Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||
30-May-14 | Jun. 20, 2014 | Jun. 20, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-May-14 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Trading Symbol | 'SCS | ' | ' |
Entity Registrant Name | 'STEELCASE INC | ' | ' |
Entity Central Index Key | '0001050825 | ' | ' |
Current Fiscal Year End Date | '--02-27 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 90,511,645 | 32,546,842 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 30-May-14 | 24-May-13 |
Revenue | $723.10 | $667.10 |
Cost of sales | 504.5 | 457.2 |
Restructuring costs | -9.7 | 4.4 |
Gross profit | 229.1 | 209.7 |
Operating expenses | 191.9 | 185.1 |
Operating income | 36.4 | 20.4 |
Interest expense | -4.4 | -4.4 |
Investment income | 0.4 | 0.6 |
Other income | 3.5 | 1.2 |
Income before income tax expense | 35.9 | 17.8 |
Income tax expense | 14.9 | 4.6 |
Net income | 21 | 13.2 |
Earnings per share | ' | ' |
Basic | $0.17 | $0.10 |
Diluted | $0.17 | $0.10 |
Dividends declared and paid per common share | $0.11 | $0.10 |
Cost of Sales [Member] | ' | ' |
Restructuring costs | -10.5 | 0.2 |
Operating Expense [Member] | ' | ' |
Restructuring costs | $0.80 | $4.20 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 30-May-14 | 24-May-13 |
Net income | $21 | $13.20 |
Other comprehensive income (loss), net: | ' | ' |
Unrealized gain on investments | 0.1 | 0.2 |
Pension and other post-retirement liability adjustments | -1.3 | -1 |
Foreign currency translation adjustments | 0.7 | -1.5 |
Total other comprehensive income (loss), net | -0.5 | -2.3 |
Comprehensive income | $20.50 | $10.90 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 30-May-14 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $158.30 | $201.80 |
Short-term investments | 84.8 | 119.5 |
Accounts receivable, net of allowances of $12.8 and $13.0 | 322.1 | 306.8 |
Inventories | 161.1 | 151.5 |
Deferred income taxes | 47.8 | 56 |
Prepaid expense | 20.8 | 19.3 |
Other current assets | 29.2 | 35 |
Total current assets | 824.1 | 889.9 |
Property, plant and equipment, net of accumulated depreciation of $1,115.2 and $1,140.8 | 377.5 | 377 |
Company-owned life insurance | 155.2 | 154.3 |
Deferred income taxes | 79.6 | 85.1 |
Goodwill | 108.3 | 108.1 |
Other intangible assets, net of accumulated amortization of $42.2 and $41.8 | 16.2 | 16.6 |
Investments in unconsolidated affiliates | 54.4 | 53 |
Other assets | 40.9 | 42.7 |
Total assets | 1,656.20 | 1,726.70 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable | 220 | 212.5 |
Short-term borrowings and current maturities of long-term debt | 2.6 | 2.6 |
Accrued expenses: | ' | ' |
Employee compensation | 87.3 | 152.8 |
Employee benefit plan obligations | 17.5 | 26.1 |
Customer deposits | 17.2 | 16 |
Product warranty | 20.4 | 17.5 |
Other | 107.8 | 110.7 |
Total current liabilities | 472.8 | 538.2 |
Long-term liabilities: | ' | ' |
Long-term debt less current maturities | 283.8 | 284.4 |
Employee benefit plan obligations | 146.9 | 151.1 |
Other long-term liabilities | 65 | 75.9 |
Total long-term liabilities | 495.7 | 511.4 |
Total liabilities | 968.5 | 1,049.60 |
Shareholders' equity: | ' | ' |
Common stock | 0 | 0 |
Additional paid-in capital | 3.7 | 0 |
Accumulated other comprehensive loss | 0.3 | 0.8 |
Retained earnings | 683.7 | 676.3 |
Total shareholders' equity | 687.7 | 677.1 |
Total liabilities and shareholders' equity | $1,656.20 | $1,726.70 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 30-May-14 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowances | $12.80 | $13 |
Property, plant and equipment, accumulated depreciation | 1,115.20 | 1,140.80 |
Other intangible assets, accumulated amortization | $42.20 | $41.80 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 30-May-14 | 24-May-13 |
OPERATING ACTIVITIES | ' | ' |
Net income | $21 | $13.20 |
Depreciation and amortization | 14.7 | 14.1 |
Changes in deferred income taxes | 13 | 0.7 |
Restructuring costs | -9.7 | 4.4 |
Non-cash stock compensation | 9.6 | 10.8 |
Equity in income of unconsolidated affiliates | -3.7 | -1.7 |
Dividends received from unconsolidated affiliates | 2.3 | 0.7 |
Other | -1.8 | -1.3 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -15 | -16.6 |
Inventories | -9.5 | -10.4 |
Other assets | -10.5 | -2.5 |
Accounts payable | 7.6 | 14.1 |
Employee compensation liabilities | -74.4 | -48 |
Employee benefit obligations | -14.6 | -16.4 |
Accrued expenses and other liabilities | -1.6 | -0.4 |
Net cash used in operating activities | -72.6 | -39.3 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -15.8 | -18.4 |
Proceeds from disposal of fixed assets | 19 | 0.9 |
Purchases of short-term investments | -27 | -9.8 |
Liquidations of short-term investments | 62.8 | 66.4 |
Other | 9.8 | -0.4 |
Net cash provided by investing activities | 48.8 | 38.7 |
FINANCING ACTIVITIES | ' | ' |
Dividends paid | -13.6 | -12.5 |
Common stock repurchases | -5.9 | -31.7 |
Excess tax benefit from vesting of stock awards | 0 | -1.1 |
Repayments of long-term debt | -0.6 | -0.6 |
Net cash used in financing activities | -20.1 | -45.9 |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | -0.8 |
Net decrease in cash and cash equivalents | -43.5 | -47.3 |
Cash and cash equivalents, beginning of period | 201.8 | 150.4 |
Cash and cash equivalents, end of period | $158.30 | $103.10 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
24-May-13 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 28, 2014 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 28, 2014 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. | |
As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. 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. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
30-May-14 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
NEW ACCOUNTING STANDARDS | |
In May 2014, the Financial Accounting Standards Board issued a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
30-May-14 | |||||||||
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 represent restricted stock units in which the participants have non-forfeitable rights to 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 dividend equivalents during the performance period. | |||||||||
Three Months Ended | |||||||||
Computation of Earnings per Share | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Net income | $ | 21 | $ | 13.2 | |||||
Adjustment for earnings attributable to participating securities | (0.4 | ) | (0.1 | ) | |||||
Net income used in calculating earnings per share | $ | 20.6 | $ | 13.1 | |||||
Weighted-average common shares outstanding including participating securities (in millions) | 125.3 | 126.5 | |||||||
Adjustment for participating securities (in millions) | (2.2 | ) | (1.7 | ) | |||||
Shares used in calculating basic earnings per share (in millions) | 123.1 | 124.8 | |||||||
Effect of dilutive stock-based compensation (in millions) | 1.3 | 1.4 | |||||||
Shares used in calculating diluted earnings per share (in millions) | 124.4 | 126.2 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.17 | $ | 0.1 | |||||
Diluted | $ | 0.17 | $ | 0.1 | |||||
Total common shares outstanding at period end (in millions) | 123.1 | 123.9 | |||||||
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) | 0.1 | 0.2 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||
30-May-14 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive income for the three months ended May 30, 2014: | |||||||||||||||||||||
Unrealized gain on investments | Pension and other post-retirement liability adjustments | Derivative adjustments | Foreign currency translation adjustments | Total | |||||||||||||||||
Balance as of February 28, 2014 | $ | 0.8 | $ | 19.6 | $ | (0.1 | ) | $ | (19.5 | ) | $ | 0.8 | |||||||||
Other comprehensive income before reclassifications | 0.1 | — | — | 0.7 | 0.8 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1.3 | ) | — | — | (1.3 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | 0.1 | (1.3 | ) | — | 0.7 | (0.5 | ) | ||||||||||||||
Balance as of May 30, 2014 | $ | 0.9 | $ | 18.3 | $ | (0.1 | ) | $ | (18.8 | ) | $ | 0.3 | |||||||||
The following table provides details about reclassifications out of accumulated other comprehensive income for the three months ended May 30, 2014 and May 24, 2013: | |||||||||||||||||||||
Detail of Accumulated Other | Amounts Reclassified from | Affected Line in the Condensed Consolidated Statements of Income | |||||||||||||||||||
Comprehensive Income Components | Accumulated Other Comprehensive Income | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
May 30, | May 24, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
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 (gains) | — | 0.1 | Cost of sales | ||||||||||||||||||
Actuarial losses (gains) | 0.1 | 0.3 | Operating expenses | ||||||||||||||||||
Prior service cost (credit) | (1.1 | ) | (1.0 | ) | Cost of sales | ||||||||||||||||
Prior service cost (credit) | (1.2 | ) | (1.1 | ) | Operating expenses | ||||||||||||||||
0.9 | 0.7 | Income tax expense | |||||||||||||||||||
(1.3 | ) | (1.0 | ) | Net income | |||||||||||||||||
Total reclassifications | $ | (1.3 | ) | $ | (0.9 | ) |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||
30-May-14 | ||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||
Fair Value | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings 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 Condensed Consolidated Balance Sheets. | ||||||||||||||||
Our total debt is carried at cost and was $286.4 and $287.0 as of May 30, 2014 and February 28, 2014, 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 $330 and $327 as of May 30, 2014 and February 28, 2014, respectively. | ||||||||||||||||
We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest 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. | ||||||||||||||||
Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of May 30, 2014 and February 28, 2014 are summarized below: | ||||||||||||||||
May 30, 2014 | ||||||||||||||||
Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 158.3 | $ | — | $ | — | $ | 158.3 | ||||||||
Restricted cash | 7.9 | — | — | 7.9 | ||||||||||||
Managed investment portfolio and other investments | ||||||||||||||||
Corporate debt securities | — | 36.2 | — | 36.2 | ||||||||||||
U.S. agency debt securities | — | 31.3 | — | 31.3 | ||||||||||||
U.S. government debt securities | 9.5 | — | — | 9.5 | ||||||||||||
Asset backed securities | — | 7 | — | 7 | ||||||||||||
Other investments | — | 0.8 | — | 0.8 | ||||||||||||
Foreign exchange forward contracts | — | 1.8 | — | 1.8 | ||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | 3.8 | — | 3.8 | ||||||||||||
Auction rate securities | $ | — | $ | — | $ | 9.7 | $ | 9.7 | ||||||||
$ | 175.7 | $ | 80.9 | $ | 9.7 | $ | 266.3 | |||||||||
Liabilities | ||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | ||||||
$ | — | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | |||||||
February 28, 2014 | ||||||||||||||||
Fair Value of Financial Instruments | 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 | ||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | 3.7 | — | 3.7 | ||||||||||||
Auction rate securities | — | — | 9.6 | 9.6 | ||||||||||||
$ | 218.6 | $ | 115.7 | $ | 9.6 | $ | 343.9 | |||||||||
Liabilities | ||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | ||||||
$ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | |||||||
Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 30, 2014: | ||||||||||||||||
Roll-Forward of Fair Value Using Level 3 Inputs | Auction Rate Securities | |||||||||||||||
Balance as of February 28, 2014 | $ | 9.6 | ||||||||||||||
Unrealized gain on investments | 0.1 | |||||||||||||||
Other-than-temporary impairments | — | |||||||||||||||
Currency translation adjustment | — | |||||||||||||||
Balance as of May 30, 2014 | $ | 9.7 | ||||||||||||||
Inventories
Inventories | 3 Months Ended | |||||||
30-May-14 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories | May 30, | February 28, | ||||||
2014 | 2014 | |||||||
Raw materials | $ | 78.3 | $ | 73.1 | ||||
Work-in-process | 11.4 | 12.2 | ||||||
Finished goods | 92.7 | 87.7 | ||||||
182.4 | 173 | |||||||
Less LIFO reserve | 21.3 | 21.5 | ||||||
$ | 161.1 | $ | 151.5 | |||||
The portion of inventories determined by the LIFO method was $74.3 as of May 30, 2014 and $70.8 as of February 28, 2014. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
30-May-14 | |||||||||
Share-based Compensation [Abstract] | ' | ||||||||
Stock Incentive Plan | ' | ||||||||
SHARE-BASED COMPENSATION | |||||||||
Performance Units | |||||||||
In Q1 2015, we awarded 305,512 performance units ("PSUs") to our executive officers. Of the PSUs awarded, 152,756 units are earned after a three-year performance period, from 2015 through 2017, based on our total shareholder return relative to a comparison group of companies, which is a market condition, and, if earned, will be issued in the form of shares of Class A Common Stock. The number of shares that may be earned can range from 0% to 200% of the target amount; therefore, the maximum number of shares that can be issued under this award is 305,512. These PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the performance period. We used the Monte Carlo simulation model to calculate the fair value of these PSUs on the date of grant. The model resulted in a weighted average grant date fair value of $23.25 per unit for these PSUs, compared to $15.50 and $11.92 per unit for PSUs granted in 2014 and 2013, respectively. | |||||||||
The weighted average grant date fair values were determined using the following assumptions: | |||||||||
2015 Awards | 2014 Awards | 2013 Awards | |||||||
Three-year risk-free interest rate (1) | 0.7 | % | 0.3 | % | 0.5 | % | |||
Expected term | 3 years | 3 years | 3 years | ||||||
Estimated volatility (2) | 42.2 | % | 44.7 | % | 49.8 | % | |||
_______________________________________ | |||||||||
-1 | Based on the U.S. government bond benchmark on the grant date. | ||||||||
-2 | Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date. | ||||||||
The remaining 152,756 PSUs awarded during Q1 2015 are earned after a three-year performance period, from 2015 through 2017, based on our three-year average return on invested capital, which is a performance condition, and, if earned, will be issued in the form of shares of Class A Common Stock. The number of shares that may be earned can range from 0% to 200% of the target amount, therefore the maximum number of shares that can be issued under this award is 305,512. These units are expensed and recorded in Additional paid-in capital on the Condensed 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 PSUs that will ultimately be earned changes. The weighted average grant date fair value of these PSUs was $16.69. The fair value is equal to the closing stock price on the date of grant. | |||||||||
For all PSUs awarded in Q1 2015, dividend equivalents are calculated based on the actual number of shares earned at the end of the performance period equal to the dividends that would have been payable on the earned shares 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. In addition, these awards will be forfeited if the 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. If a change in control occurs at least six months following the award date, the target awards will be deemed to be earned and a pro rata number of units will be vested and paid based upon the length of time within the performance period which has elapsed prior to the effective date of the change in control. | |||||||||
The total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 30, 2014 and May 24, 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
Performance Units | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Expense | $ | 2.6 | $ | 5.2 | |||||
Tax benefit | 1 | 2 | |||||||
The PSU activity for the three months ended May 30, 2014 is as follows: | |||||||||
Maximum Number of Shares That May Be Issued Under Nonvested Units | Total | Weighted-Average | |||||||
Grant Date | |||||||||
Fair Value per Unit | |||||||||
Nonvested as of February 28, 2014 | 1,833,288 | $ | 14.04 | ||||||
Granted | 611,024 | 19.97 | |||||||
Nonvested as of May 30, 2014 | 2,444,312 | $ | 14.65 | ||||||
As of May 30, 2014, there was $7.5 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.7 years. | |||||||||
Restricted Stock Units | |||||||||
During the three months ended May 30, 2014, we awarded 709,518 restricted stock units ("RSUs"), of which 130,181 were awarded to our executive officers. These RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the units will be issued as unrestricted shares of Class A Common Stock. 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 Condensed Consolidated Statements of Cash Flows. These awards are subject to forfeiture if a participant leaves our 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 Condensed Consolidated Balance Sheets over the requisite service period based on the value of the underlying shares on the date of grant. | |||||||||
The RSU expense and associated tax benefit for all outstanding awards for the three months ended May 30, 2014 and May 24, 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
Restricted Stock Units | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Expense | $ | 6.7 | $ | 5.6 | |||||
Tax benefit | 2.4 | 2 | |||||||
The RSU activity for the three months ended May 30, 2014 is as follows: | |||||||||
Nonvested Units | Total | Weighted-Average | |||||||
Grant Date | |||||||||
Fair Value | |||||||||
per Unit | |||||||||
Nonvested as of February 28, 2014 | 2,001,758 | $ | 11.71 | ||||||
Granted | 709,518 | 16.63 | |||||||
Vested | (215,589 | ) | 14.61 | ||||||
Forfeited | (14,769 | ) | 13.23 | ||||||
Nonvested as of May 30, 2014 | 2,480,918 | $ | 13.18 | ||||||
As of May 30, 2014, there was $13.6 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.3 years. |
Reportable_Segments
Reportable Segments | 3 Months Ended | ||||||||
30-May-14 | |||||||||
Reportable Segments [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, 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. | |||||||||
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 the cash surrender value of company-owned life insurance. | |||||||||
Revenue and operating income (loss) for the three months ended May 30, 2014 and May 24, 2013 and total assets as of May 30, 2014 and February 28, 2014 by segment are presented below: | |||||||||
Three Months Ended | |||||||||
Reportable Segment Statement of Operations Data | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Revenue | |||||||||
Americas | $ | 506.3 | $ | 478.8 | |||||
EMEA | 147.6 | 126.7 | |||||||
Other | 69.2 | 61.6 | |||||||
$ | 723.1 | $ | 667.1 | ||||||
Operating income (loss) | |||||||||
Americas | $ | 53.2 | $ | 38.7 | |||||
EMEA | (7.7 | ) | (10.3 | ) | |||||
Other | — | 1.9 | |||||||
Corporate | (9.1 | ) | (9.9 | ) | |||||
$ | 36.4 | $ | 20.4 | ||||||
Reportable Segment Balance Sheet Data | May 30, | February 28, | |||||||
2014 | 2014 | ||||||||
Total assets | |||||||||
Americas | $ | 908 | $ | 901.4 | |||||
EMEA | 280.1 | 288.6 | |||||||
Other | 164.5 | 159.9 | |||||||
Corporate | 303.6 | 376.8 | |||||||
$ | 1,656.20 | $ | 1,726.70 | ||||||
Restructuring_Activities
Restructuring Activities | 3 Months Ended | |||||||||||
30-May-14 | ||||||||||||
Restructuring Activities [Abstract] | ' | |||||||||||
Restructuring Activities | ' | |||||||||||
RESTRUCTURING ACTIVITIES | ||||||||||||
Subsequent to Q1 2015, we announced additional restructuring actions in EMEA intended to safeguard our global competitiveness through changes in our EMEA manufacturing footprint. These actions relate to the exit of a manufacturing facility in France and the transfer of its activities to other existing facilities in the EMEA region. This project may involve the transfer of the operations of the facility to a third party or result in a closure. In connection with this project, we expect to incur approximately $30 to $50 of net cash costs, including costs associated with manufacturing inefficiencies, consolidation and production moves. The remaining costs may include payments to a third party or costs related to workforce reductions. We are unable to estimate a range for each of the categories of these costs at this time, as they will depend on whether we transfer the facility to a third party and the terms of such transfer, as well as the outcome of the works council procedures. | ||||||||||||
In Q1 2015, we recognized a $12.0 gain related to the sale of a idle manufacturing facility in the Americas segment that was closed as part of previously announced restructuring actions. | ||||||||||||
In Q1 2015, we announced restructuring actions to close a manufacturing facility in High Point, North Carolina. In connection with this project, we expect to incur approximately $8 of cash restructuring costs, with approximately $4 relating to workforce reductions and approximately $4 relating to manufacturing consolidation and production moves. We did not incur any costs in the Americas segment in connection with these actions during Q1 2015. | ||||||||||||
In Q3 2014, we announced restructuring actions in EMEA to safeguard our global competitiveness through changes in our EMEA manufacturing footprint. These actions consist of the closure of a manufacturing facility in Durlangen, Germany and the establishment of a new manufacturing location in Stribro, Czech Republic. In Q1 2015, we completed negotiations with the works councils related to these actions. In connection with this project, we expect to incur approximately $26 of cash restructuring costs, with approximately $19 related to employee termination costs and approximately $7 related to business exit and other related costs. We incurred $0.6 of employee termination costs and $0.5 of business exit and other related costs in the EMEA segment in connection with these actions during the three months ended May 30, 2014. During 2014 we incurred $0.7 of business exit and other related costs in the EMEA segment in connection with these actions. | ||||||||||||
In Q1 2014, we announced restructuring actions in EMEA to reorganize the sales, marketing and support functions in France. We currently estimate the cash restructuring costs associated with these actions will be approximately $9, with approximately $8 related to employee termination costs and approximately $1 of business exit and other related costs. We incurred $0.6 and $1.8 of employee termination costs in the EMEA segment in connection with these actions during the three months ended May 30, 2014 and May 24, 2013, respectively. We incurred $0.3 of business exit and other related costs in the EMEA segment in connection with these actions during the three months ended May 24, 2013. During 2014 we incurred $6.3 related to employee termination costs and $0.9 of business exit and other related costs in the EMEA segment in connection with these actions. | ||||||||||||
Restructuring costs (benefits) are summarized in the following table: | ||||||||||||
Three Months Ended | ||||||||||||
Restructuring Costs (Benefits) | May 30, | May 24, | ||||||||||
2014 | 2013 | |||||||||||
Cost of sales | ||||||||||||
Americas | $ | (11.6 | ) | $ | 0.2 | |||||||
EMEA | 1.1 | — | ||||||||||
(10.5 | ) | 0.2 | ||||||||||
Operating expenses | ||||||||||||
Americas | — | 1 | ||||||||||
EMEA | 0.8 | 3.2 | ||||||||||
0.8 | 4.2 | |||||||||||
Total | $ | (9.7 | ) | $ | 4.4 | |||||||
Below is a summary of the net additions, payments and adjustments to the restructuring reserve balance for the three months ended May 30, 2014: | ||||||||||||
Restructuring Reserve | Employee | Business Exits | Total | |||||||||
Termination Costs | and Related | |||||||||||
Costs | ||||||||||||
Reserve balance as of February 28, 2014 | $ | 7.7 | $ | 2 | $ | 9.7 | ||||||
Additions | 1.6 | 0.7 | 2.3 | |||||||||
Payments | (2.0 | ) | (0.6 | ) | (2.6 | ) | ||||||
Reserve balance as of May 30, 2014 | $ | 7.3 | $ | 2.1 | $ | 9.4 | ||||||
The employee termination costs reserve balance as of May 30, 2014 primarily relates to restructuring actions in EMEA. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
30-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||
Three Months Ended | |||||||||
Computation of Earnings per Share | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Net income | $ | 21 | $ | 13.2 | |||||
Adjustment for earnings attributable to participating securities | (0.4 | ) | (0.1 | ) | |||||
Net income used in calculating earnings per share | $ | 20.6 | $ | 13.1 | |||||
Weighted-average common shares outstanding including participating securities (in millions) | 125.3 | 126.5 | |||||||
Adjustment for participating securities (in millions) | (2.2 | ) | (1.7 | ) | |||||
Shares used in calculating basic earnings per share (in millions) | 123.1 | 124.8 | |||||||
Effect of dilutive stock-based compensation (in millions) | 1.3 | 1.4 | |||||||
Shares used in calculating diluted earnings per share (in millions) | 124.4 | 126.2 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.17 | $ | 0.1 | |||||
Diluted | $ | 0.17 | $ | 0.1 | |||||
Total common shares outstanding at period end (in millions) | 123.1 | 123.9 | |||||||
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) | 0.1 | 0.2 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||
30-May-14 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Changes in Accumulated Balance of Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive income for the three months ended May 30, 2014: | |||||||||||||||||||||
Unrealized gain on investments | Pension and other post-retirement liability adjustments | Derivative adjustments | Foreign currency translation adjustments | Total | |||||||||||||||||
Balance as of February 28, 2014 | $ | 0.8 | $ | 19.6 | $ | (0.1 | ) | $ | (19.5 | ) | $ | 0.8 | |||||||||
Other comprehensive income before reclassifications | 0.1 | — | — | 0.7 | 0.8 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1.3 | ) | — | — | (1.3 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | 0.1 | (1.3 | ) | — | 0.7 | (0.5 | ) | ||||||||||||||
Balance as of May 30, 2014 | $ | 0.9 | $ | 18.3 | $ | (0.1 | ) | $ | (18.8 | ) | $ | 0.3 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The following table provides details about reclassifications out of accumulated other comprehensive income for the three months ended May 30, 2014 and May 24, 2013: | |||||||||||||||||||||
Detail of Accumulated Other | Amounts Reclassified from | Affected Line in the Condensed Consolidated Statements of Income | |||||||||||||||||||
Comprehensive Income Components | Accumulated Other Comprehensive Income | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
May 30, | May 24, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
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 (gains) | — | 0.1 | Cost of sales | ||||||||||||||||||
Actuarial losses (gains) | 0.1 | 0.3 | Operating expenses | ||||||||||||||||||
Prior service cost (credit) | (1.1 | ) | (1.0 | ) | Cost of sales | ||||||||||||||||
Prior service cost (credit) | (1.2 | ) | (1.1 | ) | Operating expenses | ||||||||||||||||
0.9 | 0.7 | Income tax expense | |||||||||||||||||||
(1.3 | ) | (1.0 | ) | Net income | |||||||||||||||||
Total reclassifications | $ | (1.3 | ) | $ | (0.9 | ) |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||
30-May-14 | ||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | ' | |||||||||||||||
Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of May 30, 2014 and February 28, 2014 are summarized below: | ||||||||||||||||
May 30, 2014 | ||||||||||||||||
Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 158.3 | $ | — | $ | — | $ | 158.3 | ||||||||
Restricted cash | 7.9 | — | — | 7.9 | ||||||||||||
Managed investment portfolio and other investments | ||||||||||||||||
Corporate debt securities | — | 36.2 | — | 36.2 | ||||||||||||
U.S. agency debt securities | — | 31.3 | — | 31.3 | ||||||||||||
U.S. government debt securities | 9.5 | — | — | 9.5 | ||||||||||||
Asset backed securities | — | 7 | — | 7 | ||||||||||||
Other investments | — | 0.8 | — | 0.8 | ||||||||||||
Foreign exchange forward contracts | — | 1.8 | — | 1.8 | ||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | 3.8 | — | 3.8 | ||||||||||||
Auction rate securities | $ | — | $ | — | $ | 9.7 | $ | 9.7 | ||||||||
$ | 175.7 | $ | 80.9 | $ | 9.7 | $ | 266.3 | |||||||||
Liabilities | ||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | ||||||
$ | — | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | |||||||
February 28, 2014 | ||||||||||||||||
Fair Value of Financial Instruments | 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 | ||||||||||||
Canadian asset-backed commercial paper restructuring notes | — | 3.7 | — | 3.7 | ||||||||||||
Auction rate securities | — | — | 9.6 | 9.6 | ||||||||||||
$ | 218.6 | $ | 115.7 | $ | 9.6 | $ | 343.9 | |||||||||
Liabilities | ||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | ||||||
$ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | |||||||
Rollforward of Assets with Unobservable Inputs Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 30, 2014: | ||||||||||||||||
Roll-Forward of Fair Value Using Level 3 Inputs | Auction Rate Securities | |||||||||||||||
Balance as of February 28, 2014 | $ | 9.6 | ||||||||||||||
Unrealized gain on investments | 0.1 | |||||||||||||||
Other-than-temporary impairments | — | |||||||||||||||
Currency translation adjustment | — | |||||||||||||||
Balance as of May 30, 2014 | $ | 9.7 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
30-May-14 | ||||||||
Inventories [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories | May 30, | February 28, | ||||||
2014 | 2014 | |||||||
Raw materials | $ | 78.3 | $ | 73.1 | ||||
Work-in-process | 11.4 | 12.2 | ||||||
Finished goods | 92.7 | 87.7 | ||||||
182.4 | 173 | |||||||
Less LIFO reserve | 21.3 | 21.5 | ||||||
$ | 161.1 | $ | 151.5 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
30-May-14 | |||||||||
Performance Units [Member] | ' | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||
Schedule of Valuation Assumptions for Performance Unit Awards | ' | ||||||||
The weighted average grant date fair values were determined using the following assumptions: | |||||||||
2015 Awards | 2014 Awards | 2013 Awards | |||||||
Three-year risk-free interest rate (1) | 0.7 | % | 0.3 | % | 0.5 | % | |||
Expected term | 3 years | 3 years | 3 years | ||||||
Estimated volatility (2) | 42.2 | % | 44.7 | % | 49.8 | % | |||
_______________________________________ | |||||||||
-1 | Based on the U.S. government bond benchmark on the grant date. | ||||||||
-2 | Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date. | ||||||||
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | ' | ||||||||
The total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 30, 2014 and May 24, 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
Performance Units | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Expense | $ | 2.6 | $ | 5.2 | |||||
Tax benefit | 1 | 2 | |||||||
Schedule of Performance Unit Awards Activity | ' | ||||||||
The PSU activity for the three months ended May 30, 2014 is as follows: | |||||||||
Maximum Number of Shares That May Be Issued Under Nonvested Units | Total | Weighted-Average | |||||||
Grant Date | |||||||||
Fair Value per Unit | |||||||||
Nonvested as of February 28, 2014 | 1,833,288 | $ | 14.04 | ||||||
Granted | 611,024 | 19.97 | |||||||
Nonvested as of May 30, 2014 | 2,444,312 | $ | 14.65 | ||||||
Restricted Stock Units [Member] | ' | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | ' | ||||||||
The RSU expense and associated tax benefit for all outstanding awards for the three months ended May 30, 2014 and May 24, 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
Restricted Stock Units | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Expense | $ | 6.7 | $ | 5.6 | |||||
Tax benefit | 2.4 | 2 | |||||||
Schedule of Restricted Stock Unit Awards Activity | ' | ||||||||
The RSU activity for the three months ended May 30, 2014 is as follows: | |||||||||
Nonvested Units | Total | Weighted-Average | |||||||
Grant Date | |||||||||
Fair Value | |||||||||
per Unit | |||||||||
Nonvested as of February 28, 2014 | 2,001,758 | $ | 11.71 | ||||||
Granted | 709,518 | 16.63 | |||||||
Vested | (215,589 | ) | 14.61 | ||||||
Forfeited | (14,769 | ) | 13.23 | ||||||
Nonvested as of May 30, 2014 | 2,480,918 | $ | 13.18 | ||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 3 Months Ended | ||||||||
30-May-14 | |||||||||
Reportable Segments [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information | ' | ||||||||
Revenue and operating income (loss) for the three months ended May 30, 2014 and May 24, 2013 and total assets as of May 30, 2014 and February 28, 2014 by segment are presented below: | |||||||||
Three Months Ended | |||||||||
Reportable Segment Statement of Operations Data | May 30, | May 24, | |||||||
2014 | 2013 | ||||||||
Revenue | |||||||||
Americas | $ | 506.3 | $ | 478.8 | |||||
EMEA | 147.6 | 126.7 | |||||||
Other | 69.2 | 61.6 | |||||||
$ | 723.1 | $ | 667.1 | ||||||
Operating income (loss) | |||||||||
Americas | $ | 53.2 | $ | 38.7 | |||||
EMEA | (7.7 | ) | (10.3 | ) | |||||
Other | — | 1.9 | |||||||
Corporate | (9.1 | ) | (9.9 | ) | |||||
$ | 36.4 | $ | 20.4 | ||||||
Reportable Segment Balance Sheet Data | May 30, | February 28, | |||||||
2014 | 2014 | ||||||||
Total assets | |||||||||
Americas | $ | 908 | $ | 901.4 | |||||
EMEA | 280.1 | 288.6 | |||||||
Other | 164.5 | 159.9 | |||||||
Corporate | 303.6 | 376.8 | |||||||
$ | 1,656.20 | $ | 1,726.70 | ||||||
Restructuring_Activities_Table
Restructuring Activities (Tables) | 3 Months Ended | |||||||||||
30-May-14 | ||||||||||||
Restructuring Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||
Restructuring costs (benefits) are summarized in the following table: | ||||||||||||
Three Months Ended | ||||||||||||
Restructuring Costs (Benefits) | May 30, | May 24, | ||||||||||
2014 | 2013 | |||||||||||
Cost of sales | ||||||||||||
Americas | $ | (11.6 | ) | $ | 0.2 | |||||||
EMEA | 1.1 | — | ||||||||||
(10.5 | ) | 0.2 | ||||||||||
Operating expenses | ||||||||||||
Americas | — | 1 | ||||||||||
EMEA | 0.8 | 3.2 | ||||||||||
0.8 | 4.2 | |||||||||||
Total | $ | (9.7 | ) | $ | 4.4 | |||||||
Rollforward of Restructuring Reserve | ' | |||||||||||
Below is a summary of the net additions, payments and adjustments to the restructuring reserve balance for the three months ended May 30, 2014: | ||||||||||||
Restructuring Reserve | Employee | Business Exits | Total | |||||||||
Termination Costs | and Related | |||||||||||
Costs | ||||||||||||
Reserve balance as of February 28, 2014 | $ | 7.7 | $ | 2 | $ | 9.7 | ||||||
Additions | 1.6 | 0.7 | 2.3 | |||||||||
Payments | (2.0 | ) | (0.6 | ) | (2.6 | ) | ||||||
Reserve balance as of May 30, 2014 | $ | 7.3 | $ | 2.1 | $ | 9.4 | ||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 30-May-14 | 24-May-13 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $21 | $13.20 |
Adjustment for earnings attributable to participating securities | -0.4 | -0.1 |
Net income used in calculating earnings per share | $20.60 | $13.10 |
Weighted-average common shares outstanding including participating securities (in millions) | 125.3 | 126.5 |
Adjustment for participating securities (in millions) | -2.2 | -1.7 |
Shares used in calculating basic earnings per share (in millions) | 123.1 | 124.8 |
Effect of dilutive stock-based compensation (in millions) | 1.3 | 1.4 |
Shares used in calculating diluted earnings per share (in millions) | 124.4 | 126.2 |
Earnings per share, basic | $0.17 | $0.10 |
Earnings per share, diluted | $0.17 | $0.10 |
Total common shares outstanding at period end (in millions) | 123.1 | 123.9 |
Antidilutive options and performance units excluded from computation of diluted earnings per share (in millions) | 0.1 | 0.2 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 30-May-14 | 24-May-13 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated other comprehensive income | $0.80 | ' |
Other comprehensive income before reclassifications | 0.8 | ' |
Amounts reclassified from accumulated other comprehensive income | -1.3 | ' |
Total other comprehensive income (loss), net | -0.5 | -2.3 |
Accumulated other comprehensive income | 0.3 | ' |
Unrealized gain on investments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated other comprehensive income | 0.8 | ' |
Other comprehensive income before reclassifications | 0.1 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Total other comprehensive income (loss), net | 0.1 | ' |
Accumulated other comprehensive income | 0.9 | ' |
Pension and other post-retirement liability adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated other comprehensive income | 19.6 | ' |
Other comprehensive income before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | -1.3 | ' |
Total other comprehensive income (loss), net | -1.3 | ' |
Accumulated other comprehensive income | 18.3 | ' |
Derivative adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated other comprehensive income | -0.1 | ' |
Other comprehensive income before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Total other comprehensive income (loss), net | 0 | ' |
Accumulated other comprehensive income | -0.1 | ' |
Foreign currency translation adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated other comprehensive income | -19.5 | ' |
Other comprehensive income before reclassifications | 0.7 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Total other comprehensive income (loss), net | 0.7 | ' |
Accumulated other comprehensive income | ($18.80) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 30-May-14 | 24-May-13 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other income | $3.50 | $1.20 |
Income tax expense | 14.9 | 4.6 |
Cost of sales | 504.5 | 457.2 |
Operating expenses | 191.9 | 185.1 |
Net income | 21 | 13.2 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net income | -1.3 | -0.9 |
Unrealized gain on investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other income | 0 | 0.1 |
Income tax expense | 0 | 0 |
Net income | 0 | 0.1 |
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Income tax expense | 0.9 | 0.7 |
Net income | -1.3 | -1 |
Actuarial Losses (gains) [Member] | Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Cost of sales | 0 | 0.1 |
Operating expenses | 0.1 | 0.3 |
Prior Service Cost (Credit) [Member] | Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Cost of sales | -1.1 | -1 |
Operating expenses | ($1.20) | ($1.10) |
Fair_Value_Narrative_Details
Fair Value Narrative (Details) (USD $) | 30-May-14 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | $286.40 | $287 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | $330 | $327 |
Fair_Value_Hierarchy_of_Assets
Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | 30-May-14 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Restricted Cash and Cash Equivalents | $7.90 | $9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 158.3 | 201.8 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 175.7 | 218.6 |
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] | 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] | 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-sponsored Enterprises Debt Securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 9.5 | 7.8 |
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 |
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] | Canadian Asset Backed Commercial Paper Restructuring Notes [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 | 1.8 | 0.3 |
Assets, Fair Value Disclosure | 80.9 | 115.7 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -0.6 | -3.2 |
Liabilities, Fair Value Disclosure | -0.6 | -3.2 |
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 | 31.3 | 48.9 |
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 | 36.2 | 48 |
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 | 7 | 5.6 |
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 |
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 | 0.8 | 5.8 |
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] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3.8 | 3.7 |
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 | 9.7 | 9.6 |
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] | 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] | 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-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 |
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 | 9.7 | 9.6 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
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 | 158.3 | 201.8 |
Restricted Cash and Cash Equivalents | 7.9 | 9 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.8 | 0.3 |
Assets, Fair Value Disclosure | 266.3 | 343.9 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -0.6 | -3.2 |
Liabilities, Fair Value Disclosure | -0.6 | -3.2 |
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 | 31.3 | 48.9 |
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 | 36.2 | 48 |
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 | 9.5 | 7.8 |
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 | 7 | 5.6 |
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 |
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 | 0.8 | 5.8 |
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 | 9.7 | 9.6 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $3.80 | $3.70 |
Fair_Value_Reconciliation_of_C
Fair Value Reconciliation of Changes in Level 3 Balances (Details) (Fair Value, Inputs, Level 3 [Member], Auction Rate Securities [Member], Fair Value, Measurements, Recurring [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 30-May-14 |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Balance at the beginning of the period | $9.60 |
Unrealized gain on investments | 0.1 |
Other-than-temporary impairments | 0 |
Currency translation adjustment | 0 |
Balance at the end of period | $9.70 |
Inventories_Details
Inventories (Details) (USD $) | 30-May-14 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $78.30 | $73.10 |
Work-in-process | 11.4 | 12.2 |
Finished goods | 92.7 | 87.7 |
Inventory, net of valuation allowances | 182.4 | 173 |
LIFO reserve | 21.3 | 21.5 |
Inventory, net of valuation allowances and LIFO reserve | 161.1 | 151.5 |
FIFO inventory amount | $74.30 | $70.80 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | 30-May-14 | 24-May-13 | 25-May-12 | |||
Performance Units [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Allocated Share-based Compensation Expense | 2.6 | 5.2 | ' | |||
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 | 1,833,288 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 611,024 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,444,312 | ' | ' | |||
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 | 14.04 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 19.97 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 14.65 | ' | ' | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1 | 2 | ' | |||
Performance Units [Member] | Market Condition [Member] | ' | ' | ' | |||
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, Expected Term | '3 years | '3 years | '3 years | |||
Restricted Stock Units [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Allocated Share-based Compensation Expense | 6.7 | 5.6 | ' | |||
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 | 2,001,758 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 709,518 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 215,589 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 14,769 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,480,918 | ' | ' | |||
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 | 11.71 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 16.63 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 14.61 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 13.23 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 13.18 | ' | ' | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2.4 | 2 | ' | |||
2014 Performance Unit Award [Member] [Member] | Performance Units [Member] | Market Condition [Member] | ' | ' | ' | |||
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 | 0.70% | [1] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 42.20% | [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 | 23.25 | ' | ' | |||
2013 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member] | ' | ' | ' | |||
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 | ' | 15.5 | ' | |||
2012 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member] | ' | ' | ' | |||
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 | |||
[1] | Based on the U.S. government bond benchmark on the grant date. | |||||
[2] | Represents the historical price volatility of the Companybs common stock for the three-year period preceding the grant date. |
ShareBased_Compensation_Narrat
Share-Based Compensation Narrative (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 30-May-14 | 24-May-13 | 25-May-12 |
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 | 7.5 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 611,024 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 19.97 | ' | ' |
Performance Units [Member] | Executive Officer [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 | 305,512 | ' | ' |
Performance Units [Member] | Market Condition [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 | '3 years | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Shares Issued | 305,512 | ' | ' |
Performance Units [Member] | Market Condition [Member] | Executive Officer [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 | 152,756 | ' | ' |
Performance Units [Member] | Performance Condition [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Shares Issued | 305,512 | ' | ' |
Performance Units [Member] | Performance Condition [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% | ' | ' |
Performance Units [Member] | Performance Condition [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% | ' | ' |
Performance Units [Member] | Performance Condition [Member] | Executive Officer [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 | 152,756 | ' | ' |
Performance Units [Member] | ROIC PSUs [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 | 16.69 | ' | ' |
Restricted Stock 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 | '2 years 4 months | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 13.6 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 709,518 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 16.63 | ' | ' |
Restricted Stock Units [Member] | Executive Officer [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 | 130,181 | ' | ' |
2013 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [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 | ' | 15.5 | ' |
2013 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [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% | ' | ' |
2013 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [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% | ' | ' |
2012 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [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 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 30-May-14 | 24-May-13 | Feb. 28, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | $723.10 | $667.10 | ' |
Operating income (loss) | 36.4 | 20.4 | ' |
Total assets | 1,656.20 | ' | 1,726.70 |
Americas [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 506.3 | 478.8 | ' |
Operating income (loss) | 53.2 | 38.7 | ' |
Total assets | 908 | ' | 901.4 |
EMEA [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 147.6 | 126.7 | ' |
Operating income (loss) | -7.7 | -10.3 | ' |
Total assets | 280.1 | ' | 288.6 |
Other category [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 69.2 | 61.6 | ' |
Operating income (loss) | 0 | 1.9 | ' |
Total assets | 164.5 | ' | 159.9 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating income (loss) | -9.1 | -9.9 | ' |
Total assets | $303.60 | ' | $376.80 |
Restructuring_Activities_Detai
Restructuring Activities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | 30-May-14 | 24-May-13 | Feb. 28, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ($9.70) | $4.40 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning of period | 9.7 | ' | ' |
Restructuring Additions | 2.3 | ' | ' |
Restructuring reserve, settled with cash | -2.6 | ' | ' |
Restructuring reserve, end of period | 9.4 | ' | ' |
Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | -10.5 | 0.2 | ' |
Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 0.8 | 4.2 | ' |
Q1 2014 France SG&A Reorg [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 9 | ' | ' |
Q3 2014 EMEA restructuring [Member] | Minimum [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 26 | ' | ' |
Q2 2015 EMEA Restructuring [Member] | Minimum [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 30 | ' | ' |
Q2 2015 EMEA Restructuring [Member] | Maximum [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 50 | ' | ' |
Q1 2015 High Point Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 8 | ' | ' |
Employee Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning of period | 7.7 | ' | ' |
Restructuring Additions | 1.6 | ' | ' |
Restructuring reserve, settled with cash | -2 | ' | ' |
Restructuring reserve, end of period | 7.3 | ' | ' |
Employee Severance [Member] | Q1 2014 France SG&A Reorg [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 8 | ' | ' |
Restructuring costs | 0.6 | 1.8 | 6.3 |
Employee Severance [Member] | Q3 2014 EMEA restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 19 | ' | ' |
Restructuring costs | 0.6 | ' | ' |
Employee Severance [Member] | Q1 2015 High Point Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 4 | ' | ' |
Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning of period | 2 | ' | ' |
Restructuring Additions | 0.7 | ' | ' |
Restructuring reserve, settled with cash | -0.6 | ' | ' |
Restructuring reserve, end of period | 2.1 | ' | ' |
Other Restructuring [Member] | Q1 2014 France SG&A Reorg [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 1 | ' | ' |
Restructuring costs | ' | 0.3 | 0.9 |
Other Restructuring [Member] | Q3 2014 EMEA restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 7 | ' | ' |
Restructuring costs | 0.5 | ' | 0.7 |
Other Restructuring [Member] | Q1 2015 High Point Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and related cost, expected cost | 4 | ' | ' |
Americas [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | -11.6 | 0.2 | ' |
Americas [Member] | Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 0 | 1 | ' |
Americas [Member] | Americas Modernization Plan Announced Q4 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 12 | ' | ' |
EMEA [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 1.1 | 0 | ' |
EMEA [Member] | Operating Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | $0.80 | $3.20 | ' |