Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 25, 2017 | Mar. 25, 2017 | Aug. 27, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | BED BATH & BEYOND INC | ||
Entity Central Index Key | 886,158 | ||
Trading Symbol | bbby | ||
Current Fiscal Year End Date | --02-25 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 145,153,735 | ||
Entity Public Float | $ 6,598,435,409 | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 25, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Assets | ||
Cash and cash equivalents | $ 488,329 | $ 515,573 |
Short term investment securities | 0 | 86,197 |
Merchandise inventories | 2,905,660 | 2,848,119 |
Other current assets | 416,755 | 376,073 |
Total current assets | 3,810,744 | 3,825,962 |
Long term investment securities | 89,592 | 71,289 |
Property and equipment, net | 1,837,129 | 1,725,043 |
Goodwill | 697,085 | 487,169 |
Other assets | 411,479 | 380,614 |
Total assets | 6,846,029 | 6,490,077 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 1,179,088 | 1,100,958 |
Accrued expenses and other current liabilities | 484,114 | 409,445 |
Merchandise credit and gift card liabilities | 309,478 | 297,930 |
Current income taxes payable | 59,821 | 58,892 |
Total current liabilities | 2,032,501 | 1,867,225 |
Deferred rent and other liabilities | 534,677 | 499,368 |
Income taxes payable | 67,971 | 72,807 |
Long term debt | 1,491,603 | 1,491,137 |
Total liabilities | 4,126,752 | 3,930,537 |
Shareholders' equity: | ||
Preferred stock - $0.01 par value; authorized - 1,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock - $0.01 par value; authorized - 900,000 shares; issued 339,533 and 337,613 shares, respectively; outstanding 146,274 and 156,690 shares, respectively | 3,395 | 3,377 |
Additional paid-in capital | 1,974,781 | 1,884,813 |
Retained earnings | 11,003,890 | 10,394,865 |
Treasury stock, at cost | (10,215,539) | (9,668,517) |
Accumulated other comprehensive loss | (47,250) | (54,998) |
Total shareholders' equity | 2,719,277 | 2,559,540 |
Total liabilities and shareholders' equity | $ 6,846,029 | $ 6,490,077 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 900,000 | 900,000 |
Common stock, shares issued (in shares) | 339,533 | 337,613 |
Common stock, shares outstanding (in shares) | 146,274 | 156,690 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Net sales | $ 12,215,757 | $ 12,103,887 | $ 11,881,176 |
Cost of sales | 7,639,407 | 7,483,577 | 7,261,397 |
Gross profit | 4,576,350 | 4,620,310 | 4,619,779 |
Selling, general and administrative expenses | 3,441,140 | 3,205,407 | 3,065,486 |
Operating profit | 1,135,210 | 1,414,903 | 1,554,293 |
Interest expense, net | 69,555 | 87,458 | 50,458 |
Earnings before provision for income taxes | 1,065,655 | 1,327,445 | 1,503,835 |
Provision for income taxes | 380,547 | 485,956 | 546,361 |
Net earnings | $ 685,108 | $ 841,489 | $ 957,474 |
Net earnings per share - Basic (in dollars per share) | $ 4.61 | $ 5.15 | $ 5.13 |
Net earnings per share - Diluted (in dollars per share) | $ 4.58 | $ 5.10 | $ 5.07 |
Weighted average shares outstanding - Basic (in shares) | 148,590 | 163,257 | 186,659 |
Weighted average shares outstanding - Diluted (in shares) | 149,708 | 165,016 | 188,880 |
Dividends declared per share (in dollars per share) | $ 0.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Net earnings | $ 685,108 | $ 841,489 | $ 957,474 |
Other comprehensive income (loss): | |||
Change in temporary impairment of auction rate securities, net of taxes | (351) | 1,584 | 143 |
Pension adjustment, net of taxes | 1,710 | (351) | (5,552) |
Currency translation adjustment | 6,389 | (13,918) | (23,057) |
Other comprehensive income (loss) | 7,748 | (12,685) | (28,466) |
Comprehensive income | $ 692,856 | $ 828,804 | $ 929,008 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Mar. 01, 2014 | 334,941 | (129,536) | ||||
Balance at Mar. 01, 2014 | $ 3,350 | $ 1,673,217 | $ 8,595,902 | $ (6,317,335) | $ (13,847) | $ 3,941,287 |
Net earnings | 957,474 | 957,474 | ||||
Other comprehensive loss, net of tax | (28,466) | (28,466) | ||||
Shares sold under employee stock option plans, net of taxes (in shares) | 1,033 | |||||
Shares sold under employee stock option plans, net of taxes | $ 10 | 54,907 | 54,917 | |||
Issuance of restricted shares, net (in shares) | 691 | |||||
Issuance of restricted shares, net | $ 7 | (7) | ||||
Stock-based compensation expense, net | 68,408 | 68,408 | ||||
Director fees paid in stock (in shares) | 2 | |||||
Director fees paid in stock | 167 | $ 167 | ||||
Repurchase of common stock, including fees (in shares) | (32,953) | (33,000) | ||||
Repurchase of common stock, including fees | $ (2,250,597) | $ (2,250,597) | ||||
Balance (in shares) at Feb. 28, 2015 | 336,667 | (162,489) | ||||
Balance at Feb. 28, 2015 | $ 3,367 | 1,796,692 | 9,553,376 | $ (8,567,932) | (42,313) | 2,743,190 |
Net earnings | 841,489 | 841,489 | ||||
Other comprehensive loss, net of tax | (12,685) | (12,685) | ||||
Shares sold under employee stock option plans, net of taxes (in shares) | 255 | |||||
Shares sold under employee stock option plans, net of taxes | $ 3 | 18,944 | 18,947 | |||
Issuance of restricted shares, net (in shares) | 590 | |||||
Issuance of restricted shares, net | $ 6 | (6) | ||||
Stock-based compensation expense, net | 69,017 | 69,017 | ||||
Director fees paid in stock (in shares) | 3 | |||||
Director fees paid in stock | 167 | $ 167 | ||||
Repurchase of common stock, including fees (in shares) | (18,434) | (18,400) | ||||
Repurchase of common stock, including fees | $ (1,100,585) | $ (1,100,585) | ||||
Payment and vesting of performance stock units (in shares) | 98 | |||||
Payment and vesting of performance stock units | $ 1 | (1) | ||||
Balance (in shares) at Feb. 27, 2016 | 337,613 | (180,923) | ||||
Balance at Feb. 27, 2016 | $ 3,377 | 1,884,813 | 10,394,865 | $ (9,668,517) | (54,998) | 2,559,540 |
Net earnings | 685,108 | 685,108 | ||||
Other comprehensive loss, net of tax | 7,748 | $ 7,748 | ||||
Shares sold under employee stock option plans, net of taxes (in shares) | 634 | 635 | ||||
Shares sold under employee stock option plans, net of taxes | $ 6 | 15,700 | $ 15,706 | |||
Issuance of restricted shares, net (in shares) | 1,102 | |||||
Issuance of restricted shares, net | $ 11 | (11) | ||||
Stock-based compensation expense, net | 74,114 | 74,114 | ||||
Director fees paid in stock (in shares) | 4 | |||||
Director fees paid in stock | 166 | $ 166 | ||||
Repurchase of common stock, including fees (in shares) | (12,336) | (12,300) | ||||
Repurchase of common stock, including fees | $ (547,022) | $ (547,022) | ||||
Payment and vesting of performance stock units (in shares) | 180 | |||||
Payment and vesting of performance stock units | $ 1 | (1) | ||||
Dividend declared | (76,083) | (76,083) | ||||
Balance (in shares) at Feb. 25, 2017 | 339,533 | (193,259) | ||||
Balance at Feb. 25, 2017 | $ 3,395 | $ 1,974,781 | $ 11,003,890 | $ (10,215,539) | $ (47,250) | $ 2,719,277 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Cash Flows from Operating Activities: | |||
Net earnings | $ 685,108 | $ 841,489 | $ 957,474 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 290,914 | 273,947 | 239,193 |
Stock-based compensation | 71,911 | 66,965 | 66,539 |
Excess tax benefit from stock-based compensation | (1,483) | (10,370) | (14,561) |
Deferred income taxes | 24,878 | 56,997 | (22,295) |
Other | (1,032) | 398 | (2,244) |
(Increase) decrease in assets, net of effect of acquisitions: | |||
Merchandise inventories | (38,493) | (121,748) | (161,506) |
Trading investment securities | (18,780) | (2,270) | (9,530) |
Other current assets | (18,464) | (16,171) | 19,012 |
Other assets | (14,480) | (27,904) | (254) |
Increase (decrease) in liabilities, net of effect of acquisitions: | |||
Accounts payable | 49,458 | (48,148) | 44,563 |
Accrued expenses and other current liabilities | (8,586) | 6,694 | 18,494 |
Merchandise credit and gift card liabilities | 11,390 | (7,872) | 22,520 |
Income taxes payable | (8,307) | (15,036) | 17,656 |
Deferred rent and other liabilities | 17,754 | 15,213 | 3,428 |
Net cash provided by operating activities | 1,041,788 | 1,012,184 | 1,178,489 |
Cash Flows from Investing Activities: | |||
Purchase of held-to-maturity investment securities | 0 | (103,017) | (298,094) |
Redemption of held-to-maturity investment securities | 86,240 | 126,875 | 677,500 |
Redemption of available-for-sale investment securities | 28,905 | ||
Capital expenditures | (373,574) | (328,395) | (330,637) |
Investment in unconsolidated joint venture | (3,318) | 0 | |
Payment for acquisitions, net of cash acquired | (201,277) | ||
Net cash (used in) provided by investing activities | (491,929) | (275,632) | 48,769 |
Cash Flows from Financing Activities: | |||
Proceeds from exercise of stock options | 20,424 | 9,109 | 41,197 |
Proceeds from issuance of senior unsecured notes | 1,500,000 | ||
Payment of deferred financing costs | (10,092) | ||
Payment of other liabilities | (7,646) | ||
Excess tax benefit from stock-based compensation | 1,483 | 10,370 | 14,561 |
Payment of dividends | (55,612) | 0 | |
Repurchase of common stock, including fees | (547,022) | (1,100,585) | (2,250,597) |
Net cash used in financing activities | (580,727) | (1,088,752) | (704,931) |
Effect of exchange rate changes on cash and cash equivalents | 3,624 | (7,801) | (13,269) |
Net (decrease) increase in cash and cash equivalents | (27,244) | (360,001) | 509,058 |
Cash and cash equivalents: | |||
Beginning of period | 515,573 | 875,574 | 366,516 |
End of period | $ 488,329 | $ 515,573 | $ 875,574 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies and Related Matters | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS A. Nature of Operations Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer which operates under the names Bed Bath & Beyond (“BBB”), Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, “CTS”), Harmon, Harmon Face Values or Face Values (collectively, “Harmon”), buybuy BABY and World Market, Cost Plus World Market or Cost Plus (collectively, “Cost Plus World Market”). Customers can purchase products from the Company either in-store, online, with a mobile device or through a customer contact center. The Company generally has the ability to have customer purchases picked up in-store or shipped direct to the customer from the Company’s distribution facilities, stores or vendors. In addition, the Company operates Of a Kind, an e-commerce website that features specially commissioned, limited edition items from emerging fashion and home designers, which was acquired in the second 2015. second 2016; third 2016; fourth 2016. 2). eight The Company accounts for its operations as two 2016, 2015 2014. The Company sells a wide assortment of domestics merchandise and home furnishings. Domestics merchandise includes categories such as bed linens and related items, bath items and kitchen textiles. Home furnishings include categories such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables and certain juvenile products. Sales of domestics merchandise and home furnishings accounted for approximately 36.8% 63.2% 2016 35.9% 64.1% 2015 2014. B. Fiscal Year The Company’s fiscal year is comprised of the 52 53 February 28. 2016, 2015 2014 52 February 25, 2017, February 27, 2016 February 28, 2015, C. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company accounts for its investment in the joint venture under the equity method. Certain reclassifications have been made to the fiscal 2015 2016 2014 2016 2015 All significant intercompany balances and transactions have been eliminated in consolidation. D. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the Company to establish accounting policies and to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on other assumptions that it believes to be relevant under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. In particular, judgment is used in areas such as inventory valuation, impairment of long-lived assets, impairment of auction rate securities, goodwill and other indefinite lived intangible assets, accruals for self insurance, litigation, store opening, expansion, relocation and closing costs, the provision for sales returns, vendor allowances, stock-based compensation and income and certain other taxes. Actual results could differ from these estimates. E. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three five $86.6 $89.4 February 25, 2017 February 27, 2016, F. Investment Securities Investment securities consist primarily of auction rate securities, which are securities with interest rates that reset periodically through an auction process. Auction rate securities are classified as available-for-sale and are stated at fair value, which had historically been consistent with cost or par value due to interest rates which reset periodically, typically every 7, 28 35 February 2008 February 25, 2017 February 27, 2016, 3 4). 2015, one Those investment securities which the Company has the ability and intent to hold until maturity are classified as held-to-maturity investments and are stated at amortized cost. Those investment securities which are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are stated at fair market value. Premiums are amortized and discounts are accreted over the life of the security as adjustments to interest income using the effective interest method. Dividend and interest income are recognized when earned. G. Inventory Valuation Merchandise inventories are stated at the lower of cost or market. Inventory costs are primarily calculated using the weighted average retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail values of inventories. The cost associated with determining the cost-to-retail ratio includes: merchandise purchases, net of returns to vendors, discounts and volume and incentive rebates; inbound freight expenses; duty, insurance and commissions. At any one The Company estimates its reserve for shrinkage throughout the year based on historical shrinkage and any current trends, if applicable. Actual shrinkage is recorded at year end based upon the results of the Company’s physical inventory counts for locations at which counts were conducted. For locations where physical inventory counts were not conducted in the fiscal year, an estimated shrink reserve is recorded based on historical shrinkage and any current trends, if applicable. Historically, the Company’s shrinkage has not been volatile. The Company accrues for merchandise in transit once it takes legal ownership and title to the merchandise; as such, an estimate for merchandise in transit is included in the Company’s merchandise inventories. H. Property and Equipment Property and equipment are stated at cost and are depreciated primarily using the straight-line method over the estimated useful lives of the assets (forty five twenty three ten The cost of maintenance and repairs is charged to earnings as incurred; significant renewals and betterments are capitalized. Maintenance and repairs amounted to $131.6 $130.9 $120.3 2016, 2015 2014, I. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of these assets may J. Goodwill and Other Indefinite Lived Intangible Assets The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. Impairment testing is based upon the best information available, including estimates of fair value which incorporate assumptions marketplace participants would use in making their estimates of fair value. The Company has not historically recorded an impairment to its goodwill and other indefinite lived intangible assets. As of February 25, 2017, Included within other assets in the accompanying consolidated balance sheets as of February 25, 2017 February 27, 2016, $305.3 $291.4 K. Self Insurance The Company utilizes a combination of insurance and self insurance for a number of risks including workers’ compensation, general liability, automobile liability and employee related health care benefits (a portion of which is paid by its employees). Liabilities associated with the risks that the Company retains are estimated by considering historical claims experience, demographic factors, severity factors and other actuarial assumptions. Although the Company’s claims experience has not displayed substantial volatility in the past, actual experience could materially vary from its historical experience in the future. Factors that affect these estimates include but are not limited to: inflation, the number and severity of claims and regulatory changes. In the future, if the Company concludes an adjustment to self insurance accruals is required, the liability will be adjusted accordingly. L. Deferred Rent The Company accounts for scheduled rent increases contained in its leases on a straight-line basis over the term of the lease beginning as of the date the Company obtained possession of the leased premises. Deferred rent amounted to $80.3 $77.3 February 25, 2017 February 27, 2016, Cash or lease incentives (“tenant tenant tenant $119.4 $119.8 February 25, 2017 February 27, 2016, M. Shareholders’ Equity The Company has authorization to make repurchases from time to time in the open market or through other parameters approved by the Board of Directors pursuant to existing rules and regulations. Between December 2004 September 2015, $11.950 July 17, 2014, $1.1 December 2014. 16.8 $65.41. 2004 2016, $10.2 During fiscal 2016, 12.3 $547.0 2015 18.4 $1.101 2014, 33.0 $2.251 $1.7 February 25, 2017. The Company’s Board of Directors authorized a quarterly dividend program and declared quarterly dividends of $0.125 2016, $0.50 2016. fourth 2016, April 5, 2017, $0.15 July 18, 2017 June 16, 2017. Cash dividends, if any, are accrued as a liability on the Company’s consolidated balance sheets and recorded as a decrease to additional paid-in capital when declared. N. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The Company’s investment securities consist primarily of auction rate securities, which are stated at their approximate fair value. In fiscal 2015, 3). $1.418 February 25, 2017 1 $1.500 O. Revenue Recognition Sales are recognized upon purchase by customers at the Company’s retail stores or upon delivery for products purchased from its websites. The value of point-of-sale coupons and point-of-sale rebates that result in a reduction of the price paid by the customer are recorded as a reduction of sales. Shipping and handling fees that are billed to a customer in a sale transaction are recorded in sales. Taxes, such as sales tax, use tax and value added tax, are not included in sales. Revenues from gift cards, gift certificates and merchandise credits are recognized when redeemed. Gift cards have no provisions for reduction in the value of unused card balances over defined time periods and have no expiration dates. Sales returns are provided for in the period that the related sales are recorded based on historical experience. Although the estimate for sales returns has not varied materially from historical provisions, actual experience could vary from historical experience in the future if the level of sales return activity changes materially. In the future, if the Company concludes that an adjustment to the sales return accrual is required due to material changes in the returns activity, the reserve will be adjusted accordingly. P. Cost of Sales Cost of sales includes the cost of merchandise, buying costs and costs of the Company’s distribution network including inbound freight charges, distribution facility costs, receiving costs, internal transfer costs and shipping and handling costs. Q. Vendor Allowances The Company receives allowances from vendors in the normal course of business for various reasons including direct cooperative advertising, purchase volume and reimbursement for other expenses. Annual terms for each allowance include the basis for earning the allowance and payment terms, which vary by agreement. All vendor allowances are recorded as a reduction of inventory cost, except for direct cooperative advertising allowances which are specific, incremental and identifiable. The Company recognizes purchase volume allowances as a reduction of the cost of inventory in the quarter in which milestones are achieved. Advertising costs were reduced by direct cooperative allowances of $37.4 $31.7 $25.6 2016, 2015 2014, R. Store Opening, Expansion, Relocation and Closing Costs Store opening, expansion, relocation and closing costs, including markdowns, asset residual values and projected occupancy costs, are charged to earnings as incurred. S. Advertising Costs Expenses associated with direct response advertising are expensed over the period during which the sales are expected to occur, generally four seven $381.1 $338.1 $308.4 2016, 2015 2014, T. Stock-Based Compensation The Company measures all employee stock-based compensation awards using a fair value method and records such expense in its consolidated financial statements. Currently, the Company’s stock-based compensation relates to restricted stock awards, stock options and performance stock units. The Company’s restricted stock awards are considered nonvested share awards. U. Income Taxes The Company files a consolidated Federal income tax return. Income tax returns are also filed with each taxable jurisdiction in which the Company conducts business. The Company accounts for its income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The Company intends to reinvest the unremitted earnings of its Canadian subsidiary. Accordingly, no provision has been made for U.S. or additional non-U.S. taxes with respect to these earnings. In the event of repatriation to the U.S., in most cases such earnings would be subject to U.S. income taxes. The Company recognizes the tax benefit from an uncertain tax position only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty Judgment is required in determining the provision for income taxes and related accruals, deferred tax assets and liabilities. In the ordinary course of business, there are transactions and calculations where the ultimate tax outcome is uncertain. Additionally, the Company’s tax returns are subject to audit by various tax authorities. Although the Company believes that its estimates are reasonable, actual results could differ from these estimates. V. Earnings per Share The Company presents earnings per share on a basic and diluted basis. Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding, including the dilutive effect of stock-based awards as calculated under the treasury stock method. Stock-based awards of approximately 4.4 2.6 1.7 2016, 2015 2014, W. Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09 one 2014 09 December 15, 2017, 2016, 2014 09 In April 2015, 2015 03, Interest-Imputation of Interest (Subtopic 835 30): may 2015 03 December 15, 2015, 2015 03 first 2016 In November 2015, 2015 17, Income Taxes (Topic 740): 2015 17 December 15, 2016, 2015 17 first 2017. In February 2016, 2016 02, Leases 2016 02 December 15, 2018, 2016 02 In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718) 2016 09 2016 09 2016 09 December 15, 2016, first 2017. In January 2017, 2017 01, Business Combinations (Topic 805): 2017 01 2017 01 December 15, 2017, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350): 2017 04 second 2017 04 December 15, 2019, |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. During the second 2015, February 25, 2017 February 27, 2016. On June 14, 2016, February 25, 2017. On November 23, 2016, $189.4 February 25, 2017 The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed at the date of acquisition for PMall. The Company is in the process of finalizing the valuation of certain assets acquired and liabilities assumed; thus, the amounts below are subject to change until the anniversary of the acquisition. (in millions) As of November 23, 2016 Current assets $ 15.1 Property and equipment and other non-current assets 15.1 Goodwill 178.1 Intangible assets 12.0 Total assets acquired 220.3 Accounts payable and other liabilities (30.9 ) Total net assets acquired $ 189.4 Included within intangible assets above is approximately $10.0 On January 27, 2017, February 25, 2017. 8). Subsequent to the end of fiscal 2016, 2016 2017. 2017. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may three • Level 1 • Level 2 • Level 3 As of February 25, 2017, 1 2 3 4). |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. INVESTMENT SECURITIES The Company’s investment securities as of February 25, 2017 February 27, 2016 (in millions) February 25, February 27, Available-for-sale securities: Long term $ 19.3 $ 19.8 Trading securities: Long term 70.3 51.5 Held-to-maturity securities: Short term - 86.2 Total investment securities $ 89.6 $ 157.5 Auction Rate Securities As of February 25, 2017 February 27, 2016, $20.3 $1.0 $0.5 In fiscal 2015, $30.7 tendered 94% $1.8 2015. U.S. Treasury Securities As of February 25, 2017, no February 27, 2016, $86.2 one 1 Long Term Trading Investment Securities The Company’s long term trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value. The values of these trading investment securities included in the table above are approximately $70.3 $51.5 February 25, 2017 February 27, 2016, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment consist of the following: February 25, February 27, (in thousands) 2017 2016 Land and buildings $ 579,514 $ 567,602 Furniture, fixtures and equipment 1,332,038 1,240,181 Leasehold improvements 1,454,749 1,341,596 Computer equipment and software 1,290,690 1,106,812 4,656,991 4,256,191 Less: Accumulated depreciation (2,819,862 ) (2,531,148 ) Property and equipment, net $ 1,837,129 $ 1,725,043 |
Note 6 - Long Term Debt
Note 6 - Long Term Debt | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. Senior Unsecured Notes On July 17, 2014, $300 3.749% August 1, 2024 “2024 $300 4.915% August 1, 2034 “2034 $900 5.165% August 1, 2044 “2044 2024 2034 $1.5 February 1 August 1 The Notes were issued under an indenture (the “Base Indenture”), as supplemented by a first February 25, 2017. The Notes are unsecured, senior obligations and rank equal in right of payment to any of the Company’s existing and future senior unsecured indebtedness. The Company may 101% Revolving Credit Agreement The Company has a $250 five August 2019, 2016 2015, Borrowings under the Revolver accrue interest at either (1) 0.50%, one 1.0% (2) (3) February 25, 2017. Deferred financing costs associated with the Notes and the Revolver of approximately $10.1 $73.4 2016, $73.0 2015 $44.9 July 17, 2014 February 28, 2015. Lines of Credit At February 25, 2017, two $100 August 30, 2017 February 25, 2018, 2016 2015, February 25, 2017, $14.0 February 25, 2017, $44.9 |
Note 7 - Provision for Income T
Note 7 - Provision for Income Taxes | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. PROVISION FOR INCOME TAXES The components of the provision for income taxes are as follows: FISCAL YEAR ENDED (in thousands) February 25, February 27, February 28, Current: Federal $ 313,571 $ 389,039 $ 504,154 State and local 42,101 39,991 64,486 355,672 429,030 568,640 Deferred: Federal 20,295 42,592 (18,245 ) State and local 4,580 14,334 (4,034 ) 24,875 56,926 (22,279 ) $ 380,547 $ 485,956 $ 546,361 At February 25, 2017 February 26, 2016, $218.9 $201.5 $23.4 $2.4 February 25, February 27, (in thousands) 2017 2016 Deferred tax assets: Inventories $ 33,120 $ 30,470 Deferred rent and other rent credits 73,577 74,182 Insurance 60,789 51,238 Stock-based compensation 41,715 39,417 Nonqualified deferred compensation plan 27,857 21,688 Merchandise credits and gift card liabilities 63,031 66,496 Accrued expenses 57,401 46,226 Obligations on distribution facilities 40,363 40,704 Net operating loss carryforwards and other tax credits 18,186 22,253 Other 84,232 69,088 Deferred tax liabilities: Depreciation (137,144 ) (104,781 ) Goodwill (69,127 ) (62,252 ) Intangibles (82,688 ) (81,150 ) Other (15,843 ) (14,525 ) $ 195,469 $ 199,054 At February 25, 2017, $9.6 2025, $4.5 2016 2031, $3.1 2023, $1.0 The Company has not established a valuation allowance for the net deferred tax asset as it is considered more likely than not that it is realizable through a combination of future taxable income and the deductibility of future net deferred tax liabilities. The following table summarizes the activity related to the gross unrecognized tax benefits from uncertain tax positions: February 25, February 27, (in thousands) 2017 2016 Balance at beginning of year $ 72,807 $ 79,985 Increase related to current year positions 14,491 16,662 Increase related to prior year positions 413 2,104 Decrease related to prior year positions (4,202 ) (14,698 ) Settlements - (5,865 ) Lapse of statute of limitations (7,094 ) (5,381 ) Balance at end of year $ 76,415 $ 72,807 Gross unrecognized tax benefits are classified in non-current income taxes payable (or a contra deferred tax asset) on the consolidated balance sheet for uncertain tax positions taken (or expected to be taken) on a tax return. As of February 25, 2017 February 27, 2016, $76.3 $72.7 February 25, 2017 February 27, 2016, $8.1 $10.5 $2.4 $2.5 February 25, 2017 February 27, 2016 The Company anticipates that any adjustments to gross unrecognized tax benefits which will impact income tax expense, due to the expiration of statutes of limitations, could be approximately $3 $4 twelve As of February 25, 2017, 50 three five For fiscal 2016, 35.00%, 3.25%, 0.28% 2.82%. 2015, 35.00%, 3.07%, 0.07% 1.53%. 2014, 35.00%, 3.01%, 0.04% 1.72%. |
Note 8 - Transaction and Balanc
Note 8 - Transaction and Balances with Related Parties | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 8. TRANSACTIONS AND BALANCES WITH RELATED PARTIES In fiscal 2002, 2003. 2003, $5.4 $4.2 February 25, 2017 February 27, 2016. On January 27, 2017, 30 2). |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 9. LEASES The Company leases retail stores, as well as distribution facilities, offices and equipment, under agreements expiring at various dates through 2042. 2016, 2015 2014), As of February 25, 2017, Operating (in thousands) Leases Fiscal Year: 2017 $ 614,148 2018 563,682 2019 502,371 2020 419,526 2021 323,809 Thereafter 902,983 Total future minimum lease payments $ 3,326,519 Expenses for all operating leases were $582.2 $568.1 $566.0 2016, 2015 2014, As of February 25, 2017 February 27, 2016, $5.1 $6.5 $0.4 $0.4 $0.5 2016, 2015 2014, $1.0 2017, $0.9 2018, $0.9 2019, $0.8 2020, $0.7 2021 $2.1 The Company has financing obligations, related to two 32 37 February 25, 2017 February 27, 2016, $103.3 $104.0 7.2% 10.6%). $0.7 2017, $0.8 2018, $0.8 2019, $0.9 2020, $0.9 2021 $77.4 |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plans | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Company has five may $15.2 $13.9 $13.2 2016, 2015 2014, Nonqualified Deferred Compensation Plan The Company has a nonqualified deferred compensation plan (“NQDC”) for the benefit of employees who are defined by the Internal Revenue Service as highly compensated. Participants of the NQDC may may $0.5 $0.6 $0.7 2016, 2015 2014, Changes in the fair value of the trading securities related to the NQDC and the corresponding change in the associated liability are included within interest income and selling, general and administrative expenses respectively, in the consolidated statements of earnings. Historically, these changes have resulted in no net impact to the consolidated statements of earnings. Defined Benefit Plan The Company has a non-contributory defined benefit pension plan for the CTS employees, hired on or before July 31, 2003, February 25, 2017, February 27, 2016 February 28, 2015, $19.3 $20.4 February 25, 2017 February 27, 2016, February 25, 2017 February 27, 2016, $4.7 $3.0 $6.5 $4.2 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES The Company maintains employment agreements with its Co-Chairmen, which extend through May 26, 2017. may The Company records an estimated liability related to its various claims and legal actions arising in the ordinary course of business when and to the extent that it concludes a liability is probable and the amount of the loss can be reasonably estimated. Such estimated loss is based on available information and advice from outside counsel, where appropriate. As additional information becomes available, the Company reassesses the potential liability related to claims and legal actions and revises its estimated liabilities, as appropriate. The Company expects the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. The Company also cannot predict the nature and validity of claims which could be asserted in the future, and future claims could have a material impact on its earnings. |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 12. SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of $364.4 $442.4 $554.4 2016, 2015 2014, $81.4 $81.5 $48.2 2016, 2015 2014, The Company recorded an accrual for capital expenditures of $59.0 $51.7 $57.8 February 25, 2017, February 27, 2016 February 28, 2015, |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. The Company measures all employee stock-based compensation awards using a fair value method and records such expense, net of estimated forfeitures, in its consolidated financial statements. Currently, the Company’s stock-based compensation relates to restricted stock awards, stock options and performance stock units. The Company’s restricted stock awards are considered nonvested share awards. Stock-based compensation expense for the fiscal year ended February 25, 2017, February 27, 2016 February 28, 2015 $71.9 ($46.3 $0.31 $67.0 ($42.4 $0.26 $66.5 ($42.4 $0.22 February 25, 2017 February 27, 2016 $2.2 $2.1 Incentive Compensation Plans The Company currently grants awards under the Bed Bath & Beyond 2012 “2012 2004 “2004 2012 43.2 2004 2012 The 2012 2012 five one three four The Company generally issues new shares for stock option exercises, restricted stock awards and vesting of performance stock units. Stock Options Stock option grants are issued at fair market value on the date of grant and generally become exercisable in either three five one May 10, 2010, one three May 10, 2010, eight February 25, 2017, $21.0 2.9 The fair value of the stock options granted was estimated on the date of the grant using a Black-Scholes option-pricing model that uses the assumptions noted in the following table. FISCAL YEAR ENDED Black-Scholes Valuation Assumptions (1) February February February Weighted Average Expected Life (in years) (2) 6.6 6.7 6.6 Weighted Average Expected Volatility (3) 26.96 % 27.59 % 28.31 % Weighted Average Risk Free Interest Rates (4) 1.46 % 1.93 % 2.11 % Expected Dividend Yield (5) 1.10 % - - (1) Forfeitures are estimated based on historical experience. (2) The expected life of stock options is estimated based on historical experience. (3) Expected volatility is based on the average of historical and implied volatility. The historical volatility is determined by observing actual prices of the Company’s stock over a period commensurate with the expected life of the awards. The implied volatility represents the implied volatility of the Company’s call options, which are actively traded on multiple exchanges, had remaining maturities in excess of twelve (4) Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options. (5) Expected dividend yield is estimated based on anticipated dividend payouts. Changes in the Company’s stock options for the fiscal year ended February 25, 2017 (Shares in thousands) Number of Stock Options Weighted Average Options outstanding, beginning of period 3,838 $ 54.43 Granted 703 45.53 Exercised (635 ) 31.94 Forfeited or expired - - Options outstanding, end of period 3,906 $ 56.48 Options exercisable, end of period 2,262 $ 55.02 The weighted average fair value for the stock options granted in fiscal 2016, 2015 2014 $11.87, $23.12 $20.96, February 25, 2017 4.0 $4.6 February 25, 2017 2.6 $4.6 2016, 2015 2014 $9.0 $8.7 $33.5 Net cash proceeds from the exercise of stock options for fiscal 2016 $20.4 $0.4 Restricted Stock Restricted stock awards are issued and measured at fair market value on the date of grant and generally become vested in five one three February 25, 2017, $132.7 4.1 Changes in the Company’s restricted stock for the fiscal year ended February 25, 2017 (Shares in thousands) Number of Restricted Shares Weighted Average Unvested restricted stock, beginning of period 3,230 $ 62.71 Granted 1,287 44.83 Vested (834 ) 55.13 Forfeited (191 ) 59.29 Unvested restricted stock, end of period 3,492 $ 58.12 Performance Stock Units Performance stock units (“PSUs”) are issued and measured at fair market value on the date of grant. Vesting of PSUs awarded to certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test during a one three four one three zero 150% 100% February 25, 2017, $23.7 1.8 Changes in the Company’s PSUs for the fiscal year ended February 25, 2017 (Shares in thousands) Number of Performance Weighted Average Unvested performance stock units, beginning of period 627 $ 67.15 Granted 566 45.53 Vested (179 ) 66.53 Forfeited - - Unvested performance stock units, end of period 1,014 $ 55.19 |
Note 14 - Summary of Quarterly
Note 14 - Summary of Quarterly Results (Unaudited) | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. FISCAL 2016 QUARTER ENDED FISCAL 2015 QUARTER ENDED (in thousands, except per share data) May 28, August 27, 2016 November 26, 2016 February 25, 2017 May 30, August 29, 2015 November 28, 2015 February 27, 2016 Net sales $ 2,738,084 $ 2,988,235 $ 2,955,484 $ 3,533,954 $ 2,738,495 $ 2,995,469 $ 2,952,031 $ 3,417,892 Gross profit 1,023,592 1,116,893 1,092,774 1,343,091 1,044,133 1,140,950 1,115,311 1,319,916 Operating profit 213,026 280,973 211,283 429,928 273,269 350,194 292,858 498,582 Earnings before provision for income taxes 196,711 262,774 193,029 413,141 253,368 325,141 274,806 474,130 Provision for income taxes 74,092 95,439 66,605 144,411 94,917 123,463 96,990 170,586 Net earnings $ 122,619 $ 167,335 $ 126,424 $ 268,730 $ 158,451 $ 201,678 $ 177,816 $ 303,544 EPS-Basic (1) $ 0.81 $ 1.12 $ 0.86 $ 1.86 $ 0.94 $ 1.22 $ 1.10 $ 1.93 EPS-Diluted (1) $ 0.80 $ 1.11 $ 0.85 $ 1.84 $ 0.93 $ 1.21 $ 1.09 $ 1.91 Dividends declared per share $ 0.125 $ 0.125 $ 0.125 $ 0.125 $ - $ - $ - $ - (1) may |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - Valuation and Qualifying Accounts Fiscal Years Ended February 25, 2017, February 27, 2016, February 28, 2015 (amounts in millions) Column A Column B Column C Column C Column D Column E Balance at Additions Additions Adjustments Balance at Beginning of Charged to Charged to and/or End of Description Period Income Other Accounts Deductions Period Sales Returns and Allowance Year Ended: February 25, 2017 $ 44.5 $ 666.4 $ 1.6 (1) $ 667.1 $ 45.4 February 27, 2016 45.0 693.3 - 693.8 44.5 February 28, 2015 45.0 715.7 - 715.7 45.0 (1) Principally due to acquistions during the fiscal year ended February 25, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 25, 2017 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | B. Fiscal Year The Company’s fiscal year is comprised of the 52 53 February 28. 2016, 2015 2014 52 February 25, 2017, February 27, 2016 February 28, 2015, |
Consolidation, Policy [Policy Text Block] | C. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company accounts for its investment in the joint venture under the equity method. Certain reclassifications have been made to the fiscal 2015 2016 2014 2016 2015 All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | D. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the Company to establish accounting policies and to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on other assumptions that it believes to be relevant under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. In particular, judgment is used in areas such as inventory valuation, impairment of long-lived assets, impairment of auction rate securities, goodwill and other indefinite lived intangible assets, accruals for self insurance, litigation, store opening, expansion, relocation and closing costs, the provision for sales returns, vendor allowances, stock-based compensation and income and certain other taxes. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | E. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three five $86.6 $89.4 February 25, 2017 February 27, 2016, |
Investment, Policy [Policy Text Block] | F. Investment Securities Investment securities consist primarily of auction rate securities, which are securities with interest rates that reset periodically through an auction process. Auction rate securities are classified as available-for-sale and are stated at fair value, which had historically been consistent with cost or par value due to interest rates which reset periodically, typically every 7, 28 35 February 2008 February 25, 2017 February 27, 2016, 3 4). 2015, one Those investment securities which the Company has the ability and intent to hold until maturity are classified as held-to-maturity investments and are stated at amortized cost. Those investment securities which are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are stated at fair market value. Premiums are amortized and discounts are accreted over the life of the security as adjustments to interest income using the effective interest method. Dividend and interest income are recognized when earned. |
Inventory, Policy [Policy Text Block] | G. Inventory Valuation Merchandise inventories are stated at the lower of cost or market. Inventory costs are primarily calculated using the weighted average retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail values of inventories. The cost associated with determining the cost-to-retail ratio includes: merchandise purchases, net of returns to vendors, discounts and volume and incentive rebates; inbound freight expenses; duty, insurance and commissions. At any one The Company estimates its reserve for shrinkage throughout the year based on historical shrinkage and any current trends, if applicable. Actual shrinkage is recorded at year end based upon the results of the Company’s physical inventory counts for locations at which counts were conducted. For locations where physical inventory counts were not conducted in the fiscal year, an estimated shrink reserve is recorded based on historical shrinkage and any current trends, if applicable. Historically, the Company’s shrinkage has not been volatile. The Company accrues for merchandise in transit once it takes legal ownership and title to the merchandise; as such, an estimate for merchandise in transit is included in the Company’s merchandise inventories. |
Property, Plant and Equipment, Policy [Policy Text Block] | H. Property and Equipment Property and equipment are stated at cost and are depreciated primarily using the straight-line method over the estimated useful lives of the assets (forty five twenty three ten The cost of maintenance and repairs is charged to earnings as incurred; significant renewals and betterments are capitalized. Maintenance and repairs amounted to $131.6 $130.9 $120.3 2016, 2015 2014, |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | I. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of these assets may |
Goodwill and Intangible Assets, Policy [Policy Text Block] | J. Goodwill and Other Indefinite Lived Intangible Assets The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. Impairment testing is based upon the best information available, including estimates of fair value which incorporate assumptions marketplace participants would use in making their estimates of fair value. The Company has not historically recorded an impairment to its goodwill and other indefinite lived intangible assets. As of February 25, 2017, Included within other assets in the accompanying consolidated balance sheets as of February 25, 2017 February 27, 2016, $305.3 $291.4 |
Self-Insurance [Policy Text Block] | K. Self Insurance The Company utilizes a combination of insurance and self insurance for a number of risks including workers’ compensation, general liability, automobile liability and employee related health care benefits (a portion of which is paid by its employees). Liabilities associated with the risks that the Company retains are estimated by considering historical claims experience, demographic factors, severity factors and other actuarial assumptions. Although the Company’s claims experience has not displayed substantial volatility in the past, actual experience could materially vary from its historical experience in the future. Factors that affect these estimates include but are not limited to: inflation, the number and severity of claims and regulatory changes. In the future, if the Company concludes an adjustment to self insurance accruals is required, the liability will be adjusted accordingly. |
Deferred Charges, Policy [Policy Text Block] | L. Deferred Rent The Company accounts for scheduled rent increases contained in its leases on a straight-line basis over the term of the lease beginning as of the date the Company obtained possession of the leased premises. Deferred rent amounted to $80.3 $77.3 February 25, 2017 February 27, 2016, Cash or lease incentives (“tenant tenant tenant $119.4 $119.8 February 25, 2017 February 27, 2016, |
Stockholders' Equity, Policy [Policy Text Block] | M. Shareholders’ Equity The Company has authorization to make repurchases from time to time in the open market or through other parameters approved by the Board of Directors pursuant to existing rules and regulations. Between December 2004 September 2015, $11.950 July 17, 2014, $1.1 December 2014. 16.8 $65.41. 2004 2016, $10.2 During fiscal 2016, 12.3 $547.0 2015 18.4 $1.101 2014, 33.0 $2.251 $1.7 February 25, 2017. The Company’s Board of Directors authorized a quarterly dividend program and declared quarterly dividends of $0.125 2016, $0.50 2016. fourth 2016, April 5, 2017, $0.15 July 18, 2017 June 16, 2017. Cash dividends, if any, are accrued as a liability on the Company’s consolidated balance sheets and recorded as a decrease to additional paid-in capital when declared. |
Fair Value Measurement, Policy [Policy Text Block] | N. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The Company’s investment securities consist primarily of auction rate securities, which are stated at their approximate fair value. In fiscal 2015, 3). $1.418 February 25, 2017 1 $1.500 |
Revenue Recognition, Policy [Policy Text Block] | O. Revenue Recognition Sales are recognized upon purchase by customers at the Company’s retail stores or upon delivery for products purchased from its websites. The value of point-of-sale coupons and point-of-sale rebates that result in a reduction of the price paid by the customer are recorded as a reduction of sales. Shipping and handling fees that are billed to a customer in a sale transaction are recorded in sales. Taxes, such as sales tax, use tax and value added tax, are not included in sales. Revenues from gift cards, gift certificates and merchandise credits are recognized when redeemed. Gift cards have no provisions for reduction in the value of unused card balances over defined time periods and have no expiration dates. Sales returns are provided for in the period that the related sales are recorded based on historical experience. Although the estimate for sales returns has not varied materially from historical provisions, actual experience could vary from historical experience in the future if the level of sales return activity changes materially. In the future, if the Company concludes that an adjustment to the sales return accrual is required due to material changes in the returns activity, the reserve will be adjusted accordingly. |
Cost of Sales, Policy [Policy Text Block] | P. Cost of Sales Cost of sales includes the cost of merchandise, buying costs and costs of the Company’s distribution network including inbound freight charges, distribution facility costs, receiving costs, internal transfer costs and shipping and handling costs. |
Cost of Sales, Vendor Allowances, Policy [Policy Text Block] | Q. Vendor Allowances The Company receives allowances from vendors in the normal course of business for various reasons including direct cooperative advertising, purchase volume and reimbursement for other expenses. Annual terms for each allowance include the basis for earning the allowance and payment terms, which vary by agreement. All vendor allowances are recorded as a reduction of inventory cost, except for direct cooperative advertising allowances which are specific, incremental and identifiable. The Company recognizes purchase volume allowances as a reduction of the cost of inventory in the quarter in which milestones are achieved. Advertising costs were reduced by direct cooperative allowances of $37.4 $31.7 $25.6 2016, 2015 2014, |
Store Opening, Expansion, Relocation, and Closing Costs [Policy Text Block] | R. Store Opening, Expansion, Relocation and Closing Costs Store opening, expansion, relocation and closing costs, including markdowns, asset residual values and projected occupancy costs, are charged to earnings as incurred. |
Advertising Costs, Policy [Policy Text Block] | S. Advertising Costs Expenses associated with direct response advertising are expensed over the period during which the sales are expected to occur, generally four seven $381.1 $338.1 $308.4 2016, 2015 2014, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | T. Stock-Based Compensation The Company measures all employee stock-based compensation awards using a fair value method and records such expense in its consolidated financial statements. Currently, the Company’s stock-based compensation relates to restricted stock awards, stock options and performance stock units. The Company’s restricted stock awards are considered nonvested share awards. |
Income Tax, Policy [Policy Text Block] | U. Income Taxes The Company files a consolidated Federal income tax return. Income tax returns are also filed with each taxable jurisdiction in which the Company conducts business. The Company accounts for its income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The Company intends to reinvest the unremitted earnings of its Canadian subsidiary. Accordingly, no provision has been made for U.S. or additional non-U.S. taxes with respect to these earnings. In the event of repatriation to the U.S., in most cases such earnings would be subject to U.S. income taxes. The Company recognizes the tax benefit from an uncertain tax position only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty Judgment is required in determining the provision for income taxes and related accruals, deferred tax assets and liabilities. In the ordinary course of business, there are transactions and calculations where the ultimate tax outcome is uncertain. Additionally, the Company’s tax returns are subject to audit by various tax authorities. Although the Company believes that its estimates are reasonable, actual results could differ from these estimates. |
Earnings Per Share, Policy [Policy Text Block] | V. Earnings per Share The Company presents earnings per share on a basic and diluted basis. Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding, including the dilutive effect of stock-based awards as calculated under the treasury stock method. Stock-based awards of approximately 4.4 2.6 1.7 2016, 2015 2014, |
New Accounting Pronouncements, Policy [Policy Text Block] | W. Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09 one 2014 09 December 15, 2017, 2016, 2014 09 In April 2015, 2015 03, Interest-Imputation of Interest (Subtopic 835 30): may 2015 03 December 15, 2015, 2015 03 first 2016 In November 2015, 2015 17, Income Taxes (Topic 740): 2015 17 December 15, 2016, 2015 17 first 2017. In February 2016, 2016 02, Leases 2016 02 December 15, 2018, 2016 02 In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718) 2016 09 2016 09 2016 09 December 15, 2016, first 2017. In January 2017, 2017 01, Business Combinations (Topic 805): 2017 01 2017 01 December 15, 2017, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350): 2017 04 second 2017 04 December 15, 2019, |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in millions) As of November 23, 2016 Current assets $ 15.1 Property and equipment and other non-current assets 15.1 Goodwill 178.1 Intangible assets 12.0 Total assets acquired 220.3 Accounts payable and other liabilities (30.9 ) Total net assets acquired $ 189.4 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Marketable Securities [Table Text Block] | (in millions) February 25, February 27, Available-for-sale securities: Long term $ 19.3 $ 19.8 Trading securities: Long term 70.3 51.5 Held-to-maturity securities: Short term - 86.2 Total investment securities $ 89.6 $ 157.5 |
Note 5 - Property and Equipme26
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | February 25, February 27, (in thousands) 2017 2016 Land and buildings $ 579,514 $ 567,602 Furniture, fixtures and equipment 1,332,038 1,240,181 Leasehold improvements 1,454,749 1,341,596 Computer equipment and software 1,290,690 1,106,812 4,656,991 4,256,191 Less: Accumulated depreciation (2,819,862 ) (2,531,148 ) Property and equipment, net $ 1,837,129 $ 1,725,043 |
Note 7 - Provision for Income27
Note 7 - Provision for Income Taxes (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | FISCAL YEAR ENDED (in thousands) February 25, February 27, February 28, Current: Federal $ 313,571 $ 389,039 $ 504,154 State and local 42,101 39,991 64,486 355,672 429,030 568,640 Deferred: Federal 20,295 42,592 (18,245 ) State and local 4,580 14,334 (4,034 ) 24,875 56,926 (22,279 ) $ 380,547 $ 485,956 $ 546,361 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | February 25, February 27, (in thousands) 2017 2016 Deferred tax assets: Inventories $ 33,120 $ 30,470 Deferred rent and other rent credits 73,577 74,182 Insurance 60,789 51,238 Stock-based compensation 41,715 39,417 Nonqualified deferred compensation plan 27,857 21,688 Merchandise credits and gift card liabilities 63,031 66,496 Accrued expenses 57,401 46,226 Obligations on distribution facilities 40,363 40,704 Net operating loss carryforwards and other tax credits 18,186 22,253 Other 84,232 69,088 Deferred tax liabilities: Depreciation (137,144 ) (104,781 ) Goodwill (69,127 ) (62,252 ) Intangibles (82,688 ) (81,150 ) Other (15,843 ) (14,525 ) $ 195,469 $ 199,054 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | February 25, February 27, (in thousands) 2017 2016 Balance at beginning of year $ 72,807 $ 79,985 Increase related to current year positions 14,491 16,662 Increase related to prior year positions 413 2,104 Decrease related to prior year positions (4,202 ) (14,698 ) Settlements - (5,865 ) Lapse of statute of limitations (7,094 ) (5,381 ) Balance at end of year $ 76,415 $ 72,807 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating (in thousands) Leases Fiscal Year: 2017 $ 614,148 2018 563,682 2019 502,371 2020 419,526 2021 323,809 Thereafter 902,983 Total future minimum lease payments $ 3,326,519 |
Note 13 - Stock-based Compens29
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | FISCAL YEAR ENDED Black-Scholes Valuation Assumptions (1) February February February Weighted Average Expected Life (in years) (2) 6.6 6.7 6.6 Weighted Average Expected Volatility (3) 26.96 % 27.59 % 28.31 % Weighted Average Risk Free Interest Rates (4) 1.46 % 1.93 % 2.11 % Expected Dividend Yield (5) 1.10 % - - |
Share-based Compensation, Stock Options, Activity [Table Text Block] | (Shares in thousands) Number of Stock Options Weighted Average Options outstanding, beginning of period 3,838 $ 54.43 Granted 703 45.53 Exercised (635 ) 31.94 Forfeited or expired - - Options outstanding, end of period 3,906 $ 56.48 Options exercisable, end of period 2,262 $ 55.02 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | (Shares in thousands) Number of Restricted Shares Weighted Average Unvested restricted stock, beginning of period 3,230 $ 62.71 Granted 1,287 44.83 Vested (834 ) 55.13 Forfeited (191 ) 59.29 Unvested restricted stock, end of period 3,492 $ 58.12 |
Share-based Compensation, Performance Shares Award Nonvested Activity [Table Text Block] | (Shares in thousands) Number of Performance Weighted Average Unvested performance stock units, beginning of period 627 $ 67.15 Granted 566 45.53 Vested (179 ) 66.53 Forfeited - - Unvested performance stock units, end of period 1,014 $ 55.19 |
Note 14 - Summary of Quarterl30
Note 14 - Summary of Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | FISCAL 2016 QUARTER ENDED FISCAL 2015 QUARTER ENDED (in thousands, except per share data) May 28, August 27, 2016 November 26, 2016 February 25, 2017 May 30, August 29, 2015 November 28, 2015 February 27, 2016 Net sales $ 2,738,084 $ 2,988,235 $ 2,955,484 $ 3,533,954 $ 2,738,495 $ 2,995,469 $ 2,952,031 $ 3,417,892 Gross profit 1,023,592 1,116,893 1,092,774 1,343,091 1,044,133 1,140,950 1,115,311 1,319,916 Operating profit 213,026 280,973 211,283 429,928 273,269 350,194 292,858 498,582 Earnings before provision for income taxes 196,711 262,774 193,029 413,141 253,368 325,141 274,806 474,130 Provision for income taxes 74,092 95,439 66,605 144,411 94,917 123,463 96,990 170,586 Net earnings $ 122,619 $ 167,335 $ 126,424 $ 268,730 $ 158,451 $ 201,678 $ 177,816 $ 303,544 EPS-Basic (1) $ 0.81 $ 1.12 $ 0.86 $ 1.86 $ 0.94 $ 1.22 $ 1.10 $ 1.93 EPS-Diluted (1) $ 0.80 $ 1.11 $ 0.85 $ 1.84 $ 0.93 $ 1.21 $ 1.09 $ 1.91 Dividends declared per share $ 0.125 $ 0.125 $ 0.125 $ 0.125 $ - $ - $ - $ - |
Schedule II - Valuation and Q31
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Column A Column B Column C Column C Column D Column E Balance at Additions Additions Adjustments Balance at Beginning of Charged to Charged to and/or End of Description Period Income Other Accounts Deductions Period Sales Returns and Allowance Year Ended: February 25, 2017 $ 44.5 $ 666.4 $ 1.6 (1) $ 667.1 $ 45.4 February 27, 2016 45.0 693.3 - 693.8 44.5 February 28, 2015 45.0 715.7 - 715.7 45.0 |
Note 1 - Summary of Significa32
Note 1 - Summary of Significant Accounting Policies and Related Matters (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 05, 2017$ / shares | Feb. 25, 2017USD ($)$ / shares | Nov. 26, 2016$ / shares | Aug. 27, 2016$ / shares | May 28, 2016$ / shares | Feb. 27, 2016USD ($)$ / shares | Nov. 28, 2015$ / shares | Aug. 29, 2015$ / shares | May 30, 2015$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | Feb. 25, 2017USD ($)$ / sharesshares | Feb. 27, 2016USD ($)$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | Feb. 25, 2017USD ($) | Sep. 30, 2015USD ($) |
Number of Operating Segments | 2 | ||||||||||||||
Number of Weeks in Each Period | 1 year | 1 year | 1 year | ||||||||||||
Number Of Business Days For Settlement Of Credit And Debit Card Receivables | 5 | ||||||||||||||
Credit and Debit Card Receivables, at Carrying Value | $ 86,600 | $ 89,400 | $ 86,600 | $ 89,400 | $ 86,600 | ||||||||||
Auction Market Securities Series Rate Setting Interval Period, One | 7 days | ||||||||||||||
Auction Market Securities Series Rate Setting Interval Period, Two | 28 days | ||||||||||||||
Auction Market Securities Series Rate Setting Interval Period, Three | 35 days | ||||||||||||||
U.S. Treasury Bills Maximum Remaining Maturity Period | 1 year | ||||||||||||||
Cost of Property Repairs and Maintenance | $ 131,600 | 130,900 | $ 120,300 | ||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 305,300 | 291,400 | 305,300 | 291,400 | 305,300 | ||||||||||
Deferred Rent Credit, Noncurrent | 80,300 | 77,300 | 80,300 | 77,300 | 80,300 | ||||||||||
Incentive from Lessor | 119,400 | $ 119,800 | 119,400 | 119,800 | 119,400 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 11,950,000 | ||||||||||||||
Payments for Repurchase of Common Stock | $ 547,022 | $ 1,100,585 | $ 2,250,597 | 10,200,000 | |||||||||||
Treasury Stock, Shares, Acquired | shares | 12.3 | 18.4 | 33 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,700,000 | $ 1,700,000 | 1,700,000 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.50 | ||||||||||
Long-term Debt, Fair Value | $ 1,418,000 | $ 1,418,000 | 1,418,000 | ||||||||||||
Long-term Debt | $ 1,500,000 | 1,500,000 | $ 1,500,000 | ||||||||||||
Cooperative Advertising Amount | 37,400 | $ 31,700 | $ 25,600 | ||||||||||||
Advertising Expense | $ 381,100 | $ 338,100 | $ 308,400 | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 4.4 | 2.6 | 1.7 | ||||||||||||
Income Tax Examination Likelihood of Tax Benefits Realization Upon Settlement Minimum, Percent | 50.00% | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.15 | ||||||||||||||
ASR [Member] | |||||||||||||||
Payments for Repurchase of Common Stock | $ 1,100,000 | ||||||||||||||
Treasury Stock, Shares, Acquired | shares | 16.8 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 65.41 | ||||||||||||||
Minimum [Member] | |||||||||||||||
Direct Response Advertising Expenses Recognized Over Expected Sales Period | 28 days | ||||||||||||||
Maximum [Member] | |||||||||||||||
Direct Response Advertising Expenses Recognized Over Expected Sales Period | 49 days | ||||||||||||||
Building [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||||||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||||||||||
Computer Equipment and Software [Member] | Minimum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Computer Equipment and Software [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Domestic Merchandise [Member] | |||||||||||||||
Concentration Risk, Percentage | 36.80% | 35.90% | 35.90% | ||||||||||||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Home Furnishings [Member] | |||||||||||||||
Concentration Risk, Percentage | 63.20% | 64.10% | 64.10% | ||||||||||||
MEXICO | |||||||||||||||
Number of Stores | 8 | 8 | 8 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - PersonalizationMall.Com [Member] $ in Millions | Nov. 23, 2016USD ($) |
Business Combination, Consideration Transferred | $ 189.4 |
Trade Names [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 10 |
Note 2 - Acquisitions - Summary
Note 2 - Acquisitions - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Nov. 23, 2016 | Feb. 27, 2016 |
Goodwill | $ 697,085 | $ 487,169 | |
PersonalizationMall.Com [Member] | |||
Current assets | $ 15,100 | ||
Property and equipment and other non-current assets | 15,100 | ||
Goodwill | 178,100 | ||
Intangible assets | 12,000 | ||
Total assets acquired | 220,300 | ||
Accounts payable and other liabilities | (30,900) | ||
Total net assets acquired | $ 189,400 |
Note 4 - Investment Securitie35
Note 4 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 25, 2017 | |
Held-to-maturity Securities, Current | $ 86,200 | |
Auction Rate Securities [Member] | ||
Available-for-sale Securities, Long-term Investments, Amortized Cost | 20,300 | 20,300 |
Available-for-sale Securities Temporary Impairment Adjustment Accumulated Other Comprehensive Income (Loss) | (500) | (1,000) |
Available-for-sale Securities, Sold at Less than Par | $ 30,700 | |
Available-for-sale Securities, Selling Price, Percentage of Par Value | 94.00% | |
Auction Rate Securities [Member] | Interest Expense [Member] | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (1,800) | |
US Treasury Securities [Member] | ||
Held-to-maturity Securities, Current | 86,200 | 0 |
Other Trading Investment Securities [Member] | ||
Deferred Compensation Plan Assets | $ 51,500 | $ 70,300 |
Note 4 - Investment Securitie36
Note 4 - Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Millions | Feb. 25, 2017 | Feb. 27, 2016 |
Available-for-sale securities: | ||
Long term | $ 19.3 | $ 19.8 |
Trading securities: | ||
Long term | 70.3 | 51.5 |
Held-to-maturity securities: | ||
Held-to-maturity Securities, Current | 86.2 | |
Total investment securities | $ 89.6 | $ 157.5 |
Note 5 - Property and Equipme37
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Property and equipment, gross | $ 4,656,991 | $ 4,256,191 |
Less: Accumulated depreciation | (2,819,862) | (2,531,148) |
Property and equipment, net | 1,837,129 | 1,725,043 |
Land and Building [Member] | ||
Property and equipment, gross | 579,514 | 567,602 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,332,038 | 1,240,181 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,454,749 | 1,341,596 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | $ 1,290,690 | $ 1,106,812 |
Note 6 - Long Term Debt (Detail
Note 6 - Long Term Debt (Details Textual) | Aug. 06, 2014USD ($) | Jul. 17, 2014USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | Feb. 27, 2016USD ($) |
Proceeds from Issuance of Long-term Debt | $ 1,500,000,000 | |||||
Line of Credit Facility, Number of Uncommitted Lines of Credit Maintained | 2 | |||||
Letters of Credit Outstanding, Amount | $ 14,000,000 | |||||
Unsecured Stand-by Letters of Credit, Amount | 44,900,000 | |||||
Uncommitted Line of Credit Expiring February 26, 2017 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||
Uncommitted Lines of Credit [Member] | ||||||
Proceeds from Lines of Credit | 0 | 0 | ||||
Uncommitted Line of Credit Expiring August 30, 2017 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||
Revolver [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | |||||
Debt Instrument, Term | 5 years | |||||
Proceeds from Lines of Credit | 0 | 0 | ||||
Revolver [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Revolver [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Senior Unsecured Notes and Revolver [Member] | ||||||
Interest Expense | $ 73,400,000 | $ 73,000,000 | $ 44,900,000 | |||
Senior Unsecured Notes and Revolver [Member] | Other Assets [Member] | ||||||
Debt Issuance Costs, Gross | $ 10,100,000 | |||||
Senior Unsecured Notes [Member] | ||||||
Proceeds from Issuance of Long-term Debt | $ 1,500,000,000 | |||||
Debt Instrument Change in Control Offer to Purchase Principal Amount, Percentage | 101.00% | |||||
Senior Unsecured Notes [Member] | The 2024 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.749% | |||||
Senior Unsecured Notes [Member] | The 2034 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.915% | |||||
Senior Unsecured Notes [Member] | The 2044 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 900,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.165% |
Note 7 - Provision for Income39
Note 7 - Provision for Income Taxes (Details Textual) $ in Millions | 12 Months Ended | |||
Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 28, 2015 | Feb. 26, 2016USD ($) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 76.3 | $ 72.7 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 8.1 | 10.5 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 2.4 | $ 2.5 | ||
Number of States in which Entity Operates | 50 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.25% | 3.07% | 3.01% | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 0.28% | 0.07% | 0.04% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 2.82% | 1.53% | 1.72% | |
Minimum [Member] | ||||
Income Tax Examination Number of Years Under Examination | 3 years | |||
Maximum [Member] | ||||
Income Tax Examination Number of Years Under Examination | 5 years | |||
Expiration Of Statutes Of Limitations [Member] | Minimum [Member] | ||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 3 | |||
Expiration Of Statutes Of Limitations [Member] | Maximum [Member] | ||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | 4 | |||
Other Tax Credit [Member] | ||||
Tax Credit Carryforward, Amount, Net of Tax | 1 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards, Net of Tax | 9.6 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Net of Tax | 4.5 | |||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Enterprise Zone Credit [Member] | ||||
Tax Credit Carryforward, Amount, Net of Tax | 3.1 | |||
Other Current Assets [Member] | ||||
Deferred Tax Assets, Net, Current | 218.9 | $ 201.5 | ||
Deferred Rent and Other Liabilities [Member] | ||||
Deferred Tax Liabilities, Net, Noncurrent | $ 23.4 | $ 2.4 |
Note 7 - Provision for Income40
Note 7 - Provision for Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 25, 2017 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Current: | |||||||||||
Federal | $ 313,571 | $ 389,039 | $ 504,154 | ||||||||
State and local | 42,101 | 39,991 | 64,486 | ||||||||
Total Current | 355,672 | 429,030 | 568,640 | ||||||||
Deferred: | |||||||||||
Federal | 20,295 | 42,592 | (18,245) | ||||||||
State and local | 4,580 | 14,334 | (4,034) | ||||||||
Total Deferred | 24,875 | 56,926 | (22,279) | ||||||||
Total | $ 144,411 | $ 66,605 | $ 95,439 | $ 74,092 | $ 170,586 | $ 96,990 | $ 123,463 | $ 94,917 | $ 380,547 | $ 485,956 | $ 546,361 |
Note 7 - Provision for Income41
Note 7 - Provision for Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Deferred tax assets: | ||
Inventories | $ 33,120 | $ 30,470 |
Deferred rent and other rent credits | 73,577 | 74,182 |
Insurance | 60,789 | 51,238 |
Stock-based compensation | 41,715 | 39,417 |
Nonqualified deferred compensation plan | 27,857 | 21,688 |
Merchandise credits and gift card liabilities | 63,031 | 66,496 |
Accrued expenses | 57,401 | 46,226 |
Obligations on distribution facilities | 40,363 | 40,704 |
Net operating loss carryforwards and other tax credits | 18,186 | 22,253 |
Other | 84,232 | 69,088 |
Deferred tax liabilities: | ||
Depreciation | (137,144) | (104,781) |
Goodwill | (69,127) | (62,252) |
Intangibles | (82,688) | (81,150) |
Other | (15,843) | (14,525) |
Total Deferred Taxes | $ 195,469 | $ 199,054 |
Note 7 - Provision for Income42
Note 7 - Provision for Income Taxes - Unrecognized Tax Benefit Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 25, 2017 | Feb. 27, 2016 | |
Balance at beginning of year | $ 72,807 | $ 79,985 |
Increase related to current year positions | 14,491 | 16,662 |
Increase related to prior year positions | 413 | 2,104 |
Decrease related to prior year positions | (4,202) | (14,698) |
Settlements | (5,865) | |
Lapse of statute of limitations | (7,094) | (5,381) |
Balance at end of year | $ 76,415 | $ 72,807 |
Note 8 - Transaction and Bala43
Note 8 - Transaction and Balances with Related Parties (Details Textual) - Co-Chairmen [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2004 | Feb. 25, 2017 | Feb. 27, 2016 | |
Proceeds Received on Termination of Life Insurance Policy Agreement | $ 5.4 | ||
Accrued Expenses and Other Current Liabilities [Member] | |||
Benefits Payable on Termination of Life Insurance Policy Agreement | $ 4.2 | $ 4.2 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Millions | 12 Months Ended | ||
Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | |
Operating Leases, Rent Expense | $ 582.2 | $ 568.1 | $ 566 |
Capital Lease Obligations | 5.1 | 6.5 | |
Capital Leases, Income Statement, Interest Expense | 0.4 | 0.4 | $ 0.5 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 1 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 0.9 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 0.9 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 0.8 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 0.7 | ||
Capital Leases, Future Minimum Payments Due Thereafter | $ 2.1 | ||
Number of Sale Lease Back Agreements | 2 | ||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 103.3 | $ 104 | |
Sale Leaseback Principal Payments Within One Year | 0.7 | ||
Sale Leaseback Principal Payments Within Two Years | 0.8 | ||
Sale Leaseback Principal Payments Within Three Years | 0.8 | ||
Sale Leaseback Principal Payments Within Four Years | 0.9 | ||
Sale Leaseback Principal Payments Within Five Years | 0.9 | ||
Sale Leaseback Principal Payments Thereafter | $ 77.4 | ||
Sales Leaseback Agreement One [Member] | |||
Sale Leaseback Transaction Lease Amortization Period | 32 years | ||
Sale Leaseback Transaction, Imputed Interest Rate | 7.20% | ||
Sales Leaseback Agreement Two [Member] | |||
Sale Leaseback Transaction Lease Amortization Period | 37 years | ||
Sale Leaseback Transaction, Imputed Interest Rate | 10.60% |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Payments (Details) $ in Thousands | Feb. 25, 2017USD ($) |
Fiscal Year: | |
2,017 | $ 614,148 |
2,018 | 563,682 |
2,019 | 502,371 |
2,020 | 419,526 |
2,021 | 323,809 |
Thereafter | 902,983 |
Total future minimum lease payments | $ 3,326,519 |
Note 10 - Employee Benefit Pl46
Note 10 - Employee Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | |
Number of Defined Contribution Plans | 5 | ||
Defined Contribution Plan, Cost | $ 15.2 | $ 13.9 | $ 13.2 |
Nonqualified Deferred Compensation Plan Cost Recognized | 0.5 | 0.6 | $ 0.7 |
Liability, Defined Benefit Pension Plan, Noncurrent | 19.3 | 20.4 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (4.7) | (6.5) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 3 | $ 4.2 |
Note 12 - Supplemental Cash F47
Note 12 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Taxes Paid | $ 364.4 | $ 442.4 | $ 554.4 |
Interest Paid | 81.4 | 81.5 | 48.2 |
Capital Expenditures Incurred but Not yet Paid | $ 59 | $ 51.7 | $ 57.8 |
Note 13 - Stock-based Compens48
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Allocated Share-based Compensation Expense | $ 71,900 | $ 67,000 | $ 66,500 |
Allocated Share-based Compensation Expense, Net of Tax | $ 46,300 | $ 42,400 | $ 42,400 |
Stock Based Compensation Expense, Impact On Diluted Earnings Per Share | $ 0.31 | $ 0.26 | $ 0.22 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 2,200 | $ 2,100 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 21,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 219 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 4,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 9,000 | 8,700 | $ 33,500 |
Proceeds from Stock Options Exercised | 20,424 | $ 9,109 | $ 41,197 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 400 | ||
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 23,700 | ||
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | ||
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 36 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 132,700 | ||
The 2012 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 43.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.87 | $ 23.12 | $ 20.96 |
The 2012 Plan [Member] | Employee Stock Options and Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum | 1 year | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum | 3 years | ||
The 2012 Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
The 2012 Plan [Member] | Performance Shares [Member] | Scenario Assumption [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 100.00% | ||
The 2012 Plan [Member] | Performance Shares [Member] | One-year Performance Period Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum | 1 year | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum | 3 years | ||
The 2012 Plan [Member] | Performance Shares [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 0.00% | ||
The 2012 Plan [Member] | Performance Shares [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 150.00% | ||
The 2012 Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
The 2012 Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
The 2012 Plan [Member] | Employee Stock Option Issued Since May 10, 2010 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Requisite Service Period | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | ||
The 2012 Plan [Member] | Employee Stock Option Issued Prior To May 10, 2010 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum | 1 year | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum | 3 years | ||
The 2012 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum | 1 year | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum | 3 years |
Note 13 - Stock-based Compens49
Note 13 - Stock-based Compensation - Assumptions Used to Estimate the Black-scholes Fair Value of Stock Options Granted (Details) - Employee Stock Option [Member] | 12 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | ||
Weighted Average Expected Life (in years) (Year) | [1],[2] | 6 years 219 days | 6 years 255 days | 6 years 219 days |
Weighted Average Expected Volatility | [1],[3] | 26.96% | 27.59% | 28.31% |
Weighted Average Risk Free Interest Rates | [1],[4] | 1.46% | 1.93% | 2.11% |
Expected Dividend Yield | [1],[5] | 1.10% | ||
[1] | Forfeitures are estimated based on historical experience. | |||
[2] | The expected life of stock options is estimated based on historical experience. | |||
[3] | Expected volatility is based on the average of historical and implied volatility. The historical volatility is determined by observing actual prices of the Company's stock over a period commensurate with the expected life of the awards. The implied volatility represents the implied volatility of the Company's call options, which are actively traded on multiple exchanges, had remaining maturities in excess of twelve months, had market prices close to the exercise prices of the employee stock options and were measured on the stock option grant date. | |||
[4] | Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options. | |||
[5] | Expected dividend yield is estimated based on anticipated dividend payouts. |
Note 13 - Stock-based Compens50
Note 13 - Stock-based Compensation - Changes in the Company's Stock Options (Details) shares in Thousands | 12 Months Ended |
Feb. 25, 2017$ / sharesshares | |
Options outstanding, beginning of period (in shares) | shares | 3,838 |
Options outstanding, weighted average exercise price, beginning of period (in dollars per share) | $ / shares | $ 54.43 |
Options granted (in shares) | shares | 703 |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | $ 45.53 |
Options exercised (in shares) | shares | (635) |
Options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 31.94 |
Options forfeited or expired (in shares) | shares | |
Options forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | |
Options outstanding, end of period (in shares) | shares | 3,906 |
Options outstanding, weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 56.48 |
Options exercisable, end of period (in shares) | shares | 2,262 |
Options exercisable, weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 55.02 |
Note 13 - Stock-based Compens51
Note 13 - Stock-based Compensation - Changes in the Company's Restricted Stock (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Feb. 25, 2017$ / sharesshares | |
Unvested shares, beginning of period (in shares) | shares | 3,230 |
Unvested shares, weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 62.71 |
Unvested shares, granted (in shares) | shares | 1,287 |
Unvested shares, weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 44.83 |
Unvested shares, vested (in shares) | shares | (834) |
Unvested shares, weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 55.13 |
Unvested shares, forfeited (in shares) | shares | (191) |
Unvested shares, weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 59.29 |
Unvested shares, end of period (in shares) | shares | 3,492 |
Unvested shares, weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 58.12 |
Note 13 - Stock-based Compens52
Note 13 - Stock-based Compensation - Changes in the Company's Performance Stock Units (Details) - Performance Shares [Member] shares in Thousands | 12 Months Ended |
Feb. 25, 2017$ / sharesshares | |
Unvested shares, beginning of period (in shares) | shares | 627 |
Unvested shares, weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 67.15 |
Unvested shares, granted (in shares) | shares | 566 |
Unvested shares, weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 45.53 |
Unvested shares, vested (in shares) | shares | (179) |
Unvested shares, weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 66.53 |
Unvested shares, forfeited (in shares) | shares | |
Unvested shares, weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | |
Unvested shares, end of period (in shares) | shares | 1,014 |
Unvested shares, weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 55.19 |
Note 14 - Summary of Quarterl53
Note 14 - Summary of Quarterly Results (Unaudited) - Summary of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 25, 2017 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |||||||||
Net sales | $ 3,533,954 | $ 2,955,484 | $ 2,988,235 | $ 2,738,084 | $ 3,417,892 | $ 2,952,031 | $ 2,995,469 | $ 2,738,495 | $ 12,215,757 | $ 12,103,887 | $ 11,881,176 | ||||||||
Gross profit | 1,343,091 | 1,092,774 | 1,116,893 | 1,023,592 | 1,319,916 | 1,115,311 | 1,140,950 | 1,044,133 | 4,576,350 | 4,620,310 | 4,619,779 | ||||||||
Operating profit | 429,928 | 211,283 | 280,973 | 213,026 | 498,582 | 292,858 | 350,194 | 273,269 | 1,135,210 | 1,414,903 | 1,554,293 | ||||||||
Earnings before provision for income taxes | 413,141 | 193,029 | 262,774 | 196,711 | 474,130 | 274,806 | 325,141 | 253,368 | 1,065,655 | 1,327,445 | 1,503,835 | ||||||||
Provision for income taxes | 144,411 | 66,605 | 95,439 | 74,092 | 170,586 | 96,990 | 123,463 | 94,917 | 380,547 | 485,956 | 546,361 | ||||||||
Net earnings | $ 268,730 | $ 126,424 | $ 167,335 | $ 122,619 | $ 303,544 | $ 177,816 | $ 201,678 | $ 158,451 | $ 685,108 | $ 841,489 | $ 957,474 | ||||||||
EPS-Basic (in dollars per share) | $ 1.86 | [1] | $ 0.86 | [1] | $ 1.12 | [1] | $ 0.81 | [1] | $ 1.93 | [1] | $ 1.10 | [1] | $ 1.22 | [1] | $ 0.94 | [1] | $ 4.61 | $ 5.15 | $ 5.13 |
EPS-Diluted (in dollars per share) | 1.84 | [1] | 0.85 | [1] | 1.11 | [1] | 0.80 | [1] | 1.91 | [1] | 1.09 | [1] | 1.21 | [1] | 0.93 | [1] | 4.58 | 5.10 | 5.07 |
Dividends declared per share (in dollars per share) | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.50 | ||||||||||||||
[1] | Net earnings per share ("EPS") amounts for each quarter are required to be computed independently and may not equal the amount computed for the total year. |
Schedule II - Valuation and Q54
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | ||
Balance at Beginning of Period | $ 44.5 | $ 45 | $ 45 | |
Additions Charged to Income | 666.4 | 693.3 | 715.7 | |
Additions Charged to Other Accounts | 1.6 | [1] | ||
Adjustments and/or Deductions | 667.1 | 693.8 | 715.7 | |
Balance at End of Period | $ 45.4 | $ 44.5 | $ 45 | |
[1] | Principally due to acquistions during the fiscal year ended February 25, 2017. |