Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 28, 2015 | Oct. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 28, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AM | |
Entity Registrant Name | AMERICAN GREETINGS CORP | |
Entity Central Index Key | 5,133 | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 418,611 | $ 427,090 | $ 890,503 | $ 924,364 |
Other revenue | 2,417 | 5,335 | 3,968 | 11,645 |
Total revenue | 421,028 | 432,425 | 894,471 | 936,009 |
Material, labor and other production costs | 177,985 | 180,109 | 373,459 | 380,895 |
Selling, distribution and marketing expenses | 153,641 | 165,834 | 317,400 | 338,093 |
Administrative and general expenses | 59,365 | 66,850 | 117,586 | 136,145 |
Other operating income - net | (7,309) | (23,828) | (69,729) | (25,796) |
Operating income | 37,346 | 43,460 | 155,755 | 106,672 |
Interest expense | 6,486 | 9,255 | 14,599 | 18,249 |
Interest income | (84) | (30) | (183) | (141) |
Other non-operating income - net | (54) | (272) | (992) | (1,379) |
Income before income tax expense | 30,998 | 34,507 | 142,331 | 89,943 |
Income tax expense | 6,518 | 11,667 | 45,087 | 23,364 |
Net income | $ 24,480 | $ 22,840 | $ 97,244 | $ 66,579 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 24,480 | $ 22,840 | $ 97,244 | $ 66,579 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (2,351) | (2,121) | (4,379) | (255) |
Pension and postretirement benefit adjustments | 505 | 137 | 721 | 114 |
Unrealized (loss) gain on equity securities | (10,133) | 34,477 | ||
Other comprehensive (loss) income, net of tax | (11,979) | (1,984) | 30,819 | (141) |
Comprehensive income | $ 12,501 | $ 20,856 | $ 128,063 | $ 66,438 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Current assets | |||
Cash and cash equivalents | $ 33,501 | $ 43,327 | $ 45,107 |
Trade accounts receivable, net | 104,690 | 102,339 | 93,460 |
Inventories | 297,338 | 248,577 | 312,300 |
Deferred and refundable income taxes | 45,082 | 45,976 | 45,170 |
Assets held for sale | 35,529 | ||
Prepaid expenses and other | 131,635 | 157,669 | 141,800 |
Total current assets | 612,246 | 633,417 | 637,837 |
Other assets | 539,033 | 431,838 | 517,783 |
Deferred and refundable income taxes | 60,897 | 90,143 | 82,526 |
Property, plant and equipment - at cost | 878,035 | 828,028 | 798,634 |
Less accumulated depreciation | 467,304 | 447,731 | 437,435 |
Property, plant and equipment - net | 410,731 | 380,297 | 361,199 |
Total assets | 1,622,907 | 1,535,695 | 1,599,345 |
Current liabilities | |||
Debt due within one year | 0 | 0 | 20,000 |
Accounts payable | 116,450 | 133,135 | 124,282 |
Accrued liabilities | 69,196 | 75,992 | 58,947 |
Accrued compensation and benefits | 63,301 | 95,193 | 52,761 |
Income taxes payable | 14,398 | 22,512 | 16,063 |
Liabilities held for sale | 1,712 | ||
Deferred revenue | 23,044 | 27,200 | 25,649 |
Other current liabilities | 67,850 | 63,199 | 83,910 |
Total current liabilities | 354,239 | 418,943 | 381,612 |
Long-term debt | 461,752 | 472,729 | 525,590 |
Other liabilities | 359,427 | 303,231 | 309,652 |
Deferred income taxes and noncurrent income taxes payable | 10,824 | 11,466 | 12,760 |
Shareholder's equity | |||
Common shares - par value $.01 per share: 100 shares issued and outstanding | 0 | 0 | 0 |
Capital in excess of par value | 240,000 | 240,000 | 240,000 |
Accumulated other comprehensive income (loss) | 6,416 | (24,403) | 611 |
Retained earnings | 190,249 | 113,729 | 129,120 |
Total shareholder's equity | 436,665 | 329,326 | 369,731 |
Total liabilities and stockholders equity | $ 1,622,907 | $ 1,535,695 | $ 1,599,345 |
Consolidated Statement of Fina5
Consolidated Statement of Financial Position (Parenthetical) - $ / shares | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Statement of Financial Position [Abstract] | |||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common shares, issued | 100 | 100 | 100 |
Common shares, outstanding | 100 | 100 | 100 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 28, 2015 | Aug. 29, 2014 | |
OPERATING ACTIVITIES: | ||
Net income | $ 97,244 | $ 66,579 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Net loss on disposal of fixed assets | 66 | 15,733 |
Depreciation and intangible assets amortization | 28,114 | 30,499 |
Clinton Cards secured debt recovery | (3,390) | |
Provision for doubtful accounts | 367 | 351 |
Deferred income taxes | 8,076 | (9,795) |
Other non-cash charges | 3,614 | 2,125 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||
Trade accounts receivable | (3,431) | 119 |
Inventories | (49,866) | (76,582) |
Other current assets | (7,193) | (2,354) |
Net payable/receivable with related parties | (1,698) | (438) |
Income taxes | (7,554) | 2,322 |
Deferred costs - net | 19,377 | 22,005 |
Accounts payable and other liabilities | (91,698) | (39,363) |
Other - net | 680 | 2,715 |
Total Cash Flows From Operating Activities | (65,527) | (28,277) |
INVESTING ACTIVITIES: | ||
Property, plant and equipment additions | (31,735) | (50,242) |
Cash paid for acquired character property rights | (2,800) | |
Proceeds from sale of fixed assets | 55 | 23,741 |
(Adjustment to proceeds)/proceeds from sale of AGI In-Store | (3,200) | 73,659 |
Proceeds from sale of Strawberry Shortcake | 105,000 | |
Proceeds from surrender of corporate-owned life insurance policies | 24,068 | |
Proceeds from Clinton Cards administration | 604 | |
Total Cash Flows From Investing Activities | 91,388 | 47,762 |
FINANCING ACTIVITIES: | ||
Proceeds from revolving line of credit | 191,200 | 261,000 |
Repayments on revolving line of credit | (139,500) | (265,500) |
Repayments on term loan | (65,000) | (10,000) |
Dividends to shareholder | (20,724) | (24,154) |
Total Cash Flows From Financing Activities | (34,024) | (38,654) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1,663) | 313 |
DECREASE IN CASH AND CASH EQUIVALENTS | (9,826) | (18,856) |
Cash and Cash Equivalents at Beginning of Year | 43,327 | 63,963 |
Cash and Cash Equivalents at End of Period | 33,501 | 45,107 |
Strawberry Shortcake [Member] | ||
Adjustments to reconcile net income to cash flows from operating activities: | ||
Net gain on sale of disposal group | $ (61,625) | |
AGI In-Store [Member] | ||
Adjustments to reconcile net income to cash flows from operating activities: | ||
Net gain on sale of disposal group | $ (38,803) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Aug. 28, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of American Greetings Corporation and its subsidiaries (the “Corporation”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present financial position, results of operations and cash flows for the periods have been included. The Corporation’s fiscal year ends on February 28 or 29. References to a particular year refer to the fiscal year ending in February of that year. For example, 2015 refers to the year ended February 28, 2015. The Corporation’s subsidiary, AG Retail Cards Limited is consolidated on a one-month lag corresponding with its fiscal year-end of January 30 for 2016. These interim financial statements should be read in conjunction with the Corporation’s financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended February 28, 2015, from which the Consolidated Statement of Financial Position at February 28, 2015, presented herein, has been derived. The Corporation’s investments in less than majority-owned companies in which it has the ability to exercise significant influence over the operating and financial policies are accounted for using the equity method except when they qualify as variable interest entities (“VIE”) and the Corporation is the primary beneficiary, in which case, the investments are consolidated in accordance with Accounting Standards Codification (“ASC”) Topic 810 (“ASC 810”), “Consolidation.” Investments that do not meet the above criteria but have a readily determinable fair value are measured at fair value with unrealized gains and losses reported in other comprehensive income. Such investments that do not have a readily determinable fair value are accounted for under the cost method. The Corporation provides limited credit support to Schurman Fine Papers (“Schurman”) which is a VIE as defined in ASC 810. Schurman owns and operates specialty card and gift retail stores in the United States and Canada. The stores are primarily located in malls and strip shopping centers. This limited credit support is provided through the provision of a liquidity guaranty (“Liquidity Guaranty”) in favor of the lenders under Schurman’s senior revolving credit facility (the “Senior Credit Facility”). Pursuant to the terms of the Liquidity Guaranty, the Corporation has guaranteed the repayment of up to $10.0 million of Schurman’s borrowings under the Senior Credit Facility to help ensure that Schurman has sufficient borrowing availability under this facility. The Liquidity Guaranty is required to be backed by a letter of credit for the term of the Liquidity Guaranty, which expires in January 2019. The Corporation’s obligations under the Liquidity Guaranty generally may not be triggered unless Schurman’s lenders under its Senior Credit Facility have substantially completed the liquidation of the collateral under Schurman’s Senior Credit Facility, or 91 days after the liquidation is started, whichever is earlier, and will be limited to the deficiency, if any, between the amount owed and the amount collected in connection with the liquidation. There was no triggering event or liquidation of collateral as of August 28, 2015 requiring the use of the Liquidity Guaranty. During the current period, the Corporation assessed the variable interests in Schurman and determined that a third party holder of variable interests has the controlling financial interest in the VIE and thus, the third party, not the Corporation, is the primary beneficiary. In completing this assessment, the Corporation identified the activities that it considers most significant to the future economic success of the VIE and determined that it does not have the power to direct those activities. As such, Schurman is not consolidated in the Corporation’s results. The Corporation’s maximum exposure to loss as it relates to Schurman as of August 28, 2015 includes: • Liquidity Guaranty of Schurman’s indebtedness of $10.0 million; • normal course of business trade and other receivables due from Schurman of $29.4 million, the balance of which fluctuates throughout the year due to the seasonal nature of the business; and • the retail store operating leases currently subleased to Schurman, the aggregate lease payments for the remaining life of which was $3.0 million as of August 28, 2015. Correction of Immaterial Errors During the prior year first quarter, the Corporation identified and corrected errors in the accounting for income taxes that related to the year ended February 28, 2014. These errors primarily related to the Corporation’s failure to consider all sources of available taxable income when assessing the need for a valuation allowance against certain deferred tax assets and the recognition of a liability for an uncertain tax position. These errors were the result of the significant complexity created as a result of the going private transaction. The impact of correcting these items had a non-cash effect, decreasing tax expense and increasing net income by $4.1 million. Based on its evaluation as discussed more fully below, the Corporation concluded that the corrections to the financial statements were immaterial to its financial results for the years ended February 28, 2014 and 2015. In accordance with ASC Topic 250, Accounting Changes and Error Corrections, the Corporation evaluated the effects of the errors on its financial statements for the years ended February 28, 2014 and 2015 and concluded that the results of operations for these periods were not materially misstated. In reaching its conclusion, the Corporation considered numerous qualitative and quantitative factors, including but not limited to the following: • In evaluating the financial and operational performance, the Corporation’s shareholder and debt holders focus on performance metrics such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), operating income and cash flows from operations, none of which were impacted by the correction of the errors, • The numeric impact of the error on the Corporation’s results of operations, including the net dollar impact, the impact as a percentage of period earnings, the impact on financial trends, and the impact on non-GAAP measures such as adjusted operating income the Corporation presents in quarterly public debt holder conference calls, which were deemed immaterial, particularly in light of the Corporation’s stakeholders’ focus on EBITDA, operating income and cash flows from operations, and • The absence of any impact on the Corporation’s compliance with its debt covenants, management compensation or segment reporting. Based on its evaluation, the Corporation concluded that it is not probable that the judgment of a reasonable person relying on the financial statements would have been changed or influenced by the error or correction of the error. |
Seasonal Nature of Business
Seasonal Nature of Business | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Seasonal Nature of Business | Note 2 – Seasonal Nature of Business A significant portion of the Corporation’s business is seasonal in nature. Therefore, the results of operations for interim periods are not necessarily indicative of the results for the fiscal year taken as a whole. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Aug. 28, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3 – Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11 (“ASU 2015-11”), “Simplifying the Measurement of Inventory”. ASU 2015-11 requires an entity to measure inventory that is within the scope of this ASU at the lower of cost and net realizable value. Existing impairment models will continue to be used for inventories that are accounted for using the last-in first-out (“LIFO”) method. ASU 2015-11 requires prospective adoption for inventory measurements for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years for public business entities. Early adoption is permitted. At August 28, 2015, approximately 48% of the Corporation’s pre-LIFO consolidated inventory is measured using a method other than LIFO. The Corporation does not expect that the adoption of this standards update will have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt, similar to the presentation of debt discounts. ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption permitted. The Corporation does not expect that the adoption of this standards update will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, (“ASU 2014-15”), “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern”. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Corporation does not expect that the adoption of this standards update will impact its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-09 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | Note 4 – Acquisitions and Dispositions Sale of Strawberry Shortcake As reported in its Annual Report on Form 10-K for the year ended February 28, 2015, the Corporation entered into an agreement to sell its Strawberry Shortcake property and related intangible assets and licensing agreements (“Strawberry Shortcake”) on February 2, 2015. At February 28, 2015, the assets and liabilities related to the pending sale were classified as held for sale. In March 2015, the sale was completed and the Corporation received $105.0 million in cash which is included in “Proceeds from sale of Strawberry Shortcake” within “Investing Activities” on the Consolidated Statement of Cash Flows. During the six months ended August 28, 2015, the Corporation recognized a net gain of $61.6 million from the sale of Strawberry Shortcake. Character Property Rights Acquisition As reported in its Annual Report on Form 10-K for the year ended February 28, 2015, in order to secure complete control and ownership over the rights in certain character properties, including the Strawberry Shortcake property, that the Corporation previously granted to a third party (the “Character Property Rights”), on December 18, 2014, the Corporation paid $37.7 million to purchase these rights, and recorded the rights as indefinite-lived intangible assets. At February 28, 2015, approximately $26 million of this amount was classified as held for sale related to the expected sale of Strawberry Shortcake. In addition, under the agreement by which it acquired these rights, the Corporation agreed that in the event of a future sale of these Character Property Rights and the associated character properties, the Corporation will, depending on the proceeds of such sale, pay up to an additional $4.0 million of the proceeds that it receives from any such sale. Accordingly, as a result of the sale of the Strawberry Shortcake property described above, in March 2015, the Corporation made an additional payment in the amount of $2.8 million. This payment is included in “Cash paid for acquired character property rights” within “Investing Activities” on the Consolidated Statement of Cash Flows. Sale of AGI In-Store On August 29, 2014, the Corporation completed the sale of its wholly-owned display fixtures business, AGI In-Store, for $73.7 million in cash, subject to closing date working capital adjustments. A gain of $38.8 million was recognized from the sale in the prior year second fiscal quarter and was included in “Other operating income – net” on the Consolidated Statement of Income. In March 2015, the working capital adjustments were finalized and a payment of $3.2 million was made to the buyer. This payment and the prior year cash proceeds from the sale are included in “(Adjustment to proceeds)/proceeds from sale of AGI In-Store” within “Investing Activities” on the Consolidated Statement of Cash Flows. Subsequent to the prior year second quarter, post-closing date adjustments, including the final working capital adjustment, reduced the overall gain by $0.1 million and $3.7 million in the prior year third and fourth quarters, respectively. Sale of World Headquarters On July 1, 2014, the Corporation sold its current world headquarters location and entered into an operating lease arrangement with the new owner of the building. The Corporation expects to remain in this current location until the completion of the new world headquarters, which the Corporation anticipates will occur in calendar year 2016. Net of transaction costs, the Corporation received $13.5 million in cash from the sale, and recorded a non-cash loss on disposal of $15.5 million in the prior year second fiscal quarter, which loss is included in “Other operating income – net” on the Consolidated Statement of Income. The cash proceeds are included in “Proceeds from sale of fixed assets” on the Consolidated Statement of Cash Flows. Surrender of Certain Corporate-Owned Life Insurance Policies As reported in its Annual Report on Form 10-K for the year ended February 28, 2015, the Corporation, in order to mitigate the ongoing risks to the Corporation that may arise from retaining certain corporate-owned life insurance policies, surrendered those policies during the prior year fourth quarter. In March 2015, in connection with the surrender of those policies, the Corporation received proceeds of $24.1 million. These proceeds are included in “Proceeds from surrender of corporate-owned life insurance policies” within “Investing Activities” on the Consolidated Statement of Cash Flows. |
Royalty Revenue and Related Exp
Royalty Revenue and Related Expenses | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Royalty Revenue and Related Expenses | Note 5 – Royalty Revenue and Related Expenses The Corporation has agreements for licensing certain characters and other intellectual property. These license agreements provide for royalty revenue to the Corporation, which is recorded in “Other revenue” on the Consolidated Statement of Income. These license agreements may include the receipt of upfront advances, which are recorded as deferred revenue and earned during the period of the agreement. Revenues and expenses associated with the servicing of these agreements, primarily relating to the licensing activities included in the Non-reportable segment, are summarized as follows: Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Royalty revenue $ 1,975 $ 4,923 $ 3,104 $ 10,861 Royalty expenses: Material, labor and other production costs $ 1,241 $ 1,491 $ 2,175 $ 3,035 Selling, distribution and marketing expenses 988 1,699 1,691 3,275 Administrative and general expenses 344 309 711 781 $ 2,573 $ 3,499 $ 4,577 $ 7,091 As disclosed in Note 4, the Corporation completed the sale of Strawberry Shortcake in March 2015. As such, royalty revenue and expenses related to Strawberry Shortcake for the prior year three and six month periods do not have comparative amounts in the current year. |
Other Income and Expense
Other Income and Expense | 6 Months Ended |
Aug. 28, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | Note 6 – Other Income and Expense Other Operating Income – Net Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Gain adjustment (gain) on sale of Strawberry Shortcake $ 41 $ — $ (61,625 ) $ — Gain on sale of AGI In-Store — (38,803 ) — (38,803 ) Clinton Cards secured debt recovery — — — (3,390 ) State tax credits (6,541 ) — (6,541 ) — Loss on asset disposal 57 15,710 66 15,733 Miscellaneous (866 ) (735 ) (1,629 ) 664 Other operating income – net $ (7,309 ) $ (23,828 ) $ (69,729 ) $ (25,796 ) During the six months ended August 28, 2015, the Corporation recognized a net gain of $61.6 million from the sale of Strawberry Shortcake, which included a first quarter gain of $61.7 million and an adjustment to the gain in the second quarter of approximately $0.1 million. See Note 4 for further information. During the quarter ended August 28, 2015, the Corporation recognized income of $6.5 million from tax credits received from the State of Ohio under certain incentive programs made available to the Corporation in connection with its decision to maintain its world headquarters in the state of Ohio. During the quarter ended August 29, 2014, the Corporation recognized a gain on the sale of AGI In-Store of $38.8 million. See Note 4 for further information. “Loss on asset disposal” during the three and six month periods ended August 29, 2014 included a non-cash loss of $15.5 million related to the sale of the Corporation’s current world headquarters location. See Note 4 for further information. During the prior year first quarter, the Corporation recorded an impairment recovery of $3.4 million related to the senior secured debt of Clinton Cards that the Corporation acquired in May 2012 and subsequently impaired. Other Non-Operating Income – Net Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Foreign exchange loss (gain) $ 111 $ (63 ) $ (673 ) $ (523 ) Rental income (129 ) (216 ) (281 ) (755 ) Miscellaneous (36 ) 7 (38 ) (101 ) Other non-operating income – net $ (54 ) $ (272 ) $ (992 ) $ (1,379 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Aug. 28, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7 – Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) are as follows. (In thousands) Foreign Pensions and Unrealized Total Balance at February 28, 2015 $ 1,836 $ (26,239 ) $ — $ (24,403 ) Other comprehensive income (loss) before reclassifications (4,379 ) 245 34,477 30,343 Amounts reclassified from accumulated other comprehensive income (loss) — 476 — 476 Net current period other comprehensive income (loss) (4,379 ) 721 34,477 30,819 Balance at August 28, 2015 $ (2,543 ) $ (25,518 ) $ 34,477 $ 6,416 The reclassifications out of accumulated other comprehensive income (loss) are as follows: (In thousands) Six Months Ended Consolidated Statement of Income Pensions and Postretirement Benefits: Amortization of pensions and other postretirement benefits items Actuarial losses, net $ (1,094 ) Administrative and general expenses Prior service credit, net 348 Administrative and general expenses (746 ) Tax benefit 270 Income tax expense Total, net of tax (476 ) Total reclassifications $ (476 ) As reported in its Annual Report on Form 10-K for the year ended February 28, 2015, the Corporation held a minority investment in the common stock of a privately held company which was classified as available for sale and accounted for under the cost method due to the Corporation’s inability to exercise significant influence over the investee’s operating and financial policies and the absence of a readily determinable fair value for its investment. At February 28, 2015, the carrying value of this investment was zero as a result of a cash distribution in 2014 that included a return of capital. During the current year first quarter, the investee successfully completed an initial public offering of its common stock and thereby established a readily determinable fair value for the Corporation’s previously nonmarketable investment. In accordance with ASC Topic 320, “Investments – Debt and Equity Securities,” the investment is now reported at fair value and is included in “Other assets” on the Corporation’s Consolidated Statement of Financial Position. See Note 14 for further information. As a result of the initial fair value measurement at May 29, 2015 and subsequent revaluation at the end of the second quarter, an unrealized gain, net of tax, of $34.5 million was recognized in other comprehensive income during the six months ended August 28, 2015. |
Customer Allowances and Discoun
Customer Allowances and Discounts | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Customer Allowances and Discounts | Note 8 – Customer Allowances and Discounts Trade accounts receivable is reported net of certain allowances and discounts. The most significant of these are as follows: (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Allowance for seasonal sales returns $ 16,437 $ 18,895 $ 18,147 Allowance for outdated products 10,109 11,074 10,863 Allowance for doubtful accounts 1,814 1,730 1,612 Allowance for marketing funds 23,495 26,841 28,836 Allowance for rebates 21,465 34,214 27,425 $ 73,320 $ 92,754 $ 86,883 Certain customer allowances and discounts are settled in cash. These accounts, primarily rebates, which are classified as “Accrued liabilities” on the Consolidated Statement of Financial Position, totaled $13.9 million, $17.0 million and $12.5 million as of August 28, 2015, February 28, 2015 and August 29, 2014, respectively. |
Inventories
Inventories | 6 Months Ended |
Aug. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9 – Inventories (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Raw materials $ 19,861 $ 14,809 $ 15,304 Work in process 12,869 7,578 11,892 Finished products 337,344 297,899 359,219 370,074 320,286 386,415 Less LIFO reserve 81,659 80,755 83,493 288,415 239,531 302,922 Display materials and factory supplies 8,923 9,046 9,378 $ 297,338 $ 248,577 $ 312,300 The valuation of inventory under the Last-In, First-Out (“LIFO”) method is made at the end of each fiscal year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations, by necessity, are based on estimates of expected fiscal year-end inventory levels and costs, and are subject to final fiscal year-end LIFO inventory calculations. Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products, totaled $64.2 million, $63.3 million and $68.0 million as of August 28, 2015, February 28, 2015 and August 29, 2014, respectively. |
Deferred Costs
Deferred Costs | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Deferred Costs | Note 10 – Deferred Costs Deferred costs and future payment commitments for retail supply agreements are included in the following financial statement captions: (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Prepaid expenses and other $ 89,305 $ 98,061 $ 90,496 Other assets 411,909 364,311 403,920 Deferred cost assets 501,214 462,372 494,416 Other current liabilities (64,117 ) (59,018 ) (82,422 ) Other liabilities (160,558 ) (104,127 ) (141,102 ) Deferred cost liabilities (224,675 ) (163,145 ) (223,524 ) Net deferred costs $ 276,539 $ 299,227 $ 270,892 The Corporation maintains an allowance for deferred costs related to supply agreements of $3.5 million, $2.3 million and $3.1 million at August 28, 2015, February 28, 2015 and August 29, 2014, respectively. This allowance is included in “Other assets” on the Consolidated Statement of Financial Position. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Aug. 28, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 11 – Other Liabilities Included in “Other liabilities” on the Consolidated Statement of Financial Position is a deferred lease obligation related to an operating lease with H L & L Property Company (“H L & L”), for a building that will function as the Corporation’s world headquarters. The building is currently being constructed and expected to be available for occupancy in calendar year 2016. H L & L is an indirect affiliate of the Corporation as it is indirectly owned by members of the Weiss Family (as defined in Note 17). Due to, among other things, the Corporation’s involvement in the construction of the building, the Corporation is required to be treated, for accounting purposes only, as the “deemed owner” of the new world headquarters building during the construction period. Accordingly, the Corporation has recorded an asset and associated offsetting liability during the construction of the building, even though the Corporation does not own the asset and is not the obligor on the corresponding construction debt. The asset and corresponding liability was $57.4 million, $31.7 million and $14.8 million as of August 28, 2015, February 28, 2015 and August 29, 2014, respectively. See Note 17 for further information. |
Debt
Debt | 6 Months Ended |
Aug. 28, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 12 – Debt There was no debt due within one year as of August 28, 2015 and February 28, 2015. Debt due within one year totaled $20,000 as of August 29, 2014, which represented the current maturity of the term loan. Long-term debt and their related calendar year due dates as of August 28, 2015, February 28, 2015 and August 29, 2014, respectively, were as follows: (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Term loan, due 2019 $ 185,000 $ 250,000 $ 330,000 7.375% senior notes, due 2021 225,000 225,000 225,000 Revolving credit facility, due 2018 56,000 4,300 — 6.10% senior notes, due 2028 181 181 181 Unamortized financing fees (4,429 ) (6,752 ) (9,591 ) 461,752 472,729 545,590 Current portion of term loan — — (20,000 ) $ 461,752 $ 472,729 $ 525,590 At August 28, 2015, the balances outstanding on the term loan facility and revolving credit facility bear interest at a rate of approximately 2.7% and 2.7%, respectively. The revolving credit facility provides the Corporation with funding of up to $250 million. The Corporation is also a party to an accounts receivable facility that provides funding of up to $50 million, under which there were no borrowings outstanding as of August 28, 2015, February 28, 2015 and August 29, 2014, respectively. Outstanding letters of credit, which reduce the total credit available under the revolving credit and the accounts receivable facilities, totaled $26.4 million at August 28, 2015. In March 2015 the Corporation made a voluntary prepayment of $65.0 million on the term loan facility, thereby eliminating all future quarterly installment payments prior to this facility’s August 9, 2019 maturity date. During the six months ended August 28, 2015, the Corporation expensed an additional $1.8 million of unamortized financing fees as a result of the prepayment. The total fair value of the Corporation’s publicly traded debt, which was considered a Level 1 valuation as it was based on quoted market prices, was $234.1 million (at a carrying value of $225.2 million), $238.2 million (at a carrying value of $225.2 million) and $240.3 million (at a carrying value of $225.2 million) at August 28, 2015, February 28, 2015 and August 29, 2014, respectively. The total fair value of the Corporation’s non-publicly traded debt, which was considered a Level 2 valuation as it was based on comparable privately traded debt prices, was $240.5 million (at a principal carrying value of $241.0 million), $251.8 million (at a principal carrying value of $254.3 million), and $330.0 million (at a principal carrying value of $330.0 million) at August 28, 2015, February 28, 2015 and August 29, 2014, respectively. At August 28, 2015, the Corporation was in compliance with the financial covenants under its borrowing agreements. |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Aug. 28, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Note 13 – Retirement Benefits The components of periodic benefit cost for the Corporation’s defined benefit pension and postretirement benefits plans are as follows: Defined Benefit Pension Plans Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Service cost $ 159 $ 145 $ 318 $ 289 Interest cost 1,550 1,846 3,108 3,683 Expected return on plan assets (1,659 ) (1,628 ) (3,327 ) (3,251 ) Amortization of prior service cost 1 1 2 2 Amortization of actuarial loss 846 720 1,694 1,426 $ 897 $ 1,084 $ 1,795 $ 2,149 Postretirement Benefits Plan Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Service cost $ 125 $ 100 $ 250 $ 200 Interest cost 525 675 1,050 1,350 Expected return on plan assets (675 ) (700 ) (1,350 ) (1,400 ) Amortization of prior service credit (175 ) (325 ) (350 ) (650 ) Amortization of actuarial gain (300 ) (225 ) (600 ) (450 ) $ (500 ) $ (475 ) $ (1,000 ) $ (950 ) The Corporation has a discretionary profit-sharing plan with a 401(k) provision covering most of its United States employees. The profit-sharing plan expense for the six months ended August 28, 2015 was $3.4 million, compared to $5.5 million in the prior year period. The Corporation also matches a portion of 401(k) employee contributions. The expenses recognized for the three and six month periods ended August 28, 2015 were $1.3 million and $2.6 million ($1.3 million and $2.6 million for the three and six month periods ended August 29, 2014), respectively. The profit-sharing plan and 401(k) matching expenses for the six month periods are estimates as actual contributions are determined after fiscal year-end. At August 28, 2015, February 28, 2015 and August 29, 2014, the liability for postretirement benefits other than pensions was $19.2 million, $17.5 million and $19.7 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At August 28, 2015, February 28, 2015 and August 29, 2014, the long-term liability for pension benefits was $78.6 million, $81.9 million and $74.5 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 14 – Fair Value Measurements Assets and liabilities measured at fair value are classified using the fair value hierarchy based upon the transparency of inputs as of the measurement date. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The three levels are defined as follows: • Level 1 – Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Valuation is based upon unobservable inputs that are significant to the fair value measurement. The following table summarizes the financial assets and liabilities measured at fair value as of August 28, 2015: (In thousands) August 28, 2015 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 11,514 $ 10,236 $ 1,278 $ — Investment in equity securities 56,482 56,482 — — $ 67,996 $ 66,718 $ 1,278 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 12,425 $ 10,236 $ 2,189 $ — The following table summarizes the assets and liabilities measured at fair value as of February 28, 2015: (In thousands) February 28, 2015 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,745 $ 10,997 $ 1,748 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,412 $ 10,997 $ 2,415 $ — The following table summarizes the assets and liabilities measured at fair value as of August 29, 2014: (In thousands) August 29, 2014 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,516 $ 10,599 $ 1,917 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,429 $ 10,599 $ 2,830 $ — The deferred compensation plan includes investments in mutual funds and a money market fund. Assets held in mutual funds are recorded at fair value, which is considered a Level 1 valuation as it is based on each fund’s quoted market value per share in an active market. The money market fund is classified as Level 2 as substantially all of the fund’s investments are determined using amortized cost. The fair value of the deferred compensation plan liabilities is based on the fair value of: (i) the plan’s assets for invested deferrals and (ii) hypothetical investments for unfunded deferrals. The investment in equity securities is considered a Level 1 valuation as it is based on a quoted price in an active market. |
Contingency
Contingency | 6 Months Ended |
Aug. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | Note 15 - Contingency The Corporation is presently involved in various judicial, administrative, regulatory and arbitration proceedings concerning matters arising in the ordinary course of business, including but not limited to, employment, commercial disputes and other contractual matters. These matters are inherently subject to many uncertainties regarding the possibility of a loss to the Corporation. These uncertainties will ultimately be resolved when one or more future events occur or fail to occur, confirming the incurrence of a liability or reduction of a liability. In accordance with ASC Topic 450, “Contingencies,” the Corporation accrues for these contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated. This accrual is included in “Accrued liabilities” on the Consolidated Statement of Financial Position. Due to this uncertainty, the actual amount of any loss may ultimately prove to be larger or smaller than the amounts reflected in the Corporation’s Consolidated Financial Statements. Some of these proceedings are at preliminary stages and some of these cases seek an indeterminate amount of damages. Al Smith et al. v. American Greetings Corporation. On January 20, 2015, the parties reached a settlement in principle that, if approved by the Court, will fully and finally resolve the claims brought by Smith and Hourcade, as well as the classes they seek to represent. The settlement was a product of extensive negotiations and a private mediation, which was finalized and memorialized in a Stipulation and Class Action Settlement Agreement signed March 30, 2015. On March 31, 2015, plaintiffs filed a Motion for Preliminary Approval of Class Action Settlement and on July 23, 2015, the Court entered its Order Granting Preliminary Approval of Class Action Settlement. The proposed settlement establishes a settlement fund of $4.0 million to pay claims from current and former employees who worked at least one day for American Greetings Corporation and/or certain of its subsidiaries in any hourly non-exempt position in California between June 4, 2010 and July 23, 2015. On August 24, 2015, the claims administrator commenced mailing of notice and claim forms to class members. The Court’s Order Granting Preliminary Approval of Class Action Settlement ordered plaintiffs to file their motion for final approval of the settlement, together with applications for attorney’s fees, costs and service awards, no later than October 16, 2015 and set the final approval hearing for December 17, 2015. If the settlement is finally approved, American Greetings will fund the settlement within twenty (20) days after passage of all appeal periods. Thereafter, the settlement funds will be disbursed as provided in the settlement agreement and the Court’s orders. Michael Ackerman v. American Greetings Corporation, et al. With respect to the Ackerman |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 – Income Taxes The Corporation’s provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against income before income tax expense for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. The magnitude of the impact that discrete items have on the Corporation’s quarterly effective tax rate is dependent on the level of income in the period. The effective tax rate was 21.0% and 31.7% for the three and six months ended August 28, 2015, respectively, and 33.8% and 26.0% for the three and six months ended August 29, 2014, respectively. The lower than statutory rate for the three and six month periods are primarily related to the release of a $4.3 million unrecognized tax benefit due to the issuance of regulations that clarified the law and the expiration of a statute of limitations, as well as the impact of lower tax rates in foreign jurisdictions, domestic production activities deduction and the tax treatment of corporate-owned life insurance. The lower than statutory rate in the prior period was due primarily to the recording of a net $3.1 million federal tax refund and related interest attributable to fiscal 2000 and the error corrections recorded in accordance with ASC Topic 250, Accounting Changes and Error Corrections. The net impact of the error corrections was a reduction to income tax expense of $4.1 million. During the first quarter of fiscal 2015, the Corporation identified and corrected errors in the accounting for income taxes that related to the year ended February 28, 2014. These errors primarily related to the Corporation’s failure to consider all sources of available taxable income when assessing the need for a valuation allowance against certain deferred tax assets and the recognition of a liability for an uncertain tax position. These errors were the result of the significant complexity created as a result of the going private transaction in fiscal 2014. As discussed in Note 7, the Corporation recorded an adjustment to mark to market the value of one of its investments as of August 28, 2015. As a result, a decrease in the Corporation’s deferred tax assets in the amount of $22.0 million was recognized in other comprehensive income for the six months ended August 28, 2015. At August 28, 2015, the Corporation had unrecognized tax benefits of $16.9 million that, if recognized, would have a favorable effect on the Corporation’s income tax expense of $15.3 million. The Corporation recognizes interest and penalties accrued on unrecognized tax benefits and refundable income taxes as a component of income tax expense. During the six months ended August 28, 2015, the Corporation recognized a net benefit of $1.2 million for interest and penalties on unrecognized tax benefits and refundable income taxes. As of August 28, 2015, the total amount of gross accrued interest and penalties related to unrecognized tax benefits less refundable income taxes was a net payable of $1.6 million. The Corporation is subject to examination by the Internal Revenue Service for tax years 2010 to the present and various U.S. state and local jurisdictions for tax years 2001 to the present. The Corporation is also subject to tax examination in various international tax jurisdictions, including Canada, the United Kingdom, Australia, Italy, Mexico and New Zealand for tax years 2006 to the present. |
Related Party Information
Related Party Information | 6 Months Ended |
Aug. 28, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Information | Note 17 – Related Party Information World headquarters relocation In May 2011, the Corporation announced that it will be relocating its world headquarters to a new location in the City of Westlake, Ohio, in a mixed-use development known as Crocker Park (the “Crocker Park Development”), which offers a vibrant urban setting, with retail stores and restaurants, offices and apartments. After putting the project on hold pending the outcome of the going private transaction, the Corporation announced plans in October 2013 to resume the project and, on March 26, 2014, the Corporation purchased from Crocker Park, LLC, the owner of the Crocker Park Development, 14.48 acres of land at the south end of the Crocker Park Development (the “Crocker Park Site”) on which the new world headquarters will be built. The purchase price for the land was $7.4 million (based on a per acre price of $510 thousand). Morry Weiss, the Chairman of the board of the Corporation, Zev Weiss and Jeffrey Weiss, directors and the Co-Chief Executive Officers of the Corporation, and Gary and Elie Weiss, directors and non-executive officers of the Corporation, together with members of their family (collectively, the “Weiss Family”), indirectly own a minority stake in Crocker Park, LLC through their indirect ownership of approximately 37% of the membership interests in Crocker Park, LLC. In addition, Morry Weiss and other members of the Weiss Family have guaranteed certain of Crocker Park, LLC’s obligations, and are expected to guarantee additional obligations of Crocker Park, LLC, incurred in connection with the Crocker Park Development. The authority to conduct, manage and control the business of Crocker Park, LLC, including operating the Crocker Park Development and the decision whether to sell the Crocker Park Site to American Greetings, was reserved to the manager of Crocker Park, LLC, who is not an affiliate of the Weiss Family and who is an affiliate of Stark Enterprises, Inc. The Corporation is leasing a portion of the Crocker Park Site to H L & L, which is constructing the new world headquarters building on the Crocker Park Site and, when complete, will sublease the new world headquarters building back to the Corporation. In addition, to accommodate additional office needs, H L & L is constructing an additional approximately 60,000 square foot building adjacent to the world headquarters building and a surface parking lot on land that it is leasing from the Corporation. The Corporation has entered into operating leases to lease these buildings from H L & L, which are anticipated to be available for occupancy in calendar year 2016. The initial lease terms are fifteen years and will begin upon occupancy. The total annual rent is expected to be approximately $10.6 million. See Note 11 for further information. Although the majority of the costs to construct the new world headquarters is expected to be financed through H L & L, due to the inherent difficulty in estimating costs associated with projects of this scale and nature, the costs associated with this project may be higher than expected and the Corporation may have to dedicate additional funds to the project, including providing additional funds to H L & L. As a result, effective as of December 1, 2014, the Corporation entered into a loan agreement with H L & L under which the Corporation may from time to time make revolving loans to H L & L. Loans made to H L & L under this agreement may only be used to fund construction costs associated with the world headquarters project and the maximum principal and market-rate interest that may be outstanding as of any given time under this loan agreement may not exceed $9 million. No loans to HL&L were outstanding as of August 28, 2015 and February 28, 2015. Transactions with Parent Companies and Other Affiliated Companies From time to time employees of the Corporation may provide services to its parent companies as well as companies that are owned or controlled by members of the Weiss Family, in each case provided that such services do not interfere with the Corporation’s employees’ ability to perform services on its behalf. When providing such services, the affiliated companies reimburse the Corporation for such services, based on the costs of employing the individual (including salary and benefits) and the amount of time spent by such employee in providing services to the affiliated company. The Corporation, its parent and certain of their subsidiaries and affiliates file a consolidated U.S. federal income tax return. The Corporation pays all taxes on behalf of the group included in this consolidated federal income tax return. Pursuant to this tax sharing arrangement, amounts due to affiliates totaled $1.9 million as of February 28, 2015. No amounts were due to or due from affiliates under this arrangement as of August 28, 2015. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Aug. 28, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 18 – Business Segment Information The Corporation has North American Social Expression Products, International Social Expression Products, Retail Operations, AG Interactive and Non-reportable segments. The North American Social Expression Products segment primarily designs, manufactures and sells greeting cards and other related products through various channels of distribution with mass merchandising as the primary channel. The International Social Expression Products segment primarily designs and sells greeting cards and other related products through various channels of distribution and is located principally in the United Kingdom, Australia and New Zealand. At August 28, 2015, the Retail Operations segment operated 405 card and gift retail stores in the United Kingdom. The stores sell products purchased from the International Social Expression Products segment as well as products purchased from other vendors. AG Interactive distributes social expression products, including electronic greetings and a broad range of graphics and digital services and products, through a variety of electronic channels, including Web sites, Internet portals and electronic mobile devices. For the three and six months ended August 28, 2015, the Corporation’s Non-reportable segment primarily includes licensing activities. For the three and six months ended August 29, 2014, the Non-reportable segment also included the design, manufacture and sale of display fixtures. The display fixtures business was sold on the last day of the quarter ended August 29, 2014. See Note 4 for further information. Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Total Revenue: North American Social Expression Products $ 285,556 $ 276,990 $ 621,160 $ 606,047 International Social Expression Products 65,858 68,451 128,026 143,490 Intersegment items (11,286 ) (11,234 ) (21,599 ) (21,299 ) Net 54,572 57,217 106,427 122,191 Retail Operations 65,503 69,741 137,311 148,905 AG Interactive 13,736 14,445 27,166 28,944 Non-reportable segment 1,661 14,032 2,407 29,922 $ 421,028 $ 432,425 $ 894,471 $ 936,009 Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Segment Earnings (Loss) Before Tax: North American Social Expression Products $ 46,209 $ 27,830 $ 119,336 $ 97,194 International Social Expression Products (49 ) (6 ) (5,059 ) 3,756 Intersegment items 879 570 1,630 (1,740 ) Net 830 564 (3,429 ) 2,016 Retail Operations (12,615 ) (14,563 ) (20,758 ) (18,603 ) AG Interactive 5,276 5,964 10,147 11,376 Non-reportable segment (934 ) (1,306 ) 59,413 2,709 Unallocated Interest expense (6,486 ) (9,255 ) (14,599 ) (18,249 ) Profit-sharing plan expense (1,675 ) (1,389 ) (3,350 ) (5,468 ) Corporate overhead expense 393 26,662 (4,429 ) 18,968 (7,768 ) 16,018 (22,378 ) (4,749 ) $ 30,998 $ 34,507 $ 142,331 $ 89,943 “Corporate overhead expense” includes costs associated with corporate operations including, among other costs, senior management, corporate finance, legal, and insurance programs. For the six months ended August 28, 2015, Non-reportable segment earnings includes a gain of $61.6 million from the sale of Strawberry Shortcake. See Note 4 for further information. For both the three and six month periods ended August 28, 2015, “Corporate overhead expense” includes income recognized from state tax credits of $6.5 million. See Note 6 for further information. During the prior year second quarter, the Corporation sold its current world headquarters location and incurred a non-cash loss on disposal of $15.5 million, of which $13.3 million was recorded within the North American Social Expression Products segment and $2.2 million was recorded in “Corporate overhead expense”. See Note 4 for further information For both the three and six month periods ended August 29, 2014, “Corporate overhead expense” included the gain on sale of AGI In-Store of $38.8 million. See Note 4 for further information. Termination Benefits Termination benefits are primarily considered part of an ongoing benefit arrangement, accounted for in accordance with ASC Topic 712, “Compensation – Nonretirement Postemployment Benefits,” and are recorded when payment of the benefits is probable and can be reasonably estimated. The balance of the severance accrual was $2.1 million, $4.3 million and $3.5 million at August 28, 2015, February 28, 2015 and August 29, 2014, respectively. The payments expected within the next twelve months are included in “Accrued liabilities” while the remaining payments beyond the next twelve months are included in “Other liabilities” on the Consolidated Statement of Financial Position. |
Recent Accounting Pronounceme25
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Aug. 28, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements, Policy | In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11 (“ASU 2015-11”), “Simplifying the Measurement of Inventory”. ASU 2015-11 requires an entity to measure inventory that is within the scope of this ASU at the lower of cost and net realizable value. Existing impairment models will continue to be used for inventories that are accounted for using the last-in first-out (“LIFO”) method. ASU 2015-11 requires prospective adoption for inventory measurements for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years for public business entities. Early adoption is permitted. At August 28, 2015, approximately 48% of the Corporation’s pre-LIFO consolidated inventory is measured using a method other than LIFO. The Corporation does not expect that the adoption of this standards update will have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt, similar to the presentation of debt discounts. ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption permitted. The Corporation does not expect that the adoption of this standards update will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, (“ASU 2014-15”), “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern”. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Corporation does not expect that the adoption of this standards update will impact its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-09 |
Contingencies, Policy | In accordance with ASC Topic 450, “Contingencies,” the Corporation accrues for these contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated. |
Income Taxes, Policy | The Corporation’s provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against income before income tax expense for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. |
Termination Benefits, Policy | Termination benefits are primarily considered part of an ongoing benefit arrangement, accounted for in accordance with ASC Topic 712, “Compensation – Nonretirement Postemployment Benefits,” and are recorded when payment of the benefits is probable and can be reasonably estimated. |
Royalty Revenue and Related E26
Royalty Revenue and Related Expenses (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Revenues and Expenses Associated with Servicing of Agreements | Revenues and expenses associated with the servicing of these agreements, primarily relating to the licensing activities included in the Non-reportable segment, are summarized as follows: Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Royalty revenue $ 1,975 $ 4,923 $ 3,104 $ 10,861 Royalty expenses: Material, labor and other production costs $ 1,241 $ 1,491 $ 2,175 $ 3,035 Selling, distribution and marketing expenses 988 1,699 1,691 3,275 Administrative and general expenses 344 309 711 781 $ 2,573 $ 3,499 $ 4,577 $ 7,091 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Other Income and Expenses [Abstract] | |
Other Operating Income - Net | Other Operating Income – Net Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Gain adjustment (gain) on sale of Strawberry Shortcake $ 41 $ — $ (61,625 ) $ — Gain on sale of AGI In-Store — (38,803 ) — (38,803 ) Clinton Cards secured debt recovery — — — (3,390 ) State tax credits (6,541 ) — (6,541 ) — Loss on asset disposal 57 15,710 66 15,733 Miscellaneous (866 ) (735 ) (1,629 ) 664 Other operating income – net $ (7,309 ) $ (23,828 ) $ (69,729 ) $ (25,796 ) |
Other Non-Operating Income - Net | Other Non-Operating Income – Net Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Foreign exchange loss (gain) $ 111 $ (63 ) $ (673 ) $ (523 ) Rental income (129 ) (216 ) (281 ) (755 ) Miscellaneous (36 ) 7 (38 ) (101 ) Other non-operating income – net $ (54 ) $ (272 ) $ (992 ) $ (1,379 ) |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) are as follows. (In thousands) Foreign Pensions and Unrealized Total Balance at February 28, 2015 $ 1,836 $ (26,239 ) $ — $ (24,403 ) Other comprehensive income (loss) before reclassifications (4,379 ) 245 34,477 30,343 Amounts reclassified from accumulated other comprehensive income (loss) — 476 — 476 Net current period other comprehensive income (loss) (4,379 ) 721 34,477 30,819 Balance at August 28, 2015 $ (2,543 ) $ (25,518 ) $ 34,477 $ 6,416 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The reclassifications out of accumulated other comprehensive income (loss) are as follows: (In thousands) Six Months Ended Consolidated Statement of Income Pensions and Postretirement Benefits: Amortization of pensions and other postretirement benefits items Actuarial losses, net $ (1,094 ) Administrative and general expenses Prior service credit, net 348 Administrative and general expenses (746 ) Tax benefit 270 Income tax expense Total, net of tax (476 ) Total reclassifications $ (476 ) |
Customer Allowances and Disco29
Customer Allowances and Discounts (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Allowances and Discounts Trade Accounts Receivable | Trade accounts receivable is reported net of certain allowances and discounts. The most significant of these are as follows: (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Allowance for seasonal sales returns $ 16,437 $ 18,895 $ 18,147 Allowance for outdated products 10,109 11,074 10,863 Allowance for doubtful accounts 1,814 1,730 1,612 Allowance for marketing funds 23,495 26,841 28,836 Allowance for rebates 21,465 34,214 27,425 $ 73,320 $ 92,754 $ 86,883 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Raw materials $ 19,861 $ 14,809 $ 15,304 Work in process 12,869 7,578 11,892 Finished products 337,344 297,899 359,219 370,074 320,286 386,415 Less LIFO reserve 81,659 80,755 83,493 288,415 239,531 302,922 Display materials and factory supplies 8,923 9,046 9,378 $ 297,338 $ 248,577 $ 312,300 |
Deferred Costs (Tables)
Deferred Costs (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Text Block [Abstract] | |
Deferred Costs and Future Payment Commitments | Deferred costs and future payment commitments for retail supply agreements are included in the following financial statement captions: (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Prepaid expenses and other $ 89,305 $ 98,061 $ 90,496 Other assets 411,909 364,311 403,920 Deferred cost assets 501,214 462,372 494,416 Other current liabilities (64,117 ) (59,018 ) (82,422 ) Other liabilities (160,558 ) (104,127 ) (141,102 ) Deferred cost liabilities (224,675 ) (163,145 ) (223,524 ) Net deferred costs $ 276,539 $ 299,227 $ 270,892 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt and their related calendar year due dates as of August 28, 2015, February 28, 2015 and August 29, 2014, respectively, were as follows: (In thousands) August 28, 2015 February 28, 2015 August 29, 2014 Term loan, due 2019 $ 185,000 $ 250,000 $ 330,000 7.375% senior notes, due 2021 225,000 225,000 225,000 Revolving credit facility, due 2018 56,000 4,300 — 6.10% senior notes, due 2028 181 181 181 Unamortized financing fees (4,429 ) (6,752 ) (9,591 ) 461,752 472,729 545,590 Current portion of term loan — — (20,000 ) $ 461,752 $ 472,729 $ 525,590 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Periodic Benefit Cost for Corporation's Defined Benefit Pension and Postretirement Benefits Plans | The components of periodic benefit cost for the Corporation’s defined benefit pension and postretirement benefits plans are as follows: Defined Benefit Pension Plans Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Service cost $ 159 $ 145 $ 318 $ 289 Interest cost 1,550 1,846 3,108 3,683 Expected return on plan assets (1,659 ) (1,628 ) (3,327 ) (3,251 ) Amortization of prior service cost 1 1 2 2 Amortization of actuarial loss 846 720 1,694 1,426 $ 897 $ 1,084 $ 1,795 $ 2,149 Postretirement Benefits Plan Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Service cost $ 125 $ 100 $ 250 $ 200 Interest cost 525 675 1,050 1,350 Expected return on plan assets (675 ) (700 ) (1,350 ) (1,400 ) Amortization of prior service credit (175 ) (325 ) (350 ) (650 ) Amortization of actuarial gain (300 ) (225 ) (600 ) (450 ) $ (500 ) $ (475 ) $ (1,000 ) $ (950 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value as of Measurement Date | The following table summarizes the financial assets and liabilities measured at fair value as of August 28, 2015: (In thousands) August 28, 2015 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 11,514 $ 10,236 $ 1,278 $ — Investment in equity securities 56,482 56,482 — — $ 67,996 $ 66,718 $ 1,278 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 12,425 $ 10,236 $ 2,189 $ — The following table summarizes the assets and liabilities measured at fair value as of February 28, 2015: (In thousands) February 28, 2015 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,745 $ 10,997 $ 1,748 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,412 $ 10,997 $ 2,415 $ — The following table summarizes the assets and liabilities measured at fair value as of August 29, 2014: (In thousands) August 29, 2014 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,516 $ 10,599 $ 1,917 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,429 $ 10,599 $ 2,830 $ — |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Aug. 28, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Total Revenue: North American Social Expression Products $ 285,556 $ 276,990 $ 621,160 $ 606,047 International Social Expression Products 65,858 68,451 128,026 143,490 Intersegment items (11,286 ) (11,234 ) (21,599 ) (21,299 ) Net 54,572 57,217 106,427 122,191 Retail Operations 65,503 69,741 137,311 148,905 AG Interactive 13,736 14,445 27,166 28,944 Non-reportable segment 1,661 14,032 2,407 29,922 $ 421,028 $ 432,425 $ 894,471 $ 936,009 Three Months Ended Six Months Ended (In thousands) August 28, August 29, August 28, August 29, Segment Earnings (Loss) Before Tax: North American Social Expression Products $ 46,209 $ 27,830 $ 119,336 $ 97,194 International Social Expression Products (49 ) (6 ) (5,059 ) 3,756 Intersegment items 879 570 1,630 (1,740 ) Net 830 564 (3,429 ) 2,016 Retail Operations (12,615 ) (14,563 ) (20,758 ) (18,603 ) AG Interactive 5,276 5,964 10,147 11,376 Non-reportable segment (934 ) (1,306 ) 59,413 2,709 Unallocated Interest expense (6,486 ) (9,255 ) (14,599 ) (18,249 ) Profit-sharing plan expense (1,675 ) (1,389 ) (3,350 ) (5,468 ) Corporate overhead expense 393 26,662 (4,429 ) 18,968 (7,768 ) 16,018 (22,378 ) (4,749 ) $ 30,998 $ 34,507 $ 142,331 $ 89,943 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Aug. 28, 2015 | Aug. 29, 2014 | Feb. 28, 2015 | |
Adjustments for Error Correction [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Increase in net income due to decrease in tax expense | $ 4,100,000 | $ 4,100,000 | |
Schurman [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
End period of liquidity guaranty | 2019-01 | ||
Schurman [Member] | Liquidity Guaranty [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Number of days after Schurman's lenders commence liquidation of collateral under Senior Credit Facility | 91 days | ||
Maximum exposure to loss, amount | $ 10,000,000 | ||
Schurman [Member] | Business Trade and Other Receivables [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Maximum exposure to loss, amount | 29,400,000 | ||
Schurman [Member] | Operating Leases Subleased to Schurman [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Maximum exposure to loss, amount | $ 3,000,000 |
Recent Accounting Pronounceme37
Recent Accounting Pronouncements - Additional Information (Detail) | Aug. 28, 2015 |
LIFO Method Related Items [Abstract] | |
Pre-LIFO consolidated inventory measured using a method other than LIFO | 48.00% |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Sale of Strawberry Shortcake) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2015 | Aug. 28, 2015 | May. 29, 2015 | Aug. 28, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of Strawberry Shortcake | $ 105,000 | |||
Strawberry Shortcake [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of Strawberry Shortcake | $ 105,000 | |||
Net gain on sale of Strawberry Shortcake | $ (41) | $ 61,700 | $ 61,625 |
Acquisitions and Dispositions39
Acquisitions and Dispositions (Character Property Rights Acquisition) - Additional Information (Detail) - USD ($) | Feb. 28, 2015 | Dec. 18, 2014 | Mar. 31, 2015 | Aug. 28, 2015 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Purchase of intangible assets | $ 2,800,000 | |||
Character Property Rights [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Purchase of intangible assets | $ 37,700,000 | $ 2,800,000 | ||
Maximum additional consideration payable on resale of character property rights | $ 4,000,000 | |||
Strawberry Shortcake [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Purchase of intangible assets | $ 26,000,000 |
Acquisitions and Dispositions40
Acquisitions and Dispositions (Sale of AGI In-Store) - Additional Information (Detail) - AGI In-Store [Member] - USD ($) $ in Thousands | Aug. 29, 2014 | Mar. 31, 2015 | Feb. 28, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | Aug. 29, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of AGI In-Store | $ 73,700 | |||||
Net gain on sale of AGI In-Store | $ 38,800 | $ 38,803 | $ 38,803 | |||
Payment for working capital adjustments | $ 3,200 | |||||
Post-closing date adjustments including final working capital adjustment | $ 3,700 | $ 100 |
Acquisitions and Dispositions41
Acquisitions and Dispositions (Sale of World Headquarters) - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 |
Non-cash loss on disposal of fixed assets | $ 57 | $ 15,710 | $ 66 | $ 15,733 | |
WHQ Location [Member] | |||||
Cash received from sale of property | $ 13,500 | ||||
Non-cash loss on disposal of fixed assets | $ 15,500 | $ 15,500 | |||
WHQ Development [Member] | |||||
Anticipated year of completion for new world headquarters building | 2,016 |
Acquisitions and Dispositions42
Acquisitions and Dispositions (Surrender of Certain Corporate-Owned Life Insurance Policies) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Mar. 31, 2015 | Aug. 28, 2015 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from surrender of corporate-owned life insurance policies | $ 24,100 | $ 24,068 |
Royalty Revenue and Related E43
Royalty Revenue and Related Expenses - Revenues and Expenses Associated with Servicing of Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Segment Reporting Information [Line Items] | ||||
Material, labor and other production costs | $ 177,985 | $ 180,109 | $ 373,459 | $ 380,895 |
Selling, distribution and marketing expenses | 153,641 | 165,834 | 317,400 | 338,093 |
Administrative and general expenses | 59,365 | 66,850 | 117,586 | 136,145 |
AG Intellectual Properties [Member] | Non-Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Royalty revenue | 1,975 | 4,923 | 3,104 | 10,861 |
Material, labor and other production costs | 1,241 | 1,491 | 2,175 | 3,035 |
Selling, distribution and marketing expenses | 988 | 1,699 | 1,691 | 3,275 |
Administrative and general expenses | 344 | 309 | 711 | 781 |
Expenses associated with royalty revenue, Total | $ 2,573 | $ 3,499 | $ 4,577 | $ 7,091 |
Other Income and Expense - Othe
Other Income and Expense - Other Operating Income - Net (Detail) - USD ($) $ in Thousands | Aug. 29, 2014 | Aug. 28, 2015 | May. 29, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 |
Other Income Expense [Line Items] | ||||||
Clinton Cards secured debt recovery | $ (3,390) | |||||
State tax credits | $ (6,541) | $ (6,541) | ||||
Net loss on disposal of fixed assets | 57 | $ 15,710 | 66 | 15,733 | ||
Miscellaneous | (866) | (735) | (1,629) | 664 | ||
Other operating income - net | (7,309) | (23,828) | (69,729) | (25,796) | ||
Strawberry Shortcake [Member] | ||||||
Other Income Expense [Line Items] | ||||||
Net gain on sale of disposal group | $ 41 | $ (61,700) | $ (61,625) | |||
AGI In-Store [Member] | ||||||
Other Income Expense [Line Items] | ||||||
Net gain on sale of disposal group | $ (38,800) | $ (38,803) | $ (38,803) |
Other Income and Expense - Addi
Other Income and Expense - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 29, 2014 | Aug. 28, 2015 | May. 29, 2015 | Aug. 29, 2014 | May. 30, 2014 | Aug. 28, 2015 | Aug. 29, 2014 |
Other Income And Expense [Line Items] | |||||||
State tax credits | $ 6,541 | $ 6,541 | |||||
Non-cash loss on disposal of fixed assets | 57 | $ 15,710 | 66 | $ 15,733 | |||
Clinton Cards secured debt recovery | 3,390 | ||||||
Ohio [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
State tax credits | 6,500 | ||||||
WHQ Location [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Non-cash loss on disposal of fixed assets | 15,500 | 15,500 | |||||
Clinton Cards [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Clinton Cards secured debt recovery | $ 3,400 | ||||||
Strawberry Shortcake [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Net gain on sale of disposal group | $ (41) | $ 61,700 | $ 61,625 | ||||
AGI In-Store [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Net gain on sale of disposal group | $ 38,800 | $ 38,803 | $ 38,803 |
Other Income and Expense - Ot46
Other Income and Expense - Other Non-Operating Income - Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange loss (gain) | $ 111 | $ (63) | $ (673) | $ (523) |
Rental income | (129) | (216) | (281) | (755) |
Miscellaneous | (36) | 7 | (38) | (101) |
Other non-operating income - net | $ (54) | $ (272) | $ (992) | $ (1,379) |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (24,403) | |||
Other comprehensive income (loss) before reclassifications | 30,343 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 476 | |||
Other comprehensive (loss) income, net of tax | $ (11,979) | $ (1,984) | 30,819 | $ (141) |
Ending Balance | 6,416 | $ 611 | 6,416 | $ 611 |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 1,836 | |||
Other comprehensive income (loss) before reclassifications | (4,379) | |||
Other comprehensive (loss) income, net of tax | (4,379) | |||
Ending Balance | (2,543) | (2,543) | ||
Pensions and Other Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (26,239) | |||
Other comprehensive income (loss) before reclassifications | 245 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 476 | |||
Other comprehensive (loss) income, net of tax | 721 | |||
Ending Balance | (25,518) | (25,518) | ||
Unrealized Investment Gain [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 34,477 | |||
Other comprehensive (loss) income, net of tax | 34,477 | |||
Ending Balance | $ 34,477 | $ 34,477 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Administrative and general expenses | $ (59,365) | $ (66,850) | $ (117,586) | $ (136,145) |
Income (loss) before income tax expense (benefit) | 30,998 | 34,507 | 142,331 | 89,943 |
Income tax expense | 6,518 | 11,667 | 45,087 | 23,364 |
Total reclassifications | $ 24,480 | $ 22,840 | 97,244 | $ 66,579 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications | (476) | |||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Pensions and Other Postretirement Benefits [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before income tax expense (benefit) | (746) | |||
Income tax expense | 270 | |||
Total reclassifications | (476) | |||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Pensions and Other Postretirement Benefits [Member] | Actuarial Losses, Net [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Administrative and general expenses | (1,094) | |||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Pensions and Other Postretirement Benefits [Member] | Prior Service Credit, Net [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Administrative and general expenses | $ 348 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Loss) - Additional information (Detail) - USD ($) | 6 Months Ended | |
Aug. 28, 2015 | Feb. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Carrying value of investment | $ 0 | |
Unrealized gain on equity securities | $ 34,500,000 |
Customer Allowances and Disco50
Customer Allowances and Discounts - Allowances and Discounts Trade Accounts Receivable (Detail) - USD ($) $ in Thousands | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | $ 73,320 | $ 92,754 | $ 86,883 |
Allowance for Seasonal Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 16,437 | 18,895 | 18,147 |
Allowance for Outdated Products [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 10,109 | 11,074 | 10,863 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 1,814 | 1,730 | 1,612 |
Allowance for Marketing Funds [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 23,495 | 26,841 | 28,836 |
Allowance for Rebates [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | $ 21,465 | $ 34,214 | $ 27,425 |
Customer Allowances and Disco51
Customer Allowances and Discounts - Additional Information (Detail) - USD ($) $ in Millions | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Allowance for Rebates [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Trade allowances and discounts settled in cash | $ 13.9 | $ 17 | $ 12.5 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 19,861 | $ 14,809 | $ 15,304 |
Work in process | 12,869 | 7,578 | 11,892 |
Finished products | 337,344 | 297,899 | 359,219 |
Gross inventory | 370,074 | 320,286 | 386,415 |
Less LIFO reserve | 81,659 | 80,755 | 83,493 |
Inventory net of last in first out reserve | 288,415 | 239,531 | 302,922 |
Display materials and factory supplies | 8,923 | 9,046 | 9,378 |
Net inventory | $ 297,338 | $ 248,577 | $ 312,300 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Inventory Disclosure [Abstract] | |||
Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products | $ 64.2 | $ 63.3 | $ 68 |
Deferred Costs - Deferred Costs
Deferred Costs - Deferred Costs and Future Payment Commitments (Detail) - USD ($) $ in Thousands | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Deferred Costs [Abstract] | |||
Prepaid expenses and other | $ 89,305 | $ 98,061 | $ 90,496 |
Other assets | 411,909 | 364,311 | 403,920 |
Deferred cost assets | 501,214 | 462,372 | 494,416 |
Other current liabilities | (64,117) | (59,018) | (82,422) |
Other liabilities | (160,558) | (104,127) | (141,102) |
Deferred cost liabilities | (224,675) | (163,145) | (223,524) |
Net deferred costs | $ 276,539 | $ 299,227 | $ 270,892 |
Deferred Costs - Additional Inf
Deferred Costs - Additional Information (Detail) - USD ($) $ in Millions | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Deferred Costs [Abstract] | |||
Allowance for deferred costs related to supply agreements | $ 3.5 | $ 2.3 | $ 3.1 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - WHQ Development [Member] - USD ($) $ in Millions | 6 Months Ended | ||
Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 | |
Schedule Of Other Liabilities [Line Items] | |||
Anticipated year of completion for new world headquarters building | 2,016 | ||
New World Headquarters construction costs to date | $ 57.4 | $ 31.7 | $ 14.8 |
Construction costs liability to lessor | $ 57.4 | $ 31.7 | $ 14.8 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 | |
Debt Disclosure [Line Items] | ||||
Debt due within one year | $ 0 | $ 0 | $ 20,000,000 | |
Letters of credit outstanding | 26,400,000 | |||
Unamortized financing fees written off | 1,800,000 | |||
Non Publicly Traded [Member] | Level 2 [Member] | ||||
Debt Disclosure [Line Items] | ||||
Fair value of traded debt | 240,500,000 | 251,800,000 | 330,000,000 | |
Carrying value of Corporation's non-publicly traded debt | $ 241,000,000 | 254,300,000 | 330,000,000 | |
Term Loan Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest on credit facility borrowings | 2.70% | |||
Voluntary prepayments on term loan facility | $ 65,000,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest on credit facility borrowings | 2.70% | |||
Current borrowing capacity | $ 250,000,000 | |||
Publicly Traded [Member] | Level 1 [Member] | ||||
Debt Disclosure [Line Items] | ||||
Fair value of traded debt | 234,100,000 | 238,200,000 | 240,300,000 | |
Carrying value of Corporation's publicly traded debt | 225,200,000 | 225,200,000 | 225,200,000 | |
Accounts Receivable Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Debt due within one year | 0 | $ 0 | $ 0 | |
Current borrowing capacity | $ 50,000,000 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Debt Disclosure [Line Items] | |||
Revolving credit facility, due 2018 | $ 56,000 | $ 4,300 | |
Unamortized financing fees | (4,429) | (6,752) | $ (9,591) |
Long-term debt | 461,752 | 472,729 | 545,590 |
Long-term debt | 461,752 | 472,729 | 545,590 |
Current portion of debt | 0 | 0 | (20,000) |
Long-term debt, Non current | 461,752 | 472,729 | 525,590 |
Term Loan [Member] | |||
Debt Disclosure [Line Items] | |||
Term loan, due 2019 | 185,000 | 250,000 | 330,000 |
Current portion of debt | (20,000) | ||
7.375% Senior Notes, Due 2021 [Member] | |||
Debt Disclosure [Line Items] | |||
Notes | 225,000 | 225,000 | 225,000 |
6.10% Senior Notes, Due 2028 [Member] | |||
Debt Disclosure [Line Items] | |||
Notes | $ 181 | $ 181 | $ 181 |
Debt - Long-Term Debt (Parenthe
Debt - Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Aug. 28, 2015 | Aug. 29, 2014 | Feb. 28, 2015 | |
Term Loan [Member] | |||
Debt Disclosure [Line Items] | |||
Due year | 2,019 | 2,019 | 2,019 |
7.375% Senior Notes, Due 2021 [Member] | |||
Debt Disclosure [Line Items] | |||
Interest rate of debt | 7.375% | 7.375% | 7.375% |
Due year | 2,021 | 2,021 | 2,021 |
Revolving Credit Facility, Due 2018 [Member] | |||
Debt Disclosure [Line Items] | |||
Due year | 2,018 | 2,018 | 2,018 |
6.10% Senior Notes, Due 2028 [Member] | |||
Debt Disclosure [Line Items] | |||
Interest rate of debt | 6.10% | 6.10% | 6.10% |
Due year | 2,028 | 2,028 | 2,028 |
Retirement Benefits - Component
Retirement Benefits - Components of Periodic Benefit Cost for Corporation's Defined Benefit Pension and Postretirement Benefits Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 159 | $ 145 | $ 318 | $ 289 |
Interest cost | 1,550 | 1,846 | 3,108 | 3,683 |
Expected return on plan assets | (1,659) | (1,628) | (3,327) | (3,251) |
Amortization of prior service cost (credit) | 1 | 1 | 2 | 2 |
Amortization of actuarial loss (gain) | 846 | 720 | 1,694 | 1,426 |
Defined benefit plan, net periodic benefit cost, total | 897 | 1,084 | 1,795 | 2,149 |
Postretirement Benefits Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 125 | 100 | 250 | 200 |
Interest cost | 525 | 675 | 1,050 | 1,350 |
Expected return on plan assets | (675) | (700) | (1,350) | (1,400) |
Amortization of prior service cost (credit) | (175) | (325) | (350) | (650) |
Amortization of actuarial loss (gain) | (300) | (225) | (600) | (450) |
Defined benefit plan, net periodic benefit cost, total | $ (500) | $ (475) | $ (1,000) | $ (950) |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | Feb. 28, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Liability for postretirement benefits other than pensions | $ 19.2 | $ 19.7 | $ 19.2 | $ 19.7 | $ 17.5 |
Long-term liability for pension benefits | 78.6 | 74.5 | 78.6 | 74.5 | $ 81.9 |
Profit-Sharing Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Corporate contributions to the 401(k) employee contribution plan | 3.4 | 5.5 | |||
401 (k) [Member] | United States [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Corporate contributions to the 401(k) employee contribution plan | $ 1.3 | $ 1.3 | $ 2.6 | $ 2.6 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value as of Measurement Date (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Assets measured on a recurring basis: | |||
Deferred compensation plan assets | $ 11,514 | $ 12,745 | $ 12,516 |
Investment in equity securities | 56,482 | ||
Assets measured on a recurring basis | 67,996 | ||
Liabilities measured on a recurring basis: | |||
Deferred compensation plan liabilities | 12,425 | 13,412 | 13,429 |
Level 1 [Member] | |||
Assets measured on a recurring basis: | |||
Deferred compensation plan assets | 10,236 | 10,997 | 10,599 |
Investment in equity securities | 56,482 | ||
Assets measured on a recurring basis | 66,718 | ||
Liabilities measured on a recurring basis: | |||
Deferred compensation plan liabilities | 10,236 | 10,997 | 10,599 |
Level 2 [Member] | |||
Assets measured on a recurring basis: | |||
Deferred compensation plan assets | 1,278 | 1,748 | 1,917 |
Assets measured on a recurring basis | 1,278 | ||
Liabilities measured on a recurring basis: | |||
Deferred compensation plan liabilities | $ 2,189 | $ 2,415 | $ 2,830 |
Contingency - Additional Inform
Contingency - Additional Information (Detail) - USD ($) | Mar. 31, 2015 | Mar. 30, 2015 | Mar. 06, 2015 |
Loss Contingencies [Line Items] | |||
Settlement fund to pay claims | $ 4,000,000 | ||
Violation Of Telephone Consumer Protection Act [Member] | |||
Loss Contingencies [Line Items] | |||
Damage amount for each violation | $ 500 | ||
Willful Violation Of Telephone Consumer Protection Act [Member] | |||
Loss Contingencies [Line Items] | |||
Damage amount for each violation | $ 1,500 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Period of funding settlement | 20 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | Feb. 28, 2015 | |
Income Taxes [Line Items] | |||||
Effective tax rate | 21.00% | 33.80% | 31.70% | 26.00% | |
Unrecognized tax benefit due to the issuance of regulations that clarified the law and the expiration of statute | $ 4.3 | $ 4.3 | |||
Federal tax refund | $ 3.1 | ||||
Tax on unrealized investment gains (losses) accounted for in other comprehensive income | 22 | ||||
Unrecognized tax benefits | 16.9 | 16.9 | |||
Effect on income tax expense if unrecognized tax benefits are recognized | 15.3 | $ 15.3 | |||
Unrecognized tax benefits income tax penalties and interest accrued description | The Corporation recognizes interest and penalties accrued on unrecognized tax benefits and refundable income taxes as a component of income tax expense. | ||||
Interest and penalties on unrecognized tax benefits and refundable income taxes | $ 1.2 | ||||
Accrued Interest and penalties on unrecognized tax benefit | $ 1.6 | $ 1.6 | |||
Adjustments for Error Correction [Member] | |||||
Income Taxes [Line Items] | |||||
Reduction in income tax expense | $ 4.1 | $ 4.1 |
Related Party Information (Worl
Related Party Information (World Headquarters Relocation) - Additional Information (Detail) - WHQ Development [Member] | Mar. 26, 2014USD ($)a | Aug. 28, 2015USD ($)ft² | Feb. 28, 2015USD ($) |
Related Party Transaction [Line Items] | |||
Purchase price of land | $ 7,400,000 | ||
Area of land purchased | a | 14.48 | ||
Purchase price of land per acre | $ 510,000 | ||
Equity interest held by unconsolidated related party in development project owner | 37.00% | ||
Anticipated year of completion for new world headquarters building | 2,016 | ||
Additional square feet building leased | ft² | 60,000 | ||
Initial lease term | 15 years | ||
Expected annual lease rent | $ 10,600,000 | ||
Construction Loan [Member] | |||
Related Party Transaction [Line Items] | |||
Revolving loan agreement, amount outstanding | 0 | $ 0 | |
Maximum [Member] | Construction Loan [Member] | |||
Related Party Transaction [Line Items] | |||
Revolving loan agreement, maximum funding commitment | $ 9,000,000 |
Related Party Information (Tran
Related Party Information (Transactions with Parent Companies and Other Affiliated Companies) - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Aug. 28, 2015 | Feb. 28, 2015 | |
Century Intermediate Holding Company [Member] | ||
Related Party Transaction [Line Items] | ||
Tax sharing arrangement, amounts due to affiliates | $ 1,900,000 | |
WHQ Development [Member] | ||
Related Party Transaction [Line Items] | ||
Tax sharing arrangement, amounts due to affiliates | $ 0 | |
Tax sharing arrangement, amounts due from affiliates | $ 0 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 28, 2015USD ($)Store | May. 29, 2015USD ($) | Aug. 29, 2014USD ($) | Aug. 28, 2015USD ($)Store | Aug. 29, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
State tax credits | $ 6,541 | $ 6,541 | |||
Non-cash loss on disposal of fixed assets | 57 | $ 15,710 | 66 | $ 15,733 | |
Strawberry Shortcake [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net gain on sale of disposal group | $ (41) | $ 61,700 | $ 61,625 | ||
WHQ Location [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash loss on disposal of fixed assets | 15,500 | 15,500 | |||
Retail Operations [Member] | United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of card and gift retail stores | Store | 405 | 405 | |||
North American Social Expression Products [Member] | WHQ Location [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash loss on disposal of fixed assets | 13,300 | ||||
Unallocated [Member] | WHQ Location [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash loss on disposal of fixed assets | 2,200 | ||||
Unallocated [Member] | AGI In-Store [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net gain on sale of disposal group | $ 38,800 | $ 38,800 |
Business Segment Information 68
Business Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 28, 2015 | Aug. 29, 2014 | Aug. 28, 2015 | Aug. 29, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 421,028 | $ 432,425 | $ 894,471 | $ 936,009 |
Segment Earnings (Loss) before Tax | 30,998 | 34,507 | 142,331 | 89,943 |
Interest expense | (6,486) | (9,255) | (14,599) | (18,249) |
Intersegment Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | (11,286) | (11,234) | (21,599) | (21,299) |
Segment Earnings (Loss) before Tax | 879 | 570 | 1,630 | (1,740) |
Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (6,486) | (9,255) | (14,599) | (18,249) |
Profit-sharing plan expense | (1,675) | (1,389) | (3,350) | (5,468) |
Corporate overhead expense | 393 | 26,662 | (4,429) | 18,968 |
Unallocated expense, total | (7,768) | 16,018 | (22,378) | (4,749) |
North American Social Expression Products [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 285,556 | 276,990 | 621,160 | 606,047 |
Segment Earnings (Loss) before Tax | 46,209 | 27,830 | 119,336 | 97,194 |
International Social Expression Products [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 65,858 | 68,451 | 128,026 | 143,490 |
Segment Earnings (Loss) before Tax | (49) | (6) | (5,059) | 3,756 |
International Social Expression Products and Intersegment Items, Net [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 54,572 | 57,217 | 106,427 | 122,191 |
Segment Earnings (Loss) before Tax | 830 | 564 | (3,429) | 2,016 |
Retail Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 65,503 | 69,741 | 137,311 | 148,905 |
Segment Earnings (Loss) before Tax | (12,615) | (14,563) | (20,758) | (18,603) |
AG Interactive [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 13,736 | 14,445 | 27,166 | 28,944 |
Segment Earnings (Loss) before Tax | 5,276 | 5,964 | 10,147 | 11,376 |
Non-Reportable Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 1,661 | 14,032 | 2,407 | 29,922 |
Segment Earnings (Loss) before Tax | $ (934) | $ (1,306) | $ 59,413 | $ 2,709 |
Business Segment Information 69
Business Segment Information (Termination Benefits) - Additional Information (Detail) - USD ($) $ in Millions | Aug. 28, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Segment Reporting [Abstract] | |||
Severance accrual | $ 2.1 | $ 4.3 | $ 3.5 |