Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 22, 2019 | Apr. 09, 2019 | Aug. 24, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 22, 2019 | ||
Document Fiscal Period Focus | Q4 | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | STEELCASE INC | ||
Entity Central Index Key | 0001050825 | ||
Current Fiscal Year End Date | --02-22 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,192,681,144 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 88,249,395 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 29,064,360 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Revenue | $ 3,443.2 | $ 3,055.5 | $ 3,032.4 |
Cost of sales | 2,355.3 | 2,050.3 | 2,020.6 |
Gross profit | 1,087.9 | 1,005.2 | 1,007.6 |
Operating expenses | 904.3 | 850 | 810.5 |
Operating income (loss) | 183.6 | 155.2 | 196.2 |
Interest expense | (37.5) | (17.5) | (17.2) |
Investment income | 2.9 | 1.5 | 1.4 |
Other income (expense), net | 14.9 | 22.3 | 15.9 |
Income before income tax expense | 163.9 | 161.5 | 196.3 |
Income tax expense | 37.9 | 80.8 | 71.7 |
Net income | $ 126 | $ 80.7 | $ 124.6 |
Earnings per share: | |||
Basic | $ 1.06 | $ 0.68 | $ 1.03 |
Diluted | $ 1.05 | $ 0.68 | $ 1.03 |
Cost of Sales [Member] | |||
Restructuring costs | $ 0 | $ 0 | $ 4.2 |
Operating Expense [Member] | |||
Restructuring costs | $ 0 | $ 0 | $ 0.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 126 | $ 80.7 | $ 124.6 |
Unrealized gain (loss) on investments | 0.4 | 0 | (1.4) |
Pension and other post-retirement liability adjustments | (6.6) | 1.1 | 4.7 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (12.9) | 0 | 0 |
Foreign currency translation adjustments | (22.7) | 38.6 | (12.4) |
Total other comprehensive income (loss), gross | (41.8) | 39.7 | (9.1) |
Unrealized gain (loss) on investments | (0.1) | 0 | 0.5 |
Pension and other post-retirement liability adjustments | 1.6 | 0.6 | (2.4) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 3.3 | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Total other comprehensive income (loss), tax (expense) benefit | 4.8 | 0.6 | (1.9) |
Unrealized gain (loss) on investments | 0.3 | 0 | (0.9) |
Pension and other post-retirement liability adjustments | (5) | 1.7 | 2.3 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (9.6) | 0 | 0 |
Foreign currency translation adjustments | (22.7) | 38.6 | (12.4) |
Total other comprehensive income (loss), net | (37) | 40.3 | (11) |
Comprehensive income | $ 89 | $ 121 | $ 113.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 261.3 | $ 283.1 |
Accounts receivable, net of allowances of $8.7 and $11.1 | 390.3 | 300.3 |
Inventories | 224.8 | 184.6 |
Prepaid expenses | 19.5 | 19.2 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 0 | 13.4 |
Other current assets | 52.7 | 53.3 |
Total current assets | 948.6 | 853.9 |
Property, plant and equipment, net of accumulated depreciation of $1,009.3 and $998.1 | 455.5 | 435.1 |
Company-owned life insurance (COLI) | 156.1 | 172.2 |
Deferred income taxes | 135.8 | 135.4 |
Goodwill | 240.8 | 138.2 |
Other intangible assets, net of accumulated amortization of $55.8 and $44.6 | 119.3 | 45.6 |
Investments in unconsolidated affiliates | 56.9 | 48.4 |
Other assets | 29.4 | 30.4 |
Total assets | 2,142.4 | 1,859.2 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 241.2 | 223.1 |
Short-term borrowings and current portion of long-term debt | 4.1 | 2.8 |
Accrued expenses: | ||
Employee compensation | 168.1 | 145 |
Employee benefit plan obligations | 37.1 | 39.2 |
Accrued promotions | 27.7 | 25.5 |
Customer deposits | 20 | 28.2 |
Product warranties | 16.4 | 18.1 |
Other | 80.6 | 72.8 |
Total current liabilities | 595.2 | 554.7 |
Long-term liabilities: | ||
Long-term debt less current maturities | 482.9 | 292.2 |
Employee benefit plan obligations | 141.6 | 130.8 |
Other long-term liabilities | 72.9 | 68.2 |
Total long-term liabilities | 697.4 | 491.2 |
Total liabilities | 1,292.6 | 1,045.9 |
Shareholders' equity: | ||
Additional paid-in capital | 16.4 | 4.6 |
Accumulated other comprehensive loss | (47.3) | (10.3) |
Retained earnings | 880.7 | 819 |
Total shareholders’ equity | 849.8 | 813.3 |
Total liabilities and shareholders’ equity | 2,142.4 | 1,859.2 |
Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock-no par value; 50,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Class A Common Stock-no par value; 475,000,000 shares authorized, 85,728,770 and 85,975,298 issued and outstanding [Member] | ||
Shareholders' equity: | ||
Common stock | 0 | 0 |
Total shareholders’ equity | 0 | 0 |
Class B Common Stock-no par value; 475,000,000 shares authorized, 30,428,673 and 31,348,049 issued and outstanding [Member] | ||
Shareholders' equity: | ||
Common stock | 0 | 0 |
Total shareholders’ equity | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 |
Accounts receivable, allowances | $ 8.7 | $ 11.1 |
Property, plant and equipment, accumulated depreciation | (1,009.3) | (998.1) |
Other intangible assets, accumulated amortization | $ 55.8 | $ 44.6 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares outstanding | 116,800,000 | 116,200,000 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 87,594,913 | 85,728,770 |
Common stock, shares outstanding | 87,594,913 | 85,728,770 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0 | |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 29,171,697 | 30,428,673 |
Common stock, shares outstanding | 29,171,697 | 30,428,673 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Millions | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Common Shares Outstanding [Member] | Common Shares Outstanding [Member]Performance Units [Member] | Common Shares Outstanding [Member]Restricted Stock Units (RSUs) [Member] | Additional Paid-In Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Balance at Feb. 26, 2016 | $ 736.9 | $ 0 | $ 0 | $ 0 | $ (39.6) | $ 776.5 | ||||
Balance, shares at Feb. 26, 2016 | 119,370,766 | |||||||||
Common stock issuance | 0.7 | 0.7 | ||||||||
Common stock issuance, shares | 48,045 | |||||||||
Common stock repurchases | (48.4) | (22.9) | (25.5) | |||||||
Common stock repurchases, shares | (3,507,238) | |||||||||
Tax effect of exercise of stock awards | 3.3 | 3.3 | ||||||||
Units issued as common stock, shares | 469,232 | 942,542 | ||||||||
Performance units and restricted stock units expense | 19.1 | 19.1 | ||||||||
Common stock repurchases related to vested but not issued | (0.2) | (0.2) | ||||||||
Other comprehensive income (loss) | (11) | (11) | ||||||||
Payments of Dividends | 58.5 | |||||||||
Dividends paid | (58.5) | (58.5) | ||||||||
Net income | 124.6 | 124.6 | ||||||||
Balance at Feb. 24, 2017 | $ 766.5 | 0 | 0 | 0 | (50.6) | 817.1 | ||||
Balance, shares at Feb. 24, 2017 | 117,300,000 | 117,323,347 | ||||||||
Common stock issuance | $ 0.7 | 0.7 | ||||||||
Common stock issuance, shares | 50,445 | |||||||||
Common stock repurchases | (33.8) | $ (33.8) | $ 0 | (16) | (17.8) | |||||
Common stock repurchases, shares | (2,400,000) | 0 | (2,410,671) | |||||||
Units issued as common stock, shares | 346,744 | 847,578 | ||||||||
Performance units and restricted stock units expense | 18.4 | 18.4 | ||||||||
Common stock repurchases related to vested but not issued | 1.5 | 1.5 | ||||||||
Other comprehensive income (loss) | 40.3 | 40.3 | ||||||||
Payments of Dividends | 61 | |||||||||
Dividends paid | (61) | (61) | ||||||||
Net income | 80.7 | 80.7 | ||||||||
Balance at Feb. 23, 2018 | $ 813.3 | $ 0 | $ 0 | 4.6 | (10.3) | 819 | ||||
Balance, shares at Feb. 23, 2018 | 116,200,000 | 85,728,770 | 30,428,673 | 116,157,443 | ||||||
Common stock issuance | $ 0.8 | 0.8 | ||||||||
Common stock issuance, shares | 53,029 | |||||||||
Common stock repurchases | (4.2) | $ (4.2) | $ 0 | (4.2) | ||||||
Common stock repurchases, shares | (300,000) | 0 | (287,328) | |||||||
Units issued as common stock, shares | 882,940 | 209,353 | 634,113 | |||||||
Performance units and restricted stock units expense | 16.9 | 16.9 | ||||||||
Common stock repurchases related to vested but not issued | (1.7) | (1.7) | ||||||||
Other comprehensive income (loss) | (37) | (37) | ||||||||
Payments of Dividends | 64.3 | |||||||||
Dividends paid | (64.3) | |||||||||
Net income | 126 | |||||||||
Balance at Feb. 22, 2019 | $ 849.8 | $ 0 | $ 0 | $ 16.4 | $ (47.3) | $ 880.7 | ||||
Balance, shares at Feb. 22, 2019 | 116,800,000 | 87,594,913 | 29,171,697 | 116,766,610 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 0.5400 | $ 0.5100 | $ 0.4800 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Millions | 12 Months Ended | |||||
Feb. 22, 2019USD ($) | Feb. 23, 2018USD ($) | Feb. 24, 2017USD ($) | ||||
OPERATING ACTIVITIES | ||||||
Net income | $ 126 | $ 80.7 | $ 124.6 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 81.6 | 65.9 | 60.3 | |||
Deferred Income Tax Expense (Benefit) | (0.8) | 52.9 | 26.8 | |||
Gain from partial sale of investment in unconsolidated affiliate | 0 | (14.4) | 0 | |||
Non-cash stock compensation | 17.7 | 19.1 | 19.8 | |||
Equity in income of unconsolidated affiliates | (13.7) | (12.8) | (9.7) | |||
Dividends received from unconsolidated affiliates | 9.1 | 10.3 | 9.9 | |||
Derivative, Loss on Derivative | (13) | 0 | 0 | |||
Other | (12.5) | (9.5) | (8.8) | |||
Changes in operating assets and liabilities, net of acquisitions, divestures, and deconsolidations: | ||||||
Accounts receivable | (66.4) | 18.5 | 11.9 | |||
Inventories | (24) | (8.5) | (5.1) | |||
Long-term income taxes receivable | 0 | 18.7 | (18.5) | |||
Other assets | 10.2 | 4.5 | (4.4) | |||
Accounts payable | 8.5 | (0.7) | 9.5 | |||
Employee compensation liabilities | 21.1 | (13.8) | (8.8) | |||
Accrued expenses and other liabilities | (12.6) | 16.1 | (36.8) | |||
Net cash provided by operating activities | 131.2 | 227 | 170.7 | |||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (81.4) | (87.9) | (61.1) | |||
Proceeds from Sale of Property, Plant, and Equipment | 20.5 | 7.9 | 1.9 | |||
Purchases of investments | 0 | (52.1) | (112.6) | |||
Liquidations of investments | 0 | 125.6 | 126.6 | |||
Proceeds from partial sale of investment in unconsolidated affiliate | 0 | 19 | 0 | |||
Proceeds from liquidation of company owned life insurance | 22.1 | 4.2 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 226.2 | 68.3 | 4 | |||
Other | (6.6) | 4.1 | 0.8 | |||
Net cash provided by (used in) investing activities | (271.6) | (47.5) | (48.4) | |||
FINANCING ACTIVITIES | ||||||
Dividends paid | (64.3) | (61) | (58.5) | |||
Common stock repurchases | (4.2) | (33.8) | (48.4) | |||
Proceeds from Lines of Credit | 323.1 | 0 | 0 | |||
Repayments of Lines of Credit | (323.1) | 0 | 0 | |||
Borrowings of long-term debt, net of issuance costs | 450 | 0 | 0 | |||
Repayments of long-term debt | (252.7) | (2.7) | (2.3) | |||
Amortization of Debt Issuance Costs and Discounts | (6.5) | 0 | 3.3 | |||
Net cash used in financing activities | 122.3 | (97.5) | (105.9) | |||
Effect of exchange rate changes on cash and cash equivalents | (2.7) | 4 | (1.2) | |||
Net increase (decrease) in cash and cash equivalents | (20.8) | 86 | 15.2 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 264.8 | [1] | 285.6 | [1],[2] | 199.6 | [1],[2] |
Restricted Cash | 2.5 | |||||
Supplemental Cash Flow Information: | ||||||
Income taxes paid, net of refunds received | 36.2 | 4.8 | 67.7 | |||
Interest paid, net of amounts capitalized | $ 34.5 | $ 17 | $ 17 | |||
[1] | These amounts include restricted cash of $3.5, $2.5 and $2.5 as of February 22, 2019, February 23, 2018 and February 24, 2017, respectively. | |||||
[2] | These amounts include restricted cash of $2.5 as of February 23, 2018, February 24, 2017 and February 26, 2016, respectively. |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Feb. 22, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NATURE OF OPERATIONS Steelcase is the global leader in furnishing the work experience in office environments. Founded in 1912, we are headquartered in Grand Rapids, Michigan, U.S.A. and employ approximately 12,700 employees. We operate manufacturing and distribution center facilities in 25 principal locations. We distribute products through various channels, including Steelcase independent and company-owned dealers in more than 800 locations throughout the world, and have led the global office furniture industry in revenue every year since 1974. We operate under the Americas and EMEA reportable segments plus an “Other” category. Additional information about our reportable segments is contained in Note 21 . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Feb. 22, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Steelcase Inc. and its subsidiaries. We consolidate entities in which we maintain a controlling interest. All material intercompany transactions and balances have been eliminated in consolidation. We also consolidate variable interest entities when appropriate. Investments in entities where our equity ownership falls between 20% and 50% , or where we otherwise have significant influence, are accounted for under the equity method of accounting. All other investments in unconsolidated affiliates are accounted for under the cost method of accounting. These investments are reported as Investments in unconsolidated affiliates on the Consolidated Balance Sheets, and income from equity method and cost method investments are reported in Other income, net on the Consolidated Statements of Income . See Note 12 for additional information. Fiscal Year Our fiscal year ends on the last Friday in February, with each fiscal quarter typically including 13 weeks. The fiscal years ended February 22, 2019 , February 23, 2018 and February 24, 2017 contained 52 weeks. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements and accompanying notes. Although these estimates are based on historical data and management’s knowledge of current events and actions we may undertake in the future, actual results may differ from these estimates under different assumptions or conditions. Foreign Currency For most foreign operations, local currencies are considered the functional currencies. We translate assets and liabilities of these subsidiaries to their U.S. dollar equivalents at exchange rates in effect as of the balance sheet date. Translation adjustments are not included in determining net income but are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets unless and until a sale or a substantially complete liquidation of the net investment in the international subsidiary takes place. We translate Consolidated Statements of Income accounts at average exchange rates for the applicable period. Foreign currency transaction gains and losses, net of derivative impacts, arising primarily from changes in exchange rates on foreign currency denominated intercompany loans and other intercompany transactions and balances between foreign locations, are recorded in Other income, net on the Consolidated Statements of Income. Cash and Cash Equivalents Cash and cash equivalents include demand bank deposits and highly liquid investment securities with an original maturity of three months or less. Cash equivalents are reported at cost and approximate fair value. Outstanding checks in excess of funds on deposit are classified as Accounts payable on the Consolidated Balance Sheets. Our restricted cash balance as of February 22, 2019 and February 23, 2018 was $3.5 and $2.5 , respectively, and consisted of funds held in escrow for potential future workers’ compensation claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. Allowances for Credit Losses Allowances for credit losses related to accounts receivable and notes receivable are maintained at a level considered by management to be adequate to absorb an estimate of probable future losses existing at the balance sheet date. In estimating probable losses, we review accounts that are past due or in bankruptcy. We consider an accounts receivable or notes receivable balance past due when payment is not received within the stated terms. We review accounts that may have higher credit risk using information available about the debtor, such as financial statements, news reports and published credit ratings. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. Using an estimate of current fair market value of any applicable collateral and other credit enhancements, such as third party guarantees, we arrive at an estimated loss for specific concerns and estimate an additional amount for the remainder of trade balances based on historical trends and other factors previously referenced. Receivable balances are written off when we determine the balance is uncollectible. Subsequent recoveries, if any, are credited to bad debt expense when received. Concentrations of Credit Risk Our trade receivables are due from independent dealers as well as direct customers. We monitor and manage the credit risk associated with individual dealers and direct customers. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to us. In those cases, we typically assume the credit risk. Whether from dealers or direct customers, our trade credit exposures are not concentrated with any particular entity. Inventories Inventories are stated at the lower of cost or net realizable value. The Americas segment primarily uses the last in, first out (“LIFO”) method to value its inventories. The EMEA segment values inventories primarily using the first in, first out method (“FIFO”). Businesses within the Other category primarily use the first in, first out or the average cost inventory valuation methods. See Note 8 for additional information. Property, Plant and Equipment Property, plant and equipment are stated at cost. Major improvements that materially extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. See Note 9 for additional information. Long-lived assets such as property, plant and equipment are tested for impairment when conditions indicate that the carrying value may not be recoverable. We evaluate several conditions, including, but not limited to, the following: a significant decrease in the market price of an asset or an asset group; a significant adverse change in the extent or manner in which a long-lived asset is being used, including an extended period of idleness; and a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review the carrying value of our held and used long-lived assets utilizing estimates of future undiscounted cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. When assets are classified as “held for sale,” losses are recorded for the difference between the carrying amount of the property, plant and equipment and the estimated fair value less estimated selling costs. Assets are considered “held for sale” when it is expected that the asset is going to be sold within twelve months. Operating Leases Rent expense under operating leases is recorded on a straight-line basis over the lease term unless the lease contains an escalation clause which is not fixed and determinable. The lease term begins when we have the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. If a lease has a fixed and determinable escalation clause, the difference between rent expense and rent paid is recorded as deferred rent. Rent expense under operating leases that do not have an escalation clause or where escalation is based on an inflation index is expensed over the lease term as it is payable. See Note 19 for additional information. Goodwill and Other Intangible Assets Goodwill represents the difference between the purchase price and the related underlying tangible and identifiable intangible net asset fair values resulting from business acquisitions. Annually in Q4, or earlier if conditions indicate it is necessary, the carrying value of the reporting unit is compared to an estimate of its fair value. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is impaired and is written down to its estimated fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. In 2018 , we evaluated goodwill and intangible assets using six reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex and PolyVision. In 2019 , we also evaluated goodwill and intangible assets using the same six reporting units as 2018 plus additional reporting units for AMQ, Smith System, Orangebox UK and Orangebox US. See Note 11 for additional information. Other intangible assets subject to amortization consist primarily of proprietary technology, trademarks, customer relationships and non-compete agreements and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization, consisting of certain trademarks, are accounted for and evaluated for potential impairment in a manner consistent with goodwill. See Note 11 for additional information. Contingencies Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred. We are involved in litigation from time to time in the ordinary course of our business. Based on known information, we do not believe we are party to any lawsuit or proceeding, individually and in the aggregate, that is likely to have a material adverse impact on the consolidated financial statements. Self-Insurance We are self-insured for certain losses relating to domestic workers’ compensation, product liability and employee medical, dental, and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of certain of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Net Reserve for Estimated Domestic Workers' Compensation Claims Year Ended February 22, 2019 February 23, 2018 Assets: Long-term - Other assets $ 4.1 $ 4.4 Liabilities: Current - Accrued expenses - other 3.0 3.0 Long-term - Other long-term liabilities 12.7 12.9 15.7 15.9 Net reserve $ 11.6 $ 11.5 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. Net Reserve for Estimated Product Liability Claims Year Ended February 22, 2019 February 23, 2018 Assets: Long-term - Other long-term assets $ 1.5 $ 2.7 Liabilities: Current - Accrued expenses - other 0.8 1.3 Long-term - Other long-term liabilities 4.0 6.7 4.8 8.0 Net reserve $ 3.3 $ 5.3 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. The estimate for unpaid employee medical, dental, and short-term disability claims incurred as of February 22, 2019 and February 23, 2018 was $4.3 and $3.9 , respectively, and is recorded within Accrued expenses: Other on the Consolidated Balance Sheets. Product Warranties We offer warranties ranging from 3 years to lifetime for most products, subject to certain exceptions. These warranties provide for the free repair or replacement of any covered product, part or component that fails during normal use because of a defect in materials or workmanship. The accrued liability for product warranties is based on an estimated amount needed to cover product warranty costs, including product recall and retrofit costs, incurred as of the balance sheet date determined by historical claims experience and our knowledge of current events and actions. Roll-Forward of Accrued Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 36.8 $ 41.3 $ 42.1 Accruals related to product warranties, recalls and retrofits 6.1 10.6 19.5 Reductions for settlements (11.6 ) (15.8 ) (20.1 ) Currency translation adjustments (0.3 ) 0.7 (0.2 ) Balance as of end of period $ 31.0 $ 36.8 $ 41.3 Our reserve for estimated settlements expected to be paid beyond one year as of February 22, 2019 and February 23, 2018 was $14.5 and $18.7 , respectively, and is included in Other long-term liabilities on the Consolidated Balance Sheets. Pension and Other Post-Retirement Benefits We sponsor a number of domestic and foreign plans to provide pension benefits and medical and life insurance benefits to retired employees. We measure the net over-funded or under-funded positions of our defined benefit pension plans and post-retirement benefit plans as of the end of each fiscal year and display that position as an asset or liability on the Consolidated Balance Sheets. Any unrecognized prior service credit (cost) or experience gains (losses) are reported, net of tax, as a component of Accumulated other comprehensive income (loss) in shareholders’ equity. See Note 15 for additional information. Environmental Matters Environmental expenditures related to current operations are expensed. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are also expensed. Generally, the timing of these accruals coincides with completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis as site-specific plans indicate the amount and timing of cash payments are fixed and reliably determinable. We have ongoing monitoring and identification processes to assess how known exposures are progressing against the accrued cost estimates, as well as processes to identify other potential exposures. Environmental Contingencies Year Ended February 22, 2019 February 23, 2018 Current: Accrued expenses - other $ 0.7 $ 0.7 Long-term: Other long-term liabilities 2.4 2.5 Total environmental contingencies (discounted) $ 3.1 $ 3.2 The environmental liabilities were discounted using a rate of 3.5% as of February 22, 2019 and February 23, 2018 . Our undiscounted liabilities were $3.6 and $3.7 as of February 22, 2019 and February 23, 2018 , respectively. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to absorb the costs of all known environmental assessments and the remediation costs of all known sites. Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated. We also have known conditional asset retirement obligations that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations we have not yet discovered, and therefore, these obligations also have not been included in the consolidated financial statements. Revenue Recognition Our revenue consists substantially of product sales and related service revenue. Product sales are reported net of discounts and are recognized when control, consisting of the rights and obligations associated with the sale, passes to the purchaser. For sales to our dealers, this typically occurs when product is shipped. In cases where we sell directly to customers, control is typically transferred upon delivery. Service revenue is recognized when the services have been rendered. We account for shipping and handling activities as fulfillment activities even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time revenue is recognized. Revenue does not include sales tax or any other taxes assessed by a governmental authority that are imposed on and concurrent with a specific sale, such as use, excise, value-added, and franchise taxes (collectively referred to as consumption taxes). We consider ourselves a pass-through entity for collecting and remitting these consumption taxes. Cost of Sales Cost of sales includes material, labor and overhead. Included within these categories are such items as compensation expense, logistics costs (including shipping and handling costs), facilities expense, depreciation and warranty expense. Operating Expenses Operating expenses include selling, general and administrative expenses not directly related to the procurement, manufacturing and delivery of our products. Included in these expenses are items such as employee compensation expense, research and development expense, facilities expense, depreciation, royalty expense, information technology services, professional services and travel and entertainment expense. Research and Development Expenses Research and development expenses, which we define as expenses related to the investigative activities we conduct to improve existing products and procedures or to lead to the development of new products and procedures, are expensed as incurred and were $53.7 for 2019 , $44.0 for 2018 and $35.8 for 2017 . Income Taxes Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. These deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in the Consolidated Statements of Income in the period that includes the enactment date. We establish valuation allowances against deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. All evidence, both positive and negative, is identified and considered in making the determination. Future realization of the existing deferred tax asset depends, in part, on the existence of sufficient taxable income of appropriate character within the carryforward period available under tax law applicable in the jurisdiction in which the related deferred tax assets were generated. We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits associated with net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies will enable us to utilize the net operating loss carryforwards. In making this determination we consider all available positive and negative evidence. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. We record reserves for uncertain tax positions except to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. See Note 17 for additional information. Share-Based Compensation Our share-based compensation consists of restricted stock units and performance units. Our policy is to expense share-based compensation using the fair-value based method of accounting for all awards granted, modified or settled. Restricted stock units and performance units are credited to shareholders' equity as they are expensed over the requisite service periods based on the grant date fair value of the shares expected to be issued. See Note 18 for additional information. Financial Instruments The carrying amounts of our financial instruments, consisting of cash and cash equivalents, accounts and notes receivable, accounts and notes payable and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value on the Consolidated Balance Sheets. Our total debt is carried at cost and was $487.0 and $295.0 as of February 22, 2019 and February 23, 2018 , respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $492 and $316 as of February 22, 2019 and February 23, 2018 , respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. See Note 7 and Note 13 for additional information. We may use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. In 2019, the Company entered into a treasury rate lock agreement to manage our exposure to changes in interest rates and our overall cost of borrowing. We do not use derivatives for speculative or trading purposes. See Note 14 for additional information. Foreign Exchange Forward Contracts A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching revenues with same currency costs and assets with same currency liabilities. Foreign exchange risk is also partially managed through the use of derivative instruments. Foreign exchange forward contracts serve to reduce the risk of conversion or translation of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany working capital loans and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts relate to the euro, the Mexican peso, the United Kingdom pound sterling, the Canadian dollar, the Australian dollar, the Malaysian ringgit and the Japanese yen. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 22, 2019 and February 23, 2018 are summarized below: Consolidated Balance Sheets February 22, February 23, Other current assets $ 3.9 $ 2.1 Accrued expenses (0.5 ) (1.4 ) Total net fair value of foreign exchange forward contracts (1) $ 3.4 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $124.6 as of February 22, 2019 and $95.7 as of February 23, 2018 . Net gains (losses) recognized from foreign exchange forward contract activity in 2019 , 2018 and 2017 are summarized below: Gain (Loss) Recognized in Consolidated Statements of Income Year Ended February 22, February 23, February 24, Cost of sales $ 1.5 $ 2.8 $ (1.1 ) Operating expenses 0.3 0.6 0.8 Other income, net 2.7 (4.8 ) 1.2 Total net gain (loss) $ 4.5 $ (1.4 ) $ 0.9 The net gains or losses recognized from foreign exchange forward instruments in other income, net are largely offset by related foreign currency gains or losses on our intercompany loans and intercompany accounts payable. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Feb. 22, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2017-07, Compensation - Retirement Benefits (Topic 715) , to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost. The amended guidance requires that an employer disaggregate the service cost component from the other components of net benefit cost, provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement, and allows only the service cost component of net benefit cost to be eligible for capitalization. We adopted the amended guidance using the practical expedient which allows entities to use information previously disclosed in their pension and other post-retirement benefit plans footnote as the basis to apply the retrospective presentation requirements. The adoption of this ASU resulted in the following reclassifications in our 2018 and 2017 Consolidated Statements of Income: Reclassifications Resulting from Adoption of ASU 2017-07 Year Ended February 23, 2018 February 24, 2017 Cost of sales $ 0.9 $ 2.8 Operating expenses (0.1 ) 1.2 Operating income (0.8 ) (4.0 ) Other income (expense), net 0.8 4.0 Income before income tax expense $ — $ — The amounts reclassified in 2018 include $7.1 of charges related to annuitizing three of our smaller defined benefit plans. There was no impact to Net income on our Consolidated Statements of Income as a result of this accounting change. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers (Topic 606) , which establishes a new standard on revenue recognition. The new standard (along with its related clarifying amendments) outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. We adopted the updated guidance using the modified retrospective method, which did not have a material impact on our consolidated financial statements except for enhanced disclosures. All necessary changes required by the new standard, including those related to our accounting policies, controls and disclosures, have been identified and implemented as of the beginning of 2019. See Note 4 for additional information. Accounting Standards Issued But Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715-20, Compensation - Retirement Benefits - Defined Benefit Plans - General . The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated Other Comprehensive Income expected to be recognized in net periodic benefit costs over the next fiscal year and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The amended guidance is effective for fiscal years ending after December 15, 2020. The adoption of this guidance will modify our disclosures but will not have a material effect on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718) which simplifies certain aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation - Stock Compensation , to include share-based payment transactions for acquiring goods and services from nonemployees. Certain areas of the simplification apply only to nonpublic entities. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers . The amendments of the ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), to address the impact of the U.S. Tax Cuts and Jobs Act (the "Tax Act") on tax effects presented in other comprehensive income. The amended guidance allows a reclassification from accumulated other comprehensive income to retained earnings for the tax effects of items within accumulated other comprehensive income resulting from the Tax Act. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The amendments may be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The adoption of this guidance will not have a material effect on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements , which clarifies certain aspects of the new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard. ASC 842 will be effective for us beginning on February 23, 2019. While we continue to evaluate the impact of the new standard, we expect the adoption of this guidance will result in an increase in assets and liabilities on our Consolidated Balance Sheets. During 2019 , we have made progress on implementing the new standard, including assessing our portfolio of leases and selecting a lease accounting software to support the new reporting requirements of the standard. We will adopt the standard using the optional transition method defined within ASU 2018-11. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Feb. 22, 2019 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments. Product Category Data Year Ended February 22, February 23, February 24, Americas Systems and storage $ 1,233.9 $ 1,102.8 $ 1,136.0 Seating 706.3 673.7 660.0 Other (1) 530.0 417.3 435.9 EMEA Systems and storage 233.2 216.8 201.9 Seating 187.1 155.1 140.5 Other (1) 196.7 152.3 161.5 Other Systems and storage 59.1 65.7 47.4 Seating 93.6 78.2 71.4 Other (1) 203.3 193.6 177.8 $ 3,443.2 $ 3,055.5 $ 3,032.4 _______________________________________ (1) The Other product category data by segment consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. In the Americas segment, no industry or vertical market individually represented more than 14% , 12% or 13% of Americas revenue in 2019 , 2018 and 2017, respectively. Reportable geographic information is as follows: Reportable Geographic Revenue Year Ended February 22, February 23, February 24, United States $ 2,170.3 $ 2,039.6 $ 2,104.4 Foreign locations 1,272.9 1,015.9 928.0 $ 3,443.2 $ 3,055.5 $ 3,032.4 In the EMEA segment, approximately 88% , 85% and 84% of revenue was from Western Europe in 2019 , 2018 and 2017, respectively. The remaining revenue was from other parts of Europe, the Middle East and Africa. No individual country in the EMEA segment represented more than 4% of our consolidated revenue in 2019 . No single customer represented more than 5% of our consolidated revenue in 2019, 2018, or 2017. Contract Balances At times, we receive deposits from customers before revenue is recognized, resulting in the recognition of a contract liability ( Customer deposits ) presented in the Consolidated Balance Sheets. Changes in the Customer deposits balance during the year ended February 22, 2019 are as follows: Customer Deposits Balance as of February 23, 2018 $ 28.2 Increases due to deposits received, net of other adjustments 17.1 Revenue recognized (25.3 ) Balance as of February 22, 2019 $ 20.0 Practical Expedients Elected Our sales contracts are typically less than one year in length and do not have significant financing components. Therefore, we elected to apply the following practical expedients: • We recognize the incremental costs to obtain a contract as an expense when incurred. • We recognize the promised amount of consideration without adjusting for any significant financing components. These elections had no effect on our financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 22, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period. Computation of Earnings per Share Year Ended February 22, February 23, February 24, Net income $ 126.0 $ 80.7 $ 124.6 Adjustment for earnings attributable to participating securities (2.5 ) (1.5 ) (2.4 ) Net income used in calculating earnings per share $ 123.5 $ 79.2 $ 122.2 Weighted-average common shares outstanding including participating securities (in millions) 119.1 119.2 120.7 Adjustment for participating securities (in millions) (2.4 ) (2.3 ) (2.3 ) Shares used in calculating basic earnings per share (in millions) 116.7 116.9 118.4 Effect of dilutive stock-based compensation (in millions) 0.4 0.2 0.5 Shares used in calculating diluted earnings per share (in millions) 117.1 117.1 118.9 Earnings per share: Basic $ 1.06 $ 0.68 $ 1.03 Diluted $ 1.05 $ 0.68 $ 1.03 Total common shares outstanding at period end (in millions) 116.8 116.2 117.3 Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) 0.2 0.5 0.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Feb. 22, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) during the years ended February 22, 2019 and February 23, 2018 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative adjustments Foreign currency translation adjustments Total Balance as of February 24, 2017 $ (0.3 ) $ 13.0 $ — $ (63.3 ) $ (50.6 ) Other comprehensive income (loss) before reclassifications — 3.0 — 38.6 41.6 Amounts reclassified from accumulated other comprehensive income (loss) — (1.3 ) — — (1.3 ) Net other comprehensive income (loss) during period — 1.7 — 38.6 40.3 Balance as of February 23, 2018 $ (0.3 ) $ 14.7 $ — $ (24.7 ) $ (10.3 ) Other comprehensive income (loss) before reclassifications 0.3 0.5 (9.7 ) (22.8 ) (31.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — (5.5 ) 0.1 0.1 (5.3 ) Net other comprehensive income (loss) during period 0.3 (5.0 ) (9.6 ) (22.7 ) (37.0 ) Balance as of February 22, 2019 $ — $ 9.7 $ (9.6 ) $ (47.4 ) $ (47.3 ) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the years ended February 22, 2019 and February 23, 2018 : Detail of Accumulated Other Comprehensive Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Consolidated Statements of Income Year Ended February 22, February 23, Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) $ (6.2 ) $ (3.2 ) Other income, net (1) Prior service cost (credit) (1.0 ) (7.1 ) Other income, net (1) Settlements - Actuarial losses (gains) — 7.1 Other income, net (1) 1.7 1.9 Income tax expense (5.5 ) (1.3 ) Derivative adjustments 0.1 — Interest expense Foreign currency translation 0.1 — Other income, net Total reclassifications $ (5.3 ) $ (1.3 ) ___________________ (1) The 2018 amounts were reclassified from Costs of sales and Operating expenses to Other income , net as a result of the adoption of ASU 2017-07. |
Fair Value
Fair Value | 12 Months Ended |
Feb. 22, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value measurements are classified under the following hierarchy: Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2 — Inputs based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. Level 3 — Inputs reflect management’s best estimate of what market participants would use to price the asset or liability at the measurement date in model-driven valuations. The inputs are unobservable in the market and significant to the instrument’s valuation. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be other significant inputs that are readily observable. Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of February 22, 2019 and February 23, 2018 are summarized below: Fair Value of Financial Instruments February 22, 2019 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 261.3 $ — $ — $ 261.3 Restricted cash 3.5 — — 3.5 Foreign exchange forward contracts — 3.9 — 3.9 Auction rate securities — — 3.9 3.9 $ 264.8 $ 3.9 $ 3.9 $ 272.6 Liabilities: Foreign exchange forward contracts $ — $ (0.5 ) $ — $ (0.5 ) $ — $ (0.5 ) $ — $ (0.5 ) Fair Value of Financial Instruments February 23, 2018 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 283.1 $ — $ — $ 283.1 Restricted cash 2.5 — — 2.5 Foreign exchange forward contracts — 2.1 — 2.1 Auction rate securities — — 3.5 3.5 $ 285.6 $ 2.1 $ 3.5 $ 291.2 Liabilities: Foreign exchange forward contracts $ — $ (1.4 ) $ — $ (1.4 ) $ — $ (1.4 ) $ — $ (1.4 ) Foreign Exchange Forward Contracts From time to time, we enter into forward contracts to reduce the risk of translation into U.S. dollars of certain foreign-denominated transactions, assets and liabilities. We primarily hedge intercompany working capital loans and certain forecasted currency flows from foreign-denominated transactions. The fair value of foreign exchange forward contracts is based on a valuation model that calculates the differential between the contract price and the market-based forward rate. Auction Rate Securities As of February 22, 2019 , we held auction rate securities (“ARS”) with a total par value of $6.5 and an adjusted fair value of $3.9 . The difference between par value and fair value is comprised of other-than-temporary impairment losses and unrealized losses on our ARS investments of $2.5 and $0.1 , respectively. The investments other-than-temporarily impaired were impaired due to general credit declines, and the impairments were recorded in Investment income in the Consolidated Statements of Income. Unrealized losses are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The unrealized losses are due to changes in interest rates and are expected to fluctuate over the contractual term of the instruments. While there has been no payment default with respect to our ARS, these investments are not widely traded and therefore do not currently have a readily determinable market value. To estimate fair value, we used an internally-developed discounted cash flow analysis. Our discounted cash flow analysis considers, among other factors, (i) the credit ratings of the ARS, (ii) the credit quality of the underlying securities or the credit rating of issuers, (iii) the estimated timing and amount of cash flows, (iv) the formula applicable to each security which defines the penalty interest rate and (v) discount rates equal to the sum of (a) the yield on U.S. Treasury securities with a term through the estimated workout date plus (b) a risk premium based on similarly rated observable securities. A deterioration in market conditions or the use of different assumptions could result in a different valuation and additional impairments. For example, an increase to the discount rate of 100 basis points would reduce the estimated fair value of our investment in ARS by approximately $0.4 . Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs for the years ended February 22, 2019 and February 23, 2018 : Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 24, 2017 $ 3.5 Unrealized gain on investments — Balance as of February 23, 2018 $ 3.5 Unrealized gain on investments 0.4 Balance as of February 22, 2019 $ 3.9 There were no other-than-temporary impairments or transfers into or out of Level 3 during either 2019 or 2018 . Our policy is to value any transfers between levels of the fair value hierarchy based on end of period fair values. |
Inventories
Inventories | 12 Months Ended |
Feb. 22, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories February 22, February 23, Raw materials and work-in-process $ 118.3 $ 98.3 Finished goods 127.2 105.3 245.5 203.6 Revaluation to LIFO 20.7 19.0 $ 224.8 $ 184.6 The portion of inventories determined by the LIFO method aggregated $96.9 and $76.3 as of February 22, 2019 and February 23, 2018 , respectively. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Feb. 22, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment Estimated Useful Lives (Years) February 22, February 23, Land $ 35.2 $ 36.3 Machinery and equipment 3 – 15 755.1 719.2 Buildings and improvements 10 – 40 404.2 396.7 Capitalized software 3 – 10 109.5 112.3 Furniture and fixtures 5 – 8 58.9 58.9 Leasehold improvements 3 – 15 73.5 74.9 Construction in progress 28.4 34.9 1,464.8 1,433.2 Accumulated depreciation (1,009.3 ) (998.1 ) $ 455.5 $ 435.1 A majority of the net book value of property, plant and equipment relates to machinery and equipment of $203.2 and $183.4 and buildings and improvements of $118.5 and $116.0 as of February 22, 2019 and February 23, 2018 , respectively. Depreciation expense on property, plant and equipment was $69.3 for 2019 , $64.5 for 2018 and $59.3 for 2017 . The estimated cost to complete construction in progress was $33.2 and $15.4 as of February 22, 2019 and February 23, 2018 , respectively. As of February 22, 2019 , there were no assets held for sale. As of February 23, 2018 , assets held for sale were $13.4 . The amount was related to the fair value of an aircraft included as part of the Americas segment and sold in 2019. |
Company-Owned Life Insurance
Company-Owned Life Insurance | 12 Months Ended |
Feb. 22, 2019 | |
Company-Owned Life Insurance [Abstract] | |
Company-Owned Life Insurance | COMPANY-OWNED LIFE INSURANCE Our investments in company-owned life insurance (“COLI”) policies are recorded at their net cash surrender value. A portion of our investments in COLI are intended to be utilized as a long-term funding source for post-retirement medical benefits, deferred compensation and defined benefit pension plan obligations. The designation of our COLI investments as funding sources for our long-term benefit plan obligations does not result in these investments representing a committed funding source for these obligations. They are subject to claims from creditors, and we can redesignate them to another purpose at any time. The net returns in cash surrender value, normal insurance expenses and any death benefit gains related to our investments in COLI policies ("COLI income") are recorded in Operating expenses on the Consolidated Statements of Income. COLI income is intended to offset the expense associated with long-term benefit plan obligations which are also recorded in Operating expenses on the Consolidated Statements of Income. COLI income totaled $7.5 in 2019 , $10.3 in 2018 and $9.5 in 2017 . The balances of our COLI investments as of February 22, 2019 and February 23, 2018 were as follows: Type Ability to Choose Net Return Target Asset Allocation as of February 22, 2019 Net Cash Surrender Value February 22, February 23, Whole life COLI policies No ability A rate of return set periodically by the Not applicable $ 108.6 $ 124.3 Variable life COLI policies Can allocate across a set of choices provided by the insurance companies Fluctuates depending on performance of underlying investments 25% fixed income; 75% equity 47.5 47.9 $ 156.1 $ 172.2 |
Goodwill & Other Intangible Ass
Goodwill & Other Intangible Assets | 12 Months Ended |
Feb. 22, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill & Other Intangible Assets | GOODWILL & OTHER INTANGIBLE ASSETS A summary of the changes in goodwill during the years ended February 22, 2019 and February 23, 2018 , by reportable segment, is as follows: Goodwill Americas EMEA Other Total Balance as of February 24, 2017 $ 88.2 $ — $ 18.5 $ 106.7 Acquisitions (1) 31.2 — — 31.2 Currency translation adjustments 0.3 — — 0.3 Goodwill 121.4 265.0 116.5 502.9 Accumulated impairment losses (1.7 ) (265.0 ) (98.0 ) (364.7 ) Balance as of February 23, 2018 $ 119.7 $ — $ 18.5 $ 138.2 Acquisitions (1) (2) 84.2 18.8 — 103.0 Currency translation adjustments (0.3 ) (0.1 ) — (0.4 ) Goodwill 205.3 283.7 116.5 605.5 Accumulated impairment losses (1.7 ) (265.0 ) (98.0 ) (364.7 ) Balance as of February 22, 2019 $ 203.6 $ 18.7 $ 18.5 $ 240.8 ________________________ (1) In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in a goodwill addition in the Americas segment. The purchase accounting was finalized in 2019. See Note 20 for additional information. (2) In 2019, we acquired Smith System Manufacturing Company, resulting in a goodwill addition in the Americas segment. We also acquired Orangebox Group Limited, resulting in goodwill additions in the Americas and EMEA segments. See Note 20 for additional information. We compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss. We estimated the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. The estimation of the fair value of our reporting units represents a Level 3 measurement. Based on the results of the annual impairment tests, we concluded that no goodwill impairment existed as of February 22, 2019 or February 23, 2018 . We will continue to evaluate goodwill, on an annual basis in Q4, and whenever events or changes in circumstances, such as significant adverse changes in business climate or operating results, changes in management's business strategy or significant declines in our stock price, indicate that there may be a potential indicator of impairment. As of February 22, 2019 and February 23, 2018 , our other intangible assets and related accumulated amortization consisted of the following: Other Intangible Assets February 22, 2019 February 23, 2018 Weighted Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Dealer relationships (1) (2) 11.0 $ 57.0 $ 4.1 $ 52.9 $ 25.5 $ 0.4 $ 25.1 Trademarks (1) (2) 9.9 35.8 11.0 24.8 11.2 9.9 1.3 Proprietary technology 9.8 26.8 23.8 3.0 26.8 23.4 3.4 Know-how/designs (2) 9.0 21.0 1.3 19.7 — — — Non-compete agreements 6.2 1.2 1.2 — 1.2 1.2 — Other (1) (2) 4.7 20.5 14.4 6.1 12.7 9.7 3.0 162.3 55.8 106.5 77.4 44.6 32.8 Intangible assets not subject to amortization: Trademarks and other n/a 12.8 — 12.8 12.8 — 12.8 $ 175.1 $ 55.8 $ 119.3 $ 90.2 $ 44.6 $ 45.6 ________________________ (1) In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in additional intangible assets in the Americas segment. See Note 20 for additional information. (2) In 2019, we acquired Smith System Manufacturing Company, resulting in additional intangible assets in the Americas segment. We also acquired Orangebox Group Limited resulting in additional intangible assets in the Americas and EMEA segments. See Note 20 for additional information. In 2019 and 2018 , no intangible asset impairment charges were recorded. We recorded amortization expense on intangible assets subject to amortization of $12.3 in 2019 , $1.3 in 2018 and $1.0 for 2017 . Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2020 12.4 2021 11.9 2022 11.7 2023 11.6 2024 11.1 $ 58.7 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Investments In Unconsolidated A
Investments In Unconsolidated Affiliates | 12 Months Ended |
Feb. 22, 2019 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | INVESTMENTS IN UNCONSOLIDATED AFFILIATES We enter into joint ventures and other equity investments from time to time to expand or maintain our geographic presence, support our distribution network or invest in new business ventures, complementary products and services. Our investments in unconsolidated affiliates and related direct ownership interests are summarized below: Investments in unconsolidated affiliates February 22, 2019 February 23, 2018 Investment Ownership Investment Ownership Equity method investments Dealer relationships $ 28.1 25%-40% $ 26.0 25%-40% Manufacturing joint venture 10.9 49% 9.4 49% IDEO and other 6.5 5%-28% 6.1 5%-28% 45.5 41.5 Cost method investments Dealer relationship 5.8 Less than 10% 5.8 Less than 10% Other 5.6 Less than 10% 1.1 Less than 10% 11.4 6.9 Total investments in unconsolidated affiliates $ 56.9 $ 48.4 Our equity in earnings of unconsolidated affiliates is recorded in Other income, net on the Consolidated Statements of Income and is summarized below: Equity in earnings of unconsolidated affiliates Year Ended February 22, February 23, February 24, Dealer relationships $ 9.9 $ 8.5 $ 8.0 Manufacturing joint venture 2.8 3.3 1.1 IDEO and other 1.0 1.0 0.6 Total equity in earnings of unconsolidated affiliates $ 13.7 $ 12.8 $ 9.7 Dealer Relationships We have invested in dealers from time to time to expand or maintain our geographic presence and support our distribution network. Manufacturing Joint Ventures We have entered into manufacturing joint ventures from time to time to expand or maintain our geographic presence. Our only current manufacturing joint venture is Steelcase Jeraisy Company Limited, which is located in the Kingdom of Saudi Arabia and is engaged in the manufacturing of wood and metal office furniture systems, seating, accessories and related products for the Kingdom. IDEO IDEO LP is an innovation and design firm that uses a human-centered, design-based approach to generate new offerings and build new capabilities for its customers. IDEO serves Steelcase and a variety of other organizations within consumer products, financial services, healthcare, information technology, government, transportation and other industries. During 2018, we sold a portion of our equity interest in IDEO and recorded gains of $13.9 in Other income, net on the Consolidated Statement of Income. The gains included a $10.0 premium related to a change in control of the affiliate and $3.9 on the sale of our interest. As of February 22, 2019 and February 23, 2018 we owned a 5% equity interest in IDEO. The summarized financial information presented below represents the combined accounts of our equity method investments in unconsolidated affiliates. Consolidated Balance Sheets February 22, February 23, Total current assets $ 230.2 $ 225.0 Total non-current assets 69.1 56.3 Total assets $ 299.3 $ 281.3 Total current liabilities $ 143.6 $ 146.9 Total long-term liabilities 15.5 8.7 Total liabilities $ 159.1 $ 155.6 Statements of Income Year Ended February 22, February 23, February 24, Revenue $ 806.4 $ 708.9 $ 649.1 Gross profit 235.6 214.7 182.2 Income before income tax expense 64.2 54.6 40.8 Net income 60.3 45.3 36.9 Supplemental Information Year Ended February 22, February 23, February 24, Dividends received from unconsolidated affiliates $ 9.1 $ 10.3 $ 9.9 Sales to unconsolidated affiliates 302.6 254.7 270.0 Amount due from unconsolidated affiliates 11.4 12.1 10.6 |
Short-Term Borrowings And Long-
Short-Term Borrowings And Long-Term Debt | 12 Months Ended |
Feb. 22, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings And Long-Term Debt | SHORT-TERM BORROWINGS AND LONG-TERM DEBT Debt Obligations Interest Rate Range as of February 22, 2019 Fiscal Year February 22, February 23, U.S. dollar obligations: Senior notes (1) 5.125% 2029 $ 442.6 $ — Senior notes (2) 2021 — 249.1 Revolving credit facilities (3)(5) 2022 — — Notes payable (4) 3.7% 2024 42.7 45.4 485.3 294.5 Foreign currency obligations: Revolving credit facilities (5) — — Notes payable 6.0% - 9.0% 0.3 0.3 Bank overdraft 0.65% 1.4 — Capitalized lease obligations 1.4% 2020 — 0.2 Total short-term borrowings and long-term debt 487.0 295.0 Short-term borrowings and current portion of long-term debt (6) 4.1 2.8 Long-term debt $ 482.9 $ 292.2 ____________________ (1) In Q4 2019, we issued $450 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125% , the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. During 2019, amortization expense related to the discount and debt issuance costs on the 2029 Notes was not material. (2) In Q4 2019, we redeemed the $250 outstanding aggregate principal amount of our 6.375% unsecured unsubordinated senior notes due in February 2021 (“2021 Notes”). The redemption price was equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2021 Notes, discounted to the redemption date at a rate of 3.0% , together with accrued and unpaid interest through the redemption date. The Company incurred aggregate charges of $16.9 related to the early retirement of the debt and write-off of the remaining issuance costs and discount associated with the 2021 Notes. (3) We have a $200 global committed bank facility, which has an interest rate of LIBOR plus an applicable margin and expires in 2022. As of February 22, 2019 and February 23, 2018 , there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. In addition, we have revolving credit agreements of $48.5 which can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts. As of February 22, 2019 , we had $13.4 in outstanding bank guarantees and standby letters of credit against these agreements. We had no draws against our standby letters of credit during 2019 and 2018 , respectively. (4) We have a $42.7 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20% . The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $32 balloon payment due in 2024 . The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. (5) We have unsecured uncommitted short-term credit facilities of up to $5.6 of U.S. dollar obligations and up to $23.7 of foreign currency obligations with various financial institutions available for working capital purposes as of February 22, 2019 . Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 22, 2019 and February 23, 2018 . (6) The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.1% as of February 22, 2019 and 2.8% as of February 23, 2018 . The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows: Fiscal Year Ending in February Amount 2020 $ 4.1 2021 2.6 2022 2.6 2023 2.6 2024 32.2 Thereafter 442.9 $ 487.0 Global Credit Facility Our $200 committed unsecured revolving syndicated credit facility expires in 2022. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $75 by obtaining at least one commitment from one or more lenders. There are currently no borrowings outstanding under the facility. We can use borrowings under the facility for general corporate purposes, including friendly acquisitions. Interest on borrowings is based on the rate, as selected by us, between the following two options: • the Eurocurrency rate plus the applicable margin as set forth in the credit agreement, for interest periods of one, two, three or six months; or • for floating rate loans (as defined in the credit agreement), the greater of the prime rate, the Federal funds effective rate plus 0.5%, and the Eurocurrency rate for a one month interest period plus 1%, plus the applicable margin as set forth in the credit agreement. Up to $25 of the aggregate commitment can be borrowed under a swing line provision, at an agreed upon rate between us and the swing line lender. The facility requires us to satisfy two financial covenants: • A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness, minus the amount, if any, of unrestricted cash in excess of $25, to (y) trailing four quarter adjusted EBITDA and is required to be less than 3:1. In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 3.25:1 for four consecutive quarters. • A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter adjusted EBITDA to (z) trailing four quarter interest expense and is required to be no less than 3.5:1. The facility does not include any restrictions on cash dividend payments or share repurchases. As of February 22, 2019 and February 23, 2018 , we were in compliance with all covenants under the facility. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Feb. 22, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage exposure to movements in interest rates and the impact to our overall cost of borrowing. The use of these instruments modifies the exposure of these risks with the intent of reducing our risk of volatility. We do not use derivatives for speculative trading purposes. Interest Rate Lock In November 2018, we entered into an interest rate lock to hedge potential movements in the then-current interest rate on 10-year U.S. Treasury notes in anticipation of the issuance of our 2029 Notes, which were issued in January 2019. The derivative position was terminated when the 2029 Notes were priced on January 16, 2019 . The interest rate lock was for an aggregate notional amount of $ 400 and a fixed rate of 3.1% . The interest rate lock was designated as a cash flow hedge. We documented our cash flow hedging strategy and risk management objective to reduce interest rate risk on anticipated future interest payments for this contract in anticipation of our future debt issuance. Upon termination of the interest rate lock, we recorded a loss of $ 13.0 , which is recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of February 22, 2019 . The loss is being amortized over the 10-year life of the 2029 Notes. There were no gains or losses recognized against earnings for hedge ineffectiveness related to the interest rate lock in 2019. |
Employee Benefit Plan Obligatio
Employee Benefit Plan Obligations | 12 Months Ended |
Feb. 22, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan Obligations | EMPLOYEE BENEFIT PLAN OBLIGATIONS Employee Benefit Plan Obligations (net) February 22, February 23, Defined contribution retirement plans $ 25.0 $ 23.9 Post-retirement medical benefits 40.7 43.4 Defined benefit pension plans 57.3 47.0 Deferred compensation plans and agreements 55.7 55.2 $ 178.7 $ 169.5 Employee benefit plan assets Long-term asset $ — $ 0.5 $ — $ 0.5 Employee benefit plan obligations Current portion $ 37.1 $ 39.2 Long-term portion 141.6 130.8 $ 178.7 $ 170.0 Defined Contribution Retirement Plans Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) pre-tax contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants. Company contributions for our defined contribution retirement plans are discretionary. Total expense under all defined contribution retirement plans was $35.3 for 2019 , $33.7 for 2018 and $32.7 for 2017 . We expect to fund approximately $38.6 related to our defined contribution plans in 2020 , including funding related to our discretionary profit sharing contributions. Post-Retirement Medical Benefits We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded, but a portion of our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information. While we do not expect the timing of cash flows to closely match, we intend to hold the policies until maturity, and we expect the policies will generate insufficient cash to cover the obligation payments over the next several years and generate excess cash in later years. Defined Benefit Pension Plans Our defined benefit pension plans include various qualified foreign retirement plans as well as domestic non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan is unfunded, but a portion of our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: Defined Benefit Pension February 22, 2019 February 23, 2018 Qualified Plans Non-qualified Qualified Plans Non-qualified Foreign Foreign Plan assets $ 30.0 $ — $ 33.1 $ — Projected benefit plan obligations 44.7 31.5 47.5 32.6 Funded status $ (14.7 ) $ (31.5 ) $ (14.4 ) $ (32.6 ) Long-term asset — — 0.5 — Current liability (0.4 ) (3.8 ) (0.1 ) (3.8 ) Long-term liability (14.3 ) (27.7 ) (14.8 ) (28.8 ) Total benefit plan obligations $ (14.7 ) $ (31.5 ) $ (14.4 ) $ (32.6 ) Accumulated benefit obligation $ 23.7 $ 31.3 $ 42.5 $ 32.4 As of February 23, 2018, we had one qualified foreign plan in an over-funded status, as plan assets of $32.8 exceeded projected benefit plan obligations of $32.3 by $0.5. Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans The following tables summarize our defined benefit pension and post-retirement plans. Defined Benefit Post-Retirement February 22, February 23, February 22, February 23, Change in plan assets: Fair value of plan assets, beginning of year $ 33.1 $ 46.7 $ — $ — Actual return on plan assets 0.3 2.4 — — Employer contributions 4.3 4.5 3.6 3.4 Plan participants’ contributions — — 1.9 1.9 Estimated Medicare subsidies received — — — 0.1 Expenses — (0.2 ) — — Currency changes (2.0 ) 3.6 — — Benefits paid (5.7 ) (23.9 ) (5.5 ) (5.4 ) Fair value of plan assets, end of year 30.0 33.1 — — Change in benefit obligations: Benefit plan obligations, beginning of year 80.1 96.8 43.4 46.0 Service cost 2.2 2.7 0.1 0.2 Interest cost 2.1 2.1 1.6 1.7 Amendments 1.0 — — — Net actuarial (gain) loss (0.2 ) (3.3 ) (0.8 ) (1.2 ) Plan participants’ contributions — — 1.9 1.9 Medicare subsidies received — — — 0.1 Settlements — (0.1 ) — — Currency changes (3.3 ) 5.8 — 0.1 Benefits paid (5.7 ) (23.9 ) (5.5 ) (5.4 ) Benefit plan obligations, end of year 76.2 80.1 40.7 43.4 Funded status $ (46.2 ) $ (47.0 ) $ (40.7 ) $ (43.4 ) Amounts recognized on the Consolidated Balance Sheets: Long-term asset $ — $ 0.5 $ — $ — Current liability (4.2 ) (3.9 ) (3.4 ) (3.5 ) Long-term liability (42.0 ) (43.6 ) (37.3 ) (39.9 ) Net amount recognized $ (46.2 ) $ (47.0 ) $ (40.7 ) $ (43.4 ) Amounts recognized in accumulated other comprehensive income—pretax: Actuarial loss (gain) $ 12.8 $ 12.7 $ (22.9 ) $ (26.0 ) Prior service credit 0.6 (0.5 ) — (2.3 ) Total amounts recognized in accumulated other comprehensive income—pretax $ 13.4 $ 12.2 $ (22.9 ) $ (28.3 ) Estimated amounts to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year: Actuarial loss (gain) $ 0.4 $ 0.3 $ (3.4 ) $ (3.8 ) Prior service credit (0.1 ) (0.2 ) — (2.3 ) Total amounts recognized in accumulated other comprehensive income—pretax $ 0.3 $ 0.1 $ (3.4 ) $ (6.1 ) Pension Plans Post-Retirement Plans Year Ended Year Ended February 22, February 23, February 24, February 22, February 23, February 24, Components of expense: Service cost $ 2.2 $ 2.7 $ 2.8 $ 0.1 $ 0.2 $ 0.5 Interest cost 2.1 2.1 3.1 1.6 1.7 2.8 Amortization of net loss (gain) 0.3 0.5 0.7 (3.8 ) (3.7 ) (0.8 ) Amortization of prior year service credit (0.2 ) (0.2 ) (0.2 ) (2.2 ) (7.0 ) (8.6 ) Expected return on plan assets (1.5 ) (1.4 ) (1.9 ) — — — Settlement — 7.1 0.9 — — — Net expense (credit) recognized in Consolidated Statements of Income 2.9 10.8 5.4 (4.3 ) (8.8 ) (6.1 ) The non-service cost components of net pension and post-retirement credit in the years ended February 22, 2019, February 23, 2018 and February 24, 2017 are presented in Other income, net . See Note 3 for additional information related to the adoption of ASU 2017-07. Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): Net actuarial loss (gain) 1.0 (4.3 ) 6.9 (0.8 ) (1.2 ) (18.3 ) Prior service cost (credit) 1.0 — — — — — Amortization of gain (loss) (0.3 ) (0.5 ) (1.7 ) 3.8 3.7 0.8 Amortization of prior year service credit 0.2 0.2 0.2 2.2 7.0 8.6 Losses recognized as part of the curtailment / settlement — (7.3 ) — — — — Other — — — 0.1 — — Total recognized in other comprehensive income 1.9 (11.9 ) 5.4 5.3 9.5 (8.9 ) Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) $ 4.8 $ (1.1 ) $ 10.8 $ 1.0 $ 0.7 $ (15.0 ) Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Balance as of February 24, 2017 $ 15.0 $ (2.0 ) $ 13.0 Amortization of prior service cost (credit) included in net periodic pension cost (7.1 ) 2.9 (4.2 ) Net prior service (cost) credit during period (7.1 ) 2.9 (4.2 ) Net actuarial gain (loss) arising during period 5.5 (1.5 ) 4.0 Amortization of net actuarial (gain) loss included in net periodic pension cost (3.2 ) 1.4 (1.8 ) Gain/losses recognized as a part of the settlement 7.1 (2.4 ) 4.7 Net actuarial gain (loss) during period 9.4 (2.5 ) 6.9 Foreign currency translation adjustments (1.2 ) 0.2 (1.0 ) Current period change 1.1 0.6 1.7 Balance as of February 23, 2018 $ 16.1 $ (1.4 ) $ 14.7 Prior service (cost) credit from plan amendment arising during period (1.0 ) 0.2 (0.8 ) Amortization of prior service cost (credit) included in net periodic pension cost (2.5 ) 0.6 (1.9 ) Net prior service (cost) credit during period (3.5 ) 0.8 (2.7 ) Net actuarial gain (loss) arising during period (0.2 ) (0.1 ) (0.3 ) Amortization of net actuarial (gain) loss included in net periodic pension cost (3.5 ) 1.0 (2.5 ) Gains (losses) recognized as a part of the settlement — — — Net actuarial gain (loss) during period (3.7 ) 0.9 (2.8 ) Foreign currency translation adjustments 0.6 (0.1 ) 0.5 Current period change (6.6 ) 1.6 (5.0 ) Balance as of February 22, 2019 $ 9.5 $ 0.2 $ 9.7 Weighted-Average Pension Plans Post-Retirement Plans Year Ended Year Ended February 22, February 23, February 24, February 22, February 23, February 24, Weighted-average assumptions used to determine benefit obligations: Discount rate 2.90 % 2.90 % 2.90 % 4.08 % 3.97 % 3.86 % Rate of salary progression 3.60 % 3.60 % 2.70 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.90 % 2.80 % 3.60 % 3.95 % 3.84 % 4.29 % Expected return on plan assets 4.60 % 4.80 % 4.30 % Rate of salary progression 3.40 % 3.50 % 2.80 % The measurement dates for our retiree benefit plans are consistent with our fiscal year-end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we consider the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists. The assumed healthcare cost trend was 6.75% for pre-age 65 retirees as of February 22, 2019 , gradually declining to 4.50% after nine years. As of February 23, 2018 , the assumed healthcare cost trend was 7.01% for pre-age 65 retirees, gradually declining to 4.50% after nine years. Post-age 65 trend rates are not applicable as our plan provides a fixed subsidy for post-age 65 benefits. A one percentage point change in assumed healthcare cost trend rates would have had the following effects as of February 22, 2019 : Health Cost Trend Sensitivity One percentage One percentage Effect on total of service and interest cost components $ — $ — Effect on post-retirement benefit obligation $ 0.2 $ (0.2 ) Plan Assets The investments of the foreign plans are managed by third-party investment managers who follow local regulations. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due. Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 22, 2019 and February 23, 2018 are reflected in the following table. The target allocations are established by the investment committees of each plan in consultation with external advisors after consideration of the associated risk and expected return of the underlying investments. Asset Category February 22, 2019 February 23, 2018 Actual Target Actual Target Equity securities 80 % 55 % 78 % 91 % Debt securities 16 30 17 8 Real estate 4 — 4 — Other (1) — 15 1 1 Total 100 % 100 % 100 % 100 % ________________________ (1) Represents guaranteed insurance contracts, money market funds and cash. The fair value of the pension plan assets as of February 22, 2019 and February 23, 2018 , by asset category are as follows: Fair Value of Pension Plan Assets February 22, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ — $ — $ — Equity securities: International — 24.5 — 24.5 Fixed income securities: Bond funds — 4.4 — 4.4 Other investments: Property and property funds — 1.1 — 1.1 $ — $ 30.0 $ — $ 30.0 Fair Value of Pension Plan Assets February 23, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.2 $ — $ — $ 0.2 Equity securities: International — 25.8 — 25.8 Fixed income securities: Bond funds — 5.5 — 5.5 Other investments: Guaranteed insurance contracts (1) — — 0.4 0.4 Property funds — 1.2 — 1.2 $ 0.2 $ 32.5 $ 0.4 $ 33.1 _____________ (1) Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows. There were no material transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented. Below is a roll-forward of plan assets measured at estimated fair value using Level 3 inputs for the years ended February 22, 2019 and February 23, 2018 : Roll-forward of Fair Value Using Level 3 Inputs Group Annuity Contract Guaranteed Balance as of February 24, 2017 $ 1.9 $ 0.7 Unrealized return on plan assets, including changes in foreign exchange rates — 0.1 Purchases, sales, and other, net (1.9 ) (0.4 ) Balance as of February 23, 2018 $ — $ 0.4 Purchases, sales, and other, net — (0.4 ) Balance as of February 22, 2019 $ — $ — We expect to contribute approximately $5.1 to our pension plans and fund approximately $3.6 related to our post-retirement plans in 2020. The estimated future benefit payments under our pension and post-retirement plans are as follows: Fiscal Year Ending in February Pension Plans Post-retirement Plans 2020 $ 5.1 $ 3.6 2021 3.6 3.5 2022 3.4 3.5 2023 4.2 3.5 2024 5.1 3.4 2025 - 2029 23.0 15.2 Multi-Employer Pension Plan Our subsidiary, SC Transport Inc., contributes to the Central States, Southeast and Southwest Areas Pension Fund (the "Fund") based on an obligation arising from a collective bargaining agreement covering SC Transport Inc. employees and retirees. This plan provides retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Trustees are appointed by employers and unions; however, we are not a trustee. The trustees typically are responsible for determining the level of benefits to be provided to participants and for such matters as the investment of the assets and the administration of the plan. Based on the most recent information available, we believe that the projected benefit obligations in this multi-employer plan significantly exceed the value of the assets held in trust to pay benefits. Because we are one of a number of employers contributing to this plan, it is difficult to ascertain what the exact amount of the under-funding would be, although we anticipate the contribution per participating employee will increase at each contract renegotiation. We believe that funding levels have not changed significantly since year-end. The risks of participating in a multi-employer plan are different from the risks associated with single-employer plans in the following respects: • Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If a participating employer chooses to stop participating in a multi-employer plan or otherwise has participation in the plan drop below certain levels, that employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. In Q3 2019, the Fund asserted that SC Transport Inc.'s absence of hiring additional union employees over the past ten years, coupled with restructuring of SC Transport Inc.'s business, constituted an adverse selection practice under the Fund and, if not remedied, will result in an assessment of a withdrawal liability. As a result of the Fund's assertion, SC Transport Inc. recorded an $11.2 charge in 2019, which is based on our best estimate from our analysis of available information and pension regulations which specify that the liability will be paid out in installments over a period of up to 20 years. The withdrawal liability was discounted using a rate of 3.5% . In Q1 2020, we finalized a new collective bargaining agreement with our SC Transport Inc. employees and have notified the Fund of our intent to withdraw from the Fund. We expect to receive a final assessment of our withdrawal liability from the Fund during 2020. The amount that may ultimately be required to settle any potential obligation may be lower or higher than our estimated liability, which we will adjust if needed, if and when additional information becomes available. If the Fund were to experience a mass withdrawal within three years from the date of our withdrawal, our liability could increase by approximately $13 . A mass withdrawal could occur if all participating employers in the Fund withdraw at the same time, if the trustees terminate the Fund or if all union employees decertify the union. Our participation in this plan during 2019, 2018 and 2017 is outlined in the table below. Expense was recognized at the time our contributions were funded, in accordance with applicable accounting standards. Pension Fund EIN - Pension Plan Number Plan Month / Day End Date Pension Protection Act Zone Status (1) FIP/RP Status Pending / Implemented (2) Contributions Surcharges Imposed or Amortization Provisions 2018 2017 2019 2018 2017 Central States, Southeast and Southwest Areas Pension Fund 366044243-001 12/31 Red Red Implemented $0.2 $0.2 $0.3 No ________________________ (1) The most recent Pension Protection Act Zone Status available in 2018 and 2017 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. (2) The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan. Deferred Compensation Programs We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected by the participant. These deferred compensation obligations are unfunded, but a portion of our investments in COLI policies are intended to be utilized as a long-term funding source for these deferred compensation obligations. See Note 10 for additional information. Deferred compensation expense, which represents annual participant earnings on amounts that have been deferred, and restoration retirement benefits were $4.6 for 2019 , $5.9 for 2018 and $8.5 for 2017 . |
Capital Structure
Capital Structure | 12 Months Ended |
Feb. 22, 2019 | |
Stockholders' Equity Note [Abstract] | |
Capital Structure | CAPITAL STRUCTURE Terms of Class A Common Stock and Class B Common Stock The holders of common stock are generally entitled to vote as a single class on all matters upon which shareholders have a right to vote, subject to the requirements of applicable laws and the rights of any outstanding series of preferred stock to vote as a separate class. Each share of Class A Common Stock entitles its holder to one vote, and each share of Class B Common Stock entitles its holder to 10 votes. Each share of Class B Common Stock is convertible into a share of Class A Common Stock on a one-for-one basis (i) at the option of the holder at any time, (ii) upon transfer to a person or entity which is not a Permitted Transferee (as defined in our Second Restated Articles of Incorporation, as amended), (iii) with respect to shares of Class B Common Stock acquired after February 20, 1998, at such time as a corporation, partnership, limited liability company, trust or charitable organization holding such shares ceases to be controlled or owned 100% by Permitted Transferees and (iv) on the date on which the number of shares of Class B Common Stock outstanding is less than 15% of all of the then outstanding shares of common stock (calculated without regard to voting rights). Except for the voting and conversion features described above, the terms of Class A Common Stock and Class B Common Stock are generally similar. That is, the holders are entitled to equal dividends when declared by our Board of Directors and generally will receive the same per share consideration in the event of a merger and be treated on an equal per share basis in the event of a liquidation or winding up of Steelcase Inc. In addition, we are not entitled to issue additional shares of Class B Common Stock, or issue options, rights or warrants to subscribe for additional shares of Class B Common Stock, except that we may make a pro rata offer to all holders of common stock of rights to purchase additional shares of the class of common stock held by them, and any dividend payable in common stock will be paid in the form of Class A Common Stock to Class A holders and Class B Common Stock to Class B holders. Neither class of stock may be split, divided or combined unless the other class is proportionally split, divided or combined. Preferred Stock Our Second Restated Articles of Incorporation, as amended, authorize our Board of Directors, without any vote or action by our shareholders, to create one or more series of preferred stock up to the limit of our authorized but unissued shares of preferred stock and to fix the designations, preferences, rights, qualifications, limitations and restrictions thereof, including the voting rights, dividend rights, dividend rate, conversion rights, terms of redemption (including sinking fund provisions), redemption price or prices, liquidation preferences and the number of shares constituting any series. Share Repurchases and Conversions The 2019 and 2018 activity for share repurchases is as follows (share data in millions): Share repurchases Year ended February 22, February 23, Total number of shares Price Paid Total number of shares Price Paid Class A Common Stock 0.3 $ 4.2 2.4 $ 33.8 Class B Common Stock — $ — — $ — During 2019 and 2018 , 1.3 million and 0.9 million shares of our Class B Common Stock were converted to Class A Common Stock, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 22, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In Q4 2018, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act, which was effective January 1, 2018 made broad and complex changes to the U.S. tax code. Following is a summary of the key corporate income tax provisions of the Tax Act: • reduced the U.S. federal corporate income tax rate from 35% to 21%, • implemented a one-time tax on the deemed repatriation of undistributed non-U.S. subsidiary earnings and generally eliminated the U.S. federal corporate income taxes on dividends from foreign subsidiaries, • included global intangible low-taxed income ("GILTI") provisions, which impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations, and • included base-erosion and anti-abuse tax ("BEAT") provisions, which eliminate the deduction of certain base-erosion payments made to related foreign corporations, and imposed a minimum tax if greater than regular tax. In 2018, pursuant to Securities and Exchange Commission Staff Accounting Bulletin No. 118 (“SAB 118”), we recorded a provisional tax expense associated with the Tax Act of $27.9 . This charge was primarily associated with a remeasurement of deferred tax assets and the net tax impact of the tax on deemed repatriation. In 2019, we recognized $1.6 of discrete tax benefits associated with finalization of our accounting for the Tax Act. In 2019, we finalized our policy and elected to use the period cost method for the tax on GILTI provisions and therefore did not record deferred taxes for basis differences expected to reverse in future periods. We were not required to record income taxes under the BEAT provisions in 2019. Provision for Income Taxes The provision for income taxes on income before income taxes consists of: Provision for Income Taxes—Expense Year Ended February 22, February 23, February 24, Current income taxes: Federal $ 18.4 $ 15.0 $ 18.4 State and local 6.0 0.8 9.5 Foreign 14.6 12.1 17.0 39.0 27.9 44.9 Deferred income taxes: Federal (3.6 ) 37.9 21.4 State and local 1.2 7.0 1.2 Foreign 1.3 8.0 4.2 (1.1 ) 52.9 26.8 Income tax expense $ 37.9 $ 80.8 $ 71.7 Income taxes were based on the following sources of income before income tax expense: Source of Income Before Income Tax Expense Year Ended February 22, February 23, February 24, Domestic $ 119.4 $ 120.2 $ 136.0 Foreign 44.5 41.3 60.3 $ 163.9 $ 161.5 $ 196.3 The total income tax expense we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0% for 2019 and 32.9% for 2018 and 35.0% for 2017, as follows: Income Tax Provision Reconciliation Year Ended February 22, February 23, February 24, Tax expense at the U.S. federal statutory rate $ 34.4 $ 53.2 $ 68.7 Impact of the Tax Act (1) (1.6 ) 27.9 — State and local income taxes, net of federal 5.7 6.7 6.5 Valuation allowance provisions and adjustments (2) (1.3 ) 0.4 (2.2 ) Foreign investment tax credits (3) — (1.6 ) — COLI income (4) (1.6 ) (3.4 ) (3.3 ) Foreign operations, less applicable foreign tax credits (5) 7.8 1.4 (2.0 ) Impact of change to non-U.S. federal statutory tax rates (6) (0.8 ) 4.0 9.3 Research tax credit (2.9 ) (2.3 ) (1.8 ) Tax reserve adjustments (7) — (0.2 ) (5.3 ) Other (1.8 ) (5.3 ) 1.8 Total income tax expense recognized $ 37.9 $ 80.8 $ 71.7 ________________________ (1) We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which are generally 21.0% . Those items that reversed in 2018 were remeasured using a tax rate of 32.9% . We recorded a provisional decrease to deferred tax assets of $23.9 attributable to the rate reduction and a provisional tax liability of $4.0 related to transition tax for 2018. During 2019, we recorded adjustments reducing the impact of the rate change and the transition tax by $1.0 and $0.6 respectively, representing a tax rate reduction of 1%. (2) The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. (3) Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment. (4) The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus death benefit gains are non-taxable. (5) The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations. (6) Reductions to the French corporate tax rate resulted in the revaluation of certain deferred tax assets of our French tax group, causing an increase to income tax expense of $4.0 and $7.9 in 2018 and 2017, respectively. During 2017, reductions to the United Kingdom corporate tax rate increased tax expense by $1.5 . (7) Adjustments in 2017 related to a French income tax audit that was settled in 2017 . Deferred Income Taxes The significant components of deferred income taxes are as follows: Deferred Income Taxes February 22, February 23, Deferred income tax assets: Employee benefit plan obligations and deferred compensation $ 59.2 $ 55.8 Foreign and domestic net operating loss carryforwards 46.1 55.8 Reserves and accruals 16.2 18.9 Tax credit carryforwards 38.7 31.8 Other, net 17.4 16.1 Total deferred income tax assets 177.6 178.4 Valuation allowances (7.8 ) (9.5 ) Net deferred income tax assets 169.8 168.9 Deferred income tax liabilities: Property, plant and equipment 29.4 28.4 Intangible assets 10.6 3.4 Prepaid expenses 2.2 1.7 Total deferred income tax liabilities 42.2 33.5 Net deferred income taxes $ 127.6 $ 135.4 Net deferred income taxes is comprised of the following components: Deferred income tax assets—non-current 135.8 135.4 Deferred income tax liabilities—non-current 8.2 — At February 22, 2019 , the valuation allowance of $7.8 included $5.8 relating to foreign deferred tax assets. In updating our assessment of the ultimate realization of deferred tax assets, we considered the following factors: • the nature, frequency and severity of cumulative losses in recent years, • the predictability of future income, • prudent and feasible tax planning strategies that could be implemented to protect the loss of the deferred tax assets and • the effect of reversing taxable temporary differences. Based on our evaluation of these factors, particularly cumulative losses, we were unable to assert that it is more likely than not that the deferred tax assets in our owned dealers and sales offices in France, the United Kingdom, Singapore, Hong Kong and Brazil would be realized as of February 22, 2019 . During 2019 we determined that it was more likely than not that all of our tax credits in the Czech Republic would be utilized prior to their expiration, and the reversal of the partial valuation allowance on these credits reduced tax expense by $1.7 . As a result of the Tax Act, we have the ability to repatriate cash associated with foreign subsidiary earnings to our U.S. parent without incurring additional U.S. federal income tax, as these earnings were subject to U.S. federal income taxes in 2018. However, this cash may be subject to foreign withholding taxes and/or U.S. state and local taxes if repatriated to the U.S. We have provided deferred income taxes for those amounts on earnings of subsidiaries expected to be distributed. However, we have not recorded deferred taxes on any remaining historical outside basis differences in non-U.S. subsidiaries as we continue to assert indefinite reinvestment on outside basis differences not related to amounts that have been previously taxed in the U.S. or undistributed earnings generated after 2018. Taxes Payable or Refundable Income taxes currently payable or refundable are reported on the Consolidated Balance Sheets as follows: Income Taxes February 22, February 23, Other current assets: Income taxes receivable $ 11.6 $ 19.7 Other long-term assets: Income taxes receivable $ — $ — Accrued expenses: Income taxes payable $ 3.5 $ 8.6 Net Operating Loss and Tax Credit Carryforwards Operating loss and tax credit carryforwards expire as follows: Fiscal Year Ending February Net Operating Loss Net Operating Loss Tax Credit Federal State International Federal State International Total 2020 $ — $ — $ 0.4 $ — $ — $ 0.1 $ 0.1 $ — 2023-2038 1.0 14.1 — 0.2 1.6 — 1.8 38.7 No expiration — — 185.2 — — 44.6 44.6 — $ 1.0 $ 14.1 $ 185.6 0.2 1.6 44.7 46.5 38.7 Valuation allowances — (0.6 ) (5.8 ) (6.4 ) (1.5 ) Net benefit $ 0.2 $ 1.0 $ 38.9 $ 40.1 $ 37.2 Future tax benefits for net operating loss and tax credit carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. It is considered more likely than not that a benefit of $77.3 will be realized on these net operating loss and tax credit carryforwards. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies available to us will enable utilization of the carryforwards. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Valuation allowances are recorded to the extent realization of these carryovers is not more likely than not. Uncertain Tax Positions We are subject to taxation in the U.S. and various states and foreign jurisdictions with varying statutes of limitation. Tax years that remain subject to examination by major tax jurisdictions include: the U.S. 2019, Canada 2016 through 2019, France 2015 through 2019 and Germany 2014 through 2019. We adjust these reserves, as well as the related interest and penalties, in light of changing facts and circumstances. We are audited by the U.S. Internal Revenue Service under the Compliance Assurance Process (“CAP”). Under CAP, the U.S. Internal Revenue Service works with large business taxpayers to identify and resolve issues prior to the filing of a tax return. Accordingly, we record minimal liabilities for U.S. federal uncertain tax positions. We recognize interest and penalties associated with uncertain tax positions in income tax expense, and these items were insignificant for 2019 , 2018 and 2017 . A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 2.2 $ 2.8 $ 8.6 Gross decreases—tax positions in prior period — (1.0 ) (5.3 ) Currency translation adjustment (0.2 ) 0.4 (0.5 ) Balance as of end of period $ 2.0 $ 2.2 $ 2.8 We have taken tax positions in a non-U.S. jurisdiction that do not meet the more likely than not test required under the uncertain tax position accounting guidance. Since the tax positions have increased net operating loss carryforwards, the underlying deferred tax asset is shown net of a $2.0 liability for uncertain tax positions as of February 22, 2019 and a $2.2 liability as of February 23, 2018 . No other amounts are recorded as a liability for uncertain tax positions, including interest and penalties, on the Consolidated Balance Sheets. Unrecognized tax benefits of $2.0 , if favorably resolved, would be recorded as an income tax benefit. We do not expect the amount of unrecognized tax benefits will significantly change due to expiring statutes or audit activity in the next twelve months. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Feb. 22, 2019 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Steelcase Inc. Incentive Compensation Plan (the “Incentive Compensation Plan”) provides for the issuance of share-based compensation awards to employees and members of our Board of Directors. There are 25,000,000 shares of Class A Common Stock reserved for issuance under our Incentive Compensation Plan, with 6,244,787 shares remaining for future issuance under our Incentive Compensation Plan as of February 22, 2019 . A variety of awards may be granted under the Incentive Compensation Plan, including stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, performance shares, performance units, cash-based awards, phantom shares and other share-based awards. Outstanding awards under the Incentive Compensation Plan vest over a period of three years. Our Board of Directors may amend or terminate the Incentive Compensation Plan at its discretion subject to certain provisions as stipulated within the plan. In the event of a "change in control", as defined in the Incentive Compensation Plan, • any performance-based conditions imposed on outstanding awards will be deemed to be, immediately prior to the change in control, the greater of (1) the applicable performance achieved through the date of the change in control or (2) the target level of performance; and • all restrictions imposed on all outstanding awards of restricted stock units and performance units will lapse if either (1) the awards are assumed by an acquirer or successor and the awardee experiences a qualifying termination during the two year period following the change in control or (2) the awards are not assumed by an acquirer or successor. Share-based awards currently outstanding under the Incentive Compensation Plan are as follows: Total Outstanding Awards February 22, Performance units (1) 676,800 Restricted stock units 1,721,896 Total outstanding awards 2,398,696 ________________________ (1) This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. Performance Units Performance units have been granted only to certain key employees. These awards are earned after a three-year performance period and only if the performance criteria stated in the applicable award are achieved. After completion of the performance period, the number of performance units earned will be issued as shares of Class A Common Stock. The aggregate number of shares of Class A Common Stock that ultimately may be issued under performance units where the performance period has not been completed ranged from 0 to 676,800 shares as of February 22, 2019 . The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan and determined by the Administrative Committee in its discretion. A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as Class A Common Stock. At the end of the performance period, the dividend equivalents are paid in the form of cash. All of the performance units granted in 2019 , 2018 and 2017 can be earned based on achievement of certain total shareholder return results relative to a comparison group of companies ("TSR PSUs"), which is a market condition. The number of shares that may be earned under the TSR PSUs can range from 0% to 200% of the target amount. The TSR PSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the performance periods. Based on actual performance results, the TSR PSUs granted in 2017 were earned at 0.0% of the target level, and no shares of Class A Common Stock were issued to participants under such awards. The fair values of the TSR PSUs were calculated on their respective grant dates using the Monte Carlo simulation model, which resulted in a fair value of $3.3 , $3.4 and $3.1 for the TSR PSUs granted in 2019 , 2018 and 2017 , respectively. The Monte Carlo simulation was computed using the following assumptions: 2019 Awards 2018 Awards 2017 Awards Three-year risk-free interest rate (1) 2.6 % 1.4 % 0.9 % Expected term 3 years 3 years 3 years Estimated volatility (2) 33.8 % 31.8 % 31.2 % ________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Company’s Class A Common Stock for the three-year period preceding the grant date. The Monte Carlo simulation resulted in the following weighted-average grant date fair values per TSR PSU: Grant Date Fair Value per TSR PSU Year Ended February 22, February 23, February 24, Weighted-average grant date fair value per share of TSR PSUs granted $ 18.02 $ 21.76 $ 16.33 The total performance units expense and associated tax benefit in 2019 , 2018 and 2017 was as follows: Performance Units Year Ended February 22, February 23, February 24, Expense $ 4.2 $ 5.0 $ 5.6 Tax benefit 1.1 1.7 2.0 The 2019 activity for performance units is as follows: Maximum Number of Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 23, 2018 688,600 $ 18.77 Granted 367,800 18.02 Vested (379,600 ) 16.33 Nonvested as of February 22, 2019 676,800 18.50 As of February 22, 2019 , there was $1.0 of remaining unrecognized compensation cost related to nonvested performance units. That cost is expected to be recognized over a remaining weighted-average period of 1.6 years. The total fair value of performance units vested following completion of the three-year performance periods during 2019 , 2018 and 2017 was $0.0 , $3.0 and $5.6 , respectively. The fair value was determined based upon the closing price of shares of our Class A Common Stock as of the date the Compensation Committee of our Board of Directors certified the awards. Restricted Stock Units Restricted stock units (“RSUs”) have restrictions on transfer which lapse three years after the date of grant, at which time RSUs are issued as unrestricted shares of Class A Common Stock. These awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan and determined by the Administrative Committee in its discretion. RSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. The weighted-average grant date fair value per share of RSUs granted in 2019 , 2018 and 2017 is as follows: Grant Date Fair Value per Share Year Ended February 22, February 23, February 24, Weighted-average grant date fair value per share of RSUs granted $ 14.67 $ 16.51 $ 14.66 The total RSUs expense and associated tax benefit in 2019 , 2018 and 2017 is as follows: Restricted Stock Units Year Ended February 22, February 23, February 24, Expense $ 12.7 $ 13.4 $ 13.5 Tax benefit 3.4 4.5 4.9 Holders of RSUs receive cash dividends equal to the dividends we declare and pay on our Class A Common Stock, which are included in Dividends paid on the Consolidated Statements of Cash Flows. The 2019 activity for RSUs is as follows: Nonvested Units Total Weighted-Average Grant Date Fair Value per Share Nonvested as of February 23, 2018 1,789,775 $ 15.75 Granted 857,829 14.67 Vested (882,940 ) 15.41 Forfeited (42,768 ) 15.48 Nonvested as of February 22, 2019 1,721,896 15.39 There was $7.3 of remaining unrecognized compensation cost related to RSUs as of February 22, 2019 . That cost is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of RSUs vested was $15.4 , $10.1 and $13.1 during 2019 , 2018 and 2017 , respectively. The fair value was determined based upon the closing price of shares of our Class A Common Stock on the dates the awards vested. Unrestricted Share Grants Under the Incentive Compensation Plan, unrestricted shares of our Class A Common Stock may be issued to members of our Board of Directors as compensation for director’s fees. We granted a total of 53,029 , 50,445 and 48,045 unrestricted shares at a weighted average grant date fair value per share of $14.82 , $14.98 and $15.20 during 2019 , 2018 and 2017 , respectively. |
Commitments And Guarantees
Commitments And Guarantees | 12 Months Ended |
Feb. 22, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Guarantees | COMMITMENTS We lease certain sales offices, showrooms, warehouses and equipment under non-cancelable operating leases that expire at various dates through 2030. Operating lease agreements generally contain renewal options that may be exercised at our discretion after the completion of the initial terms. Gross rent expense under all non-cancelable operating leases was $50.0 , $53.7 and $49.8 for 2019 , 2018 and 2017 , respectively. Sublease rental income was $0.8 , $4.4 and $4.0 for 2019 , 2018 and 2017 , respectively. Our estimated future minimum annual rental commitments and sublease rental income under non-cancelable operating leases as of February 22, 2019 are as follows: Fiscal Year Ending in February Minimum annual Minimum annual Minimum annual 2020 $ 46.0 $ (0.6 ) $ 45.4 2021 41.7 (0.3 ) 41.4 2022 40.5 (0.2 ) 40.3 2023 36.5 (0.2 ) 36.3 2024 28.0 (0.2 ) 27.8 Thereafter 72.2 (0.6 ) 71.6 $ 264.9 $ (2.1 ) $ 262.8 |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Feb. 22, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS Orangebox In Q3 2019, we acquired Orangebox Group Limited ("Orangebox"), a manufacturer of task seating, architectural pods, privacy solutions and collaborative furniture based in the United Kingdom ("U.K."). The transaction included the purchase of all of the outstanding capital stock of Orangebox for $78.9 (or £60.0) less an adjustment for working capital of $0.5 in an all-cash transaction. An additional $3.9 (or £3.0) is payable to one of the sellers over three years, contingent upon the achievement of certain business performance obligations. The acquisition was funded by borrowings under our global committed bank facility. The goodwill resulting from the acquisition relates to the expected ability to provide customers with a broader range of furniture designed to boost collaboration at work and provide us with an engine to accelerate innovative product development. Tangible assets and liabilities of Orangebox were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $42.2 related to identifiable intangible assets, $23.4 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and current liabilities), property, plant and equipment (primarily the land, building and equipment of two manufacturing locations in the U.K.) and deferred tax liabilities. Goodwill was recorded in EMEA and the Americas segments in the amounts of $18.8 and $4.6 , respectively. The goodwill is not deductible for U.K. or U.S. income tax purposes. Intangible assets are principally related to dealer relationships, the Orangebox trade name and internally-developed know-how and designs, which will be amortized over periods ranging between 9 to 11 years. The purchase price allocation for the Orangebox acquisition was incomplete as of February 22, 2019 . We are still evaluating certain working capital and deferred tax adjustments. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Dealer relationships 10.9 $ 23.0 Trademark 9.0 13.2 Know-how/designs 9.0 5.0 Other 0.2 1.0 $ 42.2 The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 4.2 2021 4.1 2022 4.1 2023 4.1 2024 4.1 $ 20.6 Smith System In Q2 2019, we acquired Smith System Manufacturing Company ("Smith System"), a Texas-based manufacturer of desking, seating and storage for the pre-K-12 education market. The transaction included the purchase of all of the outstanding capital stock of Smith System for $140.0 , payable in cash, plus a net adjustment for working capital of $8.4 . In addition, we funded $5.0 to a third-party escrow account, which is payable to the seller at the end of two years based on continued employment. The acquisition was funded through a combination of domestic cash on-hand and short-term borrowings under our global credit facility. Smith System is an industry leader in the U.S. pre-K-12 education market. The acquisition is expected to advance our growth strategy in the education and office markets particularly as it relates to learning environments and collaborative spaces. The goodwill resulting from the acquisition is primarily related to the growth potential of Smith System as we offer their products through our distribution network. Tangible assets and liabilities of Smith System were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $44.1 related to identifiable intangible assets, $79.3 related to goodwill and $25.0 related to tangible assets, mainly consisting of working capital items such as accounts receivable, inventory and current liabilities. The entire amount recorded to goodwill is deductible for U.S. income tax purposes and is recorded in the Americas segment. Intangible assets are principally related to internally-developed know-how and designs, dealer relationships and the Smith System trade name, which will be amortized over periods ranging between 9 to 11 years. The purchase price allocation for the Smith System acquisition was incomplete as of February 22, 2019 . We are still evaluating certain working capital and deferred tax adjustments. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Know-how/designs 9.0 $ 16.0 Dealer relationships 11.0 12.0 Trademark 9.0 12.0 Other 0.9 4.1 $ 44.1 The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 4.8 2021 4.4 2022 4.2 2023 4.2 2024 4.2 $ 21.8 AMQ In Q4 2018, we acquired all outstanding capital stock of AMQ Solutions ("AMQ"), a California-based provider of height-adjustable desking, benching, worktools and seating. In addition, we acquired certain assets of an affiliated company, Tricom Vision Limited. The total purchase price for the acquisition was $69.9 , which was primarily funded by the liquidation of short-term investments. Up to an additional $5.0 is payable to the sellers contingent upon certain performance obligations being met over a two year period. This acquisition is expected to strengthen our reach within the industry by broadening our portfolio at lower price points. The goodwill resulting from the acquisition consists largely of economies of scale expected from integrating AMQ into our existing dealer network. Tangible assets and liabilities of AMQ were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $30.1 related to identifiable intangible assets, $31.5 to goodwill and approximately $12.5 related to working capital items such as accounts receivable, inventories and accounts payable. The entire amount recorded to goodwill is recorded in the Americas segment and is deductible for U.S. income tax purposes. Intangibles are principally related to dealer relationships which will be amortized over 11 years. In 2019, we recorded measurement period adjustments of $0.5 related to a decrease in net working capital and a decrease of $0.2 to the contingent liability payable to the sellers for certain liabilities existing prior to the opening balance sheet date. These adjustments increased goodwill by $0.3 , and all amounts referenced above are inclusive of these measurement period adjustments. As of February 22, 2019 , the purchase accounting for the AMQ acquisition was complete. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Dealer relationships 11.0 $ 25.5 Trademark 9.0 1.3 Other 4.6 3.3 $ 30.1 The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 $ 3.1 2021 3.0 2022 3.0 2023 3.0 2024 2.5 $ 14.6 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Feb. 22, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a portfolio of integrated architecture, furniture and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Turnstone, Smith System, AMQ and Orangebox brands. The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. The Other category includes Asia Pacific, Designtex and PolyVision. Asia Pacific serves customers in Asia and Australia primarily under the Steelcase brand with an emphasis on freestanding furniture systems, seating and storage solutions. Designtex primarily sells textiles, wall coverings and surface imaging solutions specified by architects and designers directly to end-use customers through a direct sales force primarily in North America. PolyVision manufactures ceramic steel surfaces for use in various applications globally, including static whiteboards and chalkboards sold through third party fabricators and distributors to the primary and secondary education markets and architectural panels and other special applications sold through general contractors for commercial and infrastructure projects. We primarily review and evaluate operating income by segment in both our internal review processes and for external financial reporting. We also allocate resources primarily based on operating income. Total assets by segment include manufacturing and other assets associated with each segment. Corporate costs include unallocated portions of shared service functions such as information technology, corporate facilities, finance, research, legal, human resources and customer aviation, plus deferred compensation expense and income or losses associated with company-owned life insurance ("COLI"). Corporate assets consist primarily of unallocated cash and cash equivalents and COLI balances. Operating Segment Data Americas EMEA Other Corporate Consolidated 2019 Revenue $ 2,470.2 $ 617.0 $ 356.0 $ — $ 3,443.2 Operating income (loss) 209.9 (6.9 ) 14.3 (33.7 ) 183.6 Total assets 1,044.4 420.1 220.4 457.5 2,142.4 Capital expenditures 24.6 21.3 12.6 22.9 81.4 Depreciation & amortization 53.6 20.0 6.2 1.8 81.6 2018 Revenue $ 2,193.8 $ 524.2 $ 337.5 $ — $ 3,055.5 Operating income (loss) 181.4 (14.0 ) 21.4 (33.6 ) 155.2 Total assets 943.2 300.3 209.1 406.6 1,859.2 Capital expenditures 46.2 31.7 10.0 — 87.9 Depreciation & amortization 46.2 14.7 5.0 — 65.9 2017 Revenue $ 2,231.9 $ 503.9 $ 296.6 $ — $ 3,032.4 Operating income (loss) 238.9 (20.7 ) 14.0 (36.0 ) 196.2 Total assets 960.7 297.4 191.1 342.8 1,792.0 Capital expenditures 35.9 20.6 4.6 — 61.1 Depreciation & amortization 42.7 12.7 4.9 — 60.3 The accounting policies of each of the reportable segments are the same as those described in Note 2 . Revenue comparisons have been impacted by acquisitions, divestitures and deconsolidations along with currency translation effects. See Note 4 for additional information. Reportable geographic information is as follows: Reportable Geographic Data Year Ended February 22, February 23, February 24, Long-lived assets: United States $ 812.1 $ 689.7 $ 655.8 Foreign locations 237.5 174.3 130.8 $ 1,049.6 $ 864.0 $ 786.6 No country other than the U.S. represented greater than 10% of our long-lived assets in 2019 , 2018 or 2017 . |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Feb. 22, 2019 | |
Unaudited Quarterly Results [Abstract] | |
Unaudited Quarterly Results | UNAUDITED QUARTERLY RESULTS Unaudited Quarterly Results First Second Third Fourth Total 2019 Revenue $ 754.0 $ 875.8 $ 901.0 $ 912.4 $ 3,443.2 Gross profit 237.9 288.6 278.3 283.1 1,087.9 Operating income 23.3 67.9 45.4 47.0 183.6 Net income 17.0 49.1 37.3 22.6 126.0 Basic earnings per share 0.14 0.41 0.31 0.19 1.06 Diluted earnings per share 0.14 0.41 0.31 0.19 1.05 2018 Revenue $ 735.1 $ 775.6 $ 772.1 $ 772.7 $ 3,055.5 Gross profit 245.1 257.3 250.8 252.0 1,005.2 Operating income 35.1 52.2 36.5 31.4 155.2 Net income 18.1 36.9 25.7 — 80.7 Basic earnings per share 0.15 0.31 0.22 — 0.68 Diluted earnings per share 0.15 0.31 0.22 — 0.68 Revenue comparisons have been impacted by currency translation effects along with acquisitions and divestitures. See Note 20 for additional information. Q4 2019 net income included charges related to the early retirement of debt. See Note 13 for additional information. Q3 2019 net income included significant charges related to a multi-employer pension plan. See Note 15 for additional information. Q4 2018 net income included significant charges related to the Tax Act. See Note 17 for additional information. |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Feb. 22, 2019 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation And Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS Allowance for Losses on Accounts Receivable Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 11.1 $ 11.2 $ 11.7 Additions: Charged to costs and expenses 5.5 2.5 4.5 Charged to other accounts — (0.1 ) — Deductions (1) (8.2 ) (3.0 ) (5.2 ) Other adjustments (2) 0.3 0.5 0.2 Balance as of end of period $ 8.7 $ 11.1 $ 11.2 ________________________ (1) Primarily represents excess of accounts written off over recoveries. (2) Primarily represents currency translation adjustments. Valuation Allowance for Deferred Income Tax Assets Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 9.5 $ 7.9 $ 10.6 Additions: Charged to costs and expenses 1.7 1.9 (1.8 ) Deductions and expirations (3.0 ) (1.1 ) (0.4 ) Other adjustments (1) (0.4 ) 0.8 (0.5 ) Balance as of end of period $ 7.8 $ 9.5 $ 7.9 ________________________ (1) Primarily represents currency translation adjustments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 22, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Steelcase Inc. and its subsidiaries. We consolidate entities in which we maintain a controlling interest. All material intercompany transactions and balances have been eliminated in consolidation. We also consolidate variable interest entities when appropriate. Investments in entities where our equity ownership falls between 20% and 50% , or where we otherwise have significant influence, are accounted for under the equity method of accounting. All other investments in unconsolidated affiliates are accounted for under the cost method of accounting. These investments are reported as Investments in unconsolidated affiliates on the Consolidated Balance Sheets, and income from equity method and cost method investments are reported in Other income, net on the Consolidated Statements of Income . See Note 12 for additional information. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year Our fiscal year ends on the last Friday in February, with each fiscal quarter typically including 13 weeks. The fiscal years ended February 22, 2019 , February 23, 2018 and February 24, 2017 contained 52 weeks. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements and accompanying notes. Although these estimates are based on historical data and management’s knowledge of current events and actions we may undertake in the future, actual results may differ from these estimates under different assumptions or conditions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency For most foreign operations, local currencies are considered the functional currencies. We translate assets and liabilities of these subsidiaries to their U.S. dollar equivalents at exchange rates in effect as of the balance sheet date. Translation adjustments are not included in determining net income but are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets unless and until a sale or a substantially complete liquidation of the net investment in the international subsidiary takes place. We translate Consolidated Statements of Income accounts at average exchange rates for the applicable period. Foreign currency transaction gains and losses, net of derivative impacts, arising primarily from changes in exchange rates on foreign currency denominated intercompany loans and other intercompany transactions and balances between foreign locations, are recorded in Other income, net on the Consolidated Statements of Income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include demand bank deposits and highly liquid investment securities with an original maturity of three months or less. Cash equivalents are reported at cost and approximate fair value. Outstanding checks in excess of funds on deposit are classified as Accounts payable on the Consolidated Balance Sheets. Our restricted cash balance as of February 22, 2019 and February 23, 2018 was $3.5 and $2.5 , respectively, and consisted of funds held in escrow for potential future workers’ compensation claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. |
Receivables, Policy [Policy Text Block] | Allowances for Credit Losses Allowances for credit losses related to accounts receivable and notes receivable are maintained at a level considered by management to be adequate to absorb an estimate of probable future losses existing at the balance sheet date. In estimating probable losses, we review accounts that are past due or in bankruptcy. We consider an accounts receivable or notes receivable balance past due when payment is not received within the stated terms. We review accounts that may have higher credit risk using information available about the debtor, such as financial statements, news reports and published credit ratings. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. Using an estimate of current fair market value of any applicable collateral and other credit enhancements, such as third party guarantees, we arrive at an estimated loss for specific concerns and estimate an additional amount for the remainder of trade balances based on historical trends and other factors previously referenced. Receivable balances are written off when we determine the balance is uncollectible. Subsequent recoveries, if any, are credited to bad debt expense when received. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Our trade receivables are due from independent dealers as well as direct customers. We monitor and manage the credit risk associated with individual dealers and direct customers. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to us. In those cases, we typically assume the credit risk. Whether from dealers or direct customers, our trade credit exposures are not concentrated with any particular entity. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. The Americas segment primarily uses the last in, first out (“LIFO”) method to value its inventories. The EMEA segment values inventories primarily using the first in, first out method (“FIFO”). Businesses within the Other category primarily use the first in, first out or the average cost inventory valuation methods. See Note 8 for additional information. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Major improvements that materially extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. See Note 9 for additional information. Long-lived assets such as property, plant and equipment are tested for impairment when conditions indicate that the carrying value may not be recoverable. We evaluate several conditions, including, but not limited to, the following: a significant decrease in the market price of an asset or an asset group; a significant adverse change in the extent or manner in which a long-lived asset is being used, including an extended period of idleness; and a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review the carrying value of our held and used long-lived assets utilizing estimates of future undiscounted cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. When assets are classified as “held for sale,” losses are recorded for the difference between the carrying amount of the property, plant and equipment and the estimated fair value less estimated selling costs. Assets are considered “held for sale” when it is expected that the asset is going to be sold within twelve months. |
Lease, Policy [Policy Text Block] (Deprecated 2017-01-31) | Operating Leases Rent expense under operating leases is recorded on a straight-line basis over the lease term unless the lease contains an escalation clause which is not fixed and determinable. The lease term begins when we have the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. If a lease has a fixed and determinable escalation clause, the difference between rent expense and rent paid is recorded as deferred rent. Rent expense under operating leases that do not have an escalation clause or where escalation is based on an inflation index is expensed over the lease term as it is payable. See Note 19 for additional information. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the difference between the purchase price and the related underlying tangible and identifiable intangible net asset fair values resulting from business acquisitions. Annually in Q4, or earlier if conditions indicate it is necessary, the carrying value of the reporting unit is compared to an estimate of its fair value. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is impaired and is written down to its estimated fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. In 2018 , we evaluated goodwill and intangible assets using six reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex and PolyVision. In 2019 , we also evaluated goodwill and intangible assets using the same six reporting units as 2018 plus additional reporting units for AMQ, Smith System, Orangebox UK and Orangebox US. See Note 11 for additional information. Other intangible assets subject to amortization consist primarily of proprietary technology, trademarks, customer relationships and non-compete agreements and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization, consisting of certain trademarks, are accounted for and evaluated for potential impairment in a manner consistent with goodwill. See Note 11 for additional information. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred. We are involved in litigation from time to time in the ordinary course of our business. Based on known information, we do not believe we are party to any lawsuit or proceeding, individually and in the aggregate, that is likely to have a material adverse impact on the consolidated financial statements. |
Self Insurance [Policy Text Block] | Self-Insurance We are self-insured for certain losses relating to domestic workers’ compensation, product liability and employee medical, dental, and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of certain of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Net Reserve for Estimated Domestic Workers' Compensation Claims Year Ended February 22, 2019 February 23, 2018 Assets: Long-term - Other assets $ 4.1 $ 4.4 Liabilities: Current - Accrued expenses - other 3.0 3.0 Long-term - Other long-term liabilities 12.7 12.9 15.7 15.9 Net reserve $ 11.6 $ 11.5 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. Net Reserve for Estimated Product Liability Claims Year Ended February 22, 2019 February 23, 2018 Assets: Long-term - Other long-term assets $ 1.5 $ 2.7 Liabilities: Current - Accrued expenses - other 0.8 1.3 Long-term - Other long-term liabilities 4.0 6.7 4.8 8.0 Net reserve $ 3.3 $ 5.3 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. The estimate for unpaid employee medical, dental, and short-term disability claims incurred as of February 22, 2019 and February 23, 2018 was $4.3 and $3.9 , respectively, and is recorded within Accrued expenses: Other on the Consolidated Balance Sheets. Self-Insurance We are self-insured for certain losses relating to domestic workers’ compensation, product liability and employee medical, dental, and short-term disability claims. We purchase insurance coverage to reduce our exposure to significant levels of certain of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties We offer warranties ranging from 3 years to lifetime for most products, subject to certain exceptions. These warranties provide for the free repair or replacement of any covered product, part or component that fails during normal use because of a defect in materials or workmanship. The accrued liability for product warranties is based on an estimated amount needed to cover product warranty costs, including product recall and retrofit costs, incurred as of the balance sheet date determined by historical claims experience and our knowledge of current events and actions. Roll-Forward of Accrued Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 36.8 $ 41.3 $ 42.1 Accruals related to product warranties, recalls and retrofits 6.1 10.6 19.5 Reductions for settlements (11.6 ) (15.8 ) (20.1 ) Currency translation adjustments (0.3 ) 0.7 (0.2 ) Balance as of end of period $ 31.0 $ 36.8 $ 41.3 Our reserve for estimated settlements expected to be paid beyond one year as of February 22, 2019 and February 23, 2018 was $14.5 and $18.7 , respectively, and is included in Other long-term liabilities on the Consolidated Balance Shee |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Retirement Benefits We sponsor a number of domestic and foreign plans to provide pension benefits and medical and life insurance benefits to retired employees. We measure the net over-funded or under-funded positions of our defined benefit pension plans and post-retirement benefit plans as of the end of each fiscal year and display that position as an asset or liability on the Consolidated Balance Sheets. Any unrecognized prior service credit (cost) or experience gains (losses) are reported, net of tax, as a component of Accumulated other comprehensive income (loss) in shareholders’ equity. See Note 15 for additional information. |
Environmental Costs, Policy [Policy Text Block] | Environmental Matters Environmental expenditures related to current operations are expensed. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are also expensed. Generally, the timing of these accruals coincides with completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis as site-specific plans indicate the amount and timing of cash payments are fixed and reliably determinable. We have ongoing monitoring and identification processes to assess how known exposures are progressing against the accrued cost estimates, as well as processes to identify other potential exposures. Environmental Contingencies Year Ended February 22, 2019 February 23, 2018 Current: Accrued expenses - other $ 0.7 $ 0.7 Long-term: Other long-term liabilities 2.4 2.5 Total environmental contingencies (discounted) $ 3.1 $ 3.2 The environmental liabilities were discounted using a rate of 3.5% as of February 22, 2019 and February 23, 2018 . Our undiscounted liabilities were $3.6 and $3.7 as of February 22, 2019 and February 23, 2018 , respectively. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to absorb the costs of all known environmental assessments and the remediation costs of all known sites. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated. We also have known conditional asset retirement obligations that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations we have not yet discovered, and therefore, these obligations also have not been included in the consolidated financial statements. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Our revenue consists substantially of product sales and related service revenue. Product sales are reported net of discounts and are recognized when control, consisting of the rights and obligations associated with the sale, passes to the purchaser. For sales to our dealers, this typically occurs when product is shipped. In cases where we sell directly to customers, control is typically transferred upon delivery. Service revenue is recognized when the services have been rendered. We account for shipping and handling activities as fulfillment activities even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time revenue is recognized. Revenue does not include sales tax or any other taxes assessed by a governmental authority that are imposed on and concurrent with a specific sale, such as use, excise, value-added, and franchise taxes (collectively referred to as consumption taxes). We consider ourselves a pass-through entity for collecting and remitting these consumption taxes. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales Cost of sales includes material, labor and overhead. Included within these categories are such items as compensation expense, logistics costs (including shipping and handling costs), facilities expense, depreciation and warranty expense. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Operating Expenses Operating expenses include selling, general and administrative expenses not directly related to the procurement, manufacturing and delivery of our products. Included in these expenses are items such as employee compensation expense, research and development expense, facilities expense, depreciation, royalty expense, information technology services, professional services and travel and entertainment expense. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development expenses, which we define as expenses related to the investigative activities we conduct to improve existing products and procedures or to lead to the development of new products and procedures, are expensed as incurred and were $53.7 for 2019 , $44.0 for 2018 and $35.8 for 2017 . |
Income Tax, Policy [Policy Text Block] | Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. These deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in the Consolidated Statements of Income in the period that includes the enactment date. We establish valuation allowances against deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. All evidence, both positive and negative, is identified and considered in making the determination. Future realization of the existing deferred tax asset depends, in part, on the existence of sufficient taxable income of appropriate character within the carryforward period available under tax law applicable in the jurisdiction in which the related deferred tax assets were generated. We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits associated with net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. This determination is based on the expectation that related operations will be sufficiently profitable or various tax, business and other planning strategies will enable us to utilize the net operating loss carryforwards. In making this determination we consider all available positive and negative evidence. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. We record reserves for uncertain tax positions except to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. See Note 17 for additional information. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation Our share-based compensation consists of restricted stock units and performance units. Our policy is to expense share-based compensation using the fair-value based method of accounting for all awards granted, modified or settled. Restricted stock units and performance units are credited to shareholders' equity as they are expensed over the requisite service periods based on the grant date fair value of the shares expected to be issued. See Note 18 for additional information. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The carrying amounts of our financial instruments, consisting of cash and cash equivalents, accounts and notes receivable, accounts and notes payable and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value on the Consolidated Balance Sheets. Our total debt is carried at cost and was $487.0 and $295.0 as of February 22, 2019 and February 23, 2018 , respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $492 and $316 as of February 22, 2019 and February 23, 2018 , respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. See Note 7 and Note 13 for additional information. We may use derivative financial instruments to manage exposures to movements in interest rates and foreign exchange rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. In 2019, the Company entered into a treasury rate lock agreement to manage our exposure to changes in interest rates and our overall cost of borrowing. We do not use derivatives for speculative or trading purposes. See Note 14 for additional information. |
Derivatives, Policy [Policy Text Block] | Foreign Exchange Forward Contracts A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching revenues with same currency costs and assets with same currency liabilities. Foreign exchange risk is also partially managed through the use of derivative instruments. Foreign exchange forward contracts serve to reduce the risk of conversion or translation of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany working capital loans and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts relate to the euro, the Mexican peso, the United Kingdom pound sterling, the Canadian dollar, the Australian dollar, the Malaysian ringgit and the Japanese yen. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 22, 2019 and February 23, 2018 are summarized below: Consolidated Balance Sheets February 22, February 23, Other current assets $ 3.9 $ 2.1 Accrued expenses (0.5 ) (1.4 ) Total net fair value of foreign exchange forward contracts (1) $ 3.4 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $124.6 as of February 22, 2019 and $95.7 as of February 23, 2018 . Net gains (losses) recognized from foreign exchange forward contract activity in 2019 , 2018 and 2017 are summarized below: Gain (Loss) Recognized in Consolidated Statements of Income Year Ended February 22, February 23, February 24, Cost of sales $ 1.5 $ 2.8 $ (1.1 ) Operating expenses 0.3 0.6 0.8 Other income, net 2.7 (4.8 ) 1.2 Total net gain (loss) $ 4.5 $ (1.4 ) $ 0.9 The net gains or losses recognized from foreign exchange forward instruments in other income, net are largely offset by related foreign currency gains or losses on our intercompany loans and intercompany accounts payable. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Signficant Accounting Policies (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Accounting Policies [Abstract] | |
Net Reserve for Estimated Domestic Workers' Compensation Claim [Table Text Block] | Net Reserve for Estimated Domestic Workers' Compensation Claims Year Ended February 22, 2019 February 23, 2018 Assets: Long-term - Other assets $ 4.1 $ 4.4 Liabilities: Current - Accrued expenses - other 3.0 3.0 Long-term - Other long-term liabilities 12.7 12.9 15.7 15.9 Net reserve $ 11.6 $ 11.5 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. |
Net Reserve for Estimated Product Liability Claims [Table Text Block] | Net Reserve for Estimated Product Liability Claims Year Ended February 22, 2019 February 23, 2018 Assets: Long-term - Other long-term assets $ 1.5 $ 2.7 Liabilities: Current - Accrued expenses - other 0.8 1.3 Long-term - Other long-term liabilities 4.0 6.7 4.8 8.0 Net reserve $ 3.3 $ 5.3 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. |
Schedule of Product Warranty Liability [Table Text Block] | Roll-Forward of Accrued Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 36.8 $ 41.3 $ 42.1 Accruals related to product warranties, recalls and retrofits 6.1 10.6 19.5 Reductions for settlements (11.6 ) (15.8 ) (20.1 ) Currency translation adjustments (0.3 ) 0.7 (0.2 ) Balance as of end of period $ 31.0 $ 36.8 $ 41.3 |
Environmental Exit Costs by Cost [Table Text Block] | Environmental Contingencies Year Ended February 22, 2019 February 23, 2018 Current: Accrued expenses - other $ 0.7 $ 0.7 Long-term: Other long-term liabilities 2.4 2.5 Total environmental contingencies (discounted) $ 3.1 $ 3.2 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Assets and liabilities related to foreign exchange forward contracts as of February 22, 2019 and February 23, 2018 are summarized below: Consolidated Balance Sheets February 22, February 23, Other current assets $ 3.9 $ 2.1 Accrued expenses (0.5 ) (1.4 ) Total net fair value of foreign exchange forward contracts (1) $ 3.4 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $124.6 as of February 22, 2019 and $95.7 as of February 23, 2018 . Foreign Exchange Forward Contracts A portion of our revenue and earnings is exposed to changes in foreign exchange rates. We seek to manage our foreign exchange risk largely through operational means, including matching revenues with same currency costs and assets with same currency liabilities. Foreign exchange risk is also partially managed through the use of derivative instruments. Foreign exchange forward contracts serve to reduce the risk of conversion or translation of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany working capital loans and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts relate to the euro, the Mexican peso, the United Kingdom pound sterling, the Canadian dollar, the Australian dollar, the Malaysian ringgit and the Japanese yen. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 22, 2019 and February 23, 2018 are summarized below: Consolidated Balance Sheets February 22, February 23, Other current assets $ 3.9 $ 2.1 Accrued expenses (0.5 ) (1.4 ) Total net fair value of foreign exchange forward contracts (1) $ 3.4 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $124.6 as of February 22, 2019 and $95.7 as of February 23, 2018 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Net gains (losses) recognized from foreign exchange forward contract activity in 2019 , 2018 and 2017 are summarized below: Gain (Loss) Recognized in Consolidated Statements of Income Year Ended February 22, February 23, February 24, Cost of sales $ 1.5 $ 2.8 $ (1.1 ) Operating expenses 0.3 0.6 0.8 Other income, net 2.7 (4.8 ) 1.2 Total net gain (loss) $ 4.5 $ (1.4 ) $ 0.9 The net gains or losses recognized from foreign exchange forward instruments in other income, net are largely offset by related foreign currency gains or losses on our intercompany loans and intercompany accounts payable. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Restatement to Prior Year Income [Table Text Block] | The adoption of this ASU resulted in the following reclassifications in our 2018 and 2017 Consolidated Statements of Income: Reclassifications Resulting from Adoption of ASU 2017-07 Year Ended February 23, 2018 February 24, 2017 Cost of sales $ 0.9 $ 2.8 Operating expenses (0.1 ) 1.2 Operating income (0.8 ) (4.0 ) Other income (expense), net 0.8 4.0 Income before income tax expense $ — $ — |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments. Product Category Data Year Ended February 22, February 23, February 24, Americas Systems and storage $ 1,233.9 $ 1,102.8 $ 1,136.0 Seating 706.3 673.7 660.0 Other (1) 530.0 417.3 435.9 EMEA Systems and storage 233.2 216.8 201.9 Seating 187.1 155.1 140.5 Other (1) 196.7 152.3 161.5 Other Systems and storage 59.1 65.7 47.4 Seating 93.6 78.2 71.4 Other (1) 203.3 193.6 177.8 $ 3,443.2 $ 3,055.5 $ 3,032.4 _______________________________________ (1) The Other product category data by segment consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. In the Americas segment, no industry or vertical market individually represented more than 14% , 12% or 13% of Americas revenue in 2019 , 2018 and 2017, respectively. Reportable geographic information is as follows: Reportable Geographic Revenue Year Ended February 22, February 23, February 24, United States $ 2,170.3 $ 2,039.6 $ 2,104.4 Foreign locations 1,272.9 1,015.9 928.0 $ 3,443.2 $ 3,055.5 $ 3,032.4 |
Contract with Customer, Asset and Liability [Table Text Block] | Changes in the Customer deposits balance during the year ended February 22, 2019 are as follows: Customer Deposits Balance as of February 23, 2018 $ 28.2 Increases due to deposits received, net of other adjustments 17.1 Revenue recognized (25.3 ) Balance as of February 22, 2019 $ 20.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Computation of Earnings per Share Year Ended February 22, February 23, February 24, Net income $ 126.0 $ 80.7 $ 124.6 Adjustment for earnings attributable to participating securities (2.5 ) (1.5 ) (2.4 ) Net income used in calculating earnings per share $ 123.5 $ 79.2 $ 122.2 Weighted-average common shares outstanding including participating securities (in millions) 119.1 119.2 120.7 Adjustment for participating securities (in millions) (2.4 ) (2.3 ) (2.3 ) Shares used in calculating basic earnings per share (in millions) 116.7 116.9 118.4 Effect of dilutive stock-based compensation (in millions) 0.4 0.2 0.5 Shares used in calculating diluted earnings per share (in millions) 117.1 117.1 118.9 Earnings per share: Basic $ 1.06 $ 0.68 $ 1.03 Diluted $ 1.05 $ 0.68 $ 1.03 Total common shares outstanding at period end (in millions) 116.8 116.2 117.3 Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) 0.2 0.5 0.3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated balances of other comprehensive income (loss) during the years ended February 22, 2019 and February 23, 2018 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative adjustments Foreign currency translation adjustments Total Balance as of February 24, 2017 $ (0.3 ) $ 13.0 $ — $ (63.3 ) $ (50.6 ) Other comprehensive income (loss) before reclassifications — 3.0 — 38.6 41.6 Amounts reclassified from accumulated other comprehensive income (loss) — (1.3 ) — — (1.3 ) Net other comprehensive income (loss) during period — 1.7 — 38.6 40.3 Balance as of February 23, 2018 $ (0.3 ) $ 14.7 $ — $ (24.7 ) $ (10.3 ) Other comprehensive income (loss) before reclassifications 0.3 0.5 (9.7 ) (22.8 ) (31.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — (5.5 ) 0.1 0.1 (5.3 ) Net other comprehensive income (loss) during period 0.3 (5.0 ) (9.6 ) (22.7 ) (37.0 ) Balance as of February 22, 2019 $ — $ 9.7 $ (9.6 ) $ (47.4 ) $ (47.3 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the years ended February 22, 2019 and February 23, 2018 : Detail of Accumulated Other Comprehensive Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Consolidated Statements of Income Year Ended February 22, February 23, Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) $ (6.2 ) $ (3.2 ) Other income, net (1) Prior service cost (credit) (1.0 ) (7.1 ) Other income, net (1) Settlements - Actuarial losses (gains) — 7.1 Other income, net (1) 1.7 1.9 Income tax expense (5.5 ) (1.3 ) Derivative adjustments 0.1 — Interest expense Foreign currency translation 0.1 — Other income, net Total reclassifications $ (5.3 ) $ (1.3 ) ___________________ (1) The 2018 amounts were reclassified from Costs of sales and Operating expenses to Other income , net as a result of the adoption of ASU 2017-07. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of February 22, 2019 and February 23, 2018 are summarized below: Fair Value of Financial Instruments February 22, 2019 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 261.3 $ — $ — $ 261.3 Restricted cash 3.5 — — 3.5 Foreign exchange forward contracts — 3.9 — 3.9 Auction rate securities — — 3.9 3.9 $ 264.8 $ 3.9 $ 3.9 $ 272.6 Liabilities: Foreign exchange forward contracts $ — $ (0.5 ) $ — $ (0.5 ) $ — $ (0.5 ) $ — $ (0.5 ) Fair Value of Financial Instruments February 23, 2018 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 283.1 $ — $ — $ 283.1 Restricted cash 2.5 — — 2.5 Foreign exchange forward contracts — 2.1 — 2.1 Auction rate securities — — 3.5 3.5 $ 285.6 $ 2.1 $ 3.5 $ 291.2 Liabilities: Foreign exchange forward contracts $ — $ (1.4 ) $ — $ (1.4 ) $ — $ (1.4 ) $ — $ (1.4 ) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs for the years ended February 22, 2019 and February 23, 2018 : Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 24, 2017 $ 3.5 Unrealized gain on investments — Balance as of February 23, 2018 $ 3.5 Unrealized gain on investments 0.4 Balance as of February 22, 2019 $ 3.9 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories February 22, February 23, Raw materials and work-in-process $ 118.3 $ 98.3 Finished goods 127.2 105.3 245.5 203.6 Revaluation to LIFO 20.7 19.0 $ 224.8 $ 184.6 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Estimated Useful Lives (Years) February 22, February 23, Land $ 35.2 $ 36.3 Machinery and equipment 3 – 15 755.1 719.2 Buildings and improvements 10 – 40 404.2 396.7 Capitalized software 3 – 10 109.5 112.3 Furniture and fixtures 5 – 8 58.9 58.9 Leasehold improvements 3 – 15 73.5 74.9 Construction in progress 28.4 34.9 1,464.8 1,433.2 Accumulated depreciation (1,009.3 ) (998.1 ) $ 455.5 $ 435.1 |
Company-Owned Life Insurance (T
Company-Owned Life Insurance (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Company-Owned Life Insurance [Abstract] | |
Investment [Table Text Block] | The balances of our COLI investments as of February 22, 2019 and February 23, 2018 were as follows: Type Ability to Choose Net Return Target Asset Allocation as of February 22, 2019 Net Cash Surrender Value February 22, February 23, Whole life COLI policies No ability A rate of return set periodically by the Not applicable $ 108.6 $ 124.3 Variable life COLI policies Can allocate across a set of choices provided by the insurance companies Fluctuates depending on performance of underlying investments 25% fixed income; 75% equity 47.5 47.9 $ 156.1 $ 172.2 |
Goodwill & Other Intangible A_2
Goodwill & Other Intangible Assets Goodwill (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | A summary of the changes in goodwill during the years ended February 22, 2019 and February 23, 2018 , by reportable segment, is as follows: Goodwill Americas EMEA Other Total Balance as of February 24, 2017 $ 88.2 $ — $ 18.5 $ 106.7 Acquisitions (1) 31.2 — — 31.2 Currency translation adjustments 0.3 — — 0.3 Goodwill 121.4 265.0 116.5 502.9 Accumulated impairment losses (1.7 ) (265.0 ) (98.0 ) (364.7 ) Balance as of February 23, 2018 $ 119.7 $ — $ 18.5 $ 138.2 Acquisitions (1) (2) 84.2 18.8 — 103.0 Currency translation adjustments (0.3 ) (0.1 ) — (0.4 ) Goodwill 205.3 283.7 116.5 605.5 Accumulated impairment losses (1.7 ) (265.0 ) (98.0 ) (364.7 ) Balance as of February 22, 2019 $ 203.6 $ 18.7 $ 18.5 $ 240.8 ________________________ (1) In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in a goodwill addition in the Americas segment. The purchase accounting was finalized in 2019. See Note 20 for additional information. (2) In 2019, we acquired Smith System Manufacturing Company, resulting in a goodwill addition in the Americas segment. We also acquired Orangebox Group Limited, resulting in goodwill additions in the Americas and EMEA segments. See Note 20 for additional information. |
Goodwill & Other Intangible A_3
Goodwill & Other Intangible Assets Intangible Assets (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Intangible Assets [Abstract] | |
Intangible Assets Disclosure [Table Text Block] | As of February 22, 2019 and February 23, 2018 , our other intangible assets and related accumulated amortization consisted of the following: Other Intangible Assets February 22, 2019 February 23, 2018 Weighted Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Dealer relationships (1) (2) 11.0 $ 57.0 $ 4.1 $ 52.9 $ 25.5 $ 0.4 $ 25.1 Trademarks (1) (2) 9.9 35.8 11.0 24.8 11.2 9.9 1.3 Proprietary technology 9.8 26.8 23.8 3.0 26.8 23.4 3.4 Know-how/designs (2) 9.0 21.0 1.3 19.7 — — — Non-compete agreements 6.2 1.2 1.2 — 1.2 1.2 — Other (1) (2) 4.7 20.5 14.4 6.1 12.7 9.7 3.0 162.3 55.8 106.5 77.4 44.6 32.8 Intangible assets not subject to amortization: Trademarks and other n/a 12.8 — 12.8 12.8 — 12.8 $ 175.1 $ 55.8 $ 119.3 $ 90.2 $ 44.6 $ 45.6 ________________________ (1) In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in additional intangible assets in the Americas segment. See Note 20 for additional information. (2) In 2019, we acquired Smith System Manufacturing Company, resulting in additional intangible assets in the Americas segment. We also acquired Orangebox Group Limited resulting in additional intangible assets in the Americas and EMEA segments. See Note 20 for additional information. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2020 12.4 2021 11.9 2022 11.7 2023 11.6 2024 11.1 $ 58.7 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Investments In Unconsolidated_2
Investments In Unconsolidated Affiliates (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Schedule of equity method investments [Table Text Block] | Our investments in unconsolidated affiliates and related direct ownership interests are summarized below: Investments in unconsolidated affiliates February 22, 2019 February 23, 2018 Investment Ownership Investment Ownership Equity method investments Dealer relationships $ 28.1 25%-40% $ 26.0 25%-40% Manufacturing joint venture 10.9 49% 9.4 49% IDEO and other 6.5 5%-28% 6.1 5%-28% 45.5 41.5 Cost method investments Dealer relationship 5.8 Less than 10% 5.8 Less than 10% Other 5.6 Less than 10% 1.1 Less than 10% 11.4 6.9 Total investments in unconsolidated affiliates $ 56.9 $ 48.4 |
Equity in earnings of unconsolidated affiliates [Table Text Block] | Our equity in earnings of unconsolidated affiliates is recorded in Other income, net on the Consolidated Statements of Income and is summarized below: Equity in earnings of unconsolidated affiliates Year Ended February 22, February 23, February 24, Dealer relationships $ 9.9 $ 8.5 $ 8.0 Manufacturing joint venture 2.8 3.3 1.1 IDEO and other 1.0 1.0 0.6 Total equity in earnings of unconsolidated affiliates $ 13.7 $ 12.8 $ 9.7 |
Schedule of consolidated balance sheets of unconsolidated affiliates [Table Text Block] | The summarized financial information presented below represents the combined accounts of our equity method investments in unconsolidated affiliates. Consolidated Balance Sheets February 22, February 23, Total current assets $ 230.2 $ 225.0 Total non-current assets 69.1 56.3 Total assets $ 299.3 $ 281.3 Total current liabilities $ 143.6 $ 146.9 Total long-term liabilities 15.5 8.7 Total liabilities $ 159.1 $ 155.6 |
Schedule of statements of income of unconsolidated affiliates [Table Text Block] | Statements of Income Year Ended February 22, February 23, February 24, Revenue $ 806.4 $ 708.9 $ 649.1 Gross profit 235.6 214.7 182.2 Income before income tax expense 64.2 54.6 40.8 Net income 60.3 45.3 36.9 |
Supplemental Schedule for unconsolidated affiliates [Table Text Block] | Supplemental Information Year Ended February 22, February 23, February 24, Dividends received from unconsolidated affiliates $ 9.1 $ 10.3 $ 9.9 Sales to unconsolidated affiliates 302.6 254.7 270.0 Amount due from unconsolidated affiliates 11.4 12.1 10.6 |
Short-Term Borrowings And Lon_2
Short-Term Borrowings And Long-Term Debt (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt Obligations Interest Rate Range as of February 22, 2019 Fiscal Year February 22, February 23, U.S. dollar obligations: Senior notes (1) 5.125% 2029 $ 442.6 $ — Senior notes (2) 2021 — 249.1 Revolving credit facilities (3)(5) 2022 — — Notes payable (4) 3.7% 2024 42.7 45.4 485.3 294.5 Foreign currency obligations: Revolving credit facilities (5) — — Notes payable 6.0% - 9.0% 0.3 0.3 Bank overdraft 0.65% 1.4 — Capitalized lease obligations 1.4% 2020 — 0.2 Total short-term borrowings and long-term debt 487.0 295.0 Short-term borrowings and current portion of long-term debt (6) 4.1 2.8 Long-term debt $ 482.9 $ 292.2 ____________________ (1) In Q4 2019, we issued $450 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125% , the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. During 2019, amortization expense related to the discount and debt issuance costs on the 2029 Notes was not material. (2) In Q4 2019, we redeemed the $250 outstanding aggregate principal amount of our 6.375% unsecured unsubordinated senior notes due in February 2021 (“2021 Notes”). The redemption price was equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2021 Notes, discounted to the redemption date at a rate of 3.0% , together with accrued and unpaid interest through the redemption date. The Company incurred aggregate charges of $16.9 related to the early retirement of the debt and write-off of the remaining issuance costs and discount associated with the 2021 Notes. (3) We have a $200 global committed bank facility, which has an interest rate of LIBOR plus an applicable margin and expires in 2022. As of February 22, 2019 and February 23, 2018 , there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. In addition, we have revolving credit agreements of $48.5 which can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts. As of February 22, 2019 , we had $13.4 in outstanding bank guarantees and standby letters of credit against these agreements. We had no draws against our standby letters of credit during 2019 and 2018 , respectively. (4) We have a $42.7 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20% . The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $32 balloon payment due in 2024 . The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. (5) We have unsecured uncommitted short-term credit facilities of up to $5.6 of U.S. dollar obligations and up to $23.7 of foreign currency obligations with various financial institutions available for working capital purposes as of February 22, 2019 . Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 22, 2019 and February 23, 2018 . (6) The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.1% as of February 22, 2019 and 2.8% as of February 23, 2018 . |
Schedule of Maturities of Long-term Debt [Table Text Block] | The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows: Fiscal Year Ending in February Amount 2020 $ 4.1 2021 2.6 2022 2.6 2023 2.6 2024 32.2 Thereafter 442.9 $ 487.0 |
Employee Benefit Plan Obligat_2
Employee Benefit Plan Obligations Employee Benefit Plan Obligation (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee Benefit Plan Obligation Summary [Table Text Block] | Employee Benefit Plan Obligations (net) February 22, February 23, Defined contribution retirement plans $ 25.0 $ 23.9 Post-retirement medical benefits 40.7 43.4 Defined benefit pension plans 57.3 47.0 Deferred compensation plans and agreements 55.7 55.2 $ 178.7 $ 169.5 Employee benefit plan assets Long-term asset $ — $ 0.5 $ — $ 0.5 Employee benefit plan obligations Current portion $ 37.1 $ 39.2 Long-term portion 141.6 130.8 $ 178.7 $ 170.0 |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: Defined Benefit Pension February 22, 2019 February 23, 2018 Qualified Plans Non-qualified Qualified Plans Non-qualified Foreign Foreign Plan assets $ 30.0 $ — $ 33.1 $ — Projected benefit plan obligations 44.7 31.5 47.5 32.6 Funded status $ (14.7 ) $ (31.5 ) $ (14.4 ) $ (32.6 ) Long-term asset — — 0.5 — Current liability (0.4 ) (3.8 ) (0.1 ) (3.8 ) Long-term liability (14.3 ) (27.7 ) (14.8 ) (28.8 ) Total benefit plan obligations $ (14.7 ) $ (31.5 ) $ (14.4 ) $ (32.6 ) Accumulated benefit obligation $ 23.7 $ 31.3 $ 42.5 $ 32.4 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following tables summarize our defined benefit pension and post-retirement plans. Defined Benefit Post-Retirement February 22, February 23, February 22, February 23, Change in plan assets: Fair value of plan assets, beginning of year $ 33.1 $ 46.7 $ — $ — Actual return on plan assets 0.3 2.4 — — Employer contributions 4.3 4.5 3.6 3.4 Plan participants’ contributions — — 1.9 1.9 Estimated Medicare subsidies received — — — 0.1 Expenses — (0.2 ) — — Currency changes (2.0 ) 3.6 — — Benefits paid (5.7 ) (23.9 ) (5.5 ) (5.4 ) Fair value of plan assets, end of year 30.0 33.1 — — |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Change in benefit obligations: Benefit plan obligations, beginning of year 80.1 96.8 43.4 46.0 Service cost 2.2 2.7 0.1 0.2 Interest cost 2.1 2.1 1.6 1.7 Amendments 1.0 — — — Net actuarial (gain) loss (0.2 ) (3.3 ) (0.8 ) (1.2 ) Plan participants’ contributions — — 1.9 1.9 Medicare subsidies received — — — 0.1 Settlements — (0.1 ) — — Currency changes (3.3 ) 5.8 — 0.1 Benefits paid (5.7 ) (23.9 ) (5.5 ) (5.4 ) Benefit plan obligations, end of year 76.2 80.1 40.7 43.4 Funded status $ (46.2 ) $ (47.0 ) $ (40.7 ) $ (43.4 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized on the Consolidated Balance Sheets: Long-term asset $ — $ 0.5 $ — $ — Current liability (4.2 ) (3.9 ) (3.4 ) (3.5 ) Long-term liability (42.0 ) (43.6 ) (37.3 ) (39.9 ) Net amount recognized $ (46.2 ) $ (47.0 ) $ (40.7 ) $ (43.4 ) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | Amounts recognized in accumulated other comprehensive income—pretax: Actuarial loss (gain) $ 12.8 $ 12.7 $ (22.9 ) $ (26.0 ) Prior service credit 0.6 (0.5 ) — (2.3 ) Total amounts recognized in accumulated other comprehensive income—pretax $ 13.4 $ 12.2 $ (22.9 ) $ (28.3 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Estimated amounts to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year: Actuarial loss (gain) $ 0.4 $ 0.3 $ (3.4 ) $ (3.8 ) Prior service credit (0.1 ) (0.2 ) — (2.3 ) Total amounts recognized in accumulated other comprehensive income—pretax $ 0.3 $ 0.1 $ (3.4 ) $ (6.1 ) |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plans Post-Retirement Plans Year Ended Year Ended February 22, February 23, February 24, February 22, February 23, February 24, Components of expense: Service cost $ 2.2 $ 2.7 $ 2.8 $ 0.1 $ 0.2 $ 0.5 Interest cost 2.1 2.1 3.1 1.6 1.7 2.8 Amortization of net loss (gain) 0.3 0.5 0.7 (3.8 ) (3.7 ) (0.8 ) Amortization of prior year service credit (0.2 ) (0.2 ) (0.2 ) (2.2 ) (7.0 ) (8.6 ) Expected return on plan assets (1.5 ) (1.4 ) (1.9 ) — — — Settlement — 7.1 0.9 — — — Net expense (credit) recognized in Consolidated Statements of Income 2.9 10.8 5.4 (4.3 ) (8.8 ) (6.1 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): Net actuarial loss (gain) 1.0 (4.3 ) 6.9 (0.8 ) (1.2 ) (18.3 ) Prior service cost (credit) 1.0 — — — — — Amortization of gain (loss) (0.3 ) (0.5 ) (1.7 ) 3.8 3.7 0.8 Amortization of prior year service credit 0.2 0.2 0.2 2.2 7.0 8.6 Losses recognized as part of the curtailment / settlement — (7.3 ) — — — — Other — — — 0.1 — — Total recognized in other comprehensive income 1.9 (11.9 ) 5.4 5.3 9.5 (8.9 ) Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) $ 4.8 $ (1.1 ) $ 10.8 $ 1.0 $ 0.7 $ (15.0 ) |
Pension and Other Post-Retirement Liability Adjustments [Table Text Block] | Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Balance as of February 24, 2017 $ 15.0 $ (2.0 ) $ 13.0 Amortization of prior service cost (credit) included in net periodic pension cost (7.1 ) 2.9 (4.2 ) Net prior service (cost) credit during period (7.1 ) 2.9 (4.2 ) Net actuarial gain (loss) arising during period 5.5 (1.5 ) 4.0 Amortization of net actuarial (gain) loss included in net periodic pension cost (3.2 ) 1.4 (1.8 ) Gain/losses recognized as a part of the settlement 7.1 (2.4 ) 4.7 Net actuarial gain (loss) during period 9.4 (2.5 ) 6.9 Foreign currency translation adjustments (1.2 ) 0.2 (1.0 ) Current period change 1.1 0.6 1.7 Balance as of February 23, 2018 $ 16.1 $ (1.4 ) $ 14.7 Prior service (cost) credit from plan amendment arising during period (1.0 ) 0.2 (0.8 ) Amortization of prior service cost (credit) included in net periodic pension cost (2.5 ) 0.6 (1.9 ) Net prior service (cost) credit during period (3.5 ) 0.8 (2.7 ) Net actuarial gain (loss) arising during period (0.2 ) (0.1 ) (0.3 ) Amortization of net actuarial (gain) loss included in net periodic pension cost (3.5 ) 1.0 (2.5 ) Gains (losses) recognized as a part of the settlement — — — Net actuarial gain (loss) during period (3.7 ) 0.9 (2.8 ) Foreign currency translation adjustments 0.6 (0.1 ) 0.5 Current period change (6.6 ) 1.6 (5.0 ) Balance as of February 22, 2019 $ 9.5 $ 0.2 $ 9.7 |
Schedule of Assumptions Used [Table Text Block] | Weighted-Average Pension Plans Post-Retirement Plans Year Ended Year Ended February 22, February 23, February 24, February 22, February 23, February 24, Weighted-average assumptions used to determine benefit obligations: Discount rate 2.90 % 2.90 % 2.90 % 4.08 % 3.97 % 3.86 % Rate of salary progression 3.60 % 3.60 % 2.70 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.90 % 2.80 % 3.60 % 3.95 % 3.84 % 4.29 % Expected return on plan assets 4.60 % 4.80 % 4.30 % Rate of salary progression 3.40 % 3.50 % 2.80 % |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one percentage point change in assumed healthcare cost trend rates would have had the following effects as of February 22, 2019 : Health Cost Trend Sensitivity One percentage One percentage Effect on total of service and interest cost components $ — $ — Effect on post-retirement benefit obligation $ 0.2 $ (0.2 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category February 22, 2019 February 23, 2018 Actual Target Actual Target Equity securities 80 % 55 % 78 % 91 % Debt securities 16 30 17 8 Real estate 4 — 4 — Other (1) — 15 1 1 Total 100 % 100 % 100 % 100 % ________________________ (1) Represents guaranteed insurance contracts, money market funds and cash. The fair value of the pension plan assets as of February 22, 2019 and February 23, 2018 , by asset category are as follows: Fair Value of Pension Plan Assets February 22, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ — $ — $ — Equity securities: International — 24.5 — 24.5 Fixed income securities: Bond funds — 4.4 — 4.4 Other investments: Property and property funds — 1.1 — 1.1 $ — $ 30.0 $ — $ 30.0 Fair Value of Pension Plan Assets February 23, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.2 $ — $ — $ 0.2 Equity securities: International — 25.8 — 25.8 Fixed income securities: Bond funds — 5.5 — 5.5 Other investments: Guaranteed insurance contracts (1) — — 0.4 0.4 Property funds — 1.2 — 1.2 $ 0.2 $ 32.5 $ 0.4 $ 33.1 _____________ (1) Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows. There were no material transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Below is a roll-forward of plan assets measured at estimated fair value using Level 3 inputs for the years ended February 22, 2019 and February 23, 2018 : Roll-forward of Fair Value Using Level 3 Inputs Group Annuity Contract Guaranteed Balance as of February 24, 2017 $ 1.9 $ 0.7 Unrealized return on plan assets, including changes in foreign exchange rates — 0.1 Purchases, sales, and other, net (1.9 ) (0.4 ) Balance as of February 23, 2018 $ — $ 0.4 Purchases, sales, and other, net — (0.4 ) Balance as of February 22, 2019 $ — $ — |
Schedule of Expected Benefit Payments [Table Text Block] | The estimated future benefit payments under our pension and post-retirement plans are as follows: Fiscal Year Ending in February Pension Plans Post-retirement Plans 2020 $ 5.1 $ 3.6 2021 3.6 3.5 2022 3.4 3.5 2023 4.2 3.5 2024 5.1 3.4 2025 - 2029 23.0 15.2 |
Employee Benefit Plan Obligat_3
Employee Benefit Plan Obligations Multiemployer Pension Plan (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plans [Table Text Block] | Pension Fund EIN - Pension Plan Number Plan Month / Day End Date Pension Protection Act Zone Status (1) FIP/RP Status Pending / Implemented (2) Contributions Surcharges Imposed or Amortization Provisions 2018 2017 2019 2018 2017 Central States, Southeast and Southwest Areas Pension Fund 366044243-001 12/31 Red Red Implemented $0.2 $0.2 $0.3 No ________________________ (1) The most recent Pension Protection Act Zone Status available in 2018 and 2017 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. (2) The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan |
Capital Structure Share Repurch
Capital Structure Share Repurchases (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Share Repurchases [Abstract] | |
Share Repurchases [Table Text Block] | The 2019 and 2018 activity for share repurchases is as follows (share data in millions): Share repurchases Year ended February 22, February 23, Total number of shares Price Paid Total number of shares Price Paid Class A Common Stock 0.3 $ 4.2 2.4 $ 33.8 Class B Common Stock — $ — — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Year Ended February 22, February 23, February 24, Balance as of beginning of period $ 2.2 $ 2.8 $ 8.6 Gross decreases—tax positions in prior period — (1.0 ) (5.3 ) Currency translation adjustment (0.2 ) 0.4 (0.5 ) Balance as of end of period $ 2.0 $ 2.2 $ 2.8 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on income before income taxes consists of: Provision for Income Taxes—Expense Year Ended February 22, February 23, February 24, Current income taxes: Federal $ 18.4 $ 15.0 $ 18.4 State and local 6.0 0.8 9.5 Foreign 14.6 12.1 17.0 39.0 27.9 44.9 Deferred income taxes: Federal (3.6 ) 37.9 21.4 State and local 1.2 7.0 1.2 Foreign 1.3 8.0 4.2 (1.1 ) 52.9 26.8 Income tax expense $ 37.9 $ 80.8 $ 71.7 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income taxes were based on the following sources of income before income tax expense: Source of Income Before Income Tax Expense Year Ended February 22, February 23, February 24, Domestic $ 119.4 $ 120.2 $ 136.0 Foreign 44.5 41.3 60.3 $ 163.9 $ 161.5 $ 196.3 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The total income tax expense we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0% for 2019 and 32.9% for 2018 and 35.0% for 2017, as follows: Income Tax Provision Reconciliation Year Ended February 22, February 23, February 24, Tax expense at the U.S. federal statutory rate $ 34.4 $ 53.2 $ 68.7 Impact of the Tax Act (1) (1.6 ) 27.9 — State and local income taxes, net of federal 5.7 6.7 6.5 Valuation allowance provisions and adjustments (2) (1.3 ) 0.4 (2.2 ) Foreign investment tax credits (3) — (1.6 ) — COLI income (4) (1.6 ) (3.4 ) (3.3 ) Foreign operations, less applicable foreign tax credits (5) 7.8 1.4 (2.0 ) Impact of change to non-U.S. federal statutory tax rates (6) (0.8 ) 4.0 9.3 Research tax credit (2.9 ) (2.3 ) (1.8 ) Tax reserve adjustments (7) — (0.2 ) (5.3 ) Other (1.8 ) (5.3 ) 1.8 Total income tax expense recognized $ 37.9 $ 80.8 $ 71.7 ________________________ (1) We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which are generally 21.0% . Those items that reversed in 2018 were remeasured using a tax rate of 32.9% . We recorded a provisional decrease to deferred tax assets of $23.9 attributable to the rate reduction and a provisional tax liability of $4.0 related to transition tax for 2018. During 2019, we recorded adjustments reducing the impact of the rate change and the transition tax by $1.0 and $0.6 respectively, representing a tax rate reduction of 1%. (2) The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. (3) Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment. (4) The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus death benefit gains are non-taxable. (5) The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations. (6) Reductions to the French corporate tax rate resulted in the revaluation of certain deferred tax assets of our French tax group, causing an increase to income tax expense of $4.0 and $7.9 in 2018 and 2017, respectively. During 2017, reductions to the United Kingdom corporate tax rate increased tax expense by $1.5 . (7) Adjustments in 2017 related to a French income tax audit that was settled in 2017 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of deferred income taxes are as follows: Deferred Income Taxes February 22, February 23, Deferred income tax assets: Employee benefit plan obligations and deferred compensation $ 59.2 $ 55.8 Foreign and domestic net operating loss carryforwards 46.1 55.8 Reserves and accruals 16.2 18.9 Tax credit carryforwards 38.7 31.8 Other, net 17.4 16.1 Total deferred income tax assets 177.6 178.4 Valuation allowances (7.8 ) (9.5 ) Net deferred income tax assets 169.8 168.9 Deferred income tax liabilities: Property, plant and equipment 29.4 28.4 Intangible assets 10.6 3.4 Prepaid expenses 2.2 1.7 Total deferred income tax liabilities 42.2 33.5 Net deferred income taxes $ 127.6 $ 135.4 Net deferred income taxes is comprised of the following components: Deferred income tax assets—non-current 135.8 135.4 Deferred income tax liabilities—non-current 8.2 — |
Schedule of Current Taxes Payable or Refundable [Table Text Block] | Income taxes currently payable or refundable are reported on the Consolidated Balance Sheets as follows: Income Taxes February 22, February 23, Other current assets: Income taxes receivable $ 11.6 $ 19.7 Other long-term assets: Income taxes receivable $ — $ — Accrued expenses: Income taxes payable $ 3.5 $ 8.6 |
Summary of Income Tax Contingencies [Table Text Block] | |
Summary of Operating Loss Carryforwards [Table Text Block] | Operating loss and tax credit carryforwards expire as follows: Fiscal Year Ending February Net Operating Loss Net Operating Loss Tax Credit Federal State International Federal State International Total 2020 $ — $ — $ 0.4 $ — $ — $ 0.1 $ 0.1 $ — 2023-2038 1.0 14.1 — 0.2 1.6 — 1.8 38.7 No expiration — — 185.2 — — 44.6 44.6 — $ 1.0 $ 14.1 $ 185.6 0.2 1.6 44.7 46.5 38.7 Valuation allowances — (0.6 ) (5.8 ) (6.4 ) (1.5 ) Net benefit $ 0.2 $ 1.0 $ 38.9 $ 40.1 $ 37.2 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Payment Award Outstanding Awards [Table Text Block] | Share-based awards currently outstanding under the Incentive Compensation Plan are as follows: Total Outstanding Awards February 22, Performance units (1) 676,800 Restricted stock units 1,721,896 Total outstanding awards 2,398,696 ________________________ (1) This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Performance Units Valuation Assumptions [Table Text Block] | The Monte Carlo simulation was computed using the following assumptions: 2019 Awards 2018 Awards 2017 Awards Three-year risk-free interest rate (1) 2.6 % 1.4 % 0.9 % Expected term 3 years 3 years 3 years Estimated volatility (2) 33.8 % 31.8 % 31.2 % ________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Company’s Class A Common Stock for the three-year period preceding the grant date. |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The total performance units expense and associated tax benefit in 2019 , 2018 and 2017 was as follows: Performance Units Year Ended February 22, February 23, February 24, Expense $ 4.2 $ 5.0 $ 5.6 Tax benefit 1.1 1.7 2.0 |
Schedule Of Share Based Compensation Performance Units Award Activity [Table Text Block] | The 2019 activity for performance units is as follows: Maximum Number of Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 23, 2018 688,600 $ 18.77 Granted 367,800 18.02 Vested (379,600 ) 16.33 Nonvested as of February 22, 2019 676,800 18.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The Monte Carlo simulation resulted in the following weighted-average grant date fair values per TSR PSU: Grant Date Fair Value per TSR PSU Year Ended February 22, February 23, February 24, Weighted-average grant date fair value per share of TSR PSUs granted $ 18.02 $ 21.76 $ 16.33 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The total RSUs expense and associated tax benefit in 2019 , 2018 and 2017 is as follows: Restricted Stock Units Year Ended February 22, February 23, February 24, Expense $ 12.7 $ 13.4 $ 13.5 Tax benefit 3.4 4.5 4.9 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The 2019 activity for RSUs is as follows: Nonvested Units Total Weighted-Average Grant Date Fair Value per Share Nonvested as of February 23, 2018 1,789,775 $ 15.75 Granted 857,829 14.67 Vested (882,940 ) 15.41 Forfeited (42,768 ) 15.48 Nonvested as of February 22, 2019 1,721,896 15.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The weighted-average grant date fair value per share of RSUs granted in 2019 , 2018 and 2017 is as follows: Grant Date Fair Value per Share Year Ended February 22, February 23, February 24, Weighted-average grant date fair value per share of RSUs granted $ 14.67 $ 16.51 $ 14.66 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Our estimated future minimum annual rental commitments and sublease rental income under non-cancelable operating leases as of February 22, 2019 are as follows: Fiscal Year Ending in February Minimum annual Minimum annual Minimum annual 2020 $ 46.0 $ (0.6 ) $ 45.4 2021 41.7 (0.3 ) 41.4 2022 40.5 (0.2 ) 40.3 2023 36.5 (0.2 ) 36.3 2024 28.0 (0.2 ) 27.8 Thereafter 72.2 (0.6 ) 71.6 $ 264.9 $ (2.1 ) $ 262.8 |
Acquisitions Intangible Assets,
Acquisitions Intangible Assets, Acquired | 12 Months Ended |
Feb. 22, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2020 12.4 2021 11.9 2022 11.7 2023 11.6 2024 11.1 $ 58.7 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Orangebox Acquisition Q3 2019 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 4.2 2021 4.1 2022 4.1 2023 4.1 2024 4.1 $ 20.6 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Dealer relationships 10.9 $ 23.0 Trademark 9.0 13.2 Know-how/designs 9.0 5.0 Other 0.2 1.0 $ 42.2 |
Smith System Q2 FY19 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 4.8 2021 4.4 2022 4.2 2023 4.2 2024 4.2 $ 21.8 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Know-how/designs 9.0 $ 16.0 Dealer relationships 11.0 12.0 Trademark 9.0 12.0 Other 0.9 4.1 $ 44.1 |
AMQ Acquisition Q4 2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 $ 3.1 2021 3.0 2022 3.0 2023 3.0 2024 2.5 $ 14.6 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Weighted Fair Value Dealer relationships 11.0 $ 25.5 Trademark 9.0 1.3 Other 4.6 3.3 $ 30.1 |
Acquisitions Amortization Expen
Acquisitions Amortization Expense (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows: Fiscal Year Ending in February Amount 2020 12.4 2021 11.9 2022 11.7 2023 11.6 2024 11.1 $ 58.7 Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. |
Orangebox Acquisition Q3 2019 [Member] | |
Business Acquisition [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 4.2 2021 4.1 2022 4.1 2023 4.1 2024 4.1 $ 20.6 |
Smith System Q2 FY19 [Member] | |
Business Acquisition [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 4.8 2021 4.4 2022 4.2 2023 4.2 2024 4.2 $ 21.8 |
AMQ Acquisition Q4 2018 [Member] | |
Business Acquisition [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows: Fiscal Year Ending in February Amount 2020 $ 3.1 2021 3.0 2022 3.0 2023 3.0 2024 2.5 $ 14.6 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Segment Reporting Information [Line Items] | |
Long-lived Assets by Geographic Areas [Table Text Block] | Reportable geographic information is as follows: Reportable Geographic Data Year Ended February 22, February 23, February 24, Long-lived assets: United States $ 812.1 $ 689.7 $ 655.8 Foreign locations 237.5 174.3 130.8 $ 1,049.6 $ 864.0 $ 786.6 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Segment Data Americas EMEA Other Corporate Consolidated 2019 Revenue $ 2,470.2 $ 617.0 $ 356.0 $ — $ 3,443.2 Operating income (loss) 209.9 (6.9 ) 14.3 (33.7 ) 183.6 Total assets 1,044.4 420.1 220.4 457.5 2,142.4 Capital expenditures 24.6 21.3 12.6 22.9 81.4 Depreciation & amortization 53.6 20.0 6.2 1.8 81.6 2018 Revenue $ 2,193.8 $ 524.2 $ 337.5 $ — $ 3,055.5 Operating income (loss) 181.4 (14.0 ) 21.4 (33.6 ) 155.2 Total assets 943.2 300.3 209.1 406.6 1,859.2 Capital expenditures 46.2 31.7 10.0 — 87.9 Depreciation & amortization 46.2 14.7 5.0 — 65.9 2017 Revenue $ 2,231.9 $ 503.9 $ 296.6 $ — $ 3,032.4 Operating income (loss) 238.9 (20.7 ) 14.0 (36.0 ) 196.2 Total assets 960.7 297.4 191.1 342.8 1,792.0 Capital expenditures 35.9 20.6 4.6 — 61.1 Depreciation & amortization 42.7 12.7 4.9 — 60.3 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Feb. 22, 2019 | |
Unaudited Quarterly Results [Abstract] | |
Quarterly Financial Information [Table Text Block] | Unaudited Quarterly Results First Second Third Fourth Total 2019 Revenue $ 754.0 $ 875.8 $ 901.0 $ 912.4 $ 3,443.2 Gross profit 237.9 288.6 278.3 283.1 1,087.9 Operating income 23.3 67.9 45.4 47.0 183.6 Net income 17.0 49.1 37.3 22.6 126.0 Basic earnings per share 0.14 0.41 0.31 0.19 1.06 Diluted earnings per share 0.14 0.41 0.31 0.19 1.05 2018 Revenue $ 735.1 $ 775.6 $ 772.1 $ 772.7 $ 3,055.5 Gross profit 245.1 257.3 250.8 252.0 1,005.2 Operating income 35.1 52.2 36.5 31.4 155.2 Net income 18.1 36.9 25.7 — 80.7 Basic earnings per share 0.15 0.31 0.22 — 0.68 Diluted earnings per share 0.15 0.31 0.22 — 0.68 |
Nature of Operations (Details)
Nature of Operations (Details) | Feb. 22, 2019 |
Nature of Operations [Abstract] | |
Entity Number of Employees | 12,700 |
Number of Principal Locations | 25 |
Number of Distribution Locations | 800 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Signficant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | Feb. 26, 2016 | ||
Accounting Policies [Line Items] | |||||
Restricted Cash | $ 2.5 | $ 2.5 | |||
Fiscal Year [Abstract] | |||||
Number of weeks in quarter | P13W | P13W | P13W | ||
Number of weeks in fiscal year | P52W | P52W | P52W | ||
Workers Compensation [Abstract] | |||||
Workers' Compensation Liability, net of associated receivables | $ 11.6 | $ 11.5 | |||
Workers' Compensation Liability, Current | 3 | 3 | |||
Workers' Compensation Liability, Noncurrent | 12.7 | 12.9 | |||
Workers' Compensation Liability | 15.7 | 15.9 | |||
Worker's Compensation Liability, associated receivable | 4.1 | 4.4 | |||
Product Liability [Abstract] | |||||
Loss Contingency Accrual, Product Liability, Net | 3.3 | 5.3 | |||
Loss Contingency Accrual, Product Liability, associated receivables | 1.5 | 2.7 | |||
Loss Contingency Accrual, Product Liability, Gross | 4.8 | 8 | |||
Employee medical, dental and short term liability [Abstract] | |||||
Liability for Claims and Claims Adjustment Expense | 4.3 | 3.9 | |||
Product Warranties [Abstract] | |||||
Product Warranty Accrual, Noncurrent | 14.5 | 18.7 | |||
Environmental Matters [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 3.1 | 3.2 | |||
Accrual for Environmental Loss Contingencies, Gross | 3.6 | $ 3.7 | |||
Accrual for Environmental Loss Contingencies, Discount Rate | 3.50% | ||||
Research and Development Expense [Abstract] | |||||
Research and Development Expense | 53.7 | $ 44 | $ 35.8 | ||
Financial Instruments [Abstract] | |||||
Debt and Capital Lease Obligations | 487 | 295 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 3.9 | 2.1 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.5) | (1.4) | |||
Derivative, Fair Value, Net | [1] | 3.4 | 0.7 | ||
Derivative, Notional Amount | 124.6 | 95.7 | |||
Income Statement Related Disclosures [Abstract] | |||||
Operating expenses | 904.3 | 850 | 810.5 | ||
Other income (expense), net | (14.9) | (22.3) | (15.9) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (4.5) | 1.4 | (0.9) | ||
Fair Value, Measurements, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted Cash | 3.5 | 2.5 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.5) | (1.4) | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted Cash | 3.5 | 2.5 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||
Forward Contracts [Member] | |||||
Income Statement Related Disclosures [Abstract] | |||||
Cost of Goods Sold | 1.5 | 2.8 | (1.1) | ||
Operating expenses | 0.3 | 0.6 | 0.8 | ||
Other income (expense), net | $ 2.7 | (4.8) | $ 1.2 | ||
Minimum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||
Product Warranties [Abstract] | |||||
Standard Product Warranty Description | 3 years | ||||
Maximum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Product Warranties [Abstract] | |||||
Standard Product Warranty Description | lifetime | ||||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Instruments [Abstract] | |||||
Long-term Debt, Fair Value | $ 492 | 316 | |||
Other Current Liabilities [Member] | |||||
Product Liability [Abstract] | |||||
Loss Contingency Accrual | 0.8 | 1.3 | |||
Other Noncurrent Liabilities [Member] | |||||
Product Liability [Abstract] | |||||
Loss Contingency Accrual | $ 4 | $ 6.7 | |||
[1] | The notional amounts of the outstanding foreign exchange forward contracts were $124.6 as of February 22, 2019 and $95.7 as of February 23, 2018. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Warranty roll-forward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | Feb. 26, 2016 | |
Accounting Policies [Abstract] | ||||
Standard and Extended Product Warranty Accrual | $ 31 | $ 36.8 | $ 41.3 | $ 42.1 |
Standard and Extended Product Warranty Accrual, Period Increase (Decrease) | 6.1 | 10.6 | 19.5 | |
Standard and Extended Product Warranty Accrual, Decrease for Payments | 11.6 | 15.8 | 20.1 | |
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss) | $ (0.3) | $ 0.7 | $ (0.2) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Environmental Contingencies (Details) - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 |
Accounting Policies [Abstract] | ||
Accrual for Environmental Loss Contingencies, Discount Rate | 3.50% | |
Accrued Environmental Loss Contingencies, Current | $ 0.7 | $ 0.7 |
Accrued Environmental Loss Contingencies, Noncurrent | 2.4 | 2.5 |
Accrual for Environmental Loss Contingencies, Gross | $ 3.1 | $ 3.2 |
New Accounting Standards Accoun
New Accounting Standards Accounting Standards Update 2017-07 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 22, 2019 | Nov. 23, 2018 | Aug. 24, 2018 | May 25, 2018 | Feb. 23, 2018 | Nov. 24, 2017 | Aug. 25, 2017 | May 26, 2017 | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of sales | $ 2,355.3 | $ 2,050.3 | $ 2,020.6 | ||||||||
Operating expenses | 904.3 | 850 | 810.5 | ||||||||
Operating income (loss) | $ 47 | $ 45.4 | $ 67.9 | $ 23.3 | $ 31.4 | $ 36.5 | $ 52.2 | $ 35.1 | $ 183.6 | 155.2 | 196.2 |
Accounting Standards Update 2017-07 [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of sales | (0.9) | (2.8) | |||||||||
Operating expenses | 0.1 | (1.2) | |||||||||
Operating income (loss) | 0.8 | 4 | |||||||||
Other Income | 0.8 | 4 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | $ 0 | |||||||||
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | $ 7.1 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 22, 2019 | Nov. 23, 2018 | Aug. 24, 2018 | May 25, 2018 | Feb. 23, 2018 | Nov. 24, 2017 | Aug. 25, 2017 | May 26, 2017 | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Percentage of sales represented by a single industry or vertical market | 14.00% | 12.00% | 13.00% | |||||||||
Revenues | $ 912.4 | $ 901 | $ 875.8 | $ 754 | $ 772.7 | $ 772.1 | $ 775.6 | $ 735.1 | $ 3,443.2 | $ 3,055.5 | $ 3,032.4 | |
Contract with Customer, Liability | $ 20 | $ 28.2 | 20 | $ 28.2 | ||||||||
Deposits [Member] | ||||||||||||
contract with customer, increases in liability due to deposits received | 17.1 | |||||||||||
Contract with Customer, Liability, Revenue Recognized | $ (25.3) | |||||||||||
Western Europe [Member] | ||||||||||||
Disclosure on geographic areas percent foreign revenue | 88.00% | 85.00% | 84.00% | |||||||||
Americas [Member] | ||||||||||||
Revenues | $ 2,470.2 | $ 2,193.8 | $ 2,231.9 | |||||||||
Americas [Member] | Other Product Category [Member] | ||||||||||||
Revenues | [1] | 530 | 417.3 | 435.9 | ||||||||
Americas [Member] | Seating [Member] | ||||||||||||
Revenues | 706.3 | 673.7 | 660 | |||||||||
Americas [Member] | Systems and storage [Member] | ||||||||||||
Revenues | 1,233.9 | 1,102.8 | 1,136 | |||||||||
EMEA [Member] | ||||||||||||
Revenues | $ 617 | $ 524.2 | $ 503.9 | |||||||||
Sales represented by an individual county | 4.00% | 5.00% | ||||||||||
Sales represented by an individual customer | 5.00% | 5.00% | 5.00% | |||||||||
EMEA [Member] | Other Product Category [Member] | ||||||||||||
Revenues | [1] | $ 196.7 | $ 152.3 | $ 161.5 | ||||||||
EMEA [Member] | Seating [Member] | ||||||||||||
Revenues | 187.1 | 155.1 | 140.5 | |||||||||
EMEA [Member] | Systems and storage [Member] | ||||||||||||
Revenues | 233.2 | 216.8 | 201.9 | |||||||||
Other Segments [Member] | ||||||||||||
Revenues | 356 | 337.5 | 296.6 | |||||||||
Other Segments [Member] | Other Product Category [Member] | ||||||||||||
Revenues | [1] | 203.3 | 193.6 | 177.8 | ||||||||
Other Segments [Member] | Seating [Member] | ||||||||||||
Revenues | 93.6 | 78.2 | 71.4 | |||||||||
Other Segments [Member] | Systems and storage [Member] | ||||||||||||
Revenues | $ 59.1 | $ 65.7 | $ 47.4 | |||||||||
[1] | (1)The Other product category data by segment consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 22, 2019 | Nov. 23, 2018 | Aug. 24, 2018 | May 25, 2018 | Feb. 23, 2018 | Nov. 24, 2017 | Aug. 25, 2017 | May 26, 2017 | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 22.6 | $ 37.3 | $ 49.1 | $ 17 | $ 0 | $ 25.7 | $ 36.9 | $ 18.1 | $ 126 | $ 80.7 | $ 124.6 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (2.5) | (1.5) | (2.4) | ||||||||
Net income used in calculating earnings per share | $ 123.5 | $ 79.2 | $ 122.2 | ||||||||
Weighted-average common shares outstanding including participating securities (in millions) | 119.1 | 119.2 | 120.7 | ||||||||
Adjustment for participating securities (in millions) | (2.4) | (2.3) | (2.3) | ||||||||
Shares used in calculating basic earnings per share (in millions) | 116.7 | 116.9 | 118.4 | ||||||||
Effect of dilutive stock-based compensation (in millions) | 0.4 | 0.2 | 0.5 | ||||||||
Shares used in calculating diluted earnings per share (in millions) | 117.1 | 117.1 | 118.9 | ||||||||
Earnings per share, basic | $ 0.19 | $ 0.31 | $ 0.41 | $ 0.14 | $ 0 | $ 0.22 | $ 0.31 | $ 0.15 | $ 1.06 | $ 0.68 | $ 1.03 |
Earnings per share, diluted | $ 0.19 | $ 0.31 | $ 0.41 | $ 0.14 | $ 0 | $ 0.22 | $ 0.31 | $ 0.15 | $ 1.05 | $ 0.68 | $ 1.03 |
Total common shares outstanding at period end (in millions) | 116.8 | 116.2 | 116.8 | 116.2 | 117.3 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | 0.5 | 0.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 22, 2019 | Nov. 23, 2018 | Aug. 24, 2018 | May 25, 2018 | Feb. 23, 2018 | Nov. 24, 2017 | Aug. 25, 2017 | May 26, 2017 | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income tax expense | $ (37.9) | $ (80.8) | $ (71.7) | |||||||||
Interest Expense | 37.5 | 17.5 | 17.2 | |||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (22.7) | 38.6 | (12.4) | |||||||||
Net income | $ 22.6 | $ 37.3 | $ 49.1 | $ 17 | $ 0 | $ 25.7 | $ 36.9 | $ 18.1 | 126 | 80.7 | 124.6 | |
Other income (expense), net | 14.9 | 22.3 | $ 15.9 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net income | (5.3) | (1.3) | ||||||||||
Minimum pension liability [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net income | (5.5) | (1.3) | ||||||||||
Prior Service Costs [Member] | Minimum pension liability [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other income (expense), net | [1] | (1) | (7.1) | |||||||||
Actuarial Loss [Member] | Minimum pension liability [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other income (expense), net | [1] | (6.2) | (3.2) | |||||||||
Reclassification out of accumulated Other Comprehensive Income due to Defined Benefit Plan Settlements [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income tax expense | (1.7) | (1.9) | ||||||||||
Reclassification out of accumulated Other Comprehensive Income due to Defined Benefit Plan Settlements [Member] | Minimum pension liability [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest Expense | 0.1 | 0 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0.1 | 0 | ||||||||||
Other income (expense), net | [1] | $ 0 | $ 7.1 | |||||||||
[1] | The 2018 amounts were reclassified from Costs of sales and Operating expenses to Other income, net as a result of the adoption of ASU 2017-07. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | $ (10.3) | $ (50.6) | |
Other comprehensive income (loss) before reclassifications | (31.7) | 41.6 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5.3) | (1.3) | |
Total other comprehensive income (loss), net | (37) | 40.3 | $ (11) |
Accumulated other comprehensive income (loss) | (47.3) | (10.3) | (50.6) |
Unrealized gain on investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (0.3) | (0.3) | |
Other comprehensive income (loss) before reclassifications | 0.3 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Total other comprehensive income (loss), net | 0.3 | 0 | |
Accumulated other comprehensive income (loss) | 0 | (0.3) | (0.3) |
Minimum pension liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | 14.7 | 13 | |
Other comprehensive income (loss) before reclassifications | 0.5 | 3 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5.5) | (1.3) | |
Total other comprehensive income (loss), net | (5) | 1.7 | |
Accumulated other comprehensive income (loss) | 9.7 | 14.7 | 13 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (24.7) | (63.3) | |
Other comprehensive income (loss) before reclassifications | (22.8) | 38.6 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | 0 | |
Total other comprehensive income (loss), net | (22.7) | 38.6 | |
Accumulated other comprehensive income (loss) | (47.4) | (24.7) | (63.3) |
Derivative [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | (9.7) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | 0 | |
Total other comprehensive income (loss), net | (9.6) | 0 | |
Accumulated other comprehensive income (loss) | $ (9.6) | $ 0 | $ 0 |
Fair Value Hierarchy of Assets
Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | Feb. 26, 2016 |
Assets, Fair Value Disclosure [Abstract] | ||||
Restricted Cash | $ 2.5 | $ 2.5 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 3.9 | 2.1 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.5) | (1.4) | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 261.3 | 283.1 | ||
Restricted Cash | 3.5 | 2.5 | ||
Assets, Fair Value Disclosure | 272.6 | 291.2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.5) | (1.4) | ||
Liabilities, Fair Value Disclosure | 0.5 | 1.4 | ||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 3.9 | 2.1 | ||
Fair Value, Measurements, Recurring [Member] | Auction Rate Securities [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities, Fair Value Disclosure | 3.9 | 3.5 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 261.3 | 283.1 | ||
Restricted Cash | 3.5 | 2.5 | ||
Assets, Fair Value Disclosure | 264.8 | 285.6 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 3.9 | 2.1 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.5) | (1.4) | ||
Liabilities, Fair Value Disclosure | 0.5 | 1.4 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 3.9 | 2.1 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 3.9 | 3.5 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities, Fair Value Disclosure | $ 3.9 | $ 3.5 | $ 3.5 |
Fair Value Reconciliation of Ch
Fair Value Reconciliation of Changes in Level 3 Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unrealized gain (loss) on investments | $ 0.4 | $ 0 | $ (1.4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Managed Investment Portfolio and Other Investments [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unrealized gain (loss) on investments | 0 | ||
Available-for-sale Securities, Amortized Cost Basis | 0 | 0 | |
Auction Rate Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unrealized gain (loss) on investments | 0.1 | ||
Fair Value, Measurements, Recurring [Member] | Auction Rate Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Balance, Beginning of Period | 3.5 | ||
Fair Value Balance, End of Period | 3.9 | 3.5 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Balance, Beginning of Period | 3.5 | 3.5 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.4) | 0 | |
Fair Value Balance, End of Period | $ 3.9 | $ 3.5 | $ 3.5 |
Fair Value Narrative (Details)
Fair Value Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unrealized gain (loss) on investments | $ 0.4 | $ 0 | $ (1.4) |
Managed Investment Portfolio and Other Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 0 | 0 | |
Unrealized gain (loss) on investments | 0 | ||
Auction Rate Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unrealized gain (loss) on investments | 0.1 | ||
Available-for-sale Securities, Par Value | 6.5 | ||
Other than Temporary Impairment Losses, Investments | 2.5 | ||
Available-for-Sale Securities, Maturities [Abstract] | |||
Estimated Reduction in Fair Value due to a One Hundred Basis Point Increase in Discount Rate | 0.4 | ||
Fair Value, Measurements, Recurring [Member] | Auction Rate Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 3.9 | 3.5 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | $ 3.9 | $ 3.5 | $ 3.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 |
Inventory Disclosure [Abstract] | ||
Raw Materials and Work in Process | $ 118.3 | $ 98.3 |
Finished goods | 127.2 | 105.3 |
Inventories, gross | 245.5 | 203.6 |
LIFO reserve | 20.7 | 19 |
Inventories | 224.8 | 184.6 |
FIFO inventory amount | $ 96.9 | $ 76.3 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 22, 2019 | Feb. 23, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 13.4 | |
Property, Plant and Equipment, Gross | $ 1,464.8 | 1,433.2 |
Property, plant and equipment, accumulated depreciation | (1,009.3) | (998.1) |
Property, plant and equipment, net | 455.5 | 435.1 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 35.2 | 36.3 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 755.1 | 719.2 |
Property, plant and equipment, net | 203.2 | 183.4 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 404.2 | 396.7 |
Property, plant and equipment, net | 118.5 | 116 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 109.5 | 112.3 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 58.9 | 58.9 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 73.5 | 74.9 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 28.4 | $ 34.9 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum [Member] | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum [Member] | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years |
Property, Plant And Equipment N
Property, Plant And Equipment Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 455.5 | $ 435.1 | |
Depreciation | 69.3 | 64.5 | $ 59.3 |
Construction in Progress, Estimated Cost to Complete | 33.2 | 15.4 | |
Assets Held-for-sale, Not Part of Disposal Group | 13.4 | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 203.2 | 183.4 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 118.5 | $ 116 |
Company-Owned Life Insurance (D
Company-Owned Life Insurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Investment [Line Items] | |||
Company-owned life insurance (COLI) | $ 156.1 | $ 172.2 | |
Operating Expense [Member] | |||
Investment [Line Items] | |||
COLI Investment Income | 7.5 | 10.3 | $ 9.5 |
Whole Life [Member] | |||
Investment [Line Items] | |||
Company-owned life insurance (COLI) | 108.6 | 124.3 | |
Variable Life [Member] | |||
Investment [Line Items] | |||
Company-owned life insurance (COLI) | $ 47.5 | $ 47.9 |
Goodwill & Other Intangible A_4
Goodwill & Other Intangible Assets Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |||
Goodwill [Line Items] | |||||
Goodwill, Acquired During Period | [1] | $ 103 | [2] | $ 31.2 | |
Goodwill [Roll Forward] | |||||
Goodwill | 502.9 | ||||
Accumulated impairment losses | 364.7 | 364.7 | |||
Currency translation adjustments | (0.4) | 0.3 | |||
Goodwill | 605.5 | 502.9 | |||
Goodwill, net | 240.8 | 138.2 | $ 106.7 | ||
Asia Pacific Reporting Unit [Member] [Domain] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, net | 0 | ||||
Americas [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Acquired During Period | [1] | 84.2 | [2] | 31.2 | |
Goodwill [Roll Forward] | |||||
Goodwill | 121.4 | ||||
Accumulated impairment losses | 1.7 | 1.7 | |||
Currency translation adjustments | (0.3) | 0.3 | |||
Goodwill | 205.3 | 121.4 | |||
Goodwill, net | 203.6 | 119.7 | 88.2 | ||
EMEA [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Acquired During Period | 18.8 | [2] | 0 | ||
Goodwill [Roll Forward] | |||||
Goodwill | 265 | ||||
Accumulated impairment losses | 265 | 265 | |||
Currency translation adjustments | (0.1) | 0 | |||
Goodwill | 283.7 | 265 | |||
Goodwill, net | 18.7 | 0 | 0 | ||
Other category [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Acquired During Period | 0 | 0 | |||
Intangible asset impairment charges | 0 | 0 | |||
Goodwill [Roll Forward] | |||||
Goodwill | 116.5 | ||||
Accumulated impairment losses | 98 | 98 | |||
Currency translation adjustments | 0 | 0 | |||
Goodwill | 116.5 | 116.5 | |||
Goodwill, net | $ 18.5 | $ 18.5 | $ 18.5 | ||
[1] | (1)In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in a goodwill addition in the Americas segment. The purchase accounting was finalized in 2019. See Note 20 for additional information. | ||||
[2] | In 2019, we acquired Smith System Manufacturing Company, resulting in a goodwill addition in the Americas segment. We also acquired Orangebox Group Limited, resulting in goodwill additions in the Americas and EMEA segments. See Note 20 for additional information. |
Goodwill & Other Intangible A_5
Goodwill & Other Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Intangible assets amortization expense | $ 12.3 | $ 1.3 | $ 1 | ||
Finite-lived intangible assets, gross | 162.3 | 77.4 | |||
Finite-lived intangible assets, accumulated amortization | 55.8 | 44.6 | |||
Finite-lived intangible assets, net | 106.5 | 32.8 | |||
Indefinite-lived intangible assets, gross | 12.8 | 12.8 | |||
Indefinite-lived intangible assets, accumulated amortization | 0 | 0 | |||
Indefinite-lived intangible assets, net | 12.8 | 12.8 | |||
Other intangible assets, gross | 175.1 | 90.2 | |||
Other intangible assets, net | 119.3 | 45.6 | |||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Amortization expense, 2019 | 12.4 | ||||
Amortization expense, 2020 | 11.9 | ||||
Amortization expense, 2021 | 11.7 | ||||
Amortization expense, 2022 | 11.6 | ||||
Amortization expense, 2023 | 11.1 | ||||
Amortization Expense, 2019-2023 Total | $ 58.7 | ||||
Patented Technology [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Weighted average useful life | 9 years 9 months | ||||
Finite-lived intangible assets, gross | $ 26.8 | 26.8 | |||
Finite-lived intangible assets, accumulated amortization | 23.8 | 23.4 | |||
Finite-lived intangible assets, net | 3 | 3.4 | |||
Know-How/Design [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Finite-lived intangible assets, gross | 21 | [1] | 0 | ||
Finite-lived intangible assets, accumulated amortization | 1.3 | [1] | 0 | ||
Finite-lived intangible assets, net | $ 19.7 | [1] | 0 | ||
Non-compete agreements [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Weighted average useful life | 6 years 2 months | ||||
Finite-lived intangible assets, gross | $ 1.2 | 1.2 | |||
Finite-lived intangible assets, accumulated amortization | 1.2 | 1.2 | |||
Finite-lived intangible assets, net | $ 0 | 0 | |||
Trademarks [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Weighted average useful life | 9 years 11 months | ||||
Finite-lived intangible assets, gross | [2] | $ 35.8 | [1] | 11.2 | |
Finite-lived intangible assets, accumulated amortization | [2] | 11 | [1] | 9.9 | |
Finite-lived intangible assets, net | [2] | $ 24.8 | [1] | 1.3 | |
Dealer relationships [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Weighted average useful life | 11 years | ||||
Finite-lived intangible assets, gross | [2] | $ 57 | [1] | 25.5 | |
Finite-lived intangible assets, accumulated amortization | [2] | 4.1 | [1] | 0.4 | |
Finite-lived intangible assets, net | [2] | $ 52.9 | [1] | 25.1 | |
Other Intangible Assets [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Weighted average useful life | 4 years 8 months | ||||
Finite-lived intangible assets, gross | [2] | $ 20.5 | [1] | 12.7 | |
Finite-lived intangible assets, accumulated amortization | [2] | 14.4 | [1] | 9.7 | |
Finite-lived intangible assets, net | [2] | 6.1 | [1] | 3 | |
Other category [Member] | |||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | |||||
Intangible asset impairment charges | $ 0 | $ 0 | |||
[1] | In 2019, we acquired Smith System Manufacturing Company, resulting in additional intangible assets in the Americas segment. We also acquired Orangebox Group Limited resulting in additional intangible assets in the Americas and EMEA segments. See Note 20 for additional information. | ||||
[2] | (1)In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in additional intangible assets in the Americas segment. See Note 20 for additional information. |
Investments In Unconsolidated_3
Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 45.5 | $ 41.5 | |
Cost Method Investments | 11.4 | 6.9 | |
Investments in unconsolidated affiliates | 56.9 | 48.4 | |
Equity in income of unconsolidated affiliates | 13.7 | 12.8 | $ 9.7 |
Proceeds from Equity Method Investment, Distribution | 9.1 | 10.3 | 9.9 |
Revenue from Related Parties | 302.6 | 254.7 | 270 |
Due to Affiliate | 11.4 | 12.1 | 10.6 |
Summarized Financial Information [Abstract] | |||
Equity Method Investment, Summarized Financial Information, Current Assets | 230.2 | 225 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 69.1 | 56.3 | |
Equity Method Investment, Summarized Financial Information, Assets | 299.3 | 281.3 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 143.6 | 146.9 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 15.5 | 8.7 | |
Equity Method Investment, Summarized Financial Information, Liabilities | 159.1 | 155.6 | |
Equity Method Investment, Summarized Financial Information, Revenue | 806.4 | 708.9 | 649.1 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 235.6 | 214.7 | 182.2 |
Equity Method Investment, Summarized Financial Information, Income (Loss) before income tax | 64.2 | 54.6 | 40.8 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 60.3 | 45.3 | 36.9 |
Equity Method Investee, Total Dealers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 28.1 | 26 | |
Equity in income of unconsolidated affiliates | $ 9.9 | 8.5 | 8 |
Equity Method Investee, Manufacturing Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 49.00% | ||
Equity Method Investments | $ 10.9 | 9.4 | |
Equity in income of unconsolidated affiliates | $ 2.8 | 3.3 | 1.1 |
Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 13.9 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 5.00% | ||
Equity Method Investments | $ 6.5 | 6.1 | |
Equity in income of unconsolidated affiliates | 1 | 1 | $ 0.6 |
Cost Method Investee, Total Dealers [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost Method Investments | 5.8 | 5.8 | |
Cost Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost Method Investments | $ 5.6 | 1.1 | |
Minimum [Member] | Equity Method Investee, Total Dealers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 25.00% | ||
Minimum [Member] | Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 5.00% | ||
Minimum [Member] | Cost Method Investee, Total Dealers [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 1.00% | ||
Minimum [Member] | Cost Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 1.00% | ||
Maximum [Member] | Equity Method Investee, Total Dealers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 40.00% | ||
Maximum [Member] | Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 28.00% | ||
Maximum [Member] | Cost Method Investee, Total Dealers [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | ||
Maximum [Member] | Cost Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | ||
Equity Method Investee, Other [Member] | Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 10 | ||
Equity Method Investee, Other [Member] | Equity Method Investee, Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 3.9 |
Short-Term Borrowings And Lon_3
Short-Term Borrowings And Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Borrowing Capacity, Description | 200 | |||
Debt and Capital Lease Obligations | $ 487 | $ 295 | ||
Long-term Debt and Capital Lease Obligations, Current | [1] | 4.1 | 2.8 | |
Long-term Debt | 482.9 | 292.2 | ||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Face Amount | $ 250 | |||
Long-term Debt, Maturities, Repayment Terms | seven years | |||
Repayments of Long-term Debt | $ 252.7 | $ 2.7 | $ 2.3 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.10% | 2.80% | ||
Line of Credit Facility, Average Outstanding Amount | $ 13.4 | |||
Debt Instrument, Interest Rate Terms | 0.05125 | 0.06375 | ||
Redemption Premium | $ 16.9 | |||
Debt Instrument Maturities [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 4.1 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2.6 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2.6 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2.6 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 32.2 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 442.9 | |||
Fair Value Assumptions, Risk Free Interest Rate | 3.00% | |||
Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 0 | $ 249.1 | ||
Debt Instrument Details [Abstract] | ||||
Amortization of Debt Discount (Premium) | 0.3 | $ 0.3 | ||
Revolving Credit Facilities Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | |||
Senior notes due 2029 [Member] | ||||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2029 | |||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital Lease Obligations | $ 0 | 0.2 | ||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | |||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | Dec. 31, 2020 | |||
United States of America, Dollars | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 485.3 | 294.5 | ||
United States of America, Dollars | Senior Notes due 2021 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Face Amount | $ 450 | |||
Debt Instrument, Purchase Price as a Percentage of Par Value | 99.213% | |||
Debt Instrument, Discount | $ 3.5 | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.60% | |||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | [2] | Dec. 31, 2021 | ||
United States of America, Dollars | Revolving Credit Facilities Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | [3],[4] | $ 0 | 0 | |
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | [3],[4] | Dec. 31, 2022 | ||
United States of America, Dollars | Revolving credit facilities, can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 48.5 | |||
United States of America, Dollars | Revolving credit facilities due 2018, unsecured committed [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | |||
United States of America, Dollars | Senior notes due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | [2] | $ 442.6 | 0 | |
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||
United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | [5] | $ 42.7 | 45.4 | |
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Face Amount | $ 50 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
Debt Instrument, Description of Variable Rate Basis | [5] | 30-day LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | [5] | 1.20% | ||
Debt Instrument Maturities [Abstract] | ||||
Debt Instrument, Maturity Date | [5] | Dec. 31, 2024 | ||
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | |||
Debt Instrument Details [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5.6 | |||
Foreign Currency [Domain] | Revolving Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | [4] | 0 | 0 | |
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 0.3 | 0.3 | ||
Foreign Currency [Domain] | Bank Overdrafts [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Overdrafts | $ 1.4 | $ 0 | ||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.65% | |||
Foreign Currency [Domain] | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | $ 0 | |||
Foreign Currency [Domain] | Revolving Credit Facilities short term, unsecured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | |||
Debt Instrument Details [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 23.7 | |||
Balloon Payment [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Repayments of Long-term Debt | 32 | |||
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Repayments of Long-term Debt | $ 0 | |||
Minimum [Member] | Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Maximum [Member] | Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument Details [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||
[1] | The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.1% as of February 22, 2019 and 2.8% as of February 23, 2018. | |||
[2] | In Q4 2019, we issued $450 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125%, the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. During 2019, amortization expense related to the discount and debt issuance costs on the 2029 Notes was | |||
[3] | We have a $200 global committed bank facility, which has an interest rate of LIBOR plus an applicable margin and expires in 2022. As of February 22, 2019 and February 23, 2018, there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. In addition, we have revolving credit agreements of $48.5 which can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts. As of February 22, 2019, we had $13.4 in outstanding bank guarantees and standby letters of credit against these agreements. We had no draws against our standby letters of credit during 2019 and 2018, respectively. | |||
[4] | e have unsecured uncommitted short-term credit facilities of up to $5.6 of U.S. dollar obligations and up to $23.7 of foreign currency obligations with various financial institutions available for working capital purposes as of February 22, 2019. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 22, 2019 and February 23, 2018. | |||
[5] | We have a $42.7 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $32 balloon payment due in 2024. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. |
Short-Term Borrowings And Lon_4
Short-Term Borrowings And Long-Term Debt Global Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Borrowing Capacity, Description | 200 | |||
Repayments of Long-term Debt | $ 252.7 | $ 2.7 | $ 2.3 | |
Line of Credit Facility, Additional Borrowing Capacity Available | $ 75 | |||
Line of Credit Facility, Covenant Compliance | in compliance with all covenants under the facility in place | |||
Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 0 | 249.1 | ||
Revolving Credit Facilities Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | |||
Revolving Credit Facilities due 2018, global committed [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | |||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital Lease Obligations | $ 0 | 0.2 | ||
United States of America, Dollars | Revolving Credit Facilities due 2022, global committed [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate Description | The greatest of the prime rate, the Federal fund effective rate plus 0.5%, and the Eurocurrency rate for a one month interest period plus 1%, plus the applicable margin as set forth in the credit agreement; or the Eurocurrency rate plus the applicable margin as set forth in the credit agreement. | |||
Line of Credit Facility, Covenant Terms | A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness (as determined under the credit agreement) less excess liquidity (as determined under the credit agreement) to (y) the trailing four quarter Adjusted EBITDA (as determined under the credit agreement) and is required to be no greater than 3:1. (In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 3.25 to 1.0 for four consecutive quarters). A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter Adjusted EBITDA (as determined under the credit agreement) to (z) trailing four quarter interest expense and is required to be no less than 3.5:1. The facility requires us to comply with certain other covenants, including a restriction on the aggregate amount of cash dividend payments and share repurchases in any fiscal year. In general, as long as our leverage ratio is less than 2.50 to 1.0, there is no restriction on cash dividends and share repurchases. If our leverage ratio is between 2.50 to 1.0 and the maximum then permitted, our ability to pay more than $35.0 in cash dividends and share repurchases in aggregate in any fiscal year may be restricted, depending on our liquidity. | |||
Line of Credit Facility, Covenant Compliance | in compliance with all covenants under the facility in place | |||
United States of America, Dollars | Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments of Debt Issuance Costs | $ 4 | |||
United States of America, Dollars | Senior notes due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | [1] | 442.6 | 0 | |
United States of America, Dollars | Revolving Credit Facilities Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | [2],[3] | 0 | 0 | |
United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | [4] | 42.7 | 45.4 | |
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5.6 | |||
Line of Credit, Current | 0 | |||
Foreign Currency [Domain] | Revolving Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | [3] | 0 | 0 | |
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 0.3 | 0.3 | ||
Foreign Currency [Domain] | Bank Overdrafts [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Overdrafts | 1.4 | $ 0 | ||
Foreign Currency [Domain] | Revolving Credit Facilities short term, secured uncommitted [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit, Current | 0 | |||
Balloon Payment [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 32 | |||
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 0 | |||
[1] | In Q4 2019, we issued $450 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125%, the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. During 2019, amortization expense related to the discount and debt issuance costs on the 2029 Notes was | |||
[2] | We have a $200 global committed bank facility, which has an interest rate of LIBOR plus an applicable margin and expires in 2022. As of February 22, 2019 and February 23, 2018, there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. In addition, we have revolving credit agreements of $48.5 which can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts. As of February 22, 2019, we had $13.4 in outstanding bank guarantees and standby letters of credit against these agreements. We had no draws against our standby letters of credit during 2019 and 2018, respectively. | |||
[3] | e have unsecured uncommitted short-term credit facilities of up to $5.6 of U.S. dollar obligations and up to $23.7 of foreign currency obligations with various financial institutions available for working capital purposes as of February 22, 2019. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 22, 2019 and February 23, 2018. | |||
[4] | We have a $42.7 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $32 balloon payment due in 2024. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) | 12 Months Ended | |
Feb. 22, 2019 | Feb. 23, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 124,600,000 | $ 95,700,000 |
Treasury Lock [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 400 | |
Derivative, Fixed Interest Rate | 3.10% | |
Loss on Derivative Instruments, Pretax | $ 13,000,000 |
Employee Benefit Plan Obligat_4
Employee Benefit Plan Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Obligation | $ 25 | $ 23.9 | |
Deferred Compensation Liability, Current and Noncurrent | 55.7 | 55.2 | |
Employee Benefit Plan Obligations, Total | 178.7 | 169.5 | |
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0.5 | |
Employee benefit plan obligations | 37.1 | 39.2 | |
Liability, Defined Benefit Plan, Noncurrent | (141.6) | (130.8) | |
Liability, Defined Benefit Plan | 178.7 | 170 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.1 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5.1 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 33.1 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (9.5) | (16.1) | $ (15) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (3.7) | 9.4 | |
Pension and other post-retirement liability adjustments | (6.6) | 1.1 | 4.7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | (1) | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | (3.5) | (3.2) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | (0.8) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 0.2 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (0.2) | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 3.4 | 3.8 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 40.7 | 43.4 | |
Employee benefit plan obligations | 3.4 | 3.5 | |
Liability, Defined Benefit Plan, Noncurrent | (37.3) | (39.9) | |
Liability, Defined Benefit Plan | 40.7 | 43.4 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3.6 | 3.4 | |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 1.9 | 1.9 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received (Deprecated 2017-01-31) | 0 | 0.1 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 43.4 | 46 | |
Defined Benefit Plan, Service Cost | 0.1 | 0.2 | 0.5 |
Defined Benefit Plan, Interest Cost | 1.6 | 1.7 | 2.8 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (0.8) | (1.2) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0.1 | |
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | (5.5) | (5.4) | |
Defined Benefit Plan, Benefit Obligation | 40.7 | 43.4 | 46 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (40.7) | (43.4) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (22.9) | (26) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (22.9) | (28.3) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (3.8) | (3.7) | (0.8) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (2.2) | (7) | (8.6) |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (4.3) | (8.8) | (6.1) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (0.8) | (1.2) | (18.3) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0 | (2.3) | |
Pension and other post-retirement liability adjustments | (5.3) | (9.5) | 8.9 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) before tax | 1 | 0.7 | (15) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | (3.8) | (3.7) | (0.8) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | 2.2 | 7 | 8.6 |
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Other Changes, before Tax | $ 0.1 | $ 0 | $ 0 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.08% | 3.97% | 3.86% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.95% | 3.84% | 4.29% |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (0.4) | $ (0.3) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | (0.1) | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | (0.2) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 57.3 | 47 | |
Employee benefit plan obligations | 4.2 | 3.9 | |
Liability, Defined Benefit Plan, Noncurrent | (42) | (43.6) | |
Liability, Defined Benefit Plan | 46.2 | 47 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.1 | 46.7 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0.3 | 2.4 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4.3 | 4.5 | |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received (Deprecated 2017-01-31) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (2) | 3.6 | |
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 33.1 | $ 46.7 |
Defined Benefit Plan, Plan Assets, Benefits Paid | 5.7 | 23.9 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 80.1 | 96.8 | |
Defined Benefit Plan, Service Cost | 2.2 | 2.7 | 2.8 |
Defined Benefit Plan, Interest Cost | 2.1 | 2.1 | 3.1 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 1 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (0.2) | (3.3) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (3.3) | 5.8 | |
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | (5.7) | (23.9) | |
Defined Benefit Plan, Benefit Obligation | 76.2 | 80.1 | 96.8 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (46.2) | (47) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 12.8 | 12.7 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 13.4 | 12.2 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 0.3 | 0.5 | 0.7 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.2) | (0.2) | (0.2) |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1.5) | (1.4) | (1.9) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 7.1 | 0.9 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2.9 | 10.8 | 5.4 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 1 | (4.3) | 6.9 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0.6 | (0.5) | |
Pension and other post-retirement liability adjustments | (1.9) | 11.9 | (5.4) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) before tax | 4.8 | (1.1) | 10.8 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 1 | 0 | 0 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 0.3 | 0.5 | 1.7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | 0.2 | 0.2 | 0.2 |
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 0 | (7.3) | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Other Changes, before Tax | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.90% | 2.90% | 2.90% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.60% | 3.60% | 2.70% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.90% | 2.80% | 3.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.60% | 4.80% | 4.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.40% | 3.50% | 2.80% |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ (5.1) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | (3.6) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | (3.4) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | (4.2) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | (5.1) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | (23) | ||
Non-Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee benefit plan obligations | 3.8 | $ 3.8 | |
Liability, Defined Benefit Plan, Noncurrent | (27.7) | (28.8) | |
Liability, Defined Benefit Plan | 31.5 | 32.6 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 31.3 | 32.4 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 32.6 | ||
Defined Benefit Plan, Benefit Obligation | 31.5 | 32.6 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 31.5 | 32.6 | |
After Medicare Act Subsidy [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | (3.6) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | (3.5) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | (3.5) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | (3.5) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | (3.4) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | (15.2) | ||
Long term asset [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0.5 | |
Long term asset [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 | |
Long term asset [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0.5 | |
Long term asset [Member] | Non-Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 | |
Foreign Plan [Member] | Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee benefit plan obligations | 0.4 | 0.1 | |
Liability, Defined Benefit Plan, Noncurrent | (14.3) | (14.8) | |
Liability, Defined Benefit Plan | 14.7 | 14.4 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 23.7 | 42.5 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.1 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 33.1 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 47.5 | ||
Defined Benefit Plan, Benefit Obligation | 44.7 | 47.5 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 14.7 | 14.4 | |
Foreign Plan [Member] | Long term asset [Member] | Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | $ 0 | $ 0.5 |
Employee Benefit Plan Obligat_5
Employee Benefit Plan Obligations Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5.1 | ||
Multiemployer Plan, Contributions by Employer | $ 0.2 | $ 0.2 | $ 0.3 |
Defined Benefit Plan, Assumed Health Care Cost Trend Rate, Description | 0.0675 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 4.6 | $ 5.9 | 8.5 |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Defined Contribution Plan, Cost | $ 35.3 | $ 33.7 | 32.7 |
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 33.1 | |
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0.5 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3.6 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | $38.6 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3.6 | 3.4 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 40.7 | 43.4 | 46 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4.3 | 4.5 | |
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 33.1 | 46.7 |
Defined Benefit Plan, Benefit Obligation | 76.2 | $ 80.1 | $ 96.8 |
Pre-Age 65 Retirees [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 7.01% | ||
Foreign Plan [Member] | Qualified Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 30 | $ 33.1 | |
Defined Benefit Plan, Benefit Obligation | $ 44.7 | $ 47.5 |
Employee Benefit Plan Obligat_6
Employee Benefit Plan Obligations Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 30 | $ 33.1 | |
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 80.00% | 78.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 91.00% | |
Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 16.00% | 17.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | 8.00% | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 1.1 | $ 1.2 | |
All Other Plan Assets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | [1] | 0.00% | 1.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | [1] | 15.00% | 1.00% |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0.2 | |
Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24.5 | 25.8 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4.4 | 5.5 | |
Group Annuity Contract [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 1.9 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | 0 | (1.9) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Guaranteed Insurance Contracts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0.4 | 0.7 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 0.1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | (0.4) | (0.4) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0.4 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.2 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.2 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Guaranteed Insurance Contracts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 32.5 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1.1 | 1.2 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24.5 | 25.8 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4.4 | 5.5 | |
Fair Value, Inputs, Level 2 [Member] | Guaranteed Insurance Contracts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.4 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities, International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Guaranteed Insurance Contracts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.4 | ||
[1] | Represents guaranteed insurance contracts, money market funds and cash |
Employee Benefit Plan Obligat_7
Employee Benefit Plan Obligations Estimated amounts to be amortized from AOCI into net periodic benefit cost over the next fiscal year (Details) - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (0.4) | $ (0.3) |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (0.1) | (0.2) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | 0.3 | 0.1 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 3.4 | 3.8 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 0 | (2.3) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ (3.4) | $ (6.1) |
Employee Benefit Plan Obligat_8
Employee Benefit Plan Obligations Multi-Employer Pension Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Multiemployer Plans [Line Items] | ||||
Multiemployer Plans, Period Contributions, Significance of Contributions [true/false] | false | |||
Multiemployer Plans, Certified Zone Status | [1] | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | [2] | Implemented | ||
Multiemployer Plan, Contributions by Employer | $ 0.2 | $ 0.2 | $ 0.3 | |
Multiemployer Plans, Surcharge | No | |||
Multiemployer Plan Number | 001 | |||
[1] | The most recent Pension Protection Act Zone Status available in 2018 and 2017 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. | |||
[2] | The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan |
Employee Benefit Plan Obligat_9
Employee Benefit Plan Obligations Minimum Pension Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Retirement Benefits [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments,after Tax | $ 0.5 | $ (1) | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, after Tax | (2.5) | 1.8 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized as part of the settlement, before Tax | 0 | 7.1 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized as part of the settlement, Tax | 0 | (2.4) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized as part of the settlement, after Tax | 0 | 4.7 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | (3.5) | (7.1) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, before Tax (Deprecated 2017-01-31) | 9.5 | 16.1 | $ 15 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, Tax | 0.2 | (1.4) | (2) |
Defined Benefit Plan, Accumulated Other Comprehensive Income Minimum Pension Liability, after Tax (Deprecated 2017-01-31) | 9.7 | 14.7 | 13 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | (1) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, Tax | 0.2 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | (0.8) | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | (2.5) | (7.1) | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, Tax | 0.6 | 2.9 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | (1.9) | (4.2) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, Tax | 0.8 | 2.9 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, after Tax | (2.7) | (4.2) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (0.2) | 5.5 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (0.1) | (1.5) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 0.3 | 4 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (3.7) | 9.4 | |
Pension and other post-retirement liability adjustments | (6.6) | 1.1 | 4.7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Tax | 1.6 | 0.6 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 5 | (1.7) | $ (2.3) |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 3.5 | 3.2 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 1 | 1.4 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), Tax | 0.9 | (2.5) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), after Tax | (2.8) | 6.9 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, before Tax | 0.6 | (1.2) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, Tax | $ (0.1) | $ 0.2 |
Capital Structure Capital Struc
Capital Structure Capital Structure (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Class of Stock [Line Items] | |||
Common stock repurchases | $ 4.2 | $ 33.8 | $ 48.4 |
Conversion of Stock, Shares Converted | 1.3 | 0.9 | |
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchases, shares | 0.3 | 2.4 | |
Common stock repurchases | $ 4.2 | $ 33.8 | |
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchases, shares | 0 | 0 | |
Common stock repurchases | $ 0 | $ 0 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense and Sources of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 0.6 | $ 4 | |
Tax Cuts and Jobs Act Tax Benefit | 1 | 23.9 | |
income tax expense increase/decrease due to rate change | 27.9 | ||
Valuation Allowance, Deferred Tax Assets, Reversal of Valuation Allowances, Amount | 1.7 | ||
Sources of Income (Loss) Before Income Tax Expense [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 119.4 | 120.2 | $ 136 |
Foreign | 44.5 | 41.3 | 60.3 |
Income before income tax expense | 163.9 | 161.5 | 196.3 |
Current Income Taxes [Abstract] | |||
Federal | 18.4 | 15 | 18.4 |
State and Local | 6 | 0.8 | 9.5 |
Foreign | 14.6 | 12.1 | 17 |
Current Income Taxes | 39 | 27.9 | 44.9 |
Deferred Income Taxes [Abstract] | |||
Federal | (3.6) | 37.9 | 21.4 |
State and Local | 1.2 | 7 | 1.2 |
Foreign | 1.3 | 8 | 4.2 |
Deferred income taxes | (1.1) | 52.9 | 26.8 |
Income tax expense | $ 37.9 | 80.8 | 71.7 |
FRANCE | |||
Income Taxes [Line Items] | |||
income tax expense increase/decrease due to rate change | $ 4 | $ 7.9 |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Valuation Allowance, Deferred Tax Assets, Reversal of Valuation Allowances, Amount | $ 1.7 | |||
U.S. federal statutory tax rate | 21.00% | 32.90% | 35.00% | |
Tax expense at the U.S. federal statutory rate | $ 34.4 | $ 53.2 | $ 68.7 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | [1] | (1.6) | 27.9 | 0 |
Foreign investment tax credits | [2] | 0 | (1.6) | 0 |
Valuation allowance provisions and adjustments | [3] | (1.3) | 0.4 | (2.2) |
COLI income | [4] | (1.6) | (3.4) | (3.3) |
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | [5] | 7.8 | 1.4 | (2) |
State and local income taxes, net of federal | 5.7 | 6.7 | 6.5 | |
Foreign operations, less applicable foreign tax credits | [6] | (0.8) | 4 | 9.3 |
Research tax credit | (2.9) | (2.3) | (1.8) | |
Tax reserve adjustments | [7] | 0 | (0.2) | (5.3) |
Other | (1.8) | (5.3) | 1.8 | |
Income tax expense | 37.9 | 80.8 | 71.7 | |
income tax expense increase/decrease due to rate change | $ 27.9 | |||
FRANCE | ||||
income tax expense increase/decrease due to rate change | 4 | $ 7.9 | ||
UNITED KINGDOM | ||||
income tax expense increase/decrease due to rate change | $ 1.5 | |||
[1] | We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which are generally 21.0%. Those items that reversed in 2018 were remeasured using a tax rate of 32.9%. We recorded a provisional decrease to deferred tax assets of $23.9 attributable to the rate reduction and a provisional tax liability of $4.0 related to transition tax for 2018. During 2019, we recorded adjustments reducing the impact of the rate change and the transition tax by $1.0 and $0.6 respectively, representing a tax rate reduction of 1%. | |||
[2] | Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment. | |||
[3] | The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. | |||
[4] | The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus death benefit gains are non-taxable | |||
[5] | The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations. | |||
[6] | (6)Reductions to the French corporate tax rate resulted in the revaluation of certain deferred tax assets of our French tax group, causing an increase to income tax expense of $4.0 and $7.9 in 2018 and 2017, respectively. During 2017, reductions to the United Kingdom corporate tax rate increased tax expense by $1.5. | |||
[7] | Adjustments in 2017 related to a French income tax audit that was settled in 2017. |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Taxes, Income Taxes Receivable, Income Taxes Payable (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
income tax expense increase/decrease due to rate change | $ 27.9 | |||
Deferred Tax Assets, Gross [Abstract] | ||||
Employee benefit plan obligations | 59.2 | $ 55.8 | ||
Foreign and domestic net operating loss carryforwards | 46.1 | 55.8 | ||
Reserves and accruals | 16.2 | 18.9 | ||
Tax credit carryforwards | 38.7 | 31.8 | ||
Other, net | 17.4 | 16.1 | ||
Deferred income tax assets, gross | 177.6 | 178.4 | ||
Valuation Allowances | (7.8) | (9.5) | ||
Valuation Allowance, Deferred Tax Assets, Reversal of Valuation Allowances, Amount | 1.7 | |||
Valuation allowance provisions and adjustments | [1] | (1.3) | 0.4 | $ (2.2) |
Net deferred income tax assets | 169.8 | 168.9 | ||
Deferred Tax Liabilities [Abstract] | ||||
Property, plant and equipment | 29.4 | 28.4 | ||
Intangible assets | 10.6 | 3.4 | ||
Deferred Tax Liabilities, Prepaid Expenses | 2.2 | 1.7 | ||
Deferred income tax liabilities | 42.2 | 33.5 | ||
Balance Sheet Related Disclosures [Abstract] | ||||
Net deferred income taxes | 127.6 | 135.4 | ||
Deferred income tax assets - non-current | 135.8 | 135.4 | ||
Deferred income tax liabilities - non-current | 8.2 | 0 | ||
Other Tax Expense (Benefit) | 1.6 | |||
Current Taxes Payable or Refundable [Abstract] | ||||
Income taxes receivable | 11.6 | 19.7 | ||
Income Taxes Receivable, Noncurrent | 0 | 0 | ||
Income taxes payable | 3.5 | $ 8.6 | ||
Foreign locations [Member] | ||||
Deferred Tax Assets, Gross [Abstract] | ||||
Valuation Allowances | $ (5.8) | |||
[1] | The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below. |
Income Taxes Carryforwards (Det
Income Taxes Carryforwards (Details) - USD ($) $ in Millions | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | Feb. 26, 2016 |
Operating Loss Carryforwards [Line Items] | ||||
Liability for Uncertain Tax Positions presented net in underlying deferred tax asset | $ 2 | $ 2.2 | ||
Tax effected operating loss carryforwards | 46.1 | 55.8 | ||
Tax effected operating loss carryforwards, valuation allowances | (6.4) | |||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 46.5 | |||
Tax effected operating loss carryforwards, net | 40.1 | |||
Tax credit carryforwards | 38.7 | 31.8 | ||
Tax credit carryforward, valuation allowance | (1.5) | |||
Tax credit carryforwards, net | 37.2 | |||
Net operating loss and tax credit carryforwards | 77.3 | |||
Unrecognized Tax Benefits | 2 | $ 2.2 | $ 2.8 | $ 8.6 |
Within One Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax effected operating loss carryforwards | 0.1 | |||
Tax credit carryforwards | 0 | |||
In Five or More Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax effected operating loss carryforwards | 1.8 | |||
Tax credit carryforwards | 38.7 | |||
No Expiration Date [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax effected operating loss carryforwards | 44.6 | |||
Tax credit carryforwards | 0 | |||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 1 | |||
Tax effected operating loss carryforwards | 0.2 | |||
Tax effected operating loss carryforwards, valuation allowances | 0 | |||
Tax effected operating loss carryforwards, net | 0.2 | |||
Federal [Member] | Within One Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 0 | |||
Tax effected operating loss carryforwards | 0 | |||
Federal [Member] | In Five or More Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 1 | |||
Tax effected operating loss carryforwards | 0.2 | |||
Federal [Member] | No Expiration Date [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 0 | |||
Tax effected operating loss carryforwards | 0 | |||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 14.1 | |||
Tax effected operating loss carryforwards, valuation allowances | (0.6) | |||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 1.6 | |||
Tax effected operating loss carryforwards, net | 1 | |||
State [Member] | Within One Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 0 | |||
Tax effected operating loss carryforwards | 0 | |||
State [Member] | In Five or More Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 14.1 | |||
Tax effected operating loss carryforwards | 1.6 | |||
State [Member] | No Expiration Date [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 0 | |||
Tax effected operating loss carryforwards | 0 | |||
International [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 185.6 | |||
Tax effected operating loss carryforwards | 44.7 | |||
Tax effected operating loss carryforwards, valuation allowances | (5.8) | |||
Tax effected operating loss carryforwards, net | 38.9 | |||
International [Member] | Within One Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 0.4 | |||
Tax effected operating loss carryforwards | 0.1 | |||
International [Member] | In Five or More Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 0 | |||
Tax effected operating loss carryforwards | 0 | |||
International [Member] | No Expiration Date [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, gross | 185.2 | |||
Tax effected operating loss carryforwards | $ 44.6 |
Income Taxes Income Tax Conting
Income Taxes Income Tax Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits, beginning of period | $ 2.2 | $ 2.8 | $ 8.6 |
Gross decreases - tax positions in prior period | 0 | (1) | (5.3) |
Lapse of statute of limitations | (0.2) | 0.4 | (0.5) |
Unrecognized tax benefits, end of period | $ 2 | $ 2.2 | $ 2.8 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested, Number | 2,398,696 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 0 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | [1] | 676,800 | ||
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Subject To Performance Conditions | 0 | |||
Allocated Share-based Compensation Expense | $ 4.2 | $ 5 | $ 5.6 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1.1 | $ 1.7 | 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 688,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 367,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (379,600) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 16.33 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 676,800 | 688,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.02 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 18.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.50 | $ 18.77 | ||
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 12.7 | $ 13.4 | 13.5 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 3.4 | $ 4.5 | $ 4.9 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,789,775 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 857,829 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (882,940) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 15.41 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (42,768) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,721,896 | 1,789,775 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.67 | $ 16.51 | $ 14.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 15.75 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 15.48 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.39 | $ 15.75 | ||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 1.40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [3] | 31.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.76 | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | |||
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 2.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [3] | 33.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.02 | |||
TSR PSUs [Member] | 2017 Performance Unit Award [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 0.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [3] | 31.20% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.33 | |||
TSR PSUs [Member] | 2017 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
TSR PSUs [Member] | 2017 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | |||
[1] | This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. | |||
[2] | Based on the U.S. Government bond benchmark on the grant date. | |||
[3] | Represents the historical price volatility of our Company’s Class A Common Stock for the three-year period preceding the grant date. |
Share-Based Compensation Narrat
Share-Based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 25,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,244,787 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 0 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | [1] | 676,800 | ||
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.02 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 1 | |||
Units issued as common stock | $ 0 | $ 3 | $ 5.6 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.67 | $ 16.51 | $ 14.66 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 7.3 | |||
Units issued as common stock | $ 15.4 | $ 10.1 | $ 13.1 | |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ||||
Director Share-Based Compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.82 | $ 14.98 | $ 15.20 | |
Director Share-Based Compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 53,029 | 50,445 | 48,045 | |
TSR PSUs [Member] | 2019 Performance Unit Award [Member] [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 2.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.02 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 3.3 | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 1.40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.76 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 3.4 | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
TSR PSUs [Member] | 2018 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | |||
TSR PSUs [Member] | 2017 Performance Unit Award [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [2] | 0.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.33 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 3.1 | |||
TSR PSUs [Member] | 2017 Performance Unit Award [Member] | Performance Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 0.00% | |||
TSR PSUs [Member] | 2017 Performance Unit Award [Member] | Performance Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned | 200.00% | |||
[1] | This amount includes the maximum number of shares that may be issued under outstanding performance unit awards; however, the actual number of shares which may be issued will be determined based on the satisfaction of certain criteria, and therefore may be significantly lower. | |||
[2] | Based on the U.S. Government bond benchmark on the grant date. |
Commitments (Details)
Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Long-term Purchase Commitment [Line Items] | |||
Deferred Gain on Sale of Property | $ 0 | ||
Operating Leases, Rent Expense, Net | 50 | $ 53.7 | $ 49.8 |
Operating Leases, Rent Expense, Sublease Rentals | 0.8 | $ 4.4 | $ 4 |
Minimum annual rental commitment [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | (46) | ||
Operating Leases, Future Minimum Payments, Due in Two Years | (41.7) | ||
Operating Leases, Future Minimum Payments, Due in Three Years | (40.5) | ||
Operating Leases, Future Minimum Payments, Due in Four Years | (36.5) | ||
Operating Leases, Future Minimum Payments, Due in Five Years | (28) | ||
Operating Leases, Future Minimum Payments, Due Thereafter | (72.2) | ||
Operating Leases, Future Minimum Payments Due | 264.9 | ||
Minimum annual sublease rental income [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | (0.6) | ||
Operating Leases, Future Minimum Payments, Due in Two Years | (0.3) | ||
Operating Leases, Future Minimum Payments, Due in Three Years | (0.2) | ||
Operating Leases, Future Minimum Payments, Due in Four Years | (0.2) | ||
Operating Leases, Future Minimum Payments, Due in Five Years | (0.2) | ||
Operating Leases, Future Minimum Payments, Due Thereafter | (0.6) | ||
Operating Leases, Future Minimum Payments Due | 2.1 | ||
Minimum annual commitments, net [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | (45.4) | ||
Operating Leases, Future Minimum Payments, Due in Two Years | (41.4) | ||
Operating Leases, Future Minimum Payments, Due in Three Years | (40.3) | ||
Operating Leases, Future Minimum Payments, Due in Four Years | (36.3) | ||
Operating Leases, Future Minimum Payments, Due in Five Years | (27.8) | ||
Operating Leases, Future Minimum Payments, Due Thereafter | (71.6) | ||
Operating Leases, Future Minimum Payments Due | $ 262.8 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense, 2019 | $ 12.4 | |||
Amortization expense, 2020 | 11.9 | |||
Amortization expense, 2021 | 11.7 | |||
Amortization expense, 2022 | 11.6 | |||
Amortization expense, 2023 | 11.1 | |||
Amortization Expense, 2019-2023 Total | 58.7 | |||
Goodwill, Acquired During Period | [1] | $ 103 | [2] | $ 31.2 |
Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average useful life | 9 years 11 months | |||
Dealer relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average useful life | 11 years | |||
Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average useful life | 4 years 8 months | |||
Orangebox Acquisition Q3 2019 [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense, 2019 | $ 4.2 | |||
Amortization expense, 2020 | 4.1 | |||
Amortization expense, 2021 | 4.1 | |||
Amortization expense, 2022 | 4.1 | |||
Amortization expense, 2023 | 4.1 | |||
Amortization Expense, 2019-2023 Total | 20.6 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 42.2 | |||
Business Acquisition, Goodwill, Expected Non-Deductible Amount | 23.4 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16.7 | |||
Business Combination, Consideration Transferred | 78.9 | |||
Business Combination, Working Capital Adjustment | 0.5 | |||
Business Combination, Contingent Consideration, Liability | 3.9 | |||
Finite-lived Intangible Assets Acquired | 42.2 | |||
Orangebox Acquisition Q3 2019 [Member] | Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 13.2 | |||
Weighted average useful life | 9 years | |||
Orangebox Acquisition Q3 2019 [Member] | Dealer relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 23 | |||
Weighted average useful life | 10 years 9 months | |||
Orangebox Acquisition Q3 2019 [Member] | Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 1 | |||
Weighted average useful life | 2 months | |||
Smith System Q2 FY19 [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense, 2019 | $ 4.8 | |||
Amortization expense, 2020 | 4.4 | |||
Amortization expense, 2021 | 4.2 | |||
Amortization expense, 2022 | 4.2 | |||
Amortization expense, 2023 | 4.2 | |||
Amortization Expense, 2019-2023 Total | 21.8 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 44.1 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 79.3 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25 | |||
Business Combination, Consideration Transferred | 140 | |||
Business Combination, Working Capital Adjustment | 8.4 | |||
Business Combination, Contingent Consideration, Liability | 5 | |||
Finite-lived Intangible Assets Acquired | 44.1 | |||
Smith System Q2 FY19 [Member] | Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 12 | |||
Weighted average useful life | 9 years | |||
Smith System Q2 FY19 [Member] | Dealer relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 12 | |||
Weighted average useful life | 11 years | |||
Smith System Q2 FY19 [Member] | Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 4.1 | |||
Weighted average useful life | 11 months | |||
AMQ Acquisition Q4 2018 [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0.2 | |||
Amortization expense, 2019 | 3.1 | |||
Amortization expense, 2020 | 3 | |||
Amortization expense, 2021 | 3 | |||
Amortization expense, 2022 | 3 | |||
Amortization expense, 2023 | 2.5 | |||
Amortization Expense, 2019-2023 Total | 14.6 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 30.1 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 31.5 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12.5 | |||
Business Combinations, Changes in Tangible Net Assets Acquired | 0.5 | |||
Goodwill, Purchase Accounting Adjustments | 0.3 | |||
Business Combination, Consideration Transferred | 69.9 | |||
Business Combination, Contingent Consideration, Liability | 5 | |||
Finite-lived Intangible Assets Acquired | 30.1 | |||
AMQ Acquisition Q4 2018 [Member] | Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 1.3 | |||
Weighted average useful life | 9 years | |||
AMQ Acquisition Q4 2018 [Member] | Dealer relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 25.5 | |||
Weighted average useful life | 11 years | |||
AMQ Acquisition Q4 2018 [Member] | Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 3.3 | |||
Weighted average useful life | 4 years 7 months | |||
EMEA [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Acquired During Period | $ 18.8 | [2] | 0 | |
EMEA [Member] | Orangebox Acquisition Q3 2019 [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Business Acquisition, Goodwill, Expected Non-Deductible Amount | 18.8 | |||
Americas [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Acquired During Period | [1] | 84.2 | [2] | $ 31.2 |
Americas [Member] | Orangebox Acquisition Q3 2019 [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Business Acquisition, Goodwill, Expected Non-Deductible Amount | $ 4.6 | |||
[1] | (1)In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in a goodwill addition in the Americas segment. The purchase accounting was finalized in 2019. See Note 20 for additional information. | |||
[2] | In 2019, we acquired Smith System Manufacturing Company, resulting in a goodwill addition in the Americas segment. We also acquired Orangebox Group Limited, resulting in goodwill additions in the Americas and EMEA segments. See Note 20 for additional information. |
Acquisitions Useful Lives of Ac
Acquisitions Useful Lives of Acquired Intangibles (Details) $ in Millions | 12 Months Ended |
Feb. 22, 2019USD ($) | |
Dealer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 11 years |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 9 years 11 months |
Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 4 years 8 months |
AMQ Acquisition Q4 2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 30.1 |
AMQ Acquisition Q4 2018 [Member] | Dealer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 25.5 |
Weighted average useful life | 11 years |
AMQ Acquisition Q4 2018 [Member] | Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1.3 |
Weighted average useful life | 9 years |
AMQ Acquisition Q4 2018 [Member] | Know-How/Design [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 9 years |
AMQ Acquisition Q4 2018 [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 3.3 |
Weighted average useful life | 4 years 7 months |
Smith System Q2 FY19 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 44.1 |
Smith System Q2 FY19 [Member] | Dealer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 12 |
Weighted average useful life | 11 years |
Smith System Q2 FY19 [Member] | Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 12 |
Weighted average useful life | 9 years |
Smith System Q2 FY19 [Member] | Know-How/Design [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 16 |
Weighted average useful life | 9 years |
Smith System Q2 FY19 [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 4.1 |
Weighted average useful life | 11 months |
Orangebox Acquisition Q3 2019 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 42.2 |
Orangebox Acquisition Q3 2019 [Member] | Dealer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 23 |
Weighted average useful life | 10 years 9 months |
Orangebox Acquisition Q3 2019 [Member] | Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 13.2 |
Weighted average useful life | 9 years |
Orangebox Acquisition Q3 2019 [Member] | Know-How/Design [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 5 |
Weighted average useful life | 9 years |
Orangebox Acquisition Q3 2019 [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1 |
Weighted average useful life | 2 months |
Acquisitions Acquired Finite-Li
Acquisitions Acquired Finite-Life Intangibles (Details) - AMQ Acquisition Q4 2018 [Member] $ in Millions | 12 Months Ended |
Feb. 22, 2019USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 30.1 |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | 1.3 |
Dealer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | 25.5 |
Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 3.3 |
Acquisitions Goodwill Acquired
Acquisitions Goodwill Acquired (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | [2] | Feb. 23, 2018 | ||
Goodwill [Line Items] | ||||
Goodwill, Acquired During Period | [1] | $ 103 | $ 31.2 | |
Americas [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Acquired During Period | [1] | $ 84.2 | $ 31.2 | |
[1] | (1)In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited resulting in a goodwill addition in the Americas segment. The purchase accounting was finalized in 2019. See Note 20 for additional information. | |||
[2] | In 2019, we acquired Smith System Manufacturing Company, resulting in a goodwill addition in the Americas segment. We also acquired Orangebox Group Limited, resulting in goodwill additions in the Americas and EMEA segments. See Note 20 for additional information. |
Acquisitions Acquired Intangibl
Acquisitions Acquired Intangibles, Amortization Expense Next Five Years (Details) $ in Millions | Feb. 22, 2019USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | $ 12.4 |
Amortization expense, 2020 | 11.9 |
Amortization expense, 2021 | 11.7 |
Amortization expense, 2022 | 11.6 |
Amortization expense, 2023 | 11.1 |
Amortization Expense, 2019-2023 Total | 58.7 |
Orangebox Acquisition Q3 2019 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | 4.2 |
Amortization expense, 2020 | 4.1 |
Amortization expense, 2021 | 4.1 |
Amortization expense, 2022 | 4.1 |
Amortization expense, 2023 | 4.1 |
Amortization Expense, 2019-2023 Total | 20.6 |
Smith System Q2 FY19 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | 4.8 |
Amortization expense, 2020 | 4.4 |
Amortization expense, 2021 | 4.2 |
Amortization expense, 2022 | 4.2 |
Amortization expense, 2023 | 4.2 |
Amortization Expense, 2019-2023 Total | 21.8 |
AMQ Acquisition Q4 2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, 2019 | 3.1 |
Amortization expense, 2020 | 3 |
Amortization expense, 2021 | 3 |
Amortization expense, 2022 | 3 |
Amortization expense, 2023 | 2.5 |
Amortization Expense, 2019-2023 Total | $ 14.6 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 22, 2019 | Nov. 23, 2018 | Aug. 24, 2018 | May 25, 2018 | Feb. 23, 2018 | Nov. 24, 2017 | Aug. 25, 2017 | May 26, 2017 | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 912.4 | $ 901 | $ 875.8 | $ 754 | $ 772.7 | $ 772.1 | $ 775.6 | $ 735.1 | $ 3,443.2 | $ 3,055.5 | $ 3,032.4 |
Operating income (loss) | 47 | $ 45.4 | $ 67.9 | $ 23.3 | 31.4 | $ 36.5 | $ 52.2 | $ 35.1 | 183.6 | 155.2 | 196.2 |
Total assets | 2,142.4 | 1,859.2 | 2,142.4 | 1,859.2 | 1,792 | ||||||
Capital expenditures | 81.4 | 87.9 | 61.1 | ||||||||
Depreciation and amortization | 81.6 | 65.9 | 60.3 | ||||||||
Long-lived assets | 1,049.6 | 864 | $ 1,049.6 | $ 864 | $ 786.6 | ||||||
Description of percent of revenue attributible to individual foreign countries | No country other than the U.S. represented greater than 10% of our consolidated revenue | No country other than the U.S. represented greater than 10% of our consolidated revenue | |||||||||
Description of percent of long-lived assets attributible to individual foreign countries | No country other than the U.S. represented greater than 10% of our consolidated long-lived assets | No country other than the U.S. represented greater than 10% of our consolidated long-lived assets | |||||||||
Product concentration risk | No other individual product category represented greater than 10% of consolidated revenue | No other individual product category represented greater than 10% of consolidated revenue | |||||||||
Foreign locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,272.9 | $ 1,015.9 | $ 928 | ||||||||
Long-lived assets | 237.5 | 174.3 | 237.5 | 174.3 | 130.8 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,170.3 | 2,039.6 | 2,104.4 | ||||||||
Long-lived assets | 812.1 | 689.7 | 812.1 | 689.7 | 655.8 | ||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,470.2 | 2,193.8 | 2,231.9 | ||||||||
Operating income (loss) | 209.9 | 181.4 | 238.9 | ||||||||
Total assets | 1,044.4 | 943.2 | 1,044.4 | 943.2 | 960.7 | ||||||
Capital expenditures | 24.6 | 46.2 | 35.9 | ||||||||
Depreciation and amortization | 53.6 | 46.2 | 42.7 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 617 | 524.2 | 503.9 | ||||||||
Operating income (loss) | (6.9) | (14) | (20.7) | ||||||||
Total assets | 420.1 | 300.3 | 420.1 | 300.3 | 297.4 | ||||||
Capital expenditures | 21.3 | 31.7 | 20.6 | ||||||||
Depreciation and amortization | 20 | 14.7 | 12.7 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 356 | 337.5 | 296.6 | ||||||||
Operating income (loss) | 14.3 | 21.4 | 14 | ||||||||
Total assets | 220.4 | 209.1 | 220.4 | 209.1 | 191.1 | ||||||
Capital expenditures | 12.6 | 10 | 4.6 | ||||||||
Depreciation and amortization | 6.2 | 5 | 4.9 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating income (loss) | (33.7) | (33.6) | (36) | ||||||||
Total assets | $ 457.5 | $ 406.6 | 457.5 | 406.6 | 342.8 | ||||||
Capital expenditures | 22.9 | 0 | 0 | ||||||||
Depreciation and amortization | $ 1.8 | $ 0 | $ 0 |
Unaudited Quarterly Results (De
Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 22, 2019 | Nov. 23, 2018 | Aug. 24, 2018 | May 25, 2018 | Feb. 23, 2018 | Nov. 24, 2017 | Aug. 25, 2017 | May 26, 2017 | Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | |
Unaudited Quarterly Results [Abstract] | |||||||||||
Gross profit | $ 283.1 | $ 278.3 | $ 288.6 | $ 237.9 | $ 252 | $ 250.8 | $ 257.3 | $ 245.1 | $ 1,087.9 | $ 1,005.2 | $ 1,007.6 |
Operating income (loss) | 47 | 45.4 | 67.9 | 23.3 | 31.4 | 36.5 | 52.2 | 35.1 | 183.6 | 155.2 | 196.2 |
Net income | $ 22.6 | $ 37.3 | $ 49.1 | $ 17 | $ 0 | $ 25.7 | $ 36.9 | $ 18.1 | $ 126 | $ 80.7 | $ 124.6 |
Earnings per share, basic | $ 0.19 | $ 0.31 | $ 0.41 | $ 0.14 | $ 0 | $ 0.22 | $ 0.31 | $ 0.15 | $ 1.06 | $ 0.68 | $ 1.03 |
Earnings per share, diluted | $ 0.19 | $ 0.31 | $ 0.41 | $ 0.14 | $ 0 | $ 0.22 | $ 0.31 | $ 0.15 | $ 1.05 | $ 0.68 | $ 1.03 |
Revenues | $ 912.4 | $ 901 | $ 875.8 | $ 754 | $ 772.7 | $ 772.1 | $ 775.6 | $ 735.1 | $ 3,443.2 | $ 3,055.5 | $ 3,032.4 |
Schedule II Valuation And Qua_2
Schedule II Valuation And Qualifying Accounts Schedule II Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 22, 2019 | Feb. 23, 2018 | Feb. 24, 2017 | ||
Allowance for Losses on Accounts Receivable [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation allowances and reserves, balance as of beginning of period | $ 11.1 | $ 11.2 | $ 11.7 | |
Charged to cost and expense | 5.5 | 2.5 | 4.5 | |
Charged to other accounts | 0 | (0.1) | 0 | |
Deductions | [1] | (8.2) | (3) | (5.2) |
Other adjustments | [2] | 0.3 | 0.5 | 0.2 |
Valuation allowances and reserves, balance as of end of period | 8.7 | 11.1 | 11.2 | |
Valuation Allowance for Deferred Income Tax Assets [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation allowances and reserves, balance as of beginning of period | 9.5 | 7.9 | 10.6 | |
Charged to cost and expense | 1.7 | 1.9 | (1.8) | |
Deductions | (3) | (1.1) | (0.4) | |
Other adjustments | [3] | (0.4) | 0.8 | (0.5) |
Valuation allowances and reserves, balance as of end of period | $ 7.8 | $ 9.5 | $ 7.9 | |
[1] | Primarily represents excess of accounts written off over recoveries. | |||
[2] | Primarily represents currency translation adjustments. | |||
[3] | Primarily represents currency translation adjustments. |
Uncategorized Items - scs-20190
Label | Element | Value | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 184,400,000 | [1] |
[1] | These amounts include restricted cash of $2.5 as of February 23, 2018, February 24, 2017 and February 26, 2016, respectively. |