Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 03, 2018 | Mar. 31, 2018 | Aug. 26, 2017 | |
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 | --03-03 | ||
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) | 140,311,297 | ||
Entity Public Float | $ 3,804,085,623 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 3, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 03, 2018 | Feb. 25, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 346,140 | $ 488,329 |
Short term investment securities | 378,039 | |
Merchandise inventories | 2,730,874 | 2,905,660 |
Prepaid expenses and other current assets | 516,025 | 197,912 |
Total current assets | 3,971,078 | 3,591,901 |
Long term investment securities | 19,517 | 89,592 |
Property and equipment, net | 1,909,289 | 1,837,129 |
Goodwill | 716,283 | 697,085 |
Other assets | 424,639 | 606,948 |
Total assets | 7,040,806 | 6,822,655 |
Current liabilities: | ||
Accounts payable | 1,197,504 | 1,179,088 |
Accrued expenses and other current liabilities | 633,100 | 484,114 |
Merchandise credit and gift card liabilities | 335,081 | 309,478 |
Current income taxes payable | 59,821 | |
Total current liabilities | 2,165,685 | 2,032,501 |
Deferred rent and other liabilities | 431,592 | 511,303 |
Income taxes payable | 62,823 | 67,971 |
Long term debt | 1,492,078 | 1,491,603 |
Total liabilities | 4,152,178 | 4,103,378 |
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 341,795 and 339,533 shares, respectively; outstanding 140,498 and 146,274 shares, respectively | 3,418 | 3,395 |
Additional paid-in capital | 2,057,975 | 1,974,781 |
Retained earnings | 11,343,503 | 11,003,890 |
Treasury stock, at cost | (10,467,972) | (10,215,539) |
Accumulated other comprehensive loss | (48,296) | (47,250) |
Total shareholders' equity | 2,888,628 | 2,719,277 |
Total liabilities and shareholders' equity | $ 7,040,806 | $ 6,822,655 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Mar. 03, 2018 | Feb. 25, 2017 |
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) | 341,795 | 339,533 |
Common stock, shares outstanding (in shares) | 140,498 | 146,274 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Net sales | $ 12,349,301 | $ 12,215,757 | $ 12,103,887 |
Cost of sales | 7,906,286 | 7,639,407 | 7,483,577 |
Gross profit | 4,443,015 | 4,576,350 | 4,620,310 |
Selling, general and administrative expenses | 3,681,694 | 3,441,140 | 3,205,407 |
Operating profit | 761,321 | 1,135,210 | 1,414,903 |
Interest expense, net | 65,661 | 69,555 | 87,458 |
Earnings before provision for income taxes | 695,660 | 1,065,655 | 1,327,445 |
Provision for income taxes | 270,802 | 380,547 | 485,956 |
Net earnings | $ 424,858 | $ 685,108 | $ 841,489 |
Net earnings per share - Basic (in dollars per share) | $ 3.05 | $ 4.61 | $ 5.15 |
Net earnings per share - Diluted (in dollars per share) | $ 3.04 | $ 4.58 | $ 5.10 |
Weighted average shares outstanding - Basic (in shares) | 139,238 | 148,590 | 163,257 |
Weighted average shares outstanding - Diluted (in shares) | 139,739 | 149,708 | 165,016 |
Dividends declared per share (in dollars per share) | $ 0.60 | $ 0.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Net earnings | $ 424,858 | $ 685,108 | $ 841,489 |
Other comprehensive (loss) income: | |||
Change in temporary impairment of auction rate securities, net of taxes | 95 | (351) | 1,584 |
Pension adjustment, net of taxes | 2,021 | 1,710 | (351) |
Currency translation adjustment | (2,548) | 6,389 | (13,918) |
Reclassification due to the adoption of ASU 2018-02 | (614) | ||
Other comprehensive (loss) income | (1,046) | 7,748 | (12,685) |
Comprehensive income | $ 423,812 | $ 692,856 | $ 828,804 |
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 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 income (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) | ||||
Payment and vesting of performance stock units (in shares) | 98 | |||||
Payment and vesting of performance stock units | $ 1 | (1) | ||||
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) | ||||
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 income (loss), net of tax | 7,748 | 7,748 | ||||
Shares sold under employee stock option plans, net of taxes (in shares) | 634 | |||||
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) | ||||
Payment and vesting of performance stock units (in shares) | 180 | |||||
Payment and vesting of performance stock units | $ 1 | (1) | ||||
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) | ||||
Balance (in shares) at Feb. 25, 2017 | 339,533 | (193,259) | ||||
Dividend declared | (76,083) | (76,083) | ||||
Balance at Feb. 25, 2017 | $ 3,395 | 1,974,781 | 11,003,890 | $ (10,215,539) | (47,250) | 2,719,277 |
Net earnings | 424,858 | 424,858 | ||||
Other comprehensive income (loss), net of tax | $ (1,046) | |||||
Shares sold under employee stock option plans, net of taxes (in shares) | 359 | 359 | ||||
Shares sold under employee stock option plans, net of taxes | $ 4 | 10,157 | $ 10,161 | |||
Issuance of restricted shares, net (in shares) | 1,575 | |||||
Issuance of restricted shares, net | $ 16 | (16) | ||||
Payment and vesting of performance stock units (in shares) | 321 | |||||
Payment and vesting of performance stock units | $ 3 | (3) | ||||
Stock-based compensation expense, net | 72,904 | 72,904 | ||||
Director fees paid in stock (in shares) | 7 | |||||
Director fees paid in stock | 152 | $ 152 | ||||
Repurchase of common stock, including fees (in shares) | (8,038) | (8,000) | ||||
Repurchase of common stock, including fees | $ (252,433) | $ (252,433) | ||||
Balance (in shares) at Mar. 03, 2018 | 341,795 | (201,297) | ||||
Dividend declared | (85,859) | (85,859) | ||||
Other comprehensive loss, net of tax, excluding reclassifications due to the adoption of ASU 2018-02 | 614 | (1,046) | (432) | |||
Balance at Mar. 03, 2018 | $ 3,418 | $ 2,057,975 | $ 11,343,503 | $ (10,467,972) | $ (48,296) | $ 2,888,628 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Cash Flows from Operating Activities: | |||
Net earnings | $ 424,858 | $ 685,108 | $ 841,489 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 313,107 | 290,914 | 273,947 |
Stock-based compensation | 70,510 | 71,911 | 66,965 |
Deferred income taxes | 175,351 | 24,878 | 56,997 |
Other | (69) | (1,032) | 398 |
Decrease (increase) in assets, net of effect of acquisitions: | |||
Merchandise inventories | 176,672 | (38,493) | (121,748) |
Trading investment securities | (16,036) | (18,780) | (2,270) |
Other current assets | (258,853) | (18,464) | (16,171) |
Other assets | (4,754) | (14,480) | (27,904) |
Increase (decrease) in liabilities, net of effect of acquisitions: | |||
Accounts payable | 13,210 | 49,458 | (48,148) |
Accrued expenses and other current liabilities | 80,375 | (8,586) | 6,694 |
Merchandise credit and gift card liabilities | 25,510 | 11,390 | (7,872) |
Income taxes payable | (64,941) | (8,307) | (15,036) |
Deferred rent and other liabilities | (75,251) | 17,754 | 15,213 |
Net cash provided by operating activities | 859,689 | 1,043,271 | 1,022,554 |
Cash Flows from Investing Activities: | |||
Purchase of held-to-maturity investment securities | (292,500) | (103,017) | |
Redemption of held-to-maturity investment securities | 86,240 | 126,875 | |
Redemption of available-for-sale investment securities | 28,905 | ||
Capital expenditures | (375,793) | (373,574) | (328,395) |
Investment in unconsolidated joint venture | (3,318) | ||
Payment for acquisitions, net of cash acquired | (6,119) | (201,277) | |
Net cash used in investing activities | (674,412) | (491,929) | (275,632) |
Cash Flows from Financing Activities: | |||
Proceeds from exercise of stock options | 10,313 | 20,424 | 9,109 |
Payment of other liabilities | (434) | (7,646) | |
Payment of dividends | (80,877) | (55,612) | |
Repurchase of common stock, including fees | (252,433) | (547,022) | (1,100,585) |
Net cash used in financing activities | (323,431) | (582,210) | (1,099,122) |
Effect of exchange rate changes on cash and cash equivalents | (4,035) | 3,624 | (7,801) |
Net decrease in cash and cash equivalents | (142,189) | (27,244) | (360,001) |
Cash and cash equivalents: | |||
Beginning of period | 488,329 | 515,573 | 875,574 |
End of period | $ 346,140 | $ 488,329 | $ 515,573 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies and Related Matters | 12 Months Ended |
Mar. 03, 2018 | |
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 selling a wide assortment of domestics merchandise and home furnishings 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 (“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; One Kings Lane, an authority in home décor and design, offering a unique collection of select home goods, designer and vintage items; PersonalizationMall.com (“PMall”), an industry-leading online retailer of personalized products; Chef Central, a retailer of kitchenware, cookware and homeware items catering to cooking and baking enthusiasts; and Decorist, an online interior design platform that provides personalized home design services. The Company also operates Linen Holdings, a provider of a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond. The Company accounts for its operations as two not not not 2017, 2016, 2015. 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 (including furniture and wall décor), consumables and certain juvenile products. Sales of domestics merchandise and home furnishings accounted for approximately 35.5% 64.5% 2017, 36.8% 63.2% 2016 35.9% 64.1% 2015. B. Fiscal Year The Company’s fiscal year is comprised of the 52 53 February 28th. 2017 53 March 3, 2018. 2016 2015 52 February 25, 2017 February 27, 2016, 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 2016 2017 2016 2015 2017 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 E. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three five $95.6 $86.6 March 3, 2018 February 25, 2017, F. Investment Securities Investment securities consist primarily of U.S. Treasury Bills with remaining maturities of less than one 7, 28 35 no February 2008 March 3, 2018 February 25, 2017, not 4 5 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 not 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 $125.7 $131.6 $130.9 2017, 2016 2015, 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 no not 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 March 3, 2018, not no March 3, 2018, not not no Included within other assets in the accompanying consolidated balance sheets as of March 3, 2018 February 25, 2017, $305.4 $305.3 K. Self Insurance The Company utilizes a combination of insurance and self insurance for a number of risks including workers’ compensation, general liability, cyber liability, property 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 not 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 $81.6 $80.3 March 3, 2018 February 25, 2017, Cash or lease incentives (“tenant allowances”) received pursuant to certain store leases are recognized on a straight-line basis as a reduction to rent over the lease term. The unamortized portion of tenant allowances is included in deferred rent and other liabilities. The unamortized portion of tenant allowances amounted to $133.4 $119.4 March 3, 2018 February 25, 2017, 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 2004 2017, $10.5 During fiscal 2017, 8.0 $252.4 2016, 12.3 $547.0 2015 18.4 $1.101 $1.5 March 3, 2018. During fiscal 2016, 2017 2016, $80.9 $55.6 fourth 2017, April 11, 2018, $0.16 July 17, 2018 June 15, 2018. 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 U.S. Treasury securities, which are stated at amortized cost, and auction rate securities, which are stated at their approximate fair value. The book value of the financial instruments, excluding the Company’s long term debt, is representative of their fair values (See “Fair Value Measurements,” Note 4 $1.310 March 3, 2018, 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 Revenues from gift cards, gift certificates and merchandise credits are recognized when redeemed. Gift cards have no no 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 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 $38.5 $37.4 $31.7 2017, 2016, 2015, 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 five eight $444.4 $381.1 $338.1 2017, 2016, 2015, 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. On December 22, 2017, one no no The Company recognizes the tax benefit from an uncertain tax position only if it is at least more likely than not 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 8.0 4.4 2.6 2017, 2016, 2015, W. Recent Accounting Pronouncements In November 2015, 2015 17, 740 2015 17 December 15, 2016, 2015 17 first 2017, $218.8 $23.4 $195.5 February 25, 2017. In March 2016, 2016 09, 718 2016 09 2016 09 2016 09 December 15, 2016, 2016 09 first 2017. March 3, 2018, $13.0 2016 09. 2016 09 $1.5 $10.3 twelve February 25, 2017 February 27, 2016, 2016 09 no In February 2018, 2018 02, 220 December 15, 2018 fourth 2017 $0.6 In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one 2014 09 December 15, 2017, 2016, 2014 09 The majority of the Company’s revenue is generated from the sale of product in its retail stores, which will continue to be recognized when control of the product is transferred to the customer. The Company has substantially completed its analysis of its revenue streams and expects the adoption to result in the following changes: · A change in the timing of recognizing advertising expense related to direct response advertising. These costs that were previously expensed over the period during which the sales were expected to occur will now be expensed the first · A change in the presentation of the sales return reserve on the consolidated balance sheet, as estimated costs of returns will be recorded as a current asset rather than netted with the sales return reserve. · Changes in the presentation of certain other revenue streams on the consolidated statement of earnings between net sales, cost of sales, and selling, general and administrative expenses. The Company will adopt this standard in the first 2018 not In February 2016, 2016 02, Leases (Topic 842 2016 02 December 15, 2018, 2016 02 In January 2017, 2017 01, Business Combinations (Topic 805 2017 01 not 2017 01 December 15, 2017, not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 2017 04 second not 2017 04 December 15, 2019, not |
Note 2 - Restructuring Activiti
Note 2 - Restructuring Activities | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 2. In the second 2017, $16.9 2017, $16.7 |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. During the second 2015, not no On June 13, 2016, not no On November 23, 2016, $190.3 not no During the third 2017, (in millions) As of November 23, 2016 Current assets $ 15.5 Property and equipment and other non-current assets 9.3 Goodwill 194.2 Intangible assets 10.4 Total assets acquired 229.4 Accounts payable and other liabilities (39.1 ) Total net assets acquired $ 190.3 Included within intangible assets above is approximately $10.0 not On January 27, 2017, not no 9 On March 6, 2017, not no |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. 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 not • Level 2 not • Level 3 As of March 3, 2018, 1 not 2 3 5 |
Note 5 - Investment Securities
Note 5 - Investment Securities | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. INVESTMENT SECURITIES The Company’s investment securities as of March 3, 2018 February 25, 2017 (in millions) March 3, 2018 February 25, 2017 Available-for-sale securities: Long term $ 19.4 $ 19.3 Trading securities: Short term 86.3 - Long term - 70.3 Held-to-maturity securities: Short term 291.7 - Total investment securities $ 397.4 $ 89.6 Auction Rate Securities As of March 3, 2018 February 25, 2017, $20.3 $0.9 $1.0 not In fiscal 2015, $30.7 94% $1.8 2015. U.S. Treasury Securities As of March 3, 2018, $291.7 one 1 February 25, 2017, no Trading Investment Securities The Company’s trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value (See “Employee Benefit Plans,” Note 11 $86.3 $70.3 March 3, 2018 February 25, 2017, |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and equipment consist of the following: (in thousands) March 3, 2018 February 25, 2017 Land and buildings $ 588,115 $ 579,514 Furniture, fixtures and equipment 1,409,157 1,332,038 Leasehold improvements 1,543,452 1,454,749 Computer equipment and software 1,500,199 1,290,690 5,040,923 4,656,991 Less: Accumulated depreciation (3,131,634 ) (2,819,862 ) Property and equipment, net $ 1,909,289 $ 1,837,129 |
Note 7 - Long Term Debt
Note 7 - Long Term Debt | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. 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 February 1 August 1 The Notes were issued under an indenture (the “Base Indenture”), as supplemented by a first March 3, 2018. 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 On November 14, 2017, $250 five $250 five November 14, 2022. 2017 2016, not Borrowings under the Revolver accrue interest at either ( 1 0.50%, one 1.0% 2 3 March 3, 2018. Deferred financing costs associated with the Notes and the current and former Revolvers of approximately $10.5 $74.4 $73.4 $73.0 2017, 2016 2015, Lines of Credit At March 3, 2018, two $100 August 29, 2018 February 24, 2019, 2017 2016, not March 3, 2018, $29.8 no March 3, 2018, $39.4 |
Note 8 - Provision for Income T
Note 8 - Provision for Income Taxes | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. PROVISION FOR INCOME TAXES On December 22, 2017, January 1, 2018, 35% 21%, one Subsequent to the Tax Act, the Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118, 118” not one The Company has reasonably estimated the impact of the Tax Act in its fiscal 2017 $10.5 fourth 2017. 1 December 22, 2017; ( 2 December 22, 2017 32.66%, 21% 3 4 2017. The Company has made reasonable estimates of the impact of the Tax Act; however some aspects of these estimates are provisional and subject to adjustment in fiscal 2018 $26.8 2017 may 2018 may not March 3, 2018. The components of the provision for income taxes are as follows: FISCAL YEAR ENDED (in thousands) March 3, 2018 February 25, 2017 February 27, 2016 Current: Federal $ 82,044 $ 313,571 $ 389,039 State and local 13,554 42,101 39,991 95,598 355,672 429,030 Deferred: Federal 157,057 20,295 42,592 State and local 18,147 4,580 14,334 175,204 24,875 56,926 $ 270,802 $ 380,547 $ 485,956 At March 3, 2018 February 25, 2017, $11.0 $195.5 (in thousands) March 3, 2018 February 25, 2017 Deferred tax assets: Inventories $ 26,657 $ 33,120 Deferred rent and other rent credits 47,893 73,577 Insurance 22,274 60,789 Stock-based compensation 23,690 41,715 Nonqualified deferred compensation plan 19,671 27,857 Merchandise credits and gift card liabilities 36,793 63,031 Accrued expenses 29,557 57,401 Obligations on distribution facilities 26,210 40,363 Carryforwards and other tax credits 48,221 40,481 Other 28,972 61,937 Deferred tax liabilities: Depreciation (125,067 ) (137,144 ) Goodwill (54,254 ) (69,127 ) Intangibles (55,091 ) (82,688 ) Prepaid expenses (52,723 ) - Other (11,778 ) (15,843 ) $ 11,025 $ 195,469 At March 3, 2018, $4.6 2025, $4.0 2018 2031, $2.3 2023, The Company has not not The following table summarizes the activity related to the gross unrecognized tax benefits from uncertain tax positions: (in thousands) March 3, 2018 February 25, 2017 Balance at beginning of year $ 76,415 $ 72,807 Increase related to current year positions 11,437 14,491 Increase related to prior year positions 4,128 413 Decrease related to prior year positions (1,823 ) (4,202 ) Settlements (1,448 ) - Lapse of statute of limitations (13,266 ) (7,094 ) Balance at end of year $ 75,443 $ 76,415 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 March 3, 2018 February 25, 2017, $75.4 $76.3 March 3, 2018 February 25, 2017, $9.6 $8.1 $1.5 March 3, 2018 $2.4 February 25, 2017 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 $12 twelve As of March 3, 2018, 50 three five For fiscal 2017, 32.66%, 4.12%, 3.86%, 0.32% 2.03%. 2016, 35.00%, 3.25%, 0.28% 2.82%. 2015, 35.00%, 3.07%, 0.07% 1.53%. |
Note 9 - Transactions and Balan
Note 9 - Transactions and Balances With Related Parties | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. TRANSACTIONS AND BALANCES WITH RELATED PARTIES In fiscal 2002, 2003. 2003, $5.4 $4.2 March 3, 2018 February 25, 2017. On January 27, 2017, 30 3 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 10. LEASES The Company leases retail stores, as well as distribution facilities, offices and equipment, under agreements expiring at various dates through 2042. 2017, 2016, 2015 As of March 3, 2018, (in thousands) Operating Leases Fiscal Year: 2018 $ 612,097 2019 558,365 2020 477,228 2021 379,050 2022 282,746 Thereafter 732,019 Total future minimum lease payments $ 3,041,505 Expenses for all operating leases were $614.1 $582.2 $568.1 2017, 2016, 2015, As of March 3, 2018 February 25, 2017, $4.5 $5.1 $0.3 $0.4 $0.4 2017, 2016, 2015, $0.9 2018, $0.9 2019, $0.8 2020, $0.7 2021, $0.6 2022 $1.6 The Company has financing obligations, related to two 32 37 March 3, 2018 February 25, 2017, $102.5 $103.3 7.2% 10.6% $0.8 2018, $0.8 2019, $0.9 2020, $0.9 2021, $1.0 2022 $76.5 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Company has three 2017, two 401 one may $16.4 $15.2 $13.9 2017, 2016, 2015, Nonqualified Deferred Compensation Plan On December 27, 2017, December 27, 2017, no 12 24 December 27, 2017. no The Company’s NQDC was for the benefit of employees who are defined by the Internal Revenue Service as highly compensated. Participants of the NQDC were able to defer annual pre-tax compensation subject to statutory and plan limitations. In addition, a certain percentage of an employee’s contributions may $0.6 $0.5 $0.6 2017, 2016 2015, 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 Defined Benefit Plan The Company has a non-contributory defined benefit pension plan for the CTS employees, hired on or before July 31, 2003, March 3, 2018, February 25, 2017 February 27, 2016, not $14.3 $19.3 March 3, 2018 February 25, 2017, March 3, 2018 February 25, 2017, $3.2 $1.1 $4.7 $3.0 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES The Company maintains employment agreements with its Co-Chairmen. Under these agreements, the Co-Chairmen could at any time elect senior status (i.e., to be continued to be employed to provide non-line executive consultative services). On May 11, 2017, May 21, 2017. 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 |
Note 13 - Supplemental Cash Flo
Note 13 - Supplemental Cash Flow Information | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 13. SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of $203.9 $364.4 $442.4 2017, 2016, 2015, $81.3 $81.4 $81.5 2017, 2016, 2015, The Company recorded an accrual for capital expenditures of $63.7 $59.0 $51.7 March 3, 2018, February 25, 2017 February 27, 2016, $25.5 $20.5 March 3, 2018 February 25, 2017, not 2016. |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14. STOCK-BASED COMPENSATION 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 March 3, 2018, February 25, 2017 February 27, 2016 $70.5 $43.1 $0.31 $71.9 $46.3 $0.31 $67.0 $42.4 $0.26 March 3, 2018 February 25, 2017 $2.4 $2.2 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 March 3, 2018, $17.6 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) March 3, 2018 February 25, 2017 February 27, 2016 Weighted Average Expected Life (in years) (2) 6.7 6.6 6.7 Weighted Average Expected Volatility (3) 26.49 % 26.96 % 27.59 % Weighted Average Risk Free Interest Rates (4) 2.17 % 1.46 % 1.93 % Expected Dividend Yield (5) 1.60 % 1.10 % - ( 1 ( 2 ( 3 twelve ( 4 ( 5 Changes in the Company’s stock options for the fiscal year ended March 3, 2018 (Shares in thousands) Number of Stock Options Weighted Average Exercise Price Options outstanding, beginning of period 3,906 $ 56.48 Granted 694 37.50 Exercised (359 ) 28.33 Forfeited or expired - - Options outstanding, end of period 4,241 55.76 Options exercisable, end of period 2,447 $ 60.38 The weighted average fair value for the stock options granted in fiscal 2017, 2016, 2015 $9.50, $11.87, $23.12, March 3, 2018 4.0 $0. March 3, 2018 2.6 $0. 2017, 2016, 2015 $3.9 $9.0 $8.7 Net cash proceeds from the exercise of stock options for fiscal 2017 $10.2 $0.2 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 March 3, 2018, $139.0 4.5 Changes in the Company’s restricted stock for the fiscal year ended March 3, 2018 (Shares in thousands) Number of Restricted Shares Weighted Average Grant-Date Fair Value Unvested restricted stock, beginning of period 3,492 $ 58.12 Granted 1,919 34.27 Vested (761 ) 58.69 Forfeited (339 ) 49.68 Unvested restricted stock, end of period 4,311 $ 48.07 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% March 3, 2018, $23.0 1.8 Changes in the Company’s PSUs for the fiscal year ended March 3, 2018 (Shares in thousands) Number of Performance Stock Units Weighted Average Grant-Date Fair Value Unvested performance stock units, beginning of period 1,014 $ 55.19 Granted 660 37.50 Vested (322 ) 57.28 Forfeited - - Unvested performance stock units, end of period 1,352 $ 46.06 |
Note 15 - Summary of Quarterly
Note 15 - Summary of Quarterly Results (Unaudited) | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. SUMMARY OF QUARTERLY RESULTS (UNAUDITED) FISCAL 2017 QUARTER ENDED FISCAL 2016 QUARTER ENDED (in thousands, except per share data) May 27, 2017 August 26, 2017 November 25, 2017 March 3, 2018 May 28, August 27, 2016 November 26, 2016 February 25, 2017 Net sales $ 2,742,141 $ 2,936,357 $ 2,954,539 $ 3,716,264 $ 2,738,084 $ 2,988,235 $ 2,955,484 $ 3,533,954 Gross profit 1,000,115 1,068,559 1,041,061 1,333,280 1,023,592 1,116,893 1,092,774 1,343,091 Operating profit 147,011 168,847 108,360 337,103 213,026 280,973 211,283 429,928 Earnings before provision for income taxes 130,431 149,681 94,739 320,809 196,711 262,774 193,029 413,141 Provision for income taxes 55,148 55,451 33,438 126,765 74,092 95,439 66,605 144,411 Net earnings $ 75,283 $ 94,230 $ 61,301 $ 194,044 $ 122,619 $ 167,335 $ 126,424 $ 268,730 EPS-Basic (1) $ 0.53 $ 0.67 $ 0.44 $ 1.41 $ 0.81 $ 1.12 $ 0.86 $ 1.86 EPS-Diluted (1) $ 0.53 $ 0.67 $ 0.44 $ 1.41 $ 0.80 $ 1.11 $ 0.85 $ 1.84 Dividends declared per share $ 0.150 $ 0.150 $ 0.150 $ 0.150 $ 0.125 $ 0.125 $ 0.125 $ 0.125 ( 1 may not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 03, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Bed Bath & Beyond Inc. and Subsidiaries Schedule II - Valuation and Qualifying Accounts Fiscal Years Ended March 3, 2018, February 25, 2017 February 27, 2016 (amounts in millions) Column A Column B Column C Column C Column D Column E Description Balance at Beginning of Period Additions Charged to Income Additions Charged to Other Accounts Adjustments and/or Deductions Balance at End of Period Sales Returns and Allowance Year Ended: March 3, 2018 $ 45.4 $ 614.9 $ - $ 619.1 $ 41.2 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 ( 1 February 25, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 03, 2018 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | B. Fiscal Year The Company’s fiscal year is comprised of the 52 53 February 28th. 2017 53 March 3, 2018. 2016 2015 52 February 25, 2017 February 27, 2016, |
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 2016 2017 2016 2015 2017 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 |
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 $95.6 $86.6 March 3, 2018 February 25, 2017, |
Investment, Policy [Policy Text Block] | F. Investment Securities Investment securities consist primarily of U.S. Treasury Bills with remaining maturities of less than one 7, 28 35 no February 2008 March 3, 2018 February 25, 2017, not 4 5 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 not 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 $125.7 $131.6 $130.9 2017, 2016 2015, |
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 no not |
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 March 3, 2018, not no March 3, 2018, not not no Included within other assets in the accompanying consolidated balance sheets as of March 3, 2018 February 25, 2017, $305.4 $305.3 |
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, cyber liability, property 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 not |
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 $81.6 $80.3 March 3, 2018 February 25, 2017, Cash or lease incentives (“tenant allowances”) received pursuant to certain store leases are recognized on a straight-line basis as a reduction to rent over the lease term. The unamortized portion of tenant allowances is included in deferred rent and other liabilities. The unamortized portion of tenant allowances amounted to $133.4 $119.4 March 3, 2018 February 25, 2017, |
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 2004 2017, $10.5 During fiscal 2017, 8.0 $252.4 2016, 12.3 $547.0 2015 18.4 $1.101 $1.5 March 3, 2018. During fiscal 2016, 2017 2016, $80.9 $55.6 fourth 2017, April 11, 2018, $0.16 July 17, 2018 June 15, 2018. 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 U.S. Treasury securities, which are stated at amortized cost, and auction rate securities, which are stated at their approximate fair value. The book value of the financial instruments, excluding the Company’s long term debt, is representative of their fair values (See “Fair Value Measurements,” Note 4 $1.310 March 3, 2018, 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 Revenues from gift cards, gift certificates and merchandise credits are recognized when redeemed. Gift cards have no no 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 |
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 $38.5 $37.4 $31.7 2017, 2016, 2015, |
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 five eight $444.4 $381.1 $338.1 2017, 2016, 2015, |
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. On December 22, 2017, one no no The Company recognizes the tax benefit from an uncertain tax position only if it is at least more likely than not 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 8.0 4.4 2.6 2017, 2016, 2015, |
New Accounting Pronouncements, Policy [Policy Text Block] | W. Recent Accounting Pronouncements In November 2015, 2015 17, 740 2015 17 December 15, 2016, 2015 17 first 2017, $218.8 $23.4 $195.5 February 25, 2017. In March 2016, 2016 09, 718 2016 09 2016 09 2016 09 December 15, 2016, 2016 09 first 2017. March 3, 2018, $13.0 2016 09. 2016 09 $1.5 $10.3 twelve February 25, 2017 February 27, 2016, 2016 09 no In February 2018, 2018 02, 220 December 15, 2018 fourth 2017 $0.6 In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one 2014 09 December 15, 2017, 2016, 2014 09 The majority of the Company’s revenue is generated from the sale of product in its retail stores, which will continue to be recognized when control of the product is transferred to the customer. The Company has substantially completed its analysis of its revenue streams and expects the adoption to result in the following changes: · A change in the timing of recognizing advertising expense related to direct response advertising. These costs that were previously expensed over the period during which the sales were expected to occur will now be expensed the first · A change in the presentation of the sales return reserve on the consolidated balance sheet, as estimated costs of returns will be recorded as a current asset rather than netted with the sales return reserve. · Changes in the presentation of certain other revenue streams on the consolidated statement of earnings between net sales, cost of sales, and selling, general and administrative expenses. The Company will adopt this standard in the first 2018 not In February 2016, 2016 02, Leases (Topic 842 2016 02 December 15, 2018, 2016 02 In January 2017, 2017 01, Business Combinations (Topic 805 2017 01 not 2017 01 December 15, 2017, not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 2017 04 second not 2017 04 December 15, 2019, not |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in millions) As of November 23, 2016 Current assets $ 15.5 Property and equipment and other non-current assets 9.3 Goodwill 194.2 Intangible assets 10.4 Total assets acquired 229.4 Accounts payable and other liabilities (39.1 ) Total net assets acquired $ 190.3 |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | (in millions) March 3, 2018 February 25, 2017 Available-for-sale securities: Long term $ 19.4 $ 19.3 Trading securities: Short term 86.3 - Long term - 70.3 Held-to-maturity securities: Short term 291.7 - Total investment securities $ 397.4 $ 89.6 |
Note 6 - Property and Equipme27
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) March 3, 2018 February 25, 2017 Land and buildings $ 588,115 $ 579,514 Furniture, fixtures and equipment 1,409,157 1,332,038 Leasehold improvements 1,543,452 1,454,749 Computer equipment and software 1,500,199 1,290,690 5,040,923 4,656,991 Less: Accumulated depreciation (3,131,634 ) (2,819,862 ) Property and equipment, net $ 1,909,289 $ 1,837,129 |
Note 8 - Provision for Income28
Note 8 - Provision for Income Taxes (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | FISCAL YEAR ENDED (in thousands) March 3, 2018 February 25, 2017 February 27, 2016 Current: Federal $ 82,044 $ 313,571 $ 389,039 State and local 13,554 42,101 39,991 95,598 355,672 429,030 Deferred: Federal 157,057 20,295 42,592 State and local 18,147 4,580 14,334 175,204 24,875 56,926 $ 270,802 $ 380,547 $ 485,956 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) March 3, 2018 February 25, 2017 Deferred tax assets: Inventories $ 26,657 $ 33,120 Deferred rent and other rent credits 47,893 73,577 Insurance 22,274 60,789 Stock-based compensation 23,690 41,715 Nonqualified deferred compensation plan 19,671 27,857 Merchandise credits and gift card liabilities 36,793 63,031 Accrued expenses 29,557 57,401 Obligations on distribution facilities 26,210 40,363 Carryforwards and other tax credits 48,221 40,481 Other 28,972 61,937 Deferred tax liabilities: Depreciation (125,067 ) (137,144 ) Goodwill (54,254 ) (69,127 ) Intangibles (55,091 ) (82,688 ) Prepaid expenses (52,723 ) - Other (11,778 ) (15,843 ) $ 11,025 $ 195,469 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) March 3, 2018 February 25, 2017 Balance at beginning of year $ 76,415 $ 72,807 Increase related to current year positions 11,437 14,491 Increase related to prior year positions 4,128 413 Decrease related to prior year positions (1,823 ) (4,202 ) Settlements (1,448 ) - Lapse of statute of limitations (13,266 ) (7,094 ) Balance at end of year $ 75,443 $ 76,415 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) Operating Leases Fiscal Year: 2018 $ 612,097 2019 558,365 2020 477,228 2021 379,050 2022 282,746 Thereafter 732,019 Total future minimum lease payments $ 3,041,505 |
Note 14 - Stock-based Compens30
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | FISCAL YEAR ENDED Black-Scholes Valuation Assumptions (1) March 3, 2018 February 25, 2017 February 27, 2016 Weighted Average Expected Life (in years) (2) 6.7 6.6 6.7 Weighted Average Expected Volatility (3) 26.49 % 26.96 % 27.59 % Weighted Average Risk Free Interest Rates (4) 2.17 % 1.46 % 1.93 % Expected Dividend Yield (5) 1.60 % 1.10 % - |
Share-based Compensation, Stock Options, Activity [Table Text Block] | (Shares in thousands) Number of Stock Options Weighted Average Exercise Price Options outstanding, beginning of period 3,906 $ 56.48 Granted 694 37.50 Exercised (359 ) 28.33 Forfeited or expired - - Options outstanding, end of period 4,241 55.76 Options exercisable, end of period 2,447 $ 60.38 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | (Shares in thousands) Number of Restricted Shares Weighted Average Grant-Date Fair Value Unvested restricted stock, beginning of period 3,492 $ 58.12 Granted 1,919 34.27 Vested (761 ) 58.69 Forfeited (339 ) 49.68 Unvested restricted stock, end of period 4,311 $ 48.07 |
Share-based Compensation, Performance Shares Award Nonvested Activity [Table Text Block] | (Shares in thousands) Number of Performance Stock Units Weighted Average Grant-Date Fair Value Unvested performance stock units, beginning of period 1,014 $ 55.19 Granted 660 37.50 Vested (322 ) 57.28 Forfeited - - Unvested performance stock units, end of period 1,352 $ 46.06 |
Note 15 - Summary of Quarterl31
Note 15 - Summary of Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | FISCAL 2017 QUARTER ENDED FISCAL 2016 QUARTER ENDED (in thousands, except per share data) May 27, 2017 August 26, 2017 November 25, 2017 March 3, 2018 May 28, August 27, 2016 November 26, 2016 February 25, 2017 Net sales $ 2,742,141 $ 2,936,357 $ 2,954,539 $ 3,716,264 $ 2,738,084 $ 2,988,235 $ 2,955,484 $ 3,533,954 Gross profit 1,000,115 1,068,559 1,041,061 1,333,280 1,023,592 1,116,893 1,092,774 1,343,091 Operating profit 147,011 168,847 108,360 337,103 213,026 280,973 211,283 429,928 Earnings before provision for income taxes 130,431 149,681 94,739 320,809 196,711 262,774 193,029 413,141 Provision for income taxes 55,148 55,451 33,438 126,765 74,092 95,439 66,605 144,411 Net earnings $ 75,283 $ 94,230 $ 61,301 $ 194,044 $ 122,619 $ 167,335 $ 126,424 $ 268,730 EPS-Basic (1) $ 0.53 $ 0.67 $ 0.44 $ 1.41 $ 0.81 $ 1.12 $ 0.86 $ 1.86 EPS-Diluted (1) $ 0.53 $ 0.67 $ 0.44 $ 1.41 $ 0.80 $ 1.11 $ 0.85 $ 1.84 Dividends declared per share $ 0.150 $ 0.150 $ 0.150 $ 0.150 $ 0.125 $ 0.125 $ 0.125 $ 0.125 |
Schedule II - Valuation and Q32
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 03, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Column A Column B Column C Column C Column D Column E Description Balance at Beginning of Period Additions Charged to Income Additions Charged to Other Accounts Adjustments and/or Deductions Balance at End of Period Sales Returns and Allowance Year Ended: March 3, 2018 $ 45.4 $ 614.9 $ - $ 619.1 $ 41.2 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 |
Note 1 - Summary of Significa33
Note 1 - Summary of Significant Accounting Policies and Related Matters (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 11, 2018$ / shares | Mar. 03, 2018USD ($)$ / shares | Nov. 25, 2017USD ($)$ / shares | Aug. 26, 2017USD ($)$ / shares | May 27, 2017USD ($)$ / shares | Feb. 25, 2017USD ($)$ / shares | Nov. 26, 2016USD ($)$ / shares | Aug. 27, 2016USD ($)$ / shares | May 28, 2016USD ($)$ / shares | Mar. 03, 2018USD ($)$ / sharesshares | Feb. 25, 2017USD ($)$ / sharesshares | Feb. 27, 2016USD ($)$ / sharesshares | Mar. 03, 2018USD ($) | Sep. 30, 2015USD ($) |
Number of Operating Segments | 2 | |||||||||||||
Number of Weeks in Each Period | 1 year 7 days | 1 year | ||||||||||||
Number Of Business Days For Settlement Of Credit And Debit Card Receivables | 5 | |||||||||||||
Credit and Debit Card Receivables, at Carrying Value | $ 95,600 | $ 86,600 | $ 95,600 | $ 86,600 | $ 95,600 | |||||||||
U.S. Treasury Bills Maximum Remaining Maturity Period | 1 year | |||||||||||||
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 | |||||||||||||
Cost of Property Repairs and Maintenance | $ 125,700 | 131,600 | $ 130,900 | |||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | 305,400 | 305,300 | 305,400 | 305,300 | 305,400 | |||||||||
Deferred Rent Credit, Noncurrent | 81,600 | 80,300 | 81,600 | 80,300 | 81,600 | |||||||||
Incentive from Lessor | 133,400 | $ 119,400 | 133,400 | 119,400 | 133,400 | |||||||||
Stock Repurchase Program, Authorized Amount | $ 11,950,000 | |||||||||||||
Payments for Repurchase of Common Stock | $ 252,433 | $ 547,022 | $ 1,100,585 | 10,500,000 | ||||||||||
Treasury Stock, Shares, Acquired | shares | 8 | 12.3 | 18.4 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,500 | $ 1,500 | 1,500 | |||||||||||
Payments of Ordinary Dividends, Common Stock | $ 80,900 | $ 55,600 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.60 | $ 0.50 | ||||
Long-term Debt, Fair Value | $ 1,310,000 | $ 1,310,000 | 1,310,000 | |||||||||||
Long-term Debt, Total | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||
Cooperative Advertising Amount | 38,500 | $ 37,400 | $ 31,700 | |||||||||||
Advertising Expense | $ 444,400 | $ 381,100 | $ 338,100 | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 8 | 4.4 | 2.6 | |||||||||||
Deferred Rent and Other Liabilities | 431,592 | $ 511,303 | $ 431,592 | $ 511,303 | 431,592 | |||||||||
Other Assets, Noncurrent, Total | 424,639 | 606,948 | 424,639 | 606,948 | $ 424,639 | |||||||||
Income Tax Expense (Benefit), Total | 55,148 | $ 55,451 | $ 33,438 | $ 126,765 | 144,411 | $ 66,605 | $ 95,439 | $ 74,092 | 270,802 | 380,547 | $ 485,956 | |||
Net Cash Provided by (Used in) Operating Activities, Total | 859,689 | 1,043,271 | 1,022,554 | |||||||||||
Net Cash Provided by (Used in) Financing Activities, Total | (323,431) | (582,210) | (1,099,122) | |||||||||||
Accounting Standards Update 2018-02 [Member] | ||||||||||||||
Reclassification of Stranded Tax Effects From AOCI To Retained Earnings | $ 600 | |||||||||||||
Accounting Standards Update 2015-17 [Member] | ||||||||||||||
Other Assets, Current | (218,800) | (218,800) | ||||||||||||
Deferred Rent and Other Liabilities | (23,400) | (23,400) | ||||||||||||
Other Assets, Noncurrent, Total | $ 195,500 | 195,500 | ||||||||||||
Accounting Standards Update 2016-09 [Member] | ||||||||||||||
Income Tax Expense (Benefit), Total | $ 13,000 | |||||||||||||
Net Cash Provided by (Used in) Operating Activities, Total | 1,500 | 10,300 | ||||||||||||
Net Cash Provided by (Used in) Financing Activities, Total | $ (1,500) | $ (10,300) | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.16 | |||||||||||||
Minimum [Member] | ||||||||||||||
Direct Response Advertising Expenses Recognized Over Expected Sales Period | 35 days | |||||||||||||
Maximum [Member] | ||||||||||||||
Direct Response Advertising Expenses Recognized Over Expected Sales Period | 56 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 | 35.50% | 36.80% | 35.90% | |||||||||||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Home Furnishings [Member] | ||||||||||||||
Concentration Risk, Percentage | 64.50% | 63.20% | 64.10% |
Note 2 - Restructuring Activi34
Note 2 - Restructuring Activities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Aug. 26, 2017 | Mar. 03, 2018 | |
Realignment of Store Management Structure [Member] | ||
Restructuring Charges, Total | $ 16.9 | $ 16.7 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - PersonalizationMall.Com [Member] $ in Millions | Nov. 23, 2016USD ($) |
Business Combination, Consideration Transferred, Total | $ 190.3 |
Trade Names [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 10 |
Note 3 - Acquisitions - Summary
Note 3 - Acquisitions - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 03, 2018 | Feb. 25, 2017 | Nov. 23, 2016 |
Goodwill | $ 716,283 | $ 697,085 | |
PersonalizationMall.Com [Member] | |||
Current assets | $ 15,500 | ||
Property and equipment and other non-current assets | 9,300 | ||
Goodwill | 194,200 | ||
Intangible assets | 10,400 | ||
Total assets acquired | 229,400 | ||
Accounts payable and other liabilities | (39,100) | ||
Total net assets acquired | $ 190,300 |
Note 5 - Investment Securitie37
Note 5 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Mar. 03, 2018 | Feb. 25, 2017 | |
Debt Securities, Held-to-maturity, Current | $ 291,700 | $ 0 | |
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) | (900) | (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), Total | $ (1,800) | ||
Other Trading Investment Securities [Member] | |||
Deferred Compensation Plan Assets | $ 86,300 | $ 70,300 |
Note 5 - Investment Securitie38
Note 5 - Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 03, 2018 | Feb. 25, 2017 |
Available-for-sale securities: | ||
Long term | $ 19,400 | $ 19,300 |
Trading securities: | ||
Short term | 86,300 | |
Long term | 70,300 | |
Held-to-maturity securities: | ||
Debt Securities, Held-to-maturity, Current | 291,700 | 0 |
Total investment securities | $ 397,400 | $ 89,600 |
Note 6 - Property and Equipme39
Note 6 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 03, 2018 | Feb. 25, 2017 |
Property and equipment, gross | $ 5,040,923 | $ 4,656,991 |
Less: Accumulated depreciation | (3,131,634) | (2,819,862) |
Property and equipment, net | 1,909,289 | 1,837,129 |
Land and Building [Member] | ||
Property and equipment, gross | 588,115 | 579,514 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,409,157 | 1,332,038 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,543,452 | 1,454,749 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | $ 1,500,199 | $ 1,290,690 |
Note 7 - Long Term Debt (Detail
Note 7 - Long Term Debt (Details Textual) $ in Thousands | Nov. 14, 2017USD ($) | Aug. 06, 2014USD ($) | Mar. 03, 2018USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Jul. 17, 2014USD ($) |
Line of Credit Facility, Number of Uncommitted Lines of Credit Maintained | 2 | |||||
Letters of Credit Outstanding, Amount | $ 29,800 | |||||
Unsecured Stand-by Letters of Credit, Amount | 39,400 | |||||
Uncommitted Line of Credit Expiring August 30, 2017 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||||
Uncommitted Lines of Credit [Member] | ||||||
Proceeds from Lines of Credit, Total | 0 | $ 0 | ||||
Revolver [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | $ 250,000 | ||||
Debt Instrument, Term | 5 years | 5 years | ||||
Proceeds from Lines of Credit, Total | 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, Total | $ 74,400 | $ 73,400 | $ 73,000 | |||
Senior Unsecured Notes and Revolver [Member] | Other Assets [Member] | ||||||
Debt Issuance Costs, Gross | $ 10,500 | |||||
Senior Unsecured Notes [Member] | ||||||
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 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.749% | |||||
Senior Unsecured Notes [Member] | The 2034 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.915% | |||||
Senior Unsecured Notes [Member] | The 2044 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 900,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.165% |
Note 8 - Provision for Income41
Note 8 - Provision for Income Taxes (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 03, 2018USD ($) | Mar. 02, 2019 | Mar. 03, 2018USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 32.66% | 35.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 10.5 | ||||
Provisional Tax Impact Due to Tax Act | 26.8 | $ 26.8 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 75.4 | 75.4 | $ 76.3 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 9.6 | 9.6 | 8.1 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 1.5 | $ 2.4 | |||
Number of States in which Entity Operates | 50 | 50 | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.12% | 3.25% | 3.07% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 3.86% | ||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent, Total | 0.32% | 0.28% | 0.07% | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 2.03% | 2.82% | 1.53% | ||
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] | |||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 12 | $ 12 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||
Operating Loss Carryforwards, Net of Tax | 4.6 | 4.6 | |||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Net of Tax | 4 | 4 | |||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Enterprise Zone Credit [Member] | |||||
Tax Credit Carryforward, Amount, Net of Tax | 2.3 | 2.3 | |||
Other Current Assets [Member] | |||||
Deferred Tax Assets, Net, Current | $ 11 | $ 11 | $ 195.5 | ||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 8 - Provision for Income42
Note 8 - Provision for Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 03, 2018 | Nov. 25, 2017 | Aug. 26, 2017 | May 27, 2017 | Feb. 25, 2017 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Current: | |||||||||||
Federal | $ 82,044 | $ 313,571 | $ 389,039 | ||||||||
State and local | 13,554 | 42,101 | 39,991 | ||||||||
Total Current | 95,598 | 355,672 | 429,030 | ||||||||
Deferred: | |||||||||||
Federal | 157,057 | 20,295 | 42,592 | ||||||||
State and local | 18,147 | 4,580 | 14,334 | ||||||||
Total Deferred | 175,204 | 24,875 | 56,926 | ||||||||
Total | $ 55,148 | $ 55,451 | $ 33,438 | $ 126,765 | $ 144,411 | $ 66,605 | $ 95,439 | $ 74,092 | $ 270,802 | $ 380,547 | $ 485,956 |
Note 8 - Provision for Income43
Note 8 - Provision for Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 03, 2018 | Feb. 25, 2017 |
Deferred tax assets: | ||
Inventories | $ 26,657 | $ 33,120 |
Deferred rent and other rent credits | 47,893 | 73,577 |
Insurance | 22,274 | 60,789 |
Stock-based compensation | 23,690 | 41,715 |
Nonqualified deferred compensation plan | 19,671 | 27,857 |
Merchandise credits and gift card liabilities | 36,793 | 63,031 |
Accrued expenses | 29,557 | 57,401 |
Obligations on distribution facilities | 26,210 | 40,363 |
Carryforwards and other tax credits | 48,221 | 40,481 |
Other | 28,972 | 61,937 |
Deferred tax liabilities: | ||
Depreciation | (125,067) | (137,144) |
Goodwill | (54,254) | (69,127) |
Intangibles | (55,091) | (82,688) |
Prepaid expenses | (52,723) | |
Other | (11,778) | (15,843) |
Total Deferred Taxes | $ 11,025 | $ 195,469 |
Note 8 - Provision for Income44
Note 8 - Provision for Income Taxes - Unrecognized Tax Benefit Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 03, 2018 | Feb. 25, 2017 | |
Balance at beginning of year | $ 76,415 | $ 72,807 |
Increase related to current year positions | 11,437 | 14,491 |
Increase related to prior year positions | 4,128 | 413 |
Decrease related to prior year positions | (1,823) | (4,202) |
Settlements | (1,448) | |
Lapse of statute of limitations | (13,266) | (7,094) |
Balance at end of year | $ 75,443 | $ 76,415 |
Note 9 - Transactions and Bal45
Note 9 - Transactions and Balances With Related Parties (Details Textual) - Co-Chairmen [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2004 | Mar. 03, 2018 | Feb. 25, 2017 | |
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 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Millions | 12 Months Ended | ||
Mar. 03, 2018USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | |
Operating Leases, Rent Expense, Total | $ 614.1 | $ 582.2 | $ 568.1 |
Capital Lease Obligations, Total | 4.5 | 5.1 | |
Capital Leases, Income Statement, Interest Expense | 0.3 | 0.4 | $ 0.4 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 0.9 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 0.9 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 0.8 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 0.7 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 0.6 | ||
Capital Leases, Future Minimum Payments Due Thereafter | $ 1.6 | ||
Number of Sale Lease Back Agreements | 2 | ||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 102.5 | $ 103.3 | |
Sale Leaseback Principal Payments Within One Year | 0.8 | ||
Sale Leaseback Principal Payments Within Two Years | 0.8 | ||
Sale Leaseback Principal Payments Within Three Years | 0.9 | ||
Sale Leaseback Principal Payments Within Four Years | 0.9 | ||
Sale Leaseback Principal Payments Within Five Years | 1 | ||
Sale Leaseback Principal Payments Thereafter | $ 76.5 | ||
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 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Payments (Details) $ in Thousands | Mar. 03, 2018USD ($) |
Fiscal Year: | |
2,018 | $ 612,097 |
2,019 | 558,365 |
2,020 | 477,228 |
2,021 | 379,050 |
2,022 | 282,746 |
Thereafter | 732,019 |
Total future minimum lease payments | $ 3,041,505 |
Note 11 - Employee Benefit Pl48
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Defined Contribution Plan, Cost | $ 16.4 | $ 15.2 | $ 13.9 |
Nonqualified Deferred Compensation Plan Cost Recognized | 0.6 | 0.5 | $ 0.6 |
Liability, Defined Benefit Pension Plan, Noncurrent | 14.3 | 19.3 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax, Total | (3.2) | (4.7) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | $ 1.1 | $ 3 |
Note 13 - Supplemental Cash F49
Note 13 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Income Taxes Paid | $ 203.9 | $ 364.4 | $ 442.4 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 81.3 | 81.4 | 81.5 |
Capital Expenditures Incurred but Not yet Paid | 63.7 | 59 | $ 51.7 |
Dividends Payable | $ 25.5 | $ 20.5 |
Note 14 - Stock-based Compens50
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Allocated Share-based Compensation Expense, Total | $ 70,500,000 | $ 71,900,000 | $ 67,000,000 |
Allocated Share-based Compensation Expense, Net of Tax | $ 43,100,000 | $ 46,300,000 | $ 42,400,000 |
Stock Based Compensation Expense, Impact On Diluted Earnings Per Share | $ 0.31 | $ 0.31 | $ 0.26 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 2,400,000 | $ 2,200,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 17,600,000 | ||
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 | $ 0 | ||
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 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3,900,000 | $ 9,000,000 | $ 8,700,000 |
Proceeds from Stock Options Exercised, Net | 10,200,000 | ||
Employee Service Share-based Compensation, Tax Benefit (Expense) from Exercise of Stock Options | $ (200,000) | ||
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 | $ 23,000,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 150.00% | ||
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 182 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 139,000,000 | ||
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 | $ 9.50 | $ 11.87 | $ 23.12 |
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] | 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 Award Requisite Service Period Minimum | 1 year | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum | 3 years | ||
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] | 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 14 - Stock-based Compens51
Note 14 - Stock-based Compensation - Assumptions Used to Estimate the Black-scholes Fair Value of Stock Options Granted (Details) - Employee Stock Option [Member] | 12 Months Ended | |||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Weighted Average Expected Life (in years) (Year) | [1],[2] | 6 years 255 days | 6 years 219 days | 6 years 255 days |
Weighted Average Expected Volatility | [1],[3] | 26.49% | 26.96% | 27.59% |
Weighted Average Risk Free Interest Rates | [1],[4] | 2.17% | 1.46% | 1.93% |
Expected Dividend Yield | [1],[5] | 1.60% | 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 14 - Stock-based Compens52
Note 14 - Stock-based Compensation - Changes in the Company's Stock Options (Details) shares in Thousands | 12 Months Ended |
Mar. 03, 2018$ / sharesshares | |
Options outstanding, beginning of period (in shares) | shares | 3,906 |
Options outstanding, weighted average exercise price, beginning of period (in dollars per share) | $ / shares | $ 56.48 |
Options granted (in shares) | shares | 694 |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | $ 37.50 |
Options exercised (in shares) | shares | (359) |
Options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 28.33 |
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 | 4,241 |
Options outstanding, weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 55.76 |
Options exercisable, end of period (in shares) | shares | 2,447 |
Options exercisable, weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 60.38 |
Note 14 - Stock-based Compens53
Note 14 - Stock-based Compensation - Changes in the Company's Restricted Stock (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Mar. 03, 2018$ / sharesshares | |
Unvested shares, beginning of period (in shares) | shares | 3,492 |
Unvested shares, weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 58.12 |
Unvested shares, granted (in shares) | shares | 1,919 |
Unvested shares, weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 34.27 |
Unvested shares, vested (in shares) | shares | (761) |
Unvested shares, weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 58.69 |
Unvested shares, forfeited (in shares) | shares | (339) |
Unvested shares, weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 49.68 |
Unvested shares, end of period (in shares) | shares | 4,311 |
Unvested shares, weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 48.07 |
Note 14 - Stock-based Compens54
Note 14 - Stock-based Compensation - Changes in the Company's Performance Stock Units (Details) - Performance Shares [Member] shares in Thousands | 12 Months Ended |
Mar. 03, 2018$ / sharesshares | |
Unvested shares, beginning of period (in shares) | shares | 1,014 |
Unvested shares, weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 55.19 |
Unvested shares, granted (in shares) | shares | 660 |
Unvested shares, weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 37.50 |
Unvested shares, vested (in shares) | shares | (322) |
Unvested shares, weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 57.28 |
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 | 1,352 |
Unvested shares, weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 46.06 |
Note 15 - Summary of Quarterl55
Note 15 - Summary of Quarterly Results (Unaudited) - Summary of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 03, 2018 | Nov. 25, 2017 | Aug. 26, 2017 | May 27, 2017 | Feb. 25, 2017 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |||||||||
Net sales | $ 2,742,141 | $ 2,936,357 | $ 2,954,539 | $ 3,716,264 | $ 3,533,954 | $ 2,955,484 | $ 2,988,235 | $ 2,738,084 | $ 12,349,301 | $ 12,215,757 | $ 12,103,887 | ||||||||
Gross profit | 1,000,115 | 1,068,559 | 1,041,061 | 1,333,280 | 1,343,091 | 1,092,774 | 1,116,893 | 1,023,592 | 4,443,015 | 4,576,350 | 4,620,310 | ||||||||
Operating profit | 147,011 | 168,847 | 108,360 | 337,103 | 429,928 | 211,283 | 280,973 | 213,026 | 761,321 | 1,135,210 | 1,414,903 | ||||||||
Earnings before provision for income taxes | 130,431 | 149,681 | 94,739 | 320,809 | 413,141 | 193,029 | 262,774 | 196,711 | 695,660 | 1,065,655 | 1,327,445 | ||||||||
Provision for income taxes | 55,148 | 55,451 | 33,438 | 126,765 | 144,411 | 66,605 | 95,439 | 74,092 | 270,802 | 380,547 | 485,956 | ||||||||
Net earnings | $ 75,283 | $ 94,230 | $ 61,301 | $ 194,044 | $ 268,730 | $ 126,424 | $ 167,335 | $ 122,619 | $ 424,858 | $ 685,108 | $ 841,489 | ||||||||
EPS-Basic (in dollars per share) | $ 0.53 | [1] | $ 0.67 | [1] | $ 0.44 | [1] | $ 1.41 | [1] | $ 1.86 | [1] | $ 0.86 | [1] | $ 1.12 | [1] | $ 0.81 | [1] | $ 3.05 | $ 4.61 | $ 5.15 |
EPS-Diluted (in dollars per share) | 0.53 | [1] | 0.67 | [1] | 0.44 | [1] | 1.41 | [1] | 1.84 | [1] | 0.85 | [1] | 1.11 | [1] | 0.80 | [1] | 3.04 | 4.58 | 5.10 |
Dividends declared per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.60 | $ 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 Q56
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 03, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Balance at beginning of period | $ 45.4 | $ 44.5 | $ 45 | |
Additions charged to income | 614.9 | 666.4 | 693.3 | |
Additions charged to other accounts | 1.6 | [1] | ||
Adjustments and/or deductions | 619.1 | 667.1 | 693.8 | |
Balance at end of period | $ 41.2 | $ 45.4 | $ 44.5 | |
[1] | Principally due to acquistions during the fiscal year ended February 25, 2017. |