Document And Entity Information
Document And Entity Information - USD ($) | 6 Months Ended | ||
Aug. 25, 2017 | Sep. 18, 2017 | Aug. 26, 2016 | |
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Aug. 25, 2017 | ||
Document Fiscal Period Focus | Q2 | ||
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 | 85,563,050 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 30,471,915 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | |
Revenue | $ 775.6 | $ 758 | $ 1,510.7 | $ 1,476.8 |
Cost of sales | 517.2 | 494.9 | 1,009.5 | 979.7 |
Gross profit | 258.4 | 263.1 | 501.2 | 492.9 |
Operating expenses | 204.2 | 200.9 | 417.1 | 397 |
Operating income | 54.2 | 61.9 | 84.1 | 95.2 |
Interest expense | (4.4) | (4.4) | (8.7) | (8.6) |
Investment income | 0.4 | 0.3 | 0.8 | 0.8 |
Other income, net | 0.5 | 1.8 | 2.9 | 3.9 |
Income before income tax expense | 50.7 | 59.6 | 79.1 | 91.3 |
Income Tax Expense (Benefit) | 13.8 | 21.4 | 24.1 | 33.7 |
Net income | $ 36.9 | $ 38.2 | $ 55 | $ 57.6 |
Earnings per share | ||||
Basic | $ 0.31 | $ 0.32 | $ 0.46 | $ 0.47 |
Diluted | 0.31 | 0.31 | 0.46 | 0.47 |
Dividends declared and paid per common share | $ 0.1275 | $ 0.1200 | $ 0.2550 | $ 0.2400 |
Cost of Sales [Member] | ||||
Restructuring costs | $ 0 | $ 0 | $ 0 | $ 4.2 |
Operating Expense [Member] | ||||
Restructuring costs | $ 0 | $ 0.3 | $ 0 | $ 0.7 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | |
Net income | $ 36.9 | $ 38.2 | $ 55 | $ 57.6 |
Unrealized gain (loss) on investments | 0.3 | 0 | 0.3 | (0.1) |
Pension and other post-retirement liability adjustments | (1.3) | (0.6) | 1.5 | (2.5) |
Foreign currency translation adjustments | 8.8 | (1.1) | 20.3 | 3.3 |
Total other comprehensive loss, net | 7.8 | (1.7) | 22.1 | 0.7 |
Comprehensive income | $ 44.7 | $ 36.5 | $ 77.1 | $ 58.3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 25, 2017 | Feb. 24, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 139.3 | $ 197.1 |
Short-term investments | 64.8 | 73.4 |
Accounts receivable, net of allowances of $12.0 and $11.2 | 340.9 | 307.6 |
Inventories | 173.5 | 163.1 |
Prepaid expense | 26.2 | 19.1 |
Other current assets | 48.5 | 58.9 |
Total current assets | 793.2 | 819.2 |
Property, plant and equipment, net of accumulated depreciation of $996.7 and $959.6 | 429.2 | 408.1 |
Company-owned life insurance | 168.8 | 168.8 |
Deferred income taxes | 189.1 | 179.6 |
Goodwill | 107.1 | 106.7 |
Other intangible assets, net of accumulated amortization of $45.0 and $43.2 | 16.4 | 16.8 |
Investments in unconsolidated affiliates | 50.1 | 50.5 |
Other assets | 21.2 | 42.3 |
Total assets | 1,775.1 | 1,792 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 223.7 | 216.8 |
Short-term borrowings and current maturities of long-term debt | 2.8 | 2.8 |
Accrued expenses: | ||
Employee compensation | 102.6 | 154.3 |
Employee benefit plan obligations | 23.6 | 35 |
Accrued promotions | 25.9 | 19 |
Customer deposits | 20.2 | 15.9 |
Product warranties | 18.6 | 20.4 |
Other | 67.9 | 59.2 |
Total current liabilities | 485.3 | 523.4 |
Long-term liabilities: | ||
Long-term debt less current maturities | 293.3 | 294.6 |
Employee benefit plan obligations | 134.3 | 134.3 |
Other long-term liabilities | 67.3 | 73.2 |
Total long-term liabilities | 494.9 | 502.1 |
Total liabilities | 980.2 | 1,025.5 |
Shareholders' equity: | ||
Common stock | 0 | 0 |
Additional paid-in capital | 0 | 0 |
Accumulated other comprehensive loss | (28.5) | (50.6) |
Retained earnings | 823.4 | 817.1 |
Total shareholders' equity | 794.9 | 766.5 |
Total liabilities and shareholders' equity | $ 1,775.1 | $ 1,792 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Aug. 25, 2017 | Feb. 24, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 12 | $ 11.2 |
Property, plant and equipment, accumulated depreciation | 996.7 | 959.6 |
Other intangible assets, accumulated amortization | $ 45 | $ 43.2 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Aug. 25, 2017 | Aug. 26, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ 55 | $ 57.6 |
Depreciation and amortization | 31.2 | 29.4 |
Deferred income taxes | (4) | 18.7 |
Non-cash stock compensation | 11.7 | 12.5 |
Equity in income of unconsolidated affiliates | (5.4) | (4.8) |
Dividends received from unconsolidated affiliates | 6.1 | 5.1 |
Other | (2.3) | (4.5) |
Changes in operating assets and liabilities net of acquisitions: | ||
Accounts receivable | (25.2) | (0.1) |
Inventories | (7.2) | (4.2) |
VAT recoverable | 9.5 | 13.2 |
Other assets | 9.8 | (13.4) |
Accounts payable | 2.8 | 10.1 |
Employee compensation liabilities | (59.2) | (70.3) |
Employee benefit obligations | (15.7) | (14.9) |
Accrued expenses and other liabilities | 15.2 | (14.3) |
Net cash provided by operating activities | 22.3 | 20.1 |
INVESTING ACTIVITIES | ||
Capital expenditures | (36.6) | (26.8) |
Purchases of short-term investments | (52.1) | (37.2) |
Liquidations of short-term investments | 60.7 | 74.8 |
Other | 9.8 | 0.8 |
Net cash provided by (used in) investing activities | (18.2) | 11.6 |
FINANCING ACTIVITIES | ||
Dividends paid | (30.9) | (29.6) |
Common stock repurchases | (33.1) | (32.5) |
Excess tax benefit from vesting of stock awards | 0 | (0.3) |
Repayments of long-term debt | (1.3) | (0.7) |
Net cash used in financing activities | (65.3) | (63.1) |
Effect of exchange rate changes on cash and cash equivalents | 3.4 | 1 |
Net decrease in cash and cash equivalents | (57.8) | (30.4) |
Cash and cash equivalents, beginning of period | 197.1 | 181.9 |
Cash and cash equivalents, end of period | $ 139.3 | $ 151.5 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Aug. 25, 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 | 6 Months Ended |
Aug. 25, 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 $0.5 , were recognized as a component of Income tax expense on our Consolidated Statement of Income for the six months ended August 25, 2017 instead of a component of Additional paid-in capital on our Consolidated Balance Sheet as of August 25, 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 August 25, 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 | 6 Months Ended |
Aug. 25, 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 Six Months Ended Computation of Earnings per Share August 25, August 26, August 25, August 26, Net income $ 36.9 $ 38.2 $ 55.0 $ 57.6 Adjustment for earnings attributable to participating securities (0.7 ) (0.7 ) (1.0 ) (1.1 ) Net income used in calculating earnings per share $ 36.2 $ 37.5 $ 54.0 $ 56.5 Weighted-average common shares outstanding including participating securities (in millions) 119.7 121.1 119.8 121.4 Adjustment for participating securities (in millions) (2.4 ) (2.4 ) (2.2 ) (2.3 ) Shares used in calculating basic earnings per share (in millions) 117.3 118.7 117.6 119.1 Effect of dilutive stock-based compensation (in millions) 0.2 0.4 0.2 0.5 Shares used in calculating diluted earnings per share (in millions) 117.5 119.1 117.8 119.6 Earnings per share: Basic $ 0.31 $ 0.32 $ 0.46 $ 0.47 Diluted $ 0.31 $ 0.31 $ 0.46 $ 0.47 Total common shares outstanding at period end (in millions) 116.0 118.3 116.0 118.3 Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) 0.5 0.3 0.5 0.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Aug. 25, 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 August 25, 2017 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Foreign currency translation adjustments Total Balance as of May 26, 2017 $ (0.3 ) $ 15.8 $ (51.8 ) $ (36.3 ) Other comprehensive income (loss) before reclassifications 0.3 0.2 8.8 9.3 Amounts reclassified from accumulated other comprehensive income (loss) — (1.5 ) — (1.5 ) Net current period other comprehensive income (loss) 0.3 (1.3 ) 8.8 7.8 Balance as of August 25, 2017 $ — $ 14.5 $ (43.0 ) $ (28.5 ) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended August 25, 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 0.3 (0.3 ) 20.3 20.3 Amounts reclassified from accumulated other comprehensive income (loss) — 1.8 — 1.8 Net current period other comprehensive income (loss) 0.3 1.5 20.3 22.1 Balance as of August 25, 2017 $ — $ 14.5 $ (43.0 ) $ (28.5 ) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended August 25, 2017 and August 26, 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 Six Months Ended August 25, August 26, August 25, 2017 August 26, 2016 Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (0.5 ) (0.1 ) (0.9 ) (0.1 ) Cost of sales Actuarial losses (gains) (0.3 ) — (0.7 ) 0.1 Operating expenses Prior service cost (credit) (0.8 ) (1.0 ) (1.6 ) (2.0 ) Cost of sales Prior service cost (credit) (0.9 ) (1.2 ) (1.9 ) (2.4 ) Operating expenses Settlements - Actuarial losses (gains) — — 3.9 — Cost of sales Settlements - Actuarial losses (gains) — — 3.2 — Operating expenses 1.0 0.6 (0.2 ) 1.7 Income tax expense Total reclassifications $ (1.5 ) $ (1.7 ) $ 1.8 $ (2.7 ) Net income |
Fair Value
Fair Value | 6 Months Ended |
Aug. 25, 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 $296.1 and $297.4 as of August 25, 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 $327 and $330 as of August 25, 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 August 25, 2017 and February 24, 2017 are summarized below: August 25, 2017 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 139.3 $ — $ — $ 139.3 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 40.1 — 40.1 U.S. agency debt securities — 12.8 — 12.8 Asset backed securities — 8.3 — 8.3 U.S. government debt securities 2.3 — — 2.3 Municipal debt securities — 1.3 — 1.3 Foreign exchange forward contracts — 1.6 — 1.6 Auction rate securities — — 3.9 3.9 $ 144.1 $ 64.1 $ 3.9 $ 212.1 Liabilities: Foreign exchange forward contracts — (2.4 ) — (2.4 ) $ — $ (2.4 ) $ — $ (2.4 ) 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 six months ended August 25, 2017 : Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 24, 2017 $ 3.5 Unrealized gain on investments 0.4 Balance as of August 25, 2017 $ 3.9 |
Inventories
Inventories | 6 Months Ended |
Aug. 25, 2017 | |
Inventories [Abstract] | |
Inventories | INVENTORIES Inventories August 25, February 24, Raw materials and work-in-process $ 84.7 $ 79.6 Finished goods 107.5 101.7 192.2 181.3 Revaluation to LIFO 18.7 18.2 $ 173.5 $ 163.1 The portion of inventories determined by the LIFO method was $76.2 and $77.9 as of August 25, 2017 and February 24, 2017 , respectively. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Aug. 25, 2017 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION Performance Units In the six months ended August 25, 2017 , we awarded 154,500 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 309,000 . 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 $21.77 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 and six months ended August 25, 2017 and August 26, 2016 are as follows: Three Months Ended Six Months Ended Performance Units August 25, August 26, August 25, August 26, Expense $ 0.9 $ 1.0 $ 2.5 $ 3.2 Tax benefit 0.3 0.4 0.9 1.2 As of August 25, 2017 , there was $4.2 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years. The PSU activity for the six months ended August 25, 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 309,000 21.77 Nonvested as of August 25, 2017 1,225,420 $ 19.93 Restricted Stock Units During the six months ended August 25, 2017 , we awarded 650,321 restricted stock units ("RSUs"), of which 131,200 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 and six months ended August 25, 2017 and August 26, 2016 are as follows: Three Months Ended Six Months Ended Restricted Stock Units August 25, August 26, August 25, August 26, Expense $ 2.2 $ 2.2 $ 8.8 $ 8.9 Tax benefit 0.8 0.8 3.2 3.2 As of August 25, 2017 , there was $10.9 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 1.9 years. The RSU activity for the six months ended August 25, 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 650,321 16.73 Vested (13,388 ) 16.36 Forfeited (17,104 ) 16.52 Nonvested as of August 25, 2017 2,351,336 $ 16.47 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Aug. 25, 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 and six months ended August 25, 2017 and August 26, 2016 and total assets as of August 25, 2017 and February 24, 2017 by segment are presented below: Three Months Ended Six Months Ended Reportable Segment Statement of Operations Data August 25, August 26, August 25, August 26, Revenue Americas $ 568.5 $ 571.0 $ 1,103.5 $ 1,091.4 EMEA 118.2 112.8 231.3 238.1 Other 88.9 74.2 175.9 147.3 $ 775.6 $ 758.0 $ 1,510.7 $ 1,476.8 Operating income (loss) Americas $ 57.7 $ 78.0 $ 99.5 $ 124.6 EMEA (3.6 ) (11.4 ) (12.2 ) (17.6 ) Other 6.8 3.5 13.3 5.7 Corporate (6.7 ) (8.2 ) (16.5 ) (17.5 ) $ 54.2 $ 61.9 $ 84.1 $ 95.2 Reportable Segment Balance Sheet Data August 25, February 24, Total assets Americas $ 1,010.3 $ 960.7 EMEA 294.4 297.4 Other 208.1 191.1 Corporate 262.3 342.8 $ 1,775.1 $ 1,792.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 25, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Three Months Ended Six Months Ended Computation of Earnings per Share August 25, August 26, August 25, August 26, Net income $ 36.9 $ 38.2 $ 55.0 $ 57.6 Adjustment for earnings attributable to participating securities (0.7 ) (0.7 ) (1.0 ) (1.1 ) Net income used in calculating earnings per share $ 36.2 $ 37.5 $ 54.0 $ 56.5 Weighted-average common shares outstanding including participating securities (in millions) 119.7 121.1 119.8 121.4 Adjustment for participating securities (in millions) (2.4 ) (2.4 ) (2.2 ) (2.3 ) Shares used in calculating basic earnings per share (in millions) 117.3 118.7 117.6 119.1 Effect of dilutive stock-based compensation (in millions) 0.2 0.4 0.2 0.5 Shares used in calculating diluted earnings per share (in millions) 117.5 119.1 117.8 119.6 Earnings per share: Basic $ 0.31 $ 0.32 $ 0.46 $ 0.47 Diluted $ 0.31 $ 0.31 $ 0.46 $ 0.47 Total common shares outstanding at period end (in millions) 116.0 118.3 116.0 118.3 Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) 0.5 0.3 0.5 0.3 |
Accumulated Other Comprehensi16
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Aug. 25, 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 August 25, 2017 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Foreign currency translation adjustments Total Balance as of May 26, 2017 $ (0.3 ) $ 15.8 $ (51.8 ) $ (36.3 ) Other comprehensive income (loss) before reclassifications 0.3 0.2 8.8 9.3 Amounts reclassified from accumulated other comprehensive income (loss) — (1.5 ) — (1.5 ) Net current period other comprehensive income (loss) 0.3 (1.3 ) 8.8 7.8 Balance as of August 25, 2017 $ — $ 14.5 $ (43.0 ) $ (28.5 ) |
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 and six months ended August 25, 2017 and August 26, 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 Six Months Ended August 25, August 26, August 25, 2017 August 26, 2016 Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (0.5 ) (0.1 ) (0.9 ) (0.1 ) Cost of sales Actuarial losses (gains) (0.3 ) — (0.7 ) 0.1 Operating expenses Prior service cost (credit) (0.8 ) (1.0 ) (1.6 ) (2.0 ) Cost of sales Prior service cost (credit) (0.9 ) (1.2 ) (1.9 ) (2.4 ) Operating expenses Settlements - Actuarial losses (gains) — — 3.9 — Cost of sales Settlements - Actuarial losses (gains) — — 3.2 — Operating expenses 1.0 0.6 (0.2 ) 1.7 Income tax expense Total reclassifications $ (1.5 ) $ (1.7 ) $ 1.8 $ (2.7 ) Net income |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Aug. 25, 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 August 25, 2017 and February 24, 2017 are summarized below: August 25, 2017 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 139.3 $ — $ — $ 139.3 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 40.1 — 40.1 U.S. agency debt securities — 12.8 — 12.8 Asset backed securities — 8.3 — 8.3 U.S. government debt securities 2.3 — — 2.3 Municipal debt securities — 1.3 — 1.3 Foreign exchange forward contracts — 1.6 — 1.6 Auction rate securities — — 3.9 3.9 $ 144.1 $ 64.1 $ 3.9 $ 212.1 Liabilities: Foreign exchange forward contracts — (2.4 ) — (2.4 ) $ — $ (2.4 ) $ — $ (2.4 ) 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 six months ended August 25, 2017 : Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 24, 2017 $ 3.5 Unrealized gain on investments 0.4 Balance as of August 25, 2017 $ 3.9 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 25, 2017 | |
Inventories [Abstract] | |
Schedule of Inventory | Inventories August 25, February 24, Raw materials and work-in-process $ 84.7 $ 79.6 Finished goods 107.5 101.7 192.2 181.3 Revaluation to LIFO 18.7 18.2 $ 173.5 $ 163.1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Aug. 25, 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 and six months ended August 25, 2017 and August 26, 2016 are as follows: Three Months Ended Six Months Ended Performance Units August 25, August 26, August 25, August 26, Expense $ 0.9 $ 1.0 $ 2.5 $ 3.2 Tax benefit 0.3 0.4 0.9 1.2 |
Schedule of Performance Unit Awards Activity | The PSU activity for the six months ended August 25, 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 309,000 21.77 Nonvested as of August 25, 2017 1,225,420 $ 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 and six months ended August 25, 2017 and August 26, 2016 are as follows: Three Months Ended Six Months Ended Restricted Stock Units August 25, August 26, August 25, August 26, Expense $ 2.2 $ 2.2 $ 8.8 $ 8.9 Tax benefit 0.8 0.8 3.2 3.2 |
Schedule of Restricted Stock Unit Awards Activity | The RSU activity for the six months ended August 25, 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 650,321 16.73 Vested (13,388 ) 16.36 Forfeited (17,104 ) 16.52 Nonvested as of August 25, 2017 2,351,336 $ 16.47 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Aug. 25, 2017 | |
Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information | Revenue and operating income (loss) for the three and six months ended August 25, 2017 and August 26, 2016 and total assets as of August 25, 2017 and February 24, 2017 by segment are presented below: Three Months Ended Six Months Ended Reportable Segment Statement of Operations Data August 25, August 26, August 25, August 26, Revenue Americas $ 568.5 $ 571.0 $ 1,103.5 $ 1,091.4 EMEA 118.2 112.8 231.3 238.1 Other 88.9 74.2 175.9 147.3 $ 775.6 $ 758.0 $ 1,510.7 $ 1,476.8 Operating income (loss) Americas $ 57.7 $ 78.0 $ 99.5 $ 124.6 EMEA (3.6 ) (11.4 ) (12.2 ) (17.6 ) Other 6.8 3.5 13.3 5.7 Corporate (6.7 ) (8.2 ) (16.5 ) (17.5 ) $ 54.2 $ 61.9 $ 84.1 $ 95.2 Reportable Segment Balance Sheet Data August 25, February 24, Total assets Americas $ 1,010.3 $ 960.7 EMEA 294.4 297.4 Other 208.1 191.1 Corporate 262.3 342.8 $ 1,775.1 $ 1,792.0 |
New Accounting Standards Narrat
New Accounting Standards Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income Tax Expense (Benefit) | $ 13.8 | $ 21.4 | $ 24.1 | $ 33.7 |
FASB ASU No. 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income Tax Expense (Benefit) | $ 0.5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 36.9 | $ 38.2 | $ 55 | $ 57.6 |
Adjustment for earnings attributable to participating securities | (0.7) | (0.7) | (1) | (1.1) |
Net income used in calculating earnings per share | $ 36.2 | $ 37.5 | $ 54 | $ 56.5 |
Weighted-average common shares outstanding including participating securities (in millions) | 119.7 | 121.1 | 119.8 | 121.4 |
Adjustment for participating securities (in millions) | (2.4) | (2.4) | (2.2) | (2.3) |
Shares used in calculating basic earnings per share (in millions) | 117.3 | 118.7 | 117.6 | 119.1 |
Effect of dilutive stock-based compensation (in millions) | 0.2 | 0.4 | 0.2 | 0.5 |
Shares used in calculating diluted earnings per share (in millions) | 117.5 | 119.1 | 117.8 | 119.6 |
Earnings per share, basic | $ 0.31 | $ 0.32 | $ 0.46 | $ 0.47 |
Earnings per share, diluted | $ 0.31 | $ 0.31 | $ 0.46 | $ 0.47 |
Total common shares outstanding at period end (in millions) | 116 | 118.3 | 116 | 118.3 |
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) | 0.5 | 0.3 | 0.5 | 0.3 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | $ (36.3) | $ (50.6) | ||
Other comprehensive income (loss) before reclassifications | 9.3 | 20.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1.5) | 1.8 | ||
Total other comprehensive loss, net | 7.8 | $ (1.7) | 22.1 | $ 0.7 |
Accumulated other comprehensive loss | (28.5) | (28.5) | ||
Unrealized gain (loss) on investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | (0.3) | (0.3) | ||
Other comprehensive income (loss) before reclassifications | 0.3 | 0.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Total other comprehensive loss, net | 0.3 | 0.3 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Pension and other post-retirement liability adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | 15.8 | 13 | ||
Other comprehensive income (loss) before reclassifications | 0.2 | (0.3) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1.5) | 1.8 | ||
Total other comprehensive loss, net | (1.3) | 1.5 | ||
Accumulated other comprehensive loss | 14.5 | 14.5 | ||
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | (51.8) | (63.3) | ||
Other comprehensive income (loss) before reclassifications | 8.8 | 20.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Total other comprehensive loss, net | 8.8 | 20.3 | ||
Accumulated other comprehensive loss | $ (43) | $ (43) |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss | $ (36.3) | $ (50.6) | ||
Other comprehensive income (loss) before reclassifications | 9.3 | 20.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1.5) | 1.8 | ||
Net current period other comprehensive income (loss) | 7.8 | $ (1.7) | 22.1 | $ 0.7 |
Accumulated other comprehensive loss | (28.5) | (28.5) | ||
Cost of sales | 517.2 | 494.9 | 1,009.5 | 979.7 |
Operating expenses | 204.2 | 200.9 | 417.1 | 397 |
Income Tax Expense (Benefit) | 13.8 | 21.4 | 24.1 | 33.7 |
Net income | 36.9 | 38.2 | 55 | 57.6 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (1.5) | (1.7) | 1.8 | (2.7) |
Unrealized gain (loss) on investments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss | (0.3) | (0.3) | ||
Other comprehensive income (loss) before reclassifications | 0.3 | 0.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Net current period other comprehensive income (loss) | 0.3 | 0.3 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Pension and other post-retirement liability adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss | 15.8 | 13 | ||
Other comprehensive income (loss) before reclassifications | 0.2 | (0.3) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1.5) | 1.8 | ||
Net current period other comprehensive income (loss) | (1.3) | 1.5 | ||
Accumulated other comprehensive loss | 14.5 | 14.5 | ||
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 (Benefit) | 1 | 0.6 | (0.2) | 1.7 |
Foreign currency translation adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss | (51.8) | (63.3) | ||
Other comprehensive income (loss) before reclassifications | 8.8 | 20.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Net current period other comprehensive income (loss) | 8.8 | 20.3 | ||
Accumulated other comprehensive loss | (43) | (43) | ||
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 | (0.5) | (0.1) | (0.9) | (0.1) |
Operating expenses | (0.3) | 0 | (0.7) | 0.1 |
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) | (1.6) | (2) |
Operating expenses | (0.9) | (1.2) | (1.9) | (2.4) |
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 | 0 | 0 | 3.9 | 0 |
Operating expenses | $ 0 | $ 0 | $ 3.2 | $ 0 |
Fair Value Narrative (Details)
Fair Value Narrative (Details) - USD ($) $ in Millions | Aug. 25, 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 | $ 296.1 | $ 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 | $ 327 | $ 330 |
Fair Value Hierarchy of Assets
Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Aug. 25, 2017 | Feb. 24, 2017 |
Assets, Fair Value Disclosure [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 139.3 | $ 197.1 |
Restricted Cash and Cash Equivalents | 2.5 | 2.5 |
Assets, Fair Value Disclosure | 212.1 | 280 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign exchange forward contracts, Liability, Fair Value Disclosure | (2.4) | (0.9) |
Liabilities, Fair Value Disclosure | (2.4) | (0.9) |
Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 40.1 | 33.6 |
US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 12.8 | 18.6 |
Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 8.3 | 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 | 1.3 | 15.1 |
Foreign Exchange Contract [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.6 | 3.5 |
Auction Rate Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 3.9 | 3.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 139.3 | 197.1 |
Restricted Cash and Cash Equivalents | 2.5 | 2.5 |
Assets, Fair Value Disclosure | 144.1 | 202 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign exchange forward contracts, Liability, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | 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] | 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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign Currency Contract, Asset, 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 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 | 64.1 | 74.5 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign exchange forward contracts, Liability, Fair Value Disclosure | (2.4) | (0.9) |
Liabilities, Fair Value Disclosure | (2.4) | (0.9) |
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 | 40.1 | 33.6 |
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 | 12.8 | 18.6 |
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 | 8.3 | 3.7 |
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] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 1.3 | 15.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.6 | 3.5 |
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 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 | 3.9 | 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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | 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] | 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] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign Currency Contract, Asset, 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 | $ 3.9 | $ 3.5 |
Fair Value Reconciliation of Ch
Fair Value Reconciliation of Changes in Level 3 Balances (Details) - Auction Rate Securities [Member] $ in Millions | 6 Months Ended |
Aug. 25, 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 | 3.9 |
Fair Value, Inputs, Level 3 [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 | 3.5 |
Unrealized gain on investments | 0.4 |
Balance at the end of period | $ 3.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Aug. 25, 2017 | Feb. 24, 2017 |
Inventories [Abstract] | ||
Raw materials and work-in-process | $ 84.7 | $ 79.6 |
Finished goods | 107.5 | 101.7 |
Inventory, net of valuation allowances | 192.2 | 181.3 |
LIFO reserve | 18.7 | 18.2 |
Inventory, net of valuation allowances and LIFO reserve | 173.5 | 163.1 |
FIFO inventory amount | $ 76.2 | $ 77.9 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 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 | $ 0.9 | $ 1 | $ 2.5 | $ 3.2 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0.3 | 0.4 | $ 0.9 | 1.2 | |||
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 | 916,420 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 309,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,225,420 | 1,225,420 | 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 | 21.77 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 19.93 | $ 19.93 | $ 19.31 | ||||
Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 2.2 | 2.2 | $ 8.8 | 8.9 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0.8 | $ 0.8 | $ 3.2 | $ 3.2 | |||
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 | 1,731,507 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 650,321 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 13,388 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 17,104 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,351,336 | 2,351,336 | 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 | 16.73 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 16.36 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 16.52 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 16.47 | $ 16.47 | $ 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 | 6 Months Ended | 12 Months Ended | ||
Aug. 25, 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 | $ 4.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 309,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.77 | |||
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 | $ 10.9 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 650,321 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.73 | |||
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 | 131,200 | |||
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 | 154,500 | |||
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 | 309,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.77 | |||
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 | 6 Months Ended | |||
Aug. 25, 2017 | Aug. 26, 2016 | Aug. 25, 2017 | Aug. 26, 2016 | Feb. 24, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 775.6 | $ 758 | $ 1,510.7 | $ 1,476.8 | |
Operating income (loss) | 54.2 | 61.9 | 84.1 | 95.2 | |
Total assets | 1,775.1 | 1,775.1 | $ 1,792 | ||
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 568.5 | 571 | 1,103.5 | 1,091.4 | |
Operating income (loss) | 57.7 | 78 | 99.5 | 124.6 | |
Total assets | 1,010.3 | 1,010.3 | 960.7 | ||
EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 118.2 | 112.8 | 231.3 | 238.1 | |
Operating income (loss) | (3.6) | (11.4) | (12.2) | (17.6) | |
Total assets | 294.4 | 294.4 | 297.4 | ||
Other category [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 88.9 | 74.2 | 175.9 | 147.3 | |
Operating income (loss) | 6.8 | 3.5 | 13.3 | 5.7 | |
Total assets | 208.1 | 208.1 | 191.1 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (6.7) | $ (8.2) | (16.5) | $ (17.5) | |
Total assets | $ 262.3 | $ 262.3 | $ 342.8 |