Cover Page
Cover Page | Sep. 22, 2023 |
Cover [Abstract] | |
Amendment Flag | false |
Document Period End Date | Sep. 22, 2023 |
Entity Central Index Key | 0001050825 |
Entity Registrant Name | STEELCASE INC |
Document Type | 8-K |
Entity Incorporation, State or Country Code | MI |
Entity Address, Address Line One | 901 44th Street SE |
Entity Address, City or Town | Grand Rapids, |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 49508 |
Entity File Number | 1-13873 |
Entity Tax Identification Number | 38-0819050 |
City Area Code | 616 |
Local Phone Number | 247-2710 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock |
Trading Symbol | SCS |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Revenue | $ 3,232.6 | $ 2,772.7 | $ 2,596.2 |
Cost of sales | 2,310.7 | 2,011.2 | 1,822.8 |
Gross profit | 919.4 | 761.5 | 762.8 |
Operating expenses | 837.2 | 741.4 | 684.2 |
Goodwill impairment charge | 0 | 0 | 17.6 |
Operating income | 65.5 | 20.1 | 43 |
Interest expense | (28.4) | (25.7) | (27.1) |
Investment income | 1 | 0.6 | 1.4 |
Other income, net | 13.5 | 6.6 | 8.6 |
Income before income tax expense (benefit) | 51.6 | 1.6 | 25.9 |
Income tax expense (benefit) | 16.3 | (2.4) | (0.2) |
Net income | $ 35.3 | $ 4 | $ 26.1 |
Earnings per share: | |||
Basic | $ 0.30 | $ 0.03 | $ 0.22 |
Diluted | $ 0.30 | $ 0.03 | $ 0.22 |
Cost of Sales [Member] | |||
Restructuring costs | $ 2.5 | $ 0 | $ 10.6 |
Operating Expense [Member] | |||
Operating Expenses - Restructuring costs | $ 16.7 | $ 0 | $ 18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Net Income (Loss) Attributable to Parent | $ 35.3 | $ 4 | $ 26.1 |
Unrealized gain (loss) on investments | (0.5) | 0 | 0.5 |
Pension and other post-retirement liability adjustments | (5.5) | (15.3) | 4.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 1.3 | 1.3 | 1.3 |
Foreign currency translation adjustments | (26.6) | (23.3) | 31.4 |
Total other comprehensive income (loss), gross | (20.3) | (6.7) | 28.9 |
Unrealized gain (loss) on investments | 0.1 | 0 | (0.1) |
Pension and other post-retirement liability adjustments | 1.4 | 3.5 | (0.8) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (0.3) | (0.4) | (0.3) |
Foreign currency translation adjustments | 0 | 0 | 0 |
Total other comprehensive income (loss), tax (expense) benefit | (1.6) | (3.9) | 0.4 |
Unrealized gain (loss) on investments | (0.4) | 0 | 0.4 |
Pension and other post-retirement liability adjustments | (4.1) | (11.8) | 3.5 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1 | 0.9 | 1 |
Foreign currency translation adjustments | (26.6) | (23.3) | 31.4 |
Total other comprehensive income (loss), net | (21.9) | (10.6) | 29.3 |
Comprehensive income | $ 13.4 | $ (6.6) | $ 55.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 24, 2023 | Feb. 25, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 90.4 | $ 200.9 |
Accounts receivable, net of allowance of $6.5 and $8.0 | 373.3 | 340.4 |
Inventories | 319.7 | 326.2 |
Prepaid expenses | 28.9 | 24 |
Assets held for sale | 29 | 0 |
Income taxes receivable | 5.3 | 41.7 |
Other current assets | 37.4 | 26 |
Total current assets | 884 | 959.2 |
Property, plant and equipment, net of accumulated depreciation of $1,088.6 and $1,089.0 | 376.5 | 392.8 |
Company-owned life insurance ("COLI") | 157.3 | 168 |
Deferred income taxes | 117.3 | 121.2 |
Goodwill | 276.8 | 242.8 |
Other intangible assets, net of accumulated amortization of $97.6 and $86.4 | 111.2 | 85.5 |
Investments in unconsolidated affiliates | 51.1 | 53.1 |
Right-of-use operating lease assets | 198.3 | 209.8 |
Other assets | 30.3 | 28.6 |
Total assets | 2,202.8 | 2,261 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 203.5 | 243.6 |
Short-term borrowings and current portion of long-term debt | 35.7 | 5.1 |
Current operating lease obligations | 44.7 | 44.2 |
Accrued expenses: | ||
Employee compensation | 120 | 75.6 |
Liability, Defined Benefit Plan, Current | 31.2 | 25.4 |
Accrued promotions | 26.7 | 32.9 |
Customer deposits | 50.8 | 53.4 |
Other Accrued Liabilities, Current | 90.7 | 87 |
Total current liabilities | 603.3 | 567.2 |
Long-term liabilities: | ||
Long-term debt less current maturities | 445.5 | 477.4 |
Employee benefit plan obligations | 103 | 126.7 |
Long-term operating lease obligations | 169.9 | 182.2 |
Other long-term liabilities | 54.9 | 55.3 |
Total long-term liabilities | 773.3 | 841.6 |
Total liabilities | 1,376.6 | 1,408.8 |
Shareholders' equity: | ||
Additional paid-in capital | 19.4 | 1.5 |
Accumulated other comprehensive income (loss) | (72.5) | (50.6) |
Retained earnings | 879.3 | 901.3 |
Total shareholders’ equity | 826.2 | 852.2 |
Total liabilities and shareholders’ equity | 2,202.8 | 2,261 |
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, 92,574,308 and 87,186,800 issued and outstanding | ||
Shareholders' equity: | ||
Common stock | 0 | 0 |
Class B common stock-no par value, convertible into Class A common stock on a one-for-one basis; 475,000,000 shares authorized, 20,414,413 and 24,922,494 issued and outstanding | ||
Shareholders' equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Feb. 24, 2023 | Feb. 25, 2022 |
Accounts receivable, allowances | $ 6.5 | $ 8 |
Property, plant and equipment, accumulated depreciation | (1,088.6) | (1,089) |
Other intangible assets, accumulated amortization | $ 97.6 | $ 86.4 |
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 | 112,988,721 | 112,109,294 |
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 | 92,574,308 | 87,186,800 |
Common stock, shares outstanding | 92,574,308 | 87,186,800 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 20,414,413 | 24,922,494 |
Common stock, shares outstanding | 20,414,413 | 24,922,494 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Millions | Total | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
Common stock, shares outstanding | 117,202,000 | ||
Additional paid-in capital | $ 28.4 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (69.3) | ||
Retained earnings | $ 1,011.3 | ||
Common stock issuances | 64,107 | ||
Common stock repurchases | (3,288,795) | ||
Performance and restricted stock units issued as common stock | 931,364 | ||
Common stock issuances | $ 0.8 | ||
Common stock repurchases | (36.8) | $ (5.9) | |
Performance and restricted stock units expense (credit) | 20.1 | 0 | |
Other comprehensive income (loss) | 29.3 | ||
Net Income (Loss) Attributable to Parent | 26.1 | ||
Dividends paid | $ (43.5) | ||
Common stock, shares outstanding | 114,908,676 | ||
Additional paid-in capital | 12.5 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (40) | ||
Retained earnings | 988 | ||
Total shareholders’ equity | $ 960.5 | ||
Common stock issuances | 61,360 | ||
Common stock repurchases | (4,096,802) | ||
Performance and restricted stock units issued as common stock | 1,236,060 | ||
Common stock issuances | $ 0.8 | ||
Common stock repurchases | (28.9) | (26.3) | |
Performance and restricted stock units expense (credit) | 17.1 | (1.8) | |
Other comprehensive income (loss) | (10.6) | ||
Net Income (Loss) Attributable to Parent | 4 | ||
Dividends paid | $ (62.6) | ||
Common stock, shares outstanding | 112,109,294 | ||
Additional paid-in capital | $ 1.5 | 1.5 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (50.6) | ||
Retained earnings | 901.3 | ||
Total shareholders’ equity | $ 852.2 | ||
Common stock issuances | 109,090 | ||
Common stock repurchases | (352,700) | ||
Performance and restricted stock units issued as common stock | 1,123,037 | ||
Common stock issuances | 1 | ||
Common stock repurchases | (3.9) | 0 | |
Performance and restricted stock units expense (credit) | 20.8 | $ 0 | |
Other comprehensive income (loss) | $ (21.9) | ||
Net Income (Loss) Attributable to Parent | 35.3 | ||
Dividends paid | $ (57.3) | ||
Common stock, shares outstanding | 112,988,721 | ||
Additional paid-in capital | $ 19.4 | $ 19.4 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (72.5) | ||
Retained earnings | 879.3 | ||
Total shareholders’ equity | $ 826.2 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 0.4900 | $ 0.5350 | $ 0.3700 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Millions | 12 Months Ended | |||||
Feb. 24, 2023 USD ($) | Feb. 25, 2022 USD ($) | Feb. 26, 2021 USD ($) | ||||
OPERATING ACTIVITIES | ||||||
Net Income (Loss) Attributable to Parent | $ 35.3 | $ 4 | $ 26.1 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 90 | 83.2 | 85.2 | |||
Goodwill impairment charge | 0 | 0 | 17.6 | |||
Restructuring costs | 19.2 | 0 | 28.6 | |||
Gain on sale of fixed assets | (12.9) | (15.1) | (5.3) | |||
Deferred income taxes | (1) | (14.1) | 15.9 | |||
Share-based compensation | 21.8 | 16.1 | 20.9 | |||
Equity in income of unconsolidated affiliates | (12.5) | (7.8) | (9.3) | |||
Dividends received from unconsolidated affiliates | 7.8 | 5.5 | 8.1 | |||
Other | (0.1) | (2.7) | (8) | |||
Changes in operating assets and liabilities, net of acquisitions, divestures, and deconsolidations: | ||||||
Accounts receivable | (43.7) | (74.9) | 120.9 | |||
Inventories | 12 | (133.4) | 27.1 | |||
Income taxes receivable | 36.4 | 7.8 | 7.8 | |||
Other assets | (6.8) | (8.9) | (30.7) | |||
Accounts payable | (39.3) | 62.9 | (69) | |||
Employee compensation liabilities | 34.2 | (19.3) | (138.7) | |||
Employee benefit obligations | (12.4) | (15.4) | (22.6) | |||
Customer deposits | (24.9) | 18.4 | 2.2 | |||
Accrued expenses and other liabilities | (13.7) | (8.9) | (12) | |||
Net cash provided by operating activities | 89.4 | (102.6) | 64.8 | |||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (59.1) | (60.5) | (41.3) | |||
Proceeds from disposal of fixed assets | 9.9 | 17.4 | 7.4 | |||
Proceeds from COLI policies | 12.2 | 7.8 | 2.2 | |||
Acquisitions, net of cash acquired | (105.3) | (32.6) | (3.8) | |||
Other | 7.5 | 2.4 | 4.9 | |||
Net cash provided by (used in) investing activities | (134.8) | (65.5) | (30.6) | |||
FINANCING ACTIVITIES | ||||||
Dividends paid | (57.3) | (62.6) | (43.5) | |||
Common stock repurchases | (3.9) | (55.2) | (42.7) | |||
Borrowings on global committed bank facility | 565.2 | 0 | 250 | |||
Repayments on global committed bank facility | (565.2) | 0 | (250) | |||
Other | (1.7) | (2.2) | (1.6) | |||
Net cash used in financing activities | (62.9) | (120) | (87.8) | |||
Effect of exchange rate changes on cash and cash equivalents | (1.5) | (0.5) | 2.1 | |||
Net decrease in cash, cash equivalents and restricted cash | (109.8) | (288.6) | (51.5) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 97.2 | [1] | 207 | [1],[2] | 495.6 | [1],[2] |
Restricted Cash | 6.8 | 6.1 | 5.8 | |||
Supplemental Cash Flow Information: | ||||||
Income taxes paid, net of refunds received | (16.6) | 2.5 | 24.6 | |||
Interest paid, net of amounts capitalized | $ 26.2 | $ 23.2 | $ 25.4 | |||
[1]These amounts include restricted cash of $6.8, $6.1 and $5.8 as of February 24, 2023, February 25, 2022 and February 26, 2021, respectively.[2]These amounts include restricted cash of $6.1, $5.8 and $6.1 as of February 25, 2022, February 26, 2021 and February 28, 2020, respectively. |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Feb. 24, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NATURE OF OPERATIONSSteelcase is a 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 11,900 employees. We operate manufacturing and distribution center facilities in 23 principal locations. We distribute products through various channels, including Steelcase independent and company-owned dealers in approximately 770 locations throughout the world. We operate under the Americas and International reportable segments. See Note 20 for additional information related to our reportable segments. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Feb. 24, 2023 | |
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 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 investments and any adjustments to cost method investments are reported in Other income, net in 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 24, 2023, February 25, 2022, and February 26, 2021 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 month or specific date reference. 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 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. 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 24, 2023 and February 25, 2022 was $6.8 and $6.1, respectively, and consisted primarily of funds held in escrow for potential future workers’ compensation and product liability 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 or industry. Inventories Inventories are stated at the lower of cost or net realizable value. The Americas segment primarily uses the last in, first out (“LIFO”) and the first in, first out ("FIFO") methods to value its inventories. The International segment values inventories primarily using FIFO. 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 recorded 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 there is an active program to locate a buyer, and the asset is available for immediate sale in its present condition and is expected to be sold within twelve months. 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. We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate there may be potential for impairment, such as significant adverse changes in business climate or operating results, changes in our strategy, significant declines in our stock price or other triggering events. Goodwill is assigned to and the fair value is tested at the reporting unit level. 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 charge. We estimate 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. We corroborate the results determined using the income approach with a market-based approach that uses observable and comparable company information to support the appropriateness of the fair value estimates. The estimation of the fair value of our reporting units represents a Level 3 measurement. In 2023, we evaluated goodwill and intangible assets using nine reporting units: the Americas, EMEA, Asia Pacific, Designtex, AMQ, Smith System, Orangebox U.K., Viccarbe and HALCON. In 2022, we evaluated goodwill and intangible assets using nine reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex, AMQ, Smith System, Orangebox U.K. and Viccarbe. See Note 11 for additional information. Other intangible assets subject to amortization consist primarily of dealer relationships, trademarks, know-how/designs and proprietary technology and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization are accounted for and evaluated for potential impairment using an income approach based on the cash flows attributable to the related products. 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 and product liability claims. We purchase insurance coverage to reduce our exposure to significant levels of uncertainty for 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 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 24, 2023 February 25, 2022 Assets: Long-term - Other assets $ 2.6 $ 3.8 Liabilities: Current - Accrued expenses - other 1.7 1.8 Long-term - Other long-term liabilities 7.3 9.1 9.0 10.9 Net reserve $ 6.4 $ 7.1 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 24, 2023 February 25, 2022 Assets: Long-term - Other long-term assets $ 0.4 $ 0.6 Liabilities: Current - Accrued expenses - other 0.3 0.5 Long-term - Other long-term liabilities 1.4 1.9 1.7 2.4 Net reserve $ 1.3 $ 1.8 The other long-term asset balance represents the portion of claims expected to be paid by a third party insurance provider. Product Warranties We offer warranties ranging from three 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. In 2023, we transitioned to an actuarial model for our estimated product warranty liability to capture longer-term changes in workplace trends that have impacted our claims experience. The accrued liability is estimated using actual paid claims over at least ten years, which provide a basis for expected future losses using actuarial assumptions. Historically, we used our claims experience for the trailing twelve-months and a calculated lag factor to estimate the accrued liability. The transition to an actuarial model resulted in a decrease of $0.1 to our estimated warranty reserve in 2023, which was recorded to Cost of sales . These estimates are subject to uncertainty due to a variety of factors, including changes in claim rates and patterns. 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. Roll-Forward of Accrued Year Ended February 24, February 25, Balance as of beginning of period $ 24.0 $ 22.5 Adjustment related to addition of initial quality (1) 4.5 — Accruals related to product warranties, recalls and retrofits 21.8 5.9 Reductions for settlements (21.5) (6.7) Adjustments related to changes in estimates (0.1) 2.5 Currency translation adjustments (0.1) (0.2) Balance as of end of period $ 28.6 $ 24.0 ________________________ (1) Initial quality claims are related to product damage during delivery or installation. As of February 24, 2023, we included claims for initial quality within our product warranty liability which is included in Other current liabilities on the Consolidated Balance Sheet. As of February 25, 2022, our reserve for initial quality was $4.3 and was separately included in Other current liabilities on the Consolidated Balance Sheet. Our reserve for estimated settlements expected to be paid beyond one year as of February 24, 2023 and February 25, 2022 was $12.0 and $12.8, 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 actuarial gains (losses) are reported, net of tax, as a component of Accumulated other comprehensive income (loss) in shareholders’ equity. See Note 14 for additional information. Environmental Matters Environmental expenditures related to current operations are expensed as incurred. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are typically recognized upon completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis when site-specific plans indicate the amount and timing of cash payments which 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 24, 2023 February 25, 2022 Current - Accrued expenses - other $ 0.8 $ 1.1 Long-term - Other long-term liabilities 2.5 2.3 Total environmental contingencies (discounted) $ 3.3 $ 3.4 The environmental liabilities were discounted using a rate of 3.5% and 2.5% as of February 24, 2023 and February 25, 2022, respectively. Our undiscounted liabilities were $3.6 as of February 24, 2023 and February 25, 2022. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to cover 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 from our manufacturing or distribution facilities. In cases where we sell directly to customers, control is typically transferred upon delivery to the customer and, in some cases, following installation and acceptance by the customer. 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 product 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, freight and overhead incurred directly related to the procurement, manufacturing and delivery of our products. Included within these categories are such items as employee compensation expense, logistics costs (including shipping and handling costs), facilities expense, depreciation, contract labor costs 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, facilities expense, depreciation, research and development expense, 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 lead to the development of new products and to improve existing products and procedures, are expensed as incurred and were $44.4 for 2023, $45.4 for 2022 and $48.1 for 2021. Income Taxes Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the carrying amounts of existing assets and liabilities recorded in the consolidated financial statements 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 within the carryforward period. 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 16 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 related service periods based on the grant date fair value of the shares expected to be issued or achievement of certain performance conditions. See Note 17 for additional information. Leases We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment. We record a right-of-use asset and corresponding lease liability for operating leases with terms greater than one year. Lease terms utilized in determining right-of-use assets and lease liabilities include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods. Our leases do not contain any residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit discount rate, we use an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The estimated incremental borrowing rate represents the estimated rate of interest we would have had to pay to borrow (on a collateralized basis) an amount equal to the lease payments for a similar period of time. We do not separate non-lease components of a contract from the lease components to which they relate for all classes of lease assets except for embedded leases, which were immaterial in 2023. 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, long-term investments and contingent earnout liability are measured at fair value on the Consolidated Balance Sheets. Our total debt is carried at cost and was $481.2 and $482.5 as of February 24, 2023 and February 25, 2022, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $405.9 and $516.7 as of February 24, 2023 and February 25, 2022, 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. We do not use derivatives for speculative or trading purposes. We evaluate contractual obligations to transfer additional cash to the sellers of companies we acquire as either a compensation arrangement or contingent consideration. We evaluate these obligations based on the terms and duration of continuing employment of the sellers post-acquisition, the linkage to the underlying valuation of the acquired company and the obligations taken in the context of other contracts or agreements. Compensation arrangements are recorded in Operating expenses as services are rendered post-acquisition. Contingent consideration obligations are recorded at fair value as of the acquisition dates. At each subsequent reporting date, changes in the fair value of the liabilities are recorded to Operating expenses until the liabilities are settled. See Note 7 and Note 19 for additional information . Foreign Currency For most foreign operations, local currencies are considered the functional currencies. We translate assets and liabilities of our foreign 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 in the Consolidated Statements of Income. 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 remeasurement of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including loans) and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts primarily relate to the euro, the Mexican peso, the United Kingdom ("U.K.") pound sterling, the Canadian dollar, the Australian dollar, the Hong Kong dollar, the Malaysian ringgit and the Chinese renminbi. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 24, 2023 and February 25, 2022 are summarized below: Consolidated Balance Sheets February 24, February 25, Other current assets $ 2.3 $ 1.0 Accrued expenses (0.3) (0.3) Total net fair value of foreign exchange forward contracts (1) $ 2.0 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $55.1 as of February 24, 2023 and $76.1 as of February 25, 2022. Net gains recognized from foreign exchange forward contracts in 2023, 2022 and 2021 are summarized below: Gain Recognized in Consolidated Statements of Income Year Ended February 24, February 25, February 26, Cost of sales $ 2.6 $ 0.6 $ 0.1 Operating expenses 0.6 0.3 (0.1) Other income, net (1.1) (0.2) 0.8 Total net gain $ 2.1 $ 0.7 $ 0.8 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. 24, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NEW ACCOUNTING STANDARDS We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) , which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. We expect the adoption of this guidance will modify our disclosures but we do not expect it to have a material effect on our consolidated financial statements. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 12 Months Ended |
Feb. 24, 2023 | |
Revenue from Contract with Customer [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 24, February 25, February 26, Americas Desking, benching, systems and storage $ 1,089.7 $ 903.3 $ 912.0 Seating 692.4 583.2 559.4 Other (1) 654.1 508.6 456.5 International Desking, benching, systems and storage 262.5 271.0 246.2 Seating 290.0 283.8 255.0 Other (1) 243.9 222.8 167.1 $ 3,232.6 $ 2,772.7 $ 2,596.2 _______________________________________ (1) The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. In the Americas segment, no industry or vertical market individually represented more than 17%, 17% or 15% of the Americas segment revenue in 2023, 2022 and 2021, respectively. Reportable geographic information is as follows: Reportable Geographic Revenue Year Ended February 24, February 25, February 26, United States $ 2,258.7 $ 1,848.2 $ 1,739.5 Foreign locations 973.9 924.5 856.7 $ 3,232.6 $ 2,772.7 $ 2,596.2 No individual country in the International segment represented more than 6% of our consolidated revenue in 2023. No single customer represented more than 5% of our consolidated revenue in 2023, 2022 or 2021. Contract Balances At times, we receive deposits from customers before revenue is recognized, resulting in the recognition of a contract liability ( Customer deposits ) presented on the Consolidated Balance Sheets. Changes in the Customer deposits balance during the year ended February 24, 2023 are as follows: Customer Deposits Balance as of February 25, 2022 $ 53.4 Recognition of revenue related to beginning of year customer deposits (50.0) Customer deposits acquired (1) 24.3 Customer deposits received, net of revenue recognized during the period (2) 23.1 Balance as of February 24, 2023 $ 50.8 _______________________________________ (1) Represents customer deposits acquired from Halcon Furniture LLC ("HALCON") as of the acquisition date. See Note 19 for additional information. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 24, 2023 | |
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 24, 2023 Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 35.3 117.1 117.5 Impact of participating securities (1.3) (4.3) (4.3) Amounts used in calculating earnings per share, excluding participating securities $ 34.0 112.8 113.2 Earnings per share $ 0.30 $ 0.30 Computation of Earnings Per Share Year Ended February 25, 2022 Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 4.0 117.0 117.4 Impact of participating securities (0.1) (3.2) (3.2) Amounts used in calculating earnings per share, excluding participating securities $ 3.9 113.8 114.2 Earnings per share $ 0.03 $ 0.03 Computation of Earnings Per Share Year Ended February 26, 2021 Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 26.1 117.5 117.8 Impact of participating securities (0.6) (2.6) (2.6) Amounts used in calculating earnings per share, excluding participating securities $ 25.5 114.9 115.2 Earnings per share $ 0.22 $ 0.22 There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the years ended February 24, 2023, February 25, 2022 and February 26, 2021. |
Equity
Equity | 12 Months Ended |
Feb. 24, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) during the years ended February 24, 2023 and February 25, 2022: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative adjustments Foreign currency translation adjustments Total Balance as of February 26, 2021 $ 0.3 $ (6.6) $ (7.6) $ (26.1) $ (40.0) Other comprehensive income (loss) before reclassifications — 12.0 — (23.3) (11.3) Amounts reclassified from accumulated other comprehensive income (loss) — (0.2) 0.9 — 0.7 Net other comprehensive income (loss) during period — 11.8 0.9 (23.3) (10.6) Balance as of February 25, 2022 $ 0.3 $ 5.2 $ (6.7) $ (49.4) $ (50.6) Other comprehensive income (loss) before reclassifications (0.4) 4.9 — (26.6) (22.1) Amounts reclassified from accumulated other comprehensive income (loss) — (0.8) 1.0 — 0.2 Net other comprehensive income (loss) during period (0.4) 4.1 1.0 (26.6) (21.9) Balance as of February 24, 2023 $ (0.1) $ 9.3 $ (5.7) $ (76.0) $ (72.5) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the years ended February 24, 2023 and February 25, 2022: Detail of Accumulated Other Comprehensive Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Consolidated Statements of Income Year Ended February 24, February 25, Amortization of pension and other post-retirement actuarial losses (gains) $ (1.6) $ (0.2) Other income, net Prior service cost (credit) 0.5 (0.1) Other income, net Income tax expense 0.3 0.1 Income tax expense (benefit) (0.8) (0.2) Derivative adjustments 1.3 1.3 Interest expense Income tax benefit (0.3) (0.4) Income tax expense (benefit) 1.0 0.9 Total reclassifications $ 0.2 $ 0.7 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures | 12 Months Ended |
Feb. 24, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 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 within our Consolidated Balance Sheets as of February 24, 2023 and February 25, 2022 are summarized below: Fair Value of Financial Instruments February 24, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 90.4 $ — $ — $ 90.4 Restricted cash 6.8 — — 6.8 Foreign exchange forward contracts — 2.3 — 2.3 Auction rate security — — 2.1 2.1 $ 97.2 $ 2.3 $ 2.1 $ 101.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — (9.5) (9.5) $ — $ (0.3) $ (9.5) $ (9.8) Fair Value of Financial Instruments February 25, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 200.9 $ — $ — $ 200.9 Restricted cash 6.1 — — 6.1 Foreign exchange forward contracts — 1.0 — 1.0 Auction rate security — — 2.6 2.6 $ 207.0 $ 1.0 $ 2.6 $ 210.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — (4.9) (4.9) $ — $ (0.3) $ (4.9) $ (5.2) Foreign Exchange Forward Contracts We occasionally enter into forward contracts to reduce the impact of foreign currency fluctuations on foreign-denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including 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 as of the balance sheet date. Auction Rate Security As of February 24, 2023, we held an auction rate security (“ARS”) investment with a total par value of $3.2 and a fair value of $2.1. The difference between par value and fair value is comprised of other-than-temporary impairment losses recorded in previous fiscal years and unrealized losses on our ARS investment of $0.9 and $0.2, respectively. The unrealized losses are due to changes in interest rates and are expected to fluctuate over the contractual term of the investment. Unrealized losses are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The ARS investment is not widely traded and therefore does not currently have a readily determinable market value. To estimate fair value, we used an internally-developed discounted cash flow analysis which considers, amongst 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 the 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 of the investment. An increase to the discount rate of 100 basis points would reduce the estimated fair value of our ARS investment by approximately $0.2. Contingent Consideration In connection with the acquisition of Viccarbe Habitat, S.L ("Viccarbe") in Q3 2022, up to an additional $13.8 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period ending in 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. As a result, we recorded a related liability of $4.9 (or €4.2). At each reporting date, we remeasure the fair value of this liability using a Monte Carlo simulation based upon revenue and operating income projections over the remaining earnout period, and changes to the fair value of the liability are recorded to Operating expenses. As of February 24, 2023, the fair value of the contingent consideration was $9.5 (or €9.0). The settlement of the contingent consideration could vary from this estimate based upon actual operating performance of the business during the earnout period compared to the underlying assumptions used in the estimation of fair value, including revenue and operating income projections, and changes to discount rates. Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during the years ended February 24, 2023 and February 25, 2022: Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Security - Other Assets Contingent Consideration - Other Long-Term Liabilities Balance as of February 26, 2021 $ 2.6 $ — Contingent consideration recorded on acquisition — 4.9 Balance as of February 25, 2022 $ 2.6 $ 4.9 Unrealized loss on investment (0.5) — Foreign currency gain — (0.6) Change in estimated fair value — 5.2 Balance as of February 24, 2023 $ 2.1 $ 9.5 |
Inventories
Inventories | 12 Months Ended |
Feb. 24, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories February 24, February 25, Raw materials and work-in-process $ 232.8 $ 208.2 Finished goods 118.1 146.9 350.9 355.1 Revaluation to LIFO 31.2 28.9 $ 319.7 $ 326.2 The portion of inventories determined by the LIFO method aggregated to $134.1 and $141.4 as of February 24, 2023 and February 25, 2022, respectively. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Feb. 24, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment Estimated February 24, February 25, Land $ 33.6 $ 33.3 Machinery and equipment 3 – 15 742.4 780.1 Buildings and improvements 10 – 40 414.1 401.9 Leasehold improvements 3 – 15 83.1 81.2 Capitalized software 3 – 10 80.4 77.1 Furniture and fixtures 5 – 8 64.1 61.1 Construction in progress 47.4 47.1 1,465.1 1,481.8 Accumulated depreciation (1,088.6) (1,089.0) $ 376.5 $ 392.8 The majority of the net book value of our property, plant and equipment relates to machinery and equipment and buildings and improvements. As of February 24, 2023 and February 25, 2022, the net book value of our machinery and equipment totaled $140.4 and $160.9, respectively, and buildings and improvements totaled $94.6 and $89.2, respectively. Depreciation expense on property, plant and equipment was $67.0, $67.5 and $68.8 for 2023, 2022 and 2021, respectively. The estimated cost to complete construction in progress was $38.0 and $30.4 as of February 24, 2023 and February 25, 2022, respectively. |
Company-Owned Life Insurance
Company-Owned Life Insurance | 12 Months Ended |
Feb. 24, 2023 | |
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. 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. We can designate any portion of them to another purpose at any time. The net returns in cash surrender value, normal insurance expenses and any maturity benefits related to our investments in COLI policies ("COLI income") are recorded in Operating expenses in 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 in the Consolidated Statements of Income. COLI income totaled $0.8, $6.2 and $12.3 in 2023, 2022 and 2021, respectively. The balances of our COLI investments as of February 24, 2023 and February 25, 2022 were as follows: Type Ability to Choose Net Return Target Asset Allocation as of February 24, 2023 Net Cash Surrender Value February 24, February 25, Whole life No ability A rate of return set periodically by the Not applicable $ 103.0 $ 108.6 Variable life Can allocate across a set of choices provided by the insurance companies Fluctuates depending on performance of underlying investments 65% fixed income; 35% equity 54.3 59.4 $ 157.3 $ 168.0 |
Goodwill & Other Intangible Ass
Goodwill & Other Intangible Assets | 12 Months Ended |
Feb. 24, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill & Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the changes in goodwill during the years ended February 24, 2023 and February 25, 2022, by reportable segment, is as follows: Goodwill Americas International Total Balance as of February 26, 2021 $ 218.1 $ — $ 218.1 Acquisition (1) — 25.8 25.8 Currency translation adjustments (0.2) (0.9) (1.1) Goodwill 244.5 319.8 564.3 Accumulated impairment losses (26.6) (294.9) (321.5) Balance as of February 25, 2022 $ 217.9 $ 24.9 $ 242.8 Acquisition (1) (2) 36.6 0.2 36.8 Goodwill on divestiture (3) (0.9) — (0.9) Currency translation adjustments (0.5) (1.4) (1.9) Reallocation of goodwill (4) 15.2 (15.2) — Goodwill 294.9 303.4 598.3 Accumulated impairment losses (26.6) (294.9) (321.5) Balance as of February 24, 2023 $ 268.3 $ 8.5 $ 276.8 ________________________ (1) In 2022, we acquired Viccarbe resulting in a goodwill addition in the International segment. The purchase accounting was finalized in 2023. See Note 19 for additional information. (2) In 2023, we acquired HALCON resulting in a goodwill addition in the Americas segment. See Note 19 for additional information. (3) In 2023, we sold a consolidated dealer, resulting in a decrease to goodwill in the Americas segment. (4) In 2023, we reallocated $15.2 of goodwill from the International segment to the Americas segment corresponding to a portion of the goodwill recognized in the acquisition of Viccarbe. The reallocation was triggered by changes in our management structure and allocation of resources to the Viccarbe business post-acquisition. The amount of the reallocation was based on the relative fair value of the Viccarbe business reported within the Americas segment. We performed an impairment test immediately prior to and subsequent to the reallocation of goodwill to assess for impairment and concluded no impairment existed. We evaluate goodwill for impairment annually in Q4, or earlier if there is a triggering event that indicates there may be a potential for impairment. See Note 2 for additional information. Based on the results of our annual impairment tests, we concluded that no goodwill impairment existed as of February 24, 2023 and February 25, 2022. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis. As a result of our interim goodwill impairment analysis, we determined that the carrying value of the Orangebox U.K. reporting unit exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired. As of February 24, 2023 and February 25, 2022, other intangible assets and related accumulated amortization consisted of the following: Other Intangible Assets February 24, 2023 February 25, 2022 Weighted Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Dealer relationships (1) (2) 10.8 $ 83.8 $ 27.6 $ 56.2 $ 61.4 $ 20.0 $ 41.4 Trademarks (1) (2) 8.9 59.6 30.6 29.0 47.4 24.5 22.9 Know-how/designs (1) (2) 9.0 35.5 11.8 23.7 24.2 8.5 15.7 Proprietary technology 9.9 15.8 14.3 1.5 15.8 13.9 1.9 Other (2) (3) (4) 3.8 14.0 13.3 0.7 23.0 19.5 3.5 208.7 97.6 111.1 171.8 86.4 85.4 Intangible assets not subject to amortization: Trademarks and other n/a 0.1 — 0.1 0.1 — 0.1 $ 208.8 $ 97.6 $ 111.2 $ 171.9 $ 86.4 $ 85.5 ________________________ (1) In 2022, we acquired Viccarbe, resulting in an increase of intangible assets in the International segment. See Note 19 for additional information. (2) In 2023, we acquired HALCON, resulting in an increase of intangible assets in the Americas segment. See Note 19 for additional information. (3) In 2023, we sold a consolidated dealer, resulting in a decrease of intangible assets in the Americas segment. (4) In 2023, we wrote off certain fully amortized assets as they were no longer in use, resulting in a decrease of intangible assets in the Americas and International segments. In 2023, 2022 and 2021, no intangible asset impairment charges were recorded. We recorded amortization expense on intangible assets subject to amortization of $22.8 in 2023, $14.8 in 2022 and $16.3 in 2021. 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 2024 $ 17.1 2025 17.4 2026 17.1 2027 16.9 2028 13.7 $ 82.2 Future events, such as acquisitions, divestitures or impairments, may cause these amounts to vary. |
Investments In Unconsolidated A
Investments In Unconsolidated Affiliates | 12 Months Ended |
Feb. 24, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | INVESTMENTS IN UNCONSOLIDATED AFFILIATES We occasionally enter into joint ventures and other equity investments 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 24, 2023 February 25, 2022 Investment Ownership Investment Ownership Equity method investments Dealer relationships $ 32.2 25%-40% $ 29.6 25%-40% Manufacturing joint venture 9.4 49% 7.3 49% IDEO — 0% 6.7 5% 41.6 43.6 Cost method investments Dealer relationship 5.8 Less than 10% 5.8 Less than 10% Other 3.7 Less than 10% 3.7 Less than 10% 9.5 9.5 Total investments in unconsolidated affiliates $ 51.1 $ 53.1 Our equity in earnings of unconsolidated affiliates is recorded in Other income, net in the Consolidated Statements of Income and is summarized below: Equity in Earnings of Unconsolidated Affiliates Year Ended February 24, February 25, February 26, Dealer relationships $ 9.7 $ 6.2 $ 8.0 Manufacturing joint venture 2.7 0.3 0.7 IDEO and other 0.1 1.3 0.6 Total equity in earnings of unconsolidated affiliates $ 12.5 $ 7.8 $ 9.3 Dealer Relationships We have occasionally invested in dealers to expand or maintain our geographic presence and support our distribution network. Manufacturing Joint Ventures We have occasionally entered into manufacturing joint ventures 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. In Q2 2023, we divested our remaining interest in IDEO. The following table summarizes the combined accounts of our equity method investments in unconsolidated affiliates: Consolidated Balance Sheets February 24, February 25, Total current assets $ 169.1 $ 211.7 Total non-current assets 79.0 146.4 Total assets $ 248.1 $ 358.1 Total current liabilities 107.2 162.9 Total long-term liabilities 18.0 29.6 Total liabilities $ 125.2 $ 192.5 Statements of Income Year Ended February 24, February 25, February 26, Revenue $ 755.3 $ 578.6 $ 695.4 Gross profit 174.8 177.8 204.9 Income before income tax expense 39.0 53.0 37.8 Net income 37.5 47.8 35.6 Supplemental Information Year Ended February 24, February 25, February 26, Dividends received from unconsolidated affiliates $ 7.8 $ 5.5 $ 8.1 Sales to unconsolidated affiliates 259.5 194.2 201.5 Amount due from unconsolidated affiliates 22.5 12.9 6.4 |
Short-Term Borrowings And Long-
Short-Term Borrowings And Long-Term Debt | 12 Months Ended |
Feb. 24, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings And Long-Term Debt | SHORT-TERM BORROWINGS AND LONG-TERM DEBT Debt Obligations Interest Rate as of February 24, 2023 Fiscal Year February 24, February 25, U.S. dollar obligations: Senior notes 5.125% 2029 $ 445.5 $ 444.9 Notes payable 5.90% 2024 32.2 34.9 Other committed bank facility 7.06% 2024 3.5 2.4 481.2 482.2 Foreign currency obligations: Notes payable — 0.3 Total short-term borrowings and long-term debt 481.2 482.5 Less: Short-term borrowings and current portion of long-term debt (1) 35.7 5.1 Long-term debt $ 445.5 $ 477.4 ____________________ (1) The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 6.0% as of February 24, 2023 and 2.3% as of February 25, 2022. 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 2024 $ 35.7 2025 — 2026 — 2027 — 2028 — Thereafter 445.5 $ 481.2 Senior Notes In 2019, we issued $450.0 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. 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. Amortization expense related to the discount and debt issuance costs on the 2029 Notes was $0.7 and $0.8 in 2023 and 2022, respectively. 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. Note Payable As of February 24, 2023 we have a $32.2 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. As of February 24, 2023, the interest rate was 5.90%. 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 $31.8 balloon payment due in 2024. The loan is secured by our two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. The loan matures in 2024. Global Committed Bank Facility We have a $250.0 global committed bank facility, which expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125.0 by obtaining at least one commitment from one or more lenders. 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 applicable margin as set forth in the credit agreement, plus the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5%, (iii) the Adjusted LIBO rate as set forth in the credit agreement for a one-month interest period plus 1% or (iv) a 0.75% floor; or • the Eurocurrency rate, with a floor of zero, plus the applicable margin as set forth in the credit agreement. The facility requires us to satisfy two financial covenants as defined in the credit agreement: • A maximum net leverage ratio covenant, which is measured by the ratio of (x) indebtedness less liquidity to (y) trailing four fiscal quarter adjusted EBITDA and is required to be less than 3.5:1. In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 4.0:1 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 3.0:1. The facility does not include any restrictions on cash dividend payments or share repurchases. During 2023, we borrowed $68.0 under the facility to fund a portion of our acquisition of HALCON, and we also borrowed under the facility to support our global operating requirements. As of February 24, 2023, 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. As of February 25, 2022, there were no borrowings outstanding under the facility and we were in compliance with all covenants under the facility. Other Credit Facilities We have the following other bank and credit facilities as of February 24, 2023: • a committed bank facility of $8.0 related to a subsidiary. As of February 24, 2023, $3.5 was outstanding under the facility and our availability to borrow under the facility was not limited. As of February 25, 2022, we had a committed bank facility of $12.5 related to a subsidiary. There was availability of $4.0 under the facility based on eligible accounts receivable of the subsidiary, and $2.4 was outstanding under the facility; and • unsecured uncommitted short-term credit facilities with various financial institutions with up to $3.8 of U.S. dollar obligations and up to $11.4 of foreign currency obligations available for working capital purposes as of February 24, 2023. 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 24, 2023 or February 25, 2022. |
Compensation Related Costs, Ret
Compensation Related Costs, Retirement Benefits | 12 Months Ended |
Feb. 24, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan Obligations | EMPLOYEE BENEFIT PLAN OBLIGATIONS Employee Benefit Plan Obligations (net) February 24, February 25, Defined contribution retirement plans $ 17.0 $ 9.1 Post-retirement medical benefits 27.5 34.1 Defined benefit pension plans 41.1 48.5 Deferred compensation plans and agreements 46.3 56.9 $ 131.9 $ 148.6 Employee benefit plan assets Long-term asset $ 2.3 $ 3.5 $ 2.3 $ 3.5 Employee benefit plan obligations Current portion $ 31.2 $ 25.4 Long-term portion 103.0 126.7 $ 134.2 $ 152.1 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) contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants. Total expense under all defined contribution retirement plans was $26.1 for 2023, $17.1 for 2022 and $19.3 for 2021. We expect to fund approximately $28.4 related to our defined contribution plans in 2024, including funding related to our 2023 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. 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. 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, which is unfunded, was frozen to new participants in 2016, and the benefits were capped for existing participants. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows: Defined Benefit Pension February 24, 2023 February 25, 2022 Qualified Plans Non-qualified Qualified Plans Non-qualified Foreign Foreign Plan assets $ 22.4 $ — $ 35.2 $ — Projected benefit plan obligations 30.2 23.7 44.9 28.8 Funded status $ (7.8) $ (23.7) $ (9.7) $ (28.8) Long-term asset 2.3 — 3.5 — Current liability (0.8) (3.6) (0.8) (3.9) Long-term liability (9.3) (20.1) (12.4) (24.9) Total benefit plan obligations $ (7.8) $ (23.7) $ (9.7) $ (28.8) Accumulated benefit obligation $ 27.6 $ 23.7 $ 41.4 $ 28.8 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 24, February 25, February 24, February 25, Change in plan assets: Fair value of plan assets, beginning of year $ 35.2 $ 33.2 $ — $ — Actual return on plan assets (12.1) 3.7 — — Employer contributions 8.0 4.7 2.6 4.3 Plan participants’ contributions — — 2.1 2.2 Currency changes (3.5) (1.7) — — Benefits paid (5.2) (4.7) (4.7) (6.5) Fair value of plan assets, end of year 22.4 35.2 — — Change in benefit obligations: Benefit plan obligations, beginning of year 73.7 85.9 34.1 42.7 Service cost 0.7 1.4 0.1 0.1 Interest cost 1.6 1.3 1.1 1.0 Amendments 0.5 — — — Net actuarial gain (1) (13.5) (7.2) (5.1) (5.4) Plan participants’ contributions — — 2.1 2.2 Currency changes (3.9) (3.0) (0.1) — Benefits paid (5.2) (4.7) (4.7) (6.5) Benefit plan obligations, end of year 53.9 73.7 27.5 34.1 Funded status $ (31.5) $ (38.5) $ (27.5) $ (34.1) Amounts recognized on the Consolidated Balance Sheets: Long-term asset 2.3 3.5 — — Current liability (4.4) (4.7) (2.8) (3.0) Long-term liability (29.4) (37.3) (24.7) (31.1) Net amount recognized $ (31.5) $ (38.5) $ (27.5) $ (34.1) Amounts recognized in accumulated other comprehensive income (loss) —pretax: Actuarial loss (gain) $ 8.7 $ 10.6 $ (18.3) $ (15.1) Prior service cost 0.5 0.9 — — Total amounts recognized in accumulated other comprehensive income (loss) —pretax $ 9.2 $ 11.5 $ (18.3) $ (15.1) _________________________ (1) In 2023 and 2022, the net actuarial gain includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as weighted-average discount rates and recent census data. Pension Plans Post-Retirement Plans Year Ended Year Ended February 24, February 25, February 26, February 24, February 25, February 26, Components of expense: Service cost $ 0.7 $ 1.4 $ 1.9 $ 0.1 $ 0.1 $ 0.1 Interest cost 1.6 1.3 1.3 1.1 1.0 1.1 Amortization of net loss (gain) 0.2 1.2 1.1 (1.8) (1.4) (2.1) Amortization of prior year service cost (credit) 0.5 (0.1) — — — — Expected return on plan assets (0.4) (1.2) (0.9) — — — Net expense (credit) recognized in Consolidated Statements of Income 2.6 2.6 3.4 (0.6) (0.3) (0.9) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) (pre-tax): Net actuarial loss (gain) (1.0) (9.7) 1.2 (5.1) (5.4) 0.5 Prior service cost 0.5 — 0.1 — — — Amortization of gain (loss) (0.2) (1.2) (1.1) 1.8 1.4 2.1 Amortization of prior year service cost (credit) (0.5) 0.1 — — — — Total recognized in other comprehensive income (loss) (1.2) (10.8) 0.2 (3.3) (4.0) 2.6 Total recognized in net periodic benefit cost and other comprehensive income (loss) -- $ 1.4 $ (8.2) $ 3.6 $ (3.9) $ (4.3) $ 1.7 Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax Tax (Expense) Net of Balance as of February 26, 2021 $ (11.7) $ 5.1 $ (6.6) Amortization of prior service cost (credit) included in net periodic pension cost (0.1) — (0.1) Net prior service (cost) credit during period (0.1) — (0.1) Net actuarial gain (loss) arising during period 15.1 (3.6) 11.5 Amortization of net actuarial (gain) loss included in net periodic pension cost (0.2) 0.1 (0.1) Net actuarial gain (loss) during period 14.9 (3.5) 11.4 Foreign currency translation adjustments 0.5 — 0.5 Current period change 15.3 (3.5) 11.8 Balance as of February 25, 2022 $ 3.6 $ 1.6 $ 5.2 Prior service (cost) credit from plan amendment arising during period (0.5) 0.1 (0.4) Amortization of prior service cost (credit) included in net periodic pension cost 0.5 (0.1) 0.4 Net prior service (cost) credit during period — — — Net actuarial gain (loss) arising during period 6.1 (1.6) 4.5 Amortization of net actuarial (gain) loss included in net periodic pension cost (1.6) 0.4 (1.2) Net actuarial gain (loss) during period 4.5 (1.2) 3.3 Foreign currency translation adjustments 1.0 (0.2) 0.8 Current period change 5.5 (1.4) 4.1 Balance as of February 24, 2023 $ 9.1 $ 0.2 $ 9.3 Weighted-Average Pension Plans Post-Retirement Plans Year Ended Year Ended February 24, February 25, February 26, February 24, February 25, February 26, Weighted-average assumptions used to determine benefit obligations: Discount rate 4.80 % 2.50 % 1.70 % 5.47 % 3.38 % 2.58 % Rate of salary progression 0.60 % 2.50 % 3.50 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.50 % 1.70 % 1.70 % 3.38 % 2.58 % 2.56 % Expected return on plan assets 1.40 % 3.70 % 3.00 % Rate of salary progression 2.50 % 3.50 % 3.40 % 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 7.30% for pre-age 65 retirees as of February 24, 2023, gradually declining to 4.50% after eight years. As of February 25, 2022, the assumed healthcare cost trend was 5.83% 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. Plan Assets In 2023, we entered into a contract with an insurer to annuitize our U.K. defined benefit pension plan, covering 100% of the membership in the plan. This agreement, or "buy-in", resulted in an exchange of plan assets for an annuity that covers our future projected benefit obligations. The initial value of the asset associated with this contract was equal to the premium paid to the insurer to secure the insurance policy. The value of the asset is adjusted each reporting period for changes in financial assumptions, such as discount rates and inflation indices. The asset represents a Level 3 measurement as there are no observable inputs with the valuation of the contract. We anticipate the buyout of the plan and transfer of future benefit obligations of plan participants to be completed in 2024. The non-cash settlement charge will be recorded when the buyout is completed and is expected to be approximately $15. Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 24, 2023 and February 25, 2022 are reflected in the following table. Asset Category February 24, 2023 February 25, 2022 Actual Target Actual Target Buy-in contract 98 % 100 % — % — % Debt securities — — 78 50 Other (1) 2 — 22 50 Total 100 % 100 % 100 % 100 % ________________________ (1) Represents cash and cash equivalents in 2023 and primarily represents money market funds in 2022. The fair value of the pension plan assets as of February 24, 2023 and February 25, 2022, by asset category are as follows: Fair Value of Pension Plan Assets February 24, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.5 $ — $ — $ 0.5 Buy-in contract — — 21.9 21.9 $ 0.5 $ — $ 21.9 $ 22.4 Fair Value of Pension Plan Assets February 25, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1.3 $ — $ — $ 1.3 Fixed income securities - Bond funds — 33.7 — 33.7 Other investments - Property and property funds — 0.2 — 0.2 $ 1.3 $ 33.9 $ — $ 35.2 Below is a roll-forward of the pension plan assets measured at estimated fair value using Level 3 inputs during the years ended February 24, 2023 and February 25, 2022: Roll-forward of Fair Value Using Level 3 Inputs Pension Plan Assets Balance as of February 25, 2022 $ — Initial buy-in contract premium 24.2 Other contributions 1.4 Change in estimated fair value (3.7) Balance as of February 24, 2023 $ 21.9 We expect to contribute approximately $5.2 to our pension plans and fund approximately $2.9 related to our post-retirement plans in 2024. The estimated future benefit payments under our pension and post-retirement plans are as follows: Fiscal Year Ending in February Pension Post-retirement 2024 $ 5.2 $ 2.9 2025 4.5 2.8 2026 5.3 2.6 2027 4.5 2.5 2028 4.0 2.5 2029 - 2033 17.8 11.0 Multi-Employer Pension Plan One of our subsidiaries, SC Transport Inc., previously contributed to the Central States, Southeast and Southwest Areas Pension Fund (the "Fund"), a multi-employer pension plan, based on obligations arising under a collective bargaining agreement that covered SC Transport Inc. employees and retirees. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan’s underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. In 2019, the Fund asserted that SC Transport Inc.'s absence of hiring additional union employees over the past ten years constituted an adverse selection practice under the Fund and, if not remedied, would result in an assessment of a withdrawal liability. As a result of the Fund's assertion, SC Transport Inc. recorded an $11.2 charge related to its estimated future obligations under a withdrawal from the Fund to be paid out in installments over a period of up to 20 years. The withdrawal liability was discounted using a rate of 3.5%. The balance of the liability as of February 24, 2023 was $9.6. In 2020, SC Transport Inc. withdrew from the Fund, and the Fund issued a final assessment of our withdrawal liability. We appealed the amount of the assessment by the Fund and are in arbitration proceedings. 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. 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. These deferred compensation obligations are unfunded. Deferred compensation expense (gain), which represents annual participant earnings on amounts that have been deferred, and expense (gains) related to restoration retirement benefits, were ($2.9) for 2023, $2.0 for 2022 and $7.7 for 2021. |
Equity_2
Equity | 12 Months Ended |
Feb. 24, 2023 | |
Equity [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 2023 and 2022 activity for share repurchases is as follows (share data in millions): Share Repurchases Year ended February 24, February 25, Total number of shares Price Paid Total number Price Paid Class A Common Stock 0.4 $ 3.9 4.1 $ 55.2 Class B Common Stock — $ — — $ — During 2023 and 2022, 4.5 million and 1.3 million shares of our Class B Common Stock were converted to Class A Common Stock, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 24, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Provision for Income Taxes The provision for income taxes on income before income tax expense (benefit) consists of: Provision for Income Tax Expense (Benefit) Year Ended February 24, February 25, February 26, Current income tax expense (benefit): Federal $ 1.3 $ — $ (30.4) State and local 0.8 1.0 1.9 Foreign 14.9 10.0 12.9 17.0 11.0 (15.6) Deferred income tax expense (benefit): Federal (2.3) (14.0) 13.7 State and local 1.4 (1.3) (1.1) Foreign 0.2 1.9 2.8 (0.7) (13.4) 15.4 Income tax expense (benefit) $ 16.3 $ (2.4) $ (0.2) Income taxes were based on the following sources of income (loss) before income tax expense (benefit): Source of Income (Loss) Before Income Tax Expense (Benefit) Year Ended February 24, February 25, February 26, Domestic $ 2.1 $ (38.0) $ (10.1) Foreign 49.5 39.6 36.0 $ 51.6 $ 1.6 $ 25.9 The total income tax expense (benefit) recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0%, as follows: Income Tax Provision Reconciliation Year Ended February 24, February 25, February 26, Tax expense at the U.S. federal statutory rate $ 10.8 $ 0.3 $ 5.4 State and local income taxes, net of federal tax effect 2.0 (0.2) 0.6 Foreign operations, less applicable foreign tax credits (1) 4.0 3.1 5.4 Impact of the CARES Act (2) — — (11.7) Contingent consideration (3) 0.9 — — Valuation allowance provisions and adjustments (4) 1.0 (2.7) 0.4 Goodwill impairment charge (5) — — 3.4 COLI income (6) (0.4) (1.3) (2.7) Impact of change to non-U.S. federal statutory tax rates (7) (0.1) (0.3) 0.4 Officer compensation limitation 1.0 1.3 1.9 Research tax credit (2.9) (2.4) (3.0) Other U.S. domestic tax credits (0.3) (0.7) (0.3) Stock compensation 0.4 0.3 0.1 Other (0.1) 0.2 (0.1) Total income tax expense (benefit) recognized $ 16.3 $ (2.4) $ (0.2) ________________________ (1) 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. (2) In Q1 2021, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), which enabled companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act when the federal statutory income tax rate was 35%. (3) In 2023, we recorded an increase in the fair value of the contingent consideration liability related to the acquisition of Viccarbe which is non-deductible for tax purposes. (4) The valuation allowance provisions and adjustments are based on current year activity, which are further detailed below. (5) We recorded a goodwill impairment charge related to our Orangebox U.K. reporting unit which is non-deductible for tax purposes. (6) The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable. (7) Changes to the statutory tax rates, primarily in the U.K. and France, resulted in the revaluation of certain deferred tax assets in those jurisdictions. Deferred Income Taxes The significant components of deferred income taxes are as follows: Deferred Income Taxes February 24, February 25, Deferred income tax assets: Employee benefit plan obligations and deferred compensation $ 52.5 $ 51.6 Operating lease obligations 55.0 58.4 Foreign and domestic net operating loss carryforwards 35.8 40.2 Reserves and accruals 18.0 16.1 Tax credit carryforwards 17.9 26.2 Other, net 14.4 14.7 Total deferred income tax assets 193.6 207.2 Valuation allowances (4.3) (3.7) Net deferred income tax assets 189.3 203.5 Deferred income tax liabilities: Right-of-use operating lease assets 50.9 54.1 Property, plant and equipment 28.9 26.5 Intangible assets 0.2 11.7 Total deferred income tax liabilities 80.0 92.3 Net deferred income taxes $ 109.3 $ 111.2 Net deferred income taxes is comprised of the following components: Deferred income tax assets—non-current 117.3 121.2 Deferred income tax liabilities—non-current 8.0 10.0 As of February 24, 2023, the valuation allowance of $4.3 related to foreign deferred tax assets. In updating our assessment of the realizability of deferred tax assets, we considered the following factors: • recent financial performance, including cumulative losses, • 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 some of our owned dealers and sales offices in France, Australia, Morocco and Hong Kong would be realized as of February 24, 2023. During 2022, we formalized a plan to enable the utilization of certain of our excess U.S. foreign tax credits, which had previously been subject to a valuation allowance. This resulted in the reversal of the related valuation allowance by $3.1. We have the ability to repatriate foreign subsidiary earnings to our U.S. parent without incurring additional U.S. federal income tax. We have recorded deferred income taxes related to withholding and other taxes where appropriate on earnings of subsidiaries not expected to be permanently reinvested. 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 those basis differences. Taxes Payable or Receivable Income taxes currently payable or receivable are reported on the Consolidated Balance Sheets as follows: Income Taxes February 24, February 25, Other current assets: Income taxes receivable $ 5.3 $ 41.7 Accrued expenses: Income taxes payable $ 4.8 $ 7.6 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 2024 $ — $ — $ — $ — $ — $ — $ — $ — 2025-2043 0.8 45.8 3.0 0.2 2.6 0.7 3.5 17.9 No expiration — 6.8 128.9 — 0.4 32.6 33.0 — $ 0.8 $ 52.6 $ 131.9 0.2 3.0 33.3 36.5 17.9 Valuation allowances — — (3.1) (3.1) — Net benefit $ 0.2 $ 3.0 $ 30.2 $ 33.4 $ 17.9 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 $51.3 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 carryforwards 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. 2022 and 2023, Canada 2020 through 2023, France 2020 through 2023 and Germany 2015 through 2023. 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 (benefit), and these amounts were not material in 2023, 2022 or 2021. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Year Ended February 24, February 25, February 26, Balance as of beginning of period $ 2.1 $ 2.3 $ 2.0 Gross decreases—tax positions in prior period — — — Currency translation adjustment (0.1) (0.2) 0.3 Balance as of end of period $ 2.0 $ 2.1 $ 2.3 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 24, 2023. No other material 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 to significantly change due to expiring statutes or audit activity in the next twelve months. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Feb. 24, 2023 | |
Share-Based Payment Arrangement [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. As of February 24, 2023, there were 4,173,814 shares of Class A Common Stock authorized for future issuance under the Incentive Compensation Plan. A variety of awards may be granted under the Incentive Compensation Plan, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards, phantom shares and other share-based awards. 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 24, Performance units (1) 1,060,231 Restricted stock units 3,293,268 Total outstanding awards 4,353,499 ________________________ (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 conditions, and therefore may be significantly lower. Performance Units Performance units ("PSUs") are earned after the applicable performance period and only to the extent that the performance conditions stated in the applicable award are achieved. After completion of the performance period, the number of PSUs 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 PSUs that have been granted where the performance period has not been completed ranged from 0 to 1,060,231 shares as of February 24, 2023. 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. A dividend equivalent is calculated based on the actual number of PSUs earned at the end of the performance period equal to the dividends that would have been payable on the earned PSUs 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. The expense for PSUs is determined based on the probability that the performance conditions will be met, and if applicable, the fair value of the market condition on the grant date. The PSUs are expensed and recorded in Additional paid-in capital on the Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. In 2023, 2022 and 2021, we issued PSUs to certain employees as follows: • 428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs"), • 448,300 PSUs to be earned over the period of 2022 through 2024 (the "2022 PSUs") and • 529,500 PSUs to be earned over the period of 2021 through 2023 (the "2021 PSUs"). These PSUs are earned based on performance conditions established annually by the Compensation Committee within the first three months of each applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively). As of February 24, 2023, the 2023 PSUs, 2022 PSUs and 2021 PSUs were considered granted as follows: • In 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs, Tranche 2 of the 2022 PSUs and Tranche 3 of the 2021 PSUs, and accordingly, such tranches were considered granted in 2023. • In 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs and Tranche 2 of the 2021 PSUs, and accordingly, such tranches were considered granted in 2022. • In 2021, the performance conditions were established for Tranche 1 of the 2021 PSUs, and accordingly, such tranche was considered granted in 2021. Based on actual results, the 2021 PSUs were earned at 54% of the target level, as modified, and 285,930 shares of Class A Common Stock were issued to participants under such awards. We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a total fair value of $5.2, $4.8 and $2.3 for the PSUs with market conditions granted in 2023, 2022 and 2021, respectively. The Monte Carlo simulation was computed using the following assumptions: FY23 Award FY22 Award FY21 Award Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 2.6 % 2.3 % 0.3 % 1.6 % 0.2 % 0.2 % Expected term 3 years 2 years 3 years 1 year 2 years 2 years Estimated volatility (2) 52.2 % 43.8 % 53.5 % 28.7 % 61.3 % 58.1 % ________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our 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 PSU with market conditions: Grant Date Fair Value per PSU Year Ended February 24, February 25, February 26, Weighted-average grant date fair value per share of PSUs granted under Monte Carlo $ 11.13 $ 14.38 $ 13.29 The total PSU expense and associated tax benefit recorded in 2023, 2022 and 2021 are as follows: Performance Units Year Ended February 24, February 25, February 26, Expense $ 3.2 $ 1.6 $ 7.7 Tax benefit 0.8 0.4 2.0 The 2023 PSU activity is as follows: Maximum Number of Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 1,205,833 $ 14.21 Granted 1,125,192 11.13 Vested (1,270,794) 12.40 Nonvested as of February 24, 2023 1,060,231 $ 13.11 As of February 24, 2023, there was $1.2 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.4 years. The total fair value of PSUs vested during 2023, 2022 and 2021 was $2.1, $2.5 and $6.4, respectively. The fair value was determined based upon the closing price of shares of our Class A Common Stock on the date that the Compensation Committee certified the awards. Restricted Stock Units During 2023, we awarded 1,241,599 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse one to three years after the date of grant, at which time RSUs are issued as unrestricted shares of Class A Common Stock. Typically, 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. 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. For participants who are or become retirement-eligible during the service period for awards that are considered retirement-eligible, the RSUs are expensed over the period ending on the date that the participant becomes retirement-eligible. The weighted-average grant date fair value per share of RSUs granted in 2023, 2022 and 2021 is as follows: Grant Date Fair Value per Share Year Ended February 24, February 25, February 26, Weighted-average grant date fair value per share of RSUs granted $ 10.63 $ 13.08 $ 9.49 The total RSU expense and associated tax benefit recorded in 2023, 2022 and 2021 are as follows: Restricted Stock Units Year Ended February 24, February 25, February 26, Expense $ 17.6 $ 13.7 $ 12.4 Tax benefit 4.4 3.5 3.1 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 in the Consolidated Statements of Cash Flows. The 2023 RSU activity is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 3,445,438 $ 11.86 Granted 1,241,599 10.63 Vested (1,309,344) 10.05 Forfeited (84,425) 12.48 Nonvested as of February 24, 2023 3,293,268 $ 12.11 As of February 24, 2023, there was $13.3 of remaining unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 1.4 years. The total fair value of RSUs vested was $10.1, $10.1 and $10.7 during 2023, 2022 and 2021, 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 109,090, 61,360 and 64,107 unrestricted shares at a weighted average grant date fair value per share of $9.67, $13.81 and $12.21 during 2023, 2022 and 2021, respectively. |
Leases
Leases | 12 Months Ended |
Feb. 24, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2036. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours operated) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. The components of lease expense are as follows: Year Ended February 24, February 25, February 26, Operating lease cost $ 51.9 $ 53.2 $ 51.8 Sublease rental income (2.2) (2.0) (2.4) $ 49.7 $ 51.2 $ 49.4 Supplemental cash flow and other information related to leases is as follows: Year Ended February 24, February 25, February 26, Cash flow information: Operating cash flows used for operating leases $ 53.1 $ 54.1 $ 50.4 Leased assets obtained in exchange for new operating lease obligations $ 39.1 $ 33.1 $ 21.8 As of as of February 24, 2023 and February 25, 2022, the weighted-average remaining lease terms were 5.3 years and 5.9 years, respectively, and the weighted-average discount rates were 4.2% and 3.5%, respectively. The following table summarizes the future minimum lease payments as of February 24, 2023: Fiscal year ending in February Amount (1) 2024 $ 52.5 2025 51.4 2026 41.2 2027 32.8 2028 24.3 Thereafter 38.3 Total lease payments 240.5 Less interest 25.9 Present value of lease liabilities $ 214.6 _______________________________________ (1) Lease payments include |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 12 Months Ended |
Feb. 24, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS Viccarbe In Q3 2022, we acquired Viccarbe, a Spanish designer of contemporary furniture for high-performance collaborative and social spaces. The transaction included the purchase of all the outstanding capital stock of Viccarbe for $34.9 (or €30.0) in an all-cash transaction using cash on-hand. Up to an additional $13.8 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. At each reporting date, the contingent consideration liability is remeasured, and changes to the fair value are recognized in Operating expenses. As of February 24, 2023, the fair value of the contingent consideration was $9.5 (or €9.0). See Note 7 for additional information. An additional amount of $6.4 (or €6.0) is also payable to the sellers based upon the achievement of certain milestones and continued employment over a five-year period, which is being expensed over the service period on a straight-line basis. Tangible assets and liabilities of Viccarbe were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $11.7 related to identifiable intangible assets, $25.8 related to goodwill and $5.1 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and accounts payable) and property, plant and equipment. Additionally, we recorded a deferred tax liability in the amount of $2.9 associated with the tax basis difference in acquired book assets. The goodwill was recorded in the International segment as of the acquisition date and is not deductible for income tax purposes in Spain. The goodwill resulting from the acquisition is primarily related to the growth potential of Viccarbe and our intention to expand the manufacturing of Viccarbe products in geographic regions outside of the International segment and to offer Viccarbe products through our global distribution network. As such, we reallocated a portion of the goodwill to the Americas segment during 2023 based on the relative fair value of the Viccarbe business reported within the Americas segment as of the date of the acquisition. Intangible assets are principally related to the Viccarbe trade name, dealer relationships and internally developed know-how and designs, which will be amortized over periods ranging from 9 to 13 years from the date of acquisition. As of February 24, 2023, the purchase accounting for the Viccarbe acquisition was complete. The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Useful Life Fair Value Trademark 9.0 $ 4.6 Dealer relationships 13.0 3.8 Know-how and designs 9.0 3.3 $ 11.7 The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of February 24, 2023: Fiscal Year Ending in February Amount 2024 $ 1.1 2025 1.1 2026 1.1 2027 1.1 2028 1.1 $ 5.5 HALCON In Q2 2023, we acquired HALCON, a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. The transaction included the purchase of all the outstanding membership interests of HALCON for $127.5 less customer deposits of $24.3, plus an adjustment of $1.9 for working capital. The acquisition was funded using a combination of cash on-hand and borrowings under our global committed bank facility. Up to an additional $7.5 was payable to the sellers based upon the achievement of certain revenue and gross margin targets over a six-month period. This amount was determined to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. Based upon the results of the calculation, we did not record a liability for the contingent consideration, and we were not required to make a payment at the settlement date in 2023. An additional amount of $2.0 is also payable to a seller based upon continued employment over a three-year period, which is being expensed over the service period on a straight-line basis. Tangible assets and liabilities of HALCON 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 $51.8 related to identifiable intangible assets, $36.6 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of property, plant and equipment of $30.6, working capital (primarily inventory of $12.8) and customer deposits of $24.3. The goodwill was recorded in the Americas segment and is deductible for U.S. income tax purposes. The goodwill resulting from the acquisition is primarily related to the growth potential of HALCON expected to be driven by new product development, geographic expansion and the integration of HALCON products into our dealer network. Intangible assets are principally related to dealer relationships, the HALCON trade name and internally developed know-how and designs, which are being amortized over periods ranging from 9 to 10 years from the date of acquisition. We also acquired a backlog of orders which shipped throughout 2023. The purchase price allocation for the acquisition was incomplete as of February 24, 2023. The amounts recognized related to the purchase price allocation will be finalized no later than one year after the acquisition date. The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Useful Life Fair Value Dealer relationships 10.0 $ 21.5 Trademark 9.0 14.0 Know-how and designs 9.0 12.0 Backlog 0.7 4.3 $ 51.8 The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of February 24, 2023: Fiscal Year Ending in February Amount 2024 $ 5.0 2025 5.1 2026 5.0 2027 5.0 2028 5.0 $ 25.1 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Feb. 24, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS Our reportable segments consist of the Americas and International segments. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands. The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands. We primarily review and evaluate revenue, gross profit and operating income (loss) by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue, gross profit and operating income (loss). Total assets by segment include manufacturing and other assets associated with each segment. Operating Segment Data Americas International Consolidated 2023 Revenue $ 2,436.2 $ 796.4 $ 3,232.6 Gross profit 711.6 207.8 919.4 Operating income (loss) 77.4 (11.9) 65.5 Total assets 1,631.2 571.6 2,202.8 Capital expenditures 41.9 17.2 59.1 Depreciation and amortization 64.6 25.4 90.0 2022 Revenue $ 1,995.1 $ 777.6 $ 2,772.7 Gross profit 546.4 215.1 761.5 Operating income (loss) 21.2 (1.1) 20.1 Total assets 1,607.1 653.9 2,261.0 Capital expenditures 44.4 16.1 60.5 Depreciation and amortization 55.6 27.6 83.2 2021 Revenue $ 1,927.9 $ 668.3 $ 2,596.2 Gross profit 583.9 178.9 762.8 Operating income (loss) 75.2 (32.2) 43.0 Total assets 1,777.7 576.3 2,354.0 Capital expenditures 22.6 18.7 41.3 Depreciation and amortization 57.7 27.5 85.2 The accounting policies of each of the reportable segments are the same as those described in Note 2. Reportable geographic information is as follows: Reportable Geographic Data Year Ended February 24, February 25, February 26, Long-lived assets (1): United States $ 358.3 $ 364.2 $ 390.3 Foreign locations 216.5 238.4 245.9 $ 574.8 $ 602.6 $ 636.2 _______________________________________ (1) Long-lived assets include property, plant and equipment and right-of-use operating lease assets. |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Feb. 24, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | 21. RESTRUCTURING ACTIVITIES In Q4 2023, we implemented a series of restructuring actions, primarily related to the wind down of our customer aviation function in connection with our strategy to reinvent our go-to-market model and create new customer experiences. The restructuring actions included terminations of approximately 23 salaried employees in the Americas segment. We expect to incur approximately $4.4 of restructuring costs in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. In Q4 2023, we recorded $3.6 of restructuring costs in the Americas segment for actions initiated in the quarter. We expect these actions to be completed in Q1 2024. In Q3 2023, our Board of Directors approved restructuring actions to reduce operational spending across certain functions in response to a decline in order volume and lower-than-expected return-to-office trends in the Americas segment. The restructuring actions included terminations of approximately 130 salaried employees in the Americas segment. In 2023, we incurred $10.9 of restructuring costs related to these actions in the Americas segment, consisting of cash severance payments and other separation-related benefits. These restructuring actions are complete. In Q4 2022, our Board of Directors approved restructuring actions related to the exit of our technology business in connection with our strategy to shift from offering a portfolio of technology products toward partnering with technology companies to create integrated collaborative solutions. The restructuring actions primarily included involuntary terminations of the majority of salaried employees of the business and the termination of supplier and customer contracts related to the business. We incurred $4.7 in restructuring costs in the Americas segment related to these actions, primarily consisting of cash severance payments and payment of other business exit costs. In 2023, we recorded $1.8 related to employee termination costs, $2.4 related to business exit and other related costs and $0.5 related to the impairment of a right-of-use operating lease asset which was utilized by our technology business. These restructuring actions are complete. In 2021, we implemented a series of restructuring actions in response to continued order declines in the Americas compared to the prior year and economic uncertainty related to the COVID-19 pandemic. The restructuring actions included early retirements and voluntary and involuntary terminations of approximately 300 salaried employees and approximately 210 hourly employees. We incurred $28.6 in restructuring costs in the Americas segment in connection with these actions during 2021, consisting of cash severance payments and other separation-related benefits. These restructuring actions are complete. The following table details the changes in the restructuring reserve balance during the years ended February 24, 2023 and February 25, 2022: Workforce reductions Business exit and related costs Total Balance as of February 26, 2021 $ 0.4 $ — $ 0.4 Payments (0.4) — (0.4) Balance as of February 25, 2022 $ — $ — $ — Restructuring costs 16.3 2.4 18.7 Payments (12.3) (2.4) (14.7) Balance as of February 24, 2023 $ 4.0 $ — $ 4.0 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Feb. 24, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Quarterly Results | UNAUDITED QUARTERLY RESULTS Unaudited Quarterly Results First Second Third Fourth Total 2023 Revenue $ 740.7 $ 863.3 $ 826.9 $ 801.7 $ 3,232.6 Gross profit 191.6 250.8 237.8 239.2 919.4 Operating income (loss) (12.6) 28.9 20.5 28.7 65.5 Net income (loss) (11.4) 19.6 11.4 15.7 35.3 Basic earnings (loss) per share (0.10) 0.17 0.10 0.13 0.30 Diluted earnings (loss) per share (0.10) 0.17 0.10 0.13 0.30 2022 Revenue $ 556.6 $ 724.8 $ 738.2 $ 753.1 $ 2,772.7 Gross profit 154.7 206.8 203.6 196.4 761.5 Operating income (loss) (31.8) 33.9 15.9 2.1 20.1 Net income (loss) (28.1) 24.7 9.6 (2.2) 4.0 Basic earnings (loss) per share (0.24) 0.21 0.08 (0.02) 0.03 Diluted earnings (loss) per share (0.24) 0.21 0.08 (0.02) 0.03 Operating income (loss) and net income (loss) included restructuring costs in all quarters during 2023. See Note 21 for additional information. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Feb. 24, 2023 | |
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 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 investments and any adjustments to cost method investments are reported in Other income, net in 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 24, 2023, February 25, 2022, and February 26, 2021 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 month or specific date reference. 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 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. |
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 24, 2023 and February 25, 2022 was $6.8 and $6.1, respectively, and consisted primarily of funds held in escrow for potential future workers’ compensation and product liability claims. Our restricted cash balance is classified in Other assets on the Consolidated Balance Sheets. |
Receivable [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 |
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 or industry. |
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”) and the first in, first out ("FIFO") methods to value its inventories. The International segment values inventories primarily using FIFO. 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 recorded 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 there is an active program to locate a buyer, and the asset is available for immediate sale in its present condition and is expected to be sold within twelve months. |
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. We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate there may be potential for impairment, such as significant adverse changes in business climate or operating results, changes in our strategy, significant declines in our stock price or other triggering events. Goodwill is assigned to and the fair value is tested at the reporting unit level. 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 charge. We estimate 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. We corroborate the results determined using the income approach with a market-based approach that uses observable and comparable company information to support the appropriateness of the fair value estimates. The estimation of the fair value of our reporting units represents a Level 3 measurement. In 2023, we evaluated goodwill and intangible assets using nine reporting units: the Americas, EMEA, Asia Pacific, Designtex, AMQ, Smith System, Orangebox U.K., Viccarbe and HALCON. In 2022, we evaluated goodwill and intangible assets using nine reporting units: the Americas, Red Thread, EMEA, Asia Pacific, Designtex, AMQ, Smith System, Orangebox U.K. and Viccarbe. See Note 11 for additional information. Other intangible assets subject to amortization consist primarily of dealer relationships, trademarks, know-how/designs and proprietary technology and are amortized over their estimated useful economic lives using the straight-line method. Other intangible assets not subject to amortization are accounted for and evaluated for potential impairment using an income approach based on the cash flows attributable to the related products. 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 and product liability claims. We purchase insurance coverage to reduce our exposure to significant levels of uncertainty for 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 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 three 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. In 2023, we transitioned to an actuarial model for our estimated product warranty liability to capture longer-term changes in workplace trends that have impacted our claims experience. The accrued liability is estimated using actual paid claims over at least ten years, which provide a basis for expected future losses using actuarial assumptions. Historically, we used our claims experience for the trailing twelve-months and a calculated lag factor to estimate the accrued liability. The transition to an actuarial model resulted in a decrease of $0.1 to our estimated warranty reserve in 2023, which was recorded to Cost of sales . These estimates are subject to uncertainty due to a variety of factors, including changes in claim rates and patterns. 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. Roll-Forward of Accrued Year Ended February 24, February 25, Balance as of beginning of period $ 24.0 $ 22.5 Adjustment related to addition of initial quality (1) 4.5 — Accruals related to product warranties, recalls and retrofits 21.8 5.9 Reductions for settlements (21.5) (6.7) Adjustments related to changes in estimates (0.1) 2.5 Currency translation adjustments (0.1) (0.2) Balance as of end of period $ 28.6 $ 24.0 ________________________ (1) Initial quality claims are related to product damage during delivery or installation. As of February 24, 2023, we included claims for initial quality within our product warranty liability which is included in Other current liabilities on the Consolidated Balance Sheet. As of February 25, 2022, our reserve for initial quality was $4.3 and was separately included in Other current liabilities on the Consolidated Balance Sheet. Our reserve for estimated settlements expected to be paid beyond one year as of February 24, 2023 and February 25, 2022 was $12.0 and $12.8, respectively, and is included in Other long-term liabilities |
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 actuarial gains (losses) are reported, net of tax, as a component of Accumulated other comprehensive income (loss) in shareholders’ equity. See Note 14 for additional information. |
Environmental Costs, Policy [Policy Text Block] | Environmental Matters Environmental expenditures related to current operations are expensed as incurred. Expenditures related to an existing condition allegedly caused by past operations, and not associated with current or future revenue generation, are typically recognized upon completion of a feasibility study or our commitment to a formal plan of action. Liabilities are recorded on a discounted basis when site-specific plans indicate the amount and timing of cash payments which 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 24, 2023 February 25, 2022 Current - Accrued expenses - other $ 0.8 $ 1.1 Long-term - Other long-term liabilities 2.5 2.3 Total environmental contingencies (discounted) $ 3.3 $ 3.4 The environmental liabilities were discounted using a rate of 3.5% and 2.5% as of February 24, 2023 and February 25, 2022, respectively. Our undiscounted liabilities were $3.6 as of February 24, 2023 and February 25, 2022. Based on our ongoing evaluation of these matters, we believe we have accrued sufficient reserves to cover 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 [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 from our manufacturing or distribution facilities. In cases where we sell directly to customers, control is typically transferred upon delivery to the customer and, in some cases, following installation and acceptance by the customer. 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 product 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 Goods and Service [Policy Text Block] | Cost of Sales Cost of sales includes material, labor, freight and overhead incurred directly related to the procurement, manufacturing and delivery of our products. Included within these categories are such items as employee compensation expense, logistics costs (including shipping and handling costs), facilities expense, depreciation, contract labor costs 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, facilities expense, depreciation, research and development expense, 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 lead to the development of new products and to improve existing products and procedures, are expensed as incurred and were $44.4 for 2023, $45.4 for 2022 and $48.1 for 2021. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the carrying amounts of existing assets and liabilities recorded in the consolidated financial statements 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 within the carryforward period. 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 16 for additional information. |
Share-based Payment Arrangement [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 related service periods based on the grant date fair value of the shares expected to be issued or achievement of certain performance conditions. See Note 17 for additional information. |
Lessee, Leases | Leases We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment. We record a right-of-use asset and corresponding lease liability for operating leases with terms greater than one year. Lease terms utilized in determining right-of-use assets and lease liabilities include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods. Our leases do not contain any residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit discount rate, we use an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The estimated incremental borrowing rate represents the estimated rate of interest we would have had to pay to borrow (on a collateralized basis) an amount equal to the lease payments for a similar period of time. We do not separate non-lease components of a contract from the lease components to which they relate for all classes of lease assets except for embedded leases, which were immaterial in 2023. 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, long-term investments and contingent earnout liability are measured at fair value on the Consolidated Balance Sheets. Our total debt is carried at cost and was $481.2 and $482.5 as of February 24, 2023 and February 25, 2022, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $405.9 and $516.7 as of February 24, 2023 and February 25, 2022, 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. We do not use derivatives for speculative or trading purposes. We evaluate contractual obligations to transfer additional cash to the sellers of companies we acquire as either a compensation arrangement or contingent consideration. We evaluate these obligations based on the terms and duration of continuing employment of the sellers post-acquisition, the linkage to the underlying valuation of the acquired company and the obligations taken in the context of other contracts or agreements. Compensation arrangements are recorded in Operating expenses as services are rendered post-acquisition. Contingent consideration obligations are recorded at fair value as of the acquisition dates. At each subsequent reporting date, changes in the fair value of the liabilities are recorded to Operating expenses until the liabilities are settled. See Note 7 and Note 19 for additional information |
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 our foreign 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 in the Consolidated Statements of Income. |
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 remeasurement of certain foreign denominated transactions, assets and liabilities. We primarily use derivatives for intercompany transactions (including loans) and certain forecasted currency flows from foreign-denominated transactions. The foreign exchange forward contracts primarily relate to the euro, the Mexican peso, the United Kingdom ("U.K.") pound sterling, the Canadian dollar, the Australian dollar, the Hong Kong dollar, the Malaysian ringgit and the Chinese renminbi. See Note 7 for additional information. Assets and liabilities related to foreign exchange forward contracts as of February 24, 2023 and February 25, 2022 are summarized below: Consolidated Balance Sheets February 24, February 25, Other current assets $ 2.3 $ 1.0 Accrued expenses (0.3) (0.3) Total net fair value of foreign exchange forward contracts (1) $ 2.0 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $55.1 as of February 24, 2023 and $76.1 as of February 25, 2022. Net gains recognized from foreign exchange forward contracts in 2023, 2022 and 2021 are summarized below: Gain Recognized in Consolidated Statements of Income Year Ended February 24, February 25, February 26, Cost of sales $ 2.6 $ 0.6 $ 0.1 Operating expenses 0.6 0.3 (0.1) Other income, net (1.1) (0.2) 0.8 Total net gain $ 2.1 $ 0.7 $ 0.8 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. |
Commitment and Contingencies (P
Commitment and Contingencies (Policies) | 12 Months Ended |
Feb. 24, 2023 | |
Leases [Abstract] | |
Lessor, Leases [Policy Text Block] | We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2036. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours operated) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
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 24, 2023 February 25, 2022 Assets: Long-term - Other assets $ 2.6 $ 3.8 Liabilities: Current - Accrued expenses - other 1.7 1.8 Long-term - Other long-term liabilities 7.3 9.1 9.0 10.9 Net reserve $ 6.4 $ 7.1 |
Net Reserve for Estimated Product Liability Claims [Table Text Block] | Net Reserve for Estimated Product Liability Claims Year Ended February 24, 2023 February 25, 2022 Assets: Long-term - Other long-term assets $ 0.4 $ 0.6 Liabilities: Current - Accrued expenses - other 0.3 0.5 Long-term - Other long-term liabilities 1.4 1.9 1.7 2.4 Net reserve $ 1.3 $ 1.8 |
Schedule of Product Warranty Liability [Table Text Block] | Roll-Forward of Accrued Year Ended February 24, February 25, Balance as of beginning of period $ 24.0 $ 22.5 Adjustment related to addition of initial quality (1) 4.5 — Accruals related to product warranties, recalls and retrofits 21.8 5.9 Reductions for settlements (21.5) (6.7) Adjustments related to changes in estimates (0.1) 2.5 Currency translation adjustments (0.1) (0.2) Balance as of end of period $ 28.6 $ 24.0 |
Environmental Exit Costs by Cost [Table Text Block] | Environmental Contingencies Year Ended February 24, 2023 February 25, 2022 Current - Accrued expenses - other $ 0.8 $ 1.1 Long-term - Other long-term liabilities 2.5 2.3 Total environmental contingencies (discounted) $ 3.3 $ 3.4 |
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 24, 2023 and February 25, 2022 are summarized below: Consolidated Balance Sheets February 24, February 25, Other current assets $ 2.3 $ 1.0 Accrued expenses (0.3) (0.3) Total net fair value of foreign exchange forward contracts (1) $ 2.0 $ 0.7 ________________________ (1) The notional amounts of the outstanding foreign exchange forward contracts were $55.1 as of February 24, 2023 and $76.1 as of February 25, 2022. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Net gains recognized from foreign exchange forward contracts in 2023, 2022 and 2021 are summarized below: Gain Recognized in Consolidated Statements of Income Year Ended February 24, February 25, February 26, Cost of sales $ 2.6 $ 0.6 $ 0.1 Operating expenses 0.6 0.3 (0.1) Other income, net (1.1) (0.2) 0.8 Total net gain $ 2.1 $ 0.7 $ 0.8 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. |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: Product Category Data Year Ended February 24, February 25, February 26, Americas Desking, benching, systems and storage $ 1,089.7 $ 903.3 $ 912.0 Seating 692.4 583.2 559.4 Other (1) 654.1 508.6 456.5 International Desking, benching, systems and storage 262.5 271.0 246.2 Seating 290.0 283.8 255.0 Other (1) 243.9 222.8 167.1 $ 3,232.6 $ 2,772.7 $ 2,596.2 _______________________________________ (1) The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. In the Americas segment, no industry or vertical market individually represented more than 17%, 17% or 15% of the Americas segment revenue in 2023, 2022 and 2021, respectively. Reportable geographic information is as follows: Reportable Geographic Revenue Year Ended February 24, February 25, February 26, United States $ 2,258.7 $ 1,848.2 $ 1,739.5 Foreign locations 973.9 924.5 856.7 $ 3,232.6 $ 2,772.7 $ 2,596.2 No individual country in the International segment represented more than 6% of our consolidated revenue in 2023. No single customer represented more than 5% of our consolidated revenue in 2023, 2022 or 2021. |
Contract with Customer, Asset and Liability [Table Text Block] | Changes in the Customer deposits balance during the year ended February 24, 2023 are as follows: Customer Deposits Balance as of February 25, 2022 $ 53.4 Recognition of revenue related to beginning of year customer deposits (50.0) Customer deposits acquired (1) 24.3 Customer deposits received, net of revenue recognized during the period (2) 23.1 Balance as of February 24, 2023 $ 50.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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 24, 2023 Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 35.3 117.1 117.5 Impact of participating securities (1.3) (4.3) (4.3) Amounts used in calculating earnings per share, excluding participating securities $ 34.0 112.8 113.2 Earnings per share $ 0.30 $ 0.30 Computation of Earnings Per Share Year Ended February 25, 2022 Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 4.0 117.0 117.4 Impact of participating securities (0.1) (3.2) (3.2) Amounts used in calculating earnings per share, excluding participating securities $ 3.9 113.8 114.2 Earnings per share $ 0.03 $ 0.03 Computation of Earnings Per Share Year Ended February 26, 2021 Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 26.1 117.5 117.8 Impact of participating securities (0.6) (2.6) (2.6) Amounts used in calculating earnings per share, excluding participating securities $ 25.5 114.9 115.2 Earnings per share $ 0.22 $ 0.22 There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the years ended February 24, 2023, February 25, 2022 and February 26, 2021. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated balances of other comprehensive income (loss) during the years ended February 24, 2023 and February 25, 2022: Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Derivative adjustments Foreign currency translation adjustments Total Balance as of February 26, 2021 $ 0.3 $ (6.6) $ (7.6) $ (26.1) $ (40.0) Other comprehensive income (loss) before reclassifications — 12.0 — (23.3) (11.3) Amounts reclassified from accumulated other comprehensive income (loss) — (0.2) 0.9 — 0.7 Net other comprehensive income (loss) during period — 11.8 0.9 (23.3) (10.6) Balance as of February 25, 2022 $ 0.3 $ 5.2 $ (6.7) $ (49.4) $ (50.6) Other comprehensive income (loss) before reclassifications (0.4) 4.9 — (26.6) (22.1) Amounts reclassified from accumulated other comprehensive income (loss) — (0.8) 1.0 — 0.2 Net other comprehensive income (loss) during period (0.4) 4.1 1.0 (26.6) (21.9) Balance as of February 24, 2023 $ (0.1) $ 9.3 $ (5.7) $ (76.0) $ (72.5) |
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 24, 2023 and February 25, 2022: Detail of Accumulated Other Comprehensive Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Consolidated Statements of Income Year Ended February 24, February 25, Amortization of pension and other post-retirement actuarial losses (gains) $ (1.6) $ (0.2) Other income, net Prior service cost (credit) 0.5 (0.1) Other income, net Income tax expense 0.3 0.1 Income tax expense (benefit) (0.8) (0.2) Derivative adjustments 1.3 1.3 Interest expense Income tax benefit (0.3) (0.4) Income tax expense (benefit) 1.0 0.9 Total reclassifications $ 0.2 $ 0.7 |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
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 within our Consolidated Balance Sheets as of February 24, 2023 and February 25, 2022 are summarized below: Fair Value of Financial Instruments February 24, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 90.4 $ — $ — $ 90.4 Restricted cash 6.8 — — 6.8 Foreign exchange forward contracts — 2.3 — 2.3 Auction rate security — — 2.1 2.1 $ 97.2 $ 2.3 $ 2.1 $ 101.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — (9.5) (9.5) $ — $ (0.3) $ (9.5) $ (9.8) Fair Value of Financial Instruments February 25, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 200.9 $ — $ — $ 200.9 Restricted cash 6.1 — — 6.1 Foreign exchange forward contracts — 1.0 — 1.0 Auction rate security — — 2.6 2.6 $ 207.0 $ 1.0 $ 2.6 $ 210.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — (4.9) (4.9) $ — $ (0.3) $ (4.9) $ (5.2) |
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 during the years ended February 24, 2023 and February 25, 2022: Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Security - Other Assets Contingent Consideration - Other Long-Term Liabilities Balance as of February 26, 2021 $ 2.6 $ — Contingent consideration recorded on acquisition — 4.9 Balance as of February 25, 2022 $ 2.6 $ 4.9 Unrealized loss on investment (0.5) — Foreign currency gain — (0.6) Change in estimated fair value — 5.2 Balance as of February 24, 2023 $ 2.1 $ 9.5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories February 24, February 25, Raw materials and work-in-process $ 232.8 $ 208.2 Finished goods 118.1 146.9 350.9 355.1 Revaluation to LIFO 31.2 28.9 $ 319.7 $ 326.2 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Estimated February 24, February 25, Land $ 33.6 $ 33.3 Machinery and equipment 3 – 15 742.4 780.1 Buildings and improvements 10 – 40 414.1 401.9 Leasehold improvements 3 – 15 83.1 81.2 Capitalized software 3 – 10 80.4 77.1 Furniture and fixtures 5 – 8 64.1 61.1 Construction in progress 47.4 47.1 1,465.1 1,481.8 Accumulated depreciation (1,088.6) (1,089.0) $ 376.5 $ 392.8 |
Company-Owned Life Insurance (T
Company-Owned Life Insurance (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Company-Owned Life Insurance [Abstract] | |
Company Owned Life Insurance [Table Text Block] | The balances of our COLI investments as of February 24, 2023 and February 25, 2022 were as follows: Type Ability to Choose Net Return Target Asset Allocation as of February 24, 2023 Net Cash Surrender Value February 24, February 25, Whole life No ability A rate of return set periodically by the Not applicable $ 103.0 $ 108.6 Variable life Can allocate across a set of choices provided by the insurance companies Fluctuates depending on performance of underlying investments 65% fixed income; 35% equity 54.3 59.4 $ 157.3 $ 168.0 |
Goodwill & Other Intangible A_2
Goodwill & Other Intangible Assets Intangible Assets (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | A summary of the changes in goodwill during the years ended February 24, 2023 and February 25, 2022, by reportable segment, is as follows: Goodwill Americas International Total Balance as of February 26, 2021 $ 218.1 $ — $ 218.1 Acquisition (1) — 25.8 25.8 Currency translation adjustments (0.2) (0.9) (1.1) Goodwill 244.5 319.8 564.3 Accumulated impairment losses (26.6) (294.9) (321.5) Balance as of February 25, 2022 $ 217.9 $ 24.9 $ 242.8 Acquisition (1) (2) 36.6 0.2 36.8 Goodwill on divestiture (3) (0.9) — (0.9) Currency translation adjustments (0.5) (1.4) (1.9) Reallocation of goodwill (4) 15.2 (15.2) — Goodwill 294.9 303.4 598.3 Accumulated impairment losses (26.6) (294.9) (321.5) Balance as of February 24, 2023 $ 268.3 $ 8.5 $ 276.8 ________________________ (1) In 2022, we acquired Viccarbe resulting in a goodwill addition in the International segment. The purchase accounting was finalized in 2023. See Note 19 for additional information. (2) In 2023, we acquired HALCON resulting in a goodwill addition in the Americas segment. See Note 19 for additional information. (3) In 2023, we sold a consolidated dealer, resulting in a decrease to goodwill in the Americas segment. (4) In 2023, we reallocated $15.2 of goodwill from the International segment to the Americas segment corresponding to a portion of the goodwill recognized in the acquisition of Viccarbe. The reallocation was triggered by changes in our management structure and allocation of resources to the Viccarbe business post-acquisition. The amount of the reallocation was based on the relative fair value of the Viccarbe business reported within the Americas segment. We performed an impairment test immediately prior to and subsequent to the reallocation of goodwill to assess for impairment and concluded no impairment existed. |
Intangible Assets Disclosure [Table Text Block] | As of February 24, 2023 and February 25, 2022, other intangible assets and related accumulated amortization consisted of the following: Other Intangible Assets February 24, 2023 February 25, 2022 Weighted Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Dealer relationships (1) (2) 10.8 $ 83.8 $ 27.6 $ 56.2 $ 61.4 $ 20.0 $ 41.4 Trademarks (1) (2) 8.9 59.6 30.6 29.0 47.4 24.5 22.9 Know-how/designs (1) (2) 9.0 35.5 11.8 23.7 24.2 8.5 15.7 Proprietary technology 9.9 15.8 14.3 1.5 15.8 13.9 1.9 Other (2) (3) (4) 3.8 14.0 13.3 0.7 23.0 19.5 3.5 208.7 97.6 111.1 171.8 86.4 85.4 Intangible assets not subject to amortization: Trademarks and other n/a 0.1 — 0.1 0.1 — 0.1 $ 208.8 $ 97.6 $ 111.2 $ 171.9 $ 86.4 $ 85.5 ________________________ (1) In 2022, we acquired Viccarbe, resulting in an increase of intangible assets in the International segment. See Note 19 for additional information. (2) In 2023, we acquired HALCON, resulting in an increase of intangible assets in the Americas segment. See Note 19 for additional information. (3) In 2023, we sold a consolidated dealer, resulting in a decrease of intangible assets in the Americas segment. (4) In 2023, we wrote off certain fully amortized assets as they were no longer in use, resulting in a decrease of intangible assets in the Americas and International segments. |
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 2024 $ 17.1 2025 17.4 2026 17.1 2027 16.9 2028 13.7 $ 82.2 Future events, such as acquisitions, divestitures or impairments, may cause these amounts to vary. The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of February 24, 2023: Fiscal Year Ending in February Amount 2024 $ 1.1 2025 1.1 2026 1.1 2027 1.1 2028 1.1 $ 5.5 The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of February 24, 2023: Fiscal Year Ending in February Amount 2024 $ 5.0 2025 5.1 2026 5.0 2027 5.0 2028 5.0 $ 25.1 |
Investments In Unconsolidated_2
Investments In Unconsolidated Affiliates (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Equity Method Investments 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 24, 2023 February 25, 2022 Investment Ownership Investment Ownership Equity method investments Dealer relationships $ 32.2 25%-40% $ 29.6 25%-40% Manufacturing joint venture 9.4 49% 7.3 49% IDEO — 0% 6.7 5% 41.6 43.6 Cost method investments Dealer relationship 5.8 Less than 10% 5.8 Less than 10% Other 3.7 Less than 10% 3.7 Less than 10% 9.5 9.5 Total investments in unconsolidated affiliates $ 51.1 $ 53.1 |
Equity in earnings of unconsolidated affiliates [Table Text Block] | Our equity in earnings of unconsolidated affiliates is recorded in Other income, net in the Consolidated Statements of Income and is summarized below: Equity in Earnings of Unconsolidated Affiliates Year Ended February 24, February 25, February 26, Dealer relationships $ 9.7 $ 6.2 $ 8.0 Manufacturing joint venture 2.7 0.3 0.7 IDEO and other 0.1 1.3 0.6 Total equity in earnings of unconsolidated affiliates $ 12.5 $ 7.8 $ 9.3 |
Schedule of consolidated balance sheets of unconsolidated affiliates [Table Text Block] | The following table summarizes the combined accounts of our equity method investments in unconsolidated affiliates: Consolidated Balance Sheets February 24, February 25, Total current assets $ 169.1 $ 211.7 Total non-current assets 79.0 146.4 Total assets $ 248.1 $ 358.1 Total current liabilities 107.2 162.9 Total long-term liabilities 18.0 29.6 Total liabilities $ 125.2 $ 192.5 |
Schedule of statements of income of unconsolidated affiliates [Table Text Block] | Statements of Income Year Ended February 24, February 25, February 26, Revenue $ 755.3 $ 578.6 $ 695.4 Gross profit 174.8 177.8 204.9 Income before income tax expense 39.0 53.0 37.8 Net income 37.5 47.8 35.6 |
Supplemental Schedule for unconsolidated affiliates [Table Text Block] | Supplemental Information Year Ended February 24, February 25, February 26, Dividends received from unconsolidated affiliates $ 7.8 $ 5.5 $ 8.1 Sales to unconsolidated affiliates 259.5 194.2 201.5 Amount due from unconsolidated affiliates 22.5 12.9 6.4 |
Short-Term Borrowings And Lon_2
Short-Term Borrowings And Long-Term Debt (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt Obligations Interest Rate as of February 24, 2023 Fiscal Year February 24, February 25, U.S. dollar obligations: Senior notes 5.125% 2029 $ 445.5 $ 444.9 Notes payable 5.90% 2024 32.2 34.9 Other committed bank facility 7.06% 2024 3.5 2.4 481.2 482.2 Foreign currency obligations: Notes payable — 0.3 Total short-term borrowings and long-term debt 481.2 482.5 Less: Short-term borrowings and current portion of long-term debt (1) 35.7 5.1 Long-term debt $ 445.5 $ 477.4 ____________________ (1) The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 6.0% as of February 24, 2023 and 2.3% as of February 25, 2022. |
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 2024 $ 35.7 2025 — 2026 — 2027 — 2028 — Thereafter 445.5 $ 481.2 |
Compensation Related Costs, R_2
Compensation Related Costs, Retirement Benefits (Tables) | 12 Months Ended | |
Feb. 24, 2023 | Feb. 25, 2022 | |
Retirement Benefits [Abstract] | ||
Employee Benefit Plan Obligation Summary [Table Text Block] | Employee Benefit Plan Obligations (net) February 24, February 25, Defined contribution retirement plans $ 17.0 $ 9.1 Post-retirement medical benefits 27.5 34.1 Defined benefit pension plans 41.1 48.5 Deferred compensation plans and agreements 46.3 56.9 $ 131.9 $ 148.6 Employee benefit plan assets Long-term asset $ 2.3 $ 3.5 $ 2.3 $ 3.5 Employee benefit plan obligations Current portion $ 31.2 $ 25.4 Long-term portion 103.0 126.7 $ 134.2 $ 152.1 | |
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 24, 2023 February 25, 2022 Qualified Plans Non-qualified Qualified Plans Non-qualified Foreign Foreign Plan assets $ 22.4 $ — $ 35.2 $ — Projected benefit plan obligations 30.2 23.7 44.9 28.8 Funded status $ (7.8) $ (23.7) $ (9.7) $ (28.8) Long-term asset 2.3 — 3.5 — Current liability (0.8) (3.6) (0.8) (3.9) Long-term liability (9.3) (20.1) (12.4) (24.9) Total benefit plan obligations $ (7.8) $ (23.7) $ (9.7) $ (28.8) Accumulated benefit obligation $ 27.6 $ 23.7 $ 41.4 $ 28.8 | |
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 24, February 25, February 24, February 25, Change in plan assets: Fair value of plan assets, beginning of year $ 35.2 $ 33.2 $ — $ — Actual return on plan assets (12.1) 3.7 — — Employer contributions 8.0 4.7 2.6 4.3 Plan participants’ contributions — — 2.1 2.2 Currency changes (3.5) (1.7) — — Benefits paid (5.2) (4.7) (4.7) (6.5) Fair value of plan assets, end of year 22.4 35.2 — — | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Change in benefit obligations: Benefit plan obligations, beginning of year 73.7 85.9 34.1 42.7 Service cost 0.7 1.4 0.1 0.1 Interest cost 1.6 1.3 1.1 1.0 Amendments 0.5 — — — Net actuarial gain (1) (13.5) (7.2) (5.1) (5.4) Plan participants’ contributions — — 2.1 2.2 Currency changes (3.9) (3.0) (0.1) — Benefits paid (5.2) (4.7) (4.7) (6.5) Benefit plan obligations, end of year 53.9 73.7 27.5 34.1 Funded status $ (31.5) $ (38.5) $ (27.5) $ (34.1) | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized on the Consolidated Balance Sheets: Long-term asset 2.3 3.5 — — Current liability (4.4) (4.7) (2.8) (3.0) Long-term liability (29.4) (37.3) (24.7) (31.1) Net amount recognized $ (31.5) $ (38.5) $ (27.5) $ (34.1) | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) —pretax: Actuarial loss (gain) $ 8.7 $ 10.6 $ (18.3) $ (15.1) Prior service cost 0.5 0.9 — — Total amounts recognized in accumulated other comprehensive income (loss) —pretax $ 9.2 $ 11.5 $ (18.3) $ (15.1) | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plans Post-Retirement Plans Year Ended Year Ended February 24, February 25, February 26, February 24, February 25, February 26, Components of expense: Service cost $ 0.7 $ 1.4 $ 1.9 $ 0.1 $ 0.1 $ 0.1 Interest cost 1.6 1.3 1.3 1.1 1.0 1.1 Amortization of net loss (gain) 0.2 1.2 1.1 (1.8) (1.4) (2.1) Amortization of prior year service cost (credit) 0.5 (0.1) — — — — Expected return on plan assets (0.4) (1.2) (0.9) — — — Net expense (credit) recognized in Consolidated Statements of Income 2.6 2.6 3.4 (0.6) (0.3) (0.9) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) (pre-tax): Net actuarial loss (gain) (1.0) (9.7) 1.2 (5.1) (5.4) 0.5 Prior service cost 0.5 — 0.1 — — — Amortization of gain (loss) (0.2) (1.2) (1.1) 1.8 1.4 2.1 Amortization of prior year service cost (credit) (0.5) 0.1 — — — — Total recognized in other comprehensive income (loss) (1.2) (10.8) 0.2 (3.3) (4.0) 2.6 Total recognized in net periodic benefit cost and other comprehensive income (loss) -- $ 1.4 $ (8.2) $ 3.6 $ (3.9) $ (4.3) $ 1.7 | |
Pension and Other Post-Retirement Liability Adjustments [Table Text Block] | Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax Tax (Expense) Net of Balance as of February 26, 2021 $ (11.7) $ 5.1 $ (6.6) Amortization of prior service cost (credit) included in net periodic pension cost (0.1) — (0.1) Net prior service (cost) credit during period (0.1) — (0.1) Net actuarial gain (loss) arising during period 15.1 (3.6) 11.5 Amortization of net actuarial (gain) loss included in net periodic pension cost (0.2) 0.1 (0.1) Net actuarial gain (loss) during period 14.9 (3.5) 11.4 Foreign currency translation adjustments 0.5 — 0.5 Current period change 15.3 (3.5) 11.8 Balance as of February 25, 2022 $ 3.6 $ 1.6 $ 5.2 Prior service (cost) credit from plan amendment arising during period (0.5) 0.1 (0.4) Amortization of prior service cost (credit) included in net periodic pension cost 0.5 (0.1) 0.4 Net prior service (cost) credit during period — — — Net actuarial gain (loss) arising during period 6.1 (1.6) 4.5 Amortization of net actuarial (gain) loss included in net periodic pension cost (1.6) 0.4 (1.2) Net actuarial gain (loss) during period 4.5 (1.2) 3.3 Foreign currency translation adjustments 1.0 (0.2) 0.8 Current period change 5.5 (1.4) 4.1 Balance as of February 24, 2023 $ 9.1 $ 0.2 $ 9.3 | |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted-Average Pension Plans Post-Retirement Plans Year Ended Year Ended February 24, February 25, February 26, February 24, February 25, February 26, Weighted-average assumptions used to determine benefit obligations: Discount rate 4.80 % 2.50 % 1.70 % 5.47 % 3.38 % 2.58 % Rate of salary progression 0.60 % 2.50 % 3.50 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.50 % 1.70 % 1.70 % 3.38 % 2.58 % 2.56 % Expected return on plan assets 1.40 % 3.70 % 3.00 % Rate of salary progression 2.50 % 3.50 % 3.40 % | |
Schedule of Allocation of Plan Assets [Table Text Block] | Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 24, 2023 and February 25, 2022 are reflected in the following table. Asset Category February 24, 2023 February 25, 2022 Actual Target Actual Target Buy-in contract 98 % 100 % — % — % Debt securities — — 78 50 Other (1) 2 — 22 50 Total 100 % 100 % 100 % 100 % ________________________ (1) Represents cash and cash equivalents in 2023 and primarily represents money market funds in 2022. | |
Defined Benefit Plan, Plan Assets, Category | The fair value of the pension plan assets as of February 24, 2023 and February 25, 2022, by asset category are as follows: Fair Value of Pension Plan Assets February 24, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.5 $ — $ — $ 0.5 Buy-in contract — — 21.9 21.9 $ 0.5 $ — $ 21.9 $ 22.4 | Fair Value of Pension Plan Assets February 25, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1.3 $ — $ — $ 1.3 Fixed income securities - Bond funds — 33.7 — 33.7 Other investments - Property and property funds — 0.2 — 0.2 $ 1.3 $ 33.9 $ — $ 35.2 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Below is a roll-forward of the pension plan assets measured at estimated fair value using Level 3 inputs during the years ended February 24, 2023 and February 25, 2022: Roll-forward of Fair Value Using Level 3 Inputs Pension Plan Assets Balance as of February 25, 2022 $ — Initial buy-in contract premium 24.2 Other contributions 1.4 Change in estimated fair value (3.7) Balance as of February 24, 2023 $ 21.9 | |
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 Post-retirement 2024 $ 5.2 $ 2.9 2025 4.5 2.8 2026 5.3 2.6 2027 4.5 2.5 2028 4.0 2.5 2029 - 2033 17.8 11.0 |
Equity (Tables)_2
Equity (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Equity [Abstract] | |
Share Repurchases [Table Text Block] | The 2023 and 2022 activity for share repurchases is as follows (share data in millions): Share Repurchases Year ended February 24, February 25, Total number of shares Price Paid Total number Price Paid Class A Common Stock 0.4 $ 3.9 4.1 $ 55.2 Class B Common Stock — $ — — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on income before income tax expense (benefit) consists of: Provision for Income Tax Expense (Benefit) Year Ended February 24, February 25, February 26, Current income tax expense (benefit): Federal $ 1.3 $ — $ (30.4) State and local 0.8 1.0 1.9 Foreign 14.9 10.0 12.9 17.0 11.0 (15.6) Deferred income tax expense (benefit): Federal (2.3) (14.0) 13.7 State and local 1.4 (1.3) (1.1) Foreign 0.2 1.9 2.8 (0.7) (13.4) 15.4 Income tax expense (benefit) $ 16.3 $ (2.4) $ (0.2) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income taxes were based on the following sources of income (loss) before income tax expense (benefit): Source of Income (Loss) Before Income Tax Expense (Benefit) Year Ended February 24, February 25, February 26, Domestic $ 2.1 $ (38.0) $ (10.1) Foreign 49.5 39.6 36.0 $ 51.6 $ 1.6 $ 25.9 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The total income tax expense (benefit) recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0%, as follows: Income Tax Provision Reconciliation Year Ended February 24, February 25, February 26, Tax expense at the U.S. federal statutory rate $ 10.8 $ 0.3 $ 5.4 State and local income taxes, net of federal tax effect 2.0 (0.2) 0.6 Foreign operations, less applicable foreign tax credits (1) 4.0 3.1 5.4 Impact of the CARES Act (2) — — (11.7) Contingent consideration (3) 0.9 — — Valuation allowance provisions and adjustments (4) 1.0 (2.7) 0.4 Goodwill impairment charge (5) — — 3.4 COLI income (6) (0.4) (1.3) (2.7) Impact of change to non-U.S. federal statutory tax rates (7) (0.1) (0.3) 0.4 Officer compensation limitation 1.0 1.3 1.9 Research tax credit (2.9) (2.4) (3.0) Other U.S. domestic tax credits (0.3) (0.7) (0.3) Stock compensation 0.4 0.3 0.1 Other (0.1) 0.2 (0.1) Total income tax expense (benefit) recognized $ 16.3 $ (2.4) $ (0.2) ________________________ (1) 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. (2) In Q1 2021, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), which enabled companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act when the federal statutory income tax rate was 35%. (3) In 2023, we recorded an increase in the fair value of the contingent consideration liability related to the acquisition of Viccarbe which is non-deductible for tax purposes. (4) The valuation allowance provisions and adjustments are based on current year activity, which are further detailed below. (5) We recorded a goodwill impairment charge related to our Orangebox U.K. reporting unit which is non-deductible for tax purposes. (6) The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of deferred income taxes are as follows: Deferred Income Taxes February 24, February 25, Deferred income tax assets: Employee benefit plan obligations and deferred compensation $ 52.5 $ 51.6 Operating lease obligations 55.0 58.4 Foreign and domestic net operating loss carryforwards 35.8 40.2 Reserves and accruals 18.0 16.1 Tax credit carryforwards 17.9 26.2 Other, net 14.4 14.7 Total deferred income tax assets 193.6 207.2 Valuation allowances (4.3) (3.7) Net deferred income tax assets 189.3 203.5 Deferred income tax liabilities: Right-of-use operating lease assets 50.9 54.1 Property, plant and equipment 28.9 26.5 Intangible assets 0.2 11.7 Total deferred income tax liabilities 80.0 92.3 Net deferred income taxes $ 109.3 $ 111.2 Net deferred income taxes is comprised of the following components: Deferred income tax assets—non-current 117.3 121.2 Deferred income tax liabilities—non-current 8.0 10.0 |
Schedule of Current Taxes Payable or Refundable [Table Text Block] | Income taxes currently payable or receivable are reported on the Consolidated Balance Sheets as follows: Income Taxes February 24, February 25, Other current assets: Income taxes receivable $ 5.3 $ 41.7 Accrued expenses: Income taxes payable $ 4.8 $ 7.6 |
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 2024 $ — $ — $ — $ — $ — $ — $ — $ — 2025-2043 0.8 45.8 3.0 0.2 2.6 0.7 3.5 17.9 No expiration — 6.8 128.9 — 0.4 32.6 33.0 — $ 0.8 $ 52.6 $ 131.9 0.2 3.0 33.3 36.5 17.9 Valuation allowances — — (3.1) (3.1) — Net benefit $ 0.2 $ 3.0 $ 30.2 $ 33.4 $ 17.9 |
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 24, February 25, February 26, Balance as of beginning of period $ 2.1 $ 2.3 $ 2.0 Gross decreases—tax positions in prior period — — — Currency translation adjustment (0.1) (0.2) 0.3 Balance as of end of period $ 2.0 $ 2.1 $ 2.3 |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
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 24, Performance units (1) 1,060,231 Restricted stock units 3,293,268 Total outstanding awards 4,353,499 ________________________ (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 conditions, and therefore may be significantly lower. |
Schedule Of Share Based Payment Award Performance Units Valuation Assumptions [Table Text Block] | The Monte Carlo simulation was computed using the following assumptions: FY23 Award FY22 Award FY21 Award Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 2.6 % 2.3 % 0.3 % 1.6 % 0.2 % 0.2 % Expected term 3 years 2 years 3 years 1 year 2 years 2 years Estimated volatility (2) 52.2 % 43.8 % 53.5 % 28.7 % 61.3 % 58.1 % ________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Company’s Class A Common Stock for the three-year period preceding the grant date. |
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 PSU with market conditions: Grant Date Fair Value per PSU Year Ended February 24, February 25, February 26, Weighted-average grant date fair value per share of PSUs granted under Monte Carlo $ 11.13 $ 14.38 $ 13.29 The weighted-average grant date fair value per share of RSUs granted in 2023, 2022 and 2021 is as follows: Grant Date Fair Value per Share Year Ended February 24, February 25, February 26, Weighted-average grant date fair value per share of RSUs granted $ 10.63 $ 13.08 $ 9.49 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The total PSU expense and associated tax benefit recorded in 2023, 2022 and 2021 are as follows: Performance Units Year Ended February 24, February 25, February 26, Expense $ 3.2 $ 1.6 $ 7.7 Tax benefit 0.8 0.4 2.0 The total RSU expense and associated tax benefit recorded in 2023, 2022 and 2021 are as follows: Restricted Stock Units Year Ended February 24, February 25, February 26, Expense $ 17.6 $ 13.7 $ 12.4 Tax benefit 4.4 3.5 3.1 |
Schedule Of Share Based Compensation Performance Units Award Activity [Table Text Block] | The 2023 PSU activity is as follows: Maximum Number of Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 1,205,833 $ 14.21 Granted 1,125,192 11.13 Vested (1,270,794) 12.40 Nonvested as of February 24, 2023 1,060,231 $ 13.11 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | The 2023 RSU activity is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 25, 2022 3,445,438 $ 11.86 Granted 1,241,599 10.63 Vested (1,309,344) 10.05 Forfeited (84,425) 12.48 Nonvested as of February 24, 2023 3,293,268 $ 12.11 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows: Year Ended February 24, February 25, February 26, Operating lease cost $ 51.9 $ 53.2 $ 51.8 Sublease rental income (2.2) (2.0) (2.4) $ 49.7 $ 51.2 $ 49.4 |
Lessee, lease, supplemental cash flow and other information [Table Text Block] | Supplemental cash flow and other information related to leases is as follows: Year Ended February 24, February 25, February 26, Cash flow information: Operating cash flows used for operating leases $ 53.1 $ 54.1 $ 50.4 Leased assets obtained in exchange for new operating lease obligations $ 39.1 $ 33.1 $ 21.8 |
Lessee, Operating Lease, Liability, to be Paid, Maturity | The following table summarizes the future minimum lease payments as of February 24, 2023: Fiscal year ending in February Amount (1) 2024 $ 52.5 2025 51.4 2026 41.2 2027 32.8 2028 24.3 Thereafter 38.3 Total lease payments 240.5 Less interest 25.9 Present value of lease liabilities $ 214.6 _______________________________________ (1) Lease payments include |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Useful Life Fair Value Trademark 9.0 $ 4.6 Dealer relationships 13.0 3.8 Know-how and designs 9.0 3.3 $ 11.7 Other Intangible Assets Useful Life Fair Value Dealer relationships 10.0 $ 21.5 Trademark 9.0 14.0 Know-how and designs 9.0 12.0 Backlog 0.7 4.3 $ 51.8 |
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 2024 $ 17.1 2025 17.4 2026 17.1 2027 16.9 2028 13.7 $ 82.2 Future events, such as acquisitions, divestitures or impairments, may cause these amounts to vary. The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of February 24, 2023: Fiscal Year Ending in February Amount 2024 $ 1.1 2025 1.1 2026 1.1 2027 1.1 2028 1.1 $ 5.5 The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of February 24, 2023: Fiscal Year Ending in February Amount 2024 $ 5.0 2025 5.1 2026 5.0 2027 5.0 2028 5.0 $ 25.1 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Segment Data Americas International Consolidated 2023 Revenue $ 2,436.2 $ 796.4 $ 3,232.6 Gross profit 711.6 207.8 919.4 Operating income (loss) 77.4 (11.9) 65.5 Total assets 1,631.2 571.6 2,202.8 Capital expenditures 41.9 17.2 59.1 Depreciation and amortization 64.6 25.4 90.0 2022 Revenue $ 1,995.1 $ 777.6 $ 2,772.7 Gross profit 546.4 215.1 761.5 Operating income (loss) 21.2 (1.1) 20.1 Total assets 1,607.1 653.9 2,261.0 Capital expenditures 44.4 16.1 60.5 Depreciation and amortization 55.6 27.6 83.2 2021 Revenue $ 1,927.9 $ 668.3 $ 2,596.2 Gross profit 583.9 178.9 762.8 Operating income (loss) 75.2 (32.2) 43.0 Total assets 1,777.7 576.3 2,354.0 Capital expenditures 22.6 18.7 41.3 Depreciation and amortization 57.7 27.5 85.2 |
Long-lived Assets by Geographic Areas [Table Text Block] | Reportable geographic information is as follows: Reportable Geographic Data Year Ended February 24, February 25, February 26, Long-lived assets (1): United States $ 358.3 $ 364.2 $ 390.3 Foreign locations 216.5 238.4 245.9 $ 574.8 $ 602.6 $ 636.2 _______________________________________ (1) Long-lived assets include property, plant and equipment and right-of-use operating lease assets. |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 12 Months Ended |
Feb. 24, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table details the changes in the restructuring reserve balance during the years ended February 24, 2023 and February 25, 2022: Workforce reductions Business exit and related costs Total Balance as of February 26, 2021 $ 0.4 $ — $ 0.4 Payments (0.4) — (0.4) Balance as of February 25, 2022 $ — $ — $ — Restructuring costs 16.3 2.4 18.7 Payments (12.3) (2.4) (14.7) Balance as of February 24, 2023 $ 4.0 $ — $ 4.0 |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements (Tables) | 3 Months Ended |
Aug. 27, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Quarterly Financial Information [Table Text Block] | Unaudited Quarterly Results First Second Third Fourth Total 2023 Revenue $ 740.7 $ 863.3 $ 826.9 $ 801.7 $ 3,232.6 Gross profit 191.6 250.8 237.8 239.2 919.4 Operating income (loss) (12.6) 28.9 20.5 28.7 65.5 Net income (loss) (11.4) 19.6 11.4 15.7 35.3 Basic earnings (loss) per share (0.10) 0.17 0.10 0.13 0.30 Diluted earnings (loss) per share (0.10) 0.17 0.10 0.13 0.30 2022 Revenue $ 556.6 $ 724.8 $ 738.2 $ 753.1 $ 2,772.7 Gross profit 154.7 206.8 203.6 196.4 761.5 Operating income (loss) (31.8) 33.9 15.9 2.1 20.1 Net income (loss) (28.1) 24.7 9.6 (2.2) 4.0 Basic earnings (loss) per share (0.24) 0.21 0.08 (0.02) 0.03 Diluted earnings (loss) per share (0.24) 0.21 0.08 (0.02) 0.03 |
Nature of Operations (Details)
Nature of Operations (Details) | Feb. 24, 2023 |
Nature of Operations [Abstract] | |
Entity Number of Employees | 11,900 |
Number of Principal Locations | 23 |
Number of Distribution Locations | 770 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | Feb. 28, 2020 | ||
Fair Value, Disclosure Item Amounts [Domain] | |||||
Accounting Policies [Line Items] | |||||
Long-term Debt, Fair Value | $ 405.9 | $ 516.7 | |||
Restricted Cash | 6.8 | 6.1 | $ 5.8 | $ 6.1 | |
Worker's Compensation Liability, associated receivable | 2.6 | 3.8 | |||
Workers' Compensation Liability, Current | 1.7 | 1.8 | |||
Workers' Compensation Liability, Noncurrent | 7.3 | 9.1 | |||
Workers' Compensation Liability | 9 | 10.9 | |||
Workers' Compensation Liability, net of associated receivables | 6.4 | 7.1 | |||
Loss Contingency Accrual, Product Liability, associated receivables | 0.4 | 0.6 | |||
Loss Contingency Accrual, Product Liability, Gross | 1.7 | 2.4 | |||
Loss Contingency Accrual, Product Liability, Net | 1.3 | 1.8 | |||
Standard and Extended Product Warranty Accrual, Period Increase (Decrease) | (0.1) | 2.5 | |||
Standard and Extended Product Warranty Accrual | 28.6 | 24 | 22.5 | ||
Standard and Extended Product Warranty Accrual, Other Increase | [1] | 4.5 | 0 | ||
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 21.8 | 5.9 | |||
Standard and Extended Product Warranty Accrual, Decrease for Payments | (21.5) | (6.7) | |||
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss) | (0.1) | (0.2) | |||
Product Warranty Accrual, Noncurrent | 12 | 12.8 | |||
Accrued Environmental Loss Contingencies, Current | $ 0.8 | $ 1.1 | |||
Accrual for Environmental Loss Contingencies, Discount Rate | 3.50% | 2.50% | |||
Accrual for Environmental Loss Contingencies, Gross | $ 3.6 | ||||
Research and Development Expense | 44.4 | $ 45.4 | 48.1 | ||
Debt, Long-term and Short-term, Combined Amount | 481.2 | 482.5 | |||
Foreign exchange forward contracts | 2.3 | 1 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.3) | (0.3) | |||
Derivative, Fair Value, Net | [2] | 2 | 0.7 | ||
Derivative, Notional Amount | 55.1 | 76.1 | |||
Cost of sales | 2,310.7 | 2,011.2 | 1,822.8 | ||
Operating expenses | 837.2 | 741.4 | 684.2 | ||
Other income (expense), net | (13.5) | (6.6) | (8.6) | ||
Forward Contracts [Member] | |||||
Accounting Policies [Line Items] | |||||
Cost of sales | 2.6 | 0.6 | 0.1 | ||
Operating expenses | 0.6 | 0.3 | (0.1) | ||
Other income (expense), net | (1.1) | (0.2) | 0.8 | ||
Derivative, Gain (Loss) on Derivative, Net | $ 2.1 | $ 0.7 | $ 0.8 | ||
Other Noncurrent Liabilities [Member] | |||||
Accounting Policies [Line Items] | |||||
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities | |||
Other Current Liabilities [Member] | |||||
Accounting Policies [Line Items] | |||||
Loss Contingency Accrual | $ 0.3 | $ 0.5 | |||
Other Noncurrent Liabilities [Member] | |||||
Accounting Policies [Line Items] | |||||
Loss Contingency Accrual | 1.4 | 1.9 | |||
Environmental Contingencies | |||||
Accounting Policies [Line Items] | |||||
Total environmental contingencies (discounted) | 3.3 | 3.4 | |||
Fair Value, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted Cash | 6.8 | 6.1 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.3) | (0.3) | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted Cash | 6.8 | 6.1 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | $ 0 | |||
Minimum [Member] | |||||
Accounting Policies [Line Items] | |||||
Standard Product Warranty Description | three years | ||||
Minimum [Member] | Combined accounts of our equity method investments in unconsolidated affiliates | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 20% | ||||
Maximum [Member] | |||||
Accounting Policies [Line Items] | |||||
Standard Product Warranty Description | lifetime | ||||
Maximum [Member] | Combined accounts of our equity method investments in unconsolidated affiliates | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50% | ||||
[1] Initial quality claims are related to product damage during delivery or installation. As of February 24, 2023, we included claims for initial quality within our product warranty liability which is included in Other current liabilities on the Consolidated Balance Sheet. As of February 25, 2022, our reserve for initial quality was $4.3 and was separately included in Other current liabilities on the Consolidated Balance Sheet. |
New Accounting Standards (Detai
New Accounting Standards (Details) | 12 Months Ended |
Feb. 24, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Accounting Standards Issued But Not Yet AdoptedIn September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. We expect the adoption of this guidance will modify our disclosures but we do not expect it to have a material effect on our consolidated financial statements. |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 24, 2023 | Nov. 25, 2022 | Aug. 26, 2022 | May 27, 2022 | Feb. 25, 2022 | Nov. 26, 2021 | Aug. 27, 2021 | May 28, 2021 | Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | $ 801.7 | $ 826.9 | $ 863.3 | $ 740.7 | $ 753.1 | $ 738.2 | $ 724.8 | $ 556.6 | $ 3,232.6 | $ 2,772.7 | $ 2,596.2 | |
Percentage of sales represented by a single industry or vertical market | 17% | 17% | 15% | |||||||||
Sales represented by an individual customer | 5% | |||||||||||
Contract with Customer, Liability | $ 50.8 | $ 53.4 | $ 50.8 | $ 53.4 | ||||||||
Customer deposits | (24.9) | 18.4 | $ 2.2 | |||||||||
Deposits [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Contract with Customer, Liability, Revenue Recognized | (50) | |||||||||||
Customer deposits | [1] | 23.1 | ||||||||||
Deposits [Member] | Halcon Furniture LLC Q2 FY23 | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | [2] | 24.3 | ||||||||||
UNITED STATES | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | 2,258.7 | 1,848.2 | 1,739.5 | |||||||||
Foreign locations [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | 973.9 | 924.5 | 856.7 | |||||||||
Americas [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | 2,436.2 | 1,995.1 | 1,927.9 | |||||||||
International | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | $ 796.4 | 777.6 | 668.3 | |||||||||
Sales represented by an individual county | 6% | |||||||||||
Systems and storage [Member] | Americas [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | $ 1,089.7 | 903.3 | 912 | |||||||||
Systems and storage [Member] | International | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | 262.5 | 271 | 246.2 | |||||||||
Seating [Member] | Americas [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | 692.4 | 583.2 | 559.4 | |||||||||
Seating [Member] | International | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | 290 | 283.8 | 255 | |||||||||
Other Product Category [Member] | Americas [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | [3] | 654.1 | 508.6 | 456.5 | ||||||||
Other Product Category [Member] | International | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue | [3] | $ 243.9 | $ 222.8 | $ 167.1 | ||||||||
[1]Includes amounts recognized in revenue from the customer deposits acquired from HALCON.[2]Represents customer deposits acquired from Halcon Furniture LLC ("HALCON") as of the acquisition date. See Note 19 for additional information.[3]The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 24, 2023 | Nov. 25, 2022 | Aug. 26, 2022 | May 27, 2022 | Feb. 25, 2022 | Nov. 26, 2021 | Aug. 27, 2021 | May 28, 2021 | Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Schedule of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 15.7 | $ 11.4 | $ 19.6 | $ (11.4) | $ (2.2) | $ 9.6 | $ 24.7 | $ (28.1) | $ 35.3 | $ 4 | $ 26.1 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ (1.3) | $ (0.1) | $ (0.6) | ||||||||
Adjustment for participating securities (in millions) | (4.3) | (3.2) | (2.6) | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 34 | $ 3.9 | $ 25.5 | ||||||||
Basic | $ 0.13 | $ 0.10 | $ 0.17 | $ (0.10) | $ (0.02) | $ 0.08 | $ 0.21 | $ (0.24) | $ 0.30 | $ 0.03 | $ 0.22 |
Diluted | $ 0.13 | $ 0.10 | $ 0.17 | $ (0.10) | $ (0.02) | $ 0.08 | $ 0.21 | $ (0.24) | $ 0.30 | $ 0.03 | $ 0.22 |
Including antidilutive securities | |||||||||||
Schedule of Earnings Per Share [Line Items] | |||||||||||
Shares used in calculating basic earnings per share (in millions) | 117.1 | 117 | 117.5 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 117.5 | 117.4 | 117.8 | ||||||||
Excluding antidilutive securities | |||||||||||
Schedule of Earnings Per Share [Line Items] | |||||||||||
Shares used in calculating basic earnings per share (in millions) | 112.8 | 113.8 | 114.9 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 113.2 | 114.2 | 115.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | Feb. 28, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (72.5) | $ (50.6) | $ (40) | $ (69.3) |
Other comprehensive income (loss) before reclassifications | (22.1) | (11.3) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.2 | 0.7 | ||
Total other comprehensive income (loss), net | (21.9) | (10.6) | 29.3 | |
Income tax expense (benefit) | 16.3 | (2.4) | (0.2) | |
Interest Expense | 28.4 | 25.7 | 27.1 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.2 | 0.7 | ||
Unrealized gain on investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (0.1) | 0.3 | 0.3 | |
Other comprehensive income (loss) before reclassifications | (0.4) | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Total other comprehensive income (loss), net | (0.4) | 0 | ||
Minimum pension liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 9.3 | 5.2 | (6.6) | |
Other comprehensive income (loss) before reclassifications | 4.9 | 12 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.8) | (0.2) | ||
Total other comprehensive income (loss), net | 4.1 | 11.8 | ||
Minimum pension liability [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.8) | (0.2) | ||
Income tax expense (benefit) | 0.3 | 0.1 | ||
Minimum pension liability [Member] | Actuarial Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Income | (1.6) | (0.2) | ||
Minimum pension liability [Member] | Prior Service Costs [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Income | 0.5 | (0.1) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5.7) | (6.7) | (7.6) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 0.9 | ||
Total other comprehensive income (loss), net | 1 | 0.9 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 0.9 | ||
Income tax expense (benefit) | (0.3) | (0.4) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Derivative [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Expense | 1.3 | 1.3 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (76) | (49.4) | $ (26.1) | |
Other comprehensive income (loss) before reclassifications | (26.6) | (23.3) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Total other comprehensive income (loss), net | $ (26.6) | $ (23.3) |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | Feb. 28, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Restricted Cash | $ 6.8 | $ 6.1 | $ 5.8 | $ 6.1 |
Foreign exchange forward contracts | 2.3 | 1 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.3) | (0.3) | ||
Unrealized gain (loss) on investments | 0.5 | 0 | (0.5) | |
Viccarbe Habitat, S.L. Q3 FY22 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 13.8 | |||
Auction Rate Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Available-for-sale Securities, Par Value | 3.2 | |||
Other than Temporary Impairment Losses, Investments | 0.9 | |||
Unrealized gain (loss) on investments | 0.2 | |||
Estimated Reduction in Fair Value due to a One Hundred Basis Point Increase in Discount Rate | 0.2 | |||
Fair Value, Recurring [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Cash and cash equivalents | 90.4 | 200.9 | ||
Restricted Cash | 6.8 | 6.1 | ||
Assets, Fair Value Disclosure | 101.6 | 210.6 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.3) | (0.3) | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | (9.5) | (4.9) | ||
Liabilities, Fair Value Disclosure | (9.8) | (5.2) | ||
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Foreign exchange forward contracts | 2.3 | 1 | ||
Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Auction rate security | 2.1 | 2.6 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Cash and cash equivalents | 90.4 | 200.9 | ||
Restricted Cash | 6.8 | 6.1 | ||
Assets, Fair Value Disclosure | 97.2 | 207 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Foreign exchange forward contracts | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Auction rate security | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 2.3 | 1 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (0.3) | (0.3) | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | (0.3) | (0.3) | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Foreign exchange forward contracts | 2.3 | 1 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Auction rate security | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Assets, Fair Value Disclosure | 2.1 | 2.6 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | (9.5) | (4.9) | ||
Liabilities, Fair Value Disclosure | (9.5) | (4.9) | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Foreign exchange forward contracts | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Auction rate security | 2.1 | 2.6 | 2.6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.5) | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | Viccarbe Habitat, S.L. Q3 FY22 | Fair Value, Disclosure Item Amounts [Domain] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 5.2 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | Viccarbe Habitat, S.L. Q3 FY22 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | (9.5) | (4.9) | $ 0 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 4.9 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | Viccarbe Habitat, S.L. Q3 FY22 | Foreign Currency Gain (Loss) | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (0.6) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Feb. 24, 2023 | Feb. 25, 2022 |
Inventory Disclosure [Abstract] | ||
Raw Materials and Work in Process | $ 232.8 | $ 208.2 |
Finished goods | 118.1 | 146.9 |
Inventories, gross | 350.9 | 355.1 |
LIFO reserve | 31.2 | 28.9 |
Inventories | 319.7 | 326.2 |
LIFO Inventory Amount | $ 134.1 | $ 141.4 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Millions | Feb. 24, 2023 | Feb. 25, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,465.1 | $ 1,481.8 |
Property, plant and equipment, accumulated depreciation | (1,088.6) | (1,089) |
Property, plant and equipment, net | 376.5 | 392.8 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 33.6 | 33.3 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 742.4 | 780.1 |
Property, plant and equipment, net | $ 140.4 | 160.9 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 414.1 | 401.9 |
Property, plant and equipment, net | $ 94.6 | 89.2 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 83.1 | 81.2 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 80.4 | 77.1 |
Software and Software Development Costs [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Software and Software Development Costs [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 64.1 | 61.1 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 47.4 | $ 47.1 |
Property, Plant And Equipment N
Property, Plant And Equipment Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 376.5 | $ 392.8 | |
Depreciation | 67 | 67.5 | $ 68.8 |
Construction in Progress, Estimated Cost to Complete | 38 | 30.4 | |
Assets held for sale | 29 | 0 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 140.4 | 160.9 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 94.6 | $ 89.2 |
Company-Owned Life Insurance (D
Company-Owned Life Insurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Company Owned Life Insurance [Line Items] | |||
Company-owned life insurance ("COLI") | $ 157.3 | $ 168 | |
Operating Expense [Member] | |||
Company Owned Life Insurance [Line Items] | |||
COLI Investment Income | 0.8 | 6.2 | $ 12.3 |
Whole Life [Member] | |||
Company Owned Life Insurance [Line Items] | |||
Company-owned life insurance ("COLI") | 103 | 108.6 | |
Variable Life [Member] | |||
Company Owned Life Insurance [Line Items] | |||
Company-owned life insurance ("COLI") | $ 54.3 | $ 59.4 |
Goodwill & Other Intangible A_3
Goodwill & Other Intangible Assets Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | ||||
Goodwill [Roll Forward] | ||||||
Goodwill, Acquired During Period | [1] | $ 36.8 | [2] | $ 25.8 | ||
Currency translation adjustments | (1.9) | (1.1) | ||||
Goodwill | 598.3 | 564.3 | ||||
Accumulated impairment losses | (321.5) | (321.5) | ||||
Goodwill, Other Increase (Decrease) | [3] | $ (0.9) | ||||
Goodwill, Change in Goodwill Allocation, Description | [4] | — | ||||
Goodwill, net | $ 276.8 | 242.8 | $ 218.1 | |||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ||||||
Finite-lived intangible assets, gross | 208.7 | 171.8 | ||||
Finite-lived intangible assets, accumulated amortization | 97.6 | 86.4 | ||||
Finite-lived intangible assets, net | 111.1 | 85.4 | ||||
Indefinite-lived intangible assets, gross | 0.1 | 0.1 | ||||
Indefinite-lived intangible assets, accumulated amortization | 0 | 0 | ||||
Indefinite-lived intangible assets, net | 0.1 | 0.1 | ||||
Other intangible assets, gross | 208.8 | 171.9 | ||||
Other intangible assets, net | 111.2 | 85.5 | ||||
Intangible assets amortization expense | 22.8 | 14.8 | 16.3 | |||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 17.1 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 17.4 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 17.1 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 16.9 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 13.7 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | 82.2 | |||||
Goodwill impairment charge | $ 0 | $ 0 | 17.6 | |||
Equity Method Investee, Other [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 0% | 5% | ||||
Equity Method Investee, Manufacturing Joint Ventures [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 49% | 49% | ||||
Minimum [Member] | Equity Method Investee, Other [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 0% | 5% | ||||
Minimum [Member] | Equity Method Investee, Total Dealers [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 25% | 25% | ||||
Minimum [Member] | Cost Method Investee, Other [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | ||||
Minimum [Member] | Cost Method Investee, Total Dealers [Member] [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | ||||
Maximum [Member] | Equity Method Investee, Other [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 0% | 5% | ||||
Maximum [Member] | Equity Method Investee, Total Dealers [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 40% | 40% | ||||
Maximum [Member] | Cost Method Investee, Other [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 10% | 10% | ||||
Maximum [Member] | Cost Method Investee, Total Dealers [Member] [Member] | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 10% | 10% | ||||
Americas [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Acquired During Period | [1] | $ 36.6 | [2] | $ 0 | ||
Currency translation adjustments | (0.5) | (0.2) | ||||
Goodwill | 294.9 | 244.5 | ||||
Accumulated impairment losses | (26.6) | (26.6) | ||||
Goodwill, Other Increase (Decrease) | [3] | $ (0.9) | ||||
Goodwill, Change in Goodwill Allocation, Description | [4] | 15.2 | ||||
Goodwill, net | $ 268.3 | 217.9 | 218.1 | |||
International | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Acquired During Period | [1] | 0.2 | [2] | 25.8 | ||
Currency translation adjustments | (1.4) | (0.9) | ||||
Goodwill | 303.4 | 319.8 | ||||
Accumulated impairment losses | (294.9) | (294.9) | ||||
Goodwill, Other Increase (Decrease) | [3] | $ 0 | ||||
Goodwill, Change in Goodwill Allocation, Description | [4] | (15.2) | ||||
Goodwill, net | $ 8.5 | 24.9 | $ 0 | |||
Dealer relationships [Member] | ||||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ||||||
Finite-lived intangible assets, gross | 83.8 | [2] | 61.4 | [1] | ||
Finite-lived intangible assets, accumulated amortization | 27.6 | [2] | 20 | [1] | ||
Finite-lived intangible assets, net | $ 56.2 | [2] | 41.4 | [1] | ||
Dealer relationships [Member] | Weighted Average | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years 9 months | |||||
Trademarks [Member] | ||||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ||||||
Finite-lived intangible assets, gross | $ 59.6 | [2] | 47.4 | [1] | ||
Finite-lived intangible assets, accumulated amortization | 30.6 | [2] | 24.5 | [1] | ||
Finite-lived intangible assets, net | $ 29 | [2] | 22.9 | [1] | ||
Trademarks [Member] | Weighted Average | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Useful Life | 8 years 11 months | |||||
Know-How/Design [Member] | ||||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ||||||
Finite-lived intangible assets, gross | $ 35.5 | [2] | 24.2 | [1] | ||
Finite-lived intangible assets, accumulated amortization | 11.8 | [2] | 8.5 | [1] | ||
Finite-lived intangible assets, net | $ 23.7 | [2] | 15.7 | [1] | ||
Know-How/Design [Member] | Weighted Average | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||
Patented Technology [Member] | ||||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ||||||
Finite-lived intangible assets, gross | $ 15.8 | 15.8 | ||||
Finite-lived intangible assets, accumulated amortization | 14.3 | 13.9 | ||||
Finite-lived intangible assets, net | $ 1.5 | 1.9 | ||||
Patented Technology [Member] | Weighted Average | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years 11 months | |||||
Other Intangible Assets [Member] | ||||||
Schedule Of Intangible Assets By Major ClassLine Items [Line Items] | ||||||
Finite-lived intangible assets, gross | $ 14 | [2],[3],[5] | 23 | |||
Finite-lived intangible assets, accumulated amortization | 13.3 | [2],[3],[5] | 19.5 | |||
Finite-lived intangible assets, net | $ 0.7 | [2],[3],[5] | $ 3.5 | |||
Other Intangible Assets [Member] | Weighted Average | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years 10 months | |||||
Non-compete agreements [Member] | Weighted Average | ||||||
Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Finite-Lived Intangible Asset, Useful Life | 0 years | |||||
[1]In 2022, we acquired Viccarbe resulting in a goodwill addition in the International segment. The purchase accounting was finalized in 2023. See Note 19 for additional information.[2]In 2023, we acquired HALCON resulting in a goodwill addition in the Americas segment. See Note 19 for additional information.[3]In 2023, we sold a consolidated dealer, resulting in a decrease to goodwill in the Americas segment.[4]In 2023, we reallocated $15.2 of goodwill from the International segment to the Americas segment corresponding to a portion of the goodwill recognized in the acquisition of Viccarbe. The reallocation was triggered by changes in our management structure and allocation of resources to the Viccarbe business post-acquisition. The amount of the reallocation was based on the relative fair value of the Viccarbe business reported within the Americas segment. We performed an impairment test immediately prior to and subsequent to the reallocation of goodwill to assess for impairment and concluded no impairment existed.[5]In 2023, we wrote off certain fully amortized assets as they were no longer in use, resulting in a decrease of intangible assets in the Americas and International segments. |
Investments In Unconsolidated_3
Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 24, 2023 | Nov. 25, 2022 | Aug. 26, 2022 | May 27, 2022 | Feb. 25, 2022 | Nov. 26, 2021 | Aug. 27, 2021 | May 28, 2021 | Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 41.6 | $ 43.6 | $ 41.6 | $ 43.6 | |||||||
Investments and Other Noncurrent Assets | 9.5 | 9.5 | 9.5 | 9.5 | |||||||
Investments in unconsolidated affiliates | 51.1 | 53.1 | 51.1 | 53.1 | |||||||
Equity in income of unconsolidated affiliates | 12.5 | 7.8 | $ 9.3 | ||||||||
Equity Method Investment, Summarized Financial Information, Current Assets | 884 | 959.2 | 884 | 959.2 | |||||||
Total assets | 2,202.8 | 2,261 | 2,202.8 | 2,261 | 2,354 | ||||||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 603.3 | 567.2 | 603.3 | 567.2 | |||||||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 773.3 | 841.6 | 773.3 | 841.6 | |||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 1,376.6 | 1,408.8 | 1,376.6 | 1,408.8 | |||||||
Revenue | 801.7 | $ 826.9 | $ 863.3 | $ 740.7 | 753.1 | $ 738.2 | $ 724.8 | $ 556.6 | 3,232.6 | 2,772.7 | 2,596.2 |
Gross profit | 239.2 | $ 237.8 | $ 250.8 | $ 191.6 | 196.4 | $ 203.6 | $ 206.8 | $ 154.7 | 919.4 | 761.5 | 762.8 |
Dividends received from unconsolidated affiliates | 7.8 | 5.5 | 8.1 | ||||||||
Sales to unconsolidated affiliates | 259.5 | 194.2 | 201.5 | ||||||||
Amount due from unconsolidated affiliates | 22.5 | 12.9 | 22.5 | 12.9 | 6.4 | ||||||
Combined accounts of our equity method investments in unconsolidated affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Summarized Financial Information, Current Assets | 169.1 | 211.7 | 169.1 | 211.7 | |||||||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 79 | 146.4 | 79 | 146.4 | |||||||
Total assets | 248.1 | 358.1 | 248.1 | 358.1 | |||||||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 107.2 | 162.9 | 107.2 | 162.9 | |||||||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 18 | 29.6 | 18 | 29.6 | |||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 125.2 | 192.5 | 125.2 | 192.5 | |||||||
Revenue | 755.3 | 578.6 | 695.4 | ||||||||
Gross profit | 174.8 | 177.8 | 204.9 | ||||||||
Equity Method Investment, Summarized Financial Information, Income (Loss) before income tax | 39 | 53 | 37.8 | ||||||||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 37.5 | 47.8 | 35.6 | ||||||||
Equity Method Investee, Total Dealers [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income of unconsolidated affiliates | 9.7 | 6.2 | 8 | ||||||||
Equity Method Investee, Manufacturing Joint Ventures [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income of unconsolidated affiliates | 2.7 | 0.3 | 0.7 | ||||||||
Equity Method Investee, Other [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income of unconsolidated affiliates | 0.1 | 1.3 | $ 0.6 | ||||||||
Equity Method Investee, Total Dealers [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 32.2 | $ 29.6 | $ 32.2 | $ 29.6 | |||||||
Equity Method Investee, Total Dealers [Member] | Minimum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 25% | 25% | 25% | 25% | |||||||
Equity Method Investee, Total Dealers [Member] | Maximum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 40% | 40% | 40% | 40% | |||||||
Equity Method Investee, Manufacturing Joint Ventures [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 9.4 | $ 7.3 | $ 9.4 | $ 7.3 | |||||||
Equity Method Investment, Ownership Percentage | 49% | 49% | 49% | 49% | |||||||
Equity Method Investee, Other [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 0 | $ 6.7 | $ 0 | $ 6.7 | |||||||
Equity Method Investment, Ownership Percentage | 0% | 5% | 0% | 5% | |||||||
Equity Method Investee, Other [Member] | Minimum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 0% | 5% | 0% | 5% | |||||||
Equity Method Investee, Other [Member] | Maximum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 0% | 5% | 0% | 5% | |||||||
Cost Method Investee, Total Dealers [Member] [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments and Other Noncurrent Assets | $ 5.8 | $ 5.8 | $ 5.8 | $ 5.8 | |||||||
Cost Method Investee, Total Dealers [Member] [Member] | Minimum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | 1% | |||||||
Cost Method Investee, Total Dealers [Member] [Member] | Maximum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 10% | 10% | 10% | 10% | |||||||
Cost Method Investee, Other [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments and Other Noncurrent Assets | $ 3.7 | $ 3.7 | $ 3.7 | $ 3.7 | |||||||
Cost Method Investee, Other [Member] | Minimum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | 1% | |||||||
Cost Method Investee, Other [Member] | Maximum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 10% | 10% | 10% | 10% |
Short-Term Borrowings And Lon_3
Short-Term Borrowings And Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Debt Instrument [Line Items] | |||
Debt and Lease Obligation | $ 481.2 | $ 482.5 | |
Short-term borrowings and current portion of long-term debt | 35.7 | 5.1 | |
Long-term Debt | $ 445.5 | 477.4 | |
Debt Instrument Details [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | ||
Amortization of Debt Issuance Costs | $ 0.7 | $ 0.8 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | ||
Long-term Debt, Maturities, Repayment Terms | seven years | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 6% | 2.30% | |
Debt Instrument Maturities [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 35.7 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 445.5 | ||
Borrowings on global committed bank facility | 565.2 | $ 0 | $ 250 |
Line of Credit | |||
Debt Instrument Maturities [Abstract] | |||
Borrowings on global committed bank facility | 68 | ||
United States of America, Dollars | |||
Debt Instrument [Line Items] | |||
Debt and Lease Obligation | 481.2 | 482.2 | |
United States of America, Dollars | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 445.5 | 444.9 | |
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, Stated Percentage | 5.125% | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.60% | ||
Debt Instrument Maturities [Abstract] | |||
Payments of Debt Issuance Costs | 4 | ||
United States of America, Dollars | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | $ 32.2 | 34.9 | |
Debt Instrument Details [Abstract] | |||
Debt Instrument, Face Amount | $ 50 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | |||
Debt Instrument Details [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3.8 | ||
United States of America, Dollars | Line of Credit | |||
Debt Instrument [Line Items] | |||
Other committed bank facility | 3.5 | 2.4 | |
Debt Instrument Details [Abstract] | |||
Debt Instrument, Face Amount | $ 8 | 12.5 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.06% | ||
United States of America, Dollars | Unused lines of Credit | |||
Debt Instrument [Line Items] | |||
Other committed bank facility | 4 | ||
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | $ 0 | $ 0.3 | |
Foreign Currency [Domain] | Revolving Credit Facilities short term, unsecured uncommitted [Member] | |||
Debt Instrument Details [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 11.4 | ||
Balloon Payment [Member] | United States of America, Dollars | Notes Payable, Other Payables [Member] | |||
Debt Instrument Details [Abstract] | |||
Repayments of Long-term Debt | 31.8 | ||
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable, Other Payables [Member] | |||
Debt Instrument Details [Abstract] | |||
Repayments of Long-term Debt | $ 0.2 |
Short-Term Borrowings And Lon_4
Short-Term Borrowings And Long-Term Debt Global Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | ||
Line of Credit Facility, Additional Borrowing Capacity Available | $ 125 | ||
Line of Credit Facility, Covenant Compliance | in compliance with all covenants under the facility in place | ||
Borrowings on global committed bank facility | $ 565.2 | $ 0 | $ 250 |
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 applicable margin as set forth in the credit agreement, plus the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5%, (iii) the Adjusted LIBO rate as set forth in the credit agreement for a one-month interest period plus 1% or (iv) a 0.75% floor; or•the Eurocurrency rate, with a floor of zero, plus the applicable margin as set forth in the credit agreement. | ||
Line of Credit Facility, Covenant Terms | •A maximum net leverage ratio covenant, which is measured by the ratio of (x) indebtedness less liquidity to (y) trailing four fiscal quarter adjusted EBITDA and is required to be less than 3.5:1. In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 4.0:1 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 3.0:1. | ||
Line of Credit Facility, Covenant Compliance | in compliance with all covenants under the facility in place | ||
United States of America, Dollars | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | $ 32.2 | 34.9 | |
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 3.8 | ||
Foreign Currency [Domain] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | 0 | $ 0.3 | |
Balloon Payment [Member] | United States of America, Dollars | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | 31.8 | ||
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | $ 0.2 |
Employee Benefit Plan Obligatio
Employee Benefit Plan Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Obligation | $ 17 | $ 9.1 | ||
Deferred Compensation Liability, Current and Noncurrent | 46.3 | 56.9 | ||
Employee Benefit Plan Obligations, Total | 131.9 | 148.6 | ||
Defined Benefit Plan, Assets for Plan Benefits | 2.3 | 3.5 | ||
Liability, Defined Benefit Plan, Current | 31.2 | 25.4 | ||
Liability, Defined Benefit Plan, Noncurrent | 103 | 126.7 | ||
Liability, Defined Benefit Plan | 134.2 | 152.1 | ||
Defined Contribution Plan, Cost | $ 26.1 | 17.1 | $ 19.3 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | 28.4 | |||
Defined Benefit Plan, Plan Assets, Amount | $ 22.4 | 35.2 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 9.1 | 3.6 | (11.7) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (6.1) | (15.1) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0 | (0.1) | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 1.6 | 0.2 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | (0.5) | 0.1 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 4.5 | 14.9 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Minimum Pension Liability, Tax | 0.2 | 1.6 | 5.1 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income Minimum Pension Liability, after Tax (Deprecated 2017-01-31) | 9.3 | 5.2 | (6.6) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit) for Plan Amendment, before Tax | (0.5) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit) for Plan Amendment, Tax | 0.1 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit) for Plan Amendment, after Tax | (0.4) | |||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, Tax | (0.1) | 0 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 0.4 | (0.1) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, Tax | 0 | 0 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, after Tax | 0 | (0.1) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (1.6) | (3.6) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 4.5 | (11.5) | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 0.4 | 0.1 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, after Tax | (1.2) | (0.1) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), Tax | (1.2) | (3.5) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), after Tax | 3.3 | 11.4 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, before Tax | 1 | 0.5 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments, Tax | (0.2) | 0 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Translation Adjustments,after Tax | 0.8 | 0.5 | ||
Pension and other post-retirement liability adjustments | 5.5 | 15.3 | (4.3) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Tax | (1.4) | (3.5) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 4.1 | $ 11.8 | (3.5) | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 7.30% | 5.83% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100% | 100% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | 100% | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ (2.9) | $ (2) | (7.7) | |
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0.5 | 1.3 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 33.9 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 21.9 | $ 0 | ||
Insurance buy-in policy | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 21.9 | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 98% | 0% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | 0% | ||
Insurance buy-in policy | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | |||
Insurance buy-in policy | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||
Insurance buy-in policy | Fair Value, Inputs, Level 3 [Member] | Fair Value, Disclosure Item Amounts [Domain] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Period Increase (Decrease) | (3.7) | |||
Insurance buy-in policy | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 21.9 | $ 0 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 24.2 | |||
Insurance buy-in policy | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Period Increase (Decrease) | $ 1.4 | |||
Debt Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0% | 78% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 50% | ||
All Other Plan Assets [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | [1] | 2% | 22% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | [1] | 0% | 50% | |
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0.5 | $ 1.3 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0.5 | 1.3 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fixed Income Funds [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 33.7 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 33.7 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||
Real Estate [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | |||
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | |||
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||
Nonqualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 | ||
Liability, Defined Benefit Plan, Current | 3.6 | 3.9 | ||
Liability, Defined Benefit Plan, Noncurrent | 20.1 | 24.9 | ||
Liability, Defined Benefit Plan | 23.7 | 28.8 | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation | 23.7 | 28.8 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (23.7) | (28.8) | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 23.7 | 28.8 | ||
Foreign Plan [Member] | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Assets for Plan Benefits | 2.3 | 3.5 | ||
Liability, Defined Benefit Plan, Current | 0.8 | 0.8 | ||
Liability, Defined Benefit Plan, Noncurrent | 9.3 | 12.4 | ||
Liability, Defined Benefit Plan | 7.8 | 9.7 | ||
Defined Benefit Plan, Plan Assets, Amount | 22.4 | 35.2 | ||
Defined Benefit Plan, Benefit Obligation | 30.2 | 44.9 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (7.8) | (9.7) | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 27.6 | 41.4 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 27.5 | 34.1 | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 | ||
Liability, Defined Benefit Plan, Current | 2.8 | 3 | ||
Liability, Defined Benefit Plan, Noncurrent | 24.7 | 31.1 | ||
Liability, Defined Benefit Plan | 27.5 | 34.1 | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | 27.5 | 34.1 | 42.7 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (27.5) | (34.1) | ||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2.6 | 4.3 | ||
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 2.1 | 2.2 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | (4.7) | (6.5) | ||
Defined Benefit Plan, Service Cost | 0.1 | 0.1 | 0.1 | |
Defined Benefit Plan, Interest Cost | 1.1 | 1 | 1.1 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | [2] | (5.1) | (5.4) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (0.1) | 0 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (18.3) | (15.1) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0 | 0 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (18.3) | (15.1) | ||
Defined Benefit Plan, Amortization of Gain (Loss) | (1.8) | (1.4) | (2.1) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (0.6) | (0.3) | (0.9) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (5.1) | (5.4) | 0.5 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, 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 | 1.8 | 1.4 | 2.1 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | 0 | 0 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (3.3) | (4) | 2.6 | |
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | $ (3.9) | $ (4.3) | $ 1.7 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.47% | 3.38% | 2.58% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.38% | 2.58% | 2.56% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 2.9 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 2.8 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 2.6 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 2.5 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 2.5 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 11 | |||
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (41.1) | $ (48.5) | ||
Defined Benefit Plan, Assets for Plan Benefits | 2.3 | 3.5 | ||
Liability, Defined Benefit Plan, Current | 4.4 | 4.7 | ||
Liability, Defined Benefit Plan, Noncurrent | 29.4 | 37.3 | ||
Liability, Defined Benefit Plan | 31.5 | 38.5 | ||
Defined Benefit Plan, Plan Assets, Amount | 22.4 | 35.2 | $ 33.2 | |
Defined Benefit Plan, Benefit Obligation | 53.9 | 73.7 | 85.9 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (31.5) | (38.5) | ||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (12.1) | 3.7 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 8 | 4.7 | ||
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (3.5) | (1.7) | ||
Defined Benefit Plan, Benefits Paid from both Plan Assets and Company Assets | (5.2) | (4.7) | ||
Defined Benefit Plan, Service Cost | 0.7 | 1.4 | 1.9 | |
Defined Benefit Plan, Interest Cost | 1.6 | 1.3 | 1.3 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0.5 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | [2] | (13.5) | (7.2) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (3.9) | (3) | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 8.7 | 10.6 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0.5 | 0.9 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 9.2 | 11.5 | ||
Defined Benefit Plan, Amortization of Gain (Loss) | 0.2 | 1.2 | 1.1 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.5 | (0.1) | 0 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (0.4) | (1.2) | (0.9) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2.6 | 2.6 | 3.4 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1) | (9.7) | 1.2 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 0.5 | 0 | 0.1 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | (0.2) | (1.2) | (1.1) | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | (0.5) | (0.1) | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (1.2) | (10.8) | 0.2 | |
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | $ 1.4 | $ (8.2) | $ 3.6 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.80% | 2.50% | 1.70% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.60% | 2.50% | 3.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.50% | 1.70% | 1.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.40% | 3.70% | 3% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.50% | 3.50% | 3.40% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 5.2 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 4.5 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 5.3 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 4.5 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 4 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 17.8 | |||
Multi-employer Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Liability, Defined Benefit Plan, Noncurrent | $ 9.6 | |||
Defined Benefit Plan, Benefit Obligation | $ 11.2 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | |||
[1]Represents cash and cash equivalents in 2023 and primarily represents money market funds in 2022.[2](1) In 2023 and 2022, the net actuarial gain includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as weighted-average discount rates and recent census data. |
Capital Structure (Details)
Capital Structure (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Feb. 24, 2023 | Feb. 25, 2022 | |
Class of Stock [Line Items] | ||
Conversion of Stock, Shares Converted | 4.5 | 1.3 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock repurchases, shares | 0.4 | 4.1 |
Common stock repurchases | $ 3.9 | $ 55.2 |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock repurchases, shares | 0 | 0 |
Common stock repurchases | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | Feb. 28, 2020 | ||
Income Tax Disclosure [Abstract] | |||||
Federal | $ 1.3 | $ 0 | $ (30.4) | ||
State and Local | 0.8 | 1 | 1.9 | ||
Foreign | 14.9 | 10 | 12.9 | ||
Current Income Tax Expense (Benefit) | 17 | 11 | (15.6) | ||
Federal | (2.3) | (14) | 13.7 | ||
State and Local | 1.4 | (1.3) | (1.1) | ||
Foreign | 0.2 | 1.9 | 2.8 | ||
Deferred Income Tax Expense (Benefit) | (0.7) | (13.4) | 15.4 | ||
Income tax expense (benefit) | 16.3 | (2.4) | (0.2) | ||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 2.1 | (38) | (10.1) | ||
Foreign | 49.5 | 39.6 | 36 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 51.6 | 1.6 | 25.9 | ||
U.S. federal statutory tax rate | 21% | ||||
Tax expense at the U.S. federal statutory rate | $ 10.8 | 0.3 | 5.4 | ||
State and local income taxes, net of federal tax effect | 2 | (0.2) | 0.6 | ||
Foreign operations, less applicable foreign tax credits (1) | [1] | 4 | 3.1 | 5.4 | |
Impact of the CARES Act (2) | [2] | 0 | 0 | (11.7) | |
Contingent consideration (3) | [3] | 0.9 | 0 | 0 | |
Valuation allowance provisions and adjustments (4) | [4] | 1 | (2.7) | 0.4 | |
Goodwill impairment charge (5) | [5] | 0 | 0 | 3.4 | |
COLI income (6) | [6] | (0.4) | (1.3) | (2.7) | |
Impact of change to non-U.S. federal statutory tax rates (7) | [7] | (0.1) | (0.3) | 0.4 | |
Officer compensation limitation | 1 | 1.3 | 1.9 | ||
Research tax credit | (2.9) | (2.4) | (3) | ||
Other U.S. domestic tax credits | (0.3) | (0.7) | (0.3) | ||
Stock compensation | 0.4 | 0.3 | 0.1 | ||
Other | (0.1) | 0.2 | (0.1) | ||
Employee benefit plan obligations | 52.5 | 51.6 | |||
Deferred Tax Asset, Operating Lease Obligations | 55 | 58.4 | |||
Foreign and domestic net operating loss carryforwards | 35.8 | 40.2 | |||
Reserves and accruals | 18 | 16.1 | |||
Tax credit carryforwards | 17.9 | 26.2 | |||
Other, net | 14.4 | 14.7 | |||
Deferred Tax Assets, Gross | 193.6 | 207.2 | |||
Valuation Allowances | (4.3) | (3.7) | |||
Deferred Tax Assets, Net of Valuation Allowance | 189.3 | 203.5 | |||
Deferred Income Tax Liability | 50.9 | 54.1 | |||
Property, plant and equipment | 28.9 | 26.5 | |||
Intangible assets | 0.2 | 11.7 | |||
Deferred Tax Liabilities, Net | 80 | 92.3 | |||
Deferred Tax Assets, Net | 109.3 | 111.2 | |||
Deferred Income Taxes and Other Assets, Noncurrent | 117.3 | 121.2 | |||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 8 | 10 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (3.1) | ||||
Income taxes receivable | 5.3 | 41.7 | |||
Income taxes payable | 4.8 | 7.6 | |||
Tax Credit Carryforward [Line Items] | |||||
Foreign and domestic net operating loss carryforwards | 35.8 | 40.2 | |||
Tax credit carryforwards | 17.9 | 26.2 | |||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 36.5 | ||||
Tax effected operating loss carryforwards, valuation allowances | (3.1) | ||||
Tax credit carryforward, valuation allowance | 0 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Net | 33.4 | ||||
Tax Credit Carryforward, Deferred Tax Asset, Net | 17.9 | ||||
Net operating loss and tax credit carryforwards | 51.3 | ||||
Unrecognized Tax Benefits | 2 | 2.1 | 2.3 | $ 2 | |
Gross decreases - tax positions in prior period | 0 | 0 | 0 | ||
Currency translation adjustment | (0.1) | $ (0.2) | $ (0.3) | ||
Liability for Uncertain Tax Positions presented net in underlying deferred tax asset | 2 | ||||
Federal [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0.2 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 0.8 | ||||
Foreign and domestic net operating loss carryforwards | 0.2 | ||||
Tax effected operating loss carryforwards, valuation allowances | 0 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Net | 0.2 | ||||
State [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 52.6 | ||||
Deferred Tax Assets, Operating Loss Carryforwards net of federal tax benefit on State Losses | 3 | ||||
Tax effected operating loss carryforwards, valuation allowances | 0 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Net | 3 | ||||
International [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 33.3 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 131.9 | ||||
Foreign and domestic net operating loss carryforwards | 33.3 | ||||
Tax effected operating loss carryforwards, valuation allowances | (3.1) | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Net | 30.2 | ||||
Within One Year [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Tax credit carryforwards | 0 | ||||
Tax Credit Carryforward [Line Items] | |||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Tax credit carryforwards | 0 | ||||
Within One Year [Member] | Federal [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Within One Year [Member] | State [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Within One Year [Member] | International [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
In Five or More Years [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 3.5 | ||||
Tax credit carryforwards | 17.9 | ||||
Tax Credit Carryforward [Line Items] | |||||
Foreign and domestic net operating loss carryforwards | 3.5 | ||||
Tax credit carryforwards | 17.9 | ||||
In Five or More Years [Member] | Federal [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0.2 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 0.8 | ||||
Foreign and domestic net operating loss carryforwards | 0.2 | ||||
In Five or More Years [Member] | State [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 2.6 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 45.8 | ||||
Foreign and domestic net operating loss carryforwards | 2.6 | ||||
In Five or More Years [Member] | International [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0.7 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 3 | ||||
Foreign and domestic net operating loss carryforwards | 0.7 | ||||
No Expiration Date [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 33 | ||||
Tax credit carryforwards | 0 | ||||
Tax Credit Carryforward [Line Items] | |||||
Foreign and domestic net operating loss carryforwards | 33 | ||||
Tax credit carryforwards | 0 | ||||
No Expiration Date [Member] | Federal [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 0 | ||||
Foreign and domestic net operating loss carryforwards | 0 | ||||
No Expiration Date [Member] | State [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 0.4 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 6.8 | ||||
Foreign and domestic net operating loss carryforwards | 0.4 | ||||
No Expiration Date [Member] | International [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Foreign and domestic net operating loss carryforwards | 32.6 | ||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss carryforwards, gross | 128.9 | ||||
Foreign and domestic net operating loss carryforwards | $ 32.6 | ||||
[1]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.[2]In Q1 2021, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), which enabled companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act when the federal statutory income tax rate was 35%.[3]In 2023, we recorded an increase in the fair value of the contingent consideration liability related to the acquisition of Viccarbe which is non-deductible for tax purposes.[4]The valuation allowance provisions and adjustments are based on current year activity, which are further detailed below.[5]We recorded a goodwill impairment charge related to our Orangebox U.K. reporting unit which is non-deductible for tax purposes.[6]The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable.[7]Changes to the statutory tax rates, primarily in the U.K. and France, resulted in the revaluation of certain deferred tax assets in those jurisdictions. |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | ||
Share-Based Payment Arrangement [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,173,814 | |||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested, Number | 4,353,499 | |||
2023 PSU's | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 428,700 | |||
2022 PSU's | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 448,300 | |||
2021 PSU's | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 529,500 | |||
Director Share-Based Compensation [Member] | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 109,090 | 61,360 | 64,107 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,293,268 | 3,445,438 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.63 | $ 13.08 | $ 9.49 | |
Performance and restricted stock units expense (credit) | $ 17.6 | $ 13.7 | $ 12.4 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 4.4 | $ 3.5 | 3.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.11 | $ 11.86 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,241,599 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,309,344) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 10.05 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 13.3 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 10.1 | $ 10.1 | 10.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (84,425) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 12.48 | |||
Performance Shares [Member] | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,060,231 | 1,205,833 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value | $ 5.2 | $ 4.8 | 2.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.13 | |||
Performance and restricted stock units expense (credit) | $ 3.2 | 1.6 | 7.7 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.8 | $ 0.4 | 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.11 | $ 14.21 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,125,192 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,270,794) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.40 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 1.2 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.1 | $ 2.5 | $ 6.4 | |
Performance Shares [Member] | 2023 PSU's | ||||
Share-Based Compensation Details [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 | $ 11.13 | |||
Performance Shares [Member] | 2023 PSU's | Tranche 1 | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [1] | 2.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [2] | 52.20% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Performance Shares [Member] | 2022 PSU's | ||||
Share-Based Compensation Details [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 | $ 14.38 | |||
Performance Shares [Member] | 2022 PSU's | Tranche 1 | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [1] | 0.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [2] | 53.50% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
Performance Shares [Member] | 2022 PSU's | Tranche 2 | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [1] | 2.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [2] | 43.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||
Performance Shares [Member] | 2021 PSU's | ||||
Share-Based Compensation Details [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 | $ 13.29 | |||
Performance Shares [Member] | 2021 PSU's | Tranche 1 | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [1] | 0.20% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [2] | 58.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||
Performance Shares [Member] | 2021 PSU's | Tranche 2 | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [1] | 0.20% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [2] | 61.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||
Performance Shares [Member] | 2021 PSU's | Tranche 3 | ||||
Share-Based Compensation Details [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [1] | 1.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [2] | 28.70% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year | |||
Restricted Stock [Member] | ||||
Share-Based Compensation Details [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||
Director Share-Based Compensation [Member] | ||||
Share-Based Compensation Details [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 | $ 9.67 | $ 13.81 | $ 12.21 | |
Maximum [Member] | ||||
Share-Based Compensation Details [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | [3] | 1,060,231 | ||
Minimum [Member] | ||||
Share-Based Compensation Details [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Shares Earned | 0 | |||
[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.[3]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 conditions, and therefore may be significantly lower. |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 51.9 | $ 53.2 | $ 51.8 |
Sublease Income | (2.2) | (2) | (2.4) |
Operating Leases, Rent Expense, Net | 49.7 | 51.2 | 49.4 |
Operating Lease, Payments, Use | 53.1 | 54.1 | 50.4 |
Lease Obligation Incurred | $ 39.1 | $ 33.1 | $ 21.8 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days | 5 years 10 months 24 days | |
Lessee, Operating Lease, Discount Rate | 4.20% | 3.50% | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 52.5 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 51.4 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 41.2 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 32.8 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 24.3 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 38.3 | ||
Operating Leases, Future Minimum Payments Due | 240.5 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 25.9 | ||
Operating Lease, Liability | $ 214.6 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2023 | Feb. 25, 2022 | ||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 17.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 17.4 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 17.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 16.9 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 13.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | 82.2 | ||
Fair Value, Recurring [Member] | |||
Business Acquisition [Line Items] | |||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 9.5 | $ 4.9 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Business Acquisition [Line Items] | |||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 9.5 | $ 4.9 | |
Viccarbe Habitat, S.L. Q3 FY22 | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | 34.9 | ||
Business Combination, Contingent Consideration, Liability | 13.8 | ||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 6.4 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11.7 | ||
Business Acquisition, Goodwill, Expected Non-Deductible Amount | 25.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5.1 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 2.9 | ||
Finite-lived Intangible Assets Acquired | 11.7 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 1.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | $ 5.5 | ||
Viccarbe Habitat, S.L. Q3 FY22 | Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Finite-lived Intangible Assets Acquired | $ 4.6 | ||
Viccarbe Habitat, S.L. Q3 FY22 | Dealer relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 13 years | ||
Finite-lived Intangible Assets Acquired | $ 3.8 | ||
Viccarbe Habitat, S.L. Q3 FY22 | Know-How/Design [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Finite-lived Intangible Assets Acquired | $ 3.3 | ||
Halcon Furniture LLC Q2 FY23 | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | 127.5 | ||
Business Combination, Contingent Consideration, Liability | 7.5 | ||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 2 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 51.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16.7 | ||
Finite-lived Intangible Assets Acquired | 51.8 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 5 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 5.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 5 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 5 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | 25.1 | ||
Business Combination, Working Capital Adjustment | 1.9 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 36.6 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 30.6 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 12.8 | ||
Halcon Furniture LLC Q2 FY23 | Deposits [Member] | |||
Business Acquisition [Line Items] | |||
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | [1] | $ 24.3 | |
Halcon Furniture LLC Q2 FY23 | Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Finite-lived Intangible Assets Acquired | $ 14 | ||
Halcon Furniture LLC Q2 FY23 | Dealer relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 10 years | ||
Finite-lived Intangible Assets Acquired | $ 21.5 | ||
Halcon Furniture LLC Q2 FY23 | Know-How/Design [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Finite-lived Intangible Assets Acquired | $ 12 | ||
Halcon Furniture LLC Q2 FY23 | Order or Production Backlog | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 8 months 12 days | ||
Finite-lived Intangible Assets Acquired | $ 4.3 | ||
[1]Represents customer deposits acquired from Halcon Furniture LLC ("HALCON") as of the acquisition date. See Note 19 for additional information. |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 24, 2023 | Nov. 25, 2022 | Aug. 26, 2022 | May 27, 2022 | Feb. 25, 2022 | Nov. 26, 2021 | Aug. 27, 2021 | May 28, 2021 | Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 801.7 | $ 826.9 | $ 863.3 | $ 740.7 | $ 753.1 | $ 738.2 | $ 724.8 | $ 556.6 | $ 3,232.6 | $ 2,772.7 | $ 2,596.2 |
Gross profit | 239.2 | 237.8 | 250.8 | 191.6 | 196.4 | 203.6 | 206.8 | 154.7 | 919.4 | 761.5 | 762.8 |
Operating income (loss) | 28.7 | $ 20.5 | $ 28.9 | $ (12.6) | 2.1 | $ 15.9 | $ 33.9 | $ (31.8) | 65.5 | 20.1 | 43 |
Total assets | 2,202.8 | 2,261 | 2,202.8 | 2,261 | 2,354 | ||||||
Capital expenditures | 59.1 | 60.5 | 41.3 | ||||||||
Depreciation and amortization | 90 | 83.2 | 85.2 | ||||||||
Long-lived assets | 574.8 | 602.6 | $ 574.8 | 602.6 | 636.2 | ||||||
Long-lived assets represented by country | 10% | ||||||||||
Segment Reporting, Factors Used to Identify Entity's Reportable Segments | Our reportable segments consist of the Americas and International segments.The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.We primarily review and evaluate revenue, gross profit and operating income (loss) by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue, gross profit and operating income (loss). Total assets by segment include manufacturing and other assets associated with each segment. | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | 574.8 | 602.6 | $ 574.8 | 602.6 | 636.2 | ||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,436.2 | 1,995.1 | 1,927.9 | ||||||||
Gross profit | 711.6 | 546.4 | 583.9 | ||||||||
Operating income (loss) | 77.4 | 21.2 | 75.2 | ||||||||
Total assets | 1,631.2 | 1,607.1 | 1,631.2 | 1,607.1 | 1,777.7 | ||||||
Capital expenditures | 41.9 | 44.4 | 22.6 | ||||||||
Depreciation and amortization | 64.6 | 55.6 | 57.7 | ||||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 796.4 | 777.6 | 668.3 | ||||||||
Gross profit | 207.8 | 215.1 | 178.9 | ||||||||
Operating income (loss) | (11.9) | (1.1) | (32.2) | ||||||||
Total assets | 571.6 | 653.9 | 571.6 | 653.9 | 576.3 | ||||||
Capital expenditures | 17.2 | 16.1 | 18.7 | ||||||||
Depreciation and amortization | 25.4 | 27.6 | 27.5 | ||||||||
Foreign locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 973.9 | 924.5 | 856.7 | ||||||||
Long-lived assets | 216.5 | 238.4 | 216.5 | 238.4 | 245.9 | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | 216.5 | 238.4 | 216.5 | 238.4 | 245.9 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,258.7 | 1,848.2 | 1,739.5 | ||||||||
Long-lived assets | 358.3 | 364.2 | 358.3 | 364.2 | 390.3 | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $ 358.3 | $ 364.2 | $ 358.3 | $ 364.2 | $ 390.3 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) | 3 Months Ended | 12 Months Ended | ||||||
Feb. 24, 2023 USD ($) salaryEmployee | Nov. 25, 2022 USD ($) salaryEmployee | Feb. 25, 2022 USD ($) | Feb. 24, 2023 USD ($) | Feb. 25, 2022 USD ($) salaryEmployee | Feb. 25, 2022 USD ($) | Feb. 25, 2022 USD ($) hourlyEmployee | Feb. 26, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 4,000,000 | $ 0 | $ 4,000,000 | $ 0 | $ 0 | $ 0 | $ 400,000 | |
Payments for Restructuring | (14,700,000) | (400,000) | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | 23 | 130 | 300 | 210 | ||||
Restructuring Costs and Asset Impairment Charges | $ 4,400,000 | $ 10,900,000 | 4,700,000 | |||||
Restructuring and Related Cost, Incurred Cost | 3,600,000 | 3,600,000 | 28,600,000 | |||||
Restructuring Charges | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 18,700,000 | 18,700,000 | ||||||
Workforce Reductions | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 4,000,000 | 0 | 4,000,000 | $ 0 | 0 | $ 0 | 400,000 | |
Payments for Restructuring | (12,300,000) | (400,000) | ||||||
Restructuring and Related Cost, Incurred Cost | 1,800,000 | 1,800,000 | 1,800,000 | 1,800,000 | ||||
Workforce Reductions | Restructuring Charges | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 16,300,000 | 16,300,000 | ||||||
Business Exit and Related Costs | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | |
Payments for Restructuring | (2,400,000) | 0 | ||||||
Restructuring and Related Cost, Incurred Cost | 2,400,000 | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | ||||
Business Exit and Related Costs | Restructuring Charges | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 2,400,000 | $ 2,400,000 | ||||||
ROU Asset Impairment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Costs and Asset Impairment Charges | $ 500,000 |
Unaudited Quarterly Results (De
Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 24, 2023 | Nov. 25, 2022 | Aug. 26, 2022 | May 27, 2022 | Feb. 25, 2022 | Nov. 26, 2021 | Aug. 27, 2021 | May 28, 2021 | Feb. 24, 2023 | Feb. 25, 2022 | Feb. 26, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Revenue | $ 801.7 | $ 826.9 | $ 863.3 | $ 740.7 | $ 753.1 | $ 738.2 | $ 724.8 | $ 556.6 | $ 3,232.6 | $ 2,772.7 | $ 2,596.2 |
Gross profit | 239.2 | 237.8 | 250.8 | 191.6 | 196.4 | 203.6 | 206.8 | 154.7 | 919.4 | 761.5 | 762.8 |
Operating income (loss) | 28.7 | 20.5 | 28.9 | (12.6) | 2.1 | 15.9 | 33.9 | (31.8) | 65.5 | 20.1 | 43 |
Net Income (Loss) Attributable to Parent | $ 15.7 | $ 11.4 | $ 19.6 | $ (11.4) | $ (2.2) | $ 9.6 | $ 24.7 | $ (28.1) | $ 35.3 | $ 4 | $ 26.1 |
Basic | $ 0.13 | $ 0.10 | $ 0.17 | $ (0.10) | $ (0.02) | $ 0.08 | $ 0.21 | $ (0.24) | $ 0.30 | $ 0.03 | $ 0.22 |
Diluted | $ 0.13 | $ 0.10 | $ 0.17 | $ (0.10) | $ (0.02) | $ 0.08 | $ 0.21 | $ (0.24) | $ 0.30 | $ 0.03 | $ 0.22 |
Uncategorized Items - _IXDS
Label | Element | Value | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 547,100,000 | [1] |
[1]These amounts include restricted cash of $6.1, $5.8 and $6.1 as of February 25, 2022, February 26, 2021 and February 28, 2020, respectively. |