Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Feb. 26, 2021 | Apr. 16, 2021 | Aug. 28, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 26, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-13873 | ||
Entity Registrant Name | STEELCASE INC | ||
Entity Central Index Key | 0001050825 | ||
Current Fiscal Year End Date | --02-26 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-0819050 | ||
Entity Address, Address Line One | 901 44th Street SE | ||
Entity Address, City or Town | Grand Rapids, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 49508 | ||
City Area Code | 616 | ||
Local Phone Number | 247-2710 | ||
Title of 12(b) Security | Class A Common Stock | ||
Trading Symbol | SCS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Shareholders, to be held on July 14, 2021, are incorporated by reference in Part III of this Form 10-K. | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 90,050,455 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 25,613,944 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Revenues | $ 2,596,200,000 | $ 3,723,700,000 | $ 3,443,200,000 |
Cost of sales | 1,822,800,000 | 2,508,500,000 | 2,355,300,000 |
Restructuring costs | 28,600,000 | 0 | 0 |
Gross profit | 762,800,000 | 1,215,200,000 | 1,087,900,000 |
Operating expenses | 684,200,000 | 958,200,000 | 904,300,000 |
Goodwill, Impairment Loss | 17,600,000 | 0 | 0 |
Operating income (loss) | 43,000,000 | 257,000,000 | 183,600,000 |
Interest expense | (27,100,000) | (27,300,000) | (37,500,000) |
Investment income | 1,400,000 | 5,400,000 | 2,900,000 |
Other income (expense), net | 8,600,000 | 10,100,000 | 14,900,000 |
Income before income tax expense | 25,900,000 | 245,200,000 | 163,900,000 |
Income tax expense | (200,000) | 45,500,000 | 37,900,000 |
Net income | $ 26,100,000 | $ 199,700,000 | $ 126,000,000 |
Earnings per share: | |||
Basic | $ 0.22 | $ 1.67 | $ 1.06 |
Diluted | $ 0.22 | $ 1.66 | $ 1.05 |
Restructuring - COGS | |||
Restructuring Costs | $ 10,600,000 | $ 0 | $ 0 |
Restructuring - OPEX | |||
Restructuring Costs | $ 18,000,000 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 26.1 | $ 199.7 | $ 126 |
Unrealized gain (loss) on investments | 0.5 | (0.1) | 0.4 |
Pension and other post-retirement liability adjustments | 4.3 | 16.9 | 6.6 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1.3 | 1.3 | (12.9) |
Foreign currency translation adjustments | 31.4 | (10.1) | (22.7) |
Total other comprehensive income (loss), gross | 28.9 | (25.8) | (41.8) |
Unrealized gain (loss) on investments | (0.1) | 0 | (0.1) |
Pension and other post-retirement liability adjustments | (0.8) | (4.1) | (1.6) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (0.3) | (0.3) | 3.3 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Total other comprehensive income (loss), tax (expense) benefit | 0.4 | 3.8 | 4.8 |
Unrealized gain (loss) on investments | 0.4 | (0.1) | 0.3 |
Pension and other post-retirement liability adjustments | (3.5) | (12.8) | (5) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1 | 1 | (9.6) |
Foreign currency translation adjustments | 31.4 | (10.1) | (22.7) |
Total other comprehensive income (loss), net | 29.3 | (22) | (37) |
Comprehensive income | $ 55.4 | $ 177.7 | $ 89 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 26, 2021 | Feb. 28, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 489,800,000 | $ 541,000,000 |
Accounts receivable | 279,000,000 | 381,800,000 |
Accounts Receivable, Allowance for Credit Loss | (8,700,000) | (9,400,000) |
Inventories | 193,500,000 | 215,000,000 |
Prepaid expenses | 20,900,000 | 21,600,000 |
Other current assets | 70,900,000 | 38,800,000 |
Total current assets | 1,045,400,000 | 1,188,800,000 |
Property, plant and equipment, net of accumulated depreciation of $1,063.2 and $977.7 | 410,800,000 | 426,300,000 |
Company-owned life insurance ("COLI") | 169,500,000 | 160,000,000 |
Deferred Tax Assets, Net, Noncurrent | 113,300,000 | 124,600,000 |
Goodwill | 218,100,000 | 233,600,000 |
Other intangible assets, net of accumulated amortization of $73.3 and $56.7 | 90,400,000 | 102,900,000 |
Investments in unconsolidated affiliates | 51,500,000 | 52,300,000 |
Operating Lease, Right-of-Use Asset | 225,400,000 | 237,900,000 |
Other assets | 29,600,000 | 39,000,000 |
Total assets | 2,354,000,000 | 2,565,400,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 181,300,000 | 244,300,000 |
Short-term borrowings and current portion of long-term debt | 4,700,000 | 2,900,000 |
Operating Lease, Liability, Current | 43,800,000 | 43,100,000 |
Accrued expenses: | ||
Employee compensation | 90,100,000 | 191,700,000 |
Employee benefit plan obligations | 24,900,000 | 44,700,000 |
Accrued promotions | 27,800,000 | 35,300,000 |
Customer deposits | 33,700,000 | 28,600,000 |
Other | 108,700,000 | 100,300,000 |
Total current liabilities | 515,000,000 | 690,900,000 |
Long-term liabilities: | ||
Long-term debt less current maturities | 479,200,000 | 481,400,000 |
Employee benefit plan obligations | 152,900,000 | 148,300,000 |
Operating Lease, Liability, Noncurrent | 199,500,000 | 214,000,000 |
Other long-term liabilities | 46,900,000 | 60,400,000 |
Total long-term liabilities | 878,500,000 | 904,100,000 |
Total liabilities | 1,393,500,000 | 1,595,000,000 |
Shareholders' equity: | ||
Additional paid-in capital | 12,500,000 | 28,400,000 |
Accumulated other comprehensive income (loss) | (40,000,000) | (69,300,000) |
Retained earnings | 988,000,000 | 1,011,300,000 |
Total shareholders’ equity | 960,500,000 | 970,400,000 |
Total liabilities and shareholders’ equity | 2,354,000,000 | 2,565,400,000 |
Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock-no par value; 50,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Class A Common Stock-no par value; 475,000,000 shares authorized, 85,728,770 and 85,975,298 issued and outstanding [Member] | ||
Shareholders' equity: | ||
Common stock | 0 | 0 |
Class B Common Stock-no par value; 475,000,000 shares authorized, 30,428,673 and 31,348,049 issued and outstanding [Member] | ||
Shareholders' equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Feb. 26, 2021 | Feb. 28, 2020 |
Accounts receivable, allowances | ||
Property, plant and equipment, accumulated depreciation | (1,063.2) | (977.7) |
Other intangible assets, accumulated amortization | $ 73.3 | $ 56.7 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares outstanding | 114,908,676 | 117,202,000 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 89,589,111 | 87,594,913 |
Common stock, shares outstanding | 89,589,111 | 87,594,913 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0 | |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 27,612,889 | 29,171,697 |
Common stock, shares outstanding | 27,612,889 | 29,171,697 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Millions | Total | Performance Shares [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Restricted Stock Units (RSUs) [Member] |
Additional paid-in capital | $ 4.6 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (10.3) | ||||
Retained earnings | 819 | ||||
Issuance of Stock and Warrants for Services or Claims | $ 0.8 | ||||
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | 53,029 | ||||
Balance, shares at Feb. 23, 2018 | 116,157,443 | ||||
Common stock repurchases | $ (4.2) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (37) | ||||
Payments of Dividends | 64.3 | ||||
Net income | 126 | ||||
Dividends | (64.3) | ||||
repurchase common stock, APIC | 0 | ||||
Balance at Feb. 22, 2019 | $ 849.8 | ||||
Balance, shares at Feb. 22, 2019 | 116,766,610 | ||||
Stock Repurchased and Retired During Period, Shares | (287,328) | ||||
Stock Issued During Period, Shares, New Issues | 843,466 | ||||
Share-based Payment Arrangement, Expense | $ 16.9 | $ 12.7 | |||
Other Expenses | (1.7) | ||||
Additional paid-in capital | 16.4 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (47.3) | ||||
Retained earnings | 880.7 | ||||
Issuance of Stock and Warrants for Services or Claims | $ 0.7 | ||||
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | 41,941 | ||||
Common stock repurchases | $ (8.7) | $ (8.7) | $ 0 | ||
Common stock repurchases, shares | (500,000) | 0 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (22) | ||||
Payments of Dividends | 69.1 | ||||
Net income | 199.7 | ||||
Dividends | (69.1) | ||||
repurchase common stock, APIC | 0 | ||||
Balance at Feb. 28, 2020 | $ 970.4 | ||||
Balance, shares at Feb. 28, 2020 | 117,202,000 | 87,594,913 | 29,171,697 | ||
Stock Repurchased and Retired During Period, Shares | (524,379) | ||||
Stock Issued During Period, Shares, New Issues | 917,828 | ||||
Share-based Payment Arrangement, Expense | $ 16 | $ 13.3 | |||
Other Expenses | 4 | ||||
Additional paid-in capital | 28.4 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (69.3) | ||||
Retained earnings | 1,011.3 | ||||
Issuance of Stock and Warrants for Services or Claims | $ 0.8 | ||||
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | 64,107 | ||||
Common stock repurchases | $ (36.8) | $ (42.7) | $ 0 | ||
Common stock repurchases, shares | (3,300,000) | 0 | |||
Units issued as common stock, shares | 800,068 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 29.3 | ||||
Payments of Dividends | 43.5 | ||||
Net income | 26.1 | ||||
Dividends | (43.5) | ||||
repurchase common stock, APIC | (5.9) | ||||
Balance at Feb. 26, 2021 | $ 960.5 | ||||
Balance, shares at Feb. 26, 2021 | 114,908,676 | 89,589,111 | 27,612,889 | ||
Stock Repurchased and Retired During Period, Shares | (3,288,795) | ||||
Stock Issued During Period, Shares, New Issues | 931,364 | ||||
Share-based Payment Arrangement, Expense | $ 20.1 | $ 12.4 | |||
Other Expenses | 0 | ||||
Additional paid-in capital | 12.5 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (40) | ||||
Retained earnings | $ 988 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 0.3700 | $ 0.5800 | $ 0.5400 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows | 12 Months Ended | |||||
Feb. 26, 2021USD ($) | Feb. 28, 2020USD ($) | Feb. 22, 2019USD ($) | ||||
OPERATING ACTIVITIES | ||||||
Net income | $ 26,100,000 | $ 199,700,000 | $ 126,000,000 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 85,200,000 | 85,600,000 | 81,600,000 | |||
Goodwill, Impairment Loss | 17,600,000 | 0 | 0 | |||
Restructuring costs | 28,600,000 | 0 | 0 | |||
Loss (gain) on disposal of fixed assets | 0 | (19,600,000) | 400,000 | |||
Deferred Income Tax Expense (Benefit) | 15,900,000 | 12,100,000 | (800,000) | |||
Non-cash stock compensation | 20,900,000 | 16,700,000 | 17,700,000 | |||
Equity in income of unconsolidated affiliates | (9,300,000) | (12,200,000) | (13,700,000) | |||
Dividends received from unconsolidated affiliates | 8,100,000 | 12,500,000 | 9,100,000 | |||
Derivative, Loss on Derivative | 0 | 0 | (13,000,000) | |||
Other | (13,300,000) | (200,000) | (12,900,000) | |||
Changes in operating assets and liabilities, net of acquisitions, divestures, and deconsolidations: | ||||||
Accounts receivable | 120,900,000 | 7,200,000 | (66,400,000) | |||
Inventories | 27,100,000 | (6,200,000) | (24,000,000) | |||
Other assets | (22,900,000) | (1,900,000) | 10,200,000 | |||
Accounts payable | (69,000,000) | 10,800,000 | 8,500,000 | |||
Employee compensation liabilities | (138,700,000) | 36,700,000 | 21,100,000 | |||
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (22,600,000) | (3,100,000) | 4,000,000 | |||
Accrued expenses and other liabilities | (9,800,000) | 22,700,000 | (16,600,000) | |||
Net cash provided by operating activities | 64,800,000 | 360,800,000 | 131,200,000 | |||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (41,300,000) | (73,400,000) | (81,400,000) | |||
Proceeds from Sale of Property, Plant, and Equipment | 7,400,000 | 1,800,000 | 20,500,000 | |||
Proceeds from liquidation of company owned life insurance | 2,200,000 | 4,200,000 | 22,100,000 | |||
Proceeds from Divestiture of Businesses | 0 | 72,600,000 | (300,000) | |||
Payments to Acquire Businesses, Net of Cash Acquired | (3,800,000) | (3,700,000) | (226,200,000) | |||
Other | 4,900,000 | 3,000,000 | (6,300,000) | |||
Net cash provided by (used in) investing activities | (30,600,000) | 4,500,000 | (271,600,000) | |||
FINANCING ACTIVITIES | ||||||
Dividends paid | (43,500,000) | (69,100,000) | (64,300,000) | |||
Common stock repurchases | (42,700,000) | (8,700,000) | (4,200,000) | |||
Proceeds from Lines of Credit | 250,000,000 | 0 | 323,100,000 | |||
Repayments of Lines of Credit | (250,000,000) | 0 | (323,100,000) | |||
Borrowings of long-term debt, net of issuance costs | 0 | 0 | 450,000,000 | |||
Repayments of long-term debt | (2,400,000) | (2,900,000) | (252,700,000) | |||
Proceeds from (Payments for) Other Financing Activities | 800,000 | (1,200,000) | (6,500,000) | |||
Net cash used in financing activities | (87,800,000) | (81,900,000) | 122,300,000 | |||
Effect of exchange rate changes on cash and cash equivalents | 2,100,000 | (1,100,000) | (2,700,000) | |||
Net increase (decrease) in cash and cash equivalents | (51,500,000) | 282,300,000 | (20,800,000) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 495,600,000 | [1] | 547,100,000 | [1],[2] | 264,800,000 | [1],[2] |
Restricted Cash | 6,100,000 | 3,500,000 | ||||
Supplemental Cash Flow Information: | ||||||
Income taxes paid, net of refunds received | 24,600,000 | 26,700,000 | 36,200,000 | |||
Interest paid, net of amounts capitalized | $ 25,400,000 | $ 24,500,000 | $ 34,500,000 | |||
[1] | These amounts include restricted cash of $5.8, $6.1 and $3.5 as of February 26, 2021, February 28, 2020 and February 22, 2019, respectively. | |||||
[2] | These amounts include restricted cash of $6.1, $3.5 and $2.5 as of February 28, 2020, February 22, 2019 and February 23, 2018, respectively. |
Capital Structure Share Repurch
Capital Structure Share Repurchases (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Share Repurchases [Abstract] | |
Share Repurchases [Table Text Block] | The 2021 and 2020 activity for share repurchases is as follows (share data in millions): Share Repurchases Year ended February 26, February 28, Total number of shares Price Paid Total number Price Paid Class A Common Stock 3.3 $ 42.7 0.5 $ 8.7 Class B Common Stock — $ — — $ — |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 3 Months Ended |
Aug. 23, 2019 | |
Unaudited Quarterly Results [Abstract] | |
Quarterly Financial Information [Table Text Block] | Unaudited Quarterly Results First Second Third Fourth Total 2021 Revenue $ 482.8 $ 818.8 $ 617.5 $ 677.1 $ 2,596.2 Gross profit 122.7 269.6 177.9 192.6 762.8 Operating income (loss) (52.3) 88.6 — 6.7 43.0 Net income (loss) (38.1) 55.5 2.1 6.6 26.1 Basic earnings (loss) per share (0.33) 0.47 0.02 0.06 0.22 Diluted earnings (loss) per share (0.33) 0.47 0.02 0.06 0.22 2020 Revenue $ 824.3 $ 998.0 $ 955.2 $ 946.2 $ 3,723.7 Gross profit 258.4 333.5 316.1 307.2 1,215.2 Operating income 27.6 85.3 75.1 69.0 257.0 Net income 17.8 60.5 54.9 66.5 199.7 Basic earnings per share 0.15 0.50 0.46 0.56 1.67 Diluted earnings per share 0.15 0.50 0.46 0.55 1.66 |
Unaudited Quarterly Results (De
Unaudited Quarterly Results (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2021 | Nov. 27, 2020 | Aug. 28, 2020 | May 29, 2020 | Nov. 22, 2019 | Aug. 23, 2019 | May 24, 2019 | Feb. 22, 2019 | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Unaudited Quarterly Results [Abstract] | |||||||||||
Gross profit | $ 192.6 | $ 177.9 | $ 269.6 | $ 122.7 | $ 316.1 | $ 333.5 | $ 258.4 | $ 307.2 | $ 762.8 | $ 1,215.2 | $ 1,087.9 |
Operating income (loss) | 6.7 | 0 | 88.6 | (52.3) | 75.1 | 85.3 | 27.6 | 69 | 43 | 257 | 183.6 |
Net income | $ 6.6 | $ 2.1 | $ 55.5 | $ (38.1) | $ 54.9 | $ 60.5 | $ 17.8 | $ 66.5 | $ 26.1 | $ 199.7 | $ 126 |
Earnings per share, basic | $ 0.06 | $ 0.02 | $ 0.47 | $ (0.33) | $ 0.46 | $ 0.50 | $ 0.15 | $ 0.56 | $ 0.22 | $ 1.67 | $ 1.06 |
Earnings per share, diluted | $ 0.06 | $ 0.02 | $ 0.47 | $ (0.33) | $ 0.46 | $ 0.50 | $ 0.15 | $ 0.55 | $ 0.22 | $ 1.66 | $ 1.05 |
Revenues | $ 677.1 | $ 617.5 | $ 818.8 | $ 482.8 | $ 955.2 | $ 998 | $ 824.3 | $ 946.2 | $ 2,596.2 | $ 3,723.7 | $ 3,443.2 |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Feb. 26, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NATURE OF OPERATIONSSteelcase is the global leader in furnishing the work experience in office environments. Founded in 1912, we are headquartered in Grand Rapids, Michigan, U.S.A. and employ approximately 11,100 employees. We operate manufacturing and distribution center facilities in 23 principal locations. We distribute products through various channels, including Steelcase independent and company-owned dealers in approximately 800 locations throughout the world, and have led the global office furniture industry in revenue every year since 1974. We operate under the Americas and EMEA reportable segments plus an “Other” category. See Note 22 for additional information related to our reportable segments. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Feb. 26, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Steelcase Inc. and its subsidiaries. We consolidate entities in which we maintain a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. We also consolidate variable interest entities when appropriate. Investments in entities where our equity ownership falls between 20% and 50%, or where we otherwise have significant influence, are accounted for under the equity method of accounting. All other investments in unconsolidated affiliates are accounted for under the cost method of accounting. These investments are reported as Investments in unconsolidated affiliates on the Consolidated Balance Sheets, and income from equity method investments and any adjustments to cost method investments are reported in Other income, net on the Consolidated Statements of Income. See Note 12 for additional information. Fiscal Year Our fiscal year ends on the last Friday in February, with each fiscal quarter typically including 13 weeks. The fiscal years ended February 26, 2021 and February 22, 2019 contained 52 weeks. The fiscal year ended February 28, 2020 contained 53 weeks, with Q4 2020 containing 14 weeks. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a month or specific date reference. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements and accompanying notes. Although these estimates are based on historical data and management’s knowledge of current events and actions we may undertake in the future, actual results may differ from these estimates under different assumptions or conditions. Cash and Cash Equivalents Cash and cash equivalents include demand bank deposits and highly liquid investment securities with an original maturity of three months or less. Cash equivalents are reported at cost and approximate fair value. Outstanding checks in excess of funds on deposit are classified as Accounts payable on the Consolidated Balance Sheets. Our restricted cash balance as of February 26, 2021 and February 28, 2020 was $5.8 and $6.1, respectively, and consisted primarily of funds held in escrow for potential future workers’ compensation and product liability claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. Allowances for Credit Losses Allowances for credit losses related to accounts receivable and notes receivable are maintained at a level considered by management to be adequate to absorb an estimate of probable future losses existing at the balance sheet date. In estimating probable losses, we review accounts that are past due or in bankruptcy. We consider an accounts receivable or notes receivable balance past due when payment is not received within the stated terms. We review accounts that may have higher credit risk using information available about the debtor, such as financial statements, news reports and published credit ratings. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. Using an estimate of current fair market value of any applicable collateral and other credit enhancements, such as third party guarantees, we arrive at an estimated loss for specific concerns and estimate an additional amount for the remainder of trade balances based on historical trends and other factors previously referenced. Receivable balances are written off when we determine the balance is uncollectible. Subsequent recoveries, if any, are credited to bad debt expense when received. Concentrations of Credit Risk Our trade receivables are due from independent dealers as well as direct customers. We monitor and manage the credit risk associated with individual dealers and direct customers. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to us. In those cases, we typically assume the credit risk. Whether from dealers or direct customers, our trade credit exposures are not concentrated with any particular entity or industry. Inventories Inventories are stated at the lower of cost or net realizable value. The Americas segment primarily uses the last in, first out (“LIFO”) method to value its inventories. The EMEA segment values inventories primarily using the first in, first out method (“FIFO”). Businesses within the Other category primarily use the FIFO or the average cost inventory valuation methods. See Note 8 for additional information. Property, Plant and Equipment Property, plant and equipment are stated at cost. Major improvements that materially extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. See Note 9 for additional information. Long-lived assets such as property, plant and equipment are tested for impairment when conditions indicate that the carrying value may not be recoverable. We evaluate several conditions, including, but not limited to, the following: a significant decrease in the market price of an asset or an asset group; a significant adverse change in the extent or manner in which a long-lived asset is being used, including an extended period of idleness; and a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review the carrying value of our held and used long-lived assets utilizing estimates of future undiscounted cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. When assets are classified as “held for sale,” losses are recorded for the difference between the carrying amount of the property, plant and equipment and the estimated fair value less estimated selling costs. Assets are considered “held for sale” when it is expected that the asset is going to be sold within twelve months. Goodwill and Other Intangible Assets Goodwill represents the difference between the purchase price and the related underlying tangible and identifiable intangible net asset fair values resulting from business acquisitions. Annually in Q4, or earlier if conditions indicate it is necessary, the carrying value of the reporting unit is compared to an estimate of its fair value. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is impaired and is written down to its estimated fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. In 2021, we evaluated goodwill and intangible assets using eight reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex, AMQ, Smith System and Orangebox U.K. In 2020, we evaluated goodwill and intangible assets using ten reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex, PolyVision, AMQ, Smith System, Orangebox U.K. and Orangebox U.S. See Note 11 for additional information. Other intangible assets subject to amortization consist primarily of dealer relationships, trademarks, know-how/designs, proprietary technology and non-compete agreements and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization are accounted for and evaluated for potential impairment using an income approach based on the cash flows attributable to the related products. See Note 11 for additional information. Contingencies Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred. We are involved in litigation from time to time in the ordinary course of our business. Based on known information, we do not believe we are party to any lawsuit or proceeding, individually and in the aggregate, that is likely to have a material adverse impact on the consolidated financial statements. Self-Insurance We are self-insured for certain losses relating to domestic workers’ compensation, product liability and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of uncertainty for these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Net Reserve for Estimated Domestic Workers' Compensation Claims Year Ended February 26, 2021 February 28, 2020 Assets: Long-term - Other assets $ 4.6 $ 4.2 Liabilities: Current - Accrued expenses - other 2.1 2.7 Long-term - Other long-term liabilities 10.5 11.6 12.6 14.3 Net reserve $ 8.0 $ 10.1 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. Net Reserve for Estimated Product Liability Claims Year Ended February 26, 2021 February 28, 2020 Assets: Long-term - Other long-term assets $ 0.7 $ 1.3 Liabilities: Current - Accrued expenses - other 0.5 0.6 Long-term - Other long-term liabilities 2.2 3.5 2.7 4.1 Net reserve $ 2.0 $ 2.8 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. Product Warranties We offer warranties ranging from 3 years to lifetime for most products, subject to certain exceptions. These warranties provide for the free repair or replacement of any covered product, part or component that fails during normal use because of a defect in materials or workmanship. The accrued liability for product warranties is based on an estimated amount needed to cover product warranty costs, including product recall and retrofit costs, incurred as of the balance sheet date determined by historical claims experience and our knowledge of current events and actions. These estimates are subject to uncertainty due to a variety of factors, including changes in claim rates and patterns. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Roll-Forward of Accrued Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 26.7 $ 31.0 $ 36.8 Accruals related to product warranties, recalls and retrofits 2.8 8.1 6.1 Reductions for settlements (2.4) (12.3) (11.6) Adjustments related to changes in estimates (4.9) — — Currency translation adjustments 0.3 (0.1) (0.3) Balance as of end of period $ 22.5 $ 26.7 $ 31.0 Our reserve for estimated settlements expected to be paid beyond one year as of February 26, 2021 and February 28, 2020 was $11.4 and $14.3, respectively, and is included in Other long-term liabilities on the Consolidated Balance Sheets. Pension and Other Post-Retirement Benefits We sponsor a number of domestic and foreign plans to provide pension benefits and medical and life insurance benefits to retired employees. We measure the net over-funded or under-funded positions of our defined benefit pension plans and post-retirement benefit plans as of the end of each fiscal year and display that position as an asset or liability on the Consolidated Balance Sheets. Any unrecognized prior service credit (cost) or actuarial gains (losses) are reported, net of tax, as a component of Accumulated other comprehensive income (loss) in shareholders’ equity. See Note 15 for additional information. Environmental Matters Environmental expenditures related to current operations are expensed. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are also expensed. Generally, the timing of these accruals coincides with completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis as site-specific plans indicate the amount and timing of cash payments which are fixed and reliably determinable. We have ongoing monitoring and identification processes to assess how known exposures are progressing against the accrued cost estimates, as well as processes to identify other potential exposures. Environmental Contingencies Year Ended February 26, 2021 February 28, 2020 Current: Accrued expenses - other $ 0.7 $ 1.0 Long-term: Other long-term liabilities 2.0 1.9 Total environmental contingencies (discounted) $ 2.7 $ 2.9 The environmental liabilities were discounted using a rate of 2.5% and 3.0% as of February 26, 2021 and February 28, 2020. Our undiscounted liabilities were $2.8 and $3.1 as of February 26, 2021 and February 28, 2020, respectively. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to absorb the costs of all known environmental assessments and the remediation costs of all known sites. Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated. We also have known conditional asset retirement obligations that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations we have not yet discovered, and therefore, these obligations also have not been included in the consolidated financial statements. Revenue Recognition Our revenue consists substantially of product sales and related service revenue. Product sales are reported net of discounts and are recognized when control, consisting of the rights and obligations associated with the sale, passes to the purchaser. For sales to our dealers, this typically occurs when product is shipped from our manufacturing or distribution facilities. In cases where we sell directly to customers, control is typically transferred upon delivery to the customer. Service revenue is recognized when the services have been rendered. We account for shipping and handling activities as fulfillment activities even if those activities are performed after the control of the product has been transferred. We expense shipping and handling costs at the time revenue is recognized. Revenue does not include sales tax or any other taxes assessed by a governmental authority that are imposed on and concurrent with a specific sale, such as use, excise, value-added, and franchise taxes (collectively referred to as consumption taxes). We consider ourselves a pass-through entity for collecting and remitting these consumption taxes. Cost of Sales Cost of sales includes material, labor and overhead. Included within these categories are such items as compensation expense, logistics costs (including shipping and handling costs), facilities expense, depreciation and warranty expense. Operating Expenses Operating expenses include selling, general and administrative expenses not directly related to the procurement, manufacturing and delivery of our products. Included in these expenses are items such as employee compensation expense, research and development expense, facilities expense, depreciation, royalty expense, information technology services, professional services and travel and entertainment expense. Research and Development Expenses Research and development expenses, which we define as expenses related to the investigative activities we conduct to improve existing products and procedures or to lead to the development of new products and procedures, are expensed as incurred and were $48.1 for 2021, $50.6 for 2020 and $53.7 for 2019. Income Taxes Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. These deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in the Consolidated Statements of Income in the period that includes the enactment date. We establish valuation allowances against deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. All evidence, both positive and negative, is identified and considered in making the determination. Future realization of the existing deferred tax asset depends, in part, on the existence of sufficient taxable income of appropriate character within the carryforward period available under tax law applicable in the jurisdiction in which the related deferred tax assets were generated. We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits associated with net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies will enable us to utilize the net operating loss carryforwards. In making this determination we consider all available positive and negative evidence. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. We record reserves for uncertain tax positions except to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. See Note 17 for additional information. Share-Based Compensation Our share-based compensation consists of restricted stock units and performance units. Our policy is to expense share-based compensation using the fair-value based method of accounting for all awards granted, modified or settled. Restricted stock units and performance units are credited to shareholders' equity as they are expensed over the related service periods based on the grant date fair value of the shares expected to be issued or achievement of certain performance criteria. See Note 18 for additional information. Leases In Q1 2020, we adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), and related amendments to accounting standards codification ("ASC") 842 using the modified retrospective approach. The effects of the initial application of ASC 842 did not result in a cumulative adjustment to retained earnings. The lease terms utilized in determining right-of-use assets and lease liabilities include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods. Our leases do not contain any residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit discount rate, we use an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The estimated incremental borrowing rate represents the estimated rate of interest we would have had to pay to borrow on a collateralized basis an amount equal to the lease payments for a similar period of time. We do not separate non-lease components of a contract from the lease components to which they relate for all classes of lease assets except for embedded leases, which were immaterial in 2021. A right-of-use asset or lease liability is not recorded for leases with an initial expected period of 12 months or less. See Note 19 for additional information. Financial Instruments The carrying amounts of our financial instruments, consisting of cash and cash equivalents, accounts and notes receivable, accounts and notes payable and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value on the Consolidated Balance Sheets. Our total debt is carried at cost and was $483.9 and $484.3 as of February 26, 2021 and February 28, 2020, 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 $568.1 and $560.0 as of February 26, 2021 and February 28, 2020, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. See Note 7 and Note 13 for additional information. We may use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. In advance of issuing new debt in 2019, the Company entered into a treasury rate lock agreement to manage our exposure to changes in interest rates and our overall cost of borrowing. We do not use derivatives for speculative or trading purposes. See Note 14 for additional information. Foreign Currency For most foreign operations, local currencies are considered the functional currencies. We translate assets and liabilities of these subsidiaries to their U.S. dollar equivalents at exchange rates in effect as of the balance sheet date. Translation adjustments are not included in determining net income but are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets unless and until a sale or a substantially complete liquidation of the net investment in the international subsidiary takes place. We translate Consolidated Statements of Income accounts at average exchange rates for the applicable period. Foreign currency transaction gains and losses, net of derivative impacts, arising primarily from changes in exchange rates on foreign currency denominated intercompany loans and other intercompany transactions and balances between foreign locations, are recorded in Other income, net on the Consolidated Statements of Income. Foreign Exchange Forward Contracts A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching revenues with same currency costs and assets with same currency liabilities. Foreign exchange risk is also partially managed through the use of derivative instruments. Foreign exchange forward contracts serve to reduce the risk of conversion or translation of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including loans) and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts relate to the euro, the Mexican peso, the United Kingdom ("U.K.") pound sterling, the Canadian dollar, the Australian dollar, the Malaysian ringgit and the Chinese renminbi. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 26, 2021 and February 28, 2020 are summarized below: Consolidated Balance Sheets February 26, February 28, Other current assets $ 1.1 $ 1.2 Accrued expenses (0.8) (0.5) Total net fair value of foreign exchange forward contracts (1) $ 0.3 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $58.8 as of February 26, 2021 and $117.6 as of February 28, 2020. Net gains (losses) recognized from foreign exchange forward contracts in 2021, 2020 and 2019 are summarized below: Gain (Loss) Recognized in Consolidated Statements of Income Year Ended February 26, February 28, February 22, Cost of sales $ 0.1 $ 1.8 $ 1.5 Operating expenses (0.1) 0.5 0.3 Other income, net 0.8 3.1 2.7 Total net gain (loss) $ 0.8 $ 5.4 $ 4.5 The net gains or losses recognized from foreign exchange forward instruments in Other income, net are largely offset by related foreign currency gains or losses on our intercompany loans and intercompany accounts payable. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Feb. 26, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU No. 2019-12, Income Taxes (Topic 740) , which is intended to enhance various aspects of the accounting for income taxes. The new guidance updates the calculation of income taxes in an interim period when year-to-date losses exceed the anticipated loss for the year. We adopted this guidance in Q1 2021 on a prospective basis. The adoption of this guidance did not have a material effect on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715-20, Compensation - Retirement Benefits - Defined Benefit Plans - General . The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. We adopted this guidance in Q4 2021. The adoption of this guidance modified our disclosures included in Note 15 but did not have a material effect on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses. We adopted this guidance in Q1 2021 using a modified retrospective transition approach. The adoption of this guidance did not have a material effect on our consolidated financial statements or significantly impact our accounting policies or methods utilized to determine the allowance for credit losses. See Note 2 for additional information regarding our accounting policies related to the allowance for credit losses. |
Revenue
Revenue | 12 Months Ended |
Feb. 26, 2021 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: Product Category Data Year Ended February 26, February 28, February 22, Americas Desking, benching, systems and storage $ 912.0 $ 1,377.5 $ 1,233.9 Seating 559.4 784.2 706.3 Other (1) 377.1 511.2 530.0 EMEA Desking, benching, systems and storage 196.4 254.4 233.2 Seating 185.9 235.6 187.1 Other (1) 129.0 179.6 196.7 Other Desking, benching, systems and storage 49.8 63.6 59.1 Seating 69.1 94.1 93.6 Other (1) 117.5 223.5 203.3 $ 2,596.2 $ 3,723.7 $ 3,443.2 _______________________________________ (1) The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. In the Americas segment, no industry or vertical market individually represented more than 16%, 15% or 14% of Americas revenue in 2021, 2020 and 2019, respectively. Reportable geographic information is as follows: Reportable Geographic Revenue Year Ended February 26, February 28, February 22, United States $ 1,739.5 $ 2,469.7 $ 2,170.3 Foreign locations 856.7 1,254.0 1,272.9 $ 2,596.2 $ 3,723.7 $ 3,443.2 In the EMEA segment, approximately 86%, 87% and 88% of revenue was from Western Europe in 2021, 2020 and 2019, respectively. No individual country in the EMEA segment represented more than 5% of our consolidated revenue in 2021. No single customer represented more than 5% of our consolidated revenue in 2021, 2020 or 2019. Contract Balances At times, we receive deposits from customers before revenue is recognized, resulting in the recognition of a contract liability ( Customer deposits ) presented in the Consolidated Balance Sheets. Changes in the Customer deposits balance during the year ended February 26, 2021 are as follows: Customer Deposits Balance as of February 28, 2020 $ 28.6 Recognition of revenue related to beginning of year customer deposits (27.4) Customer deposits received, net of revenue recognized during the period 32.5 Balance as of February 26, 2021 $ 33.7 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 26, 2021 | |
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. Computation of Earnings per Share Year Ended February 26, February 28, February 22, Net income $ 26.1 $ 199.7 $ 126.0 Adjustment for earnings attributable to participating securities (0.6) (3.9) (2.5) Net income used in calculating earnings per share $ 25.5 $ 195.8 $ 123.5 Weighted-average common shares outstanding including participating securities (in millions) 117.5 119.6 119.1 Adjustment for participating securities (in millions) (2.6) (2.3) (2.4) Shares used in calculating basic earnings per share (in millions) 114.9 117.3 116.7 Effect of dilutive stock-based compensation (in millions) 0.3 0.6 0.4 Shares used in calculating diluted earnings per share (in millions) 115.2 117.9 117.1 Earnings per share: Basic $ 0.22 $ 1.67 $ 1.06 Diluted $ 0.22 $ 1.66 $ 1.05 Total common shares outstanding at period end (in millions) 114.9 117.2 116.8 Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) — — 0.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Feb. 26, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) during the years ended February 26, 2021 and February 28, 2020: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative adjustments Foreign currency translation adjustments Total Balance as of February 22, 2019 $ — $ 9.7 $ (9.6) $ (47.4) $ (47.3) Other comprehensive income (loss) before reclassifications 0.4 (10.4) — (10.8) (20.8) Amounts reclassified from accumulated other comprehensive income (loss) (0.5) (2.4) 1.0 0.7 (1.2) Net other comprehensive income (loss) during period (0.1) (12.8) 1.0 (10.1) (22.0) Balance as of February 28, 2020 $ (0.1) $ (3.1) $ (8.6) $ (57.5) $ (69.3) Other comprehensive income (loss) before reclassifications 0.4 (2.7) — 31.0 28.7 Amounts reclassified from accumulated other comprehensive income (loss) — (0.8) 1.0 0.4 0.6 Net other comprehensive income (loss) during period 0.4 (3.5) 1.0 31.4 29.3 Balance as of February 26, 2021 $ 0.3 $ (6.6) $ (7.6) $ (26.1) $ (40.0) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the years ended February 26, 2021 and February 28, 2020: Detail of Accumulated Other Comprehensive Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Consolidated Statements of Income Year Ended February 26, February 28, Realized gain on sale of investment $ — $ (0.7) Investment income — 0.2 Income tax expense (benefit) — (0.5) Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (1.1) (3.0) Other income, net Prior service cost (credit) — (0.1) Other income, net 0.3 0.7 Income tax expense (benefit) (0.8) (2.4) Derivative adjustments 1.3 1.3 Interest expense (0.3) (0.3) Income tax expense (benefit) 1.0 1.0 Foreign currency translation 0.5 0.6 Operating expense (0.1) 0.1 Other income, net 0.4 0.7 Total reclassifications $ 0.6 $ (1.2) |
Fair Value
Fair Value | 12 Months Ended |
Feb. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value measurements are classified under the following hierarchy: Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2 — Inputs based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. Level 3 — Inputs reflect management’s best estimate of what market participants would use to price the asset or liability at the measurement date in model-driven valuations. The inputs are unobservable in the market and significant to the instrument’s valuation. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be other significant inputs that are readily observable. Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of February 26, 2021 and February 28, 2020 are summarized below: Fair Value of Financial Instruments February 26, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 489.8 $ — $ — $ 489.8 Restricted cash 5.8 — — 5.8 Foreign exchange forward contracts — 1.1 — 1.1 Auction rate security — — 2.6 2.6 $ 495.6 $ 1.1 $ 2.6 $ 499.3 Liabilities: Foreign exchange forward contracts $ — $ (0.8) $ — $ (0.8) $ — $ (0.8) $ — $ (0.8) Fair Value of Financial Instruments February 28, 2020 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 541.0 $ — $ — $ 541.0 Restricted cash 6.1 — — 6.1 Foreign exchange forward contracts — 1.2 — 1.2 Auction rate security — — 2.1 2.1 $ 547.1 $ 1.2 $ 2.1 $ 550.4 Liabilities: Foreign exchange forward contracts $ — $ (0.5) $ — $ (0.5) $ — $ (0.5) $ — $ (0.5) Foreign Exchange Forward Contracts From time to time, we enter into forward contracts to reduce the risk of translation into U.S. dollars of certain foreign-denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including loans) and certain forecasted currency flows from foreign-denominated transactions. The fair value of foreign exchange forward contracts is based on a valuation model that calculates the differential between the contract price and the market-based forward rate. Auction Rate Security As of February 26, 2021, we held an auction rate security (“ARS”) investment with a total par value of $3.2 and an adjusted fair value of $2.6. The difference between par value and fair value is comprised of other-than-temporary impairment losses and unrealized gains on our ARS investment of $0.9 and $0.3, respectively. The ARS was impaired due to general credit declines, and the impairments were recorded in Investment income in the Consolidated Statements of Income. The unrealized gains are due to changes in interest rates and are expected to fluctuate over the contractual term of the instruments. Unrealized gains are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. While there has been no payment default with respect to our ARS, this investment is not widely traded and therefore does not currently have a readily determinable market value. To estimate fair value, we used an internally-developed discounted cash flow analysis. Our discounted cash flow analysis considers, among other factors, (i) the credit ratings of the ARS, (ii) the credit quality of the underlying securities or the credit rating of issuers, (iii) the estimated timing and amount of cash flows, (iv) the formula applicable to each security which defines the penalty interest rate and (v) discount rates equal to the sum of (a) the yield on U.S. Treasury securities with a term through the estimated workout date plus (b) a risk premium based on similarly rated observable securities. A deterioration in market conditions or the use of different assumptions could result in a different valuation and additional impairments. For example, an increase to the discount rate of 100 basis points would reduce the estimated fair value of our ARS investment by approximately $0.4. Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs for the years ended February 26, 2021 and February 28, 2020: Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Balance as of February 22, 2019 $ 3.9 Unrealized loss on investments (0.1) Realized gain on investment 0.5 Redemption of auction rate security (2.2) Balance as of February 28, 2020 $ 2.1 Unrealized gain on investment 0.5 Balance as of February 26, 2021 $ 2.6 |
Inventories
Inventories | 12 Months Ended |
Feb. 26, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories February 26, February 28, Raw materials and work-in-process $ 126.0 $ 122.0 Finished goods 86.4 112.8 212.4 234.8 Revaluation to LIFO 18.9 19.8 $ 193.5 $ 215.0 The portion of inventories determined by the LIFO method aggregated $89.1 and $93.8 as of February 26, 2021 and February 28, 2020, respectively. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Feb. 26, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment Estimated February 26, February 28, Land $ 36.4 $ 34.4 Machinery and equipment 3 – 15 790.4 755.5 Buildings and improvements 10 – 40 405.4 393.4 Capitalized software 3 – 10 76.2 67.0 Furniture and fixtures 5 – 8 63.2 58.5 Leasehold improvements 3 – 15 77.8 72.6 Construction in progress 24.6 22.6 1,474.0 1,404.0 Accumulated depreciation (1,063.2) (977.7) $ 410.8 $ 426.3 |
Company-Owned Life Insurance
Company-Owned Life Insurance | 12 Months Ended |
Feb. 26, 2021 | |
Company-Owned Life Insurance [Abstract] | |
Company-Owned Life Insurance | COMPANY-OWNED LIFE INSURANCE Our investments in company-owned life insurance (“COLI”) policies are recorded at their net cash surrender value. Our investments in COLI are intended to be utilized as a long-term funding source for post-retirement medical benefits, deferred compensation and defined benefit pension plan obligations. The designation of our COLI investments as funding sources for our long-term benefit plan obligations does not result in these investments representing a committed funding source for these obligations. They are subject to claims from creditors, and we can designate any portion of them to another purpose at any time. The net returns in cash surrender value, normal insurance expenses and any maturity benefits related to our investments in COLI policies ("COLI income") are recorded in Operating expenses on the Consolidated Statements of Income. COLI income is intended to offset the expense associated with long-term benefit plan obligations which are also recorded in Operating expenses on the Consolidated Statements of Income. COLI income totaled $12.3 in 2021, $6.6 in 2020 and $7.5 in 2019. The balances of our COLI investments as of February 26, 2021 and February 28, 2020 were as follows: Type Ability to Choose Net Return Target Asset Allocation as of February 26, 2021 Net Cash Surrender Value February 26, February 28, Whole life No ability A rate of return set periodically by the Not applicable $ 111.3 $ 110.3 Variable life Can allocate across a set of choices provided by the insurance companies Fluctuates depending on performance of underlying investments 50% fixed income; 50% equity 58.2 49.7 $ 169.5 $ 160.0 |
Goodwill & Other Intangible Ass
Goodwill & Other Intangible Assets | 12 Months Ended |
Feb. 26, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill & Other Intangible Assets | GOODWILL & OTHER INTANGIBLE ASSETS A summary of the changes in goodwill during the years ended February 26, 2021 and February 28, 2020, by reportable segment, is as follows: Goodwill Americas EMEA Other Total Balance as of February 22, 2019 $ 203.6 $ 18.7 $ 18.5 $ 240.8 Acquisition (1) 1.0 — — 1.0 Goodwill on divestitures (2) — — (68.6) (68.6) Accumulated impairment losses on divestitures (2) — — 60.8 60.8 Currency translation adjustments (0.2) (0.2) — (0.4) Goodwill 206.1 283.5 47.9 537.5 Accumulated impairment losses (1.7) (265.0) (37.2) (303.9) Balance as of February 28, 2020 $ 204.4 $ 18.5 $ 10.7 $ 233.6 Impairment charge (3) — (17.6) — (17.6) Acquisition (4) 2.5 — — 2.5 Currency translation adjustments 0.5 (0.9) — (0.4) Goodwill 209.1 282.6 47.9 539.6 Accumulated impairment losses (1.7) (282.6) (37.2) (321.5) Balance as of February 26, 2021 $ 207.4 $ — $ 10.7 $ 218.1 ________________________ (1) In 2020, we completed a small acquisition of an independent dealer, resulting in a goodwill addition in the Americas segment. (2) In 2020, we sold PolyVision Corporation ("PolyVision"), resulting in a decrease to goodwill and related accumulated impairment losses in the Other segment. See Note 21 for additional information. (3) In Q1 2021, we recorded a goodwill impairment charge in the EMEA segment related to the Orangebox U.K. reporting unit. (4) In 2021, we completed a small acquisition of a dealer, resulting in a goodwill addition in the Americas segment. We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate it is necessary. We compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment charge. We estimate the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. We corroborate the results determined using the income approach with a market-based approach that uses observable comparable company information to support the appropriateness of the fair value estimates. The estimation of the fair value of our reporting units represents a Level 3 measurement. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis. As a result of our interim goodwill impairment analysis, we determined that the carrying value of the Orangebox U.K. reporting unit exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired. Based on the results of the annual impairment tests in Q4, we concluded that no additional impairment to goodwill existed as of February 26, 2021, and no impairment to goodwill was recorded in 2020. We will continue to evaluate goodwill, on an annual basis in Q4, and whenever events or changes in circumstances, such as significant adverse changes in business climate or operating results, changes in management's business strategy, significant declines in our stock price or other triggering events, indicate that there may be a potential of impairment. As of February 26, 2021 and February 28, 2020, our other intangible assets and related accumulated amortization consisted of the following: Other Intangible Assets February 26, 2021 February 28, 2020 Weighted Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Dealer relationships 11.0 $ 58.7 $ 14.9 $ 43.8 $ 56.7 $ 9.3 47.4 Trademarks (1) 8.3 $ 44.0 $ 19.8 24.2 35.4 13.7 21.7 Proprietary technology 9.9 15.8 13.6 2.2 15.8 13.1 2.7 Know-how/designs 9.0 21.4 6.1 15.3 20.8 3.6 17.2 Non-compete agreements 6.1 1.3 1.3 — 1.2 1.2 — Other (2) 4.7 22.4 17.6 4.8 20.8 15.8 5.0 163.6 73.3 90.3 150.7 56.7 94.0 Intangible assets not subject to amortization: Trademarks and other (1) n/a 0.1 — 0.1 8.9 — 8.9 $ 163.7 $ 73.3 $ 90.4 $ 159.6 $ 56.7 $ 102.9 ________________________ (1) In 2021, we transferred trademarks not subject to amortization to trademarks subject to amortization within the Americas segment. (2) In 2021, we completed a small acquisition of a dealer, resulting in an increase of intangible assets in the Americas segment. In 2021 and 2020, no intangible asset impairment charges were recorded. We recorded amortization expense on intangible assets subject to amortization of $16.3 in 2021, $12.4 in 2020 and $12.3 for 2019. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2022 14.2 2023 14.1 2024 11.3 2025 11.5 2026 11.3 $ 62.4 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Investments In Unconsolidated A
Investments In Unconsolidated Affiliates | 12 Months Ended |
Feb. 26, 2021 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | INVESTMENTS IN UNCONSOLIDATED AFFILIATES We occasionally enter into joint ventures and other equity investments to expand or maintain our geographic presence, support our distribution network or invest in new business ventures, complementary products and services. Our investments in unconsolidated affiliates and related direct ownership interests are summarized below: Investments in Unconsolidated Affiliates February 26, 2021 February 28, 2020 Investment Ownership Investment Ownership Equity method investments Dealer relationships $ 28.3 25%-40% $ 29.6 25%-40% Manufacturing joint venture 7.8 49% 8.3 49% IDEO and other 6.0 5%-24% 6.0 5%-21% 42.1 43.9 Cost method investments Dealer relationship 5.8 Less than 10% 5.8 Less than 10% Other 3.6 Less than 10% 2.6 Less than 10% 9.4 8.4 Total investments in unconsolidated affiliates $ 51.5 $ 52.3 Our equity in earnings of unconsolidated affiliates is recorded in Other income, net on the Consolidated Statements of Income and is summarized below: Equity in Earnings of Unconsolidated Affiliates Year Ended February 26, February 28, February 22, Dealer relationships $ 8.0 $ 9.8 $ 9.9 Manufacturing joint venture 0.7 1.4 2.8 IDEO and other 0.6 1.0 1.0 Total equity in earnings of unconsolidated affiliates $ 9.3 $ 12.2 $ 13.7 Dealer Relationships We have occasionally invested in dealers to expand or maintain our geographic presence and support our distribution network. Manufacturing Joint Ventures We have occasionally entered into manufacturing joint ventures to expand or maintain our geographic presence. Our only current manufacturing joint venture is Steelcase Jeraisy Company Limited, which is located in the Kingdom of Saudi Arabia and is engaged in the manufacturing of wood and metal office furniture systems, seating, accessories and related products for the Kingdom. IDEO IDEO LP is an innovation and design firm that uses a human-centered, design-based approach to generate new offerings and build new capabilities for its customers. IDEO serves Steelcase and a variety of other organizations within consumer products, financial services, healthcare, information technology, government, transportation and other industries. As of February 26, 2021 and February 28, 2020, we owned a 5% equity interest in IDEO. The following table summarizes the combined accounts of our equity method investments in unconsolidated affiliates: Consolidated Balance Sheets February 26, February 28, Total current assets $ 198.7 $ 250.3 Total non-current assets 130.6 132.7 Total assets $ 329.3 $ 383.0 Total current liabilities $ 141.3 $ 204.2 Total long-term liabilities 31.1 19.6 Total liabilities $ 172.4 $ 223.8 Statements of Income Year Ended February 26, February 28, February 22, Revenue $ 695.4 $ 838.0 $ 806.4 Gross profit 204.9 252.6 235.6 Income before income tax expense 37.8 62.3 64.2 Net income 35.6 58.5 60.3 Supplemental Information Year Ended February 26, February 28, February 22, Dividends received from unconsolidated affiliates $ 8.1 $ 12.5 $ 9.1 Sales to unconsolidated affiliates 201.5 305.7 302.6 Amount due from unconsolidated affiliates 6.4 14.4 11.4 |
Short-Term Borrowings And Long-
Short-Term Borrowings And Long-Term Debt | 12 Months Ended |
Feb. 26, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings And Long-Term Debt | SHORT-TERM BORROWINGS AND LONG-TERM DEBT Debt Obligations Interest Rate as of February 26, 2021 Fiscal Year February 26, February 28, U.S. dollar obligations: Senior notes 5.125% 2029 $ 444.1 $ 443.3 Notes payable Various Various 38.1 40.5 Other committed bank facility 3.25% 2022 1.4 — 483.6 483.8 Foreign currency obligations: Notes payable and bank overdraft Various Various 0.3 0.5 Total short-term borrowings and long-term debt 483.9 484.3 Short-term borrowings and current portion of long-term debt (1) 4.7 2.9 Long-term debt $ 479.2 $ 481.4 ____________________ (1) The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.6% as of February 26, 2021 and 2.5% as of February 28, 2020. The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows: Fiscal Year Ending in February Amount 2022 $ 4.7 2023 2.6 2024 32.2 2025 — 2026 — Thereafter 444.4 $ 483.9 Senior Notes In 2019, we issued $450.0 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125%, the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. During each of 2021 and 2020, amortization expense related to the discount and debt issuance costs on the 2029 Notes was $0.8. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of: (1) the principal amount of the notes being redeemed or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. Notes Payable We have the following notes payable as of February 26, 2021: • a $37.5 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. As of February 26, 2021, the interest rate was 1.32%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $31.8 balloon payment due in 2024. The loan is secured by our two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. This note matures in 2024; • a $0.6 note payable with a 7.00% interest rate, maturing in 2022; and • other foreign denominated notes payable totaling $0.3, which includes a note with an interest rate of 2.75%. Global Committed Bank Facility We have a $250.0 global committed bank facility, which was entered into in 2020. The bank facility expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125 by obtaining at least one commitment from one or more lenders. We can use borrowings under the facility for general corporate purposes, including friendly acquisitions. Interest on borrowings is based on the rate, as selected by us, between the following two options: • the applicable margin as set forth in the credit agreement, plus the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5%, (iii) the Eurocurrency rate for one-month interest period plus 1% and (iv) a 0.75% floor; or • the Eurocurrency rate, with a floor of zero, plus the applicable margin as set forth in the credit agreement. The facility requires us to satisfy two financial covenants: • A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness less liquidity to (y) trailing four fiscal quarter adjusted EBITDA and is required to be less than 3.5:1. In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 4.0:1 for four consecutive quarters. • A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter adjusted EBITDA to (z) trailing four quarter interest expense and is required to be no less than 3.0:1. The facility does not include any restrictions on cash dividend payments or share repurchases. During 2021, we borrowed and repaid $250.0 under the facility. As of February 26, 2021, there were no borrowings outstanding under the facility, $3.7 of guarantees which reduced our availability, and we were in compliance with all covenants under the facility. As of February 28, 2020, there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. Other Credit Facilities We have the following other bank and credit facilities as of February 26, 2021: • a committed bank facility of $12.5 related to a subsidiary, which has a current availability of $2.7 based on eligible accounts receivable of the subsidiary. As of February 26, 2021, $1.4 was outstanding under the facility; • unsecured uncommitted short-term credit facilities of up to $3.9 of U.S. dollar obligations and up to $14.4 of foreign currency obligations with various financial institutions available for working capital purposes as of February 26, 2021. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 26, 2021 or February 28, 2020; and |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Feb. 26, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage exposure to movements in interest rates and the impact to our overall cost of borrowing. The use of these instruments modifies the exposure of these risks with the intent of reducing our risk of volatility. We do not use derivatives for speculative trading purposes. Interest Rate Lock In November 2018, we entered into an interest rate lock to hedge potential movements in the then-current interest rate on 10-year U.S. Treasury notes in anticipation of the issuance of our 2029 Notes, which were issued in January 2019. The derivative position was terminated when the 2029 Notes were priced on January 16, 2019. The interest rate lock was for an aggregate notional amount of $400.0 and a fixed rate of 3.1%. The interest rate lock was designated as a cash flow hedge. We documented our cash flow hedging strategy and risk management objective to reduce interest rate risk on anticipated future interest payments for this contract in anticipation of our future debt issuance. Upon termination of the interest rate lock, we recorded a loss of $13.0, which was recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of February 22, 2019. The loss is being amortized over the 10-year life of the 2029 Notes. There were no gains or losses recognized against earnings for hedge ineffectiveness related to the interest rate lock in 2021, 2020 or 2019. |
Employee Benefit Plan Obligatio
Employee Benefit Plan Obligations | 12 Months Ended |
Feb. 26, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan Obligations | EMPLOYEE BENEFIT PLAN OBLIGATIONS Employee Benefit Plan Obligations (net) February 26, February 28, Defined contribution retirement plans $ 12.1 $ 28.1 Post-retirement medical benefits 42.7 44.3 Defined benefit pension plans 62.5 61.8 Deferred compensation plans and agreements 60.5 58.8 $ 177.8 $ 193.0 Employee benefit plan obligations Current portion $ 24.9 $ 44.7 Long-term portion 152.9 148.3 $ 177.8 $ 193.0 Defined Contribution Retirement Plans Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) pre-tax contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants. Total expense under all defined contribution retirement plans was $19.3 for 2021, $37.5 for 2020 and $35.3 for 2019. We expect to fund approximately $21.6 related to our defined contribution plans in 2022, including funding related to our 2021 discretionary profit sharing contributions. Post-Retirement Medical Benefits We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded. Our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information. Defined Benefit Pension Plans Our defined benefit pension plans include various qualified foreign retirement plans as well as domestic non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan, which is unfunded, was frozen to new participants in 2016, and the benefits were capped for existing participants. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: Defined Benefit Pension February 26, 2021 February 28, 2020 Qualified Plans Non-qualified Qualified Plans Non-qualified Foreign Foreign Plan assets $ 33.2 $ — $ 31.3 $ — Projected benefit plan obligations 53.7 32.2 49.5 33.0 Funded status $ (20.5) $ (32.2) $ (18.2) $ (33.0) Current liability $ (0.3) $ (3.0) $ (0.1) $ (2.8) Long-term liability (20.2) (29.2) (18.1) (30.2) Total benefit plan obligations $ (20.5) $ (32.2) $ (18.2) $ (33.0) Accumulated benefit obligation $ 48.5 $ 32.1 $ 44.6 $ 32.9 Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans The following tables summarizes our defined benefit pension and post-retirement plans: Defined Benefit Post-Retirement February 26, February 28, February 26, February 28, Change in plan assets: Fair value of plan assets, beginning of year $ 31.3 $ 30.0 $ — $ — Actual return on plan assets (0.3) 1.6 — — Employer contributions 4.1 4.9 3.5 4.0 Plan participants’ contributions — — 2.3 1.9 Currency changes 2.9 (0.3) — — Benefits paid (4.8) (4.9) (5.8) (5.9) Fair value of plan assets, end of year 33.2 31.3 — — Change in benefit obligations: Benefit plan obligations, beginning of year 82.5 76.2 44.3 40.7 Service cost 1.9 1.8 0.1 0.1 Interest cost 1.3 2.0 1.1 1.6 Amendments 0.1 — — — Net actuarial loss (1) — 8.2 0.5 5.9 Plan participants’ contributions — — 2.3 1.9 Currency changes 4.9 (0.8) 0.2 — Benefits paid (4.8) (4.9) (5.8) (5.9) Benefit plan obligations, end of year 85.9 82.5 42.7 44.3 Funded status $ (52.7) $ (51.2) $ (42.7) $ (44.3) Amounts recognized on the Consolidated Balance Sheets: Current liability $ (3.3) $ (2.9) $ (3.6) $ (3.3) Long-term liability (49.4) (48.3) (39.1) (41.0) Net amount recognized $ (52.7) $ (51.2) $ (42.7) $ (44.3) Amounts recognized in accumulated other comprehensive income (loss) —pretax: Actuarial loss (gain) $ 21.9 $ 20.3 $ (11.1) $ (13.6) Prior service cost 0.9 0.7 — — Total amounts recognized in accumulated other comprehensive income (loss) —pretax $ 22.8 $ 21.0 $ (11.1) $ (13.6) _________________________ (1) In 2021 and 2020, the net actuarial loss includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as weighted-average discount rates and recent census data. Pension Plans Post-Retirement Plans Year Ended Year Ended February 26, February 28, February 22, February 26, February 28, February 22, Components of expense: Service cost $ 1.9 $ 1.8 $ 2.2 $ 0.1 $ 0.1 $ 0.1 Interest cost 1.3 2.0 2.1 1.1 1.6 1.6 Amortization of net loss (gain) 1.1 0.4 0.3 (2.1) (3.3) (3.8) Amortization of prior year service credit — (0.1) (0.2) — — (2.2) Expected return on plan assets (0.9) (1.3) (1.5) — — — Net expense (credit) recognized in Consolidated Statements of Income 3.4 2.8 2.9 (0.9) (1.6) (4.3) Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): Net actuarial loss (gain) 1.2 7.9 1.0 0.5 5.9 (0.8) Prior service cost 0.1 — 1.0 — — — Amortization of gain (loss) (1.1) (0.4) (0.3) 2.1 3.4 3.8 Amortization of prior year service credit — 0.1 0.2 — — 2.2 Other — — — — — 0.1 Total recognized in other comprehensive income 0.2 7.6 1.9 2.6 9.3 5.3 Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) $ 3.6 $ 10.4 $ 4.8 $ 1.7 $ 7.7 $ 1.0 Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax Tax (Expense) Net of Balance as of February 22, 2019 $ 9.5 $ 0.2 $ 9.7 Amortization of prior service cost (credit) included in net periodic pension cost (0.1) — (0.1) Net prior service (cost) credit during period (0.1) — (0.1) Net actuarial gain (loss) arising during period (13.9) 3.4 (10.5) Amortization of net actuarial (gain) loss included in net periodic pension cost (3.0) 0.7 (2.3) Net actuarial gain (loss) during period (16.9) 4.1 (12.8) Foreign currency translation adjustments 0.1 — 0.1 Current period change (16.9) 4.1 (12.8) Balance as of February 28, 2020 $ (7.4) $ 4.3 $ (3.1) Prior service (cost) credit from plan amendment arising during period (0.1) — (0.1) Net prior service (cost) credit during period (0.1) — (0.1) Net actuarial gain (loss) arising during period (1.7) 0.3 (1.4) Amortization of net actuarial (gain) loss included in net periodic pension cost (1.1) 0.3 (0.8) Net actuarial gain (loss) during period (2.8) 0.6 (2.2) Foreign currency translation adjustments (1.4) 0.2 (1.2) Current period change (4.3) 0.8 (3.5) Balance as of February 26, 2021 $ (11.7) $ 5.1 $ (6.6) Weighted-Average Pension Plans Post-Retirement Plans Year Ended Year Ended February 26, February 28, February 22, February 26, February 28, February 22, Weighted-average assumptions used to determine benefit obligations: Discount rate 1.70 % 1.70 % 2.90 % 2.58 % 2.58 % 4.08 % Rate of salary progression 3.50 % 3.50 % 3.60 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 1.70 % 2.70 % 2.90 % 2.56 % 4.06 % 3.95 % Expected return on plan assets 3.00 % 3.00 % 4.60 % Rate of salary progression 3.40 % 3.50 % 3.40 % The measurement dates for our retiree benefit plans are consistent with our fiscal year-end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we consider the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists. The assumed healthcare cost trend was 5.84% for pre-age 65 retirees as of February 26, 2021, gradually declining to 4.50% after seven years. As of February 28, 2020, the assumed healthcare cost trend was 6.51% for pre-age 65 retirees, gradually declining to 4.50% after eight years. Post-age 65 trend rates are not applicable as our plan provides a fixed subsidy for post-age 65 benefits. Plan Assets The investments of the foreign plans are managed by third-party investment managers who follow local regulations. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due. Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 26, 2021 and February 28, 2020 are reflected in the following table. The target allocations are established by the investment committees of each plan in consultation with external advisors after consideration of the associated risk and expected return of the underlying investments. Asset Category February 26, 2021 February 28, 2020 Actual Target Actual Target Equity securities 70 % 40 % 60 % 40 % Debt securities 25 30 35 30 Real estate 4 — 4 — Other (1) 1 30 1 30 Total 100 % 100 % 100 % 100 % ________________________ (1) Primarily represents money market funds. The fair value of the pension plan assets as of February 26, 2021 and February 28, 2020, by asset category are as follows: Fair Value of Pension Plan Assets February 26, 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.2 $ — $ — $ 0.2 Equity securities - International — 23.5 — 23.5 Fixed income securities - Bond funds — 8.3 — 8.3 Other investments - Property and property funds — 1.2 — 1.2 $ 0.2 $ 33.0 $ — $ 33.2 Fair Value of Pension Plan Assets February 28, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.2 $ — $ — $ 0.2 Equity securities - International — 18.9 — 18.9 Fixed income securities - Bond funds — 11.1 — 11.1 Other investments - Property and property funds — 1.1 — 1.1 $ 0.2 $ 31.1 $ — $ 31.3 There were no transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented. We expect to contribute approximately $4.2 to our pension plans and fund approximately $3.6 related to our post-retirement plans in 2022. The estimated future benefit payments under our pension and post-retirement plans are as follows: Fiscal Year Ending in February Pension Plans Post-retirement Plans 2022 $ 4.2 $ 3.6 2023 4.8 3.5 2024 4.9 3.4 2025 4.4 3.3 2026 5.2 3.2 2027 - 2031 21.7 13.8 Multi-Employer Pension Plan Our subsidiary, SC Transport Inc., previously contributed to the Central States, Southeast and Southwest Areas Pension Fund (the "Fund") based on an obligation arising from a collective bargaining agreement ("CBA") that covered SC Transport Inc. employees and retirees. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan’s underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. In 2019, the Fund asserted that SC Transport Inc.'s absence of hiring additional union employees over the past ten years, coupled with restructuring of SC Transport Inc.'s business, constituted an adverse selection practice under the Fund and, if not remedied, would result in an assessment of a withdrawal liability. As a result of the Fund's assertion, SC Transport Inc. recorded an $11.2 charge in 2019, which was based on our best estimate from our analysis of available information and pension regulations which specify that the liability will be paid out in installments over a period of up to 20 years. The withdrawal liability was discounted using a rate of 3.5%. The balance of the liability as of February 26, 2021 was $9.8. In 2020, SC Transport Inc. finalized a new CBA with its employees that no longer requires it to contribute to the fund after March 31, 2019 due to its withdrawal from the Fund. We notified the Fund of the new CBA, and the Fund issued a final assessment of our withdrawal liability during 2020. We appealed the amount of the assessment by the Fund and are now awaiting arbitration proceedings. The amount that may ultimately be required to settle any potential obligation may be lower or higher than our estimated liability, which we will adjust if needed, if and when additional information becomes available. If the Fund were to experience a mass withdrawal within three years from the date of our withdrawal, our liability could increase by approximately $13. A mass withdrawal could occur if all participating employers in the Fund withdraw at the same time, if the trustees terminate the Fund or if all union employees decertify the union. Our participation in the plan in 2019 is outlined in the table below. Expense was recognized at the time our contributions were funded in accordance with applicable accounting standards. Pension Fund EIN - Pension Plan Number Plan Month / Day End Date Pension Protection Act Zone Status (1) FIP/RP Status Pending / Implemented (2) Contributions Surcharges Imposed or Amortization Provisions 2019 2019 Central States, Southeast and Southwest Areas Pension Fund 366044243-001 12/31 Red Implemented $0.2 No ________________________ (1) The most recent Pension Protection Act Zone Status available in 2019 relates to the plan's most recent fiscal year-end. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. (2) The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan. Deferred Compensation Programs We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected. These deferred compensation obligations are unfunded. Deferred compensation expense, which represents annual participant earnings on amounts that have been deferred, and expense related to restoration retirement benefits were $7.7 for 2021, $3.3 for 2020 and $4.6 for 2019. |
Capital Structure
Capital Structure | 12 Months Ended |
Feb. 26, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital Structure | CAPITAL STRUCTURE Terms of Class A Common Stock and Class B Common Stock The holders of common stock are generally entitled to vote as a single class on all matters upon which shareholders have a right to vote, subject to the requirements of applicable laws and the rights of any outstanding series of preferred stock to vote as a separate class. Each share of Class A Common Stock entitles its holder to one vote, and each share of Class B Common Stock entitles its holder to 10 votes. Each share of Class B Common Stock is convertible into a share of Class A Common Stock on a one-for-one basis (i) at the option of the holder at any time, (ii) upon transfer to a person or entity which is not a Permitted Transferee (as defined in our Second Restated Articles of Incorporation, as amended), (iii) with respect to shares of Class B Common Stock acquired after February 20, 1998, at such time as a corporation, partnership, limited liability company, trust or charitable organization holding such shares ceases to be controlled or owned 100% by Permitted Transferees and (iv) on the date on which the number of shares of Class B Common Stock outstanding is less than 15% of all of the then outstanding shares of common stock (calculated without regard to voting rights). Except for the voting and conversion features described above, the terms of Class A Common Stock and Class B Common Stock are generally similar. That is, the holders are entitled to equal dividends when declared by our Board of Directors and generally will receive the same per share consideration in the event of a merger and be treated on an equal per share basis in the event of a liquidation or winding up of Steelcase Inc. In addition, we are not entitled to issue additional shares of Class B Common Stock, or issue options, rights or warrants to subscribe for additional shares of Class B Common Stock, except that we may make a pro rata offer to all holders of common stock of rights to purchase additional shares of the class of common stock held by them, and any dividend payable in common stock will be paid in the form of Class A Common Stock to Class A holders and Class B Common Stock to Class B holders. Neither class of stock may be split, divided or combined unless the other class is proportionally split, divided or combined. Preferred Stock Our Second Restated Articles of Incorporation, as amended, authorize our Board of Directors, without any vote or action by our shareholders, to create one or more series of preferred stock up to the limit of our authorized but unissued shares of preferred stock and to fix the designations, preferences, rights, qualifications, limitations and restrictions thereof, including the voting rights, dividend rights, dividend rate, conversion rights, terms of redemption (including sinking fund provisions), redemption price or prices, liquidation preferences and the number of shares constituting any series. Share Repurchases and Conversions The 2021 and 2020 activity for share repurchases is as follows (share data in millions): Share Repurchases Year ended February 26, February 28, Total number of shares Price Paid Total number Price Paid Class A Common Stock 3.3 $ 42.7 0.5 $ 8.7 Class B Common Stock — $ — — $ — During 2021 and 2020, 1.4 million and 1.6 million shares of our Class B Common Stock were converted to Class A Common Stock, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In Q1 2021, the U.S. government enacted tax legislation to provide economic stimulus and support to businesses during the COVID-19 pandemic, referred to as the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which enabled companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act when the federal statutory income tax rate was 35%. Additionally, the CARES Act included an administrative correction of the depreciation recovery period for qualified improvement property which impacted certain leasehold improvement costs that resulted in the acceleration of depreciation on these assets retroactively to 2018. Provision for Income Taxes The provision for income taxes on income before income tax expense (benefit) consists of: Provision for Income Tax Expense (Benefit) Year Ended February 26, February 28, February 22, Current income tax expense (benefit): Federal $ (30.4) $ 6.8 $ 18.4 State and local 1.9 10.9 6.0 Foreign 12.9 15.4 14.6 (15.6) 33.1 39.0 Deferred income tax expense (benefit): Federal 13.7 10.3 (3.6) State and local (1.1) (2.8) 1.2 Foreign 2.8 4.9 1.3 15.4 12.4 (1.1) Income tax expense (benefit) $ (0.2) $ 45.5 $ 37.9 Income taxes were based on the following sources of income (loss) before income tax expense (benefit): Source of Income (Loss) Before Income Tax Expense (Benefit) Year Ended February 26, February 28, February 22, Domestic $ (10.1) $ 195.8 $ 119.4 Foreign 36.0 49.4 44.5 $ 25.9 $ 245.2 $ 163.9 The total income tax expense (benefit) we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0%, as follows: Income Tax Provision Reconciliation Year Ended February 26, February 28, February 22, Tax expense at the U.S. federal statutory rate $ 5.4 $ 51.5 $ 34.4 State and local income taxes, net of federal 0.6 6.4 5.7 Impact of the CARES Act (11.7) — — Sale of PolyVision (1) — (11.6) — Valuation allowance provisions and adjustments (2) 0.4 (1.3) (1.3) Goodwill impairment charge (3) 3.4 — — COLI income (4) (2.7) (1.4) (1.6) Foreign operations, less applicable foreign tax credits (5) 5.4 4.9 7.8 Impact of change to non-U.S. federal statutory tax rates (6) 0.4 (1.2) (0.8) Officer compensation limitation 1.9 1.1 1.0 Research tax credit (3.0) (2.9) (2.9) Other (0.3) — (4.4) Total income tax expense (benefit) recognized $ (0.2) $ 45.5 $ 37.9 ________________________ (1) The tax basis of PolyVision exceeded the book equity of the entity. For U.S. federal tax purposes, this generated a capital loss and related benefit, which varied from the expected U.S. federal tax expense on the financial statement gain on disposal. (2) The valuation allowance provisions and adjustments are based on current year activity, which are further detailed below. (3) We recorded a goodwill impairment charge related to our Orangebox U.K. reporting unit which is non-deductible for tax purposes. (4) The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable. (5) The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations. (6) A cancellation of scheduled changes to the statutory tax rates in the U.K. and France resulted in the revaluation of certain deferred tax assets in those jurisdictions. Deferred Income Taxes The significant components of deferred income taxes are as follows: Deferred Income Taxes February 26, February 28, Deferred income tax assets: Employee benefit plan obligations and deferred compensation $ 57.6 $ 68.9 Operating lease obligations 62.7 64.2 Foreign and domestic net operating loss carryforwards 45.2 39.1 Reserves and accruals 15.1 17.1 Tax credit carryforwards 22.0 19.1 Other, net 15.0 17.1 Total deferred income tax assets 217.6 225.5 Valuation allowances (6.6) (5.7) Net deferred income tax assets 211.0 219.8 Deferred income tax liabilities: Right-of-use operating lease assets 57.4 61.4 Property, plant and equipment 32.3 28.6 Intangible assets 13.0 9.8 Prepaid expenses 2.0 2.2 Total deferred income tax liabilities 104.7 102.0 Net deferred income taxes $ 106.3 $ 117.8 Net deferred income taxes is comprised of the following components: Deferred income tax assets—non-current 113.3 124.6 Deferred income tax liabilities—non-current 7.0 6.8 As of February 26, 2021, the valuation allowance of $6.6 included $3.5 relating to foreign deferred tax assets. In updating our assessment of the ultimate realization of deferred tax assets, we considered the following factors: • recent financial performance including cumulative losses, • the predictability of future income, • prudent and feasible tax planning strategies that could be implemented to protect the loss of the deferred tax assets and • the effect of reversing taxable temporary differences. Based on our evaluation of these factors, particularly cumulative losses, we were unable to assert that it is more likely than not that the deferred tax assets in our owned dealers and sales offices in France, Australia, Morocco and Hong Kong would be realized as of February 26, 2021. During 2021, we liquidated our owned dealer in Brazil, requiring the reversal of the valuation allowance on its deferred tax assets, which reduced tax expense by $1.0. During 2020, we determined that it was more likely than not that all of the deferred tax assets, including net operating losses, of our owned dealer in the U.K. would be utilized, and the reversal of the valuation allowance on these items reduced tax expense by $3.1. Also during 2020, we determined that it was not more likely than not that all of the deferred tax assets, including net operating losses, of our owned dealer in Australia would be utilized, and recorded a valuation allowance which increased tax expense by $1.2. We have the ability to repatriate foreign subsidiary earnings to our U.S. parent without incurring additional U.S. federal income tax. We have provided deferred income taxes where appropriate on earnings of subsidiaries expected to be distributed. However, we have not recorded deferred taxes on any remaining historical outside basis differences in non-U.S. subsidiaries as we continue to assert indefinite reinvestment on those basis differences that are not related to amounts previously taxed in the U.S. or undistributed earnings generated after 2018. Taxes Payable or Receivable Income taxes currently payable or receivable are reported on the Consolidated Balance Sheets as follows: Income Taxes February 26, February 28, Other current assets: Income taxes receivable $ 49.5 $ 8.0 Other long-term assets: Income taxes receivable $ — $ 7.8 Accrued expenses: Income taxes payable $ 7.4 $ 13.9 Net Operating Loss and Tax Credit Carryforwards Operating loss and tax credit carryforwards expire as follows: Fiscal Year Ending February Net Operating Loss Net Operating Loss Tax Credit Federal State International Federal State International Total 2022 $ — $ — $ — $ — $ — $ — $ — $ — 2023-2041 0.9 56.3 0.7 0.2 4.5 0.2 4.9 22.0 No expiration — — 173.2 — — 41.2 41.2 — $ 0.9 $ 56.3 $ 173.9 0.2 4.5 41.4 46.1 22.0 Valuation allowances — — (3.0) (3.0) (3.1) Net benefit $ 0.2 $ 4.5 $ 38.4 $ 43.1 $ 18.9 Future tax benefits for net operating loss and tax credit carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. It is considered more likely than not that a benefit of $62.0 will be realized on these net operating loss and tax credit carryforwards. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies available to us will enable utilization of the carryforwards. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Valuation allowances are recorded to the extent realization of these carryovers is not more likely than not. Uncertain Tax Positions We are subject to taxation in the U.S. and various states and foreign jurisdictions with varying statutes of limitation. Tax years that remain subject to examination by major tax jurisdictions include: the U.S. 2016 through 2021 (certain U.S. tax years are open to assessment due to the carryback of tax losses to those years), Canada 2017 through 2021, France 2015 through 2021 and Germany 2014 through 2021. We adjust these reserves, as well as the related interest and penalties, in light of changing facts and circumstances. We are audited by the U.S. Internal Revenue Service under the Compliance Assurance Process (“CAP”). Under CAP, the U.S. Internal Revenue Service works with large business taxpayers to identify and resolve issues prior to the filing of a tax return. Accordingly, we record minimal liabilities for U.S. federal uncertain tax positions. We recognize interest and penalties associated with uncertain tax positions in income tax expense (benefit), and these amounts were not material in 2021, 2020 or 2019. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 2.0 $ 2.0 $ 2.2 Gross decreases—tax positions in prior period — — — Currency translation adjustment 0.3 — (0.2) Balance as of end of period $ 2.3 $ 2.0 $ 2.0 We have taken tax positions in a non-U.S. jurisdiction that do not meet the more likely than not test required under the uncertain tax position accounting guidance. Since the tax positions have increased net operating loss carryforwards, the underlying deferred tax asset is shown net of a $2.3 liability for uncertain tax positions as of February 26, 2021. No other amounts are recorded as a liability for uncertain tax positions, including interest and penalties, on the Consolidated Balance Sheets. Unrecognized tax benefits of $2.3, if favorably resolved, would be recorded as an income tax benefit. We do not expect the amount of unrecognized tax benefits will significantly change due to expiring statutes or audit activity in the next twelve months. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Feb. 26, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Steelcase Inc. Incentive Compensation Plan (the “Incentive Compensation Plan”) provides for the issuance of share-based compensation awards to employees and members of our Board of Directors. There are 25,000,000 shares of Class A Common Stock reserved for issuance under our Incentive Compensation Plan, with 2,087,863 shares remaining for future issuance under our Incentive Compensation Plan as of February 26, 2021. A variety of awards may be granted under the Incentive Compensation Plan, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards, phantom shares and other share-based awards. Outstanding awards under the Incentive Compensation Plan vest over a period of three years. Our Board of Directors may amend or terminate the Incentive Compensation Plan at its discretion subject to certain provisions as stipulated within the plan. In the event of a "change in control", as defined in the Incentive Compensation Plan, • any performance-based conditions imposed on outstanding awards will be deemed to be, immediately prior to the change in control, the greater of (1) the applicable performance achieved through the date of the change in control or (2) the target level of performance; and • all restrictions imposed on all outstanding awards of restricted stock units and performance units will lapse if either (1) the awards are assumed by an acquirer or successor and the awardee experiences a qualifying termination during the two year period following the change in control or (2) the awards are not assumed by an acquirer or successor. Share-based awards currently outstanding under the Incentive Compensation Plan are as follows: Total Outstanding Awards February 26, Performance units (1) 898,156 Restricted stock units 2,285,965 Total outstanding awards 3,184,121 ________________________ (1) This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. Performance Units Performance units ("PSUs") are earned after the applicable performance period and only if the performance criteria stated in the applicable award are achieved. After completion of the performance period, the number of PSUs earned will be issued as shares of Class A Common Stock. The aggregate number of shares of Class A Common Stock that ultimately may be issued under PSUs where the performance period has not been completed ranged from 0 to 898,156 shares as of February 26, 2021. The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan. A dividend equivalent is calculated based on the actual number of PSUs earned at the end of the performance period equal to the dividends that would have been payable on the earned PSUs had they been held during the entire performance period as Class A Common Stock. At the end of the performance period, the dividend equivalents are paid in the form of cash. The expense for PSUs is determined based on the probability that the performance conditions will be met and, if applicable, the fair value of the market condition on the grant date. The PSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the remaining performance period. During 2021, we awarded two sets of PSUs to certain employees. The first set, consisting of 303,973 PSUs, were earned in 2021 (the “2021 Short-Term PSUs”), and the second set, consisting of 529,500 PSUs, will be earned over a three-year performance period of 2021 through 2023 (the “2021 Long-Term PSUs”). The 2021 Short-Term PSUs were earned based on our Compensation Committee’s qualitative assessment of management’s performance in 2021 in a number of specified areas (collectively, the “2021 Performance Measures”). In Q4 2021, the Committee reviewed the 2021 Performance Measures and based on the Committee's assessment, the 2021 Short-Term PSUs were considered granted and earned at 100% of the target level, and 298,263 shares of Class A Common Stock were issued to participants under such awards. The 2021 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. The performance conditions for the 2021 Long-Term PSUs are established by the Compensation Committee within the first three months of the applicable fiscal year for each year of the performance period. When the performance conditions for a fiscal year are established (or, if the performance conditions involve a qualitative assessment, when such assessment has been made), one-third of the PSUs awarded are considered granted. The performance conditions for the first year of the performance period involved a qualitative assessment which was made in Q4 2021, and accordingly, one-third of the 2021 Long-Term PSUs were considered granted in Q4 2021. The PSUs awarded in 2020 are earned over a three-year performance period of 2020 through 2022 (the “2020 PSUs”). The 2020 PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. The performance conditions for the 2020 PSUs are established by the Compensation Committee within the first three months of the applicable fiscal year for each year of the performance period. When the performance conditions for a fiscal year are established (or, if the performance conditions involve a qualitative assessment, when such assessment has been made), one-third of the PSUs awarded are considered granted. The performance conditions for the first year of the performance period were established in Q1 2020, and the performance conditions for the second year of the performance period involved a qualitative assessment which was made in Q4 2021. Accordingly, one-third of the 2020 PSUs were considered granted in each of Q1 2020 and Q4 2021. The PSUs granted in 2019 were earned over a three-year period based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. Based on actual results, the PSUs granted in 2019 were earned at 80.0% of the target level, and 147,120 shares of Class A Common Stock were issued to participants under such awards. We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a fair value of $3.7, $1.6 and $3.3 for the PSUs with market conditions granted in 2021, 2020 and 2019, respectively. The Monte Carlo simulation was computed using the following assumptions: 2021 Awards - Year 1 2020 Awards - Year 2 2020 Awards - Year 1 2019 Awards Risk-free interest rate (1) 0.2 % 0.1 % 2.3 % 2.6 % Expected term 2 years 1 year 3 years 3 years Estimated volatility (2) 58.1 % 74.1 % 32.5 % 33.8 % ________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Company’s Class A Common Stock for the three-year period preceding the grant date. The Monte Carlo simulation resulted in the following weighted-average grant date fair values per PSU with market conditions: Grant Date Fair Value per PSU Year Ended February 26, February 28, February 22, Weighted-average grant date fair value per share of PSUs granted under monte carlo $ 13.29 $ 16.21 $ 18.02 The total PSU expense and associated tax benefit for all outstanding awards in 2021, 2020 and 2019 are as follows: Performance Units Year Ended February 26, February 28, February 22, Expense $ 7.7 $ 2.7 $ 4.2 Tax benefit 2.0 0.7 1.1 The 2021 PSU activity is as follows: Maximum Number of Nonvested Units Total Weighted-Average Nonvested as of February 28, 2020 605,080 $ 17.39 Granted 1,040,842 13.41 Vested (742,056) 15.23 Forfeited (5,710) 13.52 Nonvested as of February 26, 2021 898,156 $ 14.06 As of February 26, 2021, there was $0.4 of remaining unrecognized compensation cost related to nonvested PSUs. That cost is expected to be recognized over a remaining weighted-average period of 1.6 years. The total fair value of PSUs vested during 2021, 2020 and 2019 was $6.4, $1.7 and $0.0, respectively. The fair value was determined based upon the closing price of shares of our Class A Common Stock as of the date the Compensation Committee of our Board of Directors certified the awards. Restricted Stock Units During 2021 we awarded 1,371,077 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time RSUs are issued as unrestricted shares of Class A Common Stock. These awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan. RSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. The weighted-average grant date fair value per share of RSUs granted in 2021, 2020 and 2019 is as follows: Grant Date Fair Value per Share Year Ended February 26, February 28, February 22, Weighted-average grant date fair value per share of RSUs granted $ 9.49 $ 15.84 $ 14.67 The total RSU expense and associated tax benefit for all outstanding awards in 2021, 2020 and 2019 are as follows: Restricted Stock Units Year Ended February 26, February 28, February 22, Expense $ 12.4 $ 13.3 $ 12.7 Tax benefit 3.1 3.6 3.4 Holders of RSUs receive cash dividends equal to the dividends we declare and pay on our Class A Common Stock, which are included in Dividends paid on the Consolidated Statements of Cash Flows. The 2021 RSU activity is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 28, 2020 1,761,124 $ 15.28 Granted 1,371,077 9.49 Vested (800,068) 14.45 Forfeited (46,168) 14.39 Nonvested as of February 26, 2021 2,285,965 $ 12.11 There was $6.7 of remaining unrecognized compensation cost related to RSUs as of February 26, 2021. That cost is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of RSUs vested was $10.7, $12.6 and $15.4 during 2021, 2020 and 2019, respectively. The fair value was determined based upon the closing price of shares of our Class A Common Stock on the dates the awards vested. Unrestricted Share Grants Under the Incentive Compensation Plan, unrestricted shares of our Class A Common Stock may be issued to members of our Board of Directors as compensation for director’s fees. We granted a total of 64,107, 41,941 and 53,029 unrestricted shares at a weighted average grant date fair value per share of $12.21, $17.31 and $14.82 during 2021, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Feb. 26, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Guarantees | We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842) , as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the pandemic. We have elected to apply the interpretive guidance provided in the Staff Q&A to rent deferrals and abatements received related to the pandemic. Accordingly, we have not remeasured the related right-of-use asset or lease liability for the affected leases. The lease concessions were not material for the twelve months ended February 26, 2021. The components of lease expense are as follows: Year Ended February 26, February 28, Operating lease cost $ 51.8 $ 51.9 Sublease rental income (2.4) (1.2) $ 49.4 $ 50.7 Supplemental cash flow and other information related to leases are as follows: Year Ended February 26, February 28, Cash flow information: Operating cash flows used for operating leases $ 50.4 $ 45.3 Leased assets obtained in exchange for new operating lease obligations $ 21.8 $ 103.6 Other information: Weighted-average remaining term 6.6 years 7.1 years Weighted-average discount rate 3.8 % 4.0 % The following table summarizes the future minimum lease payments as of February 26, 2021: Fiscal year ending in February Amount (1) 2022 $ 52.0 2023 44.9 2024 39.6 2025 37.6 2026 30.1 Thereafter 71.7 Total lease payments $ 275.9 Less interest 32.6 Present value of lease liabilities $ 243.3 _______________________________________ (1) Lease payments include |
Acquisitions
Acquisitions | 12 Months Ended |
Feb. 26, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Orangebox In 2019, we acquired Orangebox, a manufacturer of task seating, architectural pods, privacy solutions and collaborative furniture based in the U.K. The transaction included the purchase of all of the outstanding capital stock of Orangebox for $78.9 (or £60.0) less an adjustment for working capital of $0.5 in an all-cash transaction. Up to an additional $3.9 (or £3.0) is payable to one of the sellers over three years, contingent upon the achievement of certain business performance obligations. The acquisition was funded by borrowings under our global committed bank facility. The goodwill resulting from the acquisition relates to the expected ability to provide customers with a broader range of furniture designed to boost collaboration at work and provide us with additional capability to develop innovative products. Tangible assets and liabilities of Orangebox were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $42.2 related to identifiable intangible assets, $23.4 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and current liabilities), property, plant and equipment (primarily the land, building and equipment of two manufacturing locations in the U.K.) and deferred tax liabilities. Goodwill was recorded in EMEA and the Americas segments in the amounts of $18.8 and $4.6, respectively. The goodwill is not deductible for U.K. or U.S. income tax purposes. In 2021, we recorded a goodwill impairment charge related to Orangebox U.K. See Note 11 for additional information. Intangible assets are principally related to dealer relationships, the Orangebox trade name and internally-developed know-how and designs, which are being amortized over periods ranging between 9 to 11 years from the date of the acquisition. The purchase price allocation for the Orangebox acquisition was completed during 2020. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Dealer relationships 10.9 $ 23.0 Trademark 9.0 13.2 Know-how/designs 9.0 5.0 Other 0.2 1.0 $ 42.2 The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2022 $ 4.1 2023 4.1 2024 4.1 2025 4.2 2026 4.1 $ 20.6 Smith System In 2019, we acquired Smith System, a Texas-based manufacturer of desking, seating and storage for the pre-K-12 education market. The transaction included the purchase of all of the outstanding capital stock of Smith System for $140.0, payable in cash, plus a net adjustment for working capital of $8.4. In addition, we funded $5.0 to a third-party escrow account, which was to be paid to the seller at the end of two years after the sale based on continued employment. We paid this amount to the seller in 2021. The acquisition was funded through a combination of domestic cash on-hand and short-term borrowings under our global credit facility. Smith System is an industry leader in the U.S. pre-K-12 education market. The acquisition is expected to advance our growth strategy in the education and office markets particularly as it relates to learning environments and collaborative spaces. The goodwill resulting from the acquisition is primarily related to the growth potential of Smith System as we offer their products through our distribution network. Tangible assets and liabilities of Smith System were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $44.1 related to identifiable intangible assets, $79.3 related to goodwill and $25.0 related to tangible assets, mainly consisting of working capital items such as accounts receivable, inventory and current liabilities. The entire amount recorded to goodwill is deductible for U.S. income tax purposes and is recorded in the Americas segment. Intangible assets are principally related to internally-developed know-how and designs, dealer relationships and the Smith System trade name, which are being amortized over periods ranging between 9 to 11 years from the date of the acquisition. The purchase price allocation for the Smith System acquisition was completed during 2020. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Know-how/designs 9.0 $ 16.0 Dealer relationships 11.0 12.0 Trademark 9.0 12.0 Other 0.9 4.1 $ 44.1 The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2022 $ 4.2 2023 4.2 2024 4.2 2025 4.3 2026 4.2 $ 21.1 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Feb. 26, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Smith System, AMQ and Orangebox brands. The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox and Coalesse brands, with a comprehensive portfolio of furniture, architectural and technology products. The Other category includes Asia Pacific and Designtex. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia primarily under the Steelcase brand with a comprehensive portfolio of furniture, architectural and technology products. 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. In 2020 and 2019, the Other category also included PolyVision which we sold in Q4 2020. We primarily review and evaluate revenue and operating income by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue and operating income. Total assets by segment include manufacturing and other assets associated with each segment. Corporate costs include unallocated portions of shared service functions such as information technology, 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 and cash equivalents, COLI balances, fixed assets and right-of-use assets related to operating leases. Operating Segment Data Americas EMEA Other Corporate Consolidated 2021 Revenue $ 1,848.5 $ 511.3 $ 236.4 $ — $ 2,596.2 Operating income (loss) 97.0 (32.3) 0.2 (21.9) 43.0 Total assets 1,015.3 414.4 211.3 713.0 2,354.0 Capital expenditures 17.0 10.8 8.7 4.8 41.3 Depreciation & amortization 54.2 22.3 6.1 2.6 85.2 2020 Revenue $ 2,672.9 $ 669.6 $ 381.2 $ — $ 3,723.7 Operating income (loss) 240.0 9.9 39.4 (32.3) 257.0 Total assets 1,067.3 454.5 225.6 818.0 2,565.4 Capital expenditures 24.3 18.5 19.1 11.5 73.4 Depreciation & amortization 54.3 21.6 6.8 2.9 85.6 2019 Revenue $ 2,470.2 $ 617.0 $ 356.0 $ — $ 3,443.2 Operating income (loss) 209.9 (6.9) 14.3 (33.7) 183.6 Total assets 1,044.4 420.1 220.4 457.5 2,142.4 Capital expenditures 24.6 21.3 12.6 22.9 81.4 Depreciation & amortization 53.6 20.0 6.2 1.8 81.6 The accounting policies of each of the reportable segments are the same as those described in Note 2. Revenue comparisons have been impacted by acquisitions and divestitures along with currency translation effects. See Note 4 for additional information. Reportable geographic information is as follows: Reportable Geographic Data Year Ended February 26, February 28, February 22, Long-lived assets: United States $ 883.8 $ 924.1 $ 812.1 Foreign locations 303.0 319.0 237.5 $ 1,186.8 $ 1,243.1 $ 1,049.6 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Feb. 26, 2021 | |
Unaudited Quarterly Results [Abstract] | |
Unaudited Quarterly Results | UNAUDITED QUARTERLY RESULTS Unaudited Quarterly Results First Second Third Fourth Total 2021 Revenue $ 482.8 $ 818.8 $ 617.5 $ 677.1 $ 2,596.2 Gross profit 122.7 269.6 177.9 192.6 762.8 Operating income (loss) (52.3) 88.6 — 6.7 43.0 Net income (loss) (38.1) 55.5 2.1 6.6 26.1 Basic earnings (loss) per share (0.33) 0.47 0.02 0.06 0.22 Diluted earnings (loss) per share (0.33) 0.47 0.02 0.06 0.22 2020 Revenue $ 824.3 $ 998.0 $ 955.2 $ 946.2 $ 3,723.7 Gross profit 258.4 333.5 316.1 307.2 1,215.2 Operating income 27.6 85.3 75.1 69.0 257.0 Net income 17.8 60.5 54.9 66.5 199.7 Basic earnings per share 0.15 0.50 0.46 0.56 1.67 Diluted earnings per share 0.15 0.50 0.46 0.55 1.66 Revenue comparisons have been impacted by currency translation effects, acquisitions and divestitures. See Note 20 and Note 21 for additional information. Operating income and net income included a goodwill impairment charge in Q1 2021 and restructuring costs in Q2 2021, Q3 2021 and Q4 2021. See Note 11 and Note 23, respectively, for additional information. Operating income and net income in Q4 2020 included a gain on the sale of PolyVision. See Note 21 for additional information. |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Feb. 26, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation And Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS Allowance for Losses on Accounts Receivable Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 9.4 $ 8.7 $ 11.1 Additions: Charged to costs and expenses 6.2 7.3 5.5 Deductions (1) (7.3) (5.9) (8.2) Other adjustments (2) 0.4 (0.7) 0.3 Balance as of end of period $ 8.7 $ 9.4 $ 8.7 ________________________ (1) Primarily represents changes in our estimated provision for bad debts and excess of accounts written off over recoveries. (2) Primarily represents currency translation adjustments and $0.5 related to the sale of PolyVision in 2020. Valuation Allowance for Deferred Income Tax Assets Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 5.7 $ 7.8 $ 9.5 Additions: Charged to costs and expenses 0.4 (1.9) 1.7 Deductions and expirations — — (3.0) Other adjustments (1) 0.5 (0.2) (0.4) Balance as of end of period $ 6.6 $ 5.7 $ 7.8 ________________________ (1) Primarily represents currency translation adjustments. |
Divestitures (Notes)
Divestitures (Notes) | 12 Months Ended |
Feb. 26, 2021 | |
Divestiture [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | DIVESTITURE In 2020, we sold all outstanding capital stock of PolyVision for net proceeds of $72.6. The transaction resulted in the disposition of the net assets of the PolyVision operating entities in the U.S. and Belgium, which totaled $47.8. The net assets were primarily related to accounts receivable, inventory, property, plant and equipment and goodwill. In conjunction with the sale, we recorded a provision for $3.8 related to minimum purchase commitments for three years following the date of the sale. The transaction resulted in a gain of $21.0 in the Other category which reduced Operating expenses in the Consolidated Statements of Income. Subsequent to the sale, we continue to market certain PolyVision branded products to provide customers with a full suite of collaboration solutions. Our Consolidated Statements of Income include the following in the Other category related to PolyVision: Year Ended February 28, 2020 February 22, 2019 Revenue $ 61.5 $ 61.9 Gross profit 18.6 18.9 Operating income 6.4 7.4 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 26, 2021 | |
Product Warranty Liability [Line Items] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Steelcase Inc. and its subsidiaries. We consolidate entities in which we maintain a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. We also consolidate variable interest entities when appropriate. Investments in entities where our equity ownership falls between 20% and 50%, or where we otherwise have significant influence, are accounted for under the equity method of accounting. All other investments in unconsolidated affiliates are accounted for under the cost method of accounting. These investments are reported as Investments in unconsolidated affiliates on the Consolidated Balance Sheets, and income from equity method investments and any adjustments to cost method investments are reported in Other income, net on the Consolidated Statements of Income. See Note 12 for additional information. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year Our fiscal year ends on the last Friday in February, with each fiscal quarter typically including 13 weeks. The fiscal years ended February 26, 2021 and February 22, 2019 contained 52 weeks. The fiscal year ended February 28, 2020 contained 53 weeks, with Q4 2020 containing 14 weeks. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a month or specific date reference. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements and accompanying notes. Although these estimates are based on historical data and management’s knowledge of current events and actions we may undertake in the future, actual results may differ from these estimates under different assumptions or conditions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency For most foreign operations, local currencies are considered the functional currencies. We translate assets and liabilities of these subsidiaries to their U.S. dollar equivalents at exchange rates in effect as of the balance sheet date. Translation adjustments are not included in determining net income but are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets unless and until a sale or a substantially complete liquidation of the net investment in the international subsidiary takes place. We translate Consolidated Statements of Income accounts at average exchange rates for the applicable period. Foreign currency transaction gains and losses, net of derivative impacts, arising primarily from changes in exchange rates on foreign currency denominated intercompany loans and other intercompany transactions and balances between foreign locations, are recorded in Other income, net on the Consolidated Statements of Income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include demand bank deposits and highly liquid investment securities with an original maturity of three months or less. Cash equivalents are reported at cost and approximate fair value. Outstanding checks in excess of funds on deposit are classified as Accounts payable on the Consolidated Balance Sheets. Our restricted cash balance as of February 26, 2021 and February 28, 2020 was $5.8 and $6.1, respectively, and consisted primarily of funds held in escrow for potential future workers’ compensation and product liability claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. |
Receivable [Policy Text Block] | Allowances for Credit Losses Allowances for credit losses related to accounts receivable and notes receivable are maintained at a level considered by management to be adequate to absorb an estimate of probable future losses existing at the balance sheet date. In estimating probable losses, we review accounts that are past due or in bankruptcy. We consider an accounts receivable or notes receivable balance past due when payment is not received within the stated terms. We review accounts that may have higher credit risk using information available about the debtor, such as financial statements, news reports and published credit ratings. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. Using an estimate of current fair market value of any applicable collateral and other credit enhancements, such as third party guarantees, we arrive at an estimated loss for specific concerns and estimate an additional amount for the remainder of trade balances based on historical trends and other factors previously referenced. Receivable balances are written off when we determine the balance is uncollectible. Subsequent recoveries, if any, are credited to bad debt expense when received. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Our trade receivables are due from independent dealers as well as direct customers. We monitor and manage the credit risk associated with individual dealers and direct customers. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to us. In those cases, we typically assume the credit risk. Whether from dealers or direct customers, our trade credit exposures are not concentrated with any particular entity or industry. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. The Americas segment primarily uses the last in, first out (“LIFO”) method to value its inventories. The EMEA segment values inventories primarily using the first in, first out method (“FIFO”). Businesses within the Other category primarily use the FIFO or the average cost inventory valuation methods. See Note 8 for additional information. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Major improvements that materially extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. See Note 9 for additional information. Long-lived assets such as property, plant and equipment are tested for impairment when conditions indicate that the carrying value may not be recoverable. We evaluate several conditions, including, but not limited to, the following: a significant decrease in the market price of an asset or an asset group; a significant adverse change in the extent or manner in which a long-lived asset is being used, including an extended period of idleness; and a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review the carrying value of our held and used long-lived assets utilizing estimates of future undiscounted cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. |
Lease, Policy [Policy Text Block] (Deprecated 2017-01-31) | We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842) |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the difference between the purchase price and the related underlying tangible and identifiable intangible net asset fair values resulting from business acquisitions. Annually in Q4, or earlier if conditions indicate it is necessary, the carrying value of the reporting unit is compared to an estimate of its fair value. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is impaired and is written down to its estimated fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. In 2021, we evaluated goodwill and intangible assets using eight reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex, AMQ, Smith System and Orangebox U.K. In 2020, we evaluated goodwill and intangible assets using ten reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex, PolyVision, AMQ, Smith System, Orangebox U.K. and Orangebox U.S. See Note 11 for additional information. Other intangible assets subject to amortization consist primarily of dealer relationships, trademarks, know-how/designs, proprietary technology and non-compete agreements and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization are accounted for and evaluated for potential impairment using an income approach based on the cash flows attributable to the related products. See Note 11 for additional information. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred. We are involved in litigation from time to time in the ordinary course of our business. Based on known information, we do not believe we are party to any lawsuit or proceeding, individually and in the aggregate, that is likely to have a material adverse impact on the consolidated financial statements. |
Self Insurance [Policy Text Block] | Self-Insurance We are self-insured for certain losses relating to domestic workers’ compensation, product liability and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of uncertainty for these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties We offer warranties ranging from 3 years to lifetime for most products, subject to certain exceptions. These warranties provide for the free repair or replacement of any covered product, part or component that fails during normal use because of a defect in materials or workmanship. The accrued liability for product warranties is based on an estimated amount needed to cover product warranty costs, including product recall and retrofit costs, incurred as of the balance sheet date determined by historical claims experience and our knowledge of current events and actions. These estimates are subject to uncertainty due to a variety of factors, including changes in claim rates and patterns. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Roll-Forward of Accrued Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 26.7 $ 31.0 $ 36.8 Accruals related to product warranties, recalls and retrofits 2.8 8.1 6.1 Reductions for settlements (2.4) (12.3) (11.6) Adjustments related to changes in estimates (4.9) — — Currency translation adjustments 0.3 (0.1) (0.3) Balance as of end of period $ 22.5 $ 26.7 $ 31.0 Our reserve for estimated settlements expected to be paid beyond one year as of February 26, 2021 and February 28, 2020 was $11.4 and $14.3, respectively, and is included in Other long-term liabilities |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Retirement Benefits We sponsor a number of domestic and foreign plans to provide pension benefits and medical and life insurance benefits to retired employees. We measure the net over-funded or under-funded positions of our defined benefit pension plans and post-retirement benefit plans as of the end of each fiscal year and display that position as an asset or liability on the Consolidated Balance Sheets. Any unrecognized prior service credit (cost) or actuarial gains (losses) are reported, net of tax, as a component of Accumulated other comprehensive income (loss) in shareholders’ equity. See Note 15 for additional information. |
Environmental Costs, Policy [Policy Text Block] | Environmental Matters Environmental expenditures related to current operations are expensed. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are also expensed. Generally, the timing of these accruals coincides with completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis as site-specific plans indicate the amount and timing of cash payments which are fixed and reliably determinable. We have ongoing monitoring and identification processes to assess how known exposures are progressing against the accrued cost estimates, as well as processes to identify other potential exposures. Environmental Contingencies Year Ended February 26, 2021 February 28, 2020 Current: Accrued expenses - other $ 0.7 $ 1.0 Long-term: Other long-term liabilities 2.0 1.9 Total environmental contingencies (discounted) $ 2.7 $ 2.9 The environmental liabilities were discounted using a rate of 2.5% and 3.0% as of February 26, 2021 and February 28, 2020. Our undiscounted liabilities were $2.8 and $3.1 as of February 26, 2021 and February 28, 2020, respectively. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to absorb the costs of all known environmental assessments and the remediation costs of all known sites. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated. We also have known conditional asset retirement obligations that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations we have not yet discovered, and therefore, these obligations also have not been included in the consolidated financial statements. |
Revenue [Policy Text Block] | Revenue Recognition Our revenue consists substantially of product sales and related service revenue. Product sales are reported net of discounts and are recognized when control, consisting of the rights and obligations associated with the sale, passes to the purchaser. For sales to our dealers, this typically occurs when product is shipped from our manufacturing or distribution facilities. In cases where we sell directly to customers, control is typically transferred upon delivery to the customer. Service revenue is recognized when the services have been rendered. We account for shipping and handling activities as fulfillment activities even if those activities are performed after the control of the product has been transferred. We expense shipping and handling costs at the time revenue is recognized. Revenue does not include sales tax or any other taxes assessed by a governmental authority that are imposed on and concurrent with a specific sale, such as use, excise, value-added, and franchise taxes (collectively referred to as consumption taxes). We consider ourselves a pass-through entity for collecting and remitting these consumption taxes. |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Cost of sales includes material, labor and overhead. Included within these categories are such items as compensation expense, logistics costs (including shipping and handling costs), facilities expense, depreciation and warranty expense. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Operating Expenses Operating expenses include selling, general and administrative expenses not directly related to the procurement, manufacturing and delivery of our products. Included in these expenses are items such as employee compensation expense, research and development expense, facilities expense, depreciation, royalty expense, information technology services, professional services and travel and entertainment expense. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development expenses, which we define as expenses related to the investigative activities we conduct to improve existing products and procedures or to lead to the development of new products and procedures, are expensed as incurred and were $48.1 for 2021, $50.6 for 2020 and $53.7 for 2019. |
Income Tax, Policy [Policy Text Block] | Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. These deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in the Consolidated Statements of Income in the period that includes the enactment date. We establish valuation allowances against deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. All evidence, both positive and negative, is identified and considered in making the determination. Future realization of the existing deferred tax asset depends, in part, on the existence of sufficient taxable income of appropriate character within the carryforward period available under tax law applicable in the jurisdiction in which the related deferred tax assets were generated. We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits associated with net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies will enable us to utilize the net operating loss carryforwards. In making this determination we consider all available positive and negative evidence. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. We record reserves for uncertain tax positions except to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. See Note 17 for additional information. |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation Our share-based compensation consists of restricted stock units and performance units. Our policy is to expense share-based compensation using the fair-value based method of accounting for all awards granted, modified or settled. Restricted stock units and performance units are credited to shareholders' equity as they are expensed over the related service periods based on the grant date fair value of the shares expected to be issued or achievement of certain performance criteria. See Note 18 for additional information. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The carrying amounts of our financial instruments, consisting of cash and cash equivalents, accounts and notes receivable, accounts and notes payable and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value on the Consolidated Balance Sheets. Our total debt is carried at cost and was $483.9 and $484.3 as of February 26, 2021 and February 28, 2020, 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 $568.1 and $560.0 as of February 26, 2021 and February 28, 2020, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. See Note 7 and Note 13 for additional information. We may use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. In advance of issuing new debt in 2019, the Company entered into a treasury rate lock agreement to manage our exposure to changes in interest rates and our overall cost of borrowing. We do not use derivatives for speculative or trading purposes. See Note 14 for additional information. |
Derivatives, Policy [Policy Text Block] | Foreign Exchange Forward Contracts A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching revenues with same currency costs and assets with same currency liabilities. Foreign exchange risk is also partially managed through the use of derivative instruments. Foreign exchange forward contracts serve to reduce the risk of conversion or translation of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including loans) and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts relate to the euro, the Mexican peso, the United Kingdom ("U.K.") pound sterling, the Canadian dollar, the Australian dollar, the Malaysian ringgit and the Chinese renminbi. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 26, 2021 and February 28, 2020 are summarized below: Consolidated Balance Sheets February 26, February 28, Other current assets $ 1.1 $ 1.2 Accrued expenses (0.8) (0.5) Total net fair value of foreign exchange forward contracts (1) $ 0.3 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $58.8 as of February 26, 2021 and $117.6 as of February 28, 2020. Net gains (losses) recognized from foreign exchange forward contracts in 2021, 2020 and 2019 are summarized below: Gain (Loss) Recognized in Consolidated Statements of Income Year Ended February 26, February 28, February 22, Cost of sales $ 0.1 $ 1.8 $ 1.5 Operating expenses (0.1) 0.5 0.3 Other income, net 0.8 3.1 2.7 Total net gain (loss) $ 0.8 $ 5.4 $ 4.5 The net gains or losses recognized from foreign exchange forward instruments in Other income, net are largely offset by related foreign currency gains or losses on our intercompany loans and intercompany accounts payable. |
Lessee, Leases | Leases In Q1 2020, we adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), and related amendments to accounting standards codification ("ASC") 842 using the modified retrospective approach. The effects of the initial application of ASC 842 did not result in a cumulative adjustment to retained earnings. The lease terms utilized in determining right-of-use assets and lease liabilities include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods. Our leases do not contain any residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit discount rate, we use an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The estimated incremental borrowing rate represents the estimated rate of interest we would have had to pay to borrow on a collateralized basis an amount equal to the lease payments for a similar period of time. We do not separate non-lease components of a contract from the lease components to which they relate for all classes of lease assets except for embedded leases, which were immaterial in 2021. A right-of-use asset or lease liability is not recorded for leases with an initial expected period of 12 months or less. See Note 19 for additional information. |
Minimum [Member] | |
Product Warranty Liability [Line Items] | |
Standard Product Warranty, Term | 3 years |
Commitment and Contingencies (P
Commitment and Contingencies (Policies) | 12 Months Ended |
Feb. 26, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessor, Leases [Policy Text Block] | We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842) |
Summary of Signficant Accountin
Summary of Signficant Accounting Policies (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Accounting Policies [Abstract] | |
Net Reserve for Estimated Domestic Workers' Compensation Claim [Table Text Block] | Net Reserve for Estimated Domestic Workers' Compensation Claims Year Ended February 26, 2021 February 28, 2020 Assets: Long-term - Other assets $ 4.6 $ 4.2 Liabilities: Current - Accrued expenses - other 2.1 2.7 Long-term - Other long-term liabilities 10.5 11.6 12.6 14.3 Net reserve $ 8.0 $ 10.1 |
Net Reserve for Estimated Product Liability Claims [Table Text Block] | Net Reserve for Estimated Product Liability Claims Year Ended February 26, 2021 February 28, 2020 Assets: Long-term - Other long-term assets $ 0.7 $ 1.3 Liabilities: Current - Accrued expenses - other 0.5 0.6 Long-term - Other long-term liabilities 2.2 3.5 2.7 4.1 Net reserve $ 2.0 $ 2.8 |
Schedule of Product Warranty Liability [Table Text Block] | Roll-Forward of Accrued Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 26.7 $ 31.0 $ 36.8 Accruals related to product warranties, recalls and retrofits 2.8 8.1 6.1 Reductions for settlements (2.4) (12.3) (11.6) Adjustments related to changes in estimates (4.9) — — Currency translation adjustments 0.3 (0.1) (0.3) Balance as of end of period $ 22.5 $ 26.7 $ 31.0 |
Environmental Exit Costs by Cost [Table Text Block] | Environmental Contingencies Year Ended February 26, 2021 February 28, 2020 Current: Accrued expenses - other $ 0.7 $ 1.0 Long-term: Other long-term liabilities 2.0 1.9 Total environmental contingencies (discounted) $ 2.7 $ 2.9 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Assets and liabilities related to foreign exchange forward contracts as of February 26, 2021 and February 28, 2020 are summarized below: Consolidated Balance Sheets February 26, February 28, Other current assets $ 1.1 $ 1.2 Accrued expenses (0.8) (0.5) Total net fair value of foreign exchange forward contracts (1) $ 0.3 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $58.8 as of February 26, 2021 and $117.6 as of February 28, 2020. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Net gains (losses) recognized from foreign exchange forward contracts in 2021, 2020 and 2019 are summarized below: Gain (Loss) Recognized in Consolidated Statements of Income Year Ended February 26, February 28, February 22, Cost of sales $ 0.1 $ 1.8 $ 1.5 Operating expenses (0.1) 0.5 0.3 Other income, net 0.8 3.1 2.7 Total net gain (loss) $ 0.8 $ 5.4 $ 4.5 The net gains or losses recognized from foreign exchange forward instruments in Other income, net are largely offset by related foreign currency gains or losses on our intercompany loans and intercompany accounts payable. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: Product Category Data Year Ended February 26, February 28, February 22, Americas Desking, benching, systems and storage $ 912.0 $ 1,377.5 $ 1,233.9 Seating 559.4 784.2 706.3 Other (1) 377.1 511.2 530.0 EMEA Desking, benching, systems and storage 196.4 254.4 233.2 Seating 185.9 235.6 187.1 Other (1) 129.0 179.6 196.7 Other Desking, benching, systems and storage 49.8 63.6 59.1 Seating 69.1 94.1 93.6 Other (1) 117.5 223.5 203.3 $ 2,596.2 $ 3,723.7 $ 3,443.2 _______________________________________ (1) The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. In the Americas segment, no industry or vertical market individually represented more than 16%, 15% or 14% of Americas revenue in 2021, 2020 and 2019, respectively. Reportable geographic information is as follows: Reportable Geographic Revenue Year Ended February 26, February 28, February 22, United States $ 1,739.5 $ 2,469.7 $ 2,170.3 Foreign locations 856.7 1,254.0 1,272.9 $ 2,596.2 $ 3,723.7 $ 3,443.2 |
Contract with Customer, Asset and Liability [Table Text Block] | Changes in the Customer deposits balance during the year ended February 26, 2021 are as follows: Customer Deposits Balance as of February 28, 2020 $ 28.6 Recognition of revenue related to beginning of year customer deposits (27.4) Customer deposits received, net of revenue recognized during the period 32.5 Balance as of February 26, 2021 $ 33.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Computation of Earnings per Share Year Ended February 26, February 28, February 22, Net income $ 26.1 $ 199.7 $ 126.0 Adjustment for earnings attributable to participating securities (0.6) (3.9) (2.5) Net income used in calculating earnings per share $ 25.5 $ 195.8 $ 123.5 Weighted-average common shares outstanding including participating securities (in millions) 117.5 119.6 119.1 Adjustment for participating securities (in millions) (2.6) (2.3) (2.4) Shares used in calculating basic earnings per share (in millions) 114.9 117.3 116.7 Effect of dilutive stock-based compensation (in millions) 0.3 0.6 0.4 Shares used in calculating diluted earnings per share (in millions) 115.2 117.9 117.1 Earnings per share: Basic $ 0.22 $ 1.67 $ 1.06 Diluted $ 0.22 $ 1.66 $ 1.05 Total common shares outstanding at period end (in millions) 114.9 117.2 116.8 Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) — — 0.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
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) during the years ended February 26, 2021 and February 28, 2020: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative adjustments Foreign currency translation adjustments Total Balance as of February 22, 2019 $ — $ 9.7 $ (9.6) $ (47.4) $ (47.3) Other comprehensive income (loss) before reclassifications 0.4 (10.4) — (10.8) (20.8) Amounts reclassified from accumulated other comprehensive income (loss) (0.5) (2.4) 1.0 0.7 (1.2) Net other comprehensive income (loss) during period (0.1) (12.8) 1.0 (10.1) (22.0) Balance as of February 28, 2020 $ (0.1) $ (3.1) $ (8.6) $ (57.5) $ (69.3) Other comprehensive income (loss) before reclassifications 0.4 (2.7) — 31.0 28.7 Amounts reclassified from accumulated other comprehensive income (loss) — (0.8) 1.0 0.4 0.6 Net other comprehensive income (loss) during period 0.4 (3.5) 1.0 31.4 29.3 Balance as of February 26, 2021 $ 0.3 $ (6.6) $ (7.6) $ (26.1) $ (40.0) |
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 years ended February 26, 2021 and February 28, 2020: Detail of Accumulated Other Comprehensive Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Consolidated Statements of Income Year Ended February 26, February 28, Realized gain on sale of investment $ — $ (0.7) Investment income — 0.2 Income tax expense (benefit) — (0.5) Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (1.1) (3.0) Other income, net Prior service cost (credit) — (0.1) Other income, net 0.3 0.7 Income tax expense (benefit) (0.8) (2.4) Derivative adjustments 1.3 1.3 Interest expense (0.3) (0.3) Income tax expense (benefit) 1.0 1.0 Foreign currency translation 0.5 0.6 Operating expense (0.1) 0.1 Other income, net 0.4 0.7 Total reclassifications $ 0.6 $ (1.2) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of February 26, 2021 and February 28, 2020 are summarized below: Fair Value of Financial Instruments February 26, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 489.8 $ — $ — $ 489.8 Restricted cash 5.8 — — 5.8 Foreign exchange forward contracts — 1.1 — 1.1 Auction rate security — — 2.6 2.6 $ 495.6 $ 1.1 $ 2.6 $ 499.3 Liabilities: Foreign exchange forward contracts $ — $ (0.8) $ — $ (0.8) $ — $ (0.8) $ — $ (0.8) Fair Value of Financial Instruments February 28, 2020 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 541.0 $ — $ — $ 541.0 Restricted cash 6.1 — — 6.1 Foreign exchange forward contracts — 1.2 — 1.2 Auction rate security — — 2.1 2.1 $ 547.1 $ 1.2 $ 2.1 $ 550.4 Liabilities: Foreign exchange forward contracts $ — $ (0.5) $ — $ (0.5) $ — $ (0.5) $ — $ (0.5) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs for the years ended February 26, 2021 and February 28, 2020: Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Balance as of February 22, 2019 $ 3.9 Unrealized loss on investments (0.1) Realized gain on investment 0.5 Redemption of auction rate security (2.2) Balance as of February 28, 2020 $ 2.1 Unrealized gain on investment 0.5 Balance as of February 26, 2021 $ 2.6 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories February 26, February 28, Raw materials and work-in-process $ 126.0 $ 122.0 Finished goods 86.4 112.8 212.4 234.8 Revaluation to LIFO 18.9 19.8 $ 193.5 $ 215.0 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Estimated February 26, February 28, Land $ 36.4 $ 34.4 Machinery and equipment 3 – 15 790.4 755.5 Buildings and improvements 10 – 40 405.4 393.4 Capitalized software 3 – 10 76.2 67.0 Furniture and fixtures 5 – 8 63.2 58.5 Leasehold improvements 3 – 15 77.8 72.6 Construction in progress 24.6 22.6 1,474.0 1,404.0 Accumulated depreciation (1,063.2) (977.7) $ 410.8 $ 426.3 |
Company-Owned Life Insurance (T
Company-Owned Life Insurance (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Company-Owned Life Insurance [Abstract] | |
Company Owned Life Insurance [Table Text Block] | The balances of our COLI investments as of February 26, 2021 and February 28, 2020 were as follows: Type Ability to Choose Net Return Target Asset Allocation as of February 26, 2021 Net Cash Surrender Value February 26, February 28, Whole life No ability A rate of return set periodically by the Not applicable $ 111.3 $ 110.3 Variable life Can allocate across a set of choices provided by the insurance companies Fluctuates depending on performance of underlying investments 50% fixed income; 50% equity 58.2 49.7 $ 169.5 $ 160.0 |
Goodwill & Other Intangible A_2
Goodwill & Other Intangible Assets Goodwill (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | A summary of the changes in goodwill during the years ended February 26, 2021 and February 28, 2020, by reportable segment, is as follows: Goodwill Americas EMEA Other Total Balance as of February 22, 2019 $ 203.6 $ 18.7 $ 18.5 $ 240.8 Acquisition (1) 1.0 — — 1.0 Goodwill on divestitures (2) — — (68.6) (68.6) Accumulated impairment losses on divestitures (2) — — 60.8 60.8 Currency translation adjustments (0.2) (0.2) — (0.4) Goodwill 206.1 283.5 47.9 537.5 Accumulated impairment losses (1.7) (265.0) (37.2) (303.9) Balance as of February 28, 2020 $ 204.4 $ 18.5 $ 10.7 $ 233.6 Impairment charge (3) — (17.6) — (17.6) Acquisition (4) 2.5 — — 2.5 Currency translation adjustments 0.5 (0.9) — (0.4) Goodwill 209.1 282.6 47.9 539.6 Accumulated impairment losses (1.7) (282.6) (37.2) (321.5) Balance as of February 26, 2021 $ 207.4 $ — $ 10.7 $ 218.1 ________________________ (1) In 2020, we completed a small acquisition of an independent dealer, resulting in a goodwill addition in the Americas segment. (2) In 2020, we sold PolyVision Corporation ("PolyVision"), resulting in a decrease to goodwill and related accumulated impairment losses in the Other segment. See Note 21 for additional information. (3) In Q1 2021, we recorded a goodwill impairment charge in the EMEA segment related to the Orangebox U.K. reporting unit. (4) In 2021, we completed a small acquisition of a dealer, resulting in a goodwill addition in the Americas segment. |
Goodwill & Other Intangible A_3
Goodwill & Other Intangible Assets Intangible Assets (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Intangible Assets [Abstract] | |
Intangible Assets Disclosure [Table Text Block] | As of February 26, 2021 and February 28, 2020, our other intangible assets and related accumulated amortization consisted of the following: Other Intangible Assets February 26, 2021 February 28, 2020 Weighted Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Dealer relationships 11.0 $ 58.7 $ 14.9 $ 43.8 $ 56.7 $ 9.3 47.4 Trademarks (1) 8.3 $ 44.0 $ 19.8 24.2 35.4 13.7 21.7 Proprietary technology 9.9 15.8 13.6 2.2 15.8 13.1 2.7 Know-how/designs 9.0 21.4 6.1 15.3 20.8 3.6 17.2 Non-compete agreements 6.1 1.3 1.3 — 1.2 1.2 — Other (2) 4.7 22.4 17.6 4.8 20.8 15.8 5.0 163.6 73.3 90.3 150.7 56.7 94.0 Intangible assets not subject to amortization: Trademarks and other (1) n/a 0.1 — 0.1 8.9 — 8.9 $ 163.7 $ 73.3 $ 90.4 $ 159.6 $ 56.7 $ 102.9 ________________________ (1) In 2021, we transferred trademarks not subject to amortization to trademarks subject to amortization within the Americas segment. (2) In 2021, we completed a small acquisition of a dealer, resulting in an increase of intangible assets in the Americas segment. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2022 14.2 2023 14.1 2024 11.3 2025 11.5 2026 11.3 $ 62.4 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Investments In Unconsolidated_2
Investments In Unconsolidated Affiliates (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Schedule of equity method investments [Table Text Block] | Our investments in unconsolidated affiliates and related direct ownership interests are summarized below: Investments in Unconsolidated Affiliates February 26, 2021 February 28, 2020 Investment Ownership Investment Ownership Equity method investments Dealer relationships $ 28.3 25%-40% $ 29.6 25%-40% Manufacturing joint venture 7.8 49% 8.3 49% IDEO and other 6.0 5%-24% 6.0 5%-21% 42.1 43.9 Cost method investments Dealer relationship 5.8 Less than 10% 5.8 Less than 10% Other 3.6 Less than 10% 2.6 Less than 10% 9.4 8.4 Total investments in unconsolidated affiliates $ 51.5 $ 52.3 |
Equity in earnings of unconsolidated affiliates [Table Text Block] | Our equity in earnings of unconsolidated affiliates is recorded in Other income, net on the Consolidated Statements of Income and is summarized below: Equity in Earnings of Unconsolidated Affiliates Year Ended February 26, February 28, February 22, Dealer relationships $ 8.0 $ 9.8 $ 9.9 Manufacturing joint venture 0.7 1.4 2.8 IDEO and other 0.6 1.0 1.0 Total equity in earnings of unconsolidated affiliates $ 9.3 $ 12.2 $ 13.7 |
Schedule of consolidated balance sheets of unconsolidated affiliates [Table Text Block] | The following table summarizes the combined accounts of our equity method investments in unconsolidated affiliates: Consolidated Balance Sheets February 26, February 28, Total current assets $ 198.7 $ 250.3 Total non-current assets 130.6 132.7 Total assets $ 329.3 $ 383.0 Total current liabilities $ 141.3 $ 204.2 Total long-term liabilities 31.1 19.6 Total liabilities $ 172.4 $ 223.8 |
Schedule of statements of income of unconsolidated affiliates [Table Text Block] | Statements of Income Year Ended February 26, February 28, February 22, Revenue $ 695.4 $ 838.0 $ 806.4 Gross profit 204.9 252.6 235.6 Income before income tax expense 37.8 62.3 64.2 Net income 35.6 58.5 60.3 |
Supplemental Schedule for unconsolidated affiliates [Table Text Block] | Supplemental Information Year Ended February 26, February 28, February 22, Dividends received from unconsolidated affiliates $ 8.1 $ 12.5 $ 9.1 Sales to unconsolidated affiliates 201.5 305.7 302.6 Amount due from unconsolidated affiliates 6.4 14.4 11.4 |
Short-Term Borrowings And Lon_2
Short-Term Borrowings And Long-Term Debt (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt Obligations Interest Rate as of February 26, 2021 Fiscal Year February 26, February 28, U.S. dollar obligations: Senior notes 5.125% 2029 $ 444.1 $ 443.3 Notes payable Various Various 38.1 40.5 Other committed bank facility 3.25% 2022 1.4 — 483.6 483.8 Foreign currency obligations: Notes payable and bank overdraft Various Various 0.3 0.5 Total short-term borrowings and long-term debt 483.9 484.3 Short-term borrowings and current portion of long-term debt (1) 4.7 2.9 Long-term debt $ 479.2 $ 481.4 ____________________ (1) The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.6% as of February 26, 2021 and 2.5% as of February 28, 2020. The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows: Fiscal Year Ending in February Amount 2022 $ 4.7 2023 2.6 2024 32.2 2025 — 2026 — Thereafter 444.4 $ 483.9 Senior Notes In 2019, we issued $450.0 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125%, the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. During each of 2021 and 2020, amortization expense related to the discount and debt issuance costs on the 2029 Notes was $0.8. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of: (1) the principal amount of the notes being redeemed or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. Notes Payable We have the following notes payable as of February 26, 2021: • a $37.5 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. As of February 26, 2021, the interest rate was 1.32%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $31.8 balloon payment due in 2024. The loan is secured by our two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. This note matures in 2024; • a $0.6 note payable with a 7.00% interest rate, maturing in 2022; and • other foreign denominated notes payable totaling $0.3, which includes a note with an interest rate of 2.75%. Global Committed Bank Facility We have a $250.0 global committed bank facility, which was entered into in 2020. The bank facility expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125 by obtaining at least one commitment from one or more lenders. We can use borrowings under the facility for general corporate purposes, including friendly acquisitions. Interest on borrowings is based on the rate, as selected by us, between the following two options: • the applicable margin as set forth in the credit agreement, plus the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5%, (iii) the Eurocurrency rate for one-month interest period plus 1% and (iv) a 0.75% floor; or • the Eurocurrency rate, with a floor of zero, plus the applicable margin as set forth in the credit agreement. The facility requires us to satisfy two financial covenants: • A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness less liquidity to (y) trailing four fiscal quarter adjusted EBITDA and is required to be less than 3.5:1. In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 4.0:1 for four consecutive quarters. • A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter adjusted EBITDA to (z) trailing four quarter interest expense and is required to be no less than 3.0:1. The facility does not include any restrictions on cash dividend payments or share repurchases. During 2021, we borrowed and repaid $250.0 under the facility. As of February 26, 2021, there were no borrowings outstanding under the facility, $3.7 of guarantees which reduced our availability, and we were in compliance with all covenants under the facility. As of February 28, 2020, there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. Other Credit Facilities We have the following other bank and credit facilities as of February 26, 2021: • a committed bank facility of $12.5 related to a subsidiary, which has a current availability of $2.7 based on eligible accounts receivable of the subsidiary. As of February 26, 2021, $1.4 was outstanding under the facility; • unsecured uncommitted short-term credit facilities of up to $3.9 of U.S. dollar obligations and up to $14.4 of foreign currency obligations with various financial institutions available for working capital purposes as of February 26, 2021. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 26, 2021 or February 28, 2020; and |
Employee Benefit Plan Obligat_2
Employee Benefit Plan Obligations Employee Benefit Plan Obligation (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee Benefit Plan Obligation Summary [Table Text Block] | Employee Benefit Plan Obligations (net) February 26, February 28, Defined contribution retirement plans $ 12.1 $ 28.1 Post-retirement medical benefits 42.7 44.3 Defined benefit pension plans 62.5 61.8 Deferred compensation plans and agreements 60.5 58.8 $ 177.8 $ 193.0 Employee benefit plan obligations Current portion $ 24.9 $ 44.7 Long-term portion 152.9 148.3 $ 177.8 $ 193.0 |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: Defined Benefit Pension February 26, 2021 February 28, 2020 Qualified Plans Non-qualified Qualified Plans Non-qualified Foreign Foreign Plan assets $ 33.2 $ — $ 31.3 $ — Projected benefit plan obligations 53.7 32.2 49.5 33.0 Funded status $ (20.5) $ (32.2) $ (18.2) $ (33.0) Current liability $ (0.3) $ (3.0) $ (0.1) $ (2.8) Long-term liability (20.2) (29.2) (18.1) (30.2) Total benefit plan obligations $ (20.5) $ (32.2) $ (18.2) $ (33.0) Accumulated benefit obligation $ 48.5 $ 32.1 $ 44.6 $ 32.9 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following tables summarizes our defined benefit pension and post-retirement plans: Defined Benefit Post-Retirement February 26, February 28, February 26, February 28, Change in plan assets: Fair value of plan assets, beginning of year $ 31.3 $ 30.0 $ — $ — Actual return on plan assets (0.3) 1.6 — — Employer contributions 4.1 4.9 3.5 4.0 Plan participants’ contributions — — 2.3 1.9 Currency changes 2.9 (0.3) — — Benefits paid (4.8) (4.9) (5.8) (5.9) Fair value of plan assets, end of year 33.2 31.3 — — |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Change in benefit obligations: Benefit plan obligations, beginning of year 82.5 76.2 44.3 40.7 Service cost 1.9 1.8 0.1 0.1 Interest cost 1.3 2.0 1.1 1.6 Amendments 0.1 — — — Net actuarial loss (1) — 8.2 0.5 5.9 Plan participants’ contributions — — 2.3 1.9 Currency changes 4.9 (0.8) 0.2 — Benefits paid (4.8) (4.9) (5.8) (5.9) Benefit plan obligations, end of year 85.9 82.5 42.7 44.3 Funded status $ (52.7) $ (51.2) $ (42.7) $ (44.3) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized on the Consolidated Balance Sheets: Current liability $ (3.3) $ (2.9) $ (3.6) $ (3.3) Long-term liability (49.4) (48.3) (39.1) (41.0) Net amount recognized $ (52.7) $ (51.2) $ (42.7) $ (44.3) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) —pretax: Actuarial loss (gain) $ 21.9 $ 20.3 $ (11.1) $ (13.6) Prior service cost 0.9 0.7 — — Total amounts recognized in accumulated other comprehensive income (loss) —pretax $ 22.8 $ 21.0 $ (11.1) $ (13.6) |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plans Post-Retirement Plans Year Ended Year Ended February 26, February 28, February 22, February 26, February 28, February 22, Components of expense: Service cost $ 1.9 $ 1.8 $ 2.2 $ 0.1 $ 0.1 $ 0.1 Interest cost 1.3 2.0 2.1 1.1 1.6 1.6 Amortization of net loss (gain) 1.1 0.4 0.3 (2.1) (3.3) (3.8) Amortization of prior year service credit — (0.1) (0.2) — — (2.2) Expected return on plan assets (0.9) (1.3) (1.5) — — — Net expense (credit) recognized in Consolidated Statements of Income 3.4 2.8 2.9 (0.9) (1.6) (4.3) Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): Net actuarial loss (gain) 1.2 7.9 1.0 0.5 5.9 (0.8) Prior service cost 0.1 — 1.0 — — — Amortization of gain (loss) (1.1) (0.4) (0.3) 2.1 3.4 3.8 Amortization of prior year service credit — 0.1 0.2 — — 2.2 Other — — — — — 0.1 Total recognized in other comprehensive income 0.2 7.6 1.9 2.6 9.3 5.3 Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) $ 3.6 $ 10.4 $ 4.8 $ 1.7 $ 7.7 $ 1.0 |
Pension and Other Post-Retirement Liability Adjustments [Table Text Block] | Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax Tax (Expense) Net of Balance as of February 22, 2019 $ 9.5 $ 0.2 $ 9.7 Amortization of prior service cost (credit) included in net periodic pension cost (0.1) — (0.1) Net prior service (cost) credit during period (0.1) — (0.1) Net actuarial gain (loss) arising during period (13.9) 3.4 (10.5) Amortization of net actuarial (gain) loss included in net periodic pension cost (3.0) 0.7 (2.3) Net actuarial gain (loss) during period (16.9) 4.1 (12.8) Foreign currency translation adjustments 0.1 — 0.1 Current period change (16.9) 4.1 (12.8) Balance as of February 28, 2020 $ (7.4) $ 4.3 $ (3.1) Prior service (cost) credit from plan amendment arising during period (0.1) — (0.1) Net prior service (cost) credit during period (0.1) — (0.1) Net actuarial gain (loss) arising during period (1.7) 0.3 (1.4) Amortization of net actuarial (gain) loss included in net periodic pension cost (1.1) 0.3 (0.8) Net actuarial gain (loss) during period (2.8) 0.6 (2.2) Foreign currency translation adjustments (1.4) 0.2 (1.2) Current period change (4.3) 0.8 (3.5) Balance as of February 26, 2021 $ (11.7) $ 5.1 $ (6.6) |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted-Average Pension Plans Post-Retirement Plans Year Ended Year Ended February 26, February 28, February 22, February 26, February 28, February 22, Weighted-average assumptions used to determine benefit obligations: Discount rate 1.70 % 1.70 % 2.90 % 2.58 % 2.58 % 4.08 % Rate of salary progression 3.50 % 3.50 % 3.60 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 1.70 % 2.70 % 2.90 % 2.56 % 4.06 % 3.95 % Expected return on plan assets 3.00 % 3.00 % 4.60 % Rate of salary progression 3.40 % 3.50 % 3.40 % |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category February 26, 2021 February 28, 2020 Actual Target Actual Target Equity securities 70 % 40 % 60 % 40 % Debt securities 25 30 35 30 Real estate 4 — 4 — Other (1) 1 30 1 30 Total 100 % 100 % 100 % 100 % ________________________ (1) Primarily represents money market funds. The fair value of the pension plan assets as of February 26, 2021 and February 28, 2020, by asset category are as follows: Fair Value of Pension Plan Assets February 26, 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.2 $ — $ — $ 0.2 Equity securities - International — 23.5 — 23.5 Fixed income securities - Bond funds — 8.3 — 8.3 Other investments - Property and property funds — 1.2 — 1.2 $ 0.2 $ 33.0 $ — $ 33.2 Fair Value of Pension Plan Assets February 28, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.2 $ — $ — $ 0.2 Equity securities - International — 18.9 — 18.9 Fixed income securities - Bond funds — 11.1 — 11.1 Other investments - Property and property funds — 1.1 — 1.1 $ 0.2 $ 31.1 $ — $ 31.3 There were no transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented. |
Schedule of Expected Benefit Payments [Table Text Block] | The estimated future benefit payments under our pension and post-retirement plans are as follows: Fiscal Year Ending in February Pension Plans Post-retirement Plans 2022 $ 4.2 $ 3.6 2023 4.8 3.5 2024 4.9 3.4 2025 4.4 3.3 2026 5.2 3.2 2027 - 2031 21.7 13.8 |
Employee Benefit Plan Obligat_3
Employee Benefit Plan Obligations Multiemployer Pension Plan (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plans [Table Text Block] | Pension Fund EIN - Pension Plan Number Plan Month / Day End Date Pension Protection Act Zone Status (1) FIP/RP Status Pending / Implemented (2) Contributions Surcharges Imposed or Amortization Provisions 2019 2019 Central States, Southeast and Southwest Areas Pension Fund 366044243-001 12/31 Red Implemented $0.2 No ________________________ (1) The most recent Pension Protection Act Zone Status available in 2019 relates to the plan's most recent fiscal year-end. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Year Ended February 26, February 28, February 22, Balance as of beginning of period $ 2.0 $ 2.0 $ 2.2 Gross decreases—tax positions in prior period — — — Currency translation adjustment 0.3 — (0.2) Balance as of end of period $ 2.3 $ 2.0 $ 2.0 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on income before income tax expense (benefit) consists of: Provision for Income Tax Expense (Benefit) Year Ended February 26, February 28, February 22, Current income tax expense (benefit): Federal $ (30.4) $ 6.8 $ 18.4 State and local 1.9 10.9 6.0 Foreign 12.9 15.4 14.6 (15.6) 33.1 39.0 Deferred income tax expense (benefit): Federal 13.7 10.3 (3.6) State and local (1.1) (2.8) 1.2 Foreign 2.8 4.9 1.3 15.4 12.4 (1.1) Income tax expense (benefit) $ (0.2) $ 45.5 $ 37.9 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income taxes were based on the following sources of income (loss) before income tax expense (benefit): Source of Income (Loss) Before Income Tax Expense (Benefit) Year Ended February 26, February 28, February 22, Domestic $ (10.1) $ 195.8 $ 119.4 Foreign 36.0 49.4 44.5 $ 25.9 $ 245.2 $ 163.9 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The total income tax expense (benefit) we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0%, as follows: Income Tax Provision Reconciliation Year Ended February 26, February 28, February 22, Tax expense at the U.S. federal statutory rate $ 5.4 $ 51.5 $ 34.4 State and local income taxes, net of federal 0.6 6.4 5.7 Impact of the CARES Act (11.7) — — Sale of PolyVision (1) — (11.6) — Valuation allowance provisions and adjustments (2) 0.4 (1.3) (1.3) Goodwill impairment charge (3) 3.4 — — COLI income (4) (2.7) (1.4) (1.6) Foreign operations, less applicable foreign tax credits (5) 5.4 4.9 7.8 Impact of change to non-U.S. federal statutory tax rates (6) 0.4 (1.2) (0.8) Officer compensation limitation 1.9 1.1 1.0 Research tax credit (3.0) (2.9) (2.9) Other (0.3) — (4.4) Total income tax expense (benefit) recognized $ (0.2) $ 45.5 $ 37.9 ________________________ (1) The tax basis of PolyVision exceeded the book equity of the entity. For U.S. federal tax purposes, this generated a capital loss and related benefit, which varied from the expected U.S. federal tax expense on the financial statement gain on disposal. (2) The valuation allowance provisions and adjustments are based on current year activity, which are further detailed below. (3) We recorded a goodwill impairment charge related to our Orangebox U.K. reporting unit which is non-deductible for tax purposes. (4) The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable. (5) The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of deferred income taxes are as follows: Deferred Income Taxes February 26, February 28, Deferred income tax assets: Employee benefit plan obligations and deferred compensation $ 57.6 $ 68.9 Operating lease obligations 62.7 64.2 Foreign and domestic net operating loss carryforwards 45.2 39.1 Reserves and accruals 15.1 17.1 Tax credit carryforwards 22.0 19.1 Other, net 15.0 17.1 Total deferred income tax assets 217.6 225.5 Valuation allowances (6.6) (5.7) Net deferred income tax assets 211.0 219.8 Deferred income tax liabilities: Right-of-use operating lease assets 57.4 61.4 Property, plant and equipment 32.3 28.6 Intangible assets 13.0 9.8 Prepaid expenses 2.0 2.2 Total deferred income tax liabilities 104.7 102.0 Net deferred income taxes $ 106.3 $ 117.8 Net deferred income taxes is comprised of the following components: Deferred income tax assets—non-current 113.3 124.6 Deferred income tax liabilities—non-current 7.0 6.8 |
Schedule of Current Taxes Payable or Refundable [Table Text Block] | Income taxes currently payable or receivable are reported on the Consolidated Balance Sheets as follows: Income Taxes February 26, February 28, Other current assets: Income taxes receivable $ 49.5 $ 8.0 Other long-term assets: Income taxes receivable $ — $ 7.8 Accrued expenses: Income taxes payable $ 7.4 $ 13.9 |
Summary of Operating Loss Carryforwards [Table Text Block] | Operating loss and tax credit carryforwards expire as follows: Fiscal Year Ending February Net Operating Loss Net Operating Loss Tax Credit Federal State International Federal State International Total 2022 $ — $ — $ — $ — $ — $ — $ — $ — 2023-2041 0.9 56.3 0.7 0.2 4.5 0.2 4.9 22.0 No expiration — — 173.2 — — 41.2 41.2 — $ 0.9 $ 56.3 $ 173.9 0.2 4.5 41.4 46.1 22.0 Valuation allowances — — (3.0) (3.0) (3.1) Net benefit $ 0.2 $ 4.5 $ 38.4 $ 43.1 $ 18.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Payment Award Outstanding Awards [Table Text Block] | Share-based awards currently outstanding under the Incentive Compensation Plan are as follows: Total Outstanding Awards February 26, Performance units (1) 898,156 Restricted stock units 2,285,965 Total outstanding awards 3,184,121 ________________________ (1) This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Performance Units Valuation Assumptions [Table Text Block] | The Monte Carlo simulation was computed using the following assumptions: 2021 Awards - Year 1 2020 Awards - Year 2 2020 Awards - Year 1 2019 Awards Risk-free interest rate (1) 0.2 % 0.1 % 2.3 % 2.6 % Expected term 2 years 1 year 3 years 3 years Estimated volatility (2) 58.1 % 74.1 % 32.5 % 33.8 % ________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Company’s Class A Common Stock for the three-year period preceding the grant date. |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The total PSU expense and associated tax benefit for all outstanding awards in 2021, 2020 and 2019 are as follows: Performance Units Year Ended February 26, February 28, February 22, Expense $ 7.7 $ 2.7 $ 4.2 Tax benefit 2.0 0.7 1.1 |
Schedule Of Share Based Compensation Performance Units Award Activity [Table Text Block] | The 2021 PSU activity is as follows: Maximum Number of Nonvested Units Total Weighted-Average Nonvested as of February 28, 2020 605,080 $ 17.39 Granted 1,040,842 13.41 Vested (742,056) 15.23 Forfeited (5,710) 13.52 Nonvested as of February 26, 2021 898,156 $ 14.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The Monte Carlo simulation resulted in the following weighted-average grant date fair values per PSU with market conditions: Grant Date Fair Value per PSU Year Ended February 26, February 28, February 22, Weighted-average grant date fair value per share of PSUs granted under monte carlo $ 13.29 $ 16.21 $ 18.02 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | 2021, 2020 and 2019 are as follows: Restricted Stock Units Year Ended February 26, February 28, February 22, Expense $ 12.4 $ 13.3 $ 12.7 Tax benefit 3.1 3.6 3.4 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | The 2021 RSU activity is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 28, 2020 1,761,124 $ 15.28 Granted 1,371,077 9.49 Vested (800,068) 14.45 Forfeited (46,168) 14.39 Nonvested as of February 26, 2021 2,285,965 $ 12.11 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The weighted-average grant date fair value per share of RSUs granted in 2021, 2020 and 2019 is as follows: Grant Date Fair Value per Share Year Ended February 26, February 28, February 22, Weighted-average grant date fair value per share of RSUs granted $ 9.49 $ 15.84 $ 14.67 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table summarizes the future minimum lease payments as of February 26, 2021: Fiscal year ending in February Amount (1) 2022 $ 52.0 2023 44.9 2024 39.6 2025 37.6 2026 30.1 Thereafter 71.7 Total lease payments $ 275.9 Less interest 32.6 Present value of lease liabilities $ 243.3 _______________________________________ (1) Lease payments include |
Lease, Cost [Table Text Block] | The components of lease expense are as follows: Year Ended February 26, February 28, Operating lease cost $ 51.8 $ 51.9 Sublease rental income (2.4) (1.2) $ 49.4 $ 50.7 |
Lessee, lease, supplemental cash flow and other information [Table Text Block] | Supplemental cash flow and other information related to leases are as follows: Year Ended February 26, February 28, Cash flow information: Operating cash flows used for operating leases $ 50.4 $ 45.3 Leased assets obtained in exchange for new operating lease obligations $ 21.8 $ 103.6 Other information: Weighted-average remaining term 6.6 years 7.1 years Weighted-average discount rate 3.8 % 4.0 % |
Leases Lease (Tables)
Leases Lease (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Lessee, Lease, Description [Line Items] | |
Lessee, lease, supplemental cash flow and other information [Table Text Block] | Supplemental cash flow and other information related to leases are as follows: Year Ended February 26, February 28, Cash flow information: Operating cash flows used for operating leases $ 50.4 $ 45.3 Leased assets obtained in exchange for new operating lease obligations $ 21.8 $ 103.6 Other information: Weighted-average remaining term 6.6 years 7.1 years Weighted-average discount rate 3.8 % 4.0 % |
Lease, Cost [Table Text Block] | The components of lease expense are as follows: Year Ended February 26, February 28, Operating lease cost $ 51.8 $ 51.9 Sublease rental income (2.4) (1.2) $ 49.4 $ 50.7 |
Leases policy (Tables)
Leases policy (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Accounting Policies [Line Items] | |
Lessor, Leases [Policy Text Block] | We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2022 14.2 2023 14.1 2024 11.3 2025 11.5 2026 11.3 $ 62.4 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Orangebox Acquisition Q3 2019 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Dealer relationships 10.9 $ 23.0 Trademark 9.0 13.2 Know-how/designs 9.0 5.0 Other 0.2 1.0 $ 42.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2022 $ 4.1 2023 4.1 2024 4.1 2025 4.2 2026 4.1 $ 20.6 |
Smith System Q2 FY19 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Know-how/designs 9.0 $ 16.0 Dealer relationships 11.0 12.0 Trademark 9.0 12.0 Other 0.9 4.1 $ 44.1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2022 $ 4.2 2023 4.2 2024 4.2 2025 4.3 2026 4.2 $ 21.1 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Feb. 26, 2021 | |
Segment Reporting Information [Line Items] | |
Long-lived Assets by Geographic Areas [Table Text Block] | Reportable geographic information is as follows: Reportable Geographic Data Year Ended February 26, February 28, February 22, Long-lived assets: United States $ 883.8 $ 924.1 $ 812.1 Foreign locations 303.0 319.0 237.5 $ 1,186.8 $ 1,243.1 $ 1,049.6 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Segment Data Americas EMEA Other Corporate Consolidated 2021 Revenue $ 1,848.5 $ 511.3 $ 236.4 $ — $ 2,596.2 Operating income (loss) 97.0 (32.3) 0.2 (21.9) 43.0 Total assets 1,015.3 414.4 211.3 713.0 2,354.0 Capital expenditures 17.0 10.8 8.7 4.8 41.3 Depreciation & amortization 54.2 22.3 6.1 2.6 85.2 2020 Revenue $ 2,672.9 $ 669.6 $ 381.2 $ — $ 3,723.7 Operating income (loss) 240.0 9.9 39.4 (32.3) 257.0 Total assets 1,067.3 454.5 225.6 818.0 2,565.4 Capital expenditures 24.3 18.5 19.1 11.5 73.4 Depreciation & amortization 54.3 21.6 6.8 2.9 85.6 2019 Revenue $ 2,470.2 $ 617.0 $ 356.0 $ — $ 3,443.2 Operating income (loss) 209.9 (6.9) 14.3 (33.7) 183.6 Total assets 1,044.4 420.1 220.4 457.5 2,142.4 Capital expenditures 24.6 21.3 12.6 22.9 81.4 Depreciation & amortization 53.6 20.0 6.2 1.8 81.6 |
Restructuring and Related Activ
Restructuring and Related Activities (Tables) - USD ($) | 12 Months Ended | |
Feb. 26, 2021 | Feb. 28, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring and Related Cost, Incurred Cost | $ 28,600,000 | |
Payments for Restructuring | (28,200,000) | |
Restructuring Reserve | $ 400,000 | $ 0 |
Nature of Operations (Details)
Nature of Operations (Details) | Feb. 26, 2021 |
Nature of Operations [Abstract] | |
Entity Number of Employees | 11,100 |
Number of Principal Locations | 23 |
Number of Distribution Locations | 800 |
Summary of Signficant Account_2
Summary of Signficant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | Feb. 23, 2018 | ||
Accounting Policies [Line Items] | |||||
Restricted Cash | $ 6.1 | $ 3.5 | $ 2.5 | ||
Fiscal Year [Abstract] | |||||
Number of weeks in quarter | P13W | P14W | P13W | ||
Number of weeks in fiscal year | P52W | P53W | P52W | ||
Workers Compensation [Abstract] | |||||
Workers' Compensation Liability, net of associated receivables | $ 8 | $ 10.1 | |||
Workers' Compensation Liability, Current | 2.1 | 2.7 | |||
Workers' Compensation Liability, Noncurrent | 10.5 | 11.6 | |||
Workers' Compensation Liability | 12.6 | 14.3 | |||
Worker's Compensation Liability, associated receivable | 4.6 | 4.2 | |||
Product Liability [Abstract] | |||||
Loss Contingency Accrual, Product Liability, Net | 2 | 2.8 | |||
Loss Contingency Accrual, Product Liability, associated receivables | 0.7 | 1.3 | |||
Loss Contingency Accrual, Product Liability, Gross | 2.7 | 4.1 | |||
Employee medical, dental and short term liability [Abstract] | |||||
Liability for Claims and Claims Adjustment Expense | 0 | ||||
Product Warranties [Abstract] | |||||
Product Warranty Accrual, Noncurrent | 11.4 | 14.3 | |||
Environmental Matters [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 2.7 | 2.9 | |||
Accrual for Environmental Loss Contingencies, Gross | $ 2.8 | $ 3.1 | |||
Accrual for Environmental Loss Contingencies, Discount Rate | 3.00% | 2.50% | |||
Research and Development Expense [Abstract] | |||||
Research and Development Expense | $ 48.1 | $ 50.6 | $ 53.7 | ||
Financial Instruments [Abstract] | |||||
Debt and Lease Obligation | 483.9 | 484.3 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.1 | 1.2 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.8) | (0.5) | |||
Derivative, Fair Value, Net | [1] | 0.3 | 0.7 | ||
Derivative, Notional Amount | 58.8 | 117.6 | |||
Income Statement Related Disclosures [Abstract] | |||||
Cost of sales | 1,822.8 | 2,508.5 | 2,355.3 | ||
Operating expenses | 684.2 | 958.2 | 904.3 | ||
Other income (expense), net | (8.6) | (10.1) | (14.9) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (0.8) | (5.4) | (4.5) | ||
Fair Value, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted Cash | 5.8 | 6.1 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.8) | (0.5) | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted Cash | 5.8 | 6.1 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||
Forward Contracts [Member] | |||||
Income Statement Related Disclosures [Abstract] | |||||
Cost of sales | 0.1 | 1.8 | 1.5 | ||
Operating expenses | (0.1) | 0.5 | 0.3 | ||
Other income (expense), net | $ 0.8 | 3.1 | $ 2.7 | ||
Minimum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||
Product Warranties [Abstract] | |||||
Standard Product Warranty, Term | 3 years | ||||
Maximum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Product Warranties [Abstract] | |||||
Standard Product Warranty Description | lifetime | ||||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Instruments [Abstract] | |||||
Long-term Debt, Fair Value | $ 568.1 | 560 | |||
Other Current Liabilities [Member] | |||||
Product Liability [Abstract] | |||||
Loss Contingency Accrual | 0.5 | 0.6 | |||
Other Noncurrent Liabilities [Member] | |||||
Product Liability [Abstract] | |||||
Loss Contingency Accrual | $ 2.2 | $ 3.5 | |||
[1] | The notional amounts of the outstanding foreign exchange forward contracts were $58.8 as of February 26, 2021 and $117.6 as of February 28, 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Warranty roll-forward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | Feb. 23, 2018 | |
Accounting Policies [Abstract] | ||||
Standard and Extended Product Warranty Accrual | $ 22.5 | $ 26.7 | $ 31 | $ 36.8 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 2.8 | 8.1 | 6.1 | |
Standard and Extended Product Warranty Accrual, Period Increase (Decrease) | (4.9) | 0 | 0 | |
Standard and Extended Product Warranty Accrual, Decrease for Payments | 2.4 | 12.3 | 11.6 | |
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss) | $ 0.3 | $ (0.1) | $ (0.3) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Environmental Contingencies (Details) - USD ($) $ in Millions | Feb. 26, 2021 | Feb. 28, 2020 |
Accounting Policies [Abstract] | ||
Accrual for Environmental Loss Contingencies, Discount Rate | 3.00% | 2.50% |
Accrued Environmental Loss Contingencies, Current | $ 0.7 | $ 1 |
Accrued Environmental Loss Contingencies, Noncurrent | 2 | 1.9 |
Accrual for Environmental Loss Contingencies, Gross | $ 2.7 | $ 2.9 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 26, 2021 | Nov. 27, 2020 | Aug. 28, 2020 | May 29, 2020 | Nov. 22, 2019 | Aug. 23, 2019 | May 24, 2019 | Feb. 22, 2019 | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | ||
Percentage of sales represented by a single industry or vertical market | 16.00% | 15.00% | 14.00% | |||||||||
Revenues | $ 677.1 | $ 617.5 | $ 818.8 | $ 482.8 | $ 955.2 | $ 998 | $ 824.3 | $ 946.2 | $ 2,596.2 | $ 3,723.7 | $ 3,443.2 | |
Contract with Customer, Liability | $ 33.7 | 33.7 | $ 28.6 | |||||||||
Deposits [Member] | ||||||||||||
Increase (Decrease) in Contract with Customer, Liability | 32.5 | |||||||||||
Contract with Customer, Liability, Revenue Recognized | $ (27.4) | |||||||||||
Western Europe [Member] | ||||||||||||
Disclosure on geographic areas percent foreign revenue | 86.00% | 87.00% | 88.00% | |||||||||
Americas [Member] | ||||||||||||
Revenues | $ 1,848.5 | $ 2,672.9 | $ 2,470.2 | |||||||||
Americas [Member] | Other Product Category [Member] | ||||||||||||
Revenues | 377.1 | [1] | 511.2 | 530 | ||||||||
Americas [Member] | Seating [Member] | ||||||||||||
Revenues | 559.4 | 784.2 | 706.3 | |||||||||
Americas [Member] | Systems and storage [Member] | ||||||||||||
Revenues | 912 | 1,377.5 | 1,233.9 | |||||||||
EMEA [Member] | ||||||||||||
Revenues | $ 511.3 | $ 669.6 | 617 | |||||||||
Sales represented by an individual county | 5.00% | 5.00% | ||||||||||
Sales represented by an individual customer | 5.00% | 5.00% | ||||||||||
EMEA [Member] | Other Product Category [Member] | ||||||||||||
Revenues | $ 129 | [1] | $ 179.6 | 196.7 | ||||||||
EMEA [Member] | Seating [Member] | ||||||||||||
Revenues | 185.9 | 235.6 | 187.1 | |||||||||
EMEA [Member] | Systems and storage [Member] | ||||||||||||
Revenues | 196.4 | 254.4 | 233.2 | |||||||||
Other Segments [Member] | ||||||||||||
Revenues | 236.4 | 381.2 | 356 | |||||||||
Other Segments [Member] | Other Product Category [Member] | ||||||||||||
Revenues | 117.5 | [1] | 223.5 | 203.3 | ||||||||
Other Segments [Member] | Seating [Member] | ||||||||||||
Revenues | 69.1 | 94.1 | 93.6 | |||||||||
Other Segments [Member] | Systems and storage [Member] | ||||||||||||
Revenues | 49.8 | 63.6 | 59.1 | |||||||||
UNITED STATES | ||||||||||||
Revenues | 1,739.5 | 2,469.7 | 2,170.3 | |||||||||
Foreign locations [Member] | ||||||||||||
Revenues | $ 856.7 | $ 1,254 | $ 1,272.9 | |||||||||
[1] | The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 26, 2021 | Nov. 27, 2020 | Aug. 28, 2020 | May 29, 2020 | Nov. 22, 2019 | Aug. 23, 2019 | May 24, 2019 | Feb. 22, 2019 | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | Feb. 23, 2018 | |
Earnings Per Share [Abstract] | ||||||||||||
Net income | $ 6.6 | $ 2.1 | $ 55.5 | $ (38.1) | $ 54.9 | $ 60.5 | $ 17.8 | $ 66.5 | $ 26.1 | $ 199.7 | $ 126 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (0.6) | (3.9) | (2.5) | |||||||||
Net income used in calculating earnings per share | $ 25.5 | $ 195.8 | $ 123.5 | |||||||||
Weighted-average common shares outstanding including participating securities (in millions) | 117,500,000 | 119,600,000 | 119,100,000 | |||||||||
Adjustment for participating securities (in millions) | (2,600,000) | (2,300,000) | (2,400,000) | |||||||||
Shares used in calculating basic earnings per share (in millions) | 114,900,000 | 117,300,000 | 116,700,000 | |||||||||
Effect of dilutive stock-based compensation (in millions) | 300,000 | 600,000 | 400,000 | |||||||||
Shares used in calculating diluted earnings per share (in millions) | 115,200,000 | 117,900,000 | 117,100,000 | |||||||||
Earnings per share, basic | $ 0.06 | $ 0.02 | $ 0.47 | $ (0.33) | $ 0.46 | $ 0.50 | $ 0.15 | $ 0.56 | $ 0.22 | $ 1.67 | $ 1.06 | |
Earnings per share, diluted | $ 0.06 | $ 0.02 | $ 0.47 | $ (0.33) | $ 0.46 | $ 0.50 | $ 0.15 | $ 0.55 | $ 0.22 | $ 1.66 | $ 1.05 | |
Total common shares outstanding at period end (in millions) | 114,908,676 | 116,766,610 | 114,908,676 | 117,202,000 | 116,766,610 | 116,157,443 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 200,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense | $ (0.2) | $ 45.5 | $ 37.9 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | (1.2) | |
Operating Expenses | 684.2 | 958.2 | 904.3 |
Interest Expense | 27.1 | 27.3 | 37.5 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 31.4 | (10.1) | (22.7) |
Other income (expense), net | 8.6 | 10.1 | $ 14.9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | (1.2) | |
Unrealized gain on investments [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.5) | |
Unrealized gain on investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense | 0 | 0.2 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.5) | |
Minimum pension liability [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.8) | (2.4) | |
Minimum pension liability [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense | 0.3 | 0.7 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.8) | (2.4) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.4 | 0.7 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense | (0.3) | (0.3) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | |
Gain (Loss) on Investments [Member] | Unrealized gain on investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment Income, Nonoperating | 0 | (0.7) | |
Prior Service Costs [Member] | Minimum pension liability [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Income | 0 | (0.1) | |
Actuarial Loss [Member] | Minimum pension liability [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Income | (1.1) | (3) | |
Foreign Currency [Domain] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.4 | 0.7 | |
Operating Expenses | 0.5 | 0.6 | |
Other Income | (0.1) | 0.1 | |
Derivative [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Income | $ 1.3 | $ 1.3 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | $ (69.3) | $ (47.3) | $ (10.3) |
Other comprehensive income (loss) before reclassifications | 28.7 | (20.8) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | (1.2) | |
Total other comprehensive income (loss), net | 29.3 | (22) | (37) |
Accumulated other comprehensive income (loss) | (40) | (69.3) | (47.3) |
Unrealized gain on investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (0.1) | 0 | |
Other comprehensive income (loss) before reclassifications | 0.4 | 0.4 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.5) | |
Total other comprehensive income (loss), net | 0.4 | (0.1) | |
Accumulated other comprehensive income (loss) | 0.3 | (0.1) | 0 |
Minimum pension liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (3.1) | 9.7 | |
Other comprehensive income (loss) before reclassifications | (2.7) | (10.4) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.8) | (2.4) | |
Total other comprehensive income (loss), net | (3.5) | (12.8) | |
Accumulated other comprehensive income (loss) | (6.6) | (3.1) | 9.7 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (8.6) | ||
Accumulated other comprehensive income (loss) | (7.6) | (8.6) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (57.5) | (47.4) | |
Other comprehensive income (loss) before reclassifications | 31 | (10.8) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.4 | 0.7 | |
Total other comprehensive income (loss), net | 31.4 | (10.1) | |
Accumulated other comprehensive income (loss) | (26.1) | (57.5) | (47.4) |
Derivative [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (9.6) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | |
Total other comprehensive income (loss), net | $ 1 | $ 1 | |
Accumulated other comprehensive income (loss) | $ (9.6) |
Fair Value Hierarchy of Assets
Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | Feb. 23, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||||
Restricted Cash | $ 6.1 | $ 3.5 | $ 2.5 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 1.1 | 1.2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.8) | (0.5) | ||
Fair Value, Recurring [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 489.8 | 541 | ||
Restricted Cash | 5.8 | 6.1 | ||
Assets, Fair Value Disclosure | 499.3 | 550.4 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.8) | (0.5) | ||
Liabilities, Fair Value Disclosure | 0.8 | 0.5 | ||
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.1 | 1.2 | ||
Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities, Fair Value Disclosure | 2.6 | 2.1 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 489.8 | 541 | ||
Restricted Cash | 5.8 | 6.1 | ||
Assets, Fair Value Disclosure | 495.6 | 547.1 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, 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, 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, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 1.1 | 1.2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.8) | (0.5) | ||
Liabilities, Fair Value Disclosure | 0.8 | 0.5 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.1 | 1.2 | ||
Fair Value, 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, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 2.6 | 2.1 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, 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, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities, Fair Value Disclosure | $ 2.6 | $ 2.1 | $ 3.9 |
Fair Value Reconciliation of Ch
Fair Value Reconciliation of Changes in Level 3 Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | May 29, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Unrealized gain (loss) on investments | $ 0.5 | $ (0.1) | $ 0.4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |||
Managed Investment Portfolio and Other Investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Unrealized gain (loss) on investments | 0 | |||
Available-for-sale Securities, Amortized Cost Basis | 0 | $ 0 | ||
Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Unrealized gain (loss) on investments | 0.3 | |||
Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Balance, Beginning of Period | 2.1 | |||
Fair Value Balance, End of Period | 2.6 | 2.1 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2.2) | |||
Fair Value Balance, Beginning of Period | 2.1 | 3.9 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.5 | (0.1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (0.5) | |||
Fair Value Balance, End of Period | $ 2.6 | $ 2.1 | $ 3.9 |
Fair Value Narrative (Details)
Fair Value Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | May 29, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unrealized gain (loss) on investments | $ 0.5 | $ (0.1) | $ 0.4 | |
Managed Investment Portfolio and Other Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 0 | $ 0 | ||
Unrealized gain (loss) on investments | 0 | |||
Auction Rate Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unrealized gain (loss) on investments | 0.3 | |||
Available-for-sale Securities, Par Value | 3.2 | |||
Other than Temporary Impairment Losses, Investments | 0.9 | |||
Available-for-Sale Securities, Maturities [Abstract] | ||||
Estimated Reduction in Fair Value due to a One Hundred Basis Point Increase in Discount Rate | 0.4 | |||
Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | 2.6 | 2.1 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0.5 | |||
Available-for-sale Securities, Fair Value Disclosure | $ 2.6 | $ 2.1 | $ 3.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Feb. 26, 2021 | Feb. 28, 2020 |
Inventory Disclosure [Abstract] | ||
LIFO Inventory Amount | $ 89.1 | $ 93.8 |
Raw Materials and Work in Process | 126 | 122 |
Finished goods | 86.4 | 112.8 |
Inventories, gross | 212.4 | 234.8 |
LIFO reserve | 18.9 | 19.8 |
Inventories | $ 193.5 | $ 215 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 26, 2021 | Feb. 28, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,474 | $ 1,404 |
Property, plant and equipment, accumulated depreciation | (1,063.2) | (977.7) |
Property, plant and equipment, net | 410.8 | 426.3 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 36.4 | 34.4 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 790.4 | 755.5 |
Property, plant and equipment, net | 187.9 | 201.4 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 405.4 | 393.4 |
Property, plant and equipment, net | 99.7 | 104.7 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 76.2 | 67 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 63.2 | 58.5 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 77.8 | 72.6 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 24.6 | $ 22.6 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum [Member] | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum [Member] | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years |
Property, Plant And Equipment N
Property, Plant And Equipment Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 410.8 | $ 426.3 | |
Depreciation | 68.8 | 73.2 | $ 69.3 |
Construction in Progress, Estimated Cost to Complete | 26.9 | 29.8 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 187.9 | 201.4 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 99.7 | $ 104.7 |
Company-Owned Life Insurance (D
Company-Owned Life Insurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Company Owned Life Insurance [Line Items] | |||
Company-owned life insurance ("COLI") | $ 169.5 | $ 160 | |
Operating Expense [Member] | |||
Company Owned Life Insurance [Line Items] | |||
COLI Investment Income | 12.3 | 6.6 | $ 7.5 |
Whole Life [Member] | |||
Company Owned Life Insurance [Line Items] | |||
Company-owned life insurance ("COLI") | 111.3 | 110.3 | |
Variable Life [Member] | |||
Company Owned Life Insurance [Line Items] | |||
Company-owned life insurance ("COLI") | $ 58.2 | $ 49.7 |
Goodwill & Other Intangible A_4
Goodwill & Other Intangible Assets Goodwill (Details) - USD ($) | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 2,500,000 | $ 1,000,000 | |
Goodwill, Written off Related to Sale of Business Unit | (68,600,000) | ||
Goodwill, Other Increase (Decrease) | 60,800,000 | ||
Goodwill [Roll Forward] | |||
Goodwill | 537,500,000 | ||
Accumulated impairment losses | 321,500,000 | 303,900,000 | |
Currency translation adjustments | (400,000) | (400,000) | |
Goodwill | 539,600,000 | 537,500,000 | |
Goodwill, net | 218,100,000 | 233,600,000 | $ 240,800,000 |
Goodwill, Impairment Loss | 17,600,000 | 0 | 0 |
Asia Pacific Reporting Unit [Member] [Domain] | |||
Goodwill [Roll Forward] | |||
Goodwill, net | 0 | ||
Americas [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 2,500,000 | 1,000,000 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Other Increase (Decrease) | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill | 206,100,000 | ||
Accumulated impairment losses | 1,700,000 | 1,700,000 | |
Currency translation adjustments | 500,000 | (200,000) | |
Goodwill | 209,100,000 | 206,100,000 | |
Goodwill, net | 207,400,000 | 204,400,000 | 203,600,000 |
Goodwill, Impairment Loss | 0 | ||
EMEA [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 0 | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Other Increase (Decrease) | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill | 283,500,000 | ||
Accumulated impairment losses | 282,600,000 | 265,000,000 | |
Currency translation adjustments | (900,000) | (200,000) | |
Goodwill | 282,600,000 | 283,500,000 | |
Goodwill, net | 0 | 18,500,000 | 18,700,000 |
Goodwill, Impairment Loss | (17,600,000) | ||
Other category [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 0 | 0 | |
Goodwill, Written off Related to Sale of Business Unit | (68,600,000) | ||
Goodwill, Other Increase (Decrease) | 60,800,000 | ||
Intangible asset impairment charges | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill | 47,900,000 | ||
Accumulated impairment losses | (37,200,000) | 37,200,000 | |
Currency translation adjustments | 0 | 0 | |
Goodwill | 47,900,000 | 47,900,000 | |
Goodwill, net | 10,700,000 | $ 10,700,000 | $ 18,500,000 |
Goodwill, Impairment Loss | $ 0 |
Goodwill & Other Intangible A_5
Goodwill & Other Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Intangible assets amortization expense | $ 16.3 | $ 12.4 | $ 12.3 |
Finite-lived intangible assets, gross | 163.6 | 150.7 | |
Finite-lived intangible assets, accumulated amortization | 73.3 | 56.7 | |
Finite-lived intangible assets, net | 90.3 | 94 | |
Indefinite-lived intangible assets, gross | 0.1 | 8.9 | |
Indefinite-lived intangible assets, accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, net | 0.1 | 8.9 | |
Other intangible assets, gross | 163.7 | 159.6 | |
Other intangible assets, net | 90.4 | 102.9 | |
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization expense, 2019 | 14.2 | ||
Amortization expense, 2020 | 14.1 | ||
Amortization expense, 2021 | 11.3 | ||
Amortization expense, 2022 | 11.5 | ||
Amortization expense, 2023 | 11.3 | ||
Amortization Expense, 2019-2023 Total | $ 62.4 | ||
Patented Technology [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Weighted average useful life | 9 years 9 months | ||
Finite-lived intangible assets, gross | $ 15.8 | 15.8 | |
Finite-lived intangible assets, accumulated amortization | 13.6 | 13.1 | |
Finite-lived intangible assets, net | 2.2 | 2.7 | |
Know-How/Design [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Finite-lived intangible assets, gross | 21.4 | 20.8 | |
Finite-lived intangible assets, accumulated amortization | 6.1 | 3.6 | |
Finite-lived intangible assets, net | $ 15.3 | 17.2 | |
Non-compete agreements [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Weighted average useful life | 6 years 2 months | ||
Finite-lived intangible assets, gross | $ 1.3 | 1.2 | |
Finite-lived intangible assets, accumulated amortization | 1.3 | 1.2 | |
Finite-lived intangible assets, net | $ 0 | 0 | |
Trademarks [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Weighted average useful life | 9 years 11 months | ||
Finite-lived intangible assets, gross | $ 44 | 35.4 | |
Finite-lived intangible assets, accumulated amortization | 19.8 | 13.7 | |
Finite-lived intangible assets, net | $ 24.2 | ||
Dealer relationships [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Weighted average useful life | 11 years | ||
Finite-lived intangible assets, gross | $ 58.7 | 56.7 | |
Finite-lived intangible assets, accumulated amortization | 14.9 | 9.3 | |
Finite-lived intangible assets, net | $ 43.8 | ||
Other Intangible Assets [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Weighted average useful life | 4 years 8 months | ||
Finite-lived intangible assets, gross | $ 22.4 | 20.8 | |
Finite-lived intangible assets, accumulated amortization | 17.6 | 15.8 | |
Finite-lived intangible assets, net | 4.8 | 5 | |
Other category [Member] | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||
Intangible asset impairment charges | $ 0 |
Investments In Unconsolidated_3
Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 42.1 | $ 43.9 | |
Cost Method Investments | 9.4 | 8.4 | |
Investments in unconsolidated affiliates | 51.5 | 52.3 | |
Equity in income of unconsolidated affiliates | 9.3 | 12.2 | $ 13.7 |
Proceeds from Equity Method Investment, Distribution | 8.1 | 12.5 | 9.1 |
Revenue from Related Parties | 201.5 | 305.7 | 302.6 |
Due to Affiliate | 6.4 | 14.4 | 11.4 |
Summarized Financial Information [Abstract] | |||
Equity Method Investment, Summarized Financial Information, Current Assets | 198.7 | 250.3 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 130.6 | 132.7 | |
Equity Method Investment, Summarized Financial Information, Assets | 329.3 | 383 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 141.3 | 204.2 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 31.1 | 19.6 | |
Equity Method Investment, Summarized Financial Information, Liabilities | 172.4 | 223.8 | |
Equity Method Investment, Summarized Financial Information, Revenue | 695.4 | 838 | 806.4 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 204.9 | 252.6 | 235.6 |
Equity Method Investment, Summarized Financial Information, Income (Loss) before income tax | 37.8 | 62.3 | 64.2 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 35.6 | 58.5 | 60.3 |
Equity Method Investee, Total Dealers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 28.3 | 29.6 | |
Equity in income of unconsolidated affiliates | $ 8 | $ 9.8 | 9.9 |
Equity Method Investee, Manufacturing Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 49.00% | 49.00% | |
Equity Method Investments | $ 7.8 | $ 8.3 | |
Equity in income of unconsolidated affiliates | $ 0.7 | $ 1.4 | 2.8 |
Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 5.00% | 5.00% | |
Equity Method Investments | $ 6 | $ 6 | |
Equity in income of unconsolidated affiliates | 0.6 | 1 | $ 1 |
Cost Method Investee, Total Dealers [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost Method Investments | 5.8 | 5.8 | |
Cost Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost Method Investments | $ 3.6 | $ 2.6 | |
Minimum [Member] | Equity Method Investee, Total Dealers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 25.00% | 25.00% | |
Minimum [Member] | Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 5.00% | 5.00% | |
Minimum [Member] | Cost Method Investee, Total Dealers [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 1.00% | 1.00% | |
Minimum [Member] | Cost Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 1.00% | 1.00% | |
Maximum [Member] | Equity Method Investee, Total Dealers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 40.00% | 40.00% | |
Maximum [Member] | Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 28.00% | 28.00% | |
Maximum [Member] | Cost Method Investee, Total Dealers [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | 10.00% | |
Maximum [Member] | Cost Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | 10.00% |
Short-Term Borrowings And Lon_3
Short-Term Borrowings And Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | May 29, 2020 | |
Debt Instrument [Line Items] | ||||
Debt and Lease Obligation | $ 483.9 | $ 484.3 | ||
Long-term Debt and Lease Obligation, Current | 4.7 | 2.9 | ||
Long-term Debt | 479.2 | 481.4 | ||
Debt Instrument Details [Abstract] | ||||
Amortization of Debt Issuance Costs | $ 0.8 | |||
Long-term Debt, Maturities, Repayment Terms | seven years | |||
Repayments of Long-term Debt | $ 2.4 | $ 2.9 | $ 252.7 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.60% | 2.50% | ||
Line of Credit Facility, Average Outstanding Amount | $ 12.9 | |||
Senior Notes due 2021 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Amortization of Debt Discount (Premium) | $ 0.3 | $ 0.3 | ||
Senior notes due 2029 [Member] | ||||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2029 | |||
Capital Lease Obligations [Member] | ||||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2020 | |||
RevolvingCreditFacilities2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | |||
United States of America, Dollars | ||||
Debt Instrument [Line Items] | ||||
Debt and Lease Obligation | $ 483.6 | 483.8 | ||
United States of America, Dollars | Revolving credit facilities, can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 40.7 | |||
United States of America, Dollars | Revolving credit facilities due 2018, unsecured committed [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | 0 | ||
United States of America, Dollars | Senior notes due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 444.1 | 443.3 | ||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Face Amount | $ 450 | |||
Debt Instrument, Purchase Price as a Percentage of Par Value | 99.213% | |||
Debt Instrument, Discount | $ 3.5 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.60% | |||
United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Face Amount | $ 50 | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2024 | |||
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | 0 | ||
Debt Instrument Details [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 3.9 | |||
United States of America, Dollars | Revolving Credit Facilities due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 1.4 | 0 | ||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||
United States of America, Dollars | RevolvingCreditFacilities2022 [Member] | ||||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2022 | |||
United States of America, Dollars | Notes payable due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 38.1 | 40.5 | ||
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 0.3 | 0.5 | ||
Foreign Currency [Domain] | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | 0 | ||
Foreign Currency [Domain] | Revolving Credit Facilities short term, unsecured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | $ 0 | ||
Debt Instrument Details [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 14.4 | |||
Balloon Payment [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Repayments of Long-term Debt | 31.8 | |||
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Repayments of Long-term Debt | $ 0.2 | |||
Minimum [Member] | Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Maximum [Member] | Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% |
Short-Term Borrowings And Lon_4
Short-Term Borrowings And Long-Term Debt Global Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | May 29, 2020 | |
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 2.4 | $ 2.9 | $ 252.7 | |
Line of Credit Facility, Additional Borrowing Capacity Available | $ 125 | |||
Line of Credit Facility, Covenant Compliance | in compliance with all covenants under the facility in place | |||
Proceeds from Lines of Credit | $ 250 | 0 | $ 323.1 | |
Revolving Credit Facilities Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | |||
Revolving Credit Facilities due 2018, global committed [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | |||
United States of America, Dollars | Revolving Credit Facilities due 2022, global committed [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate Description | The greatest of the prime rate, the Federal fund effective rate plus 0.5%, and the Eurocurrency rate for a one month interest period plus 1%, plus the applicable margin as set forth in the credit agreement; or the Eurocurrency rate plus the applicable margin as set forth in the credit agreement. | |||
Line of Credit Facility, Covenant Terms | A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness (as determined under the credit agreement) less excess liquidity (as determined under the credit agreement) to (y) the trailing four quarter Adjusted EBITDA (as determined under the credit agreement) and is required to be no greater than 3:1. (In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 3.25 to 1.0 for four consecutive quarters). A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter Adjusted EBITDA (as determined under the credit agreement) to (z) trailing four quarter interest expense and is required to be no less than 3.5:1. The facility requires us to comply with certain other covenants, including a restriction on the aggregate amount of cash dividend payments and share repurchases in any fiscal year. In general, as long as our leverage ratio is less than 2.50 to 1.0, there is no restriction on cash dividends and share repurchases. If our leverage ratio is between 2.50 to 1.0 and the maximum then permitted, our ability to pay more than $35.0 in cash dividends and share repurchases in aggregate in any fiscal year may be restricted, depending on our liquidity. | |||
Line of Credit Facility, Covenant Compliance | in compliance with all covenants under the facility in place | |||
United States of America, Dollars | Senior notes due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments of Debt Issuance Costs | 4 | |||
Senior Notes | $ 444.1 | 443.3 | ||
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 3.9 | |||
Line of Credit, Current | 0 | 0 | ||
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 0.3 | 0.5 | ||
Foreign Currency [Domain] | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | $ 0 | ||
Balloon Payment [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 31.8 | |||
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 0.2 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2020 | Feb. 26, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 117,600,000 | $ 58,800,000 |
Treasury Lock [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 400 | |
Derivative, Fixed Interest Rate | 3.10% | |
Loss on Derivative Instruments, Pretax | $ 13,000,000 |
Employee Benefit Plan Obligat_4
Employee Benefit Plan Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Obligation | $ 12.1 | $ 28.1 | |
Deferred Compensation Liability, Current and Noncurrent | 60.5 | 58.8 | |
Employee Benefit Plan Obligations, Total | 177.8 | 193 | |
Employee benefit plan obligations | 24.9 | 44.7 | |
Liability, Defined Benefit Plan, Noncurrent | (152.9) | (148.3) | |
Liability, Defined Benefit Plan | 177.8 | 193 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Amount | 31.3 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4.2 | ||
Defined Benefit Plan, Plan Assets, Amount | 33.2 | 31.3 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (11.7) | (7.4) | $ 9.5 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (2.8) | (16.9) | |
Pension and other post-retirement liability adjustments | (4.3) | (16.9) | (6.6) |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | (1.1) | (3) | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 42.7 | 44.3 | |
Employee benefit plan obligations | 3.6 | 3.3 | |
Liability, Defined Benefit Plan, Noncurrent | (39.1) | (41) | |
Liability, Defined Benefit Plan | 42.7 | 44.3 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3.5 | 4 | |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 2.3 | 1.9 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 44.3 | 40.7 | |
Defined Benefit Plan, Service Cost | 0.1 | 0.1 | 0.1 |
Defined Benefit Plan, Interest Cost | 1.1 | 1.6 | 1.6 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 0.5 | 5.9 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0.2 | 0 | |
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | (5.8) | (5.9) | |
Defined Benefit Plan, Benefit Obligation | 42.7 | 44.3 | 40.7 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (42.7) | (44.3) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (11.1) | (13.6) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (11.1) | (13.6) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (2.1) | (3.3) | (3.8) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | (2.2) |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (0.9) | (1.6) | $ (4.3) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | $ 0 | $ 0 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.58% | 2.58% | 4.08% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.56% | 4.06% | 3.95% |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 62.5 | $ 61.8 | |
Employee benefit plan obligations | 3.3 | 2.9 | |
Liability, Defined Benefit Plan, Noncurrent | (49.4) | (48.3) | |
Liability, Defined Benefit Plan | 52.7 | 51.2 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Amount | 31.3 | 30 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (0.3) | 1.6 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4.1 | 4.9 | |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 2.9 | (0.3) | |
Defined Benefit Plan, Plan Assets, Amount | 33.2 | 31.3 | $ 30 |
Defined Benefit Plan, Plan Assets, Benefits Paid | 4.8 | 4.9 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 82.5 | 76.2 | |
Defined Benefit Plan, Service Cost | 1.9 | 1.8 | 2.2 |
Defined Benefit Plan, Interest Cost | 1.3 | 2 | 2.1 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0.1 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 0 | 8.2 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 4.9 | (0.8) | |
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | (4.8) | (4.9) | |
Defined Benefit Plan, Benefit Obligation | 85.9 | 82.5 | 76.2 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (52.7) | (51.2) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 21.9 | 20.3 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 22.8 | 21 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 1.1 | 0.4 | 0.3 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | (0.1) | (0.2) |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (0.9) | (1.3) | (1.5) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 3.4 | 2.8 | $ 2.9 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | $ 0.9 | $ 0.7 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.70% | 1.70% | 2.90% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.50% | 3.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.70% | 2.70% | 2.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.00% | 3.00% | 4.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.40% | 3.50% | 3.40% |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 4.2 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 4.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 4.9 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 4.4 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 5.2 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 21.7 | ||
Non-Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee benefit plan obligations | 3 | $ 2.8 | |
Liability, Defined Benefit Plan, Noncurrent | (29.2) | (30.2) | |
Liability, Defined Benefit Plan | 32.2 | 33 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 32.1 | 32.9 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 33 | ||
Defined Benefit Plan, Benefit Obligation | 32.2 | 33 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 32.2 | 33 | |
After Medicare Act Subsidy [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 3.6 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 3.5 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 3.4 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 3.3 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 3.2 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 13.8 | ||
Foreign Plan [Member] | Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee benefit plan obligations | 0.3 | 0.1 | |
Liability, Defined Benefit Plan, Noncurrent | (20.2) | (18.1) | |
Liability, Defined Benefit Plan | 20.5 | 18.2 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 48.5 | 44.6 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Amount | 31.3 | ||
Defined Benefit Plan, Plan Assets, Amount | 33.2 | 31.3 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 49.5 | ||
Defined Benefit Plan, Benefit Obligation | 53.7 | 49.5 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 20.5 | $ 18.2 |
Employee Benefit Plan Obligat_5
Employee Benefit Plan Obligations Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4.2 | ||
Multiemployer Plan, Contributions by Employer | $ 0.2 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 7.7 | $ 3.3 | 4.6 |
Defined Contribution Plan, Cost | 19.3 | 37.5 | 35.3 |
Defined Benefit Plan, Plan Assets, Amount | 33.2 | 31.3 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3.6 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | 21.6 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3.5 | 4 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 42.7 | 44.3 | 40.7 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4.1 | 4.9 | |
Defined Benefit Plan, Plan Assets, Amount | 33.2 | 31.3 | 30 |
Defined Benefit Plan, Benefit Obligation | $ 85.9 | $ 82.5 | $ 76.2 |
Pre-Age 65 Retirees [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.84% | 6.51% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Foreign Plan [Member] | Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 33.2 | $ 31.3 | |
Defined Benefit Plan, Benefit Obligation | $ 53.7 | $ 49.5 |
Employee Benefit Plan Obligat_6
Employee Benefit Plan Obligations Plan Assets (Details) - USD ($) $ in Millions | Feb. 26, 2021 | Feb. 28, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets, Amount | $ 33.2 | $ 31.3 | |
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 70.00% | 60.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | 40.00% | |
Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 25.00% | 35.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | 30.00% | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 4.00% | 4.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% | |
Defined Benefit Plan, Plan Assets, Amount | $ 1.2 | $ 1.1 | |
All Other Plan Assets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | [1] | 1.00% | 1.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | [1] | 30.00% | 30.00% |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0.2 | $ 0.2 | |
Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 23.5 | 18.9 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 8.3 | 11.1 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | 0.2 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | 0.2 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 33 | 31.1 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.2 | 1.1 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 23.5 | 18.9 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 8.3 | 11.1 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
[1] | epresents money market funds |
Employee Benefit Plan Obligat_7
Employee Benefit Plan Obligations Multi-Employer Pension Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | ||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 38-0819050 | |||
Multiemployer Plans, Period Contributions, Significance of Contributions [true false] | false | |||
Multiemployer Plans, Certified Zone Status [Fixed List] | [1] | Red | ||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan [Fixed List] | [2] | Implemented | ||
Multiemployer Plan, Contributions by Employer | $ 0.2 | |||
Multiemployer Plans, Surcharge [Fixed List] | No | |||
Multiemployer Plan Number | 001 | |||
[1] | The most recent Pension Protection Act Zone Status available in 2019 relates to the plan's most recent fiscal year-end. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. | |||
[2] | The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan |
Employee Benefit Plan Obligat_8
Employee Benefit Plan Obligations Minimum Pension Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Retirement Benefits [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments,after Tax | $ (1.2) | $ 0.1 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, after Tax | (0.8) | 2.3 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | (0.1) | (0.1) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, before Tax (Deprecated 2017-01-31) | 11.7 | 7.4 | $ (9.5) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, Tax | 5.1 | 4.3 | 0.2 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Minimum Pension Liability, after Tax (Deprecated 2017-01-31) | (6.6) | (3.1) | 9.7 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | (0.1) | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, Tax | 0 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | (0.1) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, Tax | 0 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, after Tax | (0.1) | (0.1) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1.7) | (13.9) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | 0.3 | 3.4 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 1.4 | (10.5) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (2.8) | (16.9) | |
Pension and other post-retirement liability adjustments | (4.3) | (16.9) | (6.6) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Tax | 0.8 | 4.1 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (3.5) | (12.8) | $ (5) |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 1.1 | 3 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 0.3 | 0.7 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), Tax | 0.6 | 4.1 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), after Tax | (2.2) | (12.8) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, before Tax | (1.4) | 0.1 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, Tax | $ 0.2 | $ 0 |
Capital Structure Capital Struc
Capital Structure Capital Structure (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Class of Stock [Line Items] | |||
Common stock repurchases | $ 36.8 | $ 8.7 | $ 4.2 |
Conversion of Stock, Shares Converted | 1.4 | 1.6 | |
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchases, shares | 3.3 | 0.5 | |
Common stock repurchases | $ 42.7 | $ 8.7 | |
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchases, shares | 0 | 0 | |
Common stock repurchases | $ 0 | $ 0 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense and Sources of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Sources of Income (Loss) Before Income Tax Expense [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (10.1) | $ 195.8 | $ 119.4 |
Foreign | 36 | 49.4 | 44.5 |
Income before income tax expense | 25.9 | 245.2 | 163.9 |
Current Income Taxes [Abstract] | |||
Federal | (30.4) | 6.8 | 18.4 |
State and Local | 1.9 | 10.9 | 6 |
Foreign | 12.9 | 15.4 | 14.6 |
Current Income Taxes | (15.6) | 33.1 | 39 |
Deferred Income Taxes [Abstract] | |||
Federal | 13.7 | 10.3 | (3.6) |
State and Local | (1.1) | (2.8) | 1.2 |
Foreign | 2.8 | 4.9 | 1.3 |
Deferred income taxes | 15.4 | 12.4 | (1.1) |
Income tax expense | $ (0.2) | $ 45.5 | $ 37.9 |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
U.S. federal statutory tax rate | 21.00% | ||
Tax expense at the U.S. federal statutory rate | $ 5.4 | $ 51.5 | $ 34.4 |
Valuation allowance provisions and adjustments | 0.4 | (1.3) | (1.3) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 3.4 | 0 | 0 |
COLI income | (2.7) | (1.4) | (1.6) |
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | 5.4 | 4.9 | 7.8 |
State and local income taxes, net of federal | 0.6 | 6.4 | 5.7 |
Foreign operations, less applicable foreign tax credits | 0.4 | (1.2) | (0.8) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 1.9 | 1.1 | 1 |
Research tax credit | (3) | (2.9) | (2.9) |
Other | (0.3) | 0 | (4.4) |
Income tax expense | (0.2) | 45.5 | 37.9 |
Effective Income Tax Reconciliation, CARES | (11.7) | 0 | 0 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 0 | $ (11.6) | $ 0 |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Taxes, Income Taxes Receivable, Income Taxes Payable (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | May 29, 2020 | |
Deferred Tax Assets, Gross [Abstract] | ||||
Employee benefit plan obligations | $ 57.6 | $ 68.9 | ||
Deferred Tax Asset, Operating Lease Obligations | 62.7 | 64.2 | ||
Foreign and domestic net operating loss carryforwards | 45.2 | 39.1 | ||
Reserves and accruals | 15.1 | 17.1 | ||
Tax credit carryforwards | 22 | 19.1 | $ 22 | |
Other, net | 15 | 17.1 | ||
Deferred income tax assets, gross | 217.6 | 225.5 | ||
Valuation Allowances | (6.6) | (5.7) | ||
Valuation allowance provisions and adjustments | 0.4 | (1.3) | $ (1.3) | |
Net deferred income tax assets | 211 | 219.8 | ||
Deferred Income Tax Liability | 57.4 | 61.4 | ||
Deferred Tax Liabilities [Abstract] | ||||
Property, plant and equipment | 32.3 | 28.6 | ||
Intangible assets | 13 | 9.8 | ||
Deferred Tax Liabilities, Prepaid Expenses | 2 | 2.2 | ||
Deferred income tax liabilities | 104.7 | 102 | ||
Balance Sheet Related Disclosures [Abstract] | ||||
Net deferred income taxes | 106.3 | 117.8 | ||
Deferred income tax assets - non-current | 113.3 | 124.6 | ||
Deferred income tax liabilities - non-current | $ 7 | 6.8 | ||
Current Taxes Payable or Refundable [Abstract] | ||||
Income taxes receivable | 8 | 49.5 | ||
Income Taxes Receivable, Noncurrent | 7.8 | 0 | ||
Income taxes payable | $ 13.9 | 7.4 | ||
Foreign locations [Member] | ||||
Deferred Tax Assets, Gross [Abstract] | ||||
Valuation Allowances | $ (3.5) |
Income Taxes Carryforwards (Det
Income Taxes Carryforwards (Details) - USD ($) $ in Millions | Feb. 26, 2021 | May 29, 2020 | Feb. 28, 2020 | Feb. 22, 2019 | Feb. 23, 2018 |
Operating Loss Carryforwards [Line Items] | |||||
Liability for Uncertain Tax Positions presented net in underlying deferred tax asset | $ 2.3 | ||||
Tax effected operating loss carryforwards | $ 45.2 | $ 39.1 | |||
Tax effected operating loss carryforwards, valuation allowances | (3) | ||||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 46.1 | ||||
Tax effected operating loss carryforwards, net | 43.1 | ||||
Tax credit carryforwards | $ 22 | 22 | 19.1 | ||
Tax credit carryforward, valuation allowance | (3.1) | ||||
Tax credit carryforwards, net | 18.9 | ||||
Net operating loss and tax credit carryforwards | 62 | ||||
Unrecognized Tax Benefits | 2.3 | $ 2 | $ 2 | $ 2.2 | |
Within One Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax effected operating loss carryforwards | 0 | ||||
Tax credit carryforwards | 0 | ||||
In Five or More Years [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax effected operating loss carryforwards | 4.9 | ||||
Tax credit carryforwards | 22 | ||||
No Expiration Date [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax effected operating loss carryforwards | 41.2 | ||||
Tax credit carryforwards | 0 | ||||
Federal [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0.9 | ||||
Tax effected operating loss carryforwards | 0.2 | ||||
Tax effected operating loss carryforwards, valuation allowances | 0 | ||||
Tax effected operating loss carryforwards, net | 0.2 | ||||
Federal [Member] | Within One Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Tax effected operating loss carryforwards | 0 | ||||
Federal [Member] | In Five or More Years [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0.9 | ||||
Tax effected operating loss carryforwards | 0.2 | ||||
Federal [Member] | No Expiration Date [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Tax effected operating loss carryforwards | 0 | ||||
State [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 56.3 | ||||
Tax effected operating loss carryforwards, valuation allowances | 0 | ||||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 4.5 | ||||
Tax effected operating loss carryforwards, net | 4.5 | ||||
State [Member] | Within One Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Tax effected operating loss carryforwards | 0 | ||||
State [Member] | In Five or More Years [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 56.3 | ||||
Tax effected operating loss carryforwards | 4.5 | ||||
State [Member] | No Expiration Date [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Tax effected operating loss carryforwards | 0 | ||||
International [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 173.9 | ||||
Tax effected operating loss carryforwards | 41.4 | ||||
Tax effected operating loss carryforwards, valuation allowances | (3) | ||||
Tax effected operating loss carryforwards, net | 38.4 | ||||
International [Member] | Within One Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Tax effected operating loss carryforwards | 0 | ||||
International [Member] | In Five or More Years [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 0.7 | ||||
Tax effected operating loss carryforwards | 0.2 | ||||
International [Member] | No Expiration Date [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, gross | 173.2 | ||||
Tax effected operating loss carryforwards | $ 41.2 |
Income Taxes Income Tax Conting
Income Taxes Income Tax Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits, beginning of period | $ 2 | $ 2 | $ 2.2 |
Gross decreases - tax positions in prior period | 0 | 0 | 0 |
Lapse of statute of limitations | $ 0.3 | 0 | (0.2) |
Unrecognized tax benefits, end of period | $ 2 | $ 2 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested, Number | 3,184,121 | |||
Share-based Payment Arrangement, Expense | $ 20.1 | $ 16 | $ 16.9 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | [1] | 898,156 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Subject To Performance Conditions | 0 | |||
Share-based Payment Arrangement, Expense | $ 7.7 | 2.7 | 4.2 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 2 | $ 0.7 | 1.1 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | |||
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 | 605,080 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,040,842 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (742,056) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 15.23 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 898,156 | 605,080 | ||
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 | $ 13.41 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 17.39 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 14.06 | $ 17.39 | ||
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 7 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 12.4 | $ 13.3 | 12.7 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 3.1 | $ 3.6 | $ 3.4 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,761,124 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,371,077 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (800,068) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 14.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (46,168) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,285,965 | 1,761,124 | ||
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 | $ 9.49 | $ 15.84 | $ 14.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 15.28 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 14.39 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.11 | 15.28 | ||
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 58.10% | |||
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 | $ 13.29 | |||
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Shares [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 | 240.00% | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 2.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [3] | 32.50% | ||
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 | $ 16.21 | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Shares [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 | 80.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 2.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [3] | 33.80% | ||
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 | $ 18.02 | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Shares [Member] | Minimum [Member] | ||||
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, Shares Issued in Period | 147,120 | |||
[1] | This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. | |||
[2] | Based on the U.S. Government bond benchmark on the grant date. | |||
[3] | Represents the historical price volatility of our Company’s Class A 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 | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 25,000,000 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | [1] | 898,156 | ||
Performance Shares [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 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.41 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 0.4 | |||
Units issued as common stock | $ 6.4 | $ 1.7 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.49 | $ 15.84 | $ 14.67 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 6.7 | |||
Units issued as common stock | $ 10.7 | $ 12.6 | $ 15.4 | |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ||||
Restricted Stock [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 9 months 18 days | |||
Director Share-Based Compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.21 | $ 17.31 | $ 14.82 | |
Director Share-Based Compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 64,107 | 41,941 | 53,029 | |
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.29 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 3.7 | |||
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Shares [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 | 240.00% | |||
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 2.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 1.6 | |||
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 2.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.02 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 80.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 3.3 | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 147,120 | |||
[1] | This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. | |||
[2] | Based on the U.S. Government bond benchmark on the grant date. |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 26, 2021 | Feb. 28, 2020 | |
Long-term Purchase Commitment [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ (52) | |
Operating Leases, Future Minimum Payments, Due in Two Years | (44.9) | |
Operating Leases, Future Minimum Payments, Due in Three Years | (39.6) | |
Operating Leases, Future Minimum Payments, Due in Four Years | (37.6) | |
Operating Leases, Future Minimum Payments, Due in Five Years | (30.1) | |
Operating Leases, Future Minimum Payments, Due Thereafter | (71.7) | |
Deferred Gain on Sale of Property | 0 | |
Operating Leases, Rent Expense, Net | 49.4 | $ 50.7 |
Operating Leases, Future Minimum Payments Due | 275.9 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 32.6 | |
Operating Lease, Liability | $ 243.3 |
Leases lease (Details)
Leases lease (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 26, 2021 | Feb. 28, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Cost | $ 51.8 | $ 51.9 |
Sublease Income | 2.4 | 1.2 |
Operating Leases, Rent Expense, Net | $ 49.4 | $ 50.7 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 6 days | 7 years 1 month 6 days |
Lessee, Operating Lease, Discount Rate | 3.80% | 4.00% |
Lease Obligation Incurred | $ 21.8 | $ 103.6 |
Operating Lease, Payments, Use | $ 50.4 | $ 45.3 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | 12 Months Ended | |
Feb. 26, 2021 | Feb. 28, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense, 2019 | $ 14,200,000 | |
Amortization expense, 2020 | 14,100,000 | |
Amortization expense, 2021 | 11,300,000 | |
Amortization expense, 2022 | 11,500,000 | |
Amortization expense, 2023 | 11,300,000 | |
Amortization Expense, 2019-2023 Total | 62,400,000 | |
Business Combination, Contingent Consideration, Liability | $ 3.8 | |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 9 years 11 months | |
Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 11 years | |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 4 years 8 months | |
Orangebox Acquisition Q3 2019 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense, 2019 | $ 4,100,000 | |
Amortization expense, 2020 | 4,100,000 | |
Amortization expense, 2021 | 4,100,000 | |
Amortization expense, 2022 | 4,200,000 | |
Amortization expense, 2023 | 4,100,000 | |
Amortization Expense, 2019-2023 Total | $ 20,600,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 42,200,000 | |
Business Acquisition, Goodwill, Expected Non-Deductible Amount | 23,400,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16,700,000 | |
Business Combination, Consideration Transferred | 78,900,000 | |
Business Combination, Working Capital Adjustment | 500,000 | |
Business Combination, Contingent Consideration, Liability | 3,900,000 | |
Finite-lived Intangible Assets Acquired | 42,200,000 | |
Orangebox Acquisition Q3 2019 [Member] | Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 13,200,000 | |
Weighted average useful life | 9 years | |
Orangebox Acquisition Q3 2019 [Member] | Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 23,000,000 | |
Weighted average useful life | 10 years 9 months | |
Orangebox Acquisition Q3 2019 [Member] | Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 1,000,000 | |
Weighted average useful life | 2 months | |
Smith System Q2 FY19 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense, 2019 | $ 4,200,000 | |
Amortization expense, 2020 | 4,200,000 | |
Amortization expense, 2021 | 4,200,000 | |
Amortization expense, 2022 | 4,300,000 | |
Amortization expense, 2023 | 4,200,000 | |
Amortization Expense, 2019-2023 Total | $ 21,100,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 44,100,000 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 79,300,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25,000,000 | |
Business Combination, Consideration Transferred | 140,000,000 | |
Business Combination, Working Capital Adjustment | 8,400,000 | |
Business Combination, Contingent Consideration, Liability | 5,000,000 | |
Smith System Q2 FY19 [Member] | Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 12,000,000 | |
Weighted average useful life | 9 years | |
Smith System Q2 FY19 [Member] | Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 12,000,000 | |
Weighted average useful life | 11 years | |
Smith System Q2 FY19 [Member] | Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 4,100,000 | |
Weighted average useful life | 11 months | |
AMQ Acquisition Q4 2018 [Member] | Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 9 years | |
AMQ Acquisition Q4 2018 [Member] | Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 11 years | |
AMQ Acquisition Q4 2018 [Member] | Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 4 years 7 months | |
EMEA [Member] | Orangebox Acquisition Q3 2019 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Acquisition, Goodwill, Expected Non-Deductible Amount | 18,800,000 | |
Americas [Member] | Orangebox Acquisition Q3 2019 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Acquisition, Goodwill, Expected Non-Deductible Amount | $ 4,600,000 |
Acquisitions Useful Lives of Ac
Acquisitions Useful Lives of Acquired Intangibles (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 26, 2021 | Feb. 28, 2020 | |
Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 11 years | |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 9 years 11 months | |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 4 years 8 months | |
AMQ Acquisition Q4 2018 [Member] | Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 11 years | |
AMQ Acquisition Q4 2018 [Member] | Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 9 years | |
AMQ Acquisition Q4 2018 [Member] | Know-How/Design [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 9 years | |
AMQ Acquisition Q4 2018 [Member] | Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 4 years 7 months | |
Smith System Q2 FY19 [Member] | Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 12 | |
Weighted average useful life | 11 years | |
Smith System Q2 FY19 [Member] | Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 12 | |
Weighted average useful life | 9 years | |
Smith System Q2 FY19 [Member] | Know-How/Design [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 16 | |
Weighted average useful life | 9 years | |
Smith System Q2 FY19 [Member] | Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 4.1 | |
Weighted average useful life | 11 months | |
Orangebox Acquisition Q3 2019 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 42.2 | |
Orangebox Acquisition Q3 2019 [Member] | Dealer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 23 | |
Weighted average useful life | 10 years 9 months | |
Orangebox Acquisition Q3 2019 [Member] | Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 13.2 | |
Weighted average useful life | 9 years | |
Orangebox Acquisition Q3 2019 [Member] | Know-How/Design [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 5 | |
Weighted average useful life | 9 years | |
Orangebox Acquisition Q3 2019 [Member] | Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 1 | |
Weighted average useful life | 2 months |
Acquisitions Acquired Intangibl
Acquisitions Acquired Intangibles, Amortization Expense Next Five Years (Details) $ in Millions | Feb. 26, 2021USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | $ 14.2 |
Amortization expense, 2020 | 14.1 |
Amortization expense, 2021 | 11.3 |
Amortization expense, 2022 | 11.5 |
Amortization expense, 2023 | 11.3 |
Amortization Expense, 2019-2023 Total | 62.4 |
Orangebox Acquisition Q3 2019 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | 4.1 |
Amortization expense, 2020 | 4.1 |
Amortization expense, 2021 | 4.1 |
Amortization expense, 2022 | 4.2 |
Amortization expense, 2023 | 4.1 |
Amortization Expense, 2019-2023 Total | 20.6 |
Smith System Q2 FY19 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | 4.2 |
Amortization expense, 2020 | 4.2 |
Amortization expense, 2021 | 4.2 |
Amortization expense, 2022 | 4.3 |
Amortization expense, 2023 | 4.2 |
Amortization Expense, 2019-2023 Total | $ 21.1 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2021 | Nov. 27, 2020 | Aug. 28, 2020 | May 29, 2020 | Nov. 22, 2019 | Aug. 23, 2019 | May 24, 2019 | Feb. 22, 2019 | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 677.1 | $ 617.5 | $ 818.8 | $ 482.8 | $ 955.2 | $ 998 | $ 824.3 | $ 946.2 | $ 2,596.2 | $ 3,723.7 | $ 3,443.2 |
Operating income (loss) | 6.7 | $ 0 | $ 88.6 | $ (52.3) | $ 75.1 | $ 85.3 | $ 27.6 | 69 | 43 | 257 | 183.6 |
Total assets | 2,354 | 2,142.4 | 2,354 | 2,565.4 | 2,142.4 | ||||||
Capital expenditures | 41.3 | 73.4 | 81.4 | ||||||||
Depreciation and amortization | 85.2 | 85.6 | 81.6 | ||||||||
Long-lived assets | 1,186.8 | 1,049.6 | 1,186.8 | $ 1,243.1 | $ 1,049.6 | ||||||
Description of percent of revenue attributible to individual foreign countries | No country other than the U.S. represented greater than 10% of our consolidated revenue | No country other than the U.S. represented greater than 10% of our consolidated revenue | |||||||||
Description of percent of long-lived assets attributible to individual foreign countries | No country other than the U.S. represented greater than 10% of our consolidated long-lived assets | No country other than the U.S. represented greater than 10% of our consolidated long-lived assets | |||||||||
Product concentration risk | No other individual product category represented greater than 10% of consolidated revenue | No other individual product category represented greater than 10% of consolidated revenue | |||||||||
Foreign locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 856.7 | $ 1,254 | $ 1,272.9 | ||||||||
Long-lived assets | 303 | 237.5 | 303 | 319 | 237.5 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,739.5 | 2,469.7 | 2,170.3 | ||||||||
Long-lived assets | 883.8 | 812.1 | 883.8 | 924.1 | 812.1 | ||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,848.5 | 2,672.9 | 2,470.2 | ||||||||
Operating income (loss) | 97 | 240 | 209.9 | ||||||||
Total assets | 1,015.3 | 1,044.4 | 1,015.3 | 1,067.3 | 1,044.4 | ||||||
Capital expenditures | 17 | 24.3 | 24.6 | ||||||||
Depreciation and amortization | 54.2 | 54.3 | 53.6 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 511.3 | 669.6 | 617 | ||||||||
Operating income (loss) | (32.3) | 9.9 | (6.9) | ||||||||
Total assets | 414.4 | 420.1 | 414.4 | 454.5 | 420.1 | ||||||
Capital expenditures | 10.8 | 18.5 | 21.3 | ||||||||
Depreciation and amortization | 22.3 | 21.6 | 20 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 236.4 | 381.2 | 356 | ||||||||
Operating income (loss) | 0.2 | 39.4 | 14.3 | ||||||||
Total assets | 211.3 | 220.4 | 211.3 | 225.6 | 220.4 | ||||||
Capital expenditures | 8.7 | 19.1 | 12.6 | ||||||||
Depreciation and amortization | 6.1 | 6.8 | 6.2 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating income (loss) | (21.9) | (32.3) | (33.7) | ||||||||
Total assets | $ 713 | $ 457.5 | 713 | 818 | 457.5 | ||||||
Capital expenditures | 4.8 | 11.5 | 22.9 | ||||||||
Depreciation and amortization | $ 2.6 | $ 2.9 | $ 1.8 |
Schedule II Valuation And Qua_2
Schedule II Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | ||
Allowance for Losses on Accounts Receivable [Member] | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation allowances and reserves, balance as of beginning of period | $ 9.4 | $ 8.7 | $ 11.1 | |
Charged to cost and expense | 6.2 | 7.3 | 5.5 | |
Deductions | [1] | (7.3) | (5.9) | (8.2) |
Other adjustments | [2] | 0.4 | (0.7) | 0.3 |
Valuation allowances and reserves, balance as of end of period | 8.7 | 9.4 | 8.7 | |
Valuation Allowance for Deferred Income Tax Assets [Member] | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation allowances and reserves, balance as of beginning of period | 5.7 | 7.8 | 9.5 | |
Charged to cost and expense | 0.4 | (1.9) | 1.7 | |
Deductions | 0 | 0 | (3) | |
Other adjustments | [3] | 0.5 | (0.2) | (0.4) |
Valuation allowances and reserves, balance as of end of period | $ 6.6 | $ 5.7 | $ 7.8 | |
[1] | Primarily represents changes in our estimated provision for bad debts and excess of accounts written off over recoveries. | |||
[2] | Primarily represents currency translation adjustments and $0.5 related to the sale of PolyVision in 2020. | |||
[3] | Primarily represents currency translation adjustments. |
Other information (Details)
Other information (Details) | Feb. 26, 2021 | Feb. 28, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 6 days | 7 years 1 month 6 days |
Lessee, Operating Lease, Discount Rate | 3.80% | 4.00% |
Divestitures (Details)
Divestitures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Feb. 26, 2021 | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 22, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 72.6 | $ 0 | $ 72,600,000 | $ (300,000) |
Divestitures Divestiture detail
Divestitures Divestiture details (Details) | 12 Months Ended |
Feb. 26, 2021USD ($) | |
Divestiture [Abstract] | |
Net Assets | $ 47.8 |
Gain (Loss) on Disposition of Business | $ 21 |
Restructuring and Related Act_2
Restructuring and Related Activities (Details) | 12 Months Ended |
Feb. 26, 2021hourlyEmployeesalaryEmployee | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities, Description | RESTRUCTURING ACTIVITIES In Q2 2021, our Board of Directors approved a series of restructuring actions in response to continued order declines in the Americas compared to the prior year and continued economic uncertainty related to the COVID-19 pandemic. The restructuring actions included early retirements and voluntary and involuntary terminations of approximately 300 salaried employees and early retirements of approximately 160 hourly employees. We incurred $27.2 in restructuring costs in the Americas segment in connection with these actions during 2021, consisting of cash severance payments and payment of other separation-related benefits. These restructuring actions are substantially complete.In Q4 2021, we completed additional restructuring actions in the Americas segment which included early retirements and voluntary terminations of approximately 50 hourly employees. We incurred $1.4 in restructuring costs in connection with these actions during 2021, consisting of cash severance payments and payment of other separation-related benefits. The following table details the changes in the restructuring reserve balance as of February 26, 2021:Workforce reductionsBalance as of February 28, 2020$— Restructuring costs28.6 Payments(28.2)Balance as of February 26, 2021$0.4 |
Restructuring and Related Cost, Expected Number of Positions Eliminated | hourlyEmployee | 160 |
Restructuring and Related Cost, Number of Positions Eliminated | salaryEmployee | 300 |
Uncategorized Items - scs-20210
Label | Element | Value | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 285,600,000 | [1] |
[1] | These amounts include restricted cash of $6.1, $3.5 and $2.5 as of February 28, 2020, February 22, 2019 and February 23, 2018, respectively. |