Pier 1 Imports 10-Q 5 Jul 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 27, 2017	Jun. 29, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 27, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	PIR
Entity Registrant Name	PIER 1 IMPORTS INC/DE
Entity Central Index Key	278,130
Current Fiscal Year End Date	--03-03
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		84,553,999

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 27, 2017	May 28, 2016
Income Statement [Abstract]
Net sales	$ 409,525	$ 418,370
Cost of sales	257,928	269,403
Gross profit	151,597	148,967
Selling, general and administrative expenses	140,195	142,724
Depreciation	13,723	14,051
Operating loss	(2,321)	(7,808)
Nonoperating (income) and expenses:
Interest, investment income and other	(570)	(781)
Interest expense	3,048	3,047
Nonoperating (income) and expenses	2,478	2,266
Loss before income taxes	(4,799)	(10,074)
Income tax benefit	(1,813)	(4,054)
Net loss	$ (2,986)	$ (6,020)
Loss per share:
Basic	$ (0.04)	$ (0.07)
Diluted	(0.04)	(0.07)
Dividends declared per share:	$ 0.07	$ 0.07
Average shares outstanding during period:
Basic	81,080	81,663
Diluted	81,080	81,663

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	May 28, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,986)	$ (6,020)
Other comprehensive income (loss)
Foreign currency translation adjustments	(835)	1,484
Pension adjustments	(57)	364
Other comprehensive income (loss)	(892)	1,848
Comprehensive loss, net of tax	$ (3,878)	$ (4,172)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 27, 2017	Feb. 25, 2017	May 28, 2016
Current assets:
Cash and cash equivalents, including temporary investments of $152,978, $149,375 and $122,494, respectively	$ 161,625	$ 154,460	$ 128,031
Accounts receivable, net	24,723	22,945	25,631
Inventories	418,424	400,976	421,098
Prepaid expenses and other current assets	31,464	31,607	34,995
Total current assets	636,236	609,988	609,755
Properties and equipment, net of accumulated depreciation of $519,016, $505,555 and $497,064, respectively	181,390	191,476	199,331
Other noncurrent assets	42,467	41,618	36,738
Assets, Total	860,093	843,082	845,824
Current liabilities:
Accounts payable	98,517	68,981	117,067
Gift cards and other deferred revenue	62,987	60,398	66,093
Accrued income taxes payable	25,635	26,058
Current portion of long-term debt	2,000	2,000	2,000
Other accrued liabilities	129,330	133,866	103,228
Total current liabilities	318,469	291,303	288,388
Long-term debt	198,781	199,077	199,962
Other noncurrent liabilities	62,085	60,674	87,517
Commitments and contingencies
Shareholders' equity:
Common stock, $0.001 par, 500,000,000 shares authorized, 125,232,000 issued	125	125	125
Paid-in capital	157,760	191,501	186,757
Retained earnings	728,268	737,165	717,825
Cumulative other comprehensive loss	(8,306)	(7,414)	(8,789)
Less - 40,208,000, 42,050,000 and 41,150,000 common shares in treasury, at cost, respectively	(597,089)	(629,349)	(625,961)
Total shareholders' equity	280,758	292,028	269,957
Liabilities and Equity, Total	$ 860,093	$ 843,082	$ 845,824

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 27, 2017	Feb. 25, 2017	May 28, 2016
Statement of Financial Position [Abstract]
Cash and cash equivalents, temporary investments	$ 152,978	$ 149,375	$ 122,494
Properties and equipment, accumulated depreciation	$ 519,016	$ 505,555	$ 497,064
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Common stock, shares issued	125,232,000	125,232,000	125,232,000
Treasury stock, shares	40,208,000	42,050,000	41,150,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	May 28, 2016
Cash flows from operating activities:
Net loss	$ (2,986)	$ (6,020)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation	15,786	15,433
Stock-based compensation expense	1,100	1,684
Deferred compensation, net	750	1,409
Deferred income taxes	(1,216)	(2,496)
Amortization of deferred gains	(268)	(268)
Other	650	2,245
Changes in cash from:
Inventories	(17,448)	(15,239)
Prepaid expenses and other assets	(1,142)	(6,019)
Accounts payable and other liabilities	34,129	49,118
Accrued income taxes payable, net of payments	(423)	(6,324)
Net cash provided by operating activities	28,932	33,523
Cash flows from investing activities:
Capital expenditures	(13,567)	(10,044)
Proceeds from disposition of properties		3
Proceeds from sale of restricted investments	1,164	991
Purchase of restricted investments	(526)	(402)
Net cash used in investing activities	(12,929)	(9,452)
Cash flows from financing activities:
Cash dividends	(5,646)	(5,692)
Purchases of treasury stock	(2,827)	(5,515)
Stock purchase plan and other, net	135	446
Repayments of long-term debt	(500)	(500)
Net cash used in financing activities	(8,838)	(11,261)
Change in cash and cash equivalents	7,165	12,810
Cash and cash equivalents at beginning of period	154,460	115,221
Cash and cash equivalents at end of period	$ 161,625	$ 128,031

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - 3 months ended May 27, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Cumulative Other Comprehensive Loss	Treasury Stock
Beginning Balance at Feb. 25, 2017	$ 292,028		$ 125	$ 191,501	$ 737,165	$ (7,414)	$ (629,349)
Beginning Balance, Common Stock at Feb. 25, 2017		83,182
Net loss	(2,986)				(2,986)
Other comprehensive loss	(892)					(892)
Purchases of treasury stock	(3,138)						(3,138)
Purchases of treasury stock (in shares)		(500)
Stock-based compensation expense	1,100			(33,683)			34,783
Stock-based compensation expense (in shares)		2,353
Stock purchase plan and other	292			(58)	(265)		615
Stock purchase plan and other (in shares)		(11)
Cash dividends ($0.07 per share)	(5,646)				(5,646)
Ending Balance at May. 27, 2017	$ 280,758		$ 125	$ 157,760	$ 728,268	$ (8,306)	$ (597,089)
Ending Balance, Common Stock at May. 27, 2017		85,024

Consolidated Statement of Shar8

Consolidated Statement of Shareholders' Equity (Parenthetical)	3 Months Ended
	May 27, 2017$ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share	$ 0.07

Loss Per Share

Loss Per Share	3 Months Ended
	May 27, 2017
Earnings Per Share [Abstract]
Loss Per Share	NOTE 1 — LOSS PER SHARE Basic loss per share amounts were determined by dividing net loss by the weighted average number of common shares outstanding for the period. Outstanding stock options and shares of unvested restricted stock totaling 1,783,047 and 2,312,957 were excluded from the computation of diluted loss per share for the three months ended May 27, 2017 and May 28, 2016, respectively, as the effect would be antidilutive. Loss per share amounts were calculated as follows (in thousands except per share amounts): Three Months Ended May 27, May 28, Net loss $ (2,986 ) $ (6,020 ) Weighted average shares outstanding: Basic 81,080 81,663 Effect of dilutive stock options — — Effect of dilutive restricted stock — — Diluted 81,080 81,663 Loss per share: Basic $ (0.04 ) $ (0.07 ) Diluted $ (0.04 ) $ (0.07 )

Matters Concerning Shareholders

Matters Concerning Shareholders' Equity	3 Months Ended
	May 27, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Matters Concerning Shareholders' Equity	NOTE 2 — MATTERS CONCERNING SHAREHOLDERS’ EQUITY Restricted stock compensation — During the first quarter of fiscal 2018, the Company awarded 2,585,086 shares of restricted stock. A total of 856,797 shares were time based and will be expensed ratably over the requisite service period. The Company began expensing these shares during the first quarter of fiscal 2018. The remaining shares are performance based and may vest following the end of fiscal 2020 if the Company achieves certain performance targets as determined by the Compensation Committee of the Board of Directors. The Company expenses the performance-based shares when it becomes probable that the relevant performance targets will be achieved. Share repurchase program —

Long-Term Debt and Available Cr

Long-Term Debt and Available Credit	3 Months Ended
	May 27, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Available Credit	NOTE 3 — LONG-TERM DEBT AND AVAILABLE CREDIT Revolving Credit Facility — On June 2, 2017, subsequent to quarter end, the Company entered into a Second Amended and Restated Credit Agreement which amended certain terms of the Revolving Credit Facility. The amended Revolving Credit Facility extends the maturity date from June 18, 2018 to June 2, 2022, and increases the amount of the accordion feature to $150,000,000. The amended Revolving Credit Facility continues to be secured primarily by the Company’s eligible merchandise inventory and third-party credit card receivables and certain related assets on a first priority basis and on a second lien basis by substantially all other assets of certain of the Company’s subsidiaries, subject to certain exceptions. As of June 2, 2017, the Company had no borrowings under the amended Revolving Credit Facility and approximately $42,191,000 in letters of credit and bankers’ acceptances outstanding. Credit extensions under the amended Revolving Credit Facility are limited to the lesser of $350,000,000 or the amount of the calculated borrowing base. At the Company’s option, borrowings will bear interest at either (a) the adjusted LIBOR rate plus a spread varying from 125 to 150 basis points per annum, depending on the amount then borrowed under the amended Revolving Credit Facility, or (b) the prime rate plus a spread varying from 25 to 50 basis points per annum, depending on the amount then borrowed under the amended Revolving Credit Facility. Provided that there is no default and no default would occur as a result thereof, the Company may request that the amended Revolving Credit Facility be increased to an amount not to exceed $500,000,000. The amendment did not result in any other material changes to the Revolving Credit Facility. Term Loan Facility — The fair value of the amount outstanding under the Term Loan Facility was approximately $186,720,000 as of May 27, 2017, which was measured at fair value using the quoted market price. The fair value measurement is classified as Level 2 in the fair value hierarchy based on the frequency and volume of trading for which the price was readily available. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Defined Benefit Plans

Defined Benefit Plans	3 Months Ended
	May 27, 2017
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plans	NOTE 4 — DEFINED BENEFIT PLANS The Company maintains supplemental retirement plans for certain of its current and former executive officers. These plans provide that upon death, disability, reaching retirement age or certain termination events, a participant will receive benefits based on highest compensation, years of service and years of plan participation. The plans are not funded and thus have no plan assets. Benefit costs are determined using actuarial cost methods to estimate the total benefits ultimately payable to executive officers, and this cost is allocated to the respective service periods. The actuarial assumptions used to calculate benefit costs are reviewed annually or in the event of a material change in the plans or participation in the plans. The components of net periodic benefit cost are shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service cost and net actuarial loss was reclassified out of other comprehensive income (loss) as a component of net periodic benefit cost. Three Months Ended May 27, May 28, Components of net periodic benefit cost: Service cost $ 72 $ 387 Interest cost 72 193 Amortization of unrecognized prior service cost 7 15 Amortization of net actuarial loss 132 450 Net periodic benefit cost $ 283 $ 1,045

Income Tax

Income Tax	3 Months Ended
	May 27, 2017
Income Tax Disclosure [Abstract]
Income Tax	NOTE 5 — INCOME TAX The income tax benefit for the first quarter of fiscal 2018 was $1,813,000, compared to $4,054,000 during the same period in the prior fiscal year. The decrease in the income tax benefit is primarily due to the Company’s lower pre-tax loss generated in the first quarter of fiscal 2018 as compared to the first quarter of fiscal 2017. The effective tax rate for the first quarter of fiscal 2018 was 37.8%, compared to 40.2% in the same period during fiscal 2017. The lower effective tax rate for the first quarter of fiscal 2018 primarily relates to deduction limitations for certain executive compensation in the first quarter of fiscal 2017, which increased the effective tax rate for such period. As of May 27, 2017, the Company had total unrecognized tax benefits of $6,393,000, the majority of which, if recognized, would affect the Company’s effective tax rate. It is reasonably possible a significant portion of the Company’s gross unrecognized tax benefits could decrease within the next twelve months primarily due to settlements with certain taxing jurisdictions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 27, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 6 — COMMITMENTS AND CONTINGENCIES Putative class action complaints were filed in the United States District Court for the Northern District of Texas – Dallas Division against Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner in August and October 2015 alleging violations under the Securities Exchange Act of 1934, as amended. The lawsuits, which have been consolidated into a single action captioned Town of Davie Police Pension Plan, Plaintiff, v. Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner, Defendants, were filed on behalf of a purported putative class of investors who purchased or otherwise acquired stock of Pier 1 Imports, Inc. between December 19, 2013 and December 17, 2015. The plaintiffs seek to recover damages purportedly caused by the Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint seeks certification as a class action, unspecified compensatory damages plus interest and attorneys’ fees. Although the ultimate outcome of litigation cannot be predicted with certainty, the Company believes that this lawsuit is without merit and intends to defend against it vigorously. The Company announced in January 2016 a voluntary recall of its Swingasan Chair and Stand in cooperation with the Consumer Products Safety Commission (“CPSC”). In September 2016, the Company received a staff investigatory letter from the CPSC indicating that the CPSC is investigating whether the Company complied with certain reporting requirements of the Consumer Product Safety Act with respect to the recall. The Company is responding to the inquiry and cooperating with the CPSC. It is not possible at this time to determine what, if any, actions will be taken by the CPSC as a consequence of the inquiry, whether a civil penalty will be assessed or, if assessed, the amount thereof. Given the nature of this matter and the uncertainty as to whether the matter will progress beyond the investigative phase, a reasonable estimate of potential loss or range of loss cannot be made at this time and no assurances can be given that a penalty, if assessed, would not have a material adverse effect on the Company’s financial condition, results of operations or liquidity. The Company is a defendant in lawsuits pending in federal courts in California containing various class action allegations under California state wage-and-hour laws. These lawsuits seek unspecified monetary damages, injunctive relief and attorneys’ fees. While it is not possible to predict the outcome of these lawsuits, as of the date of this report, the Company does not believe any reasonably foreseeable resolution of these matters would have a material adverse effect on the Company’s financial condition, results of operations or liquidity. There are various other claims, lawsuits, inquiries, investigations and pending actions against the Company incident to the operations of its business. The Company considers these other matters to be ordinary and routine in nature. The Company maintains insurance against the consolidated class action noted in the first paragraph in this Note and liability insurance against most of the other matters noted in this paragraph. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such matters will not have a material adverse effect, either individually or in the aggregate, on the Company’s financial condition, results of operations or liquidity.

New Accounting Standards

New Accounting Standards	3 Months Ended
	May 27, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	NOTE 7 — NEW ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” “Revenue from Contracts with Customers: Principal versus Agent Considerations.” “Identifying Performance Obligations and Licensing,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” In April 2015, the FASB issued ASU 2015-05, “ Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Technical Corrections and Improvements In March 2016, the FASB issued ASU 2016-09, “ Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU 2017-09, “ Scope of Modification Accounting.

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
	May 27, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” “Revenue from Contracts with Customers: Principal versus Agent Considerations.” “Identifying Performance Obligations and Licensing,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” In April 2015, the FASB issued ASU 2015-05, “ Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Technical Corrections and Improvements In March 2016, the FASB issued ASU 2016-09, “ Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU 2017-09, “ Scope of Modification Accounting.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	May 27, 2017
Earnings Per Share [Abstract]
Calculation of Loss Per Share Amounts	Loss per share amounts were calculated as follows (in thousands except per share amounts): Three Months Ended May 27, May 28, Net loss $ (2,986 ) $ (6,020 ) Weighted average shares outstanding: Basic 81,080 81,663 Effect of dilutive stock options — — Effect of dilutive restricted stock — — Diluted 81,080 81,663 Loss per share: Basic $ (0.04 ) $ (0.07 ) Diluted $ (0.04 ) $ (0.07 )

Defined Benefit Plans (Tables)

Defined Benefit Plans (Tables)	3 Months Ended
	May 27, 2017
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost are shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service cost and net actuarial loss was reclassified out of other comprehensive income (loss) as a component of net periodic benefit cost. Three Months Ended May 27, May 28, Components of net periodic benefit cost: Service cost $ 72 $ 387 Interest cost 72 193 Amortization of unrecognized prior service cost 7 15 Amortization of net actuarial loss 132 450 Net periodic benefit cost $ 283 $ 1,045

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	May 27, 2017	May 28, 2016
Earnings Per Share [Abstract]
Outstanding stock options and shares excluded from computation of diluted loss per share	1,783,047	2,312,957

Calculation of Loss Per Share A

Calculation of Loss Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 27, 2017	May 28, 2016
Earnings Per Share Disclosure [Line Items]
Net loss	$ (2,986)	$ (6,020)
Basic	81,080	81,663
Diluted	81,080	81,663
Basic	$ (0.04)	$ (0.07)
Diluted	$ (0.04)	$ (0.07)
Employee Stock Option
Earnings Per Share Disclosure [Line Items]
Effect of dilutive stock	0	0
Restricted Stock Awards
Earnings Per Share Disclosure [Line Items]
Effect of dilutive stock	0	0

Matters Concerning Shareholde21

Matters Concerning Shareholders' Equity - Additional Information (Detail) - USD ($)	Jun. 29, 2017	May 28, 2017	May 27, 2017	May 28, 2016
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Cost of shares repurchased			$ 3,138,000
Payment for shares repurchased			$ 2,827,000	$ 5,515,000
Share Repurchase Program April 2014
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Common stock repurchased under Share repurchase plan			500,000
Weighted average cost			$ 6.28
Amount remained for repurchase			$ 33,472,000
Cost of shares repurchased			3,138,000
Share repurchase program authorized amount			200,000,000
Subsequent Event | Share Repurchase Program April 2014
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Common stock repurchased under Share repurchase plan	460,000
Weighted average cost	$ 5.33
Amount remained for repurchase	$ 31,022,000
Cost of shares repurchased	$ 2,450,000
Payment for shares repurchased		$ 311,000
Restricted Stock Awards
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Recorded stock-based compensation expense			1,069,000	$ 1,650,000
Total unrecognized compensation expense related to unvested stock awards			$ 32,625,000
Weighted average period for recognizing unrecognized compensation expense, in years			2 years
Shares awarded			2,585,086
Service-Based Awards
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Shares awarded			856,797

Long-Term Debt and Available 22

Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($)	Jun. 02, 2017	May 27, 2017	Feb. 25, 2017	May 28, 2016
Term Loan Facility
Debt Instrument [Line Items]
Borrowings under term loan facility		$ 194,500,000	$ 195,000,000	$ 196,500,000
Carrying value of long term debt		191,378,000	$ 191,676,000	$ 192,568,000
Fair Value, Inputs, Level 2 | Term Loan Facility
Debt Instrument [Line Items]
Fair value of term loan facility		186,720,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility , maximum borrowing capacity		350,000,000
Credit facility accordion feature		100,000,000
Credit facility borrowing base		326,962,000
Borrowings outstanding		0
Remaining borrowing		284,771,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility , maximum borrowing capacity	$ 350,000,000
Credit facility accordion feature	150,000,000
Borrowings outstanding	$ 0
Extended maturity date of revolving credit facility	Jun. 2, 2022
Potential increase to credit facility	$ 500,000,000
Revolving Credit Facility | LIBOR | Minimum | Subsequent Event
Debt Instrument [Line Items]
Basis points	1.25%
Revolving Credit Facility | LIBOR | Maximum | Subsequent Event
Debt Instrument [Line Items]
Basis points	1.50%
Revolving Credit Facility | Prime Rate | Minimum | Subsequent Event
Debt Instrument [Line Items]
Basis points	0.25%
Revolving Credit Facility | Prime Rate | Maximum | Subsequent Event
Debt Instrument [Line Items]
Basis points	0.50%
Letters of Credit And Bankers' Acceptances
Debt Instrument [Line Items]
Borrowings outstanding		$ 42,191,000
Letters of Credit And Bankers' Acceptances | Subsequent Event
Debt Instrument [Line Items]
Borrowings outstanding	$ 42,191,000

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	May 28, 2016
Components of net periodic benefit cost:
Service cost	$ 72	$ 387
Interest cost	72	193
Amortization of unrecognized prior service cost	7	15
Amortization of net actuarial loss	132	450
Net periodic benefit cost	$ 283	$ 1,045

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	May 28, 2016
Income Tax Disclosure [Abstract]
Income tax benefit	$ 1,813	$ 4,054
Effective tax rate	37.80%	40.20%
Unrecognized tax benefits	$ 6,393