Steelcase (SCS) 10-Q 23 Jun 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	3 Months Ended
	May 26, 2017	Jun. 19, 2017	Aug. 26, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 26, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018
Trading Symbol	SCS
Entity Registrant Name	STEELCASE INC
Entity Central Index Key	1,050,825
Current Fiscal Year End Date	--02-23
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,204,031,913
Common Class A [Member]
Entity Common Stock, Shares Outstanding		87,541,772
Common Class B [Member]
Entity Common Stock, Shares Outstanding		30,476,514

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
Revenue	$ 735.1	$ 718.8
Cost of sales	492.3	484.8
Gross profit	242.8	229.8
Operating expenses	212.9	196.1
Operating income	29.9	33.3
Interest expense	(4.3)	(4.2)
Investment income	0.4	0.5
Other income, net	2.4	2.1
Income before income tax expense	28.4	31.7
Income tax expense	10.3	12.3
Net income	$ 18.1	$ 19.4
Earnings per share
Basic	$ 0.15	$ 0.16
Diluted	0.15	0.16
Dividends declared and paid per common share	$ 0.1275	$ 0.1200
Cost of Sales [Member]
Restructuring costs	$ 0	$ 4.2
Operating Expense [Member]
Restructuring costs	$ 0	$ 0.4

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
Net income	$ 18.1	$ 19.4
Unrealized gain (loss) on investments	0	(0.1)
Pension and other post-retirement liability adjustments	2.8	(1.9)
Foreign currency translation adjustments	11.5	4.4
Total other comprehensive loss, net	14.3	2.4
Comprehensive income	$ 32.4	$ 21.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	May 26, 2017	Feb. 24, 2017
ASSETS
Cash and cash equivalents	$ 143.9	$ 197.1
Short-term investments	37.3	73.4
Accounts receivable, net of allowances of $11.5 and $11.2	328.1	307.6
Inventories	174.6	163.1
Prepaid expense	22.7	19.1
Other current assets	44.3	58.9
Total current assets	750.9	819.2
Property, plant and equipment, net of accumulated depreciation of $982.7 and $959.6	417.2	408.1
Company-owned life insurance	167.4	168.8
Deferred income taxes	182.7	179.6
Goodwill	106.6	106.7
Other intangible assets, net of accumulated amortization of $44.2 and $43.2	16.5	16.8
Investments in unconsolidated affiliates	49.8	50.5
Other assets	41.9	42.3
Total assets	1,733	1,792
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	225.9	216.8
Short-term borrowings and current maturities of long-term debt	2.8	2.8
Accrued expenses:
Employee compensation	75.9	154.3
Employee benefit plan obligations	17.6	35
Accrued promotions	19.1	19
Customer deposits	24.3	15.9
Product warranties	19.2	20.4
Other	66.2	59.2
Total current liabilities	451	523.4
Long-term liabilities:
Long-term debt less current maturities	294	294.6
Employee benefit plan obligations	132.2	134.3
Other long-term liabilities	66.4	73.2
Total long-term liabilities	492.6	502.1
Total liabilities	943.6	1,025.5
Shareholders' equity:
Common stock	0	0
Additional paid-in capital	6.2	0
Accumulated other comprehensive loss	(36.3)	(50.6)
Retained earnings	819.5	817.1
Total shareholders' equity	789.4	766.5
Total liabilities and shareholders' equity	$ 1,733	$ 1,792

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	May 26, 2017	Feb. 24, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 11.5	$ 11.2
Property, plant and equipment, accumulated depreciation	982.7	959.6
Other intangible assets, accumulated amortization	$ 44.2	$ 43.2

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
OPERATING ACTIVITIES
Net income	$ 18.1	$ 19.4
Depreciation and amortization	15.4	15.1
Deferred income taxes	(0.6)	33.6
Non-cash stock compensation	8.4	9.1
Equity in income of unconsolidated affiliates	(3)	(2.5)
Dividends received from unconsolidated affiliates	4.2	1.6
Other	7.9	(3.4)
Changes in operating assets and liabilities net of acquisitions:
Accounts receivable	(16.5)	(1.2)
Inventories	(9.9)	3.3
VAT recoverable	8.3	14.4
Other assets	2.8	(22.9)
Accounts payable	7.4	(5.4)
Employee compensation liabilities	(85.5)	(103.4)
Employee benefit obligations	(21.7)	(21.5)
Accrued expenses and other liabilities	14.2	(1.9)
Net cash provided by operating activities	(50.5)	(65.7)
INVESTING ACTIVITIES
Capital expenditures	(16.8)	(14.3)
Purchases of short-term investments	(19.4)	(6)
Liquidations of short-term investments	55.5	71.8
Other	(0.6)	1.4
Net cash provided by (used in) investing activities	18.7	52.9
FINANCING ACTIVITIES
Dividends paid	(15.7)	(15.2)
Common stock repurchases	(5.8)	(20.9)
Excess tax benefit from vesting of stock awards	0	(0.3)
Repayments of long-term debt	(0.7)	0
Net cash used in financing activities	(22.2)	(36.4)
Effect of exchange rate changes on cash and cash equivalents	0.8	0.7
Net decrease in cash and cash equivalents	(53.2)	(48.5)
Cash and cash equivalents, beginning of period	197.1	181.9
Cash and cash equivalents, end of period	$ 143.9	$ 133.4

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	May 26, 2017
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 24, 2017 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 24, 2017 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
	May 26, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-07, Compensation - Retirement Benefits (Topic 715) , to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost. The amended guidance requires that an employer disaggregate the service cost component from the other components of net benefit cost, provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement, and allows only the service cost component of net benefit cost to be eligible for capitalization. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted within the first interim period of a fiscal year. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In October 2016, FASB issued ASU No. 2016-16, Income Taxes (Topic 740) . The update is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. We chose to early adopt this guidance in Q1 2018, which did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) , which is part of the FASB Simplification Initiative. The updated guidance simplifies several aspects of the accounting for share-based payment transactions. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance in Q1 2018 and, as a result, the income tax effects of our share-based compensation awards, which aggregated $0.6, were recognized as a component of Income tax expense on our Consolidated Statement of Income for the three months ended May 26, 2017 instead of a component of Additional paid-in capital on our Consolidated Balance Sheet as of May 26, 2017. The remaining requirements of this new accounting guidance did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We expect the adoption of this guidance will result in a material increase in the assets and liabilities on our Consolidated Balance Sheets. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes 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, 2017, with early adoption permitted for fiscal years beginning after December 15, 2016. We are in the process of evaluating the impact that will result from adoption of the new standard, but based on analysis performed as of May 26, 2017, we do not anticipate a significant impact on our consolidated financial statements. We currently plan to apply the new standard using the modified retrospective method beginning in 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 26, 2017
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 26, May 27, Net income $ 18.1 $ 19.4 Adjustment for earnings attributable to participating securities (0.3 ) (0.4 ) Net income used in calculating earnings per share $ 17.8 $ 19.0 Weighted-average common shares outstanding including participating securities (in millions) 120.0 121.7 Adjustment for participating securities (in millions) (2.1 ) (2.1 ) Shares used in calculating basic earnings per share (in millions) 117.9 119.6 Effect of dilutive stock-based compensation (in millions) 0.3 0.5 Shares used in calculating diluted earnings per share (in millions) 118.2 120.1 Earnings per share: Basic $ 0.15 $ 0.16 Diluted $ 0.15 $ 0.16 Total common shares outstanding at period end (in millions) 118.0 119.2 Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) 0.3 0.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	May 26, 2017
Accumulated Other Comprehensive Income (Loss) [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 the three months ended May 26, 2017 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Foreign currency translation adjustments Total Balance as of February 24, 2017 $ (0.3 ) $ 13.0 $ (63.3 ) $ (50.6 ) Other comprehensive income (loss) before reclassifications — (0.5 ) 11.5 11.0 Amounts reclassified from accumulated other comprehensive income (loss) — 3.3 — 3.3 Net current period other comprehensive income (loss) — 2.8 11.5 14.3 Balance as of May 26, 2017 $ (0.3 ) $ 15.8 $ (51.8 ) $ (36.3 ) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three months ended May 26, 2017 and May 27, 2016 : Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Income Three Months Ended May 26, May 27, Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (0.4 ) (0.1 ) Cost of sales Actuarial losses (gains) (0.4 ) — Operating expenses Prior service cost (credit) (0.8 ) (1.0 ) Cost of sales Prior service cost (credit) (1.0 ) (1.2 ) Operating expenses Settlements - Actuarial losses (gains) 3.9 — Cost of sales Settlements - Actuarial losses (gains) 3.2 — Operating expenses (1.2 ) 1.0 Income tax expense Total reclassifications $ 3.3 $ (1.3 ) Net income

Fair Value

Fair Value	3 Months Ended
	May 26, 2017
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 $296.8 and $297.4 as of May 26, 2017 and February 24, 2017 , 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 $331 and $330 as of May 26, 2017 and February 24, 2017 , respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. 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 26, 2017 and February 24, 2017 are summarized below: May 26, 2017 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 143.9 $ — $ — $ 143.9 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 18.5 — 18.5 U.S. agency debt securities — 10.1 — 10.1 Asset backed securities — 5.4 — 5.4 U.S. government debt securities 2.3 — — 2.3 Municipal debt securities — 1.0 — 1.0 Foreign exchange forward contracts — 1.5 — 1.5 Auction rate securities — — 3.5 3.5 $ 148.7 $ 36.5 $ 3.5 $ 188.7 Liabilities: Foreign exchange forward contracts — (0.5 ) — (0.5 ) $ — $ (0.5 ) $ — $ (0.5 ) February 24, 2017 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 197.1 $ — $ — $ 197.1 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 33.6 — 33.6 U.S. agency debt securities — 18.6 — 18.6 Asset backed securities — 3.7 — 3.7 U.S. government debt securities 2.4 — — 2.4 Municipal debt securities — 15.1 — 15.1 Foreign exchange forward contracts — 3.5 — 3.5 Auction rate securities — — 3.5 3.5 $ 202.0 $ 74.5 $ 3.5 $ 280.0 Liabilities: Foreign exchange forward contracts $ — $ (0.9 ) $ — $ (0.9 ) $ — $ (0.9 ) $ — $ (0.9 ) Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 26, 2017 : Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 24, 2017 $ 3.5 Unrealized loss on investments — Balance as of May 26, 2017 $ 3.5

Inventories

Inventories	3 Months Ended
	May 26, 2017
Inventories [Abstract]
Inventories	INVENTORIES Inventories May 26, February 24, Raw materials and work-in-process $ 81.2 $ 79.6 Finished goods 111.6 101.7 192.8 181.3 Revaluation to LIFO 18.2 18.2 $ 174.6 $ 163.1 The portion of inventories determined by the LIFO method was $76.0 and $77.9 as of May 26, 2017 and February 24, 2017 , respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	May 26, 2017
Share-based Compensation [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION Performance Units In Q1 2018, we awarded 153,200 performance units ("PSUs") to our executive officers. The PSUs awarded are earned after a three-year performance period, from 2018 through 2020, based on achievement of certain total shareholder return results 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 these awards is 306,400 . 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 $21.76 per unit for these PSUs, compared to $16.33 and $24.15 per unit for similar PSUs granted in 2017 and 2016, respectively. The weighted average grant date fair values were determined using the following assumptions: 2018 Awards 2017 Awards 2016 Awards Three-year risk-free interest rate (1) 1.4 % 0.9 % 0.8 % Expected term 3 years 3 years 3 years Estimated volatility (2) 31.8 % 31.2 % 29.4 % _______________________________________ (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 total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 26, 2017 and May 27, 2016 are as follows: Three Months Ended Performance Units May 26, May 27, Expense $ 1.6 $ 2.2 Tax benefit 0.6 0.8 As of May 26, 2017 , there was $5.5 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.9 years. The PSU activity for the three months ended May 26, 2017 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 24, 2017 916,420 $ 19.31 Granted 306,400 21.76 Nonvested as of May 26, 2017 1,222,820 $ 19.93 Restricted Stock Units During the three months ended May 26, 2017 , we awarded 647,148 restricted stock units ("RSUs"), of which 129,900 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. 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 26, 2017 and May 27, 2016 are as follows: Three Months Ended Restricted Stock Units May 26, May 27, Expense $ 6.5 $ 6.7 Tax benefit 2.4 2.4 As of May 26, 2017 , there was $13.3 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.1 years. The RSU activity for the three months ended May 26, 2017 is as follows: Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 24, 2017 1,731,507 $ 16.38 Granted 647,148 16.74 Vested (12,638 ) 16.33 Forfeited (6,673 ) 16.65 Nonvested as of May 26, 2017 2,359,344 $ 16.48

Reportable Segments

Reportable Segments	3 Months Ended
	May 26, 2017
Reportable Segments [Abstract]
Reportable Segments	REPORTABLE SEGMENTS Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate costs are reported as Corporate. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands 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 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, seating and storage solutions. Designtex primarily sells textiles, wall coverings and surface imaging solutions specified by architects and designers directly to end-use customers through a direct sales force primarily in North America. PolyVision manufactures ceramic steel surfaces for use in various applications globally, including static whiteboards and chalkboards sold through third party fabricators and distributors to the primary and secondary education markets and architectural panels and other special applications sold through general contractors for commercial and infrastructure projects. Corporate costs include unallocated portions of shared service functions, such as information technology, corporate facilities, finance, human resources, research, legal and customer aviation, plus deferred compensation expense and income or losses associated with COLI. Corporate assets consist primarily of unallocated cash, short term investment balances and COLI balances. Revenue and operating income (loss) for the three months ended May 26, 2017 and May 27, 2016 and total assets as of May 26, 2017 and February 24, 2017 by segment are presented below: Three Months Ended Reportable Segment Statement of Operations Data May 26, May 27, Revenue Americas $ 535.0 $ 520.4 EMEA 113.1 125.3 Other 87.0 73.1 $ 735.1 $ 718.8 Operating income (loss) Americas $ 41.8 $ 46.6 EMEA (8.6 ) (6.2 ) Other 6.5 2.2 Corporate (9.8 ) (9.3 ) $ 29.9 $ 33.3 Reportable Segment Balance Sheet Data May 26, February 24, Total assets Americas $ 942.0 $ 960.7 EMEA 308.7 297.4 Other 207.7 191.1 Corporate 274.6 342.8 $ 1,733.0 $ 1,792.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 26, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	Three Months Ended Computation of Earnings per Share May 26, May 27, Net income $ 18.1 $ 19.4 Adjustment for earnings attributable to participating securities (0.3 ) (0.4 ) Net income used in calculating earnings per share $ 17.8 $ 19.0 Weighted-average common shares outstanding including participating securities (in millions) 120.0 121.7 Adjustment for participating securities (in millions) (2.1 ) (2.1 ) Shares used in calculating basic earnings per share (in millions) 117.9 119.6 Effect of dilutive stock-based compensation (in millions) 0.3 0.5 Shares used in calculating diluted earnings per share (in millions) 118.2 120.1 Earnings per share: Basic $ 0.15 $ 0.16 Diluted $ 0.15 $ 0.16 Total common shares outstanding at period end (in millions) 118.0 119.2 Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) 0.3 0.3

Accumulated Other Comprehensi16

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	May 26, 2017
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 the three months ended May 26, 2017 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Foreign currency translation adjustments Total Balance as of February 24, 2017 $ (0.3 ) $ 13.0 $ (63.3 ) $ (50.6 ) Other comprehensive income (loss) before reclassifications — (0.5 ) 11.5 11.0 Amounts reclassified from accumulated other comprehensive income (loss) — 3.3 — 3.3 Net current period other comprehensive income (loss) — 2.8 11.5 14.3 Balance as of May 26, 2017 $ (0.3 ) $ 15.8 $ (51.8 ) $ (36.3 )
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 the three months ended May 26, 2017 and May 27, 2016 : Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Income Three Months Ended May 26, May 27, Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (0.4 ) (0.1 ) Cost of sales Actuarial losses (gains) (0.4 ) — Operating expenses Prior service cost (credit) (0.8 ) (1.0 ) Cost of sales Prior service cost (credit) (1.0 ) (1.2 ) Operating expenses Settlements - Actuarial losses (gains) 3.9 — Cost of sales Settlements - Actuarial losses (gains) 3.2 — Operating expenses (1.2 ) 1.0 Income tax expense Total reclassifications $ 3.3 $ (1.3 ) Net income

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	May 26, 2017
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 26, 2017 and February 24, 2017 are summarized below: May 26, 2017 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 143.9 $ — $ — $ 143.9 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 18.5 — 18.5 U.S. agency debt securities — 10.1 — 10.1 Asset backed securities — 5.4 — 5.4 U.S. government debt securities 2.3 — — 2.3 Municipal debt securities — 1.0 — 1.0 Foreign exchange forward contracts — 1.5 — 1.5 Auction rate securities — — 3.5 3.5 $ 148.7 $ 36.5 $ 3.5 $ 188.7 Liabilities: Foreign exchange forward contracts — (0.5 ) — (0.5 ) $ — $ (0.5 ) $ — $ (0.5 ) February 24, 2017 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 197.1 $ — $ — $ 197.1 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 33.6 — 33.6 U.S. agency debt securities — 18.6 — 18.6 Asset backed securities — 3.7 — 3.7 U.S. government debt securities 2.4 — — 2.4 Municipal debt securities — 15.1 — 15.1 Foreign exchange forward contracts — 3.5 — 3.5 Auction rate securities — — 3.5 3.5 $ 202.0 $ 74.5 $ 3.5 $ 280.0 Liabilities: Foreign exchange forward contracts $ — $ (0.9 ) $ — $ (0.9 ) $ — $ (0.9 ) $ — $ (0.9 )
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 26, 2017 : Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 24, 2017 $ 3.5 Unrealized loss on investments — Balance as of May 26, 2017 $ 3.5

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	May 26, 2017
Inventories [Abstract]
Schedule of Inventory	Inventories May 26, February 24, Raw materials and work-in-process $ 81.2 $ 79.6 Finished goods 111.6 101.7 192.8 181.3 Revaluation to LIFO 18.2 18.2 $ 174.6 $ 163.1

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 26, 2017
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: 2018 Awards 2017 Awards 2016 Awards Three-year risk-free interest rate (1) 1.4 % 0.9 % 0.8 % Expected term 3 years 3 years 3 years Estimated volatility (2) 31.8 % 31.2 % 29.4 % _______________________________________ (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 26, 2017 and May 27, 2016 are as follows: Three Months Ended Performance Units May 26, May 27, Expense $ 1.6 $ 2.2 Tax benefit 0.6 0.8
Schedule of Performance Unit Awards Activity	The PSU activity for the three months ended May 26, 2017 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 24, 2017 916,420 $ 19.31 Granted 306,400 21.76 Nonvested as of May 26, 2017 1,222,820 $ 19.93
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 26, 2017 and May 27, 2016 are as follows: Three Months Ended Restricted Stock Units May 26, May 27, Expense $ 6.5 $ 6.7 Tax benefit 2.4 2.4
Schedule of Restricted Stock Unit Awards Activity	The RSU activity for the three months ended May 26, 2017 is as follows: Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 24, 2017 1,731,507 $ 16.38 Granted 647,148 16.74 Vested (12,638 ) 16.33 Forfeited (6,673 ) 16.65 Nonvested as of May 26, 2017 2,359,344 $ 16.48

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	May 26, 2017
Reportable Segments [Abstract]
Schedule of Segment Reporting Information	Revenue and operating income (loss) for the three months ended May 26, 2017 and May 27, 2016 and total assets as of May 26, 2017 and February 24, 2017 by segment are presented below: Three Months Ended Reportable Segment Statement of Operations Data May 26, May 27, Revenue Americas $ 535.0 $ 520.4 EMEA 113.1 125.3 Other 87.0 73.1 $ 735.1 $ 718.8 Operating income (loss) Americas $ 41.8 $ 46.6 EMEA (8.6 ) (6.2 ) Other 6.5 2.2 Corporate (9.8 ) (9.3 ) $ 29.9 $ 33.3 Reportable Segment Balance Sheet Data May 26, February 24, Total assets Americas $ 942.0 $ 960.7 EMEA 308.7 297.4 Other 207.7 191.1 Corporate 274.6 342.8 $ 1,733.0 $ 1,792.0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
Earnings Per Share [Abstract]
Net income	$ 18.1	$ 19.4
Adjustment for earnings attributable to participating securities	(0.3)	(0.4)
Net income used in calculating earnings per share	$ 17.8	$ 19
Weighted-average common shares outstanding including participating securities (in millions)	120	121.7
Adjustment for participating securities (in millions)	(2.1)	(2.1)
Shares used in calculating basic earnings per share (in millions)	117.9	119.6
Effect of dilutive stock-based compensation (in millions)	0.3	0.5
Shares used in calculating diluted earnings per share (in millions)	118.2	120.1
Earnings per share, basic	$ 0.15	$ 0.16
Earnings per share, diluted	$ 0.15	$ 0.16
Total common shares outstanding at period end (in millions)	118	119.2
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions)	0.3	0.3

Accumulated Other Comprehensi22

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	$ (50.6)
Other comprehensive income (loss) before reclassifications	11
Amounts reclassified from accumulated other comprehensive income (loss)	3.3
Total other comprehensive loss, net	14.3	$ 2.4
Accumulated other comprehensive loss	(36.3)
Unrealized gain (loss) on investments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	(0.3)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Total other comprehensive loss, net	0
Accumulated other comprehensive loss	(0.3)
Pension and other post-retirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	13
Other comprehensive income (loss) before reclassifications	(0.5)
Amounts reclassified from accumulated other comprehensive income (loss)	3.3
Total other comprehensive loss, net	2.8
Accumulated other comprehensive loss	15.8
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	(63.3)
Other comprehensive income (loss) before reclassifications	11.5
Amounts reclassified from accumulated other comprehensive income (loss)	0
Total other comprehensive loss, net	11.5
Accumulated other comprehensive loss	$ (51.8)

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (50.6)
Other comprehensive income (loss) before reclassifications	11
Amounts reclassified from accumulated other comprehensive income (loss)	3.3
Net current period other comprehensive income (loss)	14.3	$ 2.4
Accumulated other comprehensive loss	(36.3)
Cost of sales	492.3	484.8
Operating expenses	212.9	196.1
Income tax expense	10.3	12.3
Net income	18.1	19.4
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	3.3	(1.3)
Unrealized gain (loss) on investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(0.3)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net current period other comprehensive income (loss)	0
Accumulated other comprehensive loss	(0.3)
Pension and other post-retirement liability adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	13
Other comprehensive income (loss) before reclassifications	(0.5)
Amounts reclassified from accumulated other comprehensive income (loss)	3.3
Net current period other comprehensive income (loss)	2.8
Accumulated other comprehensive loss	15.8
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	(1.2)	1
Foreign currency translation adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(63.3)
Other comprehensive income (loss) before reclassifications	11.5
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net current period other comprehensive income (loss)	11.5
Accumulated other comprehensive loss	(51.8)
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	(0.4)	(0.1)
Operating expenses	(0.4)	0
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	(0.8)	(1)
Operating expenses	(1)	(1.2)
Reclassification out of accumulated Other Comprehensive Income due to Defined Benefit Plan Settlements [Member] | 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	3.9	0
Operating expenses	$ 3.2	$ 0

Fair Value Narrative (Details)

Fair Value Narrative (Details) - USD ($) $ in Millions	May 26, 2017	Feb. 24, 2017
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 296.8	$ 297.4
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 331	$ 330

Fair Value Hierarchy of Assets

Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	May 26, 2017	Feb. 24, 2017
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	$ 143.9	$ 197.1
Restricted Cash and Cash Equivalents	2.5	2.5
Assets, Fair Value Disclosure	188.7	280
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	(0.5)	(0.9)
Liabilities, Fair Value Disclosure	(0.5)	(0.9)
Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	18.5	33.6
US Government Agencies Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	10.1	18.6
Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	5.4	3.7
US Government-sponsored Enterprises Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	2.3	2.4
Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1	15.1
Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Foreign Currency Contract, Asset, Fair Value Disclosure	1.5	3.5
Auction Rate Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	3.5	3.5
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	143.9	197.1
Restricted Cash and Cash Equivalents	2.5	2.5
Assets, Fair Value Disclosure	148.7	202
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
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, 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, Inputs, Level 1 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
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	2.3	2.4
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, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0
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, 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
Assets, Fair Value Disclosure	36.5	74.5
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	(0.5)	(0.9)
Liabilities, Fair Value Disclosure	(0.5)	(0.9)
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	18.5	33.6
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	10.1	18.6
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	5.4	3.7
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, Inputs, Level 2 [Member] | Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1	15.1
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Foreign Currency Contract, Asset, Fair Value Disclosure	1.5	3.5
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, 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
Assets, Fair Value Disclosure	3.5	3.5
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
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, Inputs, Level 3 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
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, Inputs, Level 3 [Member] | Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	$ 3.5	$ 3.5

Fair Value Reconciliation of Ch

Fair Value Reconciliation of Changes in Level 3 Balances (Details) - Auction Rate Securities [Member] - Fair Value, Measurements, Recurring [Member] $ in Millions	3 Months Ended
	May 26, 2017USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning of the period	$ 3.5
Balance at the end of period	3.5
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning of the period	3.5
Unrealized loss on investments	0
Balance at the end of period	$ 3.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	May 26, 2017	Feb. 24, 2017
Inventories [Abstract]
Raw materials and work-in-process	$ 81.2	$ 79.6
Finished goods	111.6	101.7
Inventory, net of valuation allowances	192.8	181.3
LIFO reserve	18.2	18.2
Inventory, net of valuation allowances and LIFO reserve	174.6	163.1
FIFO inventory amount	$ 76	$ 77.9

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
		May 26, 2017	May 27, 2016	Feb. 24, 2017	Feb. 26, 2016
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 1.6	$ 2.2
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense		$ 0.6	0.8
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		916,420
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		306,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		1,222,820		916,420
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		$ 19.31
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		21.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 19.93		$ 19.31
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 6.5	6.7
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense		$ 2.4	$ 2.4
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		1,731,507
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		647,148
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		12,638
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		6,673
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		2,359,344		1,731,507
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		$ 16.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		16.74
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		16.33
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		16.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 16.48		$ 16.38
2017 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	[1]			0.90%
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, Expected Volatility Rate	[2]			31.20%
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				$ 16.33
2016 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	[1]				0.80%
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, Expected Volatility Rate	[2]				29.40%
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					$ 24.15
[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.

Share-Based Compensation Narrat

Share-Based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
		May 26, 2017	Feb. 24, 2017	Feb. 26, 2016
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 11 months
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options		$ 5.5
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		306,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 21.76
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 1 month
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options		$ 13.3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		647,148
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 16.74
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		129,900
2017 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, Fair Value Assumptions, Expected Term				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	[1]		0.90%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 16.33
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]		31.20%
2017 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%
2017 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%
2018 Performance Unit Award [Member] | 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		153,200
2018 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, Fair Value Assumptions, Expected Term		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	[1]	1.40%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Shares Issued		306,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 21.76
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	31.80%
2016 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, Fair Value Assumptions, Expected Term				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	[1]			0.80%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 24.15
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]			29.40%
[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.

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016	Feb. 24, 2017
Segment Reporting Information [Line Items]
Revenue	$ 735.1	$ 718.8
Operating income (loss)	29.9	33.3
Total assets	1,733		$ 1,792
Americas [Member]
Segment Reporting Information [Line Items]
Revenue	535	520.4
Operating income (loss)	41.8	46.6
Total assets	942		960.7
EMEA [Member]
Segment Reporting Information [Line Items]
Revenue	113.1	125.3
Operating income (loss)	(8.6)	(6.2)
Total assets	308.7		297.4
Other category [Member]
Segment Reporting Information [Line Items]
Revenue	87	73.1
Operating income (loss)	6.5	2.2
Total assets	207.7		191.1
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(9.8)	$ (9.3)
Total assets	$ 274.6		$ 342.8

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	May 26, 2017	May 27, 2016
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ (4.2)
Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ (0.4)
Performance Units [Member]
Restructuring Cost and Reserve [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 11 months