Steelcase (SCS) 10-Q 24 Jun 22 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 27, 2022	Jun. 21, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 27, 2022
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	Q1
Document Fiscal Year Focus	2023
Entity Central Index Key	0001050825
Current Fiscal Year End Date	--02-24
Common Class A [Member]
Entity Common Stock, Shares Outstanding		92,266,368
Common Class B [Member]
Entity Common Stock, Shares Outstanding		20,495,134

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Millions	3 Months Ended
	May 27, 2022	May 28, 2021
Revenue	$ 740.7	$ 556.6
Cost of sales	548.2	401.9
Gross profit	191.6	154.7
Operating expenses	200.9	186.5
Operating loss	(12.6)	(31.8)
Interest expense	(6.4)	(6.4)
Investment income	0.1	0.2
Other income (expense), net	3.1	(0.8)
Loss before income tax benefit	(15.8)	(38.8)
Income tax benefit	(4.4)	(10.7)
Net loss	$ (11.4)	$ (28.1)
Earnings per share
Basic	$ (0.10)	$ (0.24)
Diluted	(0.10)	(0.24)
Dividends declared and paid per common share	$ 0.145	$ 0.100
Cost of Sales
Restructuring costs	$ 0.9	$ 0
Operating Expense
Restructuring costs	$ 3.3	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	May 27, 2022	May 28, 2021
Amounts used in calculating earnings (loss) per share	$ (11.4)	$ (28.1)
Unrealized gain (loss) on investments	(0.3)	0.2
Pension and other post-retirement liability adjustments	0.2	(0.1)
Derivative amortization	0.3	0.2
Foreign currency translation adjustments	(18.6)	0.9
Total other comprehensive income (loss), net	(29.8)	(26.9)
Comprehensive loss	$ (18.4)	$ 1.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		May 27, 2022	Feb. 25, 2022
Assets, Current [Abstract]
Cash and cash equivalents		$ 116.7	$ 200.9
Accounts receivable, net of allowance of $8.2 and $8.0		349	340.4
Inventories		372	326.2
Prepaid expenses		29.8	24
Income taxes receivable		16.4	41.7
Other current assets		33.7	26
Total current assets		917.6	959.2
Property, plant and equipment, net of accumulated depreciation of $1,086.7 and $1,089.0		383.2	392.8
Company-owned life insurance ("COLI")		162.8	168
Deferred income taxes		120.8	121.2
Goodwill		241.8	242.8
Other intangible assets, net of accumulated amortization of $88.7 and $86.4		79.6	85.5
Investments in unconsolidated affiliates		53.1	53.1
Right-of-use operating lease assets		199.1	209.8
Other assets		28.8	28.6
Total assets		2,186.8	2,261
Liabilities, Current [Abstract]
Accounts payable		256.9	243.6
Short-term borrowings and current portion of long-term debt		37.2	5.1
Current operating lease obligations		43.2	44.2
Accrued expenses:
Employee compensation		61.9	75.6
Employee benefit plan obligations		19.5	25.4
Accrued promotions		30.3	32.9
Customer deposits		49.5	53.4
Other		88.8	87
Total current liabilities		587.3	567.2
Long-term liabilities:
Long-term debt less current maturities		445.2	477.4
Employee benefit plan obligations		115.6	126.7
Long-term operating lease obligations		172.2	182.2
Other long-term liabilities		52.4	55.3
Total long-term liabilities		785.4	841.6
Total liabilities		1,372.7	1,408.8
Shareholders' equity:
Additional paid-in capital	[1]	10.3	1.5
Accumulated Other Comprehensive Income (Loss), Net of Tax		(69)	(50.6)
Retained earnings		872.8	901.3
Total shareholders’ equity		814.1	852.2
Total liabilities and shareholders’ equity		$ 2,186.8	$ 2,261
[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	May 27, 2022	Feb. 25, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 1,086.7	$ 1,089
Other intangible assets, accumulated amortization	88.7	86.4
Accounts Receivable, after Allowance for Credit Loss, Current	$ 8.2	$ 8

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions		Total	Additional Paid-in Capital
Common shares outstanding, beginning of period at Feb. 26, 2021		114,908,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances		13,093
Common stock repurchases		(353,196)
Performance and restricted stock units issued as common stock		1,095,826
Common shares outstanding, end of period at May. 28, 2021		115,664,399
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]	0.2
Common stock repurchases	[1]		$ (4.3)
Performance and restricted stock units expense	[1]	12.9
Additional paid-in capital, end of period at May. 28, 2021	[1]	21.3
Accumulated other comprehensive income (loss), beginning of period at Feb. 26, 2021		(40)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net other comprehensive income (loss) during the period		1.2
Accumulated other comprehensive income (loss), end of period at May. 28, 2021		(38.8)
Retained earnings, beginning of period at Feb. 26, 2021		988
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amounts used in calculating earnings (loss) per share		(28.1)
Dividends paid		(12.1)
Retained earnings, end of period at May. 28, 2021		947.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent		930.3
Stockholders' Equity Attributable to Parent		$ 852.2
Common shares outstanding, beginning of period at Feb. 25, 2022		112,109,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances		21,172
Common stock repurchases		(279,103)
Performance and restricted stock units issued as common stock		889,128
Common shares outstanding, end of period at May. 27, 2022		112,740,491
Additional paid-in capital, beginning of period at Feb. 25, 2022	[1]	$ 1.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.2
Common stock repurchases	[1]		$ (3.4)
Performance and restricted stock units expense	[1]	12
Additional paid-in capital, end of period at May. 27, 2022	[1]	10.3
Accumulated other comprehensive income (loss), beginning of period at Feb. 25, 2022		(50.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net other comprehensive income (loss) during the period		(18.4)
Accumulated other comprehensive income (loss), end of period at May. 27, 2022		(69)
Retained earnings, beginning of period at Feb. 25, 2022		901.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amounts used in calculating earnings (loss) per share		(11.4)
Dividends paid		(17.1)
Retained earnings, end of period at May. 27, 2022		872.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent		$ 814.1
[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 ($) $ in Millions		3 Months Ended
		May 27, 2022	May 28, 2021
OPERATING ACTIVITIES
Amounts used in calculating earnings (loss) per share		$ (11.4)	$ (28.1)
Depreciation and amortization		20.2	20.7
Share-based compensation		12.2	13.1
Restructuring costs		4.2	0
Other		(4.2)	(4.7)
Changes in operating assets and liabilities net of acquisitions:
Accounts receivable		(14.5)	10.1
Inventories		(50.6)	(34.2)
Income taxes receivable		25.3	(9.5)
Other assets		(13.2)	(4.6)
Accounts payable		16.7	17.8
Employee compensation liabilities		(18.5)	(36)
Employee benefit obligations		(17.2)	(18.1)
Customer deposits received, net of revenue recognized during the period		(3)	8.4
Accrued expenses and other liabilities		(1.1)	1.5
Net cash provided by operating activities		(55.1)	(63.6)
INVESTING ACTIVITIES
Capital expenditures		(13.6)	(18.4)
Other		6.3	5.4
Net cash used in investing activities		(7.3)	(13)
FINANCING ACTIVITIES
Dividends paid		(17.1)	(12.1)
Common stock repurchases		(3.4)	(4.3)
Other		(0.2)	(0.4)
Net cash used in financing activities		(20.7)	(16.8)
Effect of exchange rate changes on cash and cash equivalents		(1.3)	0.3
Net decrease in cash, cash equivalents and restricted cash		(84.4)	(93.1)
Cash and cash equivalents and restricted cash, beginning of period (1)	[1]	207	495.6
Cash and cash equivalents and restricted cash, end of period (2)	[2]	$ 122.6	$ 402.5
[1]These amounts include restricted cash of $6.1 and $5.8 as of February 25, 2022 and February 26, 2021, respectively.[2]These amounts include restricted cash of $5.9 and $5.3 as of May 27, 2022 and May 28, 2021, respectively.

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	May 27, 2022
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 25, 2022 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 25, 2022 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.

Accounting Policies

Accounting Policies	3 Months Ended
	May 27, 2022
Accounting Policies [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDSWe evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board 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.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	May 27, 2022
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 May 27, May 28, Americas Desking, benching, systems and storage $ 260.3 $ 185.1 Seating 156.2 118.2 Other (1) 104.3 73.0 EMEA Desking, benching, systems and storage 55.7 54.8 Seating 53.3 33.9 Other (1) 47.4 34.9 Other Desking, benching, systems and storage 11.7 10.8 Seating 17.4 14.5 Other (1) 34.4 31.4 $ 740.7 $ 556.6 _______________________________________ (1) The other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. Reportable geographic information is as follows: Reportable Geographic Revenue Three Months Ended May 27, May 28, United States $ 501.8 $ 359.3 Foreign locations 238.9 197.3 $ 740.7 $ 556.6 Contract Balances At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability ( Customer deposits ) presented on the Condensed Consolidated Balance Sheets. Changes in the Customer deposits balance during the three months ended May 27, 2022 are as follows: Customer Deposits Balance as of February 25, 2022 $ 53.4 Recognition of revenue related to beginning of year customer deposits (37.0) Customer deposits received, net of revenue recognized during the period 33.1 Balance as of May 27, 2022 $ 49.5

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	May 27, 2022
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 May 27, 2022 Three Months Ended May 28, 2021 Net Loss Basic Shares Diluted Shares Net Loss Basic Shares Diluted Shares Amounts used in calculating earnings (loss) per share $ (11.4) 116.7 116.7 $ (28.1) 118.3 118.3 Impact of participating securities 0.4 (4.0) (4.0) 0.6 (2.7) (2.7) Amounts used in calculating earnings (loss) per share, excluding participating securities $ (11.0) 112.7 112.7 $ (27.5) 115.6 115.6 Earnings (loss) per share $ (0.10) $ (0.10) $ (0.24) $ (0.24) There were 0.4 and 0.5 anti-dilutive performance units excluded from the computation of diluted earnings (loss) per share for the three months ended May 27, 2022 and May 28, 2021, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	May 27, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended May 27, 2022: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of February 25, 2022 $ 0.3 $ 5.2 $ (6.7) $ (49.4) $ (50.6) Other comprehensive income (loss) before reclassifications (0.3) 0.5 — (18.6) (18.4) Amounts reclassified from accumulated other comprehensive income (loss) — (0.3) 0.3 — — Net other comprehensive income (loss) during the period (0.3) 0.2 0.3 (18.6) (18.4) Balance as of May 27, 2022 $ — $ 5.4 $ (6.4) $ (68.0) $ (69.0) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three months ended May 27, 2022 and May 28, 2021: Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Operations Three Months Ended May 27, May 28, Amortization of pension and other post-retirement actuarial losses (gains) $ (0.4) $ (0.1) Other income (expense), net Income tax expense 0.1 — Income tax benefit (0.3) (0.1) Derivative amortization 0.4 0.3 Interest expense Income tax benefit (0.1) (0.1) Income tax benefit 0.3 0.2 Total reclassifications $ — $ 0.1

Fair Value

Fair Value	3 Months Ended
	May 27, 2022
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 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 on the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $482.4 and $482.5 as of May 27, 2022 and February 25, 2022, 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 $451.0 and $516.7 as of May 27, 2022 and February 25, 2022, 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 May 27, 2022 and February 25, 2022 are summarized below: May 27, 2022 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 116.7 $ — $ — $ 116.7 Restricted cash 5.9 — — 5.9 Foreign exchange forward contracts — 2.3 — 2.3 Auction rate security — — 2.2 2.2 $ 122.6 $ 2.3 $ 2.2 $ 127.1 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) February 25, 2022 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 200.9 $ — $ — $ 200.9 Restricted cash 6.1 — — 6.1 Foreign exchange forward contracts — 1.0 — 1.0 Auction rate security — — 2.6 2.6 $ 207.0 $ 1.0 $ 2.6 $ 210.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 27, 2022: Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Security Balance as of February 25, 2022 $ 2.6 Unrealized gain on investment (0.4) Balance as of May 27, 2022 $ 2.2

Inventories

Inventories	3 Months Ended
	May 27, 2022
Inventories [Abstract]
Inventories	INVENTORIES Inventories May 27, February 25, Raw materials and work-in-process $ 234.9 $ 208.2 Finished goods 168.0 146.9 402.9 355.1 Revaluation to LIFO 30.9 28.9 $ 372.0 $ 326.2 The portion of inventories determined by the LIFO method was $165.7 and $141.4 as of May 27, 2022 and February 25, 2022, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	May 27, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement	8. 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 May 27, 2022, the following PSUs have been issued and remained outstanding: • 428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs"), • 448,300 PSUs to be earned over the period of 2022 through 2024 (the "2022 PSUs") and • 529,500 PSUs to be earned over the period of 2021 through 2023 (the "2021 PSUs"). 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. As of May 27, 2022, the 2023 PSUs, 2022 PSUs and 2021 PSUs were considered granted as follows: • In Q1 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs, Tranche 2 of the 2022 PSUs and Tranche 3 of the 2021 PSUs, and accordingly, such tranches were considered granted in Q1 2023. • In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs and Tranche 2 of the 2021 PSUs, and accordingly, such tranches were considered granted in Q1 2022. • In Q1 2021, the performance conditions were established for Tranche 1 of the 2021 PSUs, and accordingly, such tranche was considered granted in Q1 2021. 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 total fair value of $5.2, $4.8 and $2.3 for the PSUs with market conditions granted in 2023, 2022 and 2021, respectively, that remain outstanding as of May 27, 2022. The Monte Carlo simulation was computed using the following assumptions: FY23 Award FY22 Award FY21 Award Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 2.6 % 2.3 % 0.3 % 1.6 % 0.2 % 0.2 % Expected term 3 years 2 years 3 years 1 year 2 years 2 years Estimated volatility (2) 52.2 % 43.8 % 53.5 % 28.7 % 61.3 % 58.1 % _______________________________________ (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 preceding the grant date. The total PSU expense and associated tax benefit recorded during the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended Performance Units May 27, May 28, Expense $ 4.1 $ 5.2 Tax benefit 1.0 1.3 The PSU activity for the three months ended May 27, 2022 is as follows: Maximum Number of Shares of Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 1,205,833 $ 14.21 Granted 1,125,192 11.13 Nonvested as of May 27, 2022 2,331,025 $ 12.72 As of May 27, 2022, there was $1.5 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 2.2 years. Restricted Stock Units During the three months ended May 27, 2022, we awarded 1,008,424 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse one to 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 grant date. For participants who are or become retirement-eligible during the service period for awards that are considered retirement-eligible, the RSUs are expensed over the period ending on the date that the participant becomes retirement-eligible. The total RSU expense and associated tax benefit for the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended Restricted Stock Units May 27, May 28, Expense $ 7.9 $ 7.7 Tax benefit 2.0 1.9 The RSU activity for the three months ended May 27, 2022 is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 3,445,438 $ 11.86 Granted 1,008,424 11.21 Vested (10,500) 14.27 Forfeited (10,200) 14.37 Nonvested as of May 27, 2022 4,433,162 $ 11.70 As of May 27, 2022, there was $22.1 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 1.9 years.

Leases, Codification Topic 842

Leases, Codification Topic 842	3 Months Ended
	May 27, 2022
Leases [Abstract]
Lessee, Operating Leases	LEASES We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2035. 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 for the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended May 27, May 28, Operating lease cost $ 12.1 $ 13.1 Sublease rental income (0.6) (0.4) $ 11.5 $ 12.7 Supplemental cash flow and other information related to leases for the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended May 27, May 28, Cash flow information: Operating cash flows used for operating leases $ 13.5 $ 13.4 Leased assets obtained in exchange for new operating lease obligations $ 3.2 $ 1.6 Other information: Weighted-average remaining term 5.8 years 6.5 years Weighted-average discount rate 3.6 % 3.8 % The following table summarizes the future minimum lease payments as of May 27, 2022: Fiscal year ending in February Amount (1) 2023 $ 38.6 2024 46.3 2025 44.4 2026 33.4 2027 26.8 Thereafter 49.4 Total lease payments $ 238.9 Less: Interest 23.5 Present value of lease liabilities $ 215.4 _______________________________________ (1) Lease payments include

Business Combinations

Business Combinations	3 Months Ended
	May 27, 2022
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Viccarbe In Q3 2022, we acquired Viccarbe, a Spanish designer of contemporary furniture for high-performance collaborative and social spaces. The transaction included the purchase of all the outstanding capital stock of Viccarbe for $34.9 (or €30.0) in an all-cash transaction using cash on-hand. Up to an additional $15.1 (or €13.0) is payable to the sellers based upon the achievement of certain sales and operating income targets over a three-year period. This amount was determined to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. As a result, we recorded a related liability of $4.9 (or €4.2). An additional amount of $7.0 (or €6.0) is also payable to the sellers based upon the achievement of certain milestones and continued employment over a five-year period, which will be expensed over the service period on a straight-line basis. Tangible assets and liabilities of Viccarbe 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 $11.7 related to identifiable intangible assets, $25.8 related to goodwill and $5.1 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and accounts payable) and property, plant and equipment. Additionally, we recorded a deferred tax liability in the amount of $2.9 associated with the tax basis difference in acquired book assets. The goodwill was recorded in the EMEA segment and is not deductible for income tax purposes in Spain. The goodwill resulting from the acquisition is primarily related to the growth potential of Viccarbe and our intention to expand the manufacturing of Viccarbe products in geographic regions outside of EMEA and to offer Viccarbe products through our global distribution network. Intangible assets are principally related to the Viccarbe trade name, dealer relationships and internally developed know-how and designs, which will be amortized over periods ranging from 9 to 13 years from the date of acquisition. The purchase price allocation for the acquisition was incomplete as of May 27, 2022. We are still evaluating certain deferred tax balances and working capital adjustments. The amounts recognized related to the purchase price allocation will be finalized no later than one year after the acquisition date. The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Useful Life Fair Value Trademark 9.0 $ 4.6 Dealer relationships 13.0 3.8 Know-how/designs 9.0 3.3 $ 11.7 The fair value of the purchased intangible assets will be amortized on a straight-line basis over its remaining useful life. The following table summarizes the estimated future amortization expense for the next five years as of May 27, 2022: Fiscal Year Ending in February Amount 2023 $ 0.8 2024 1.1 2025 1.1 2026 1.1 2027 1.1 $ 5.2

Reportable Segments

Reportable Segments	3 Months Ended
	May 27, 2022
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 and architectural products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, AMQ, Smith System, Orangebox and Viccarbe brands. The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Coalesse, Orangebox and Viccarbe brands, with a comprehensive portfolio of furniture and architectural 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 and architectural products. Designtex 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, investments in unconsolidated affiliates and right-of-use assets related to operating leases. Revenue and operating income (loss) for the three months ended May 27, 2022 and May 28, 2021 and total assets as of May 27, 2022 and February 25, 2022 by segment are presented in the following table: Three Months Ended Reportable Segment Statement of Operations Data May 27, May 28, Revenue Americas $ 520.8 $ 376.3 EMEA 156.4 123.6 Other 63.5 56.7 $ 740.7 $ 556.6 Operating income (loss) Americas $ (1.2) $ (15.0) EMEA 1.3 (5.7) Other (2.9) (5.3) Corporate (9.8) (5.8) $ (12.6) $ (31.8) Reportable Segment Balance Sheet Data May 27, February 25, Total assets Americas $ 1,143.0 $ 1,110.4 EMEA 454.9 475.2 Other 219.8 227.6 Corporate 369.1 447.8 $ 2,186.8 $ 2,261.0

Restructuring and Related Activ

Restructuring and Related Activities	3 Months Ended
	May 27, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	12. RESTRUCTURING ACTIVITIES In Q4 2022, our Board of Directors approved restructuring actions related to the exit of our technology business in connection with our strategy to shift from offering a portfolio of technology products toward partnering with technology companies to create integrated collaborative solutions. The restructuring actions include involuntary terminations of the majority of salaried employees of the business and the termination of supplier and customer contracts related to the business. We expect to incur approximately $5 in restructuring costs in the Americas segment related to these actions, consisting of cash severance payments and payment of other business exit costs. We recorded $1.8 related to employee termination costs and $2.4 related to business exit and other related costs in Q1 2023 for actions initiated during the quarter. We expect all of the actions to be completed by the end of Q3 2023. The following table details the changes in the restructuring reserve balance as of May 27, 2022: Workforce reductions Business exit and related costs Total Balance as of February 25, 2022 $ — $ — $ — Restructuring costs 1.8 2.4 4.2 Payments (1.5) (1.5) (3.0) Balance as of May 27, 2022 $ 0.3 $ 0.9 $ 1.2

Subsequent Events

Subsequent Events	3 Months Ended
	May 27, 2022
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS On June 10, 2022, we acquired Halcon Furniture LLC ("Halcon"), a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. The transaction included the purchase of all the outstanding membership interests of Halcon for $127.5 plus an adjustment of $3.1 for working capital in an all-cash transaction. Up to an additional $9.5 is payable to the seller, contingent upon the achievement of certain performance targets and continued employment of the seller over a specified period. The acquisition was funded using a combination of cash on-hand and borrowings under our global committed bank facility.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 27, 2022
Revenue [Abstract]
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 May 27, May 28, Americas Desking, benching, systems and storage $ 260.3 $ 185.1 Seating 156.2 118.2 Other (1) 104.3 73.0 EMEA Desking, benching, systems and storage 55.7 54.8 Seating 53.3 33.9 Other (1) 47.4 34.9 Other Desking, benching, systems and storage 11.7 10.8 Seating 17.4 14.5 Other (1) 34.4 31.4 $ 740.7 $ 556.6 _______________________________________ (1) The other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. Reportable geographic information is as follows: Reportable Geographic Revenue Three Months Ended May 27, May 28, United States $ 501.8 $ 359.3 Foreign locations 238.9 197.3 $ 740.7 $ 556.6
Contract with Customer, changes in customer deposits	Changes in the Customer deposits balance during the three months ended May 27, 2022 are as follows: Customer Deposits Balance as of February 25, 2022 $ 53.4 Recognition of revenue related to beginning of year customer deposits (37.0) Customer deposits received, net of revenue recognized during the period 33.1 Balance as of May 27, 2022 $ 49.5

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 27, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	Computation of Earnings (Loss) Per Share Three Months Ended May 27, 2022 Three Months Ended May 28, 2021 Net Loss Basic Shares Diluted Shares Net Loss Basic Shares Diluted Shares Amounts used in calculating earnings (loss) per share $ (11.4) 116.7 116.7 $ (28.1) 118.3 118.3 Impact of participating securities 0.4 (4.0) (4.0) 0.6 (2.7) (2.7) Amounts used in calculating earnings (loss) per share, excluding participating securities $ (11.0) 112.7 112.7 $ (27.5) 115.6 115.6 Earnings (loss) per share $ (0.10) $ (0.10) $ (0.24) $ (0.24)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	May 27, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended May 27, 2022: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of February 25, 2022 $ 0.3 $ 5.2 $ (6.7) $ (49.4) $ (50.6) Other comprehensive income (loss) before reclassifications (0.3) 0.5 — (18.6) (18.4) Amounts reclassified from accumulated other comprehensive income (loss) — (0.3) 0.3 — — Net other comprehensive income (loss) during the period (0.3) 0.2 0.3 (18.6) (18.4) Balance as of May 27, 2022 $ — $ 5.4 $ (6.4) $ (68.0) $ (69.0)
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 three months ended May 27, 2022 and May 28, 2021: Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Operations Three Months Ended May 27, May 28, Amortization of pension and other post-retirement actuarial losses (gains) $ (0.4) $ (0.1) Other income (expense), net Income tax expense 0.1 — Income tax benefit (0.3) (0.1) Derivative amortization 0.4 0.3 Interest expense Income tax benefit (0.1) (0.1) Income tax benefit 0.3 0.2 Total reclassifications $ — $ 0.1

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	May 27, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value as of May 27, 2022 and February 25, 2022 are summarized below: May 27, 2022 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 116.7 $ — $ — $ 116.7 Restricted cash 5.9 — — 5.9 Foreign exchange forward contracts — 2.3 — 2.3 Auction rate security — — 2.2 2.2 $ 122.6 $ 2.3 $ 2.2 $ 127.1 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) February 25, 2022 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 200.9 $ — $ — $ 200.9 Restricted cash 6.1 — — 6.1 Foreign exchange forward contracts — 1.0 — 1.0 Auction rate security — — 2.6 2.6 $ 207.0 $ 1.0 $ 2.6 $ 210.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) $ — $ (0.3) $ — $ (0.3)
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 three months ended May 27, 2022: Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Security Balance as of February 25, 2022 $ 2.6 Unrealized gain on investment (0.4) Balance as of May 27, 2022 $ 2.2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	May 27, 2022
Inventories [Abstract]
Schedule of Inventory	Inventories May 27, February 25, Raw materials and work-in-process $ 234.9 $ 208.2 Finished goods 168.0 146.9 402.9 355.1 Revaluation to LIFO 30.9 28.9 $ 372.0 $ 326.2

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 27, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share Based Payment Award Performance Units Valuation Assumptions	The Monte Carlo simulation was computed using the following assumptions: FY23 Award FY22 Award FY21 Award Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 2.6 % 2.3 % 0.3 % 1.6 % 0.2 % 0.2 % Expected term 3 years 2 years 3 years 1 year 2 years 2 years Estimated volatility (2) 52.2 % 43.8 % 53.5 % 28.7 % 61.3 % 58.1 % _______________________________________ (1) Based on the U.S. Government bond benchmark on the grant date.
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements	The total PSU expense and associated tax benefit recorded during the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended Performance Units May 27, May 28, Expense $ 4.1 $ 5.2 Tax benefit 1.0 1.3 The total RSU expense and associated tax benefit for the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended Restricted Stock Units May 27, May 28, Expense $ 7.9 $ 7.7 Tax benefit 2.0 1.9
Share-based Payment Arrangement, Performance Shares, Activity	The PSU activity for the three months ended May 27, 2022 is as follows: Maximum Number of Shares of Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 1,205,833 $ 14.21 Granted 1,125,192 11.13 Nonvested as of May 27, 2022 2,331,025 $ 12.72 As of May 27, 2022, there was $1.5 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 2.2 years.
Schedule of Restricted Stock Unit Awards Activity	The RSU activity for the three months ended May 27, 2022 is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 3,445,438 $ 11.86 Granted 1,008,424 11.21 Vested (10,500) 14.27 Forfeited (10,200) 14.37 Nonvested as of May 27, 2022 4,433,162 $ 11.70

Leases, Codification Topic 842

Leases, Codification Topic 842 (Tables)	3 Months Ended
	May 27, 2022
Leases [Abstract]
Lease, Cost [Table Text Block]	The components of lease expense for the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended May 27, May 28, Operating lease cost $ 12.1 $ 13.1 Sublease rental income (0.6) (0.4) $ 11.5 $ 12.7
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow and other information related to leases for the three months ended May 27, 2022 and May 28, 2021 are as follows: Three Months Ended May 27, May 28, Cash flow information: Operating cash flows used for operating leases $ 13.5 $ 13.4 Leased assets obtained in exchange for new operating lease obligations $ 3.2 $ 1.6 Other information: Weighted-average remaining term 5.8 years 6.5 years Weighted-average discount rate 3.6 % 3.8 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The following table summarizes the future minimum lease payments as of May 27, 2022: Fiscal year ending in February Amount (1) 2023 $ 38.6 2024 46.3 2025 44.4 2026 33.4 2027 26.8 Thereafter 49.4 Total lease payments $ 238.9 Less: Interest 23.5 Present value of lease liabilities $ 215.4 _______________________________________ (1) Lease payments include

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	May 27, 2022
Business Combinations [Abstract]
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Other Intangible Assets Useful Life Fair Value Trademark 9.0 $ 4.6 Dealer relationships 13.0 3.8 Know-how/designs 9.0 3.3 $ 11.7
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The fair value of the purchased intangible assets will be amortized on a straight-line basis over its remaining useful life. The following table summarizes the estimated future amortization expense for the next five years as of May 27, 2022: Fiscal Year Ending in February Amount 2023 $ 0.8 2024 1.1 2025 1.1 2026 1.1 2027 1.1 $ 5.2

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	May 27, 2022
Reportable Segments [Abstract]
Schedule of Segment Reporting Information	Revenue and operating income (loss) for the three months ended May 27, 2022 and May 28, 2021 and total assets as of May 27, 2022 and February 25, 2022 by segment are presented in the following table: Three Months Ended Reportable Segment Statement of Operations Data May 27, May 28, Revenue Americas $ 520.8 $ 376.3 EMEA 156.4 123.6 Other 63.5 56.7 $ 740.7 $ 556.6 Operating income (loss) Americas $ (1.2) $ (15.0) EMEA 1.3 (5.7) Other (2.9) (5.3) Corporate (9.8) (5.8) $ (12.6) $ (31.8) Reportable Segment Balance Sheet Data May 27, February 25, Total assets Americas $ 1,143.0 $ 1,110.4 EMEA 454.9 475.2 Other 219.8 227.6 Corporate 369.1 447.8 $ 2,186.8 $ 2,261.0

Restructuring and Related Act_2

Restructuring and Related Activities (Tables)	3 Months Ended
	May 27, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The following table details the changes in the restructuring reserve balance as of May 27, 2022: Workforce reductions Business exit and related costs Total Balance as of February 25, 2022 $ — $ — $ — Restructuring costs 1.8 2.4 4.2 Payments (1.5) (1.5) (3.0) Balance as of May 27, 2022 $ 0.3 $ 0.9 $ 1.2

New Accounting Standards (Detai

New Accounting Standards (Details)	3 Months Ended
	May 27, 2022
Accounting Policies [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Description	We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board 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

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions		3 Months Ended
		May 27, 2022	May 28, 2021
Disaggregation of Revenue [Line Items]
Revenue		$ 740.7	$ 556.6
Balance as of February 25, 2022		53.4
Customer deposits received, net of revenue recognized during the period		(3)	8.4
Balance as of May 27, 2022		49.5
Deposits [Member]
Disaggregation of Revenue [Line Items]
Recognition of revenue related to beginning of year customer deposits		(37)
Customer deposits received, net of revenue recognized during the period		33.1
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue		501.8	359.3
Foreign locations [Member]
Disaggregation of Revenue [Line Items]
Revenue		238.9	197.3
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue		520.8	376.3
Americas [Member] | Systems and storage [Member]
Disaggregation of Revenue [Line Items]
Revenue		260.3	185.1
Americas [Member] | Seating [Member]
Disaggregation of Revenue [Line Items]
Revenue		156.2	118.2
Americas [Member] | Other Product Category [Member]
Disaggregation of Revenue [Line Items]
Revenue	[1]	104.3	73
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenue		156.4	123.6
EMEA [Member] | Systems and storage [Member]
Disaggregation of Revenue [Line Items]
Revenue		55.7	54.8
EMEA [Member] | Seating [Member]
Disaggregation of Revenue [Line Items]
Revenue		53.3	33.9
EMEA [Member] | Other Product Category [Member]
Disaggregation of Revenue [Line Items]
Revenue	[1]	47.4	34.9
Other category [Member]
Disaggregation of Revenue [Line Items]
Revenue		63.5	56.7
Other category [Member] | Systems and storage [Member]
Disaggregation of Revenue [Line Items]
Revenue		11.7	10.8
Other category [Member] | Seating [Member]
Disaggregation of Revenue [Line Items]
Revenue		17.4	14.5
Other category [Member] | Other Product Category [Member]
Disaggregation of Revenue [Line Items]
Revenue	[1]	$ 34.4	$ 31.4
[1]The other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 27, 2022	May 28, 2021
Computation of Basic and Diluted Earnings Per Share [Line Items]
Amounts used in calculating earnings (loss) per share	$ (11.4)	$ (28.1)
Impact of participating securities	$ 0.4	$ 0.6
Adjustment for participating securities (in millions)	(4)	(2.7)
Net income used in calculating earnings per share	$ (11)	$ (27.5)
Basic	$ (0.10)	$ (0.24)
Diluted	$ (0.10)	$ (0.24)
Including
Computation of Basic and Diluted Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	116.7	118.3
Weighted Average Number of Shares Outstanding, Diluted	116.7	118.3
Excluding
Computation of Basic and Diluted Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	112.7	115.6
Weighted Average Number of Shares Outstanding, Diluted	112.7	115.6

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	May 27, 2022	May 28, 2021	Feb. 25, 2022	Feb. 26, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (69)	$ (38.8)	$ (50.6)	$ (40)
Other comprehensive income (loss) before reclassifications	(18.4)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net other comprehensive income (loss) during the period	(18.4)	1.2
Income tax benefit	(4.4)	(10.7)
Interest Expense	6.4	6.4
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	0	0.1
Unrealized gain (loss) on investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0		0.3
Other comprehensive income (loss) before reclassifications	(0.3)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net other comprehensive income (loss) during the period	(0.3)
Pension and other post-retirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	5.4		5.2
Other comprehensive income (loss) before reclassifications	0.5
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)
Net other comprehensive income (loss) during the period	0.2
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)	(0.1)
Income tax benefit	0.1	0
Pension and other post-retirement liability adjustments [Member] | Actuarial losses (gains) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Income	(0.4)	(0.1)
Derivative Amortization
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(6.4)		(6.7)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0.3
Net other comprehensive income (loss) during the period	0.3
Derivative Amortization | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	0.3	0.2
Income tax benefit	(0.1)	(0.1)
Derivative Amortization | Derivative [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense	0.4	$ 0.3
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(68)		$ (49.4)
Other comprehensive income (loss) before reclassifications	(18.6)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net other comprehensive income (loss) during the period	$ (18.6)

Fair Value Narrative (Details)

Fair Value Narrative (Details) - USD ($)	3 Months Ended
	May 27, 2022	Feb. 25, 2022
Fair Value Disclosures [Abstract]
Debt, Long-term and Short-term, Combined Amount	$ 482,400,000	$ 482,500,000
Long-term Debt, Fair Value	451,000,000	516,700,000
Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	116,700,000	200,900,000
Restricted cash	5,900,000	6,100,000
Assets, Fair Value Disclosure	127,100,000	210,600,000
Foreign exchange forward contracts	(300,000)	(300,000)
Liabilities, Fair Value Disclosure	(300,000)	(300,000)
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange forward contracts	2,300,000	1,000,000
Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Auction rate security	2,200,000	2,600,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents		200,900,000
Restricted cash	5,900,000	6,100,000
Assets, Fair Value Disclosure	122,600,000	207,000,000
Foreign exchange forward contracts	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | Foreign Exchange Contract [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange forward contracts	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | Auction Rate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Auction rate security	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Assets, Fair Value Disclosure	2,300,000	1,000,000
Foreign exchange forward contracts	(300,000)	(300,000)
Liabilities, Fair Value Disclosure	(300,000)	(300,000)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | Foreign Exchange Contract [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange forward contracts	2,300,000	1,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | Auction Rate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Auction rate security	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Assets, Fair Value Disclosure	2,200,000	2,600,000
Foreign exchange forward contracts	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange forward contracts	0	0
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]
Auction rate security	2,200,000	$ 2,600,000
Unrealized gain on investments	$ (400,000)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	May 27, 2022	Feb. 25, 2022
Inventories [Abstract]
Raw materials and work-in-process	$ 234.9	$ 208.2
Finished goods	168	146.9
Inventory, net of valuation allowances	402.9	355.1
LIFO reserve	30.9	28.9
Inventory, net of valuation allowances and LIFO reserve	372	326.2
LIFO Inventory Amount	$ 165.7	$ 141.4

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)		3 Months Ended
		May 27, 2022	May 28, 2021	Feb. 25, 2022	Feb. 26, 2021
2023 Performance Unit Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		428,700
2022 Performance Unit Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		448,300
2021 Performance unit Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		529,500
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, Aggregate Intrinsic Value, Outstanding		$ 5.2		$ 4.8	$ 2.3
Performance and restricted stock units expense		4,100,000	$ 5,200,000
Share-based Payment Arrangement, Expense, Tax Benefit		$ 1,000,000	1,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		2,331,025		1,205,833
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 12.72		$ 14.21
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1,125,192
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 11.13
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 1,500,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 2 months 12 days
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and restricted stock units expense		$ 7,900,000	7,700,000
Share-based Payment Arrangement, Expense, Tax Benefit		$ 2,000,000	$ 1,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		4,433,162		3,445,438
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 11.70		$ 11.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1,008,424
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 11.21
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 22,100,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		(10,500)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		$ 14.27
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		(10,200)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		$ 14.37
Tranche 1 | Performance Units [Member] | 2023 Performance Unit Award
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	[1]	2.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	52.20%
Tranche 1 | Performance Units [Member] | 2022 Performance Unit Award
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	[1]	0.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	53.50%
Tranche 1 | Performance Units [Member] | 2021 Performance unit Award
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	[1]	0.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	58.10%
Tranche 2 | Performance Units [Member] | 2022 Performance Unit Award
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	[1]	2.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	43.80%
Tranche 2 | Performance Units [Member] | 2021 Performance unit Award
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	[1]	0.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	61.30%
Tranche 3 [Domain] | Performance Units [Member] | 2021 Performance unit Award
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	[1]	1.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		1 year
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	28.70%
[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 preceding the grant date.

Leases, Codification Topic 84_2

Leases, Codification Topic 842 (Details) - USD ($) $ in Millions		3 Months Ended
		May 27, 2022	May 28, 2021
Leases [Abstract]
Operating lease cost		$ 12.1	$ 13.1
Sublease rental income		(0.6)	(0.4)
Operating Lease, Expense		11.5	12.7
Operating cash flows used for operating leases		13.5	13.4
Leased assets obtained in exchange for new operating lease obligations		$ 3.2	$ 1.6
Weighted-average remaining term		5 years 9 months 18 days	6 years 6 months
Weighted-average discount rate		3.60%	3.80%
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year		$ 38.6
Operating Leases, Future Minimum Payments, Due in Two Years		46.3
Operating Leases, Future Minimum Payments, Due in Three Years		44.4
Operating Leases, Future Minimum Payments, Due in Four Years		33.4
Operating Leases, Future Minimum Payments, Due in Five Years		26.8
Operating Leases, Future Minimum Payments, Due Thereafter		49.4
Operating Leases, Future Minimum Payments Due	[1]	238.9
Operating Lease interest included in future lease payments		23.5
Operating Lease, Liability		$ 215.4
[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.

Business Combinations (Details)

Business Combinations (Details) - SCS Viccarbe Habitat, S.L. Q3 FY22 $ in Millions	3 Months Ended
	May 27, 2022 USD ($)
Acquisition Details [Line Items]
Business Combination, Consideration Transferred	$ 34.9
Business Combination, Contingent Consideration, Liability	15.1
Contingent Consideration Classified as Equity, Fair Value Disclosure	4.9
Business Combination, Separately Recognized Transactions, Liabilities Recognized	7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11.7
Business Acquisition, Goodwill, Expected Non-Deductible Amount	25.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	5.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	2.9
Finite-lived Intangible Assets Acquired	11.7
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	0.8
Finite-Lived Intangible Assets, Amortization Expense, Year Two	1.1
Finite-Lived Intangible Assets, Amortization Expense, Year Three	1.1
Finite-Lived Intangible Assets, Amortization Expense, Year Four	1.1
Finite-Lived Intangible Assets, Amortization Expense, Year Five	1.1
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years	$ 5.2
Trademarks [Member]
Acquisition Details [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
Finite-lived Intangible Assets Acquired	$ 4.6
Dealer relationships [Member]
Acquisition Details [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Finite-lived Intangible Assets Acquired	$ 3.8
Know-How/Design [Member]
Acquisition Details [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
Finite-lived Intangible Assets Acquired	$ 3.3

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	May 27, 2022	May 28, 2021	Feb. 25, 2022
Segment Reporting Information [Line Items]
Revenue	$ 740.7	$ 556.6
Operating income	(12.6)	(31.8)
Total assets	2,186.8		$ 2,261
Americas [Member]
Segment Reporting Information [Line Items]
Revenue	520.8	376.3
Operating income	(1.2)	(15)
Total assets	1,143		1,110.4
EMEA [Member]
Segment Reporting Information [Line Items]
Revenue	156.4	123.6
Operating income	1.3	(5.7)
Total assets	454.9		475.2
Other category [Member]
Segment Reporting Information [Line Items]
Revenue	63.5	56.7
Operating income	(2.9)	(5.3)
Total assets	219.8		227.6
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income	(9.8)	$ (5.8)
Total assets	$ 369.1		$ 447.8

Restructuring and Related Act_3

Restructuring and Related Activities (Details) - USD ($) $ in Millions	3 Months Ended
	May 27, 2022	Feb. 25, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 1.2	$ 0
Restructuring costs	4.2
Payments for Restructuring	3
Restructuring and Related Cost, Expected Cost	5
Workforce Reductions
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.3	0
Restructuring costs	1.8
Payments for Restructuring	1.5
Business Exit and Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.9	$ 0
Restructuring costs	2.4
Payments for Restructuring	$ 1.5

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	4 Months Ended
	Jun. 10, 2022	Jun. 09, 2022
Subsequent Event [Line Items]
Repayments of Lines of Credit	$ 18.2
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from Lines of Credit	35
Swing Line
Subsequent Event [Line Items]
Proceeds from Lines of Credit	$ 33
United States of America, Dollars | Line of Credit
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	2.32%	2.75%
Halcon Furniture LLC Q2 FY23
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 127.5
Business Combination, Working Capital Adjustment	3.1
Business Combination, Separately Recognized Transactions, Liabilities Recognized	$ 9.5