Cover Page
Cover Page - shares | 3 Months Ended | 6 Months Ended | |
Aug. 27, 2021 | Aug. 27, 2021 | Sep. 21, 2021 | |
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Aug. 27, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-13873 | ||
Entity Registrant Name | STEELCASE INC | ||
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 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 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | Q2 | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0001050825 | ||
Current Fiscal Year End Date | --02-25 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 88,343,089 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 25,076,994 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | |
Revenues | $ 724,800,000 | $ 818,800,000 | $ 1,281,400,000 | $ 1,301,600,000 |
Cost of Goods and Services Sold | 518,000,000 | 542,300,000 | 919,900,000 | 902,400,000 |
Gross profit | 206,800,000 | 269,600,000 | 361,500,000 | 392,300,000 |
Operating expenses | 172,900,000 | 172,300,000 | 359,400,000 | 329,700,000 |
Goodwill, Impairment Loss | 0 | 0 | 0 | 17,600,000 |
Operating income | 33,900,000 | 88,600,000 | 2,100,000 | 36,300,000 |
Interest expense | (6,400,000) | (6,800,000) | (12,800,000) | (14,100,000) |
Investment income | 100,000 | 200,000 | 300,000 | 1,000,000 |
Other Nonoperating Income (Expense) | 1,800,000 | 800,000 | 1,000,000 | 4,800,000 |
Income before income tax expense | 29,400,000 | 82,800,000 | (9,400,000) | 28,000,000 |
Income Tax Expense (Benefit) | 4,700,000 | 27,300,000 | (6,000,000) | 10,600,000 |
Net income | $ 24,700,000 | $ 55,500,000 | $ (3,400,000) | $ 17,400,000 |
Earnings per share | ||||
Basic | $ 0.21 | $ 0.47 | $ (0.03) | $ 0.15 |
Diluted | 0.21 | 0.47 | (0.03) | 0.15 |
Dividends declared and paid per common share | $ 0.145 | $ 0.100 | $ 0.245 | $ 0.170 |
Cost of Sales - Restructuring costs | Cost of Sales - Restructuring costs | ||||
Cost of Sales - Restructuring costs | $ 0 | $ 6,900,000 | $ 0 | $ 6,900,000 |
Operating Expenses - Restructuring costs | ||||
Cost of Sales - Restructuring costs | $ 0 | $ 8,700,000 | $ 0 | $ 8,700,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | |
Net income (loss) | $ 24.7 | $ 55.5 | $ (3.4) | $ 17.4 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0.1 | 0.2 | (0.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0.4 | (1.1) | 0.3 | (0.8) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0.2 | 0.2 | 0.4 | 0.4 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (12.7) | 22.4 | (11.8) | 13.5 |
Other comprehensive income (loss) | (12.1) | 21.6 | (10.9) | 13 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 12.6 | $ 77.1 | $ (14.3) | $ 30.4 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 27, 2021 | Feb. 26, 2021 | |
ASSETS | |||
Cash and cash equivalents | $ 360.7 | $ 489.8 | |
Trade Accounts Receivable | 334 | 279 | |
Accounts Receivable, Allowance for Credit Loss | (9.1) | (8.7) | |
Inventories | 233.4 | 193.5 | |
Prepaid expense | 36.6 | 20.9 | |
Income Taxes Receivable, Current | 51.7 | 49.5 | |
Other current assets | 22.7 | 21.4 | |
Total current assets | 1,030 | 1,045.4 | |
Property, plant and equipment, net of accumulated depreciation of $1,081.3 and $1,063.2 | 402.1 | 410.8 | |
Company-owned life insurance | 169.8 | 169.5 | |
Deferred income taxes | 115.7 | 113.3 | |
Goodwill | 218.1 | 218.1 | |
Other intangible assets, net of accumulated amortization of $79.8 and $73.3 | 82.3 | 90.4 | |
Investments in unconsolidated affiliates | 49.4 | 51.5 | |
Operating Lease, Right-of-Use Asset | 219.4 | 225.4 | |
Other assets | 26.7 | 29.6 | |
Total assets | 2,313.5 | 2,354 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Accounts payable | 234.4 | 181.3 | |
Short-term borrowings and current maturities of long-term debt | 6.1 | 4.7 | |
Operating Lease, Liability, Current | 43.3 | 43.8 | |
Accrued expenses: | |||
Employee compensation | 65.4 | 90.1 | |
Employee benefit plan obligations | 18.3 | 24.9 | |
Accrued promotions | 26.4 | 27.8 | |
Contract with Customer, Liability | 47.4 | 33.7 | |
Other | 106.4 | 108.7 | |
Total current liabilities | 547.7 | 515 | |
Long-term liabilities: | |||
Long-term debt less current maturities | 478.4 | 479.2 | |
Employee benefit plan obligations | 145.2 | 152.9 | |
Operating Lease, Liability, Noncurrent | 193.4 | 199.5 | |
Other long-term liabilities | 47.5 | 46.9 | |
Total long-term liabilities | 864.5 | 878.5 | |
Total liabilities | 1,412.2 | 1,393.5 | |
Shareholders' equity: | |||
Additional paid-in capital | [1] | 0 | 12.5 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (50.9) | (40) | |
Retained earnings | 952.2 | 988 | |
Total shareholders' equity | 901.3 | 960.5 | |
Total liabilities and shareholders' equity | $ 2,313.5 | $ 2,354 | |
[1] | Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Aug. 27, 2021 | Feb. 26, 2021 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 1,081.3 | $ 1,063.2 |
Other intangible assets, accumulated amortization | $ 79.8 | $ 73.3 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Millions | Total | Performance Units [Member] | |
Other comprehensive income (loss) | $ 13 | ||
Retained earnings, beginning of period at Feb. 28, 2020 | 1,011.3 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 17.4 | ||
Dividends paid | (20.1) | ||
Retained earnings, end of period at Aug. 28, 2020 | 1,002.7 | ||
Accumulated other comprehensive income (loss), beginning of period at Feb. 28, 2020 | (69.3) | ||
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 28, 2020 | (56.3) | ||
Additional paid-in capital, beginning of period at Feb. 28, 2020 | [1] | 28.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | [1] | 0.4 | |
Common stock repurchases | [1] | (36.4) | |
Performance and restricted stock units expense | 9.3 | ||
Additional paid-in capital, end of period at Aug. 28, 2020 | [1] | $ 1.7 | |
Common shares outstanding, beginning of period at Feb. 28, 2020 | 117,202,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | 26,890 | ||
Common stock repurchases | (3,244,594) | ||
Stock Issued During Period, Shares, New Issues | 792,250 | ||
Common shares outstanding, end of period at Aug. 28, 2020 | 114,776,546 | ||
Other comprehensive income (loss) | $ 21.6 | ||
Retained earnings, beginning of period at May. 29, 2020 | 958.9 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 55.5 | ||
Dividends paid | (11.7) | ||
Retained earnings, end of period at Aug. 28, 2020 | 1,002.7 | ||
Accumulated other comprehensive income (loss), beginning of period at May. 29, 2020 | (77.9) | ||
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 28, 2020 | (56.3) | ||
Additional paid-in capital, beginning of period at May. 29, 2020 | [1] | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | [1] | 0.2 | |
Common stock repurchases | [1] | 0 | |
Performance and restricted stock units expense | 1.5 | ||
Additional paid-in capital, end of period at Aug. 28, 2020 | [1] | $ 1.7 | |
Common shares outstanding, beginning of period at May. 29, 2020 | 114,759,549 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | 13,941 | ||
Common stock repurchases | (205) | ||
Stock Issued During Period, Shares, New Issues | 3,261 | ||
Common shares outstanding, end of period at Aug. 28, 2020 | 114,776,546 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Repurchased Retained Earnings, Value [Line Items] | $ 0 | ||
Stockholders' Equity Attributable to Parent | 948.1 | ||
Stockholders' Equity Attributable to Parent | 960.5 | ||
Other comprehensive income (loss) | (10.9) | ||
Retained earnings, beginning of period at Feb. 26, 2021 | 988 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | (3.4) | ||
Dividends paid | (29.2) | ||
Retained earnings, end of period at Aug. 27, 2021 | 952.2 | ||
Accumulated other comprehensive income (loss), beginning of period at Feb. 26, 2021 | (40) | ||
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 27, 2021 | (50.9) | ||
Additional paid-in capital, beginning of period at Feb. 26, 2021 | [1] | 12.5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | [1] | 0.4 | |
Common stock repurchases | [1] | (27.7) | |
Performance and restricted stock units expense | 14.8 | ||
Additional paid-in capital, end of period at Aug. 27, 2021 | [1] | $ 0 | |
Common shares outstanding, beginning of period at Feb. 26, 2021 | 114,908,676 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | 27,297 | ||
Common stock repurchases | (2,227,000) | ||
Stock Issued During Period, Shares, New Issues | 1,112,385 | ||
Common shares outstanding, end of period at Aug. 27, 2021 | 113,821,358 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Repurchased Retained Earnings, Value [Line Items] | $ (3.2) | ||
Other comprehensive income (loss) | (12.1) | ||
Retained earnings, beginning of period at May. 28, 2021 | 947.8 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 24.7 | ||
Dividends paid | (17.1) | ||
Retained earnings, end of period at Aug. 27, 2021 | 952.2 | ||
Accumulated other comprehensive income (loss), beginning of period at May. 28, 2021 | (38.8) | ||
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 27, 2021 | (50.9) | ||
Additional paid-in capital, beginning of period at May. 28, 2021 | [1] | 21.3 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | [1] | 0.2 | |
Common stock repurchases | [1] | (23.4) | |
Performance and restricted stock units expense | 1.9 | ||
Additional paid-in capital, end of period at Aug. 27, 2021 | [1] | $ 0 | |
Common shares outstanding, beginning of period at May. 28, 2021 | 115,664,399 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issuances | 14,204 | ||
Common stock repurchases | (1,873,804) | ||
Stock Issued During Period, Shares, New Issues | 16,559 | ||
Common shares outstanding, end of period at Aug. 27, 2021 | 113,821,358 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Repurchased Retained Earnings, Value [Line Items] | $ (3.2) | ||
Stockholders' Equity Attributable to Parent | $ 901.3 | ||
[1] | Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | ||
Aug. 27, 2021 | Aug. 28, 2020 | ||
OPERATING ACTIVITIES | |||
Net income (loss) | $ (3,400,000) | $ 17,400,000 | |
Depreciation and amortization | 41,200,000 | 43,300,000 | |
Goodwill, Impairment Loss | 0 | 17,600,000 | |
Restructuring Charges | 0 | 15,600,000 | |
Increase (Decrease) in Deferred Income Taxes | (3,100,000) | 18,000,000 | |
Non-cash stock compensation | 15,200,000 | 9,700,000 | |
Equity in income of unconsolidated affiliates | (2,100,000) | (3,900,000) | |
Dividends received from unconsolidated affiliates | 4,000,000 | 2,800,000 | |
Other | (19,400,000) | (12,500,000) | |
Changes in operating assets and liabilities net of acquisitions: | |||
Accounts receivable | (58,000,000) | 58,000,000 | |
Inventories | (42,000,000) | (200,000) | |
Other assets | (20,300,000) | (10,800,000) | |
Accounts payable | 54,700,000 | (36,500,000) | |
Employee compensation liabilities | (30,700,000) | (120,800,000) | |
Employee benefit obligations | (14,900,000) | (24,900,000) | |
contract with customer, increases in liability due to deposits received | 14,000,000 | 74,300,000 | |
Accrued Liabilities and Other Operating Liabilities | 3,200,000 | (2,200,000) | |
Net cash provided by operating activities | (61,600,000) | 44,900,000 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (31,800,000) | (18,000,000) | |
Proceeds from Sale of Property, Plant, and Equipment | 16,800,000 | 7,100,000 | |
Other | 8,500,000 | 4,900,000 | |
Net cash provided by (used in) investing activities | (6,500,000) | (6,000,000) | |
FINANCING ACTIVITIES | |||
Dividends paid | (29,200,000) | (20,100,000) | |
Common stock repurchases | (30,900,000) | (42,300,000) | |
Proceeds from Lines of Credit | 0 | 250,000,000 | |
Repayments of Lines of Credit | 0 | (250,000,000) | |
Proceeds from (Payments for) Other Financing Activities | (200,000) | 1,400,000 | |
Net cash used in financing activities | (59,900,000) | (63,800,000) | |
Effect of exchange rate changes on cash and cash equivalents | (600,000) | 200,000 | |
Net decrease in cash, cash equivalents and restricted cash | (128,600,000) | (24,700,000) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | [1] | 495,600,000 | 547,100,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | [2] | 367,000,000 | 522,400,000 |
Restricted Cash | $ 6,300,000 | $ 6,500,000 | |
Document Period End Date | Aug. 27, 2021 | ||
Fair Value, Recurring [Member] | |||
Restricted Cash | $ 6,300,000 | ||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | |||
Restricted Cash | $ 6,300,000 | ||
[1] | These amounts include restricted cash of $5.8 and $6.1 as of February 26, 2021 and February 28, 2020, respectively. | ||
[2] | These amounts include restricted cash of $6.3 and $6.5 as of August 27, 2021 and August 28, 2020, respectively. Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims . Restricted cash is included as part of Other assets in the Condensed Consolidated Balance Sheets. |
New Accounting Standards Narrat
New Accounting Standards Narrative (Details) | 6 Months Ended |
Aug. 27, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | NEW ACCOUNTING STANDARDSWe evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Aug. 27, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 26, 2021 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 26, 2021 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Aug. 27, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Aug. 27, 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 Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Americas Desking, benching, systems and storage $ 244.3 $ 310.7 $ 429.4 $ 479.1 Seating 165.5 195.0 283.7 291.5 Other (1) 113.5 125.5 186.5 194.5 EMEA Desking, benching, systems and storage 41.7 47.9 96.5 91.8 Seating 55.7 45.8 89.6 76.8 Other (1) 41.5 32.2 76.4 56.8 Other Desking, benching, systems and storage 14.5 10.4 25.3 21.1 Seating 16.2 18.7 30.7 30.9 Other (1) 31.9 32.6 63.3 59.1 $ 724.8 $ 818.8 $ 1,281.4 $ 1,301.6 _______________________________________ (1) The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services. Reportable geographic information is as follows: Reportable Geographic Revenue Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, United States $ 493.5 $ 597.6 $ 852.8 $ 921.1 Foreign locations 231.3 221.2 428.6 380.5 $ 724.8 $ 818.8 $ 1,281.4 $ 1,301.6 Contract Balances At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability ( Customer deposits ) presented in the Condensed Consolidated Balance Sheets. Changes in the Customer deposits balance during the six months ended August 27, 2021 are as follows: Customer Deposits Balance as of February 26, 2021 $ 33.7 Recognition of revenue related to beginning of year customer deposits (25.7) Customer deposits received, net of revenue recognized during the period 39.4 Balance as of August 27, 2021 $ 47.4 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Aug. 27, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS (LOSS) PER SHARE Earnings (loss) per share is computed using the two-class method. The two-class method determines earnings (loss) 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 (loss) 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 (Loss) Per Share Three Months Ended August 27, 2021 Three Months Ended August 28, 2020 Net Income (Loss) Basic Shares Diluted Shares Net Income (Loss) Basic Shares Diluted Shares Amounts used in calculating earnings (loss) per share $ 24.7 118.0 118.6 $ 55.5 117.6 117.8 Impact of participating securities (0.6) (3.1) (3.1) (1.3) (2.8) (2.8) Amounts used in calculating earnings (loss) per share, excluding participating securities $ 24.1 114.9 115.5 $ 54.2 114.8 115.0 Earnings (loss) per share $ 0.21 $ 0.21 $ 0.47 $ 0.47 There were no anti-dilutive performance units excluded from the computation of diluted earnings (loss) per share for the three months ended August 27, 2021 and August 28, 2020. Computation of Earnings (Loss) Per Share Six Months Ended August 27, 2021 Six Months Ended August 28, 2020 Net Income (Loss) Basic Shares Diluted Shares Net Income (Loss) Basic Shares Diluted Shares Amounts used in calculating earnings (loss) per share $ (3.4) 118.1 118.1 $ 17.4 117.4 117.6 Impact of participating securities 0.1 (2.9) (2.9) (0.4) (2.4) (2.4) Amounts used in calculating earnings (loss) per share, excluding participating securities $ (3.3) 115.2 115.2 $ 17.0 115.0 115.2 Earnings (loss) per share $ (0.03) $ (0.03) $ 0.15 $ 0.15 There were 0.5 million anti-dilutive performance units excluded from the computation of diluted earnings (loss) per share for the six months ended August 27, 2021 and none for the six months ended August 28, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Aug. 27, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended August 27, 2021: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of May 28, 2021 $ 0.5 $ (6.7) $ (7.4) $ (25.2) $ (38.8) Other comprehensive income (loss) before reclassifications — 0.4 — (12.7) (12.3) Amounts reclassified from accumulated other comprehensive income (loss) — — 0.2 — 0.2 Net other comprehensive income (loss) during the period — 0.4 0.2 (12.7) (12.1) Balance as of August 27, 2021 $ 0.5 $ (6.3) $ (7.2) $ (37.9) $ (50.9) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended August 27, 2021: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of February 26, 2021 $ 0.3 $ (6.6) $ (7.6) $ (26.1) $ (40.0) Other comprehensive income (loss) before reclassifications 0.2 0.4 — (11.8) (11.2) Amounts reclassified from accumulated other comprehensive income (loss) — (0.1) 0.4 — 0.3 Net other comprehensive income (loss) during the period 0.2 0.3 0.4 (11.8) (10.9) Balance as of August 27, 2021 $ 0.5 $ (6.3) $ (7.2) $ (37.9) $ (50.9) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended August 27, 2021 and August 28, 2020: Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Amortization of pension and other post-retirement actuarial losses (gains) $ — $ (0.3) $ (0.1) $ (0.6) Other income, net Prior service cost (credit) — (0.1) — (0.1) Other income, net Income tax expense — 0.1 — 0.2 Income tax expense (benefit) — (0.3) (0.1) (0.5) Derivative amortization 0.3 0.3 0.6 0.6 Interest expense Income tax benefit (0.1) (0.1) (0.2) (0.2) Income tax expense (benefit) 0.2 0.2 0.4 0.4 Total reclassifications $ 0.2 $ (0.1) $ 0.3 $ (0.1) |
Fair Value
Fair Value | 6 Months Ended |
Aug. 27, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value in the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $484.5 and $483.9 as of August 27, 2021 and February 26, 2021, 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 $565.8 and $568.1 as of August 27, 2021 and February 26, 2021, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes. Assets and liabilities measured at fair value as of August 27, 2021 and February 26, 2021 are summarized below: August 27, 2021 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 360.7 $ — $ — $ 360.7 Restricted cash 6.3 — — 6.3 Foreign exchange forward contracts — 0.6 — 0.6 Auction rate security — — 2.8 2.8 $ 367.0 $ 0.6 $ 2.8 $ 370.4 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) February 26, 2021 Fair Value of Financial Instruments 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) Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the six months ended August 27, 2021: Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Security Balance as of February 26, 2021 $ 2.6 Unrealized gain on investment 0.2 Balance as of August 27, 2021 $ 2.8 |
Inventories
Inventories | 6 Months Ended |
Aug. 27, 2021 | |
Inventories [Abstract] | |
Inventories | INVENTORIES Inventories August 27, February 26, Raw materials and work-in-process $ 139.5 $ 126.0 Finished goods 118.3 86.4 257.8 212.4 Revaluation to LIFO 24.4 18.9 $ 233.4 $ 193.5 The portion of inventories determined by the LIFO method was $102.1 and $89.1 as of August 27, 2021 and February 26, 2021, respectively. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Aug. 27, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement | SHARE-BASED COMPENSATION Performance Units We have issued performance units (“PSUs”) to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively). As of August 27, 2021, the following PSUs have been issued and remained outstanding: • 448,300 PSUs to be earned over a three-year performance period of 2022 through 2024 (the "2022 PSUs"), • 529,500 PSUs to be earned over a three-year performance period of 2021 through 2023 (the "2021 PSUs") and • 296,600 PSUs to be earned over a three-year performance period of 2020 through 2022 (the "2020 PSUs"). In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs, Tranche 2 of the 2021 PSUs and Tranche 3 of the 2020 PSUs. Accordingly, one-third of each of these PSUs were considered granted in Q1 2022. In Q1 2021, the performance conditions were established for Tranche 1 of the 2021 PSUs and Tranche 2 of the 2020 PSUs. These performance conditions involved a qualitative assessment which was made by the Compensation Committee in Q4 2021. Accordingly, one-third of each of these PSUs were considered granted in Q4 2021. In Q1 2020, the performance conditions were established for Tranche 1 of the 2020 PSUs. Accordingly, one-third of the 2020 PSUs were considered granted in Q1 2020. Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. 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 $6.1, $3.7 and $1.6 for the PSUs with market conditions granted in 2022, 2021 and 2020, respectively. The Monte Carlo simulation was computed using the following assumptions: FY22 Award FY21 Award FY20 Award Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 0.3 % 0.2 % 0.2 % 0.1 % 0.1 % 2.3 % Expected term 3 years 2 years 2 years 1 year 1 year 3 years Estimated volatility (2) 53.5 % 61.3 % 58.1 % 56.1 % 74.1 % 32.5 % _______________________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Class A Common Stock for the three-year period. The total PSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 27, 2021 and August 28, 2020 are as follows: Three Months Ended Six Months Ended Performance Units August 27, August 28, August 27, August 28, Expense $ 0.4 $ 0.1 $ 5.6 $ 0.3 Tax benefit 0.1 — 1.4 0.1 As of August 27, 2021, there was $1.0 of remaining unrecognized compensation expense related to granted nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years. The PSU activity for the six months ended August 27, 2021 is as follows: Maximum Number of Shares That May Be Issued Under Nonvested Units Total Weighted-Average Nonvested as of February 26, 2021 898,156 $ 14.06 Granted 1,019,517 14.38 Nonvested as of August 27, 2021 1,917,673 $ 14.23 Restricted Stock Units During the six months ended August 27, 2021, we awarded 839,818 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the RSUs will be issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the date of grant. For participants who are or become retirement-eligible during the service period, the RSUs are expensed over the period ending on the date the participant becomes retirement-eligible. The total RSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 27, 2021 and August 28, 2020 are as follows: Three Months Ended Six Months Ended Restricted Stock Units August 27, August 28, August 27, August 28, Expense $ 1.5 $ 1.4 $ 9.2 $ 9.0 Tax benefit 0.4 0.4 2.3 2.3 As of August 27, 2021, there was $8.9 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 1.9 years. The RSU activity for the six months ended August 27, 2021 is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 26, 2021 2,285,965 $ 12.11 Granted 839,818 14.45 Vested (16,559) 14.00 Forfeited (48,220) 12.57 Nonvested as of August 27, 2021 3,061,004 $ 12.74 |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Aug. 27, 2021 | |
Lessee, Lease, Description [Line Items] | |
Leases of Lessee Disclosure [Text Block] | LEASES 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. The components of lease expense are as follows: Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Operating lease cost $ 13.2 $ 12.9 $ 26.3 $ 26.0 Sublease rental income (0.5) (0.6) (0.9) (0.9) $ 12.7 $ 12.3 $ 25.4 $ 25.1 Supplemental cash flow and other information related to leases are as follows: Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Cash flow information: Operating cash flows used for operating leases $ 13.4 $ 12.1 $ 26.8 $ 24.7 Leased assets obtained in exchange for new operating lease obligations $ 15.7 $ 1.4 $ 17.3 $ 1.9 August 27, August 28, Other information: Weighted-average remaining term 6.2 years 6.8 years Weighted-average discount rate 3.7 % 4.0 % The following table summarizes the future minimum lease payments as of August 27, 2021: Fiscal year ending in February Amount (1) 2022 $ 26.1 2023 48.4 2024 43.5 2025 41.2 2026 32.9 Thereafter 73.3 Total lease payments $ 265.4 Less: Interest 28.7 Present value of lease liabilities $ 236.7 _______________________________________ (1) Lease payments include |
Reportable Segments
Reportable Segments | 6 Months Ended |
Aug. 27, 2021 | |
Reportable Segments [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate. The Americas segment serves customers in the U.S., Canada, 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. 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, fixed assets and right-of-use assets related to operating leases. Revenue and operating income (loss) for the three and six months ended August 27, 2021 and August 28, 2020 and total assets as of August 27, 2021 and February 26, 2021 by segment are presented in the following table: Three Months Ended Six Months Ended Reportable Segment Statement of Operations Data August 27, August 28, August 27, August 28, Revenue Americas $ 523.3 $ 631.2 $ 899.6 $ 965.1 EMEA 138.9 125.9 262.5 225.4 Other 62.6 61.7 119.3 111.1 $ 724.8 $ 818.8 $ 1,281.4 $ 1,301.6 Operating income (loss) Americas $ 44.7 $ 94.6 $ 29.7 $ 71.1 EMEA (1.6) (3.5) (7.3) (28.1) Other (4.2) 1.1 (9.5) (0.5) Corporate (5.0) (3.6) (10.8) (6.2) $ 33.9 $ 88.6 $ 2.1 $ 36.3 Reportable Segment Balance Sheet Data August 27, February 26, Total assets Americas $ 1,093.9 $ 1,015.3 EMEA 420.7 414.4 Other 212.9 211.3 Corporate 586.0 713.0 $ 2,313.5 $ 2,354.0 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Aug. 27, 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 Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Americas Desking, benching, systems and storage $ 244.3 $ 310.7 $ 429.4 $ 479.1 Seating 165.5 195.0 283.7 291.5 Other (1) 113.5 125.5 186.5 194.5 EMEA Desking, benching, systems and storage 41.7 47.9 96.5 91.8 Seating 55.7 45.8 89.6 76.8 Other (1) 41.5 32.2 76.4 56.8 Other Desking, benching, systems and storage 14.5 10.4 25.3 21.1 Seating 16.2 18.7 30.7 30.9 Other (1) 31.9 32.6 63.3 59.1 $ 724.8 $ 818.8 $ 1,281.4 $ 1,301.6 _______________________________________ (1) The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services. Reportable geographic information is as follows: Reportable Geographic Revenue Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, United States $ 493.5 $ 597.6 $ 852.8 $ 921.1 Foreign locations 231.3 221.2 428.6 380.5 $ 724.8 $ 818.8 $ 1,281.4 $ 1,301.6 |
Contract with Customer, changes in customer deposits | Changes in the Customer deposits balance during the six months ended August 27, 2021 are as follows: Customer Deposits Balance as of February 26, 2021 $ 33.7 Recognition of revenue related to beginning of year customer deposits (25.7) Customer deposits received, net of revenue recognized during the period 39.4 Balance as of August 27, 2021 $ 47.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | 6 Months Ended |
Aug. 27, 2021 | Aug. 27, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended August 27, 2021 and August 28, 2020: Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Amortization of pension and other post-retirement actuarial losses (gains) $ — $ (0.3) $ (0.1) $ (0.6) Other income, net Prior service cost (credit) — (0.1) — (0.1) Other income, net Income tax expense — 0.1 — 0.2 Income tax expense (benefit) — (0.3) (0.1) (0.5) Derivative amortization 0.3 0.3 0.6 0.6 Interest expense Income tax benefit (0.1) (0.1) (0.2) (0.2) Income tax expense (benefit) 0.2 0.2 0.4 0.4 Total reclassifications $ 0.2 $ (0.1) $ 0.3 $ (0.1) | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended August 27, 2021: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of May 28, 2021 $ 0.5 $ (6.7) $ (7.4) $ (25.2) $ (38.8) Other comprehensive income (loss) before reclassifications — 0.4 — (12.7) (12.3) Amounts reclassified from accumulated other comprehensive income (loss) — — 0.2 — 0.2 Net other comprehensive income (loss) during the period — 0.4 0.2 (12.7) (12.1) Balance as of August 27, 2021 $ 0.5 $ (6.3) $ (7.2) $ (37.9) $ (50.9) | The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended August 27, 2021: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of February 26, 2021 $ 0.3 $ (6.6) $ (7.6) $ (26.1) $ (40.0) Other comprehensive income (loss) before reclassifications 0.2 0.4 — (11.8) (11.2) Amounts reclassified from accumulated other comprehensive income (loss) — (0.1) 0.4 — 0.3 Net other comprehensive income (loss) during the period 0.2 0.3 0.4 (11.8) (10.9) Balance as of August 27, 2021 $ 0.5 $ (6.3) $ (7.2) $ (37.9) $ (50.9) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Aug. 27, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value as of August 27, 2021 and February 26, 2021 are summarized below: August 27, 2021 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 360.7 $ — $ — $ 360.7 Restricted cash 6.3 — — 6.3 Foreign exchange forward contracts — 0.6 — 0.6 Auction rate security — — 2.8 2.8 $ 367.0 $ 0.6 $ 2.8 $ 370.4 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) February 26, 2021 Fair Value of Financial Instruments 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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the six months ended August 27, 2021: Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Security Balance as of February 26, 2021 $ 2.6 Unrealized gain on investment 0.2 Balance as of August 27, 2021 $ 2.8 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 27, 2021 | |
Inventories [Abstract] | |
Schedule of Inventory | Inventories August 27, February 26, Raw materials and work-in-process $ 139.5 $ 126.0 Finished goods 118.3 86.4 257.8 212.4 Revaluation to LIFO 24.4 18.9 $ 233.4 $ 193.5 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Aug. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Performance Shares, Activity | The PSU activity for the six months ended August 27, 2021 is as follows: Maximum Number of Shares That May Be Issued Under Nonvested Units Total Weighted-Average Nonvested as of February 26, 2021 898,156 $ 14.06 Granted 1,019,517 14.38 Nonvested as of August 27, 2021 1,917,673 $ 14.23 |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | The total PSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 27, 2021 and August 28, 2020 are as follows: Three Months Ended Six Months Ended Performance Units August 27, August 28, August 27, August 28, Expense $ 0.4 $ 0.1 $ 5.6 $ 0.3 Tax benefit 0.1 — 1.4 0.1 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | The total RSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 27, 2021 and August 28, 2020 are as follows: Three Months Ended Six Months Ended Restricted Stock Units August 27, August 28, August 27, August 28, Expense $ 1.5 $ 1.4 $ 9.2 $ 9.0 Tax benefit 0.4 0.4 2.3 2.3 |
Schedule of Restricted Stock Unit Awards Activity | The RSU activity for the six months ended August 27, 2021 is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 26, 2021 2,285,965 $ 12.11 Granted 839,818 14.45 Vested (16,559) 14.00 Forfeited (48,220) 12.57 Nonvested as of August 27, 2021 3,061,004 $ 12.74 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 27, 2021 | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows: Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Operating lease cost $ 13.2 $ 12.9 $ 26.3 $ 26.0 Sublease rental income (0.5) (0.6) (0.9) (0.9) $ 12.7 $ 12.3 $ 25.4 $ 25.1 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow and other information related to leases are as follows: Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Cash flow information: Operating cash flows used for operating leases $ 13.4 $ 12.1 $ 26.8 $ 24.7 Leased assets obtained in exchange for new operating lease obligations $ 15.7 $ 1.4 $ 17.3 $ 1.9 August 27, August 28, Other information: Weighted-average remaining term 6.2 years 6.8 years Weighted-average discount rate 3.7 % 4.0 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the future minimum lease payments as of August 27, 2021: Fiscal year ending in February Amount (1) 2022 $ 26.1 2023 48.4 2024 43.5 2025 41.2 2026 32.9 Thereafter 73.3 Total lease payments $ 265.4 Less: Interest 28.7 Present value of lease liabilities $ 236.7 _______________________________________ (1) Lease payments include |
Leases Cash Flow and Other (Tab
Leases Cash Flow and Other (Tables) | 6 Months Ended |
Aug. 27, 2021 | |
Lessee, Lease, Description [Line Items] | |
Leases of Lessee Disclosure [Text Block] | LEASES 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. The components of lease expense are as follows: Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Operating lease cost $ 13.2 $ 12.9 $ 26.3 $ 26.0 Sublease rental income (0.5) (0.6) (0.9) (0.9) $ 12.7 $ 12.3 $ 25.4 $ 25.1 Supplemental cash flow and other information related to leases are as follows: Three Months Ended Six Months Ended August 27, August 28, August 27, August 28, Cash flow information: Operating cash flows used for operating leases $ 13.4 $ 12.1 $ 26.8 $ 24.7 Leased assets obtained in exchange for new operating lease obligations $ 15.7 $ 1.4 $ 17.3 $ 1.9 August 27, August 28, Other information: Weighted-average remaining term 6.2 years 6.8 years Weighted-average discount rate 3.7 % 4.0 % The following table summarizes the future minimum lease payments as of August 27, 2021: Fiscal year ending in February Amount (1) 2022 $ 26.1 2023 48.4 2024 43.5 2025 41.2 2026 32.9 Thereafter 73.3 Total lease payments $ 265.4 Less: Interest 28.7 Present value of lease liabilities $ 236.7 _______________________________________ (1) Lease payments include |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Aug. 27, 2021 | |
Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information | Revenue and operating income (loss) for the three and six months ended August 27, 2021 and August 28, 2020 and total assets as of August 27, 2021 and February 26, 2021 by segment are presented in the following table: Three Months Ended Six Months Ended Reportable Segment Statement of Operations Data August 27, August 28, August 27, August 28, Revenue Americas $ 523.3 $ 631.2 $ 899.6 $ 965.1 EMEA 138.9 125.9 262.5 225.4 Other 62.6 61.7 119.3 111.1 $ 724.8 $ 818.8 $ 1,281.4 $ 1,301.6 Operating income (loss) Americas $ 44.7 $ 94.6 $ 29.7 $ 71.1 EMEA (1.6) (3.5) (7.3) (28.1) Other (4.2) 1.1 (9.5) (0.5) Corporate (5.0) (3.6) (10.8) (6.2) $ 33.9 $ 88.6 $ 2.1 $ 36.3 Reportable Segment Balance Sheet Data August 27, February 26, Total assets Americas $ 1,093.9 $ 1,015.3 EMEA 420.7 414.4 Other 212.9 211.3 Corporate 586.0 713.0 $ 2,313.5 $ 2,354.0 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | |||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 724.8 | $ 818.8 | $ 1,281.4 | $ 1,301.6 | ||
Contract with Customer, Liability | 33.7 | |||||
contract with customer, increases in liability due to deposits received | 14 | 74.3 | ||||
Contract with Customer, Liability | 47.4 | 47.4 | ||||
Deposits [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Contract with Customer, Liability, Revenue Recognized | (25.7) | |||||
contract with customer, increases in liability due to deposits received | 39.4 | |||||
UNITED STATES | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 493.5 | 597.6 | 852.8 | 921.1 | ||
Foreign locations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 231.3 | 221.2 | 428.6 | 380.5 | ||
Americas [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 523.3 | 631.2 | 899.6 | 965.1 | ||
Americas [Member] | Systems and storage [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 244.3 | 310.7 | 429.4 | 479.1 | ||
Americas [Member] | Seating [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 165.5 | 195 | 283.7 | 291.5 | ||
Americas [Member] | Other Product Category [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 113.5 | [1] | 125.5 | [1] | 186.5 | 194.5 |
EMEA [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 138.9 | 125.9 | 262.5 | 225.4 | ||
EMEA [Member] | Systems and storage [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 41.7 | 47.9 | 96.5 | 91.8 | ||
EMEA [Member] | Seating [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 55.7 | 45.8 | 89.6 | 76.8 | ||
EMEA [Member] | Other Product Category [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 41.5 | [1] | 32.2 | [1] | 76.4 | 56.8 |
Other category [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 62.6 | 61.7 | 119.3 | 111.1 | ||
Other category [Member] | Systems and storage [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 14.5 | 10.4 | 25.3 | 21.1 | ||
Other category [Member] | Seating [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 16.2 | 18.7 | 30.7 | 30.9 | ||
Other category [Member] | Other Product Category [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 31.9 | [1] | $ 32.6 | [1] | $ 63.3 | $ 59.1 |
[1] | The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | May 28, 2021 | Feb. 26, 2021 | May 29, 2020 | Feb. 28, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net income (loss) | $ 24.7 | $ 55.5 | $ (3.4) | $ 17.4 | ||||
Adjustment for earnings attributable to participating securities | (0.6) | $ (1.3) | $ 0.1 | (0.4) | ||||
Net income used in calculating earnings per share | $ 24.1 | $ (3.3) | ||||||
Weighted-average common shares outstanding including participating securities (in millions) | 118,000,000 | 117,600,000 | 118,100,000 | 117,400,000 | ||||
Adjustment for participating securities (in millions) | (3,100,000) | (2,800,000) | (2,900,000) | (2,400,000) | ||||
Shares used in calculating basic earnings per share (in millions) | 115,200,000 | |||||||
Shares used in calculating diluted earnings per share (in millions) | 115,200,000 | |||||||
Earnings per share, basic | $ 0.21 | $ 0.47 | $ (0.03) | $ 0.15 | ||||
Earnings per share, diluted | $ 0.21 | $ 0.47 | $ (0.03) | $ 0.15 | ||||
Common Stock, Shares, Outstanding | 113,821,358 | 114,776,546 | 113,821,358 | 114,776,546 | 115,664,399 | 114,908,676 | 114,759,549 | 117,202,000 |
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) | 500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (50.9) | $ (56.3) | $ (50.9) | $ (56.3) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.2) | (0.3) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (12.1) | (10.9) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | (38.8) | (77.9) | (40) | (69.3) |
Other comprehensive income (loss) before reclassifications | (12.3) | (11.2) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 0.3 | ||
Interest Expense | 6.4 | 6.8 | 12.8 | 14.1 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (12.1) | (10.9) | ||
Accumulated Other Comprehensive Income (Loss), End of Period | (50.9) | (56.3) | (50.9) | (56.3) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.2 | (0.1) | 0.3 | (0.1) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | 0.1 | (0.3) | 0.1 |
Unrealized gain (loss) on investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.5 | 0.5 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0.2 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | 0.5 | 0.3 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0.2 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0.2 | ||
Accumulated Other Comprehensive Income (Loss), End of Period | 0.5 | 0.5 | ||
Pension and other post-retirement liability adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6.3) | (6.3) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.1 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.4 | 0.3 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | (6.7) | (6.6) | ||
Other comprehensive income (loss) before reclassifications | 0.4 | 0.4 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (0.1) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.4 | 0.3 | ||
Accumulated Other Comprehensive Income (Loss), End of Period | (6.3) | (6.3) | ||
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.3) | (0.1) | (0.5) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0.3 | 0.1 | 0.5 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7.2) | (7.2) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.2) | (0.4) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.2 | 0.4 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | (7.4) | (7.6) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 0.4 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.2 | 0.4 | ||
Accumulated Other Comprehensive Income (Loss), End of Period | (7.2) | (7.2) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.2 | 0.2 | 0.4 | 0.4 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | $ (0.2) | (0.4) | $ (0.4) |
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (37.9) | (37.9) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (12.7) | (11.8) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | (25.2) | (26.1) | ||
Other comprehensive income (loss) before reclassifications | (12.7) | (11.8) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (12.7) | (11.8) | ||
Accumulated Other Comprehensive Income (Loss), End of Period | $ (37.9) | $ (37.9) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | May 28, 2021 | Feb. 26, 2021 | May 29, 2020 | Feb. 28, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (50.9) | $ (56.3) | $ (50.9) | $ (56.3) | $ (38.8) | $ (40) | $ (77.9) | $ (69.3) |
Other comprehensive income (loss) before reclassifications | (12.3) | (11.2) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.2) | (0.3) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (12.1) | (10.9) | ||||||
Income Tax Expense (Benefit) | 4.7 | 27.3 | (6) | 10.6 | ||||
Interest Expense | 6.4 | 6.8 | 12.8 | 14.1 | ||||
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 | 0.2 | (0.1) | 0.3 | (0.1) | ||||
Unrealized gain (loss) on investments [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.5 | 0.5 | 0.5 | 0.3 | ||||
Other comprehensive income (loss) before reclassifications | 0 | 0.2 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0.2 | ||||||
Pension and other post-retirement liability adjustments [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6.3) | (6.3) | (6.7) | (6.6) | ||||
Other comprehensive income (loss) before reclassifications | 0.4 | 0.4 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.1 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.4 | 0.3 | ||||||
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.3) | (0.1) | (0.5) | ||||
Income Tax Expense (Benefit) | 0 | 0.1 | 0 | 0.2 | ||||
Pension and other post-retirement liability adjustments [Member] | Actuarial losses (gains) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other Income | 0 | (0.3) | (0.1) | (0.6) | ||||
Pension and other post-retirement liability adjustments [Member] | Prior Service Costs | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other Income | 0 | (0.1) | 0 | (0.1) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7.2) | (7.2) | (7.4) | (7.6) | ||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.2) | (0.4) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.2 | 0.4 | ||||||
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] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.2 | 0.2 | 0.4 | 0.4 | ||||
Income Tax Expense (Benefit) | (0.1) | (0.1) | (0.2) | (0.2) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [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] | ||||||||
Interest Expense | 0.3 | $ 0.3 | 0.6 | $ 0.6 | ||||
Foreign currency translation adjustments [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (37.9) | (37.9) | $ (25.2) | $ (26.1) | ||||
Other comprehensive income (loss) before reclassifications | (12.7) | (11.8) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (12.7) | $ (11.8) |
Fair Value Narrative (Details)
Fair Value Narrative (Details) - USD ($) | 6 Months Ended | |||
Aug. 27, 2021 | Feb. 26, 2021 | Aug. 28, 2020 | Feb. 28, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 484,500,000 | $ 483,900,000 | ||
Long-term Debt, Fair Value | 565,800,000 | 568,100,000 | ||
Restricted Cash | 6,300,000 | 5,800,000 | $ 6,500,000 | $ 6,100,000 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | 565,800,000 | 568,100,000 | ||
Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 360,700,000 | 489,800,000 | ||
Restricted Cash | 6,300,000 | 5,800,000 | ||
Assets, Fair Value Disclosure | 370,400,000 | 499,300,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 300,000 | 800,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 300,000 | 800,000 | ||
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 600,000 | 1,100,000 | ||
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 | 2,800,000 | 2,600,000 | ||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 360,700,000 | 489,800,000 | ||
Restricted Cash | 6,300,000 | 5,800,000 | ||
Assets, Fair Value Disclosure | 367,000,000 | 495,600,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 | 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 | 0 | 0 | ||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 600,000 | 1,100,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 300,000 | 800,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 300,000 | 800,000 | ||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 600,000 | 1,100,000 | ||
Fair Value, Inputs, Level 2 | 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 | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 2,800,000 | 2,600,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | 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 | 2,800,000 | $ 2,600,000 | ||
Unrealized gain on investments | $ 200,000 |
Inventories (Details)
Inventories (Details) - USD ($) | Aug. 27, 2021 | Feb. 26, 2021 |
Inventories [Abstract] | ||
Raw materials and work-in-process | $ 139,500,000 | $ 126,000,000 |
Finished goods | 118,300,000 | 86,400,000 |
Inventory, net of valuation allowances | 257,800,000 | 212,400,000 |
LIFO reserve | 24,400,000 | 18,900,000 |
Inventory, net of valuation allowances and LIFO reserve | 233,400,000 | 193,500,000 |
FIFO inventory amount | $ 102,100,000 | $ 89,100,000 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance and restricted stock units expense | $ 1.9 | $ 1.5 | $ 14.8 | $ 9.3 |
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance and restricted stock units expense | 0.4 | 0.1 | 5.6 | 0.3 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.1 | 0 | $ 1.4 | 0.1 |
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 | 898,156 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,019,517 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,917,673 | 1,917,673 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 14.06 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 14.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 14.23 | $ 14.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 9 months 18 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance and restricted stock units expense | $ 1.5 | 1.4 | $ 9.2 | 9 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.4 | $ 0.4 | $ 2.3 | $ 2.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,285,965 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 839,818 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (16,559) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (48,220) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,061,004 | 3,061,004 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.11 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 14.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 14 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 12.57 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.74 | $ 12.74 | ||
Restricted Stock [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, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 10 months 24 days | |||
2021 Performance unit Award | Performance Units [Member] | Tranche 1 | ||||
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, Fair Value Assumptions, Expected Term | 2 years | |||
2021 Performance unit Award | Performance Units [Member] | Tranche 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||
2021 Performance unit Award | Performance Units [Member] | Market Condition [Member] | Tranche 1 | ||||
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, 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% | |||
2021 Performance unit Award | Performance Units [Member] | Market Condition [Member] | Tranche 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.30% | |||
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Tranche 1 | ||||
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, Fair Value Assumptions, Expected Term | 3 years | |||
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Tranche 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year | |||
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Tranche 3 [Domain] | ||||
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, Fair Value Assumptions, Expected Term | 1 year | |||
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | Tranche 1 | ||||
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, Fair Value Assumptions, Risk Free Interest Rate | 2.30% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 32.50% | |||
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | Tranche 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 74.10% | |||
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | Tranche 3 [Domain] | ||||
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, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.10% | |||
2022 Performance Unit Award | Performance Units [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, Fair Value Assumptions, Expected Term | 3 years | |||
2022 Performance Unit Award | Performance Units [Member] | Market Condition [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, Fair Value Assumptions, Expected Volatility Rate | 53.50% | |||
2022 Performance Unit Award | Performance Units [Member] | Market Condition [Member] | Tranche 1 | ||||
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, Fair Value Assumptions, Risk Free Interest Rate | 0.30% |
Share-Based Compensation Narrat
Share-Based Compensation Narrative (Details) | 3 Months Ended | 6 Months Ended |
Aug. 27, 2021USD ($) | Aug. 27, 2021USD ($)$ / sharesshares | |
Performance Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1,019,517 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 14.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,000,000 | $ 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 9 months 18 days | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 839,818 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 14.45 | |
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, Share-based Awards Other than Options | $ 8,900,000 | $ 8,900,000 |
2022 Performance Unit Award | Performance Units [Member] | Market Condition [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 6.1 | 6.1 |
2021 Performance unit Award | Performance Units [Member] | Market Condition [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 3.7 | 3.7 |
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 1.6 | $ 1.6 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | ||
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Cost | $ 13.2 | $ 12.9 | $ 26.3 | $ 26 | |
Sublease Income | (0.5) | (0.6) | (0.9) | (0.9) | |
Lease, Cost | 12.7 | 12.3 | 25.4 | 25.1 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 15.7 | $ 1.4 | $ 17.3 | $ 1.9 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 2 months 12 days | 6 years 9 months 18 days | 6 years 2 months 12 days | 6 years 9 months 18 days | |
Operating Leases, Future Minimum Payments, Due in Two Years | [1] | $ 48.4 | $ 48.4 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | [1] | 43.5 | 43.5 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | [1] | 41.2 | 41.2 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | [1] | 32.9 | 32.9 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | [1] | 73.3 | 73.3 | ||
Operating Leases, Future Minimum Payments Due | [1] | 265.4 | 265.4 | ||
Operating Lease interest included in future lease payments | [1] | 28.7 | 28.7 | ||
Operating Lease, Liability | [1] | 236.7 | 236.7 | ||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | [1] | 26.1 | 26.1 | ||
Operating Lease, Payments | $ 13.4 | $ 12.1 | $ 26.8 | $ 24.7 | |
[1] | Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced. |
Leases weighted (Details)
Leases weighted (Details) | Aug. 27, 2021 | Aug. 28, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 2 months 12 days | 6 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% | 4.00% |
Leases lessee (Details)
Leases lessee (Details) | Aug. 27, 2021 | Aug. 28, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Payments | 6 years 2 months 12 days | 6 years 9 months 18 days |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 27, 2021 | Aug. 28, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | Feb. 26, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 724.8 | $ 818.8 | $ 1,281.4 | $ 1,301.6 | |
Operating income | 33.9 | 88.6 | 2.1 | 36.3 | |
Total assets | 2,313.5 | 2,313.5 | $ 2,354 | ||
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 523.3 | 631.2 | 899.6 | 965.1 | |
Operating income | 44.7 | 94.6 | 29.7 | 71.1 | |
Total assets | 1,093.9 | 1,093.9 | 1,015.3 | ||
EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 138.9 | 125.9 | 262.5 | 225.4 | |
Operating income | (1.6) | (3.5) | (7.3) | (28.1) | |
Total assets | 420.7 | 420.7 | 414.4 | ||
Other category [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 62.6 | 61.7 | 119.3 | 111.1 | |
Operating income | (4.2) | 1.1 | (9.5) | (0.5) | |
Total assets | 212.9 | 212.9 | 211.3 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | (5) | $ (3.6) | (10.8) | $ (6.2) | |
Total assets | $ 586 | $ 586 | $ 713 |