |||||||||||||||||||||||
Assumptions | Year Ended | Year Ended | |||||||||||||||||||||||
February 28, | February 22, | February 24, | February 28, | February 22, | February 24, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 3.8 | % | 3.6 | % | 4.2 | % | 4.31 | % | 3.82 | % | 4.34 | % | |||||||||||||
Rate of salary progression | 2.7 | % | 3 | % | 2.9 | % | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 3.7 | % | 4.2 | % | 5.1 | % | 3.82 | % | 4.31 | % | 5.3 | % | |||||||||||||
Expected return on plan assets | 4.9 | % | 5 | % | 3.1 | % | |||||||||||||||||||
Rate of salary progression | 3.1 | % | 2.9 | % | 3 | % | |||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | ||||||||||||||||||||||||
A one percentage point change in assumed healthcare cost trend rates would have had the following effects as of February 28, 2014: | |||||||||||||||||||||||||
Health Cost Trend Sensitivity | One percentage | One percentage | |||||||||||||||||||||||
point increase | point decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | — | $ | — | |||||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 0.3 | $ | (0.3 | ) | ||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Asset Category | February 28, 2014 | February 22, 2013 | |||||||||||||||||||||||
Actual | Target | Actual | Target | ||||||||||||||||||||||
Allocations | Allocations | Allocations | Allocations | ||||||||||||||||||||||
Equity securities | 65 | % | 54 | % | 63 | % | 53 | % | |||||||||||||||||
Debt securities | 24 | 33 | 25 | 33 | |||||||||||||||||||||
Real estate | 2 | 4 | 2 | 4 | |||||||||||||||||||||
Other (1) | 9 | 9 | 10 | 10 | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
________________________ | |||||||||||||||||||||||||
-1 | Represents guaranteed insurance contracts, money market funds and cash. | ||||||||||||||||||||||||
The fair value of the pension plan assets as of February 28, 2014 and February 22, 2013, by asset category are as follows: | |||||||||||||||||||||||||
Fair Value of Pension Plan Assets | February 28, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | — | $ | — | $ | 0.1 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 0.9 | — | — | 0.9 | |||||||||||||||||||||
U.S. small-cap | 0.9 | — | — | 0.9 | |||||||||||||||||||||
U.S. index | 1 | — | — | 1 | |||||||||||||||||||||
International | — | 24.9 | — | 24.9 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Bond funds | — | 8.5 | — | 8.5 | |||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||
Group annuity contract (1) | — | — | 2.3 | 2.3 | |||||||||||||||||||||
Insurance products | — | 13.9 | — | 13.9 | |||||||||||||||||||||
Guaranteed insurance contracts (2) | — | — | 1.6 | 1.6 | |||||||||||||||||||||
Property funds | 0.9 | — | — | 0.9 | |||||||||||||||||||||
$ | 3.8 | $ | 47.3 | $ | 3.9 | $ | 55 | ||||||||||||||||||
Fair Value of Pension Plan Assets | February 22, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | — | $ | — | $ | 0.1 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 0.9 | — | — | 0.9 | |||||||||||||||||||||
U.S. small-cap | 0.7 | — | — | 0.7 | |||||||||||||||||||||
U.S. index | 1 | — | — | 1 | |||||||||||||||||||||
International | — | 20.9 | — | 20.9 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Bond funds | — | 8 | — | 8 | |||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||
Group annuity contract (1) | — | — | 2.4 | 2.4 | |||||||||||||||||||||
Insurance products | — | 13.7 | — | 13.7 | |||||||||||||||||||||
Guaranteed insurance contracts (2) | — | — | 1.7 | 1.7 | |||||||||||||||||||||
Property funds | 0.8 | — | — | 0.8 | |||||||||||||||||||||
$ | 3.5 | $ | 42.6 | $ | 4.1 | $ | 50.2 | ||||||||||||||||||
________________________ | |||||||||||||||||||||||||
-1 | Group annuity contracts are valued utilizing a discounted cash flow model. The term “cash flow” refers to the future principal and interest payments we expect to receive on a given asset in the general account. The model projects future cash flows separately for each investment period and each category of investment. | ||||||||||||||||||||||||
-2 | Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows. | ||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Below is a roll-forward of plan assets measured at estimated fair value using Level 3 inputs for the years ended February 28, 2014 and February 22, 2013: | |||||||||||||||||||||||||
Roll-forward of Fair Value Using Level 3 Inputs | Group | Guaranteed | |||||||||||||||||||||||
Annuity | Insurance | ||||||||||||||||||||||||
Contract | Contracts | ||||||||||||||||||||||||
Balance as of February 24, 2012 | $ | 2.4 | $ | 2 | |||||||||||||||||||||
Unrealized return on plan assets, including changes in foreign exchange rates | 0.2 | — | |||||||||||||||||||||||
Purchases, sales, and other, net | (0.2 | ) | (0.3 | ) | |||||||||||||||||||||
Balance as of February 22, 2013 | $ | 2.4 | $ | 1.7 | |||||||||||||||||||||
Unrealized return on plan assets, including changes in foreign exchange rates | 0.1 | 0.1 | |||||||||||||||||||||||
Purchases, sales, and other, net | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||
Balance as of February 28, 2014 | $ | 2.3 | $ | 1.6 | |||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ending in February | Pension Plans | Post-retirement Plans | |||||||||||||||||||||||
Before | Medicare Act | After Medicare | |||||||||||||||||||||||
Medicare Act | Subsidy | Act Subsidy | |||||||||||||||||||||||
Subsidy | |||||||||||||||||||||||||
2015 | $ | 6.7 | $ | 4.9 | $ | (0.1 | ) | $ | 4.8 | ||||||||||||||||
2016 | 5.3 | 4.6 | (0.1 | ) | 4.5 | ||||||||||||||||||||
2017 | 5.3 | 4.7 | (0.1 | ) | 4.6 | ||||||||||||||||||||
2018 | 5.6 | 4.7 | (0.1 | ) | 4.6 | ||||||||||||||||||||
2019 | 7 | 4.8 | (0.1 | ) | 4.7 | ||||||||||||||||||||
2020 - 2024 | 35.6 | 24.5 | (0.1 | ) | 24.4 | ||||||||||||||||||||
Employee_Benefit_Plan_Obligati2
Employee Benefit Plan Obligations Multiemployer Pension Plan (Tables) | 12 Months Ended | |||||||||
Feb. 28, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||
Schedule of Multiemployer Plans [Table Text Block] | ' | |||||||||
Our participation in this plan is outlined in the tables below. Expense is recognized at the time our contributions are funded, in accordance with applicable accounting standards. Any adjustment for a withdrawal liability would be recorded at the time the liability is both probable and can be reasonably determined. The most recent estimate of our potential withdrawal liability is $24.7. | ||||||||||
Pension Fund | EIN - Pension Plan Number | Plan Month / Day End Date | Pension Protection Act Zone Status (1) | FIP/RP Status Pending / Implemented (2) | Contributions | Surcharges Imposed or Amortization Provisions | ||||
2013 | 2012 | 2014 | 2013 | 2012 | ||||||
Central States, Southeast and Southwest Areas Pension Fund | 366044243-001 | 31-Dec | Red | Red | Implemented | $0.30 | $0.30 | $0.50 | No | |
________________________ | ||||||||||
-1 | The most recent Pension Protection Act Zone Status available in 2013 and 2012 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. | |||||||||
-2 | The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan. | |||||||||
The following table describes the expiration of the collective bargaining agreement associated with the multi-employer plan in which we participate: | ||||||||||
Pension Fund | Total Collective Bargaining Agreements | Expiration Date | % of Associates Under Collective Bargaining Agreement | Over 5% Contribution 2014 | ||||||
Central States, Southeast and Southwest Areas Pension Fund | 1 | 3/31/18 | 0.20% | No |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: | |||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 12.2 | $ | 11.5 | $ | 0.1 | |||||||||||||||||||||||||||
Gross increases—tax positions in prior period | 0.4 | 1.6 | — | ||||||||||||||||||||||||||||||
Gross decreases—tax positions in prior period | — | (0.9 | ) | — | |||||||||||||||||||||||||||||
Gross increases—tax positions in current period | 0.1 | — | 11.5 | ||||||||||||||||||||||||||||||
Lapse of statute of limitations | — | — | (0.1 | ) | |||||||||||||||||||||||||||||
Balance as of end of period | $ | 12.7 | $ | 12.2 | $ | 11.5 | |||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The provision for income taxes on income before income taxes consists of: | |||||||||||||||||||||||||||||||||
Provision for Income Taxes—Expense | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Current income taxes: | |||||||||||||||||||||||||||||||||
Federal | $ | 26.8 | $ | 12.1 | $ | — | |||||||||||||||||||||||||||
State and local | 13.5 | 1.4 | 0.4 | ||||||||||||||||||||||||||||||
Foreign | 5.1 | 5.6 | 11.3 | ||||||||||||||||||||||||||||||
45.4 | 19.1 | 11.7 | |||||||||||||||||||||||||||||||
Deferred income taxes: | |||||||||||||||||||||||||||||||||
Federal | 9.3 | (48.8 | ) | 18 | |||||||||||||||||||||||||||||
State and local | 0.1 | 3.1 | 2.5 | ||||||||||||||||||||||||||||||
Foreign | 4.7 | 42.7 | (6.9 | ) | |||||||||||||||||||||||||||||
14.1 | (3.0 | ) | 13.6 | ||||||||||||||||||||||||||||||
Income tax expense | $ | 59.5 | $ | 16.1 | $ | 25.3 | |||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Income taxes were based on the following sources of income (loss) before income tax expense: | |||||||||||||||||||||||||||||||||
Source of Income (Loss) Before Income Tax Expense | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Domestic | $ | 164.7 | $ | 83.8 | $ | 63.8 | |||||||||||||||||||||||||||
Foreign | (17.5 | ) | (28.9 | ) | 18.2 | ||||||||||||||||||||||||||||
$ | 147.2 | $ | 54.9 | $ | 82 | ||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The total income tax expense we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 35% as follows: | |||||||||||||||||||||||||||||||||
Income Tax Provision Reconciliation | Year Ended | ||||||||||||||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Tax expense at the U.S. federal statutory rate | $ | 51.5 | $ | 19.2 | $ | 28.7 | |||||||||||||||||||||||||||
Foreign subsidiary liquidation (1) | (7.7 | ) | — | — | |||||||||||||||||||||||||||||
Foreign dividends, less applicable foreign tax credits (2) | 0.2 | (57.6 | ) | 1.3 | |||||||||||||||||||||||||||||
Valuation allowance provisions and adjustments (3) | 8.4 | 40 | 0.7 | ||||||||||||||||||||||||||||||
Goodwill impairment (4) | 2.7 | 12.3 | — | ||||||||||||||||||||||||||||||
COLI income (5) | (1.5 | ) | (3.1 | ) | (2.9 | ) | |||||||||||||||||||||||||||
State and local income taxes, net of federal | 6.6 | 2.9 | 1.9 | ||||||||||||||||||||||||||||||
Foreign operations, less applicable foreign tax credits (6) | 2.1 | 2.5 | 0.7 | ||||||||||||||||||||||||||||||
Research tax credit | (1.4 | ) | (1.9 | ) | (1.6 | ) | |||||||||||||||||||||||||||
Tax reserve adjustments | 0.2 | 0.7 | 1.1 | ||||||||||||||||||||||||||||||
Sale of subsidiary (7) | — | — | (2.3 | ) | |||||||||||||||||||||||||||||
Other | (1.6 | ) | 1.1 | (2.3 | ) | ||||||||||||||||||||||||||||
Total income tax expense recognized | $ | 59.5 | $ | 16.1 | $ | 25.3 | |||||||||||||||||||||||||||
________________________ | |||||||||||||||||||||||||||||||||
-1 | In 2014, a group of foreign subsidiaries was liquidated for tax purposes, triggering a U.S. worthless stock deduction equal to the remaining tax basis in the group and a U.S. deduction for uncollectible intercompany balances due from the group. | ||||||||||||||||||||||||||||||||
-2 | Foreign tax credit carryforwards of $21.0 are expected to be utilized within the remaining allowable 10 year carryfoward period. The foreign tax credit carryforwards were generated in 2013 when we converted a wholly owned French holding company from a disregarded entity to a controlled foreign corporation for U.S. tax purposes, and that conversion caused outstanding intercompany debt to be treated as a deemed dividend taxable in the U.S. Foreign taxes paid on the income that generated the deemed dividend exceeded the U.S. tax cost creating an excess foreign tax credit of $56.7. Additionally, other cash dividends received from our Canadian subsidiary resulted in excess foreign tax credits of $0.9 in 2013. | ||||||||||||||||||||||||||||||||
-3 | The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. | ||||||||||||||||||||||||||||||||
-4 | The impairment charges related to goodwill recorded in purchase accounting are non-deductible. | ||||||||||||||||||||||||||||||||
-5 | The net returns in cash surrender value, normal insurance expenses and death benefit gains related to our investments in COLI policies are non-taxable. | ||||||||||||||||||||||||||||||||
-6 | The foreign operations, less applicable foreign tax credits amount includes the rate differential on foreign operations, U.S. tax cost of foreign branches and the impact of rate reductions in foreign jurisdictions. | ||||||||||||||||||||||||||||||||
-7 | In Q2 2012, we completed the sale of PolyVision’s remaining low margin whiteboard fabrication business in Europe to a third party for proceeds totaling $2.3. The transaction included the sale of PolyVision SAS (France) and PolyVision A/S (Denmark). | ||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The significant components of deferred income taxes are as follows: | |||||||||||||||||||||||||||||||||
Deferred Income Taxes | February 28, | February 22, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||||||||||||||
Employee benefit plan obligations and deferred compensation | $ | 113.5 | $ | 90.7 | |||||||||||||||||||||||||||||
Foreign and domestic net operating loss carryforwards | 89.8 | 85 | |||||||||||||||||||||||||||||||
Reserves and accruals | 23.1 | 26.5 | |||||||||||||||||||||||||||||||
Tax credit carryforwards | 23.6 | 60.2 | |||||||||||||||||||||||||||||||
Other, net | 15.8 | 6.1 | |||||||||||||||||||||||||||||||
Total deferred income tax assets | 265.8 | 268.5 | |||||||||||||||||||||||||||||||
Valuation allowances | (81.8 | ) | (70.4 | ) | |||||||||||||||||||||||||||||
Net deferred income tax assets | 184 | 198.1 | |||||||||||||||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||||||||||||||
Property, plant and equipment | 29.7 | 31.7 | |||||||||||||||||||||||||||||||
Intangible assets | 16.2 | 14.2 | |||||||||||||||||||||||||||||||
Total deferred income tax liabilities | 45.9 | 45.9 | |||||||||||||||||||||||||||||||
Net deferred income taxes | $ | 138.1 | $ | 152.2 | |||||||||||||||||||||||||||||
Net deferred income taxes is comprised of the following components: | |||||||||||||||||||||||||||||||||
Deferred income tax assets—current | $ | 56 | $ | 56.2 | |||||||||||||||||||||||||||||
Deferred income tax assets—non-current | 85.1 | 101.7 | |||||||||||||||||||||||||||||||
Deferred income tax liabilities—current | 0.1 | — | |||||||||||||||||||||||||||||||
Deferred income tax liabilities—non-current | 2.9 | 5.7 | |||||||||||||||||||||||||||||||
Schedule of Current Taxes Payable or Refundable [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Income taxes currently payable or refundable are reported on the Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||||||||||
Current Income Taxes | February 28, | February 22, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Other current assets: | |||||||||||||||||||||||||||||||||
Income taxes receivable | $ | 3.9 | $ | 4.7 | |||||||||||||||||||||||||||||
Accrued expenses: | |||||||||||||||||||||||||||||||||
Income taxes payable | $ | 2.6 | $ | 2.7 | |||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Operating loss and tax credit carryforwards expire as follows: | |||||||||||||||||||||||||||||||||
Year Ending February | Net Operating Loss | Tax Effected Net Operating Loss | Tax Credit | ||||||||||||||||||||||||||||||
Carryforwards (Gross) | Carryforwards | Carryforwards | |||||||||||||||||||||||||||||||
Federal | State | International | Federal | State | International | Total | |||||||||||||||||||||||||||
2015 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | |||||||||||||||||
2016 | — | — | 5.8 | — | — | 1.7 | 1.7 | — | |||||||||||||||||||||||||
2017 | — | — | 2 | — | — | 0.6 | 0.6 | — | |||||||||||||||||||||||||
2018 | — | — | 4.1 | — | — | 1.2 | 1.2 | — | |||||||||||||||||||||||||
2019-2034 | — | 140.6 | 16.2 | — | 3.3 | 4.3 | 7.6 | 21 | |||||||||||||||||||||||||
No expiration | — | — | 259.3 | — | — | 79.5 | 79.5 | 2.6 | |||||||||||||||||||||||||
$ | — | $ | 140.6 | $ | 288.4 | — | 3.3 | 87.6 | 90.9 | 23.6 | |||||||||||||||||||||||
Valuation allowances | — | (0.6 | ) | (75.6 | ) | (76.2 | ) | — | |||||||||||||||||||||||||
Net benefit | $ | — | $ | 2.7 | $ | 12 | $ | 14.7 | $ | 23.6 | |||||||||||||||||||||||
As of February 28, 2014 and February 22, 2013, the liability for uncertain tax positions, including interest and penalties, reported on the Consolidated Balance Sheets was as follows: | |||||||||||||||||||||||||||||||||
Liability for Uncertain Tax Positions | February 28, | February 22, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Other accrued expenses | $ | — | $ | 0.3 | |||||||||||||||||||||||||||||
Other long-term liabilities | 2.2 | 1.6 | |||||||||||||||||||||||||||||||
$ | 2.2 | $ | 1.9 | ||||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share Based Payment Award Outstanding Awards [Table Text Block] | ' | ||||||||||||
Share-based awards currently outstanding under the Incentive Compensation Plan are as follows: | |||||||||||||
Total Outstanding Awards | February 28, | ||||||||||||
2014 | |||||||||||||
Performance units (1) | 1,833,288 | ||||||||||||
Restricted stock units | 2,001,758 | ||||||||||||
Total outstanding awards | 3,835,046 | ||||||||||||
________________________ | |||||||||||||
-1 | This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. | ||||||||||||
Performance Units [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule Of Share Based Payment Award Performance Units Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The Monte Carlo simulation was computed using the following assumptions: | |||||||||||||
2014 Awards | 2013 Awards | 2012 Awards | |||||||||||
Three-year risk-free interest rate (1) | 0.3 | % | 0.5 | % | 1.4 | % | |||||||
Expected term | 3 years | 3 years | 3 years | ||||||||||
Estimated volatility (2) | 44.7 | % | 49.8 | % | 50.9 | % | |||||||
________________________ | |||||||||||||
-1 | Based on the U.S. Government bond benchmark on the grant date. | ||||||||||||
-2 | Represents the historical price volatility of the Company’s Class A Common Stock for the three-year period preceding the grant date. | ||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||
The total performance units expense and associated tax benefit in 2014, 2013 and 2012 are as follows: | |||||||||||||
Performance Units | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Expense | $ | 6 | $ | 5.5 | $ | 8.1 | |||||||
Tax benefit | 2.3 | 3 | 1.2 | ||||||||||
Schedule Of Share Based Compensation Performance Units Award Activity [Table Text Block] | ' | ||||||||||||
The 2014 activity for performance units is as follows: | |||||||||||||
Maximum Number of Nonvested Units | Total | Weighted-Average | |||||||||||
Grant Date | |||||||||||||
Fair Value per Unit | |||||||||||||
Nonvested as of February 22, 2013 | 1,932,030 | $ | 13.96 | ||||||||||
Granted | 839,448 | 14.08 | |||||||||||
Vested | (453,627 | ) | 16.56 | ||||||||||
Forfeited | (87,100 | ) | 13.02 | ||||||||||
Adjustments (1) | (397,463 | ) | 16.56 | ||||||||||
Nonvested as of February 28, 2014 | 1,833,288 | 14.04 | |||||||||||
________________________ | |||||||||||||
-1 | Adjustments were due to the number of shares earned under the 2012 award at the end of the performance period being less than the maximum. | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | ' | ||||||||||||
Grant Date Fair Value per TSR PSU | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average grant date fair value per share of TSR PSUs granted during 2014, 2013 and 2012 | $ | 15.5 | $ | 11.92 | $ | 16.57 | |||||||
Restricted Stock Units (RSUs) [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||
The total RSUs expense and associated tax benefit in 2014, 2013 and 2012 is as follows: | |||||||||||||
Restricted Stock Units | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Expense | $ | 10.3 | $ | 3.8 | $ | 3.2 | |||||||
Tax benefit | 3.3 | 1.2 | 1 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||
The 2014 activity for RSUs is as follows: | |||||||||||||
Nonvested Units | Total | Weighted-Average | |||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
per Share | |||||||||||||
Nonvested as of February 22, 2013 | 1,221,227 | $ | 9.42 | ||||||||||
Granted | 1,097,941 | 13.46 | |||||||||||
Vested | (266,704 | ) | 8.71 | ||||||||||
Forfeited | (50,706 | ) | 10.42 | ||||||||||
Nonvested as of February 28, 2014 | 2,001,758 | 11.71 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | ' | ||||||||||||
Grant Date Fair Value per Share | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average grant date fair value per share of RSUs granted during 2014, 2013 and 2012 | $ | 13.46 | $ | 9.66 | $ | 9.64 | |||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
Our estimated future minimum annual rental commitments and sublease rental income under non-cancelable operating leases are as follows: | |||||||||||||
Year Ending in February | Minimum annual | Minimum annual | Minimum annual | ||||||||||
rental commitments | sublease rental income | rental commitments, net | |||||||||||
2015 | $ | 41.3 | $ | (3.8 | ) | $ | 37.5 | ||||||
2016 | 35.8 | (3.2 | ) | 32.6 | |||||||||
2017 | 24.7 | (2.9 | ) | 21.8 | |||||||||
2018 | 26.9 | (2.4 | ) | 24.5 | |||||||||
2019 | 14.4 | (1.3 | ) | 13.1 | |||||||||
Thereafter | 44.4 | (3.0 | ) | 41.4 | |||||||||
$ | 187.5 | $ | (16.6 | ) | $ | 170.9 | |||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Operating Segment Data | Americas | EMEA | Other | Corporate | Consolidated | ||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
Revenue | $ | 2,154.40 | $ | 566.9 | $ | 267.6 | $ | — | $ | 2,988.90 | |||||||||||
Operating income (loss) | 247.4 | (31.4 | ) | (8.7 | ) | (41.4 | ) | 165.9 | |||||||||||||
Total assets | 901.4 | 288.6 | 159.9 | 376.8 | 1,726.70 | ||||||||||||||||
Capital expenditures | 59.8 | 19.3 | 7.7 | — | 86.8 | ||||||||||||||||
Depreciation & amortization | 41.5 | 12.8 | 5.7 | — | 60 | ||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||
Revenue | $ | 2,015.10 | $ | 594.8 | $ | 258.8 | $ | — | $ | 2,868.70 | |||||||||||
Operating income (loss) | 168.3 | (50.9 | ) | (20.1 | ) | (38.0 | ) | 59.3 | |||||||||||||
Total assets | 876.6 | 278.1 | 155.9 | 379 | 1,689.60 | ||||||||||||||||
Capital expenditures | 50.9 | 15.1 | 7.9 | 0.1 | 74 | ||||||||||||||||
Depreciation & amortization | 38.6 | 13.1 | 6.1 | 0.5 | 58.3 | ||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||
Revenue | $ | 1,868.40 | $ | 610.5 | $ | 270.6 | $ | — | $ | 2,749.50 | |||||||||||
Operating income (loss) | 122.8 | (9.9 | ) | 14.6 | (30.4 | ) | 97.1 | ||||||||||||||
Total assets | 860.6 | 326.3 | 179 | 313 | 1,678.90 | ||||||||||||||||
Capital expenditures | 46.6 | 12.7 | 4.4 | 1.2 | 64.9 | ||||||||||||||||
Depreciation & amortization | 36.6 | 13.4 | 6.1 | 0.3 | 56.4 | ||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||||||
Reportable geographic information is as follows: | |||||||||||||||||||||
Reportable Geographic Data | Year Ended | ||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
United States | $ | 2,020.30 | $ | 1,881.30 | $ | 1,751.00 | |||||||||||||||
Foreign locations | 968.6 | 987.4 | 998.5 | ||||||||||||||||||
$ | 2,988.90 | $ | 2,868.70 | $ | 2,749.50 | ||||||||||||||||
Long-lived assets: | |||||||||||||||||||||
United States | $ | 603.2 | $ | 666.1 | $ | 688.7 | |||||||||||||||
Foreign locations | 124.8 | 127.1 | 151.5 | ||||||||||||||||||
$ | 728 | $ | 793.2 | $ | 840.2 | ||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||||||
The following is a summary of net sales by product category. As product line information is not readily available for the Company as a whole, this summary represents a reasonable estimate of revenue by product category based on the best information available: | |||||||||||||||||||||
Product Category Data | Year Ended | ||||||||||||||||||||
February 28, | February 22, | February 24, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Systems and storage | $ | 1,354.80 | $ | 1,358.70 | $ | 1,306.10 | |||||||||||||||
Seating | 888.6 | 840.7 | 821.6 | ||||||||||||||||||
Other (1) | 745.5 | 669.3 | 621.8 | ||||||||||||||||||
Total | $ | 2,988.90 | $ | 2,868.70 | $ | 2,749.50 | |||||||||||||||
________________________ | |||||||||||||||||||||
-1 | Other consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, and other uncategorized product lines, and services, none of which are individually greater than 10% of consolidated revenue. |
Divestitures_and_Acquisitions_
Divestitures and Acquisitions (Tables) | 12 Months Ended | ||||
Feb. 28, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Divestitures [Table Text Block] | ' | ||||
Our Consolidated Statements of Income included the following related to PolyVision SAS and PolyVision A/S: | |||||
PolyVision SAS and PolyVision A/S | Year Ended | ||||
February 24, | |||||
2012 | |||||
Revenue | $ | 8.6 | |||
Gross profit | 1.6 | ||||
Operating income | 0.1 | ||||
Restructuring_Activities_Table
Restructuring Activities (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||
Restructuring costs are summarized in the following table: | |||||||||||||
Restructuring Costs | Year Ended | ||||||||||||
February 28, | February 22, | February 24, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | |||||||||||||
Americas | $ | 0.7 | $ | 13.9 | $ | 20 | |||||||
EMEA | (3.6 | ) | 1 | 5 | |||||||||
Other | 0.1 | — | 1.2 | ||||||||||
(2.8 | ) | 14.9 | 26.2 | ||||||||||
Operating expenses | |||||||||||||
Americas | 1 | 14.7 | 1.5 | ||||||||||
EMEA | 8.2 | 4 | 3 | ||||||||||
Other | 0.2 | 1.1 | (0.2 | ) | |||||||||
9.4 | 19.8 | 4.3 | |||||||||||
$ | 6.6 | $ | 34.7 | $ | 30.5 | ||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||
Below is a summary of the charges, payments and adjustments to the restructuring reserve balance during 2014, 2013 and 2012: | |||||||||||||
Restructuring Reserve | Workforce | Business Exits | Total | ||||||||||
Reductions | and Related | ||||||||||||
Costs | |||||||||||||
Reserve balance as of February 25, 2011 | $ | 25.7 | $ | 1.3 | $ | 27 | |||||||
Additions | 25.6 | 4.9 | 30.5 | ||||||||||
Payments | (38.2 | ) | (6.9 | ) | (45.1 | ) | |||||||
Adjustments | (0.2 | ) | 5.4 | 5.2 | |||||||||
Reserve balance as of February 24, 2012 | $ | 12.9 | $ | 4.7 | $ | 17.6 | |||||||
Additions | 11.5 | 23.2 | 34.7 | ||||||||||
Payments | (16.4 | ) | (24.1 | ) | (40.5 | ) | |||||||
Adjustments | (0.2 | ) | (0.5 | ) | (0.7 | ) | |||||||
Reserve balance as of February 22, 2013 | $ | 7.8 | $ | 3.3 | $ | 11.1 | |||||||
Additions | 7.4 | 3.7 | 11.1 | ||||||||||
Payments | (6.8 | ) | (5.6 | ) | (12.4 | ) | |||||||
Adjustments | (0.7 | ) | 0.6 | (0.1 | ) | ||||||||
Reserve balance as of February 28, 2014 | $ | 7.7 | $ | 2 | $ | 9.7 | |||||||
Unaudited_Quarterly_Results_Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Unaudited Quarterly Results [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
Unaudited Quarterly Results | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2014 | |||||||||||||||||||||
Revenue | $ | 667.1 | $ | 757.6 | $ | 784.8 | $ | 779.4 | $ | 2,988.90 | |||||||||||
Gross profit | 209.7 | 244.3 | 242.8 | 248.4 | 945.2 | ||||||||||||||||
Operating income | 20.4 | 52 | 39.3 | 54.2 | 165.9 | ||||||||||||||||
Net income | 13.2 | 27.6 | 23 | 23.9 | 87.7 | ||||||||||||||||
Basic earnings per share | 0.1 | 0.22 | 0.18 | 0.19 | 0.7 | ||||||||||||||||
Diluted earnings per share | 0.1 | 0.22 | 0.18 | 0.19 | 0.69 | ||||||||||||||||
2013 | |||||||||||||||||||||
Revenue | $ | 675.2 | $ | 744.9 | $ | 727.2 | $ | 721.4 | $ | 2,868.70 | |||||||||||
Gross profit | 196 | 228.1 | 225.9 | 216 | 866 | ||||||||||||||||
Operating income (loss) | 19.3 | 46.8 | 38.4 | (45.2 | ) | 59.3 | |||||||||||||||
Net income (loss) | 13.2 | 29.5 | 23.6 | (27.5 | ) | 38.8 | |||||||||||||||
Basic earnings (loss) per share | 0.1 | 0.23 | 0.19 | (0.22 | ) | 0.3 | |||||||||||||||
Diluted earnings (loss) per share | 0.1 | 0.23 | 0.18 | (0.22 | ) | 0.3 | |||||||||||||||
Revenue comparisons have been impacted by divestitures and deconsolidations along with currency translation effects. In addition, operating income (loss) has been significantly impacted by goodwill impairment charges and restructuring costs. |
Nature_of_Operations_Details
Nature of Operations (Details) | Feb. 28, 2014 |
Nature of Operations [Abstract] | ' |
Entity Number of Employees | 10,700 |
Number of Principal Locations | 21 |
Number of Distribution Locations | 800 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Signficant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |||
Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Number of weeks in fiscal year | ' | 'P53W | 'P52W | 'P52W | |||
Fiscal Year [Abstract] | ' | ' | ' | ' | |||
Number of weeks in quarter | 'P14W | 'P13W | ' | ' | |||
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | |||
Restricted Cash and Cash Equivalents | $9 | $9 | $3.50 | ' | |||
Workers Compensation [Abstract] | ' | ' | ' | ' | |||
Workers' Compensation Liability | 14.6 | 14.6 | 15.9 | ' | |||
Workers' Compensation Liability, Current | 5 | 5 | 4.8 | ' | |||
Product Liability [Abstract] | ' | ' | ' | ' | |||
Loss Contingency Accrual, Product Liability, Gross | 5.8 | 5.8 | 5.3 | ' | |||
Employee medical, dental and short term liability [Abstract] | ' | ' | ' | ' | |||
Liability for Claims and Claims Adjustment Expense | 2.8 | 2.8 | 3 | ' | |||
Product Warranties [Roll Forward] | ' | ' | ' | ' | |||
Product Warranty Accrual, Beginning of Period | ' | 31.1 | 29.9 | 31.3 | |||
Product Warranty Accrual, Period Increase (Decrease) | ' | 16.2 | 10.7 | 11.1 | |||
Product Warranty Accrual, Preexisting, Increase (Decrease) | ' | -4.6 | 0.3 | -1.9 | |||
Product Warranty Accrual, Payments | ' | -14.9 | -9.4 | -14.4 | |||
Product Warranty Accrual, Currency Translation, Increase (Decrease) | ' | 0.3 | 0.2 | 0 | |||
Product Warranty Accrual, End of Period | 37.3 | 37.3 | 31.1 | 29.9 | |||
Product Warranty Accrual, Noncurrent | 19.8 | 19.8 | 17 | ' | |||
Environmental Matters [Abstract] | ' | ' | ' | ' | |||
Accrual for Environmental Loss Contingencies, Net | 6.6 | 6.6 | 5.6 | ' | |||
Accrual for Environmental Loss Contingencies, Gross | 8.5 | 8.5 | 7.2 | ' | |||
Accrual for Environmental Loss Contingencies, Discount Rate | 3.60% | 3.60% | 3.20% | ' | |||
Research and Development Expense [Abstract] | ' | ' | ' | ' | |||
Research and Development Expense | ' | 35.9 | 36 | 35.8 | |||
Financial Instruments [Abstract] | ' | ' | ' | ' | |||
Debt and Capital Lease Obligations | 287 | 287 | 289 | ' | |||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | |||
Foreign Currency Derivatives at Fair Value, Net | -2.9 | [1] | -2.9 | [1] | -0.6 | [1] | ' |
Derivative, Notional Amount | 122.4 | 122.4 | 115 | ' | |||
Income Statement Related Disclosures [Abstract] | ' | ' | ' | ' | |||
Operating expenses | ' | 757 | 727 | 708.3 | |||
Other income (expense), net | ' | 0.6 | -9.7 | -5.3 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | 3.6 | 0.2 | -5.2 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | |||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.3 | 0.3 | 1.3 | ' | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | -3.2 | -3.2 | -1.9 | ' | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | |||
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | |||
Restricted Cash and Cash Equivalents | 9 | 9 | 3.5 | ' | |||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.3 | 0.3 | 1.3 | ' | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | -3.2 | -3.2 | -1.9 | ' | |||
Forward Contracts [Member] | ' | ' | ' | ' | |||
Income Statement Related Disclosures [Abstract] | ' | ' | ' | ' | |||
Cost of Goods Sold | ' | -0.1 | 0.2 | 0.3 | |||
Operating expenses | ' | 0 | 0.1 | 0.1 | |||
Other income (expense), net | ' | -3.5 | -0.5 | 4.8 | |||
Minimum [Member] | ' | ' | ' | ' | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ' | ' | |||
Product Warranties [Roll Forward] | ' | ' | ' | ' | |||
Standard Product Warranty Description | ' | '12 | ' | ' | |||
Maximum [Member] | ' | ' | ' | ' | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ' | ' | |||
Product Warranties [Roll Forward] | ' | ' | ' | ' | |||
Standard Product Warranty Description | ' | 'lifetime | ' | ' | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | |||
Financial Instruments [Abstract] | ' | ' | ' | ' | |||
Long-term Debt, Fair Value | $327 | $327 | $321 | ' | |||
[1] | The notional amounts of the outstanding foreign exchange forward contracts were $122.4 as of February 28, 2014 and $115.0 as of February 22, 2013. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Nov. 22, 2013 | Aug. 23, 2013 | 24-May-13 | Feb. 22, 2013 | Nov. 23, 2012 | Aug. 24, 2012 | 25-May-12 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $23.90 | $23 | $27.60 | $13.20 | ($27.50) | $23.60 | $29.50 | $13.20 | $87.70 | $38.80 | $56.70 |
Adjustment for earnings attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | -0.6 | -1 |
Net income used in calculating earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $86.30 | $38.20 | $55.70 |
Weighted-average common shares outstanding including participating securities (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 126 | 127.4 | 131.9 |
Adjustment for participating securities (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | -1.8 | -2.3 |
Shares used in calculating basic earnings per share (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 124.1 | 125.6 | 129.6 |
Effect of dilutive stock-based compensation (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 1.7 | 0 |
Shares used in calculating diluted earnings per share (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 125.4 | 127.3 | 129.6 |
Earnings per share, basic | $0.19 | $0.18 | $0.22 | $0.10 | ($0.22) | $0.19 | $0.23 | $0.10 | $0.70 | $0.30 | $0.43 |
Earnings per share, diluted | $0.19 | $0.18 | $0.22 | $0.10 | ($0.22) | $0.18 | $0.23 | $0.10 | $0.69 | $0.30 | $0.43 |
Total common shares outstanding at period end (in millions) | 122.9 | ' | ' | ' | 125.2 | ' | ' | ' | 122.9 | 125.2 | 126.5 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 3.5 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 22, 2013 | Aug. 23, 2013 | 24-May-13 | Feb. 22, 2013 | Nov. 23, 2012 | Aug. 24, 2012 | 25-May-12 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | $757 | $727 | $708.30 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -59.5 | -16.1 | -25.3 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,046.50 | 1,987.80 | 1,913.60 |
Net income | 23.9 | 23 | 27.6 | 13.2 | -27.5 | 23.6 | 29.5 | 13.2 | 87.7 | 38.8 | 56.7 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | 9.7 | 5.3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -5.8 | ' | ' |
Unrealized gain on investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' |
Minimum pension liability [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -5.7 | ' | ' |
Actuarial Loss [Member] | Minimum pension liability [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Prior Service Costs [Member] | Minimum pension liability [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ($4.30) | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Rollforward (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | ($4.20) | ' | ' |
Other comprehensive income (loss) before reclassifications | 10.8 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -5.8 | ' | ' |
Total other comprehensive income (loss), net | 5 | -5 | 0.2 |
Accumulated other comprehensive income (loss) | 0.8 | -4.2 | ' |
Unrealized gain on investments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | 0.6 | ' | ' |
Other comprehensive income (loss) before reclassifications | 0.3 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -0.1 | ' | ' |
Total other comprehensive income (loss), net | 0.2 | ' | ' |
Accumulated other comprehensive income (loss) | 0.8 | ' | ' |
Minimum pension liability [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | 18.9 | ' | ' |
Other comprehensive income (loss) before reclassifications | 6.4 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -5.7 | ' | ' |
Total other comprehensive income (loss), net | 0.7 | ' | ' |
Accumulated other comprehensive income (loss) | 19.6 | ' | ' |
Derivative adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -0.1 | ' | ' |
Other comprehensive income (loss) before reclassifications | 0 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' | ' |
Total other comprehensive income (loss), net | 0 | ' | ' |
Accumulated other comprehensive income (loss) | -0.1 | ' | ' |
Foreign currency translation adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -23.6 | ' | ' |
Other comprehensive income (loss) before reclassifications | 4.1 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' | ' |
Total other comprehensive income (loss), net | 4.1 | ' | ' |
Accumulated other comprehensive income (loss) | ($19.50) | ' | ' |
Fair_Value_Hierarchy_of_Assets
Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
In Millions, unless otherwise specified | |||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Restricted Cash and Cash Equivalents | $9 | $3.50 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.3 | 1.3 | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -3.2 | -1.9 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 201.8 | 150.4 | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ' |
Assets, Fair Value Disclosure | 218.6 | 158.3 | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ' |
Liabilities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 7.8 | 4.4 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ' |
Restricted Cash and Cash Equivalents | 0 | 0 | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.3 | 1.3 | ' |
Assets, Fair Value Disclosure | 115.7 | 97.4 | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -3.2 | -1.9 | ' |
Liabilities, Fair Value Disclosure | -3.2 | -1.9 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 48 | 30.3 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 48.9 | 44.1 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | ' | 5.5 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3.4 | 14.1 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 5.8 | 2.1 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3.7 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ' |
Restricted Cash and Cash Equivalents | 0 | 0 | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ' |
Assets, Fair Value Disclosure | 9.6 | 13.3 | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ' |
Liabilities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 9.6 | 9.8 | 12.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 3.5 | 4.1 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 201.8 | 150.4 | ' |
Restricted Cash and Cash Equivalents | 9 | 3.5 | ' |
Available-for-sale Securities, Fair Value Disclosure | 9.6 | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.3 | 1.3 | ' |
Assets, Fair Value Disclosure | ' | 269 | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -3.2 | -1.9 | ' |
Liabilities, Fair Value Disclosure | -3.2 | -1.9 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 48 | 30.3 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 48.9 | 44.1 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 7.8 | 4.4 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 5.6 | 5.5 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal Bonds [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3.4 | 14.1 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Other Debt Obligations [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 5.8 | 2.1 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | ' | 9.8 | ' |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3.7 | 3.5 | ' |
Assets, Fair Value Disclosure | $343.90 | ' | ' |
Fair_Value_Reconciliation_of_C
Fair Value Reconciliation of Changes in Level 3 Balances (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $0 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | 5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value Balance, Beginning of Period | 9.8 | 12.9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.2 | 1.9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Currency Translation Adjustment Included in Other Comprehensive Income (Loss) | 0 | 0 |
Fair Value Balance, End of Period | 9.6 | 9.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value Balance, Beginning of Period | 3.5 | 4.1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -0.5 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | 0.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Currency Translation Adjustment Included in Other Comprehensive Income (Loss) | 0.3 | -0.1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -3.7 | ' |
Fair Value Balance, End of Period | $0 | $3.50 |
Fair_Value_Narrative_Details
Fair Value Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ($5) | ' |
Unrealized gain (loss) on investments | 0.3 | 2.5 | -0.7 |
Managed Investment Portfolio and Other Investments [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 119 | 99.9 | ' |
Available-for-sale Securities, Gross Unrealized Loss | 0.2 | 0.2 | ' |
Available-for-Sale Securities, Maturities [Abstract] | ' | ' | ' |
Available-for-sale Securities, Maturities within One Year, Fair Value | 42.00% | ' | ' |
Available-for-sale Securities, Maturities within Two Years, Fair Value | 25.00% | ' | ' |
Available-for-sale Securities, Maturities within Three Years, Fair Value | 27.00% | ' | ' |
Available-for-sale Securities, Maturities within Four or More Years, Fair Value | 6.00% | ' | ' |
Auction Rate Securities [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | 2.5 | ' | ' |
Available-for-sale Securities, Par Value | 11.7 | ' | ' |
Proceeds from Sale of Available-for-sale Securities | 5 | ' | ' |
Unrealized gain (loss) on investments | 0.4 | ' | ' |
Investment Interest Rate Range [Abstract] | ' | ' | ' |
Investment Interest Rate Type | '30-day LIBOR | ' | ' |
Investment Interest Rate Range Start | 2.00% | ' | ' |
Investment Interest Rate Range End | 2.50% | ' | ' |
Available-for-Sale Securities, Maturities [Abstract] | ' | ' | ' |
Estimated Reduction in Fair Value due to a One Hundred Basis Point Increase in Discount Rate | 0.5 | ' | ' |
CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | 0.9 | ' | ' |
Available-for-sale Securities, Par Value | 4.4 | ' | ' |
Investment Interest Rate Range [Abstract] | ' | ' | ' |
Investment Interest Rate Type | 'Canadian Bankers Acceptance Rate less 50 basis points | ' | ' |
Investment Interest Rate Range Start | 0.50% | ' | ' |
Investment Interest Rate Range End | 0.50% | ' | ' |
CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | Class A-1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Percent of Par Value by Class for Available For Sale Securities | 75.00% | ' | ' |
CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | Class A-2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Percent of Par Value by Class for Available For Sale Securities | 19.00% | ' | ' |
CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | Class B, Class C and Tracking Notes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Percent of Par Value by Class for Available For Sale Securities | 6.00% | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ($0.50) | ' |
Fair_Value_Investment_Income_D
Fair Value Investment Income (Details) (CanadianAssetBackedCommercialPaperRestructuringNotes [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
CanadianAssetBackedCommercialPaperRestructuringNotes [Member] | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' |
Investment Income, Interest | $0 | $0.10 | $0.10 |
Inventories_Details
Inventories (Details) (USD $) | Feb. 28, 2014 | Feb. 22, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $73.10 | $58.70 |
Work in process | 12.2 | 13.2 |
Finished goods | 87.7 | 87 |
Inventories, gross | 173 | 158.9 |
LIFO reserve | 21.5 | 21.4 |
Inventories | 151.5 | 137.5 |
FIFO inventory amount | $70.80 | $70.20 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 22, 2013 |
In Millions, unless otherwise specified | Land and Land Improvements [Member] | Land and Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '10 years | '40 years | ' | ' | '3 years | '15 years | ' | ' | '5 years | '8 years | ' | ' | '3 years | '10 years | ' | ' | '3 years | '10 years | ' | ' |
Property, Plant and Equipment, Gross | $1,517.80 | $1,574.60 | $41.30 | $38.60 | $490.70 | $526.30 | ' | ' | $709.20 | $715.40 | ' | ' | $55.90 | $68 | ' | ' | $52.60 | $53 | ' | ' | $128.70 | $139 | ' | ' | $39.40 | $34.30 |
Property, plant and equipment, accumulated depreciation | -1,140.80 | -1,221.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $377 | $353.20 | ' | ' | $103.20 | $118.10 | ' | ' | $152.70 | $126.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_And_Equipment_N
Property, Plant And Equipment Narrative (Details) (USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | $1,700,000 | ($1,600,000) | ($4,600,000) |
Property, plant and equipment, net | 377,000,000 | 353,200,000 | ' |
Depreciation | 56,300,000 | 53,600,000 | 52,700,000 |
Construction in Progress, Estimated Cost to Complete | 34,400,000 | 22,200,000 | ' |
Real Estate Held-for-sale | 5,300,000 | ' | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, net | 152,700,000 | 126,600,000 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Interest Costs Capitalized | 0 | 0 | 800,000 |
Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, net | 103,200,000 | 118,100,000 | ' |
Impairment of Long-Lived Assets to be Disposed of | $12,400,000 | ' | ' |
CompanyOwned_Life_Insurance_De
Company-Owned Life Insurance (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Investment [Line Items] | ' | ' | ' |
Company-owned life insurance | $154.30 | $225.80 | ' |
COLI Investment Income | 4.2 | 8.8 | 8.3 |
Investment income | -0.3 | 3.7 | 5.2 |
Cost of Sales [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 0.6 | 1.2 | 1 |
Operating Expense [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 5.4 | 4.6 | 4.1 |
Operating Income [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 6 | 5.8 | 5.1 |
Investment Income [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | -1.8 | 3 | 3.2 |
Whole Life [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Cash Surrender Value of Life Insurance | 114.3 | 109.6 | ' |
COLI Investment Income | 5.1 | 5.8 | 5.1 |
Whole Life [Member] | Cost of Sales [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 0.6 | 1.2 | 1 |
Whole Life [Member] | Operating Expense [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 4.5 | 4.6 | 4.1 |
Whole Life [Member] | Operating Income [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 5.1 | 5.8 | 5.1 |
Whole Life [Member] | Investment Income [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 0 | 0 | 0 |
Variable Life [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Cash Surrender Value of Life Insurance | 40 | 116.2 | ' |
Investment income | -0.9 | 3 | 3.2 |
Variable Life [Member] | Cost of Sales [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 0 | 0 | ' |
Investment income | ' | ' | 0 |
Variable Life [Member] | Operating Expense [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | 0.9 | 0 | ' |
Investment income | ' | ' | 0 |
Variable Life [Member] | Operating Income [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Investment income | 0.9 | 0 | 0 |
Variable Life [Member] | Investment Income [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
COLI Investment Income | -1.8 | 3 | ' |
Investment income | ' | ' | $3.20 |
CompanyOwned_Life_Insurance_Na
Company-Owned Life Insurance Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Company-Owned Life Insurance [Abstract] | ' |
Proceeds from liquidation of company owned life insurance | $74.50 |
Post-retirement medical benefits, deferred compensation and supplemental retirement plan obligations | 150 |
Deferred tax asset related to post-retirement medical benefits, deferred compensation and supplemental retirement plan obligations | $55 |
Goodwill_Other_Intangible_Asse3
Goodwill & Other Intangible Assets Goodwill (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 22, 2013 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | ||
Goodwill [Line Items] | ' | ' | ' | ' | ||
Intangible asset impairment charges | ' | ' | $0 | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill | 473.8 | 473.8 | 469.1 | ' | ||
Accumulated impairment losses | -352.4 | -352.4 | -292.5 | ' | ||
Acquisitions | ' | ' | 4.4 | [1] | ' | |
Impairments | ' | -12.3 | [2] | -59.9 | [3] | ' |
Currency translation adjustments | ' | -1 | 0.3 | ' | ||
Goodwill | ' | 472.8 | 473.8 | ' | ||
Accumulated impairment losses | ' | -364.7 | -352.4 | ' | ||
Goodwill, net | ' | 108.1 | 121.4 | 176.6 | ||
Minimum [Member] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill Excess Fair Value over Carrying Value | ' | 73.00% | ' | ' | ||
Maximum [Member] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill Excess Fair Value over Carrying Value | ' | 189.00% | ' | ' | ||
EMEA Reporting Unit [Member] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill, net | ' | 0 | ' | ' | ||
Designtex Reporting Unit [Member] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill, net | ' | 10.7 | ' | ' | ||
Asia Pacific Reporting Unit [Member] [Domain] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill, net | ' | 0 | ' | ' | ||
Americas [Member] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill | 92.1 | 92.1 | 92.4 | ' | ||
Accumulated impairment losses | -1.7 | -1.7 | -1.7 | ' | ||
Acquisitions | ' | ' | 0 | ' | ||
Impairments | ' | 0 | 0 | ' | ||
Currency translation adjustments | ' | -0.8 | -0.3 | ' | ||
Goodwill | ' | 91.3 | 92.1 | ' | ||
Accumulated impairment losses | ' | -1.7 | -1.7 | ' | ||
Goodwill, net | ' | 89.6 | 90.4 | 90.7 | ||
EMEA [Member] | ' | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill | 265 | 265 | 259.9 | ' | ||
Accumulated impairment losses | -265 | -265 | -229.9 | ' | ||
Acquisitions | ' | ' | 4.4 | [1] | ' | |
Impairments | ' | 0 | -35.1 | [3] | ' | |
Currency translation adjustments | ' | 0 | 0.7 | ' | ||
Goodwill | ' | 265 | 265 | ' | ||
Accumulated impairment losses | ' | -265 | -265 | ' | ||
Goodwill, net | ' | 0 | 0 | 30 | ||
Other category [Member] | ' | ' | ' | ' | ||
Goodwill [Line Items] | ' | ' | ' | ' | ||
Intangible asset impairment charges | ' | 0.6 | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ||
Goodwill | 116.7 | 116.7 | 116.8 | ' | ||
Accumulated impairment losses | -85.7 | -85.7 | -60.9 | ' | ||
Acquisitions | ' | ' | 0 | ' | ||
Impairments | -12.3 | -12.3 | [2] | -24.8 | [3] | ' |
Currency translation adjustments | ' | -0.2 | -0.1 | ' | ||
Goodwill | ' | 116.5 | 116.7 | ' | ||
Accumulated impairment losses | ' | -98 | -85.7 | ' | ||
Goodwill, net | ' | $18.50 | $31 | $55.90 | ||
[1] | In 2013, we made various immaterial acquisitions resulting in additions to goodwill in the EMEA segment. | |||||
[2] | In 2014, we recorded goodwill impairment charges in our Asia Pacific reporting unit. See further details below. | |||||
[3] | In 2013, we recorded goodwill impairment charges in both our EMEA and Designtex reporting units. See further details below. |
Goodwill_Other_Intangible_Asse4
Goodwill & Other Intangible Assets Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 |
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ' | ' |
Intangible asset impairment charges | ' | $0 |
Intangible assets amortization expense | 2.1 | 3 |
Finite-lived intangible assets, gross | 45.8 | 53.2 |
Finite-lived intangible assets, accumulated amortization | 41.8 | 46.6 |
Finite-lived intangible assets, net | 4 | 6.6 |
Indefinite-lived intangible assets, gross | 12.6 | 12.6 |
Indefinite-lived intangible assets, accumulated amortization | 0 | 0 |
Indefinite-lived intangible assets, net | 12.6 | 12.6 |
Other intangible assets, gross | 58.4 | 65.8 |
Other intangible assets, net | 16.6 | 19.2 |
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
Amortization expense, 2014 | 1.7 | ' |
Amortization expense, 2015 | 1.5 | ' |
Amortization expense, 2016 | 0.6 | ' |
Amortization expense, 2017 | 0.2 | ' |
Amortization expense, 2018 | 0 | ' |
Amortization Expense, 2014-2018 Total | 4 | ' |
Proprietary technology [Member] | ' | ' |
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ' | ' |
Weighted average useful life | '9 years 8 months | ' |
Finite-lived intangible assets, gross | 22.8 | 22.8 |
Finite-lived intangible assets, accumulated amortization | 20.8 | 19.7 |
Finite-lived intangible assets, net | 2 | 3.1 |
Trademarks [Member] | ' | ' |
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ' | ' |
Weighted average useful life | '10 years 0 months | ' |
Finite-lived intangible assets, gross | 10.7 | 13.3 |
Finite-lived intangible assets, accumulated amortization | 10.7 | 13.3 |
Finite-lived intangible assets, net | 0 | 0 |
Non-compete agreements [Member] | ' | ' |
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ' | ' |
Weighted average useful life | '6 years 1 month | ' |
Finite-lived intangible assets, gross | 1.3 | 2.6 |
Finite-lived intangible assets, accumulated amortization | 1.1 | 2.4 |
Finite-lived intangible assets, net | 0.2 | 0.2 |
Other [Member] | ' | ' |
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ' | ' |
Weighted average useful life | '5 years 3 months | ' |
Finite-lived intangible assets, gross | 11 | 14.5 |
Finite-lived intangible assets, accumulated amortization | 9.2 | 11.2 |
Finite-lived intangible assets, net | $1.80 | $3.30 |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Affiliates (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Other than Temporary Impairment | $6 | ' | ' |
Equity Method Investments | 46.7 | 47.5 | ' |
Cost Method Investments | 6.3 | 5.8 | ' |
Investments in unconsolidated affiliates | 53 | 53.3 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | 6.2 | 5.4 | 5.8 |
Revenue from Related Parties | 222.3 | 247.3 | 219.3 |
Due from Affiliates | 13.2 | 24.4 | ' |
Equity in Earnings of Unconsolidated Affiliates [Abstract] | ' | ' | ' |
Total equity in earnings of unconsolidated affiliates | 10.2 | 9.4 | 8.3 |
Summarized Financial Information [Abstract] | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Current Assets | 148.8 | 143.5 | ' |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 29.7 | 38.2 | ' |
Equity Method Investment, Summarized Financial Information, Assets | 178.5 | 181.7 | ' |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 72.4 | 82.1 | ' |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 21.7 | 19.9 | ' |
Equity Method Investment, Summarized Financial Information, Liabilities | 94.1 | 102 | ' |
Equity Method Investment, Summarized Financial Information, Revenue | 450.7 | 515.9 | 472.9 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 141.3 | 151.6 | 140.6 |
Equity Method Investment, Summarized Financial Information, Income (Loss) before income tax | 36 | 34.4 | 33.1 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 32.5 | 31.6 | 30.2 |
IDEO [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investments | 17.4 | 16.1 | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' |
Equity in Earnings of Unconsolidated Affiliates [Abstract] | ' | ' | ' |
Total equity in earnings of unconsolidated affiliates | 2.7 | 2.6 | 2.5 |
Equity Method Investee, Total Dealers [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investments | 17.8 | 18.4 | ' |
Equity in Earnings of Unconsolidated Affiliates [Abstract] | ' | ' | ' |
Total equity in earnings of unconsolidated affiliates | 3.1 | 3.9 | 3.1 |
Cost Method Investee, Total Dealers [Member] [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Cost Method Investments | 5.8 | 5.8 | ' |
Cost Method Investment, Ownership Percentage | 'LessB thanB 10% | ' | ' |
Cost and Equity Method Investees, Total Dealers [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investments in unconsolidated affiliates | 23.6 | 24.2 | ' |
Equity Method Investee, Manufacturing Joint Ventures [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investments | 11.5 | 8.3 | ' |
Equity in Earnings of Unconsolidated Affiliates [Abstract] | ' | ' | ' |
Total equity in earnings of unconsolidated affiliates | 5.7 | 3.4 | 2.7 |
Equity Method Investee, Other [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investments | 0.5 | 4.7 | ' |
Equity in Earnings of Unconsolidated Affiliates [Abstract] | ' | ' | ' |
Total equity in earnings of unconsolidated affiliates | ($1.30) | ($0.50) | $0 |
Minimum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' |
Minimum [Member] | Equity Method Investee, Total Dealers [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ' |
Minimum [Member] | Equity Method Investee, Manufacturing Joint Ventures [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ' |
Minimum [Member] | Equity Method Investee, Other [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 1.00% | 8.00% | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Maximum [Member] | Equity Method Investee, Total Dealers [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | ' |
Maximum [Member] | Equity Method Investee, Manufacturing Joint Ventures [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ' |
Maximum [Member] | Equity Method Investee, Other [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 39.00% | 39.00% | ' |
ShortTerm_Borrowings_And_LongT2
Short-Term Borrowings And Long-Term Debt (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt and Capital Lease Obligations | $287 | $289 | ' | ||
Long-term Debt and Capital Lease Obligations, Current | 2.6 | [1] | 2.6 | [1] | ' |
Long-term Debt | 284.4 | 286.4 | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Amortization of Debt Discount (Premium) | ' | 0.3 | ' | ||
Repayments of Long-term Debt | 2.5 | 2.6 | 255.5 | ||
Debt Instrument Maturities [Abstract] | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 2.6 | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2.6 | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 31.3 | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0.1 | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0.1 | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 250.3 | ' | ' | ||
Senior Notes due 2021 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Senior Notes | 249.9 | [2] | 249.9 | [2] | ' |
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Debt Instrument, Face Amount | ' | 250 | ' | ||
Debt Instrument, Purchase Price as a Percentage of Par Value | ' | 99.95% | ' | ||
Debt Instrument, Discount | ' | 0.1 | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | ' | ' | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.60% | ' | ' | ||
Debt Issuance Cost | ' | 3 | ' | ||
Amortization of Debt Discount (Premium) | 0.3 | ' | ' | ||
Debt Instrument Maturities [Abstract] | ' | ' | ' | ||
Debt Instrument, Maturity Date | 31-Dec-21 | [2] | ' | ' | |
Capitalized Lease Obligations due 2014-2016 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Capital Lease Obligations | 0.2 | 0.4 | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.00% | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.50% | ' | ' | ||
Revolving Credit Facilities due 2018, global committed [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | ' | ' | ||
United States of America, Dollars | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt and Capital Lease Obligations | 285.9 | 288.7 | ' | ||
United States of America, Dollars | Revolving credit facilities due 2018 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | [3],[4] | 0 | [3],[4] | ' |
Debt Instrument Maturities [Abstract] | ' | ' | ' | ||
Debt Instrument, Maturity Date | 31-Dec-18 | [3],[4] | ' | ' | |
United States of America, Dollars | Notes Payable due 2017 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Notes Payable | 35.8 | [5] | 38.4 | [5] | ' |
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Debt Instrument, Face Amount | 47 | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 3.35% | [5] | ' | ' | |
Debt Instrument, Description of Variable Rate Basis | '30-day LIBOR | [5] | ' | ' | |
Debt Instrument Maturities [Abstract] | ' | ' | ' | ||
Debt Instrument, Maturity Date | 31-Dec-17 | [5] | ' | ' | |
United States of America, Dollars | Revolving Credit Facilities [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | [4] | 0 | [4] | ' |
United States of America, Dollars | Revolving credit facilities due 2018, unsecured committed [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | ' | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 13.5 | ' | ' | ||
Letters of Credit Outstanding, Amount | 11.3 | 12.1 | ' | ||
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | ' | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3.5 | ' | ' | ||
United States of America, Dollars | Revolving Credit Facilities due 2018, global committed [Member] | ' | ' | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 125 | ' | ' | ||
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Notes Payable | 0.3 | 0.3 | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.00% | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.50% | ' | ' | ||
Short-term Debt, Weighted Average Interest Rate | 3.50% | 3.80% | ' | ||
Foreign Currency [Domain] | Revolving Credit Facilities short term, secured uncommitted [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | ' | ' | ||
Foreign Currency [Domain] | Revolving Credit Facilities short term, unsecured uncommitted [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Line of Credit, Current | 0 | ' | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 35.1 | ' | ' | ||
Foreign Currency [Domain] | Capitalized lease obligation due 2019 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Capital Lease Obligations | 0.8 | 0 | ' | ||
Fixed Monthly Payments [Member] | Foreign Currency [Domain] | Notes Payable due 2017 [Member] | ' | ' | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Repayments of Long-term Debt | 0.2 | ' | ' | ||
Balloon Payment [Member] | Foreign Currency [Domain] | Notes Payable due 2017 [Member] | ' | ' | ' | ||
Debt Instrument Details [Abstract] | ' | ' | ' | ||
Repayments of Long-term Debt | $30 | ' | ' | ||
Minimum [Member] | United States of America, Dollars | Capitalized Lease Obligations due 2014-2016 [Member] | ' | ' | ' | ||
Debt Instrument Maturities [Abstract] | ' | ' | ' | ||
Debt Instrument, Maturity Date | 31-Dec-14 | ' | ' | ||
Maximum [Member] | United States of America, Dollars | Capitalized Lease Obligations due 2014-2016 [Member] | ' | ' | ' | ||
Debt Instrument Maturities [Abstract] | ' | ' | ' | ||
Debt Instrument, Maturity Date | 31-Dec-16 | ' | ' | ||
[1] | The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 3.5% as of February 28, 2014 and 3.8% as of February 22, 2013. | ||||
[2] | We have $250 of unsecured unsubordinated senior notes, due in February 2021 (b2021 Notesb). The 2021 Notes were issued at 99.953% of par value. The bond discount of $0.1 and direct debt issue costs of $3.0 were deferred and are being amortized over the life of the 2021 Notes. Although the coupon rate of the 2021 Notes is 6.375%, the effective interest rate is 6.6% after taking into account the impact of the discount, debt issuance costs and the deferred loss on interest rate locks related to the debt issuance. The 2021 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2021 Notes at any time. The redemption price would equal the greater of (1)B the principal amount of the notes being redeemed; or (2)B the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 45B basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. Amortization expense related to the discount and debt issuance costs on the 2021 Notes was $0.3 in 2014, 2013 and 2012. | ||||
[3] | We have a $125 global committed five-year bank facility which was entered into in Q1 2013. As of February 28, 2014 and February 22, 2013, there were no borrowings outstanding under the facility, our availability was not limited, and we were in compliance with all covenants under the facility.In addition, we have a $13.5 unsecured committed revolving bank facility which is utilized primarily for standby letters of credit in support of our self-insured workersb compensation program. As of February 28, 2014 and February 22, 2013, we had $11.3 and $12.1, respectively, in outstanding standby letters of credit against this facility. We had no draws against our standby letters of credit during 2014 or 2013. | ||||
[4] | We have unsecured uncommitted short-term credit facilities of up to $3.5 of U.S. dollar obligations and unsecured uncommitted short-term credit facilities of up to $35.1 of foreign currency obligations with various financial institutions as of February 28, 2014. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 28, 2014 and February 22, 2013. | ||||
[5] | We have a note payable with an original amount of $47.0 at a floating interest rate based on 30-day LIBOR plus 3.35%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 based on a 20-year amortization schedule with a $30 balloon payment due in Q2 2017. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. |
ShortTerm_Borrowings_And_LongT3
Short-Term Borrowings And Long-Term Debt Global Credit Facility (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | ||
Revolving Credit Facilities due 2018, global committed [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Line of Credit, Current | $0 | ' | ||
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3.5 | ' | ||
Line of Credit, Current | 0 | ' | ||
United States of America, Dollars | Revolving credit facilities due 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Line of Credit Facility, Interest Rate Description | 'The greatest of the prime rate, the Federal fund effective rate plus 0.5%, and the Eurocurrency rate for a one month interest period plus 1%, plus the applicable margin as set forth in the credit agreement; or the Eurocurrency rate plus the applicable margin as set forth in the credit agreement. | ' | ||
Line of Credit Facility, Additional Borrowing Capacity Available | 75 | ' | ||
Line of Credit Facility, Covenant Terms | 'A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness (as determined under the credit agreement) less excess liquidity (as determined under the credit agreement) to (y) the trailing four quarter Adjusted EBITDA (as determined under the credit agreement) and is required to be no greater than 3:1. (In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 3.25 to 1.0 for four consecutive quarters). A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter Adjusted EBITDA (as determined under the credit agreement) to (z) trailing four quarter interest expense and is required to be no less than 3.5:1. The facility requires us to comply with certain other covenants, including a restriction on the aggregate amount of cash dividend payments and share repurchases in any fiscal year. In general, as long as our leverage ratio is less than 2.50 to 1.0, there is no restriction on cash dividends and share repurchases. If our leverage ratio is between 2.50 to 1.0 and the maximum then permitted, our ability to pay more than $35.0 in cash dividends and share repurchases in aggregate in any fiscal year may be restricted, depending on our liquidity. | ' | ||
Line of Credit Facility, Covenant Compliance | ' in compliance with all covenants under the facility in place | ' in compliance with all covenants under the facility in place | ||
Line of Credit, Current | 0 | [1],[2] | 0 | [1],[2] |
United States of America, Dollars | Revolving Credit Facilities due 2018, global committed [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | $125 | ' | ||
[1] | We have a $125 global committed five-year bank facility which was entered into in Q1 2013. As of February 28, 2014 and February 22, 2013, there were no borrowings outstanding under the facility, our availability was not limited, and we were in compliance with all covenants under the facility.In addition, we have a $13.5 unsecured committed revolving bank facility which is utilized primarily for standby letters of credit in support of our self-insured workersb compensation program. As of February 28, 2014 and February 22, 2013, we had $11.3 and $12.1, respectively, in outstanding standby letters of credit against this facility. We had no draws against our standby letters of credit during 2014 or 2013. | |||
[2] | We have unsecured uncommitted short-term credit facilities of up to $3.5 of U.S. dollar obligations and unsecured uncommitted short-term credit facilities of up to $35.1 of foreign currency obligations with various financial institutions as of February 28, 2014. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 28, 2014 and February 22, 2013. |
Employee_Benefit_Plan_Obligati3
Employee Benefit Plan Obligations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Obligation | $15 | $13.30 | ' |
Deferred Compensation Liability, Current and Noncurrent | 42.7 | 39.5 | ' |
Employee Benefit Plan Obligation, Current Portion | 26.1 | 23.8 | ' |
Employee Benefit Plan Obligation, Long-Term Portion | 149.2 | 157.8 | ' |
Employee Benefit Plan Obligations, Total | 175.3 | 181.6 | ' |
Employee benefit plan obligations | -26.1 | -23.8 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -151.1 | -158 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 50.2 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 55 | 50.2 | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 10.4 | 9 | ' |
Pension and other post-retirement liability adjustments | 1.1 | 0 | 0.5 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | -0.1 | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 1.5 | 1.4 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | -0.1 | ' | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0 | ' | ' |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0 | ' | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 0.3 | ' | ' |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -0.3 | ' | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | 48.5 | 51.5 | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 1.6 | 0.2 | ' |
Employee benefit plan obligations | -3.4 | -2.9 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -46.7 | -48.8 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -48.5 | -51.5 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 50.2 | 49.1 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 5.4 | 4.5 | ' |
Defined Benefit Plan, Contributions by Employer | 3.6 | 3.7 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 1.2 | -1.6 | ' |
Defined Benefit Plan, Benefits Paid | -5.4 | -5.5 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 55 | 50.2 | 49.1 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 101.7 | 95 | ' |
Defined Benefit Plan, Service Cost | 3.5 | 3 | 2.1 |
Defined Benefit Plan, Interest Cost | 3.5 | 3.7 | 4.2 |
Defined Benefit Plan, Plan Amendments | 0.1 | 0 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | -0.8 | 6.3 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | -0.1 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 2.2 | -1.1 | ' |
Defined Benefit Plan, Other Changes | -1.2 | 0.4 | ' |
Defined Benefit Plan, Other Costs | -0.8 | 0 | 0 |
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | -5.4 | -5.6 | ' |
Defined Benefit Plan, Benefit Obligation | 103.5 | 101.7 | 95 |
Defined Benefit Plan, Funded Status of Plan | -48.5 | -51.5 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 19.2 | 22.3 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 19.8 | 23 | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 1.2 | 1.1 | 0.5 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.1 | 0.1 | 0.2 |
Defined Benefit Plan, Expected Return on Plan Assets | -2.9 | -2.6 | -3.2 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | -0.1 | 0 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0.1 | 0.1 | 0 |
Defined Benefit Plan, Special Termination Benefits | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 4.6 | 5.4 | 3.8 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | -3.2 | 4.8 | 8.9 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0.6 | 0.7 | ' |
Pension and other post-retirement liability adjustments | 4.8 | -3.6 | -8.3 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) before tax | -0.2 | 9 | 12.1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0.1 | 0 | 0.1 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 1.3 | 1.1 | 0.5 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | -0.1 | -0.1 | -0.2 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Other Changes, before Tax | -0.3 | 0 | 0 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.80% | 3.60% | 4.20% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.70% | 3.00% | 2.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.70% | 4.20% | 5.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.90% | 5.00% | 3.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.10% | 2.90% | 3.00% |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | -6.7 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | -5.3 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | -5.3 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | -5.6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | -7 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | -35.6 | ' | ' |
Defined Benefit Plan, Curtailments | -0.1 | 0 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | 69.1 | 77.3 | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ' |
Employee benefit plan obligations | -4.7 | -4.6 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -64.4 | -72.7 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -69.1 | -77.3 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Contributions by Employer | 5.6 | 5.8 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 2.9 | 5.9 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0.1 | 1.2 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Benefits Paid | -8.6 | -12.9 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 77.3 | 90.9 | ' |
Defined Benefit Plan, Service Cost | 0.8 | 0.9 | 1 |
Defined Benefit Plan, Interest Cost | 2.8 | 3.8 | 5.6 |
Defined Benefit Plan, Plan Amendments | 0 | 0 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | -5.7 | -12.4 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 2.9 | 5.9 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0.1 | 1.2 | ' |
Defined Benefit Plan, Curtailments | 0 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -0.5 | -0.1 | ' |
Defined Benefit Plan, Other Changes | 0 | 0 | ' |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 69.1 | 77.3 | 90.9 |
Defined Benefit Plan, Funded Status of Plan | -69.1 | -77.3 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -8.3 | -2.4 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -44.3 | -47.6 | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 0.2 | 0.2 | 0.1 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -9.2 | -9.3 | -8.6 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | -0.1 | -2.9 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0.1 | 0 |
Defined Benefit Plan, Special Termination Benefits | 0 | 0 | 0.1 |
Defined Benefit Plan, Net Periodic Benefit Cost | -5.4 | -4.4 | -4.7 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | -5.7 | -12.4 | 0.9 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | -36 | -45.2 | ' |
Pension and other post-retirement liability adjustments | -3.3 | 3.3 | 8.6 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) before tax | -2.1 | -7.7 | -13.3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | 0 | -20.9 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 0.2 | 0.3 | 0.6 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | 9.2 | 9.4 | 12 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Other Changes, before Tax | 0 | 0 | 0 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.31% | 3.82% | 4.34% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.82% | 4.31% | 5.30% |
Defined Benefit Plan, Curtailments | 0 | 0 | ' |
Non-Qualified Defined Benefit Pension Plan [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ' |
Employee benefit plan obligations | -3.3 | -2.8 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -29.6 | -30.9 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -32.9 | -33.7 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 30.4 | 31.6 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 32.9 | 33.7 | ' |
Defined Benefit Plan, Funded Status of Plan | -32.9 | -33.7 | ' |
Qualified Defined Benefit Pension Plan [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ' |
Employee benefit plan obligations | 0 | 0 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -0.5 | -1.2 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -0.5 | -1.2 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 9.3 | 9.9 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 8.8 | 8.7 | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 9.3 | 9.9 | ' |
Defined Benefit Plan, Funded Status of Plan | -0.5 | -1.2 | ' |
Qualified Defined Benefit Pension Plan [Member] | Foreign Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 1.6 | 0.2 | ' |
Employee benefit plan obligations | -0.1 | -0.1 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -16.6 | -16.7 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -15.1 | -16.6 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 55.9 | 53.5 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 46.2 | 41.5 | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 61.3 | 58.1 | ' |
Defined Benefit Plan, Funded Status of Plan | -15.1 | -16.6 | ' |
Before Medicare Act Subsidy [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | -4.9 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | -4.6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | -4.7 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | -4.7 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | -4.8 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | -24.5 | ' | ' |
Medicare Act Subsidy [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | -0.1 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | -0.1 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | -0.1 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | -0.1 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | -0.1 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | -0.1 | ' | ' |
After Medicare Act Subsidy [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | -4.8 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | -4.5 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | -4.6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | -4.6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | -4.7 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | ($24.40) | ' | ' |
Employee_Benefit_Plan_Obligati4
Employee Benefit Plan Obligations Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Document Period End Date | 28-Feb-14 | ' | ' |
Pension Contributions | $6 | ' | ' |
Other Postretirement Benefits Payments | 5 | ' | ' |
Deferred Compensation Arrangement with Individual, Compensation Expense | 5 | 4.8 | 2.2 |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' |
Defined Contribution Plan, Cost Recognized | 22.6 | 19 | 16.3 |
Defined Contribution Plan, Estimated Future Employer Contributions in Next Fiscal Year | 24.6 | ' | ' |
Defined Benefit Plan, Effect of Plan Amendment on Accumulated Benefit Obligation | ' | ' | 20.9 |
Defined Benefit Plan, Description of Plan Amendment | ' | ' | 'we changed the model of the post-retirement benefit plan and cost-sharing provisions for the post-65 retiree population. This change resulted in a company-provided fixed subsidy towards post-retirement healthcare benefits for eligible retirees. |
Defined Benefit Plan, Fair Value of Plan Assets | 55 | 50.2 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 5.7 | 12.4 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 69.1 | 77.3 | 90.9 |
Pre-Age 65 Retirees [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.04% | 7.51% | ' |
Qualified Defined Benefit Pension Plan [Member] | Foreign Postretirement Benefit Plan in over funded status, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 13.8 | ' | ' |
Defined Benefit Plan, Benefit Obligation | 12.2 | ' | ' |
Benefit Plan, Benefit plan assets in excess of benefit obligations | $1.60 | ' | ' |
Employee_Benefit_Plan_Obligati5
Employee Benefit Plan Obligations Plan Assets (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | ' | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | 100.00% | ||
Defined Benefit Plan, Fair Value of Plan Assets | 55 | 50.2 | ||
Equity Securities [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 65.00% | 63.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 54.00% | 53.00% | ||
Debt Securities [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 24.00% | 25.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 33.00% | 33.00% | ||
Real Estate [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 2.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 4.00% | 4.00% | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.9 | 0.8 | ||
All Other Plan Assets [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 9.00% | [1] | 10.00% | [1] |
Defined Benefit Plan, Target Plan Asset Allocations | 9.00% | [1] | 10.00% | [1] |
Cash and Cash Equivalents [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.1 | 0.1 | ||
Equity Securities, U.S. Large Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.9 | 0.9 | ||
Equity Securities, U.S. Small Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.9 | 0.7 | ||
Equity Securities, U.S. Index [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | ||
Equity Securities, International [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 24.9 | 20.9 | ||
Fixed Income Funds [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8.5 | 8 | ||
Group Annuity Contract [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2.3 | 2.4 | [2] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2.4 | 2.4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 0.1 | 0.2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | -0.2 | -0.2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2.3 | 2.4 | ||
Insurance Products [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13.9 | 13.7 | ||
Guaranteed Insurance Contracts [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1.6 | 1.7 | [3] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.7 | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 0.1 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | -0.2 | -0.3 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.6 | 1.7 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3.8 | 3.5 | ||
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.9 | 0.8 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.1 | 0.1 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Large Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.9 | 0.9 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Small Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0.9 | 0.7 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Index [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Group Annuity Contract [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | [2] | |
Fair Value, Inputs, Level 1 [Member] | Insurance Products [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Guaranteed Insurance Contracts [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | [3] | |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 47.3 | 42.6 | ||
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U.S. Large Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U.S. Small Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U.S. Index [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, International [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 24.9 | 20.9 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8.5 | 8 | ||
Fair Value, Inputs, Level 2 [Member] | Group Annuity Contract [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | [2] | |
Fair Value, Inputs, Level 2 [Member] | Insurance Products [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13.9 | 13.7 | ||
Fair Value, Inputs, Level 2 [Member] | Guaranteed Insurance Contracts [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | [3] | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3.9 | 4.1 | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U.S. Large Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U.S. Small Cap [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U.S. Index [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, International [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Group Annuity Contract [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2.3 | 2.4 | [2] | |
Fair Value, Inputs, Level 3 [Member] | Insurance Products [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Guaranteed Insurance Contracts [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $1.60 | $1.70 | [3] | |
[1] | Represents guaranteed insurance contracts, money market funds and cash | |||
[2] | Group annuity contracts are valued utilizing a discounted cash flow model. The term bcash flowb refers to the future principal and interest payments we expect to receive on a given asset in the general account. The model projects future cash flows separately for each investment period and each category of investment. | |||
[3] | Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows. |
Employee_Benefit_Plan_Obligati6
Employee Benefit Plan Obligations Estimated amounts to be amortized from AOCI into net periodic benefit cost over the next fiscal year (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | ($0.70) | ($1.20) |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 0.1 | 0.1 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 0.8 | 1.3 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 0.5 | -0.2 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | -9.1 | -9.1 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ($9.60) | ($8.90) |
Employee_Benefit_Plan_Obligati7
Employee Benefit Plan Obligations Multi-Employer Pension Plan (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ||
Multiemployer Plans, Period Contributions, Significance of Contributions | 'false | ' | ' | ||
Multiemployer Plans, Withdrawal Obligation | $24.70 | ' | ' | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | 31-Mar-18 | ' | ' | ||
Multiemployer Plans, Certified Zone Status | ' | 'Red | [1] | 'Red | [1] |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | ' | 'Implemented | [2] | ' | |
Multiemployer Plan, Period Contributions | $0.30 | $0.30 | $0.50 | ||
Multiemployer Plans, Surcharge | ' | 'No | ' | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 0.20% | ' | ' | ||
Multiemployer Plan Number | '001 | ' | ' | ||
[1] | The most recent Pension Protection Act Zone Status available in 2013 and 2012 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the planbs actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. | ||||
[2] | The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan. |
Employee_Benefit_Plan_Obligati8
Employee Benefit Plan Obligations Minimum Pension Liability (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments,after Tax | ($0.30) | $0.40 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, after Tax | 1 | -0.9 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | -9.2 | -9.3 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, before Tax | 24.5 | 23.4 | 23.4 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, Tax | -4.9 | -4.5 | -3.7 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Minimum Pension Liability, after Tax | 19.6 | 18.9 | 19.7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | -0.1 | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | -0.1 | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | -9.1 | -9.3 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, Tax | 3.5 | 3.5 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | -5.6 | -5.8 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, Tax | 3.5 | 3.5 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, after Tax | -5.7 | -5.8 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 8.9 | 7.6 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | -3.5 | -3.9 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -5.4 | 3.7 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 10.4 | 9 | ' |
Pension and other post-retirement liability adjustments | 1.1 | 0 | 0.5 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Tax | -0.4 | -0.8 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -0.7 | 0.8 | 0.1 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -1.5 | -1.4 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | -0.5 | -0.5 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), Tax | -4 | -4.4 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), after Tax | 6.4 | -4.6 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, before Tax | -0.4 | 0.3 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, Tax | $0.10 | $0.10 | ' |
Capital_Structure_Capital_Stru
Capital Structure Capital Structure (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Common stock repurchases, shares | 3.6 | 2.3 | ' |
Common stock repurchases | $49.90 | $19.90 | $47.70 |
Conversion of Stock, Shares Converted | 6.2 | 2.1 | ' |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense and Sources of Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Sources of Income (Loss) Before Income Tax Expense [Abstract] | ' | ' | ' |
Domestic | $164.70 | $83.80 | $63.80 |
Foreign | -17.5 | -28.9 | 18.2 |
Income before income tax expense | 147.2 | 54.9 | 82 |
Current Income Taxes [Abstract] | ' | ' | ' |
Federal | 26.8 | 12.1 | 0 |
State and Local | 13.5 | 1.4 | 0.4 |
Foreign | 5.1 | 5.6 | 11.3 |
Current Income Taxes | 45.4 | 19.1 | 11.7 |
Deferred Income Taxes [Abstract] | ' | ' | ' |
Federal | 9.3 | -48.8 | 18 |
State and Local | 0.1 | 3.1 | 2.5 |
Foreign | 4.7 | 42.7 | -6.9 |
Deferred income taxes | 14.1 | -3 | 13.6 |
Income tax expense | $59.50 | $16.10 | $25.30 |
Income_Taxes_Income_Tax_Reconc
Income Taxes Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |||
U.S. federal statutory tax rate | 35.00% | ' | ' | |||
Tax expense at the U.S. federal statutory rate | $51.50 | $19.20 | $28.70 | |||
Foreign Subsidiary Liquidation | 7.7 | [1] | 0 | [1] | 0 | [1] |
Foreign dividends, less applicable foreign tax credits | 0.2 | [2] | -57.6 | [2] | 1.3 | [2] |
Valuation allowance provisions and adjustments | 8.4 | [3] | 40 | [3] | 0.7 | [3] |
Goodwill impairment | 2.7 | [4] | 12.3 | [4] | 0 | [4] |
COLI income | -1.5 | [5] | -3.1 | [5] | -2.9 | [5] |
Sale of subsidiary | 0 | [6] | 0 | [6] | -2.3 | [6] |
State and local income taxes, net of federal | 6.6 | 2.9 | 1.9 | |||
Foreign operations, less applicable foreign tax credits | 2.1 | [7] | 2.5 | [7] | 0.7 | [7] |
Research tax credit | -1.4 | -1.9 | -1.6 | |||
Tax reserve adjustments | 0.2 | 0.7 | 1.1 | |||
Other | -1.6 | 1.1 | -2.3 | |||
Income tax expense | 59.5 | 16.1 | 25.3 | |||
PolyvisionSASandPolyvisionA/S [Member] | ' | ' | ' | |||
Proceeds from divestiture of businesses | ' | 2.3 | ' | |||
France [Member] | ' | ' | ' | |||
Valuation allowance provisions and adjustments | 44.2 | [3] | ' | ' | ||
United Kingdom [Member] | ' | ' | ' | |||
Valuation allowance provisions and adjustments | -4.9 | [3] | ' | ' | ||
Remaining utilization within the allowable period [Member] | ' | ' | ' | |||
Foreign dividends, less applicable foreign tax credits | -21 | ' | ' | |||
Foreign tax credit - deemed dividend [Member] | ' | ' | ' | |||
Foreign dividends, less applicable foreign tax credits | -56.7 | ' | ' | |||
Subsidary Cash Dividends [Member] | ' | ' | ' | |||
Foreign dividends, less applicable foreign tax credits | $0.90 | ' | ' | |||
[1] | In 2014, a group of foreign subsidiaries was liquidated for tax purposes, triggering a U.S. worthless stock deduction equal to the remaining tax basis in the group and a U.S. deduction for uncollectible intercompany balances due from the group. | |||||
[2] | Foreign tax credit carryforwards of $21.0 are expected to be utilized within the remaining allowable 10 year carryfoward period. The foreign tax credit carryforwards were generated in 2013 when we converted a wholly owned French holding company from a disregarded entity to a controlled foreign corporation for U.S. tax purposes, and that conversion caused outstanding intercompany debt to be treated as a deemed dividend taxable in the U.S. Foreign taxes paid on the income that generated the deemed dividend exceeded the U.S. tax cost creating an excess foreign tax credit of $56.7. Additionally, other cash dividends received from our Canadian subsidiary resulted in excess foreign tax credits of $0.9 in 2013. | |||||
[3] | The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. | |||||
[4] | The impairment charges related to goodwill recorded in purchase accounting are non-deductible. | |||||
[5] | The net returns in cash surrender value, normal insurance expenses and death benefit gains related to our investments in COLI policies are non-taxable. | |||||
[6] | In Q2 2012, we completed the sale of PolyVisionbs remaining low margin whiteboard fabrication business in Europe to a third party for proceeds totaling $2.3. The transaction included the sale of PolyVision SAS (France) and PolyVision A/S (Denmark). Basis differences resulted in a tax benefit of $2.3. | |||||
[7] | The foreign operations, less applicable foreign tax credits amount includes the rate differential on foreign operations, U.S. tax cost of foreign branches and the impact of rate reductions in foreign jurisdictions. |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Taxes, Income Taxes Receivable, Income Taxes Payable (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 |
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Employee benefit plan obligations | $113.50 | $90.70 |
Foreign and domestic net operating loss carryforwards | 89.8 | 85 |
Reserves and accruals | 23.1 | 26.5 |
Tax credit carryforwards | 23.6 | 60.2 |
Other, net | 15.8 | 6.1 |
Deferred income tax assets, gross | 265.8 | 268.5 |
Valuation Allowances | -81.8 | -70.4 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 11.4 | ' |
Net deferred income tax assets | 184 | 198.1 |
Deferred Tax Liabilities [Abstract] | ' | ' |
Property, plant and equipment | 29.7 | 31.7 |
Intangible assets | 16.2 | 14.2 |
Deferred income tax liabilities | 45.9 | 45.9 |
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Net deferred income taxes | 138.1 | 152.2 |
Deferred income tax assets - current | 56 | 56.2 |
Deferred income tax assets - non-current | 85.1 | 101.7 |
Deferred income tax liabilities - current | 0.1 | 0 |
Deferred income tax liabilities - non-current | 2.9 | 5.7 |
Unremitted Foreign Earnings [Abstract] | ' | ' |
Unremitted foreign earnings permanently invested | 144.7 | ' |
Estimated tax expense of unremitted foreign earnings | 15 | ' |
Current Taxes Payable or Refundable [Abstract] | ' | ' |
Income taxes receivable | 3.9 | 4.7 |
Income taxes payable | 2.6 | 2.7 |
Foreign locations [Member] | ' | ' |
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Valuation Allowances | -81.4 | ' |
France [Member] | ' | ' |
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Valuation Allowances | -70.4 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $5.90 | ' |
Income_Taxes_Carryforwards_Det
Income Taxes Carryforwards (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | $89.80 | $85 | ' | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | -0.2 | [1] | 57.6 | [1] | -1.3 | [1] |
Tax effected operating loss carryforwards, valuation allowances | -76.2 | ' | ' | |||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 90.9 | ' | ' | |||
Tax effected operating loss carryforwards, net | 14.7 | ' | ' | |||
Tax credit carryforwards | 23.6 | 60.2 | ' | |||
Tax credit carryforward, valuation allowance | 0 | ' | ' | |||
Tax credit carryforwards, net | 23.6 | ' | ' | |||
Net operating loss and tax credit carryforwards | 38.3 | ' | ' | |||
Within One Year [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | 0.3 | ' | ' | |||
Tax credit carryforwards | 0 | ' | ' | |||
Between One and Two Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | 1.7 | ' | ' | |||
Tax credit carryforwards | 0 | ' | ' | |||
Between Two and Three Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | 0.6 | ' | ' | |||
Tax credit carryforwards | 0 | ' | ' | |||
Between Three and Four Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | 1.2 | ' | ' | |||
Tax credit carryforwards | 0 | ' | ' | |||
In Five or More Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | 7.6 | ' | ' | |||
No Expiration Date [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Tax effected operating loss carryforwards | 79.5 | ' | ' | |||
Tax credit carryforwards | 2.6 | ' | ' | |||
Federal [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
Tax effected operating loss carryforwards, valuation allowances | 0 | ' | ' | |||
Tax effected operating loss carryforwards, net | 0 | ' | ' | |||
Federal [Member] | Within One Year [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
Federal [Member] | Between One and Two Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
Federal [Member] | Between Two and Three Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
Federal [Member] | Between Three and Four Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
Federal [Member] | In Five or More Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
Federal [Member] | No Expiration Date [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
State [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 140.6 | ' | ' | |||
Tax effected operating loss carryforwards, valuation allowances | -0.6 | ' | ' | |||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 3.3 | ' | ' | |||
Tax effected operating loss carryforwards, net | 2.7 | ' | ' | |||
State [Member] | Within One Year [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
State [Member] | Between One and Two Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
State [Member] | Between Two and Three Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
State [Member] | Between Three and Four Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
State [Member] | In Five or More Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 140.6 | ' | ' | |||
Tax effected operating loss carryforwards | 3.3 | ' | ' | |||
State [Member] | No Expiration Date [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 0 | ' | ' | |||
Tax effected operating loss carryforwards | 0 | ' | ' | |||
International [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 288.4 | ' | ' | |||
Tax effected operating loss carryforwards | 87.6 | ' | ' | |||
Tax effected operating loss carryforwards, valuation allowances | -75.6 | ' | ' | |||
Tax effected operating loss carryforwards, net | 12 | ' | ' | |||
International [Member] | Within One Year [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 1 | ' | ' | |||
Tax effected operating loss carryforwards | 0.3 | ' | ' | |||
International [Member] | Between One and Two Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 5.8 | ' | ' | |||
Tax effected operating loss carryforwards | 1.7 | ' | ' | |||
International [Member] | Between Two and Three Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 2 | ' | ' | |||
Tax effected operating loss carryforwards | 0.6 | ' | ' | |||
International [Member] | Between Three and Four Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 4.1 | ' | ' | |||
Tax effected operating loss carryforwards | 1.2 | ' | ' | |||
International [Member] | In Five or More Years [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 16.2 | ' | ' | |||
Tax effected operating loss carryforwards | 4.3 | ' | ' | |||
International [Member] | No Expiration Date [Member] | ' | ' | ' | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | |||
Operating loss carryforwards, gross | 259.3 | ' | ' | |||
Tax effected operating loss carryforwards | $79.50 | ' | ' | |||
[1] | Foreign tax credit carryforwards of $21.0 are expected to be utilized within the remaining allowable 10 year carryfoward period. The foreign tax credit carryforwards were generated in 2013 when we converted a wholly owned French holding company from a disregarded entity to a controlled foreign corporation for U.S. tax purposes, and that conversion caused outstanding intercompany debt to be treated as a deemed dividend taxable in the U.S. Foreign taxes paid on the income that generated the deemed dividend exceeded the U.S. tax cost creating an excess foreign tax credit of $56.7. Additionally, other cash dividends received from our Canadian subsidiary resulted in excess foreign tax credits of $0.9 in 2013. |
Income_Taxes_Income_Tax_Contin
Income Taxes Income Tax Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Liability for Uncertain Tax Positions [Abstract] | ' | ' | ' |
Liability for uncertain tax positions, current | $0 | $0.30 | ' |
Liability for uncertain tax positions, noncurrent | 2.2 | 1.6 | ' |
Liability for uncertain tax positions, total | 2.2 | 1.9 | ' |
Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits, beginning of period | 12.2 | 11.5 | 0.1 |
Gross increases - tax positions in prior period | 0.4 | 1.6 | 0 |
Gross decreases - tax positions in prior period | 0 | -0.9 | 0 |
Gross increases - tax positions in current period | 0.1 | 0 | 11.5 |
Lapse of statute of limitations | 0 | 0 | -0.1 |
Unrecognized tax benefits, end of period | 12.7 | 12.2 | 11.5 |
Unrecognized Tax Benefits - Other Information [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | 10.5 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $2.20 | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Current Fiscal Year End Date | '--02-28 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested, Number | 3,835,046 | ' | ' | |||
Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 0 | ' | ' | |||
Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 1,833,288 | ' | ' | |||
Performance Units [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Subject To Performance Conditions | 0 | ' | ' | |||
Allocated Share-based Compensation Expense | $6 | $5.50 | $8.10 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2.3 | 3 | 1.2 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,932,030 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 839,448 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -453,627 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $16.56 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -87,100 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,833,288 | 1,932,030 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $13.96 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $13.02 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $14.04 | $13.96 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjusted in Period | -397,463 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustments, Weighted Average Grant Date Fair Value | $16.56 | ' | ' | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Allocated Share-based Compensation Expense | 10.3 | 3.8 | 3.2 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $3.30 | $1.20 | $1 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 1 month | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,221,227 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,097,941 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -266,704 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $8.71 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -50,706 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,001,758 | 1,221,227 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $9.42 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.46 | $9.66 | $9.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $10.42 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $11.71 | $9.42 | ' | |||
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | '3 years | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | 0.50% | [1] | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | 49.80% | [2] | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $11.92 | ' | |||
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | ' | ' | |||
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | ' | ' | |||
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '3 years | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | [1] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 44.70% | [2] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.50 | ' | ' | |||
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | ' | ' | |||
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | ' | ' | |||
TSR PSUs [Member] | 2012 Performance Unit Award [Member] | Performance Units [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 106.60% | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 453,627 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | '3 years | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | 1.40% | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | 50.90% | [2] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $16.57 | |||
[1] | Based on the U.S. Government bond benchmark on the grant date. | |||||
[2] | Represents the historical price volatility of the Companybs Class A Common Stock for the three-year period preceding the grant date. |
ShareBased_Compensation_Narrat
Share-Based Compensation Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 25,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 11,317,414 | 12,751,324 | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 0 | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 1,833,288 | ' | ' |
Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $2.40 | ' | ' |
Units issued as common stock | 6.7 | 14 | 7 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 1 month | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.46 | $9.66 | $9.64 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 8.8 | ' | ' |
Units issued as common stock | $4.20 | $1.70 | $0.80 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Director Share-Based Compensation [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.82 | $9.62 | $8.39 |
Director Share-Based Compensation [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 31,790 | 43,238 | 38,888 |
ROIC PSUs [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $12.66 | ' | ' |
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.50 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $5,700,000 | ' | ' |
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | ' | ' |
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | ' | ' |
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $11.92 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | ' | $6,400,000 | ' |
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | ' | ' |
TSR PSUs [Member] | 2013 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | ' | ' |
TSR PSUs [Member] | 2012 Performance Unit Award [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $16.57 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 106.60% | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 453,627 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | ' | ' | $8,100,000 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Proceeds from disposal of fixed assets | $9.50 | $15.50 | $11.70 |
Construction in Progress, Estimated Cost to Complete | 34.4 | 22.2 | ' |
Gain (Loss) on Sale of Property Plant Equipment | 1.7 | -1.6 | -4.6 |
Deferred Gain on Sale of Property | 10.1 | 14.2 | ' |
Operating Leases, Rent Expense, Net | 51.4 | 53 | 50 |
Operating Leases, Rent Expense, Sublease Rentals | 4.9 | 5.7 | 7.8 |
Impairment of Leasehold | 0.5 | 0 | 3 |
Minimum annual rental commitment [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | -41.3 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | -35.8 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | -24.7 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | -26.9 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | -14.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | -44.4 | ' | ' |
Operating Leases, Future Minimum Payments Due | -187.5 | ' | ' |
Minimum annual sublease rental income [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | -3.8 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | -3.2 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | -2.9 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | -2.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | -1.3 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | -3 | ' | ' |
Operating Leases, Future Minimum Payments Due | -16.6 | ' | ' |
Minimum annual commitments, net [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | -37.5 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | -32.6 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | -21.8 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | -24.5 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | -13.1 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | -41.4 | ' | ' |
Operating Leases, Future Minimum Payments Due | ($170.90) | ' | ' |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 22, 2013 | Aug. 23, 2013 | 24-May-13 | Feb. 22, 2013 | Nov. 23, 2012 | Aug. 24, 2012 | 25-May-12 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | $779.40 | $784.80 | $757.60 | $667.10 | $721.40 | $727.20 | $744.90 | $675.20 | $2,988.90 | $2,868.70 | $2,749.50 | |||
Operating income (loss) | 54.2 | 39.3 | 52 | 20.4 | -45.2 | 38.4 | 46.8 | 19.3 | 165.9 | 59.3 | 97.1 | |||
Total assets | 1,726.70 | ' | ' | ' | 1,689.60 | ' | ' | ' | 1,726.70 | 1,689.60 | 1,678.90 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 86.8 | 74 | 64.9 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 60 | 58.3 | 56.4 | |||
Long-lived assets | 728 | ' | ' | ' | 793.2 | ' | ' | ' | 728 | 793.2 | 840.2 | |||
Customer concentration risk | ' | ' | ' | ' | ' | ' | ' | ' | 'No single customer represented more than 5% of consolidated revenue. | 'No single customer represented more than 5% of consolidated revenue. | ' | |||
Description of percent of revenue attributible to individual foreign countries | ' | ' | ' | ' | ' | ' | ' | ' | 'No country other than the U.S.B represented greater than 10% of our consolidated revenue | 'No country other than the U.S.B represented greater than 10% of our consolidated revenue | ' | |||
Description of percent of long-lived assets attributible to individual foreign countries | ' | ' | ' | ' | ' | ' | ' | ' | 'No country other than the U.S.B represented greater than 10% of our consolidated long-lived assets | 'No country other than the U.S.B represented greater than 10% of our consolidated long-lived assets | ' | |||
Percent of revenue attributed to foreign countries | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | |||
Percent of long-lived assets attributed to foreign countries | 17.00% | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | |||
Product concentration risk | ' | ' | ' | ' | ' | ' | ' | ' | 'No other individual product category represented greater than 10% of consolidated revenue | 'No other individual product category represented greater than 10% of consolidated revenue | ' | |||
Systems and storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,354.80 | 1,358.70 | 1,306.10 | |||
Seating [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 888.6 | 840.7 | 821.6 | |||
Other Product Category [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 745.5 | [1] | 669.3 | [1] | 621.8 | [1] |
Western Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percent of revenue attributed to foreign countries | ' | ' | ' | ' | ' | ' | ' | ' | 83.00% | ' | ' | |||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,020.30 | 1,881.30 | 1,751 | |||
Long-lived assets | 603.2 | ' | ' | ' | 666.1 | ' | ' | ' | 603.2 | 666.1 | 688.7 | |||
Foreign locations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 968.6 | 987.4 | 998.5 | |||
Long-lived assets | 124.8 | ' | ' | ' | 127.1 | ' | ' | ' | 124.8 | 127.1 | 151.5 | |||
Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,154.40 | 2,015.10 | 1,868.40 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 247.4 | 168.3 | 122.8 | |||
Total assets | 901.4 | ' | ' | ' | 876.6 | ' | ' | ' | 901.4 | 876.6 | 860.6 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 59.8 | 50.9 | 46.6 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 41.5 | 38.6 | 36.6 | |||
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 566.9 | 594.8 | 610.5 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -31.4 | -50.9 | -9.9 | |||
Total assets | 288.6 | ' | ' | ' | 278.1 | ' | ' | ' | 288.6 | 278.1 | 326.3 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | 15.1 | 12.7 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12.8 | 13.1 | 13.4 | |||
Other Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 267.6 | 258.8 | 270.6 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -8.7 | -20.1 | 14.6 | |||
Total assets | 159.9 | ' | ' | ' | 155.9 | ' | ' | ' | 159.9 | 155.9 | 179 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 7.9 | 4.4 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | 6.1 | 6.1 | |||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -41.4 | -38 | -30.4 | |||
Total assets | 376.8 | ' | ' | ' | 379 | ' | ' | ' | 376.8 | 379 | 313 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.1 | 1.2 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.50 | $0.30 | |||
[1] | Other consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, and other uncategorized product lines, and services, none of which are individually greater than 10% of consolidated revenue. |
Divestitures_and_Acquisitions_1
Divestitures and Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 22, 2013 | Aug. 23, 2013 | 24-May-13 | Feb. 22, 2013 | Nov. 23, 2012 | Aug. 24, 2012 | 25-May-12 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Schedule of Divestitures, Acquisitions, Ownership Transitions and Deconsolidations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | $248.40 | $242.80 | $244.30 | $209.70 | $216 | $225.90 | $228.10 | $196 | $945.20 | $866 | $809.70 |
Operating income (loss) | 54.2 | 39.3 | 52 | 20.4 | -45.2 | 38.4 | 46.8 | 19.3 | 165.9 | 59.3 | 97.1 |
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 6.6 | 34.7 | 30.5 |
BKMBusinessAcquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Divestitures, Acquisitions, Ownership Transitions and Deconsolidations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.7 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 |
PolyvisionSASandPolyvisionA/S [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Divestitures, Acquisitions, Ownership Transitions and Deconsolidations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestiture of businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 |
Restructuring costs | ' | ' | ' | ' | $0.90 | ' | ' | ' | ' | ' | ' |
Restructuring_Activities_Detai
Restructuring Activities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Document Period End Date | 28-Feb-14 | ' | ' |
Restructuring costs | $6.60 | $34.70 | $30.50 |
Gain (Loss) on Sale of Property Plant Equipment | -1.7 | 1.6 | 4.6 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, Beginning of Period | 11.1 | 17.6 | 27 |
Restructuring Additions | 11.1 | 34.7 | 30.5 |
Restructuring Reserve, Settled with Cash | -12.4 | -40.5 | -45.1 |
Restructuring Reserve, Accrual Adjustment | -0.1 | -0.7 | 5.2 |
Restructuring Reserve, End of Period | 9.7 | 11.1 | 17.6 |
Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | -2.8 | 14.9 | 26.2 |
Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 9.4 | 19.8 | 4.3 |
Americas [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 0.7 | 13.9 | 20 |
Americas [Member] | Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 1 | 14.7 | 1.5 |
EMEA [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | 4.5 | ' | ' |
EMEA [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | -3.6 | 1 | 5 |
EMEA [Member] | Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 8.2 | 4 | 3 |
Other Segments [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 0.1 | 0 | 1.2 |
Other Segments [Member] | Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 0.2 | 1.1 | -0.2 |
Building and Building Improvements [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | 12.4 | ' | ' |
Employee Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, Beginning of Period | 7.8 | 12.9 | 25.7 |
Restructuring Additions | 7.4 | 11.5 | 25.6 |
Restructuring Reserve, Settled with Cash | -6.8 | -16.4 | -38.2 |
Restructuring Reserve, Accrual Adjustment | -0.7 | -0.2 | -0.2 |
Restructuring Reserve, End of Period | 7.7 | 7.8 | 12.9 |
Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, Beginning of Period | 3.3 | 4.7 | 1.3 |
Restructuring Additions | 3.7 | 23.2 | 4.9 |
Restructuring Reserve, Settled with Cash | -5.6 | -24.1 | -6.9 |
Restructuring Reserve, Accrual Adjustment | 0.6 | -0.5 | 5.4 |
Restructuring Reserve, End of Period | 2 | 3.3 | 4.7 |
Q3 2014 EMEA restructuring [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 5 | ' | ' |
Restructuring costs | 0.7 | ' | ' |
Q1 2014 France SG&A Reorg [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 9 | ' | ' |
Q1 2014 France SG&A Reorg [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 8 | ' | ' |
Restructuring costs | 6.3 | ' | ' |
Q1 2014 France SG&A Reorg [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 1 | ' | ' |
Restructuring costs | 0.9 | ' | ' |
EMEA Dealer Consolidation Q4 2013 [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | 3.8 | ' |
PolyVision Technology SES Integration Plan Announced Q2 2013 [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | 1.4 | ' |
PolyVision Technology SES Integration Plan Announced Q2 2013 [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | 0.6 | ' |
Restructuring costs | 0.9 | ' | ' |
Americas Modernization Plan Announced Q4 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | 41 | ' |
Americas Modernization Plan Announced Q4 2011 [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | 28.4 | ' |
Restructuring costs | ' | 4.2 | 14.3 |
Americas Modernization Plan Announced Q4 2011 [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | 12.6 | ' |
Restructuring costs | ' | 8.8 | 3.6 |
Morocco Plant Announced Q2 2012 [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | -4.1 |
Morocco Plant Announced Q2 2012 [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | ' | 6.8 |
Morocco Plant Announced Q2 2012 [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | ' | 0.3 |
Polyvision European Whiteboard Fabrication Business Sale Q2 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | ' | 0.9 |
Minimum [Member] | Q3 2014 EMEA restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 20 | ' | ' |
Minimum [Member] | Q3 2014 EMEA restructuring [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 15 | ' | ' |
Maximum [Member] | Q3 2014 EMEA restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | 25 | ' | ' |
Maximum [Member] | Q3 2014 EMEA restructuring [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | $20 | ' | ' |
Unaudited_Quarterly_Results_De
Unaudited Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Nov. 22, 2013 | Aug. 23, 2013 | 24-May-13 | Feb. 22, 2013 | Nov. 23, 2012 | Aug. 24, 2012 | 25-May-12 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 |
Unaudited Quarterly Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $779.40 | $784.80 | $757.60 | $667.10 | $721.40 | $727.20 | $744.90 | $675.20 | $2,988.90 | $2,868.70 | $2,749.50 |
Gross profit | 248.4 | 242.8 | 244.3 | 209.7 | 216 | 225.9 | 228.1 | 196 | 945.2 | 866 | 809.7 |
Operating income (loss) | 54.2 | 39.3 | 52 | 20.4 | -45.2 | 38.4 | 46.8 | 19.3 | 165.9 | 59.3 | 97.1 |
Net income | $23.90 | $23 | $27.60 | $13.20 | ($27.50) | $23.60 | $29.50 | $13.20 | $87.70 | $38.80 | $56.70 |
Earnings per share, basic | $0.19 | $0.18 | $0.22 | $0.10 | ($0.22) | $0.19 | $0.23 | $0.10 | $0.70 | $0.30 | $0.43 |
Earnings per share, diluted | $0.19 | $0.18 | $0.22 | $0.10 | ($0.22) | $0.18 | $0.23 | $0.10 | $0.69 | $0.30 | $0.43 |
Schedule_II_Valuation_And_Qual1
Schedule II Valuation And Qualifying Accounts Schedule II Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 24, 2012 | |||
Allowance for Losses on Accounts Receivable [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation allowances and reserves, balance as of beginning of period | $14.50 | $19.60 | $23.10 | |||
Charged to cost and expense | 2.7 | 2.8 | 2 | |||
Charged to other accounts | 0.1 | 0.3 | -0.2 | |||
Deductions | -4.6 | [1] | -7.9 | [1] | -4.7 | [1] |
Other adjustments | 0.3 | [2] | -0.3 | [2] | -0.6 | [2] |
Valuation allowances and reserves, balance as of end of period | 13 | 14.5 | 19.6 | |||
Valuation Allowance for Deferred Income Tax Assets [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation allowances and reserves, balance as of beginning of period | 70.4 | 34.5 | 34.9 | |||
Charged to cost and expense | 8.9 | 40 | 2.5 | |||
Charged to other accounts | 0 | 0 | 0 | |||
Deductions | -0.5 | -4.4 | -1.8 | |||
Other adjustments | 3 | [2] | 0.3 | [2] | -1.1 | [2] |
Valuation allowances and reserves, balance as of end of period | $81.80 | $70.40 | $34.50 | |||
[1] | Primarily represents excess of accounts written off over recoveries. | |||||
[2] | Primarily currency translation adjustments. |