Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | May. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Feb. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | AM | |
Entity Registrant Name | AMERICAN GREETINGS CORP | |
Entity Central Index Key | 5,133 | |
Current Fiscal Year End Date | --02-29 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Public Float | $ 0 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,889,994 | $ 1,986,352 | $ 1,941,809 |
Other revenue | 10,796 | 24,617 | 27,857 |
Total revenue | 1,900,790 | 2,010,969 | 1,969,666 |
Material, labor and other production costs | 844,839 | 882,337 | 857,227 |
Selling, distribution and marketing expenses | 656,799 | 696,543 | 685,088 |
Administrative and general expenses | 252,983 | 289,433 | 297,443 |
Goodwill and other intangible assets impairment | 21,924 | 733 | |
Other operating income - net | (72,858) | (23,674) | (7,718) |
Operating income | 219,027 | 144,406 | 136,893 |
Interest expense | 27,201 | 36,020 | 27,363 |
Interest income | (356) | (2,639) | (400) |
Other non-operating expense (income) - net | 1,193 | 319 | (3,296) |
Income before income tax expense | 190,989 | 110,706 | 113,226 |
Income tax expense | 61,147 | 45,599 | 62,704 |
Net income | $ 129,842 | $ 65,107 | $ 50,522 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 129,842 | $ 65,107 | $ 50,522 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (15,371) | (23,303) | 12,545 |
Pension and postretirement benefit adjustments | (389) | (1,852) | 5,344 |
Unrealized gain (loss) on securities | 20,505 | (4) | |
Other comprehensive income (loss), net of tax | 4,745 | (25,155) | 17,885 |
Comprehensive income | $ 134,587 | $ 39,952 | $ 68,407 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 100,893 | $ 43,327 |
Trade accounts receivable, net | 94,392 | 102,339 |
Inventories | 227,456 | 248,577 |
Deferred and refundable income taxes | 8,056 | 45,976 |
Assets held for sale | 35,529 | |
Prepaid expenses and other | 129,071 | 157,669 |
Total current assets | 559,868 | 633,417 |
OTHER ASSETS | 476,359 | 431,838 |
DEFERRED AND REFUNDABLE INCOME TAXES | 99,512 | 90,143 |
PROPERTY, PLANT AND EQUIPMENT - NET | 467,710 | 380,297 |
Total assets | 1,603,449 | 1,535,695 |
CURRENT LIABILITIES | ||
Accounts payable | 109,014 | 133,135 |
Accrued liabilities | 79,873 | 75,992 |
Accrued compensation and benefits | 101,014 | 95,193 |
Income taxes payable | 11,151 | 22,512 |
Liabilities held for sale | 1,712 | |
Deferred revenue | 26,271 | 27,200 |
Other current liabilities | 50,617 | 63,199 |
Total current liabilities | 377,940 | 418,943 |
LONG-TERM DEBT | 406,318 | 472,729 |
OTHER LIABILITIES | 379,768 | 303,231 |
DEFERRED INCOME TAXES AND NONCURRENT INCOME TAXES PAYABLE | 10,129 | 11,466 |
SHAREHOLDER'S EQUITY | ||
Common shares - par value $.01 per share: 100 shares issued and outstanding | 0 | 0 |
Capital in excess of par value | 240,000 | 240,000 |
Accumulated other comprehensive loss | (19,658) | (24,403) |
Retained earnings | 208,952 | 113,729 |
Total shareholder's equity | 429,294 | 329,326 |
Total liabilities and stockholders equity | $ 1,603,449 | $ 1,535,695 |
Consolidated Statement of Fina5
Consolidated Statement of Financial Position (Parenthetical) - $ / shares | Feb. 29, 2016 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, issued | 100 | 100 |
Common shares, outstanding | 100 | 100 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
OPERATING ACTIVITIES: | |||
Net income | $ 129,842 | $ 65,107 | $ 50,522 |
Adjustments to reconcile net income to cash flows from operating activities: | |||
Goodwill and other intangible assets impairment | 21,924 | 733 | |
Fixed asset impairment | 4,083 | 3,660 | 258 |
Contract asset impairment, net of recovery | 7,657 | 4,422 | |
Stock-based compensation | 8,091 | ||
Net loss on disposal of fixed assets | 179 | 15,983 | 560 |
Depreciation and intangible assets amortization | 55,734 | 59,853 | 55,025 |
Provision for doubtful accounts | 577 | 1,214 | 368 |
Clinton Cards secured debt recovery | (3,390) | (4,910) | |
Interest on Clinton Cards secured debt | (2,507) | ||
Deferred income taxes | 16,937 | (21,357) | 22,615 |
Gain related to investment in third party | (3,262) | ||
Other non-cash charges | 5,353 | 6,938 | 6,783 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
Trade accounts receivable | 3,962 | (13,241) | 8,359 |
Inventories | 12,365 | (20,325) | (6,761) |
Other current assets | (1,377) | (652) | 16,086 |
Net payable/receivable with related parties | (2,081) | 1,945 | (395) |
Income taxes | (9,763) | 9,752 | 21,151 |
Deferred costs - net | 12,879 | (10,133) | (22,209) |
Accounts payable and other liabilities | (41,276) | 45,446 | 2,046 |
Other - net | (7,541) | 715 | 5,014 |
Total Cash Flows From Operating Activities | 127,369 | 130,350 | 160,074 |
INVESTING ACTIVITIES: | |||
Property, plant and equipment additions | (86,018) | (91,166) | (54,097) |
Proceeds from sale of fixed assets | 1,126 | 24,198 | 1,652 |
Proceeds from sale of Strawberry Shortcake | 105,000 | ||
(Adjustment to proceeds) proceeds from sale of AGI In-Store | (3,200) | 73,659 | |
Proceeds from surrender of corporate-owned life insurance policies | 24,068 | 2,369 | |
Proceeds from Clinton Cards administration | 11,926 | 7,644 | |
Proceeds related to investment in third party | 12,105 | ||
Cash paid for acquired character property rights | (2,800) | (37,700) | |
Total Cash Flows From Investing Activities | 38,176 | (16,714) | (32,696) |
FINANCING ACTIVITIES: | |||
Proceeds from revolving lines of credit | 474,070 | 416,700 | 385,736 |
Repayments on revolving lines of credit | (478,370) | (416,900) | (442,436) |
Proceeds from term loan | 339,250 | ||
Repayments on term loan | (65,000) | (90,000) | (10,000) |
Issuance, exercise or settlement of share-based payment awards | (4,487) | ||
Tax benefit from share-based payment awards | 279 | ||
Contribution from parent | 240,000 | ||
Payments to shareholders to effect merger | (568,303) | ||
Dividends to shareholders | (34,619) | (38,073) | (85,034) |
Financing fees | (1,065) | (8,045) | |
Total Cash Flows From Financing Activities | (103,919) | (129,338) | (153,040) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (4,060) | (4,934) | 3,566 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 57,566 | (20,636) | (22,096) |
Cash and Cash Equivalents at Beginning of Year | 43,327 | 63,963 | 86,059 |
Cash and Cash Equivalents at End of Year | 100,893 | 43,327 | $ 63,963 |
Strawberry Shortcake [Member] | |||
Adjustments to reconcile net income to cash flows from operating activities: | |||
Net gain on sale of disposal group | (61,234) | ||
AGI In-Store [Member] | |||
Adjustments to reconcile net income to cash flows from operating activities: | |||
Net gain on sale of disposal group | $ 1,073 | $ (35,004) |
Consolidated Statement of Share
Consolidated Statement of Shareholder's Equity - USD ($) $ in Thousands | Total | Settlement Of Stock Options [Member] | Conversion Of Performance Share And Restricted Stock Awards To Cash Based Liability Awards [Member] | Cancellation of Family Shareholders Performance Share and Restricted Stock Awards [Member] | Modification And Settlement Of Non Executive Directors Awards [Member] | Net Tax Deficiency From Settlement And Cancellation Of Stock-Based Awards [Member] | Century Intermediate Holding Company [Member] | Common Shares [Member]Common Shares - Class A [Member] | Common Shares [Member]Common Shares - Class B [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Settlement Of Stock Options [Member] | Capital in Excess of Par Value [Member]Conversion Of Performance Share And Restricted Stock Awards To Cash Based Liability Awards [Member] | Capital in Excess of Par Value [Member]Cancellation of Family Shareholders Performance Share and Restricted Stock Awards [Member] | Capital in Excess of Par Value [Member]Modification And Settlement Of Non Executive Directors Awards [Member] | Capital in Excess of Par Value [Member]Net Tax Deficiency From Settlement And Cancellation Of Stock-Based Awards [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Retained Earnings [Member]Century Intermediate Holding Company [Member] |
Beginning Balance at Feb. 28, 2013 | $ 681,877 | $ 29,088 | $ 2,883 | $ 522,425 | $ (1,093,782) | $ (17,133) | $ 1,238,396 | ||||||||||||
Net income | 50,522 | 50,522 | |||||||||||||||||
Other comprehensive income (loss) | 17,885 | 17,885 | |||||||||||||||||
Cash dividends | (9,614) | $ (75,420) | (9,614) | $ (75,420) | |||||||||||||||
Sales of shares under benefit plans, including tax benefits | 73 | 223 | 28 | 560 | 342 | (1,080) | |||||||||||||
Contribution from parent | 240,000 | 240,000 | |||||||||||||||||
Payments to shareholders to effect merger | (568,303) | (29,305) | (606) | (538,392) | |||||||||||||||
Cancellation of Family Shareholders' shares | (5) | (2,307) | 2,312 | ||||||||||||||||
Stock compensation expense | 4,125 | 4,125 | |||||||||||||||||
Stock grants and other | 23 | $ (1) | $ 2 | 2 | 25 | (5) | |||||||||||||
Adjustments related to share-based payment awards pursuant to Merger: | $ (3,933) | $ (6,498) | $ 3,966 | $ (371) | $ (6,885) | $ (3,933) | $ (6,498) | $ 3,966 | $ (371) | $ (6,885) | |||||||||
Cancellation of treasury shares | (513,391) | $ 1,631,807 | (1,118,416) | ||||||||||||||||
Ending Balance at Feb. 28, 2014 | 327,447 | 240,000 | 752 | 86,695 | |||||||||||||||
Net income | 65,107 | 65,107 | |||||||||||||||||
Other comprehensive income (loss) | (25,155) | (25,155) | |||||||||||||||||
Cash dividends | (38,073) | (38,073) | |||||||||||||||||
Ending Balance at Feb. 28, 2015 | 329,326 | 240,000 | (24,403) | 113,729 | |||||||||||||||
Net income | 129,842 | 129,842 | |||||||||||||||||
Other comprehensive income (loss) | 4,745 | 4,745 | |||||||||||||||||
Cash dividends | $ (34,619) | $ (34,619) | |||||||||||||||||
Ending Balance at Feb. 29, 2016 | $ 429,294 | $ 240,000 | $ (19,658) | $ 208,952 |
Consolidated Statement of Shar8
Consolidated Statement of Shareholder's Equity (Parenthetical) | 12 Months Ended |
Feb. 28, 2014$ / shares | |
Dividends declared per share | $ 0.30 |
Retained Earnings [Member] | |
Dividends declared per share | $ 0.30 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies | NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Consolidation The Corporation’s investments in less than majority-owned companies in which it has the ability to exercise significant influence over 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 in equity securities, other than investments accounted for under the equity method, are classified as available-for-sale. Investments in available-for-sale equity securities that have a readily determinable fair value, and for which the Corporation does not have the ability to exercise significant influence over the investee’s operating and financial policies are measured at fair value. The cost method is used for all other investments in available-for-sale equity securities. Prior to the fourth quarter of 2014, the Corporation held an approximate 15% equity interest in 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. During the third quarter of 2014, the Corporation determined that, due to continued operating losses, shareholders’ deficit and lack of return on the Corporation’s investment, the cost method investment was permanently impaired. As a result, the Corporation recorded an impairment charge in the amount of $1,935 which reduced the carrying amount of the investment to zero. In addition, in order to mitigate ongoing risks to the Corporation that may arise from retaining an equity interest in Schurman, during the fourth quarter of 2014, the Corporation transferred to Schurman its 15% equity interest and, as a result, no longer has an equity interest in Schurman. The Corporation provides Schurman limited credit support 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 $10,000 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 February 29, 2016 requiring the use of the Liquidity Guaranty. During the current year, 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 February 29, 2016 includes: • Liquidity Guaranty of Schurman’s indebtedness of $10,000; • normal course of business trade and other receivables due from Schurman of $25,246, the balance of which fluctuates throughout the year due to the seasonal nature of the business; and • the operating leases currently subleased to Schurman, the aggregate lease payments for the remaining life of which was $2,297 as of February 29, 2016. In addition, the Corporation held a minority investment in the common stock of a privately held company that effected a recapitalization transaction in July 2012. As a result of this recapitalization, the Corporation retained a portion of its investment in the company which was classified as available-for-sale and accounted for under the cost method. During 2014, the Corporation received a cash distribution from this recapitalized company totaling $12,105, which was in part a return of capital of $8,843 that reduced the carrying amount of the investment to zero, and the remaining $3,262 was realized as an investment gain. In April 2015, the recapitalized company in which the Corporation holds its investment 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 reported at fair value at February 29, 2016 and is included in “Other assets” on the Consolidated Statement of Financial Position. Based on the fair value measurement of this investment at February 29, 2016, an unrealized gain, net of tax, of $20,505 has been recognized in other comprehensive income in 2016. The total proceeds from the distribution received in 2014 is classified within “Investing Activities” on the Consolidated Statement of Cash Flows. The investment gain realized in 2014 is included in “Other non-operating expense (income) – net” on the Consolidated Statement of Income. Reclassifications Use of Estimates Earnings per Share Cash Equivalents Allowance for Doubtful Accounts Concentration of Credit Risks The Corporation conducts business based on periodic evaluations of its customers’ financial condition and generally does not require collateral to secure their obligation to the Corporation. While the competitiveness of the retail industry presents an inherent uncertainty, the Corporation does not believe a significant risk of loss exists from a concentration of credit. Inventories Deferred Costs Deferred Film Production Costs Film production costs are accounted for pursuant to ASC Topic 926 (“ASC 926”), “Entertainment – Films,” and are stated at the lower of cost or net realizable value based on anticipated total revenue (“ultimate revenue”). Film production costs are generally capitalized. These costs are then recognized ratably based on the ratio of the current period’s revenue to estimated remaining ultimate revenues. Ultimate revenues are calculated in accordance with ASC 926 and require estimates and the exercise of judgment. Accordingly, these estimates are periodically updated to include the actual results achieved or for new information as to anticipated revenue performance of each title. Production expense totaled $2,291, $2,031 and $3,514 in 2016, 2015 and 2014, respectively, with no significant amounts related to changes in ultimate revenue estimates during these periods. These production costs are included in “Material, labor and other production costs” on the Consolidated Statement of Income. Amortization of production costs totaling $880, $1,377 and $2,776 in 2016, 2015 and 2014, respectively, are included in “Other - net” within “Operating Activities” on the Consolidated Statement of Cash Flows. As of February 28, 2015, a portion of deferred film production costs was classified as held for sale related to the then expected sale of the Strawberry Shortcake property. See Note 3 for further information. The balance of deferred film production costs was $3,441 and $2,173 at February 29, 2016 and February 28, 2015, respectively, and is included in “Other assets” on the Consolidated Statement of Financial Position. The Corporation expects to amortize approximately $1,500 of production costs during the next twelve months. Investment in Life Insurance Goodwill and Other Intangible Assets Property and Depreciation Disposal Group Held for Sale Operating Leases Pension and Other Postretirement Benefits Revenue Recognition Seasonal cards and certain other seasonal products are generally sold with the right of return on unsold merchandise. The Corporation provides for estimated returns of these products when those sales are recognized. These estimates are based on historical sales returns, the amount of current year sales and other known factors. Accrual rates utilized for establishing estimated returns reserves have approximated actual returns experience. Products sold without a right of return may be subject to sales credit issued at the Corporation’s discretion for damaged, obsolete and outdated products. The Corporation maintains an estimated reserve for these sales credits based on historical experience. For retailers with a scan-based trading (“SBT”) arrangement, the Corporation owns the product delivered to its retail customers until the product is sold by the retailer to the ultimate consumer, at which time the Corporation recognizes revenue for both everyday and seasonal products. When a SBT arrangement with a retailer is finalized with an existing customer, the Corporation reverses previous sales transactions based on retailer inventory turn rates and the estimated timing of the store conversions. Legal ownership of the inventory at the retailer’s stores reverts back to the Corporation at the time of the conversion and the amount of sales reversal is finalized based on the actual inventory at the time of conversion. Sales at the Corporation’s Retail Operations segment, which operates in the UK, are recognized upon the sale of product to the consumer. Subscription revenue, primarily for the AG Interactive segment, represents fees paid by customers for access to particular services for the term of the subscription. Subscription revenue is generally billed in advance and is recognized ratably over the subscription periods. The Corporation has agreements for licensing certain characters and other intellectual property. These license agreements provide for royalty revenue to the Corporation based on a percentage of net sales and are subject to certain guaranteed minimum royalties. These license agreements may include the receipt of upfront advances, which are recorded as deferred revenue and earned during the period of the agreement. Certain of these agreements are managed by outside agents. All payments flow through the agents prior to being remitted to the Corporation. Typically, the Corporation receives monthly payments from the agents. Royalty revenue is generally recognized upon cash receipt and is recorded in “Other revenue” on the Consolidated Statement of Income. Revenues and expenses associated with the servicing of these agreements are summarized as follows: 2016 2015 2014 Royalty revenue $ 8,791 $ 22,660 $ 26,170 Royalty expenses: Material, labor and other production costs $ 4,325 $ 2,602 $ 8,583 Selling, distribution and marketing expenses 2,993 6,297 6,339 Administrative and general expenses 1,488 2,003 1,945 $ 8,806 $ 10,902 $ 16,867 Due to the sale of Strawberry Shortcake in March 2015, royalty revenue and expenses for 2015 and 2014 do not have comparative amounts in the current year. See Note 3 for further discussion. Sales Taxes Translation of Foreign Currencies Shipping and Handling Costs Advertising Expenses Income Taxes Income tax expense includes both current and deferred taxes. Current tax expense represents the amount of income taxes paid or payable (or refundable) for the year, including interest and penalties. Deferred income taxes, net of appropriate valuation allowances, are recognized for the estimated future tax effects attributable to tax carryforwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts realized for income tax purposes. The effect of a change to the deferred tax assets or liabilities as a result of new tax law, including tax rate changes, is recognized in the period that the tax law is enacted. Valuation allowances are recorded against deferred tax assets when it is more likely than not that such assets will not be realized. When an uncertain tax position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. See Note 17 for further discussion. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” ASU 2016-02 will require lessees to recognize a right-of-use right-of-use In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, this ASU requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Corporation is currently evaluating the new guidance and has not determined the impact this standards update may have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 In July 2015, the FASB issued 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, with early adoption permitted. At February 29, 2016, approximately 40% 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. 2015-05, “Customers’ Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 provides guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software under ASC 350-40. Cloud computing arrangements not deemed to contain a software license would be accounted for as service contracts. For public business entities, ASU 2015-05 is effective for annual periods, including interim periods within those annual periods beginning after December 15, 2015. The Corporation adopted ASU 2015-05 on March 1, 2016, electing prospective application to arrangements entered into, or materially modified, after February 29, 2016. 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, “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, “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, “Revenue from Contracts with Customers.” Subsequent accounting standards updates have been issued which amend and/or clarify the application of ASU 2014-09. The objective of ASU 2014-09, and its related amendments and clarifications, is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. More detailed disclosures will also be required to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For public business entities, the new revenue recognition guidance will be effective for annual and interim reporting periods beginning after December 15, 2017. Earlier adoption is permitted for annual and interim reporting periods beginning after December 15, 2016. The new guidance permits the use of either a retrospective or modified retrospective transition method. The Corporation is currently evaluating the new guidance and has not determined the impact it may have on its consolidated financial statements, nor the preferred method of adoption. |
Merger
Merger | 12 Months Ended |
Feb. 29, 2016 | |
Business Combinations [Abstract] | |
Merger | NOTE 2 – MERGER At a special meeting of the Corporation’s shareholders held on August 7, 2013, the shareholders voted to adopt an Agreement and Plan of Merger, as amended (the “Merger Agreement”) among the Corporation, Century Intermediate Holding Company, a Delaware corporation (“Parent”), and Century Merger Company, an Ohio corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), and the merger contemplated thereby (the “Merger”). On August 9, 2013 (“Merger Date”), the Corporation completed the Merger. As a result of the Merger, the Corporation is now wholly-owned by Parent, which is indirectly owned by Morry Weiss, the Chairman of the Board of the Corporation, Zev Weiss, a co-Chief Executive Officer and a director of the Corporation, Jeffrey Weiss, a co-Chief Executive Officer and a director of the Corporation, Elie Weiss, the President of Real Estate and a director of the Corporation, Gary Weiss, a Vice President and a director of the Corporation, and certain other members of the Weiss family and related entities (“Family Shareholders”). In connection with the Merger, common shares held by the shareholders of the Corporation, other than the Family Shareholders, were converted into the right to receive $19.00 per share in cash. Common shares held by the Family Shareholders were contributed to Parent as equity and thereafter cancelled for no consideration. As a result of the Merger, all formerly outstanding and treasury Class A and Class B common shares have been cancelled. As described in the Agreement and Plan of Merger, all stock-based compensation plans of the Corporation were modified, settled or cancelled as a result of the Merger. All outstanding stock-based awards related to the Family Shareholders were cancelled without consideration. See Note 15 for further information. The Corporation incurred costs associated with the Merger which included transaction costs and incremental compensation expense related to the settlement of stock options and modification and cancellation of outstanding restricted stock units and performance shares. The charges incurred in 2014 associated with the Merger are reflected on the Consolidated Statement of Income as follows: Incremental Transaction- Total Administrative and general expenses $ 10,601 $ 17,524 $ 28,125 These charges are included in the Corporation’s Unallocated segment. The Corporation will continue to apply its historical basis of accounting in its stand-alone financial statements after the Merger. This is based on the determination under ASC Topic 805, “Business Combinations,” that Parent is the acquiring entity and the determination under the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 54, codified as Topic 5J, “Push Down Basis of Accounting Required In Certain Limited Circumstances,” that while the push down of Parent’s basis in the Corporation is permissible, it is not required due to the existence of significant outstanding public debt securities of the Corporation before and after the Merger. In concluding that the outstanding public debt is significant, the Corporation considered both quantitative and qualitative factors, including both the book value and fair value of the outstanding public debt securities, as well as a number of provisions contained within the securities which impacted Parent’s ability to control their form of ownership of the Corporation. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Feb. 29, 2016 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | NOTE 3 – ACQUISITIONS AND DISPOSITIONS Sale of Strawberry Shortcake In February 2015, the Corporation entered into an agreement to sell its Strawberry Shortcake character property and related intangible assets and licensing agreements (collectively, “Strawberry Shortcake”). Cash proceeds of $105,000, which the Corporation received upon completion of the sale in March 2015, are classified within “Investing Activities” on the Consolidated Statement of Cash Flows, and a gain of $61,234 is reflected in “Other operating income – net” on the Consolidated Statement of Income for the year ended February 29, 2016. As the agreement was entered into prior to the end of 2015, the assets and liabilities related to Strawberry Shortcake, and previously included in the Corporation’s non-reportable segment, were classified as held for sale at February 28, 2015. The major classes of assets and liabilities held for sale included in the Consolidated Statement of Financial Position as of February 28, 2015 were as follows: Assets Prepaid expenses and other $ 229 Other assets 35,300 $ 35,529 Liabilities Accrued liabilities $ 500 Deferred revenue 1,212 $ 1,712 Character Property Rights Acquisition On December 18, 2014, the Corporation, 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”), paid $37,700 to purchase these rights, and recorded the rights as indefinite-lived intangible assets. As of February 28, 2015, due to the pending sale of Strawberry Shortcake, the majority of these assets were classified as “Assets held for sale” on the Consolidated Statement of Financial Position. In addition to the initial purchase price paid, the purchase agreement provided for an additional payment of up to $4,000, which was contingent upon the level of proceeds received by the Corporation from any subsequent sale of the acquired properties. Consequently, an additional payment of $2,800 was paid to the seller in 2016 as a result of the sale of Strawberry Shortcake. The cash payments in 2016 and 2015 to acquire the Character Property Rights are reflected 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 $73,659 in cash, subject to closing date working capital and certain agreed-upon inventory adjustments. A gain of $35,004, which included the final working capital adjustments of $3,200, was recognized from the sale in 2015. During 2016, the Corporation recorded an adjustment of $1,073 for the repayment of proceeds related to certain non-saleable closing-date inventory that the buyer had the right to return to the Corporation after twelve months from the date of sale. The gain recognized in 2015 and the adjustment recorded in 2016 is included in “Other operating income – net” on the Consolidated Statement of Income. Cash proceeds and repayments in 2015 and 2016, respectively, resulting from the sale are classified within “Investing Activities” on the Consolidated Statement of Cash Flows. 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 its current location until the construction of the new world headquarters is complete, which is anticipated to occur in calendar year 2016. Net of transaction costs, the Corporation received cash proceeds of $13,535 from the sale, and recorded a non-cash loss on disposal of $15,544 during the prior year second quarter, which is reflected 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. |
Other Income and Expense
Other Income and Expense | 12 Months Ended |
Feb. 29, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | NOTE 4 – OTHER INCOME AND EXPENSE Other Operating Income - Net 2016 2015 2014 Gain on sale of Strawberry Shortcake $ (61,234 ) $ — $ — Adjustment to gain (gain) on sale of AGI In-Store 1,073 (35,004 ) — Clinton Cards secured debt recovery — (3,390 ) (4,910 ) State tax credits (9,141 ) — — Net loss on disposal of fixed assets 179 15,983 560 Miscellaneous (3,735 ) (1,263 ) (3,368 ) Other operating income – net $ (72,858 ) $ (23,674 ) $ (7,718 ) During 2016, the Corporation recognized a gain of $61,234 from the sale of Strawberry Shortcake. See Note 3 for further information. The Corporation recognized income of $9,141 during 2016 related to non-income based tax credits received from the State of Ohio for certain incentive programs made available to the Corporation in connection with the relocation of its world headquarters within Ohio. During 2015, the Corporation recognized a gain of $35,004 from the sale of AGI In-Store. In 2016, the Corporation recorded an adjustment to reduce the gain by $1,073 in accordance with the contractual terms of the sale. See Note 3 for further information. During 2013, the Corporation acquired all of the outstanding senior secured debt of Clinton Cards (“Clintons”), a UK-based retailer and important customer to the Corporation’s international business for $56,560 (£35,000). Clintons was subsequently placed into administration, a process similar to Chapter 11 bankruptcy in the United States. As part of the administration process, the Corporation acquired certain assets of Clintons that were deemed to constitute a viable ongoing business in exchange for $37,168 (£23,000) of Clinton’s then outstanding senior secured debt owed to the Corporation. Recovery of the remaining investment in the senior secured debt was subject to the proceeds received by the administrators (“Administrators”) from the liquidation of the Clintons’ stores and assets that were not acquired by the Corporation. Based on the initial recovery estimates provided by the Administrators, the Corporation impaired its remaining investment in the senior secured debt and recognized a valuation loss of $8,106 in 2013. Over the course of the administration process, which was completed in 2015, updated recovery estimates provided by the Administrators combined with liquidation proceeds periodically received from the Administrators resulted in impairment loss reversals of $3,390 and $4,910 during 2015 and 2014, respectively. In July 2014, the Corporation sold its current world headquarters location. Net of transaction costs, the Corporation received cash proceeds of $13,535 from the sale, and recorded a non-cash loss on disposal of $15,544, which is reflected within “Net loss on disposal of fixed assets” in the table above. See Note 3 for further information. Other Non-Operating Expense (Income) - Net 2016 2015 2014 Foreign exchange loss (gain) $ 1,800 $ 1,522 $ (280 ) Rental income (567 ) (1,089 ) (1,714 ) Impairment of investment in Schurman — — 1,935 Gain related to investment in third party — — (3,262 ) Miscellaneous (40 ) (114 ) 25 Other non-operating expense (income) – net $ 1,193 $ 319 $ (3,296 ) In 2014, the Corporation realized a gain of $3,262 from its equity investment in a third party and an impairment loss of $1,935 associated with its investment in Schurman. See Note 1 - Consolidation for further information. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Feb. 29, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) for 2016, 2015 and 2014 are as follows: Foreign Pensions and Unrealized Total Balance at February 28, 2013 $ 12,594 $ (29,731 ) $ 4 $ (17,133 ) Other comprehensive income (loss) before reclassifications 11,561 3,413 (4 ) 14,970 Amounts reclassified from accumulated other comprehensive income (loss) 984 1,931 — 2,915 Other comprehensive income (loss), net of tax 12,545 5,344 (4 ) 17,885 Balance at February 28, 2014 25,139 (24,387 ) — 752 Other comprehensive income (loss) before reclassifications (23,303 ) (2,348 ) — (25,651 ) Amounts reclassified from accumulated other comprehensive income (loss) — 496 — 496 Other comprehensive income (loss), net of tax (23,303 ) (1,852 ) — (25,155 ) Balance at February 28, 2015 1,836 (26,239 ) — (24,403 ) Other comprehensive income (loss) before reclassifications (15,371 ) (1,029 ) 20,505 4,105 Amounts reclassified from accumulated other comprehensive income (loss) — 640 — 640 Other comprehensive income (loss), net of tax (15,371 ) (389 ) 20,505 4,745 Balance at February 29, 2016 $ (13,535 ) $ (26,628 ) $ 20,505 $ (19,658 ) The reclassifications out of accumulated other comprehensive income (loss) are as follows: 2016 2015 2014 Pensions and Postretirement Benefits: Amortization of pensions and other postretirement benefits items: Actuarial losses, net $ (1,700 ) $ (1,392 ) $ (2,442 ) (1) Prior service credit, net 699 724 1,113 (1) Transition obligation (4 ) (5 ) (6 ) (1) Recognition of prior service cost upon curtailment — — (1,746 ) (1) (1,005 ) (673 ) (3,081 ) Tax benefit 365 177 1,150 (2) Total, net of tax (640 ) (496 ) (1,931 ) Foreign Currency Translation Adjustments: Loss upon dissolution of business — — (984 ) (3) Total reclassifications $ (640 ) $ (496 ) $ (2,915 ) Classification on Consolidated Statement of Income: (1) Administrative and general expenses (2) Income tax expense (3) Other non-operating expense (income) - net |
Customer Allowances and Discoun
Customer Allowances and Discounts | 12 Months Ended |
Feb. 29, 2016 | |
Text Block [Abstract] | |
Customer Allowances and Discounts | NOTE 6 – CUSTOMER ALLOWANCES AND DISCOUNTS In the normal course of business, the Corporation enters into agreements with certain customers for the supply of greeting cards and related products. The agreements are negotiated individually to meet competitive situations and, therefore, while some aspects of the agreements may be similar, important contractual terms may vary. Under these agreements, the customer may receive allowances and discounts including rebates, marketing allowances and various other allowances and discounts. These amounts are recorded as reductions of gross accounts receivable or included in accrued liabilities and are recognized as reductions of net sales when earned. These amounts are earned by the customer as product is purchased from the Corporation and are recorded based on the terms of individual customer contracts. Trade accounts receivable are reported net of certain allowances and discounts. The most significant of these are as follows: February 29, 2016 February 28, 2015 Allowance for seasonal sales returns $ 21,518 $ 18,895 Allowance for outdated products 8,372 11,074 Allowance for doubtful accounts 1,628 1,730 Allowance for marketing funds 26,371 26,841 Allowance for rebates 24,373 34,214 $ 82,262 $ 92,754 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 $16,010 and $16,951 as of February 29, 2016 and February 28, 2015, respectively. |
Inventories
Inventories | 12 Months Ended |
Feb. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 7 – INVENTORIES February 29, 2016 February 28, 2015 Raw materials $ 13,516 $ 14,809 Work in process 8,116 7,578 Finished products 277,480 297,899 299,112 320,286 Less LIFO reserve 80,159 80,755 218,953 239,531 Display material and factory supplies 8,503 9,046 $ 227,456 $ 248,577 There were no material LIFO liquidations in 2016. During 2015, certain inventory quantities declined resulting in the liquidation of LIFO layers carried at lower costs compared with current year purchases. The income statement effect of such liquidation on material, labor and other production costs was approximately $3,000. Inventory held on location for retailers with SBT arrangements, which is included in finished products, totaled approximately $64,000 and $63,000 as of February 29, 2016 and February 28, 2015, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Feb. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 8 - PROPERTY, PLANT AND EQUIPMENT February 29, 2016 February 28, 2015 Land $ 18,585 $ 18,791 Buildings 240,737 178,924 Capitalized software 239,364 191,307 Equipment and fixtures 446,373 439,006 945,059 828,028 Less accumulated depreciation 477,349 447,731 $ 467,710 $ 380,297 During 2016, the Corporation disposed of approximately $19,000 of property, plant and equipment that included accumulated depreciation of approximately $18,000. During 2015, including the fixed assets that were part of the AGI In-Store and world headquarters dispositions, the Corporation disposed of approximately $138,000 of property, plant and equipment that included accumulated depreciation of approximately $86,000. Also, continued operating losses and negative cash flows led to testing for impairment of long-lived assets in the Retail Operations segment in accordance with ASC 360. As a result, fixed asset impairment charges of $4,083 and $3,660 were recorded in “Selling, distribution and marketing expenses” on the Consolidated Statement of Income for 2016 and 2015, respectively. The charges represent the difference between the carrying values of the assets and the future net discounted cash flows estimated to be generated by those assets. Depreciation expense totaled $50,303, $56,056 and $50,493 in 2016, 2015 and 2014, respectively. Interest expense capitalized was $2,406, $1,147 and $3,748 in 2016, 2015 and 2014, respectively. The Corporation’s future world headquarters is being constructed under a build to suit leasing arrangement with H L & L Property Company (“H L & L”), an indirect affiliate of the Corporation as it is indirectly owned by members of the Weiss Family (as defined in Note 18). 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 during the construction period. Accordingly, the Corporation has recorded an asset and 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 construction asset included in “Buildings” in the table above and the offsetting deferred lease obligation included in “Other liabilities” on the Consolidated Statement of Financial Position, amounted to $94,727 and $31,662 as of February 29, 2016 and February 28, 2015, respectively. See Note 18 – “World headquarters relocation” for further information. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Feb. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 9 – GOODWILL AND OTHER INTANGIBLE ASSETS At February 29, 2016 and February 28, 2015, intangible assets, net of accumulated amortization, were $31,526 and $30,048, respectively. The following table presents information about these intangible assets, which are included in “Other assets” on the Consolidated Statement of Financial Position: February 29, 2016 February 28, 2015 Gross Carrying Accumulated Net Gross Carrying Accumulated Net Intangible assets with indefinite useful lives: Tradenames $ 6,200 $ — $ 6,200 $ 6,200 $ — $ 6,200 Character property rights 11,310 — 11,310 11,310 — 11,310 Subtotal 17,510 — 17,510 17,510 — 17,510 Intangible assets with finite useful lives: Patents 3,385 (1,529 ) 1,856 2,971 (1,224 ) 1,747 Trademarks 4,125 (3,434 ) 691 4,016 (3,247 ) 769 Artist relationships 19,230 (19,099 ) 131 19,230 (15,178 ) 4,052 Customer relationships 15,472 (12,917 ) 2,555 15,610 (10,192 ) 5,418 Other 21,222 (12,439 ) 8,783 13,590 (13,038 ) 552 Subtotal 63,434 (49,418 ) 14,016 55,417 (42,879 ) 12,538 Total $ 80,944 $ (49,418 ) $ 31,526 $ 72,927 $ (42,879 ) $ 30,048 In 2016, the Corporation entered into an exclusive character property licensing agreement. The exclusivity rights, included in “Other” in the table above, were acquired for $10,000 and are being amortized over the five year period of the agreement. During 2015, the Corporation purchased certain Character Property Rights for $37,700 and recorded the rights as indefinite-lived intangible assets. As of February 28, 2015, the majority of these assets were reclassified as held for sale due to the pending sale of the Strawberry Shortcake property, with the remaining amount of $11,310 categorized as character property rights with an indefinite useful life. See Note 3 for further information. In 2015, the required annual impairment test of indefinite-lived intangible assets was completed in the fourth quarter and based on the results of the testing the Corporation determined that the Clinton Cards tradename was impaired. The Corporation tests tradenames using the relief from royalty method. The fair value of this asset was considered a Level 2 valuation as it was based on observable market royalty rates of similar intangibles. As a result, the Corporation recorded a non-cash impairment charge of $21,924 (£13,500), which reduced the tradename balance to zero. This non-cash impairment charge is reported in “Goodwill and other intangible assets impairment” in the Consolidated Statement of Income and Consolidated Statement of Cash Flows for the year ended February 28, 2015. In 2014, the required annual impairment test of indefinite-lived intangible assets was completed in the fourth quarter and based on the results of the testing the Corporation determined that the goodwill portion of the intangibles associated with the acquisition of Clinton Cards was impaired. As a result, the Corporation recorded a non-cash impairment charge of $733 (£465), which reduced the goodwill balance to zero. This non-cash impairment charge is reported in “Goodwill and other intangible assets impairment” in the Consolidated Statement of Income and Consolidated Statement of Cash Flows for the year ended February 28, 2014. As a consequence of the impairment of all goodwill for financial reporting purposes in 2012, the excess tax deductible goodwill remaining from the 2009 acquisition of Recycled Paper Greetings, Inc. is being recognized as a reduction of other intangible assets when such benefits are realized for income tax purposes. Reductions of other intangible assets resulting from the realization of excess tax deductible goodwill totaled $4,346 in 2016 and 2015, and are included in “Accumulated Amortization” in the table above. Amortization expense for intangible assets totaled $5,431, $3,797 and $4,532 in 2016, 2015 and 2014, respectively. Estimated annual amortization expense for the next five years will approximate $4,022 in 2017, $2,899 in 2018, $2,794 in 2019, $2,669 in 2020 and $553 in 2021. |
Deferred Costs
Deferred Costs | 12 Months Ended |
Feb. 29, 2016 | |
Text Block [Abstract] | |
Deferred Costs | NOTE 10 – DEFERRED COSTS In the normal course of its business, the Corporation enters into agreements with certain customers for the supply of greeting cards and related products. The agreements are negotiated individually to meet competitive situations and, therefore, while some aspects of the agreements may be similar, important contractual terms may vary. Under these agreements, the customer may receive a combination of cash payments, credits, discounts, allowances and other incentive considerations to be earned by the customer as product is purchased from the Corporation over the stated term of the agreement or the minimum purchase volume commitment. In the event an agreement is not completed, in most instances, the Corporation has a claim for unearned advances under the agreement. The agreements may or may not specify the Corporation as the sole supplier of social expression products to the customer. See Note 1 – Deferred Costs for further information. A portion of the total consideration may not be paid by the Corporation at the time the agreement is consummated. All future payment commitments are classified as liabilities at inception until paid. The payments that are expected to be made in the next twelve months are classified as “Other current liabilities” on the Consolidated Statement of Financial Position and the remaining payment commitments beyond the next twelve months are classified as “Other liabilities.” The Corporation maintains a general allowance for deferred costs related to supply agreements of $3,571 and $2,300 at February 29, 2016 and February 28, 2015, respectively. This allowance is included in “Other assets” on the Consolidated Statement of Financial Position. Circumstances may arise, particularly with a fixed term agreement, whereby the future economic benefit expected by the Corporation, as negotiated within specific customer agreements, is lower than initially anticipated. If this occurs, the deferred costs capitalized at the inception of the agreement for incentives committed to the customer may exceed the lower-than-expected future benefit. Such an event occurred in the fourth quarter of 2016 and consequently, the Corporation recorded an impairment charge of $8,510. In 2015, due to the bankruptcy of a single customer, the Corporation recorded an impairment charge of $4,422, of which $853 was subsequently recovered in 2016. The recovery as well as the non-cash impairment charges were reflected within “Net sales” on the Consolidated Statement of Income for the years then ended. Deferred costs and future payment commitments were as follows: February 29, 2016 February 28, 2015 Prepaid expenses and other $ 92,639 $ 98,061 Other assets 378,223 364,311 Deferred cost assets 470,862 462,372 Other current liabilities (47,142 ) (59,018 ) Other liabilities (145,856 ) (104,127 ) Deferred cost liabilities (192,998 ) (163,145 ) Net deferred costs $ 277,864 $ 299,227 A summary of the changes in the carrying amount of the Corporation’s net deferred costs during the years ended February 29, 2016, February 28, 2015 and February 28, 2014 is as follows: Balance at February 28, 2013 $ 272,597 Payments 130,970 Amortization (108,761 ) Currency translation (484 ) Balance at February 28, 2014 294,322 Payments 124,258 Amortization (114,125 ) Contract asset impairment (4,422 ) Currency translation (806 ) Balance at February 28, 2015 299,227 Payments 108,290 Amortization (121,169 ) Contract asset impairment, net of recovery (7,657 ) Currency translation (827 ) Balance at February 29, 2016 $ 277,864 |
Debt
Debt | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 11 – DEBT Long-term debt and their related calendar year due dates as of February 29, 2016 and February 28, 2015, respectively, were as follows: February 29, 2016 February 28, 2015 Term loan, due 2019 $ 185,000 $ 250,000 7.375% senior notes, due 2021 225,000 225,000 Revolving credit facility, due 2018 — 4,300 6.10% senior notes, due 2028 181 181 Unamortized financing fees (3,863 ) (6,752 ) $ 406,318 $ 472,729 At February 29, 2016, the interest rate on the outstanding term loan balance was 2.9%. In addition to the outstanding borrowings presented in the table above, the Corporation also finances certain transactions with some of its vendors, which include a combination of various guaranties and letters of credit. At February 29, 2016, the Corporation had credit arrangements under a credit facility and an accounts receivable facility to support the letters of credit up to $148,800 with $26,490 outstanding. Aggregate maturities of long-term 2017 $ — 2018 — 2019 — 2020 185,000 2021 — Cash paid for interest on debt was $24,275, $31,331 and $46,869 in 2016, 2015 and 2014, respectively. 7.375% Senior Notes Due 2021 On November 30, 2011, the Corporation closed a public offering of $225,000 aggregate principal amount of 7.375% senior notes due 2021 (the “2021 Senior Notes”). The net proceeds from this offering were used to redeem other existing debt. The 2021 Senior Notes will mature on December 1, 2021 and bear interest at a fixed rate of 7.375% per year. The 2021 Senior Notes constitute general unsecured senior obligations of the Corporation. The 2021 Senior Notes rank senior in right of payment to all future obligations of the Corporation that are, by their terms, expressly subordinated in right of payment to the 2021 Senior Notes and pari passu in right of payment with all existing and future unsecured obligations of the Corporation that are not so subordinated. The 2021 Senior Notes are effectively subordinated to secured indebtedness of the Corporation, including borrowings under its Credit Facilities described below, to the extent of the value of the assets securing such indebtedness. The 2021 Senior Notes also contain certain restrictive covenants that are customary for similar credit arrangements, including covenants that limit the Corporation’s ability to incur additional debt; declare or pay dividends; make distributions on or repurchase or redeem capital stock; make certain investments; enter into transactions with affiliates; grant or permit liens; sell assets; enter into sale and leaseback transactions; and consolidate, merge or sell all or substantially all of the Corporation’s assets. These restrictions are subject to customary baskets and financial covenant tests. 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 $229,636 (at a carrying value of $225,181) and $238,242 (at a carrying value of $225,181) at February 29, 2016 and February 28, 2015, respectively. Credit Facilities In connection with the closing of the Merger, on August 9, 2013, the Corporation entered into a $600,000 secured credit agreement (“Credit Agreement”), which provides for a $350,000 term loan facility (“Term Loan Facility”) and a $250,000 revolving credit facility (“Revolving Credit Facility” and, together with the Term Loan Facility, the “Credit Facilities”). The Term Loan Facility was fully drawn on the Merger Date and was issued at a discount of $10,750. The Term Loan Facility requires the Corporation to make quarterly payments of $5,000 through May 31, 2019 and a final payment of $235,000 on August 9, 2019. Voluntary prepayments without penalty or premium are permitted. During 2016 and 2015 the Corporation made voluntary prepayments of $65,000 and $75,000, respectively, on the Term Loan Facility, thereby eliminating all future payments prior to this facility’s due date in 2020. The Corporation may elect to increase the commitments under each of the Term Loan Facility and the Revolving Credit Facility up to an aggregate amount of $150,000. The proceeds of the term loans and the revolving loans borrowed on the Merger Date were used to fund a portion of the Merger consideration and pay fees and expenses associated therewith. Revolving loans borrowed under the Credit Agreement after the Merger Date were used for working capital and general corporate purposes. On January 24, 2014, the Corporation amended the Credit Agreement to among other things, permit (i) specified corporate elections and tax distributions associated with a conversion from a “C corporation” to an “S corporation” for U.S. federal income tax purposes (the Corporation has not elected “S corporation” status and continues to operate as a “C corporation”), (ii) to make a one-time restricted payment of up to $50,000 to Parent and recurring restricted payments to enable the payment of current interest on the PIK Notes (as defined in Note 18), and (iii) to make certain additional capital expenditures each year primarily related to the Corporation’s information systems refresh project. The Credit Agreement was further amended on September 5, 2014. This amendment modified the Credit Agreement to among other things (i) reduce the interest rates applicable to the term loan and revolving loans, (ii) eliminate the London Interbank Offered Rate (“LIBOR”) floor interest rate used in the determination of interest charged on Eurodollar revolving loans, (iii) reduce the commitment fee applicable to unused revolving commitments and (iv) reset the usage term of the general restricted payment basket with effect from September 5, 2014. As a result of this amendment, certain changes in the syndicated lending group and the voluntary prepayments made on the term loan facility, the Corporation expensed $2,780 of unamortized financing fees and issuance costs in 2015. An additional $1,875 was expensed in the current year as a result of the voluntary prepayments made during 2016. The obligations under the Credit Agreement are guaranteed by the Corporation’s Parent and material domestic subsidiaries and are secured by substantially all of the assets of the Corporation and the guarantors. The interest rate per annum applicable to the loans under the Credit Facilities are, at the Corporation’s election, equal to either (i) the base rate plus the applicable margin or (ii) the relevant adjusted Eurodollar rate for an interest period of one, two, three or six months, at the Corporation’s election, plus the applicable margin. The Credit Agreement contains certain customary covenants, including covenants that limit the ability of the Corporation, its subsidiaries and the Parent to, among other things, incur or suffer to exist certain liens; make investments; enter into consolidations, mergers, acquisitions and sales of assets; incur or guarantee additional indebtedness; make distributions; enter into agreements that restrict the ability to incur liens or make distributions; and engage in transactions with affiliates. In addition, the Credit Agreement contains financial covenants that require the Corporation to maintain a total leverage ratio and interest coverage ratio in accordance with the limits set forth therein. Accounts Receivable Facility The Corporation is also a party to an accounts receivable facility that provides available funding of up to $50,000, under which there were no borrowings outstanding as of February 29, 2016 and February 28, 2015. Under the terms of the accounts receivable facility, the Corporation sells accounts receivable to AGC Funding Corporation (a wholly-owned, consolidated subsidiary of the Corporation), which in turn sells participating interests in eligible accounts receivable to third party financial institutions as part of a process that provides funding to the Corporation similar to a revolving credit facility. The accounts receivable facility has a scheduled termination date of July 27, 2016 and then must be renewed annually thereafter. Borrowings on the accounts receivable facility typically bear interest based on the one-month LIBOR plus 40 basis points. AGC Funding Corporation also pays an annual facility fee of 60 basis points on the commitment of the accounts receivable securitization facility and customary administrative fees on letters of credit that have been issued. Funding under the facility may be used for working capital, general corporate purposes and the issuance of letters of credit. The accounts receivable facility contains representations, warranties, covenants and indemnities customary for facilities of this type, including the obligation of the Corporation to maintain the same consolidated leverage ratio as it is required to maintain under its Credit Agreement. 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 $185,000 (at a principal carrying value of $185,000) and $251,789 (at a principal carrying value of $254,300) at February 29, 2016 and February 28, 2015, respectively. At February 29, 2016, the Corporation was in compliance with the financial covenants under its borrowing agreements described above. |
Retirement and Postretirement B
Retirement and Postretirement Benefit Plans | 12 Months Ended |
Feb. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Postretirement Benefit Plans | NOTE 12 – RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Prior to January 1, 2016, the Corporation sponsored a discretionary profit-sharing plan with a contributory 401(k) provision covering most of its United States employees. Under this arrangement, the Corporation made separate discretionary profit sharing and 401(k) matching contributions annually, after fiscal year-end, depending on its financial results. Effective January 1, 2016, the existing profit sharing and 401(k) retirement savings plan was replaced with a safe harbor 401(k) arrangement. Pursuant to the new arrangement, the matching contributions became non-discretionary, were increased, and are now made throughout the year, rather than on an annual basis. The increased matching contributions effectively replace the Corporation’s discretionary profit sharing contributions, which were discontinued for fiscal years ending after February 29, 2016. The combined expense attributable to the profit sharing and employer matching 401(k) contributions in 2016, 2015 and 2014 were $14,200, $13,755 and $14,219, respectively. The Corporation also has defined contribution plans that cover certain employees in the United Kingdom. Under these plans, the employees contribute to the plans and the Corporation matches a portion of the employee contributions. The Corporation’s matching contributions were $2,293, $2,558 and $2,124 for 2016, 2015 and 2014, respectively. The Corporation also participates in a multiemployer pension plan covering certain domestic employees who are part of a collective bargaining agreement. Total pension expense for the multiemployer plan, representing contributions to the plan, was $595, $586 and $582 in 2016, 2015 and 2014, respectively. The Corporation has nonqualified deferred compensation plans that previously enabled certain officers and directors with the opportunity to defer receipt of compensation and director fees, respectively, including compensation received in the form of the Corporation’s common shares. The Corporation generally funded these deferred compensation liabilities by making contributions to a rabbi trust. On December 8, 2011, the Corporation froze the deferred compensation plans. Accordingly, participants are no longer permitted to make new deferral elections, although deferral elections previously made will continue to be honored and amounts already deferred may be re-deferred in accordance with deferred compensation plans. In 2001, in connection with its acquisition of Gibson Greetings, Inc. (“Gibson”), the Corporation assumed the obligations and assets of Gibson’s defined benefit pension plan (the “Gibson Retirement Plan”) that covered substantially all Gibson employees who met certain eligibility requirements. Benefits earned under the Gibson Retirement Plan have been frozen and participants no longer accrue benefits after December 31, 2000. The Gibson Retirement Plan has a measurement date of February 28 or 29. The Corporation contributed $4,516 and $3,518 to the plan in 2016 and 2015, respectively. No contributions were made to the plan in 2014. The Gibson Retirement Plan was underfunded at February 29, 2016 and February 28, 2015. The Corporation also has an unfunded nonqualified defined benefit pension plan (the “Supplemental Executive Retirement Plan” or “SERP”) covering certain management employees. Effective December 31, 2013, the Corporation amended the SERP to freeze the accrued benefit for all active participants and closed the plan to new participants. As a result, the liabilities of the SERP were re-measured as of December 31, 2013, and a curtailment gain of $7,164 was recognized in 2014 as a reduction of actuarial losses within accumulated other comprehensive income and a corresponding reduction in the SERP’s overall benefit obligation. In addition, a non-cash loss of $1,746 arising from the recognition of previously recorded prior service costs was included in net periodic benefit cost in 2014. The amendment did not affect the benefits of participants who retired or separated from the Corporation with a deferred vested benefit prior to December 31, 2013. In accordance with the SERP’s vesting provisions, certain active participants became fully vested in their SERP benefit as a result of the Merger. This accelerated vesting increased the SERP’s benefit obligation by $2,613 and was recognized as an actuarial loss within accumulated other comprehensive income in 2014. The Supplemental Executive Retirement Plan has a measurement date of February 28 or 29. The Corporation also has several defined benefit pension plans and one defined contribution plan at its Canadian subsidiary. These include a defined benefit pension plan covering most Canadian salaried employees, which was closed to new participants effective January 1, 2006, but eligible members continue to accrue benefits and an hourly plan in which benefits earned have been frozen and participants no longer accrue benefits after March 1, 2000. There are also two unfunded defined benefit plans, one that covers a supplemental executive retirement pension relating to an employment agreement and one that pays supplemental pensions to certain former hourly employees pursuant to a prior collective bargaining agreement. Effective January 1, 2006, a defined contribution plan was established and integrated with the defined benefit salaried plan. Under the defined contribution plan, the Corporation fully matches employee contributions which can range between 2% and 4% of eligible compensation. The Corporation’s matching contributions were $319, $354 and $378 for 2016, 2015 and 2014, respectively. All defined benefit plans have a measurement date of February 28 or 29. The Corporation sponsors a defined benefit health care plan that provides postretirement medical benefits to full-time United States employees who meet certain age, service and other requirements. The plan is contributory, with retiree contributions adjusted periodically, and contains other cost-sharing features such as deductibles and coinsurance. The Corporation maintains a trust for the payment of retiree health care benefits. This trust is funded at the discretion of management. The plan has a measurement date of February 28 or 29. The following table sets forth summarized information on the defined benefit pension plans and postretirement benefits plan: Defined Benefit Pension Plans Postretirement Benefits Plan 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 192,793 $ 184,786 $ 63,142 $ 66,632 Service cost 710 683 335 368 Interest cost 6,186 7,249 2,028 2,545 Participant contributions 10 16 3,042 3,282 Retiree drug subsidy payments — — 467 590 Plan amendments — 580 — — Actuarial (gain) loss (4,427 ) 14,137 (5,594 ) (4,387 ) Benefit payments (11,299 ) (11,431 ) (5,448 ) (5,888 ) Currency exchange rate changes (1,868 ) (3,227 ) — — Benefit obligation at end of year 182,105 192,793 57,972 63,142 Change in plan assets: Fair value of plan assets at beginning of year 108,293 104,894 45,600 48,757 Actual return on plan assets (2,646 ) 12,188 (129 ) 2,313 Employer contributions 6,547 5,612 (3,042 ) (3,282 ) Participant contributions 10 16 3,042 3,282 Benefit payments (11,299 ) (11,431 ) (5,261 ) (5,470 ) Currency exchange rate changes (1,686 ) (2,986 ) — — Fair value of plan assets at end of year 99,219 108,293 40,210 45,600 Funded status at end of year $ (82,886 ) $ (84,500 ) $ (17,762 ) $ (17,542 ) Amounts recognized on the Consolidated Statement of Financial Position consist of the following: Defined Benefit Pension Plans Postretirement Benefits Plan 2016 2015 2016 2015 Accrued compensation and benefits $ (2,647 ) $ (2,639 ) $ — $ — Other liabilities (80,239 ) (81,861 ) (17,762 ) (17,542 ) Net amount recognized $ (82,886 ) $ (84,500 ) $ (17,762 ) $ (17,542 ) Amounts recognized in accumulated other comprehensive (income) loss: Net actuarial loss (gain) $ 69,217 $ 68,372 $ (20,472 ) $ (19,396 ) Net prior service cost (credit) — — (3,473 ) (4,173 ) Net transition obligation 10 16 — — Accumulated other comprehensive loss (income) $ 69,227 $ 68,388 $ (23,945 ) $ (23,569 ) For the defined benefit pension plans, the estimated net loss and transition obligation that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are approximately $3,474 and $4, respectively. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation or plan assets are amortized over the average remaining future service period of active participants or the life expectancy of inactive participants, as appropriate. For the postretirement benefits plan, the estimated net gain and prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are approximately ($1,470) and ($700), respectively. The unrecognized net gain in excess of 10% of the greater of the benefit obligation or plan assets is amortized over the average future service period of active participants expected to receive benefits. Prior service credits are amortized straight-line beginning at the date of each plan amendment over the average future service period of the affected plan participants expected to receive benefits. The following table presents significant weighted-average assumptions to determine benefit obligations and net periodic benefit cost: Defined Benefit Pension Plans Postretirement 2016 2015 2016 2015 Weighted average discount rate used to determine: Benefit obligations at measurement date U.S. 3.50-3.75 % 3.25-3.50 % 3.75 % 3.50 % International 3.70 % 3.40 % N/A N/A Net periodic benefit cost U.S. 3.25-3.50 % 4.00-4.25 % 3.50 % 4.25 % International 3.40 % 4.05 % N/A N/A Expected long-term return on plan assets: U.S. 6.75 % 6.75 % 6.50 % 6.50 % International 4.50 % 5.25 % N/A N/A Rate of compensation increase: U.S. N/A N/A N/A N/A International 3.00 % 3.00 % N/A N/A Health care cost trend rates: For year following February 28 or 29 N/A N/A 7.50 % 8.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A 5.00 % 5.00 % Year the rate reaches the ultimate trend rate N/A N/A 2021 2021 For 2016 and 2015, the net periodic pension cost for the defined benefit pension plans was based on long-term asset rates of return as noted above. In developing these expected long-term rate of return assumptions, consideration was given to expected returns based on the current investment policy, current mix of investments and historical return for the asset classes. For 2016 and 2015, the Corporation assumed a long-term asset rate of return of 6.50% to calculate the expected return for the postretirement benefit plan. In developing the expected long-term rate of return assumption, consideration was given to various factors, including a review of asset class return expectations based on historical compounded returns for such asset classes. 2016 2015 Effect of a 1% increase in health care cost trend rate on: Service cost plus interest cost $ 67 $ 82 Accumulated postretirement benefit obligation 2,046 2,083 Effect of a 1% decrease in health care cost trend rate on: Service cost plus interest cost (67 ) (72 ) Accumulated postretirement benefit obligation (1,788 ) (1,798 ) The following table presents selected defined benefit pension plan information: 2016 2015 For all defined benefit pension plans: Accumulated benefit obligation $ 182,099 $ 192,774 For defined benefit pension plans that are not fully funded: Projected benefit obligation 182,050 169,803 Accumulated benefit obligation 182,044 169,803 Fair value of plan assets 99,164 85,052 A summary of the components of net periodic benefit cost for the defined benefit pension plans is as follows: 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 710 $ 683 $ 1,115 Interest cost 6,186 7,249 7,065 Expected return on plan assets (6,581 ) (6,522 ) (6,267 ) Amortization of transition obligation 4 5 6 Amortization of prior service cost — 580 190 Amortization of actuarial loss 3,402 2,827 3,485 Recognition of prior service cost upon curtailment — — 1,746 Net periodic benefit cost 3,721 4,822 7,340 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Actuarial loss 4,749 8,610 941 Prior service cost — 580 414 Amortization of prior service cost — (580 ) (190 ) Amortization of actuarial loss (3,402 ) (2,827 ) (3,485 ) Amortization of transition obligation (4 ) (5 ) (6 ) Change in control — — 2,613 Curtailment gain — — (7,164 ) Recognition of prior service cost upon curtailment — — (1,746 ) Total recognized in other comprehensive income 1,343 5,778 (8,623 ) Total recognized in net periodic benefit cost and other comprehensive income $ 5,064 $ 10,600 $ (1,283 ) A summary of the components of net periodic benefit cost for the postretirement benefit plan is as follows: 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 335 $ 368 $ 431 Interest cost 2,028 2,545 2,397 Expected return on plan assets (2,687 ) (2,882 ) (3,067 ) Amortization of prior service credit (699 ) (1,304 ) (1,303 ) Amortization of actuarial gain (1,702 ) (1,435 ) (1,043 ) Net periodic benefit cost (2,725 ) (2,708 ) (2,585 ) Other changes in plan assets and benefit obligations recognized in other comprehensive income: Actuarial gain (2,777 ) (3,818 ) (1,659 ) Amortization of actuarial gain 1,702 1,435 1,043 Amortization of prior service credit 699 1,304 1,303 Total recognized in other comprehensive income (376 ) (1,079 ) 687 Total recognized in net periodic benefit cost and other comprehensive income $ (3,101 ) $ (3,787 ) $ (1,898 ) At February 29, 2016 and February 28, 2015, the assets of the plans are held in trust and allocated as follows: Defined Benefit Postretirement Benefits Plan 2016 2015 2016 2015 Target Allocation Equity securities: U.S. 48 % 50 % 26 % 27 % 15% - 30 % International 36 % 34 % N/A N/A N/A Debt securities: U.S. 51 % 49 % 70 % 71 % 65% - 85 % International 64 % 65 % N/A N/A N/A Cash and cash equivalents: U.S. 1 % 1 % 4 % 2 % 0% - 15 % International — 1 % N/A N/A N/A As of February 29, 2016, the investment policy for the U.S. pension plans targets an approximately even distribution between equity securities and debt securities with a minimal level of cash maintained in order to meet obligations as they come due. The investment policy for the international pension plans targets an approximately 30/65/5 distribution between equity securities, debt securities and cash and cash equivalents, respectively. The investment policy for the postretirement benefit plan targets a distribution among equity securities, debt securities and cash and cash equivalents as noted above. All investments are actively managed. This policy is subject to review and change. The following table summarizes the fair value of the defined benefit pension plan assets at February 29, 2016: Fair value at February 29, 2016 Quoted prices in Significant other (Level 2) U.S. plans: Short-term investments $ 707 $ — $ 707 Equity securities (collective funds) 38,595 — 38,595 Fixed-income funds 40,542 — 40,542 International plans: Short-term investments 55 — 55 Equity securities (collective funds) 6,931 — 6,931 Fixed-income funds 12,389 — 12,389 Total $ 99,219 $ — $ 99,219 The following table summarizes the fair value of the defined benefit pension plan assets at February 28, 2015: Fair value at February 28, 2015 Quoted prices in Significant other (Level 2) U.S. plans: Short-term investments $ 709 $ — $ 709 Equity securities (collective funds) 42,473 — 42,473 Fixed-income funds 41,870 — 41,870 International plans: Short-term investments 157 — 157 Equity securities (collective funds) 8,012 — 8,012 Fixed-income funds 15,072 — 15,072 Total $ 108,293 $ — $ 108,293 The following table summarizes the fair value of the postretirement benefit plan assets at February 29, 2016: Fair value at February 29, 2016 Quoted prices in active markets for Significant other (Level 2) Short-term investments $ 1,706 $ 219 $ 1,487 Equity securities 10,324 10,324 — Fixed income securities 28,180 — 28,180 Total $ 40,210 $ 10,543 $ 29,667 The following table summarizes the fair value of the postretirement benefit plan assets at February 28, 2015: Fair value at February 28, 2015 Quoted prices in Significant other (Level 2) Short-term investments $ 1,192 $ — $ 1,192 Equity securities 12,133 12,133 — Fixed income securities 32,275 — 32,275 Total $ 45,600 $ 12,133 $ 33,467 Short-term investments: Equity securities: Fixed-income funds and securities: The Corporation expects to contribute approximately $4,900 in 2017 to the Gibson Retirement Plan, which represents the legally required minimum contribution level. Any discretionary additional contributions the Corporation may make are not expected to exceed the deductible limits established by Internal Revenue Service (“IRS”) regulations. Based on historic patterns and currently scheduled benefit payments, the Corporation expects to contribute approximately $2,550 to the Supplemental Executive Retirement Plan in 2017, which represents the total expected benefit payments for that period. The plan is a nonqualified and unfunded plan, and annual contributions, which are equal to benefit payments, are made from the Corporation’s general funds. The benefits expected to be paid out are as follows: Postretirement Benefits Plan Defined Benefit Excluding Effect of Medicare Part D Subsidy Including Effect of Medicare Part D Subsidy 2017 $ 11,246 $ 3,623 $ 3,187 2018 11,381 3,649 3,169 2019 11,421 3,679 3,157 2020 11,362 3,701 3,132 2021 11,432 3,688 3,544 2022 – 2026 57,003 18,458 17,768 |
Long-Term Leases and Commitment
Long-Term Leases and Commitments | 12 Months Ended |
Feb. 29, 2016 | |
Leases [Abstract] | |
Long-Term Leases and Commitments | NOTE 13 – LONG-TERM LEASES AND COMMITMENTS The Corporation is committed under noncancelable operating leases for commercial properties (certain of which have been subleased) and equipment. Rental expense under operating leases for the years ended 2016, 2015 and 2014 is as follows: 2016 2015 2014 Gross rentals $ 76,194 $ 84,612 $ 83,790 Sublease rentals (1,742 ) (2,945 ) (5,152 ) Net rental expense $ 74,452 $ 81,667 $ 78,638 At February 29, 2016, future minimum rental payments for noncancelable operating leases, net of aggregate future minimum noncancelable sublease rentals, are as follows: Gross rentals: 2017 $ 62,824 2018 61,053 2019 53,355 2020 47,594 2021 42,135 Later years 174,294 441,255 Sublease rentals (4,839 ) Net rentals $ 436,416 The table above includes approximately $264,000 of estimated future minimum rental payments related to the Clinton Cards business. Also included in the table above is approximately $159,000 of estimated future minimum rental payments related to the new world headquarters building. See Note 18 - “World headquarters relocation” for further information. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 29, 2016 | |
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 assets and liabilities measured at fair value as of February 29, 2016: February 29, 2016 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 11,158 $ 9,936 $ 1,222 $ — Investment in equity securities 33,230 33,230 — — $ 44,388 $ 43,166 $ 1,222 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 12,064 $ 9,936 $ 2,128 $ — The following table summarizes the assets and liabilities measured at fair value as of February 28, 2015: 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 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. |
Common Shares and Stock-Based C
Common Shares and Stock-Based Compensation | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Shares and Stock-Based Compensation | NOTE 15 – COMMON SHARES AND STOCK-BASED COMPENSATION At February 29, 2016 and February 28, 2015 the Corporation had 100 shares of common stock authorized and outstanding. In conjunction with the Merger and pursuant to the Corporation’s amended and restated articles of incorporation all previously authorized Class A and Class B shares were canceled and replaced by the new class of common stock. Prior to the Merger, the Corporation maintained various stock-based compensation plans for the benefit of its directors, officers and other key employees. These plans provided for the granting of stock options, performance shares and restricted stock units. In conjunction with the Merger, all stock-based compensation awards were cash-settled, canceled or modified to cash-based liability awards. As a result, no stock-based compensation expense has been recognized subsequent to the Merger. The expense attributable to the modified cash-based liability awards for post-Merger vesting service is included with other cash-based incentive compensation. For the year ended February 28, 2014, stock-based compensation expense, recognized in “Administrative and general expenses” on the Consolidated Statement of Income, was $13,812. Of this amount, $4,125 represented the expense attributed to equity-based awards prior to the Merger and $3,966 was the Merger-related incremental stock-based compensation expense associated with the cancellation of the outstanding performance shares and restricted stock units held by the Family Shareholders, as described in Note 2. The combined expense of $8,091 is offset against shareholder’s equity and is classified as “Stock-based compensation” on the Consolidated Statement of Cash Flows for the year then ended. The remaining stock-based compensation expense of $5,721 in 2014 represented the cumulative effect on compensation cost recognized prior to the Merger Date that was attributable to the fair value of the modified cash-based liability awards. The Corporation received cash proceeds of $1,718 from the exercise of stock options during the year ended February 28, 2014. The total intrinsic value and tax benefits realized from the exercise of stock-based payment awards in 2014 were $6,298 and $2,486, respectively. |
Contingency
Contingency | 12 Months Ended |
Feb. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | NOTE 16 – CONTINGENCY The Corporation is presently involved in various judicial, administrative, and regulatory proceedings concerning matters arising in the ordinary course of business, including but not limited to, employment and commercial disputes and purported class action litigation. 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, once approved by the Court, would fully and finally resolve the claims brought by Smith and Hourcade, as well as the classes they sought 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. On August 24, 2015, the claims administrator commenced mailing of notice and claim forms to class members and the claims closed October 24, 2015. On October 14, 2015, plaintiffs filed a motion for final approval of the class settlement, together with their motion for approval of incentive payments to the Named Plaintiffs and attorneys’ fees. The Court held a final approval hearing on December 17, 2015. On May 19, 2016, the Court entered an Order Granting Motion for Final Approval of Class Action Settlement; Granting in Part Motion for Attorneys’ Fees, Costs and Class Representatives’ Service Payments. The Court-approved settlement establishes a settlement fund of $4,000 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. 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 final approval order. Michael Ackerman v. American Greetings Corporation, et al. With respect to the Ackerman |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17 - Income from continuing operations before income taxes: 2016 2015 2014 United States $ 210,603 $ 139,749 $ 84,801 International (19,614 ) (29,043 ) 28,425 $ 190,989 $ 110,706 $ 113,226 Income tax expense from the Corporation’s continuing operations has been provided as follows: 2016 2015 2014 Current: Federal $ 43,800 $ 61,049 $ 26,018 International (39 ) (58 ) 8,027 State and local 449 5,965 6,044 44,210 66,956 40,089 Deferred 16,937 (21,357 ) 22,615 $ 61,147 $ 45,599 $ 62,704 Reconciliation of the Corporation’s income tax expense from continuing operations from the U.S. statutory rate to the actual effective income tax rate is as follows: 2016 2015 2014 Income tax expense at statutory rate $ 66,846 $ 38,747 $ 39,629 State and local income taxes, net of federal tax benefit 3,715 3,085 7,617 Corporate-owned life insurance (2,545 ) 25,861 (1,625 ) International items, net of foreign tax credits 802 (12,258 ) 4,580 Uncertain tax benefits and related items (1,124 ) (1,853 ) 793 Valuation allowance (731 ) (4,244 ) 12,606 Domestic production activities deduction (4,690 ) (5,250 ) (3,815 ) Other (1,126 ) 1,511 2,919 Income tax at effective tax rate $ 61,147 $ 45,599 $ 62,704 The lower than statutory rate for the current fiscal year was due to the domestic production activities deduction, the tax treatment of corporate-owned life insurance, the benefit of dual consolidated losses of the Corporation’s branches, changes in uncertain tax benefits, and federal provision to return adjustments. This decrease was partially offset by losses in our foreign jurisdictions that have lower tax rates. During 2015, the Corporation surrendered certain of its corporate-owned life insurance policies that resulted in an increase in income tax expense of $28,279 which is included in the “Corporate-owned life insurance” line above. This increase was partially offset by the benefit of dual consolidated losses of the Corporation’s branches totaling $13,268 which is included in the “International items, net of foreign tax credits” line. The net release of valuation allowances of $4,244 against certain net operating losses and foreign tax credit carryforwards further benefitted income tax expense. Significant components of the Corporation’s deferred tax assets and liabilities are as follows: February 29, 2016 February 28, 2015 Deferred tax assets: Employee benefit and incentive plans $ 51,159 $ 60,082 Goodwill and other intangible assets 34,907 41,728 Net operating loss carryforwards 22,929 24,227 Net operating loss carryforwards limited by IRC section 382 21,765 24,319 Reserves not currently deductible 19,596 19,382 Accrued expenses deductible as paid 10,764 9,187 Inventory costing 7,556 9,531 Foreign tax credit carryforwards 1,718 1,227 Deferred revenue 1,413 1,871 Deferred capital loss 1,391 1,407 Other (each less than 5 percent of total assets) 9,458 8,369 182,656 201,330 Valuation allowance (25,764 ) (23,482 ) Total deferred tax assets 156,892 177,848 Deferred tax liabilities: Property, plant and equipment 44,236 48,123 Unrealized Investment Gain 10,160 — Other 4,654 3,169 Total deferred tax liabilities 59,050 51,292 Net deferred tax assets $ 97,842 $ 126,556 Net deferred tax assets are included on the Consolidated Statement of Financial Position in the following captions: February 29, 2016 February 28, 2015 Deferred and refundable income taxes (current) $ — $ 40,543 Deferred and refundable income taxes (noncurrent) 97,861 86,030 Deferred income taxes and noncurrent income taxes payable (19 ) (17 ) Net deferred tax assets $ 97,842 $ 126,556 Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases as well as from net operating loss and tax credit carryforwards, and are stated at tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income tax payments in future years. As discussed in Note 1, the Corporation recorded an adjustment to mark to market the value of one of its investments as of February 29, 2016. As a result, a decrease in the Corporation’s deferred tax assets in the amount of $12,725 was recognized in other comprehensive income for the fiscal year ended February 29, 2016. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. The Corporation early adopted ASU 2015-17 during the fourth quarter of 2016 on a prospective basis. Adoption of ASU 2015-17 resulted in a reclassification of the Corporation’s net current deferred tax asset to the net non-current deferred tax asset in the Corporation’s Consolidated Balance Sheet as of February 29, 2016. No prior periods were retrospectively adjusted. Based upon a review of positive and negative evidence, the Corporation has recorded a valuation allowance of $25,764 and $23,482 as of February 29, 2016 and February 28, 2015, respectively. Of the change during the year, a decrease of $550 was reflected through the income tax provision and an increase of $2,832 was reflected though Other Comprehensive Income. Such valuation allowance relates principally to certain international and domestic net operating loss carryforwards, foreign tax credit carryforwards and international capital losses. At February 29, 2016, the Corporation had deferred tax assets of approximately $5,525 for international net operating loss carryforwards, of which $5,171 have no expiration dates and $354 have expiration dates ranging from 2031 through 2036. In addition, the Corporation had deferred tax assets related to domestic net operating loss, state net operating loss and foreign tax credit (“FTC”) carryforwards of approximately $12,470, $4,934 and $8,673, respectively. The federal net operating loss carryforwards have expiration dates ranging from 2020 to 2028. The state net operating loss carryforwards have expiration dates ranging from 2016 to 2036. The FTC carryforward has expiration dates ranging from 2019 to 2022. Deferred taxes have not been provided on approximately $21,043 of undistributed earnings of international subsidiaries since such earnings are deemed to be permanently reinvested. It is not practicable to calculate the deferred taxes associated with these earnings; however, foreign tax credits would be available to reduce federal income taxes in the event of distribution. At February 29, 2016, the Corporation had unrecognized tax benefits of $17,112 that, if recognized, would have a favorable effect on the Corporation’s income tax expense of $15,411 compared to unrecognized tax benefits of $20,814 that, if recognized, would have a favorable effect on the Corporation’s income tax expense of $18,597 at February 28, 2015. It is reasonably possible that the Corporation’s unrecognized tax positions as of February 29, 2016 could decrease approximately $1,404 during 2017 due to anticipated expiration of statute of limitations. The following is a tabular reconciliation of the total amounts of the Corporation’s unrecognized tax benefits: 2016 2015 2014 Balance at beginning of year $ 20,814 $ 19,011 $ 21,659 Additions for tax positions of prior years 2,413 3,527 538 Reductions for tax positions of prior years (3,777 ) (1,440 ) (2,459 ) Settlements — (14 ) — Statute lapse (2,338 ) (270 ) (727 ) Balance at end of year $ 17,112 $ 20,814 $ 19,011 The Corporation recognizes interest and penalties accrued on unrecognized tax benefits and income taxes as a component of income tax expense. During the year ended February 29, 2016, the Corporation recognized a net benefit of $1,053 for interest and penalties due to a reversal of accrued interest on unrecognized tax benefits and income taxes. This was primarily due to the release of unrecognized tax benefits due to the issuance of regulations that clarified the law and the expiration of a statute of limitations as discussed above. As of February 29, 2016, the total amount of gross accrued interest and penalties related to unrecognized tax benefits and income taxes netted to a payable of $1,526. During the year ended February 28, 2015, the Corporation recognized a net benefit of $1,281 for interest and penalties due to a reversal of accrued interest on unrecognized tax benefits and income taxes. As of February 28, 2015, the total amount of gross accrued interest and penalties related to unrecognized tax benefits and income taxes netted to a payable of $2,580. With few exceptions, the Corporation is subject to examination in the U.S. and various state and local jurisdictions for tax years 2010 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 2011 to the present. Income taxes paid from continuing operations were $44,688 in 2016, $59,758 in 2015, and $18,637 in 2014. |
Related Party Information
Related Party Information | 12 Months Ended |
Feb. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Information | NOTE 18 – 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 $7,390 (based on a per acre price of $510). 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, including obligations 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 the Corporation, was reserved to the manager of Crocker Park, LLC. The manager of Crocker Park, LLC is not an affiliate of the Weiss Family, but 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 (“Tech West”) adjacent to the world headquarters building and a surface parking lot (“Surface Lot”) on land that it is leasing from the Corporation. The Corporation has also 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 annual rent is expected to be approximately $10,600. See Note 8 for further information. In connection with Tech West and the Surface Lot, the Corporation entered into two agreements in the current year with H L & L as described below. For a more complete description of the transactions associated with the world headquarters relocation, refer to Item 13. Certain Relationships and Related Party Transactions, and Director Independence included in Part III of this Form 10-K. Under the terms of a Master Lease Agreement (Tech West), American Greetings is ground leasing to H L & L, property consisting of Tech West and the Surface Lot (the “Master Tech Lease Premises”). The Master Lease Agreement (Tech West) term is coterminous with the Master Lease Agreement. The Master Lease Agreement (Tech West) is a “net” lease. In accordance with the Master Lease Agreement (Tech West), H L & L is constructing and will own the Master Tech Lease Premises. H L & L is responsible for the cost of constructing and maintaining the Master Tech Lease Premises and is responsible for the payment of all insurance, special assessments, taxes or other fees or costs related to the Master Tech Lease Premises (which costs will generally be passed through to the tenants of the Master Tech Lease Premises, including American Greetings pursuant to the terms of the Tech West/Surface Lot Lease Agreement referred to below). In conjunction with the Master Lease Agreement (Tech West), to effectuate certain sales tax savings in connection with the construction of the improvements at the Master Tech Lease Premises, H L & L has entered into intermediate leases with a qualified state-chartered port authority (which is subleasing the Master Tech Lease Premises back to H L & L). These leases are net in cost to American Greetings and H L & L, other than any sales tax savings benefitting American Greetings or H L & L. The leasehold estate has been pledged as collateral (mortgaged) in connection with H L & L’s construction financing for the Master Tech Lease Premises. Pursuant to the terms of the Tech West/Surface Lot Lease Agreement, H L & L is leasing to American Greetings 100% of the Master Tech Lease Premises to be used in connection with American Greetings’ new world headquarters. The Tech West/Surface Lot Lease Agreement has a term of 15 years, commencing after the Tech West and the Surface Lot are substantially complete and ready for occupancy, with a base rent of $1,137 per year. During the term of the Tech West/Surface Lot Lease Agreement, other than costs for structural repair and replacements of the Master Tech Lease Premises, American Greetings will be generally responsible for furniture, fixtures and equipment and all costs associated with the maintenance and repair of Tech West and the Surface Lot, including its pro rata share of all operating costs, including the O&M Fee required under the Private Development Agreement. 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 $9,000. As of February 29, 2016 and February 28, 2015, there were no amounts outstanding under this loan agreement. 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, 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, there was $259 due from affiliates at February 29, 2016 and $1,846 due to affiliates at February 28, 2015. On February 10, 2014, Century Intermediate Holding Company 2 (“CIHC2”), an indirect parent of American Greetings, issued $285,000 aggregate principal amount of 9.750%/10.500% Senior PIK Toggle Notes due 2019 (the “PIK Notes”) in an offering exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). CIHC2 was formed for the sole purpose of issuing the PIK Notes. The net proceeds from the offering, together with a portion of a $50,000 dividend the Corporation paid to Parent, were used to redeem the preferred equity interest in Parent. The PIK Notes pay interest semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2014. Interest on the PIK Notes accrues from February 10, 2014 at a rate of 9.750% per annum with respect to cash interest and 10.500% per annum with respect to PIK Interest (as defined below), which is the cash interest rate plus 75 basis points. The first interest payment on the PIK Notes was payable entirely in cash. Interest for the final interest period ending at stated maturity will be payable entirely in cash. For each other interest period, CIHC2 will be required to pay interest on the PIK Notes entirely in cash (“Cash Interest”), unless certain conditions are satisfied, in which case CIHC2 will be entitled to pay interest on the PIK Notes by increasing the principal amount of the PIK Notes or by issuing new PIK Notes, such increase or issuance being referred to herein as “PIK Interest.” Prior to the payment of Cash Interest, the Corporation expects that, through dividends the Corporation will provide CIHC2 with the cash flow for it to pay interest on the PIK Notes. Assuming CIHC2 pays interest on the PIK Notes in cash, rather than as PIK Interest, the annual cash required to pay the Cash Interest is expected to be approximately $27,800. The Corporation paid cash dividends to Parent, its sole shareholder, in the aggregate amount of $34,619, $38,073 and $75,420 during 2016, 2015 and 2014, respectively. Of the dividends paid in 2016, $27,788 was used by Parent to pay interest on the PIK Notes. In addition, H L & L paid $9,865 to the Corporation in 2015 to acquire certain assets previously purchased by the Corporation related to the new world headquarters project, which is included in “Proceeds from sale of fixed assets” on the Consolidated Statement of Cash Flows. Refer to Item 13. Certain Relationships and Related Party Transactions, and Director Independence included in Part III of this Form 10-K for a description of the transactions associated with the world headquarters relocation. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Feb. 29, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 19 – BUSINESS SEGMENT INFORMATION The Corporation is organized and managed according to a number of factors, including product categories, geographic locations and channels of distribution. 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 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. As permitted under ASC Topic 280, “Segment Reporting,” certain operating segments have been aggregated into the International Social Expression Products segment. The aggregated operating segments have similar economic characteristics, products, sourcing processes, types of customers and distribution methods. In each of 2016, 2015 and 2014, approximately 58% of the North American Social Expression Products segment’s revenue is attributable to its top five customers. Approximately 59%, 54% and 50% of the International Social Expression Products segment’s revenue in 2016, 2015 and 2014, respectively, is attributable to its top three customers. At February 29, 2016, the Corporation operated 397 card and gift retail stores in the United Kingdom through its Retail Operations segment. The stores sell products purchased from the International Social Expression Products segment as well as products purchased from other vendors. Intersegment sales and profits from the International Social Expression Products segment to the Retail Operations segment are eliminated in consolidation. 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. The Corporation’s Non-reportable operating segment primarily includes licensing activities and, prior to the disposition of AGI In-Store on August 29, 2014, the design, manufacture and sale of display fixtures. AGI In-Store had operating income of $53 through the date of sale in 2015 and $18,707 of operating income in 2014. See Note 3 for additional information regarding the sale of AGI In-Store. The Corporation’s senior management evaluates segment performance based on earnings before foreign currency exchange gains or losses, interest income, interest expense, centrally-managed costs and income taxes. The accounting policies of the reportable segments are the same as those described in Note 1, except those that are related to LIFO or applicable to only corporate items. The reporting and evaluation of segment assets include net accounts receivable, inventory on a FIFO basis, display materials and factory supplies, prepaid expenses, other assets and net property, plant and equipment. Unallocated and intersegment items include primarily cash, taxes and LIFO. Centrally incurred and managed costs are not allocated back to the operating segments. The unallocated items include interest expense on centrally-incurred debt, domestic profit-sharing and 401(k) matching contributions expense, settlement charges and, prior to the Merger, stock-based compensation expense. In addition, the costs associated with corporate operations including the senior management, corporate finance, legal and insurance programs, among other costs, are included in the unallocated items. Operating Segment Information Total Revenue 2016 2015 2014 North American Social Expression Products $ 1,317,277 $ 1,316,617 $ 1,253,842 International Social Expression Products 273,477 319,825 306,519 Intersegment items (67,126 ) (62,229 ) (56,729 ) Net 206,351 257,596 249,790 Retail Operations 313,759 336,860 332,066 AG Interactive 56,483 58,995 61,084 Non-reportable segment 6,920 40,901 72,884 $ 1,900,790 $ 2,010,969 $ 1,969,666 Segment Earnings (Loss) Before Tax 2016 2015 2014 North American Social Expression Products $ 203,859 $ 193,176 $ 172,502 International Social Expression Products (14,039 ) 10,530 11,380 Intersegment items 2,329 (3,022 ) (2,110 ) Net (11,710 ) 7,508 9,270 Retail Operations (22,904 ) (35,007 ) (4,637 ) AG Interactive 19,126 21,668 15,540 Non-reportable segment 59,135 9,810 24,521 Unallocated: Interest expense (27,201 ) (36,020 ) (27,363 ) Profit-sharing and 401(k) match expense (14,200 ) (13,755 ) (14,219 ) Stock-based compensation expense — — (13,812 ) Corporate overhead expense (15,116 ) (36,674 ) (48,576 ) (56,517 ) (86,449 ) (103,970 ) $ 190,989 $ 110,706 $ 113,226 Non-reportable segment earnings for 2016 include a net gain of $61,234 from the sale of Strawberry Shortcake. See Note 3 for further information. For 2016, “Corporate overhead expense” includes income recognized from state non-income based tax credits of $9,141. See Note 4 for further information. For 2015, “Corporate overhead expense” included a gain of $35,004 from the sale of AGI In-Store and a non-cash charge of $21,924 in connection with the impairment of the Clinton Cards tradename. In addition, during 2015, the Corporation sold its current world headquarters location and recognized a non-cash loss on disposal of $15,544, of which $13,361 was recorded within the North American Social Expression Products segment and $2,183 was recorded in “Corporate overhead expense”. For 2014, “Stock-based compensation expense” included stock-based compensation prior to the Merger and the impact of the settlement of stock options and the cancellation or modification of outstanding restricted stock units and performance shares concurrent with the Merger, a portion of which is non-cash. There has been no stock-based compensation subsequent to the Merger as these plans were converted into cash compensation plans at the time of the Merger. See Note 2 for charges associated with the Merger, which were reflected in the Unallocated segment in 2014, with no comparative amounts in 2015 and 2016. Depreciation and Intangible Assets Amortization Capital Expenditures 2016 2015 2014 2016 2015 2014 North American Social Expression Products $ 41,712 $ 41,443 $ 37,751 $ 63,937 $ 37,429 $ 37,618 International Social Expression Products 3,602 4,437 4,748 3,251 16,496 2,759 Retail Operations 8,496 10,417 6,630 2,752 22,779 8,054 AG Interactive 1,190 1,523 2,395 4,382 1,961 267 Non-reportable segment 212 1,128 1,773 32 32 2,718 Unallocated 522 905 1,728 11,664 12,469 2,681 $ 55,734 $ 59,853 $ 55,025 $ 86,018 $ 91,166 $ 54,097 Assets 2016 2015 North American Social Expression Products $ 1,078,176 $ 1,053,178 International Social Expression Products 89,177 108,709 Retail Operations 83,820 106,600 AG Interactive 8,812 5,874 Non-reportable segment 15,166 14,101 Unallocated and intersegment items 328,298 247,233 $ 1,603,449 $ 1,535,695 Geographical Information Total Revenue Property, Plant and Equipment - Net 2016 2015 2014 2016 2015 United States $ 1,270,589 $ 1,291,053 $ 1,258,328 $ 415,379 $ 309,935 United Kingdom 492,134 555,961 538,684 46,572 62,968 Other international 138,067 163,955 172,654 5,759 7,394 $ 1,900,790 $ 2,010,969 $ 1,969,666 $ 467,710 $ 380,297 Product Information Total Revenue 2016 2015 2014 Everyday greeting cards $ 895,556 $ 944,768 $ 915,794 Seasonal greeting cards 468,299 499,113 479,623 Gift packaging and party goods 343,437 331,710 298,953 Other revenue 10,796 24,617 27,857 All other products 182,702 210,761 247,439 $ 1,900,790 $ 2,010,969 $ 1,969,666 The “All other products” classification includes, among other things, stationery, ornaments, custom display fixtures (prior to August 2014 when that business was sold), stickers, online greeting cards, other online digital products and specialty gifts. Termination Benefits and Facility Closings 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 Corporation recorded severance charges of $4,805, $5,418 and $6,890 in 2016, 2015 and 2014, respectively, related to headcount reductions and facility closures at several locations. The following table summarizes the severance charges by segment: 2016 2015 2014 North American Social Expression Products $ 1,552 $ 2,706 $ 3,020 International Social Expression Products 2,801 2,420 2,094 Retail Operations 452 208 585 AG Interactive — 84 1,004 Non-reportable — — 187 Total $ 4,805 $ 5,418 $ 6,890 The remaining balance of the severance accrual was $3,479 and $4,303 at February 29, 2016 and February 28, 2015, 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. Thousands of dollars The following is a summary of the unaudited quarterly results of operations for the years ended February 29, 2016 and February 28, 2015: Fiscal 2016 Quarter Ended May 29 Aug 28 Nov 27 Feb 29 Net sales $ 471,892 $ 418,611 $ 480,700 $ 518,791 Total revenue 473,443 421,028 484,031 522,288 Gross profit 277,969 243,043 245,535 289,404 Net income 72,764 24,480 6,550 26,048 As disclosed in Note 3, 2016 included a pre-tax gain of $61,234 from the sale of Strawberry Shortcake. Of this amount, $61,666 was initially recognized in the first quarter. Unfavorable adjustments to the gain of $41 and $391 were recorded in the second and third quarters, respectively. The third quarter reflects a favorable adjustment of $853 for the recovery of a portion of the contract asset impairment charge recorded in 2015 for the bankruptcy of a customer within the North American Social Expression Products segment. The fourth quarter included fixed asset impairment charges of $4,083 in the Retail Operations segment and a contract asset impairment of $8,510 primarily related to a change in expected future economic benefit on certain fixed term customer agreements in the International Social Expression Products segment. Fiscal 2015 Quarter Ended May 30 Aug 29 Nov 28 Feb 28 Net sales $ 497,274 $ 427,090 $ 508,006 $ 553,982 Total revenue 503,584 432,425 514,058 560,902 Gross profit 302,798 252,316 264,540 308,978 Net income (loss) 43,739 22,840 11,261 (12,733 ) As disclosed in Note 3, fiscal 2015 included a pre-tax gain of $35,004 from the disposal of AGI In-Store. Of this amount, $38,802 was initially recognized in the second quarter. Unfavorable adjustments to the gain for final working capital adjustments of $139 and $3,659 were recorded in the third and fourth quarters, respectively. The Corporation also recognized a pre-tax loss of $15,544 from the sale of its current world headquarters in the second quarter. The fourth quarter included fixed asset impairment charges of $3,660 in the Retail Operations segment and a contract asset impairment of $4,422 related to a customer bankruptcy within the North American Social Expression Products segment. Also in the fourth quarter, as disclosed in Note 9, a non-cash charge of $21,924 was recorded in connection with the impairment of the Clinton Cards tradename. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 29, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AMERICAN GREETINGS CORPORATION AND SUBSIDIARIES Thousands of dollars COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E ADDITIONS Description Balance at (1) (2) Accounts-Describe Deductions- Balance at Year ended February 29, 2016: Deduction from asset account: Allowance for doubtful accounts $ 1,730 $ 577 $ (96 ) (A ) $ 583 (B ) $ 1,628 Allowance for seasonal sales returns $ 18,895 $ 103,763 $ (957 ) (A ) $ 100,183 (C ) $ 21,518 Allowance for other assets $ 2,300 $ 1,271 $ — $ — (D ) $ 3,571 Year ended February 28, 2015: Deduction from asset account: Allowance for doubtful accounts $ 2,488 $ 1,214 $ (130 ) (A ) $ 1,842 (B ) $ 1,730 Allowance for seasonal sales returns $ 26,613 $ 112,103 $ (762 ) (A ) $ 119,059 (C ) $ 18,895 Allowance for other assets $ 4,100 $ (1,800 ) $ — $ — (D ) $ 2,300 Year ended February 28, 2014: Deduction from asset account: Allowance for doubtful accounts $ 3,419 $ 368 $ (32 ) (A ) $ 1,267 (B ) $ 2,488 Allowance for seasonal sales returns $ 24,574 $ 120,523 $ 205 (A ) $ 118,689 (C ) $ 26,613 Allowance for other assets $ 7,900 $ (3,393 ) $ — $ 407 (D ) $ 4,100 Note A: Translation adjustment on foreign subsidiary balances. Note B: Accounts charged off, less recoveries. Note C: Sales returns charged to the allowance account for actual returns. Note D: Deferred contract costs charged to the allowance account. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation The Corporation’s investments in less than majority-owned companies in which it has the ability to exercise significant influence over 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 in equity securities, other than investments accounted for under the equity method, are classified as available-for-sale. Investments in available-for-sale equity securities that have a readily determinable fair value, and for which the Corporation does not have the ability to exercise significant influence over the investee’s operating and financial policies are measured at fair value. The cost method is used for all other investments in available-for-sale equity securities. Prior to the fourth quarter of 2014, the Corporation held an approximate 15% equity interest in 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. During the third quarter of 2014, the Corporation determined that, due to continued operating losses, shareholders’ deficit and lack of return on the Corporation’s investment, the cost method investment was permanently impaired. As a result, the Corporation recorded an impairment charge in the amount of $1,935 which reduced the carrying amount of the investment to zero. In addition, in order to mitigate ongoing risks to the Corporation that may arise from retaining an equity interest in Schurman, during the fourth quarter of 2014, the Corporation transferred to Schurman its 15% equity interest and, as a result, no longer has an equity interest in Schurman. The Corporation provides Schurman limited credit support 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 $10,000 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 February 29, 2016 requiring the use of the Liquidity Guaranty. During the current year, 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 February 29, 2016 includes: • Liquidity Guaranty of Schurman’s indebtedness of $10,000; • normal course of business trade and other receivables due from Schurman of $25,246, the balance of which fluctuates throughout the year due to the seasonal nature of the business; and • the operating leases currently subleased to Schurman, the aggregate lease payments for the remaining life of which was $2,297 as of February 29, 2016. In addition, the Corporation held a minority investment in the common stock of a privately held company that effected a recapitalization transaction in July 2012. As a result of this recapitalization, the Corporation retained a portion of its investment in the company which was classified as available-for-sale and accounted for under the cost method. During 2014, the Corporation received a cash distribution from this recapitalized company totaling $12,105, which was in part a return of capital of $8,843 that reduced the carrying amount of the investment to zero, and the remaining $3,262 was realized as an investment gain. In April 2015, the recapitalized company in which the Corporation holds its investment 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 reported at fair value at February 29, 2016 and is included in “Other assets” on the Consolidated Statement of Financial Position. Based on the fair value measurement of this investment at February 29, 2016, an unrealized gain, net of tax, of $20,505 has been recognized in other comprehensive income in 2016. The total proceeds from the distribution received in 2014 is classified within “Investing Activities” on the Consolidated Statement of Cash Flows. The investment gain realized in 2014 is included in “Other non-operating expense (income) – net” on the Consolidated Statement of Income. |
Reclassifications | Reclassifications |
Use of Estimates | Use of Estimates |
Earnings per Share | Earnings per Share |
Cash Equivalents | Cash Equivalents |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
Concentration of Credit Risks | Concentration of Credit Risks The Corporation conducts business based on periodic evaluations of its customers’ financial condition and generally does not require collateral to secure their obligation to the Corporation. While the competitiveness of the retail industry presents an inherent uncertainty, the Corporation does not believe a significant risk of loss exists from a concentration of credit. |
Inventories | Inventories |
Deferred Costs | Deferred Costs |
Deferred Film Production Costs | Deferred Film Production Costs Film production costs are accounted for pursuant to ASC Topic 926 (“ASC 926”), “Entertainment – Films,” and are stated at the lower of cost or net realizable value based on anticipated total revenue (“ultimate revenue”). Film production costs are generally capitalized. These costs are then recognized ratably based on the ratio of the current period’s revenue to estimated remaining ultimate revenues. Ultimate revenues are calculated in accordance with ASC 926 and require estimates and the exercise of judgment. Accordingly, these estimates are periodically updated to include the actual results achieved or for new information as to anticipated revenue performance of each title. Production expense totaled $2,291, $2,031 and $3,514 in 2016, 2015 and 2014, respectively, with no significant amounts related to changes in ultimate revenue estimates during these periods. These production costs are included in “Material, labor and other production costs” on the Consolidated Statement of Income. Amortization of production costs totaling $880, $1,377 and $2,776 in 2016, 2015 and 2014, respectively, are included in “Other - net” within “Operating Activities” on the Consolidated Statement of Cash Flows. As of February 28, 2015, a portion of deferred film production costs was classified as held for sale related to the then expected sale of the Strawberry Shortcake property. See Note 3 for further information. The balance of deferred film production costs was $3,441 and $2,173 at February 29, 2016 and February 28, 2015, respectively, and is included in “Other assets” on the Consolidated Statement of Financial Position. The Corporation expects to amortize approximately $1,500 of production costs during the next twelve months. |
Investment in Life Insurance | Investment in Life Insurance |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Property and Depreciation | Property and Depreciation |
Disposal Group Held for Sale | Disposal Group Held for Sale |
Operating Leases | Operating Leases |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits |
Revenue Recognition | Revenue Recognition Seasonal cards and certain other seasonal products are generally sold with the right of return on unsold merchandise. The Corporation provides for estimated returns of these products when those sales are recognized. These estimates are based on historical sales returns, the amount of current year sales and other known factors. Accrual rates utilized for establishing estimated returns reserves have approximated actual returns experience. Products sold without a right of return may be subject to sales credit issued at the Corporation’s discretion for damaged, obsolete and outdated products. The Corporation maintains an estimated reserve for these sales credits based on historical experience. For retailers with a scan-based trading (“SBT”) arrangement, the Corporation owns the product delivered to its retail customers until the product is sold by the retailer to the ultimate consumer, at which time the Corporation recognizes revenue for both everyday and seasonal products. When a SBT arrangement with a retailer is finalized with an existing customer, the Corporation reverses previous sales transactions based on retailer inventory turn rates and the estimated timing of the store conversions. Legal ownership of the inventory at the retailer’s stores reverts back to the Corporation at the time of the conversion and the amount of sales reversal is finalized based on the actual inventory at the time of conversion. Sales at the Corporation’s Retail Operations segment, which operates in the UK, are recognized upon the sale of product to the consumer. Subscription revenue, primarily for the AG Interactive segment, represents fees paid by customers for access to particular services for the term of the subscription. Subscription revenue is generally billed in advance and is recognized ratably over the subscription periods. The Corporation has agreements for licensing certain characters and other intellectual property. These license agreements provide for royalty revenue to the Corporation based on a percentage of net sales and are subject to certain guaranteed minimum royalties. These license agreements may include the receipt of upfront advances, which are recorded as deferred revenue and earned during the period of the agreement. Certain of these agreements are managed by outside agents. All payments flow through the agents prior to being remitted to the Corporation. Typically, the Corporation receives monthly payments from the agents. Royalty revenue is generally recognized upon cash receipt and is recorded in “Other revenue” on the Consolidated Statement of Income. Revenues and expenses associated with the servicing of these agreements are summarized as follows: 2016 2015 2014 Royalty revenue $ 8,791 $ 22,660 $ 26,170 Royalty expenses: Material, labor and other production costs $ 4,325 $ 2,602 $ 8,583 Selling, distribution and marketing expenses 2,993 6,297 6,339 Administrative and general expenses 1,488 2,003 1,945 $ 8,806 $ 10,902 $ 16,867 Due to the sale of Strawberry Shortcake in March 2015, royalty revenue and expenses for 2015 and 2014 do not have comparative amounts in the current year. See Note 3 for further discussion. |
Sales Taxes | Sales Taxes |
Translation of Foreign Currencies | Translation of Foreign Currencies |
Shipping and Handling Fees | Shipping and Handling Costs |
Advertising Expenses | Advertising Expenses |
Income Taxes | Income Taxes Income tax expense includes both current and deferred taxes. Current tax expense represents the amount of income taxes paid or payable (or refundable) for the year, including interest and penalties. Deferred income taxes, net of appropriate valuation allowances, are recognized for the estimated future tax effects attributable to tax carryforwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts realized for income tax purposes. The effect of a change to the deferred tax assets or liabilities as a result of new tax law, including tax rate changes, is recognized in the period that the tax law is enacted. Valuation allowances are recorded against deferred tax assets when it is more likely than not that such assets will not be realized. When an uncertain tax position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. See Note 17 for further discussion. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” ASU 2016-02 will require lessees to recognize a right-of-use right-of-use In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, this ASU requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Corporation is currently evaluating the new guidance and has not determined the impact this standards update may have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 In July 2015, the FASB issued 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, with early adoption permitted. At February 29, 2016, approximately 40% 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. 2015-05, “Customers’ Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 provides guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software under ASC 350-40. Cloud computing arrangements not deemed to contain a software license would be accounted for as service contracts. For public business entities, ASU 2015-05 is effective for annual periods, including interim periods within those annual periods beginning after December 15, 2015. The Corporation adopted ASU 2015-05 on March 1, 2016, electing prospective application to arrangements entered into, or materially modified, after February 29, 2016. 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, “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, “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, “Revenue from Contracts with Customers.” Subsequent accounting standards updates have been issued which amend and/or clarify the application of ASU 2014-09. The objective of ASU 2014-09, and its related amendments and clarifications, is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. More detailed disclosures will also be required to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For public business entities, the new revenue recognition guidance will be effective for annual and interim reporting periods beginning after December 15, 2017. Earlier adoption is permitted for annual and interim reporting periods beginning after December 15, 2016. The new guidance permits the use of either a retrospective or modified retrospective transition method. The Corporation is currently evaluating the new guidance and has not determined the impact it may have on its consolidated financial statements, nor the preferred method of adoption. |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenues and Expenses Associated with Servicing of Agreements | Revenues and expenses associated with the servicing of these agreements are summarized as follows: 2016 2015 2014 Royalty revenue $ 8,791 $ 22,660 $ 26,170 Royalty expenses: Material, labor and other production costs $ 4,325 $ 2,602 $ 8,583 Selling, distribution and marketing expenses 2,993 6,297 6,339 Administrative and general expenses 1,488 2,003 1,945 $ 8,806 $ 10,902 $ 16,867 |
Merger (Tables)
Merger (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Business Combinations [Abstract] | |
Charges Incurred Associated with Merger | The charges incurred in 2014 associated with the Merger are reflected on the Consolidated Statement of Income as follows: Incremental Transaction- Total Administrative and general expenses $ 10,601 $ 17,524 $ 28,125 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Strawberry Shortcake [Member] | |
Schedule of Major Classes of Assets and Liabilities Held for Sale | The major classes of assets and liabilities held for sale included in the Consolidated Statement of Financial Position as of February 28, 2015 were as follows: Assets Prepaid expenses and other $ 229 Other assets 35,300 $ 35,529 Liabilities Accrued liabilities $ 500 Deferred revenue 1,212 $ 1,712 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Other Income and Expenses [Abstract] | |
Other Operating Income - Net | Other Operating Income - Net 2016 2015 2014 Gain on sale of Strawberry Shortcake $ (61,234 ) $ — $ — Adjustment to gain (gain) on sale of AGI In-Store 1,073 (35,004 ) — Clinton Cards secured debt recovery — (3,390 ) (4,910 ) State tax credits (9,141 ) — — Net loss on disposal of fixed assets 179 15,983 560 Miscellaneous (3,735 ) (1,263 ) (3,368 ) Other operating income – net $ (72,858 ) $ (23,674 ) $ (7,718 ) |
Other Non-Operating Expense (Income) - Net | Other Non-Operating Expense (Income) - Net 2016 2015 2014 Foreign exchange loss (gain) $ 1,800 $ 1,522 $ (280 ) Rental income (567 ) (1,089 ) (1,714 ) Impairment of investment in Schurman — — 1,935 Gain related to investment in third party — — (3,262 ) Miscellaneous (40 ) (114 ) 25 Other non-operating expense (income) – net $ 1,193 $ 319 $ (3,296 ) |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) for 2016, 2015 and 2014 are as follows: Foreign Pensions and Unrealized Total Balance at February 28, 2013 $ 12,594 $ (29,731 ) $ 4 $ (17,133 ) Other comprehensive income (loss) before reclassifications 11,561 3,413 (4 ) 14,970 Amounts reclassified from accumulated other comprehensive income (loss) 984 1,931 — 2,915 Other comprehensive income (loss), net of tax 12,545 5,344 (4 ) 17,885 Balance at February 28, 2014 25,139 (24,387 ) — 752 Other comprehensive income (loss) before reclassifications (23,303 ) (2,348 ) — (25,651 ) Amounts reclassified from accumulated other comprehensive income (loss) — 496 — 496 Other comprehensive income (loss), net of tax (23,303 ) (1,852 ) — (25,155 ) Balance at February 28, 2015 1,836 (26,239 ) — (24,403 ) Other comprehensive income (loss) before reclassifications (15,371 ) (1,029 ) 20,505 4,105 Amounts reclassified from accumulated other comprehensive income (loss) — 640 — 640 Other comprehensive income (loss), net of tax (15,371 ) (389 ) 20,505 4,745 Balance at February 29, 2016 $ (13,535 ) $ (26,628 ) $ 20,505 $ (19,658 ) |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The reclassifications out of accumulated other comprehensive income (loss) are as follows: 2016 2015 2014 Pensions and Postretirement Benefits: Amortization of pensions and other postretirement benefits items: Actuarial losses, net $ (1,700 ) $ (1,392 ) $ (2,442 ) (1) Prior service credit, net 699 724 1,113 (1) Transition obligation (4 ) (5 ) (6 ) (1) Recognition of prior service cost upon curtailment — — (1,746 ) (1) (1,005 ) (673 ) (3,081 ) Tax benefit 365 177 1,150 (2) Total, net of tax (640 ) (496 ) (1,931 ) Foreign Currency Translation Adjustments: Loss upon dissolution of business — — (984 ) (3) Total reclassifications $ (640 ) $ (496 ) $ (2,915 ) Classification on Consolidated Statement of Income: (1) Administrative and general expenses (2) Income tax expense (3) Other non-operating expense (income) - net |
Customer Allowances and Disco35
Customer Allowances and Discounts (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Text Block [Abstract] | |
Allowances and Discounts Trade Accounts Receivable | Trade accounts receivable are reported net of certain allowances and discounts. The most significant of these are as follows: February 29, 2016 February 28, 2015 Allowance for seasonal sales returns $ 21,518 $ 18,895 Allowance for outdated products 8,372 11,074 Allowance for doubtful accounts 1,628 1,730 Allowance for marketing funds 26,371 26,841 Allowance for rebates 24,373 34,214 $ 82,262 $ 92,754 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | February 29, 2016 February 28, 2015 Raw materials $ 13,516 $ 14,809 Work in process 8,116 7,578 Finished products 277,480 297,899 299,112 320,286 Less LIFO reserve 80,159 80,755 218,953 239,531 Display material and factory supplies 8,503 9,046 $ 227,456 $ 248,577 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | February 29, 2016 February 28, 2015 Land $ 18,585 $ 18,791 Buildings 240,737 178,924 Capitalized software 239,364 191,307 Equipment and fixtures 446,373 439,006 945,059 828,028 Less accumulated depreciation 477,349 447,731 $ 467,710 $ 380,297 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets by Major Class | The following table presents information about these intangible assets, which are included in “Other assets” on the Consolidated Statement of Financial Position: February 29, 2016 February 28, 2015 Gross Carrying Accumulated Net Gross Carrying Accumulated Net Intangible assets with indefinite useful lives: Tradenames $ 6,200 $ — $ 6,200 $ 6,200 $ — $ 6,200 Character property rights 11,310 — 11,310 11,310 — 11,310 Subtotal 17,510 — 17,510 17,510 — 17,510 Intangible assets with finite useful lives: Patents 3,385 (1,529 ) 1,856 2,971 (1,224 ) 1,747 Trademarks 4,125 (3,434 ) 691 4,016 (3,247 ) 769 Artist relationships 19,230 (19,099 ) 131 19,230 (15,178 ) 4,052 Customer relationships 15,472 (12,917 ) 2,555 15,610 (10,192 ) 5,418 Other 21,222 (12,439 ) 8,783 13,590 (13,038 ) 552 Subtotal 63,434 (49,418 ) 14,016 55,417 (42,879 ) 12,538 Total $ 80,944 $ (49,418 ) $ 31,526 $ 72,927 $ (42,879 ) $ 30,048 |
Deferred Costs (Tables)
Deferred Costs (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Text Block [Abstract] | |
Deferred Costs and Future Payment Commitments | Deferred costs and future payment commitments were as follows: February 29, 2016 February 28, 2015 Prepaid expenses and other $ 92,639 $ 98,061 Other assets 378,223 364,311 Deferred cost assets 470,862 462,372 Other current liabilities (47,142 ) (59,018 ) Other liabilities (145,856 ) (104,127 ) Deferred cost liabilities (192,998 ) (163,145 ) Net deferred costs $ 277,864 $ 299,227 |
Summary of Changes in Carrying Amount of Corporation's Net Deferred Costs | A summary of the changes in the carrying amount of the Corporation’s net deferred costs during the years ended February 29, 2016, February 28, 2015 and February 28, 2014 is as follows: Balance at February 28, 2013 $ 272,597 Payments 130,970 Amortization (108,761 ) Currency translation (484 ) Balance at February 28, 2014 294,322 Payments 124,258 Amortization (114,125 ) Contract asset impairment (4,422 ) Currency translation (806 ) Balance at February 28, 2015 299,227 Payments 108,290 Amortization (121,169 ) Contract asset impairment, net of recovery (7,657 ) Currency translation (827 ) Balance at February 29, 2016 $ 277,864 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt and their related calendar year due dates as of February 29, 2016 and February 28, 2015, respectively, were as follows: February 29, 2016 February 28, 2015 Term loan, due 2019 $ 185,000 $ 250,000 7.375% senior notes, due 2021 225,000 225,000 Revolving credit facility, due 2018 — 4,300 6.10% senior notes, due 2028 181 181 Unamortized financing fees (3,863 ) (6,752 ) $ 406,318 $ 472,729 |
Aggregate Maturities of Long-Term Debt | Aggregate maturities of long-term 2017 $ — 2018 — 2019 — 2020 185,000 2021 — |
Retirement and Postretirement41
Retirement and Postretirement Benefit Plans (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Change in Benefit Obligation and Plan Assets | The following table sets forth summarized information on the defined benefit pension plans and postretirement benefits plan: Defined Benefit Pension Plans Postretirement Benefits Plan 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 192,793 $ 184,786 $ 63,142 $ 66,632 Service cost 710 683 335 368 Interest cost 6,186 7,249 2,028 2,545 Participant contributions 10 16 3,042 3,282 Retiree drug subsidy payments — — 467 590 Plan amendments — 580 — — Actuarial (gain) loss (4,427 ) 14,137 (5,594 ) (4,387 ) Benefit payments (11,299 ) (11,431 ) (5,448 ) (5,888 ) Currency exchange rate changes (1,868 ) (3,227 ) — — Benefit obligation at end of year 182,105 192,793 57,972 63,142 Change in plan assets: Fair value of plan assets at beginning of year 108,293 104,894 45,600 48,757 Actual return on plan assets (2,646 ) 12,188 (129 ) 2,313 Employer contributions 6,547 5,612 (3,042 ) (3,282 ) Participant contributions 10 16 3,042 3,282 Benefit payments (11,299 ) (11,431 ) (5,261 ) (5,470 ) Currency exchange rate changes (1,686 ) (2,986 ) — — Fair value of plan assets at end of year 99,219 108,293 40,210 45,600 Funded status at end of year $ (82,886 ) $ (84,500 ) $ (17,762 ) $ (17,542 ) |
Summary of Amounts Recognized on Consolidated Statement of Financial Position | Amounts recognized on the Consolidated Statement of Financial Position consist of the following: Defined Benefit Pension Plans Postretirement Benefits Plan 2016 2015 2016 2015 Accrued compensation and benefits $ (2,647 ) $ (2,639 ) $ — $ — Other liabilities (80,239 ) (81,861 ) (17,762 ) (17,542 ) Net amount recognized $ (82,886 ) $ (84,500 ) $ (17,762 ) $ (17,542 ) Amounts recognized in accumulated other comprehensive (income) loss: Net actuarial loss (gain) $ 69,217 $ 68,372 $ (20,472 ) $ (19,396 ) Net prior service cost (credit) — — (3,473 ) (4,173 ) Net transition obligation 10 16 — — Accumulated other comprehensive loss (income) $ 69,227 $ 68,388 $ (23,945 ) $ (23,569 ) |
Summary of Significant Weighted-Average Assumptions, Determine Benefit Obligations and Net Periodic Benefit Cost | The following table presents significant weighted-average assumptions to determine benefit obligations and net periodic benefit cost: Defined Benefit Pension Plans Postretirement 2016 2015 2016 2015 Weighted average discount rate used to determine: Benefit obligations at measurement date U.S. 3.50-3.75 % 3.25-3.50 % 3.75 % 3.50 % International 3.70 % 3.40 % N/A N/A Net periodic benefit cost U.S. 3.25-3.50 % 4.00-4.25 % 3.50 % 4.25 % International 3.40 % 4.05 % N/A N/A Expected long-term return on plan assets: U.S. 6.75 % 6.75 % 6.50 % 6.50 % International 4.50 % 5.25 % N/A N/A Rate of compensation increase: U.S. N/A N/A N/A N/A International 3.00 % 3.00 % N/A N/A Health care cost trend rates: For year following February 28 or 29 N/A N/A 7.50 % 8.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A 5.00 % 5.00 % Year the rate reaches the ultimate trend rate N/A N/A 2021 2021 |
Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rate | In developing the expected long-term rate of return assumption, consideration was given to various factors, including a review of asset class return expectations based on historical compounded returns for such asset classes. 2016 2015 Effect of a 1% increase in health care cost trend rate on: Service cost plus interest cost $ 67 $ 82 Accumulated postretirement benefit obligation 2,046 2,083 Effect of a 1% decrease in health care cost trend rate on: Service cost plus interest cost (67 ) (72 ) Accumulated postretirement benefit obligation (1,788 ) (1,798 ) |
Summary of Underfunded Defined Benefit Pension Plans Information | The following table presents selected defined benefit pension plan information: 2016 2015 For all defined benefit pension plans: Accumulated benefit obligation $ 182,099 $ 192,774 For defined benefit pension plans that are not fully funded: Projected benefit obligation 182,050 169,803 Accumulated benefit obligation 182,044 169,803 Fair value of plan assets 99,164 85,052 |
Summary of Fair Value of Defined Benefit Pension Plan Assets, Pension Plans | At February 29, 2016 and February 28, 2015, the assets of the plans are held in trust and allocated as follows: Defined Benefit Postretirement Benefits Plan 2016 2015 2016 2015 Target Allocation Equity securities: U.S. 48 % 50 % 26 % 27 % 15% - 30 % International 36 % 34 % N/A N/A N/A Debt securities: U.S. 51 % 49 % 70 % 71 % 65% - 85 % International 64 % 65 % N/A N/A N/A Cash and cash equivalents: U.S. 1 % 1 % 4 % 2 % 0% - 15 % International — 1 % N/A N/A N/A |
Details of Benefits Expected to be Paid Out | The benefits expected to be paid out are as follows: Postretirement Benefits Plan Defined Benefit Excluding Effect of Medicare Part D Subsidy Including Effect of Medicare Part D Subsidy 2017 $ 11,246 $ 3,623 $ 3,187 2018 11,381 3,649 3,169 2019 11,421 3,679 3,157 2020 11,362 3,701 3,132 2021 11,432 3,688 3,544 2022 – 2026 57,003 18,458 17,768 |
Postretirement Benefit Plan [Member] | |
Components of Net Periodic Benefit Cost and Changes Recognized Other Comprehensive Income | A summary of the components of net periodic benefit cost for the postretirement benefit plan is as follows: 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 335 $ 368 $ 431 Interest cost 2,028 2,545 2,397 Expected return on plan assets (2,687 ) (2,882 ) (3,067 ) Amortization of prior service credit (699 ) (1,304 ) (1,303 ) Amortization of actuarial gain (1,702 ) (1,435 ) (1,043 ) Net periodic benefit cost (2,725 ) (2,708 ) (2,585 ) Other changes in plan assets and benefit obligations recognized in other comprehensive income: Actuarial gain (2,777 ) (3,818 ) (1,659 ) Amortization of actuarial gain 1,702 1,435 1,043 Amortization of prior service credit 699 1,304 1,303 Total recognized in other comprehensive income (376 ) (1,079 ) 687 Total recognized in net periodic benefit cost and other comprehensive income $ (3,101 ) $ (3,787 ) $ (1,898 ) |
Summary of Fair Value of Defined Benefit Pension Plan Assets, Pension Plans | The following table summarizes the fair value of the postretirement benefit plan assets at February 29, 2016: Fair value at February 29, 2016 Quoted prices in active markets for Significant other (Level 2) Short-term investments $ 1,706 $ 219 $ 1,487 Equity securities 10,324 10,324 — Fixed income securities 28,180 — 28,180 Total $ 40,210 $ 10,543 $ 29,667 The following table summarizes the fair value of the postretirement benefit plan assets at February 28, 2015: Fair value at February 28, 2015 Quoted prices in Significant other (Level 2) Short-term investments $ 1,192 $ — $ 1,192 Equity securities 12,133 12,133 — Fixed income securities 32,275 — 32,275 Total $ 45,600 $ 12,133 $ 33,467 |
Defined Benefit Pension Plans [Member] | |
Components of Net Periodic Benefit Cost and Changes Recognized Other Comprehensive Income | A summary of the components of net periodic benefit cost for the defined benefit pension plans is as follows: 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 710 $ 683 $ 1,115 Interest cost 6,186 7,249 7,065 Expected return on plan assets (6,581 ) (6,522 ) (6,267 ) Amortization of transition obligation 4 5 6 Amortization of prior service cost — 580 190 Amortization of actuarial loss 3,402 2,827 3,485 Recognition of prior service cost upon curtailment — — 1,746 Net periodic benefit cost 3,721 4,822 7,340 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Actuarial loss 4,749 8,610 941 Prior service cost — 580 414 Amortization of prior service cost — (580 ) (190 ) Amortization of actuarial loss (3,402 ) (2,827 ) (3,485 ) Amortization of transition obligation (4 ) (5 ) (6 ) Change in control — — 2,613 Curtailment gain — — (7,164 ) Recognition of prior service cost upon curtailment — — (1,746 ) Total recognized in other comprehensive income 1,343 5,778 (8,623 ) Total recognized in net periodic benefit cost and other comprehensive income $ 5,064 $ 10,600 $ (1,283 ) |
Summary of Fair Value of Defined Benefit Pension Plan Assets, Pension Plans | The following table summarizes the fair value of the defined benefit pension plan assets at February 29, 2016: Fair value at February 29, 2016 Quoted prices in Significant other (Level 2) U.S. plans: Short-term investments $ 707 $ — $ 707 Equity securities (collective funds) 38,595 — 38,595 Fixed-income funds 40,542 — 40,542 International plans: Short-term investments 55 — 55 Equity securities (collective funds) 6,931 — 6,931 Fixed-income funds 12,389 — 12,389 Total $ 99,219 $ — $ 99,219 The following table summarizes the fair value of the defined benefit pension plan assets at February 28, 2015: Fair value at February 28, 2015 Quoted prices in Significant other (Level 2) U.S. plans: Short-term investments $ 709 $ — $ 709 Equity securities (collective funds) 42,473 — 42,473 Fixed-income funds 41,870 — 41,870 International plans: Short-term investments 157 — 157 Equity securities (collective funds) 8,012 — 8,012 Fixed-income funds 15,072 — 15,072 Total $ 108,293 $ — $ 108,293 |
Long-Term Leases and Commitme42
Long-Term Leases and Commitments (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Leases [Abstract] | |
Rental Expense under Operating Leases | Rental expense under operating leases for the years ended 2016, 2015 and 2014 is as follows: 2016 2015 2014 Gross rentals $ 76,194 $ 84,612 $ 83,790 Sublease rentals (1,742 ) (2,945 ) (5,152 ) Net rental expense $ 74,452 $ 81,667 $ 78,638 |
Aggregate Future Minimum Noncancelable Leases, Net of Aggregate Future Minimum Noncancelable Sublease Rentals | At February 29, 2016, future minimum rental payments for noncancelable operating leases, net of aggregate future minimum noncancelable sublease rentals, are as follows: Gross rentals: 2017 $ 62,824 2018 61,053 2019 53,355 2020 47,594 2021 42,135 Later years 174,294 441,255 Sublease rentals (4,839 ) Net rentals $ 436,416 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value as of Measurement Date | The following table summarizes the assets and liabilities measured at fair value as of February 29, 2016: February 29, 2016 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 11,158 $ 9,936 $ 1,222 $ — Investment in equity securities 33,230 33,230 — — $ 44,388 $ 43,166 $ 1,222 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 12,064 $ 9,936 $ 2,128 $ — The following table summarizes the assets and liabilities measured at fair value as of February 28, 2015: 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 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income from Continuing Operations before Income Taxes | Income from continuing operations before income taxes: 2016 2015 2014 United States $ 210,603 $ 139,749 $ 84,801 International (19,614 ) (29,043 ) 28,425 $ 190,989 $ 110,706 $ 113,226 |
Income Tax Expense from Corporation's Continuing Operations | Income tax expense from the Corporation’s continuing operations has been provided as follows: 2016 2015 2014 Current: Federal $ 43,800 $ 61,049 $ 26,018 International (39 ) (58 ) 8,027 State and local 449 5,965 6,044 44,210 66,956 40,089 Deferred 16,937 (21,357 ) 22,615 $ 61,147 $ 45,599 $ 62,704 |
Reconciliation of Corporation's Income Tax Expense from Continuing Operations | Reconciliation of the Corporation’s income tax expense from continuing operations from the U.S. statutory rate to the actual effective income tax rate is as follows: 2016 2015 2014 Income tax expense at statutory rate $ 66,846 $ 38,747 $ 39,629 State and local income taxes, net of federal tax benefit 3,715 3,085 7,617 Corporate-owned life insurance (2,545 ) 25,861 (1,625 ) International items, net of foreign tax credits 802 (12,258 ) 4,580 Uncertain tax benefits and related items (1,124 ) (1,853 ) 793 Valuation allowance (731 ) (4,244 ) 12,606 Domestic production activities deduction (4,690 ) (5,250 ) (3,815 ) Other (1,126 ) 1,511 2,919 Income tax at effective tax rate $ 61,147 $ 45,599 $ 62,704 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s deferred tax assets and liabilities are as follows: February 29, 2016 February 28, 2015 Deferred tax assets: Employee benefit and incentive plans $ 51,159 $ 60,082 Goodwill and other intangible assets 34,907 41,728 Net operating loss carryforwards 22,929 24,227 Net operating loss carryforwards limited by IRC section 382 21,765 24,319 Reserves not currently deductible 19,596 19,382 Accrued expenses deductible as paid 10,764 9,187 Inventory costing 7,556 9,531 Foreign tax credit carryforwards 1,718 1,227 Deferred revenue 1,413 1,871 Deferred capital loss 1,391 1,407 Other (each less than 5 percent of total assets) 9,458 8,369 182,656 201,330 Valuation allowance (25,764 ) (23,482 ) Total deferred tax assets 156,892 177,848 Deferred tax liabilities: Property, plant and equipment 44,236 48,123 Unrealized Investment Gain 10,160 — Other 4,654 3,169 Total deferred tax liabilities 59,050 51,292 Net deferred tax assets $ 97,842 $ 126,556 |
Net Deferred Tax Assets | Net deferred tax assets are included on the Consolidated Statement of Financial Position in the following captions: February 29, 2016 February 28, 2015 Deferred and refundable income taxes (current) $ — $ 40,543 Deferred and refundable income taxes (noncurrent) 97,861 86,030 Deferred income taxes and noncurrent income taxes payable (19 ) (17 ) Net deferred tax assets $ 97,842 $ 126,556 |
Company's Total Gross Unrecognized Benefits | The following is a tabular reconciliation of the total amounts of the Corporation’s unrecognized tax benefits: 2016 2015 2014 Balance at beginning of year $ 20,814 $ 19,011 $ 21,659 Additions for tax positions of prior years 2,413 3,527 538 Reductions for tax positions of prior years (3,777 ) (1,440 ) (2,459 ) Settlements — (14 ) — Statute lapse (2,338 ) (270 ) (727 ) Balance at end of year $ 17,112 $ 20,814 $ 19,011 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Operating Segment Information Total Revenue 2016 2015 2014 North American Social Expression Products $ 1,317,277 $ 1,316,617 $ 1,253,842 International Social Expression Products 273,477 319,825 306,519 Intersegment items (67,126 ) (62,229 ) (56,729 ) Net 206,351 257,596 249,790 Retail Operations 313,759 336,860 332,066 AG Interactive 56,483 58,995 61,084 Non-reportable segment 6,920 40,901 72,884 $ 1,900,790 $ 2,010,969 $ 1,969,666 Segment Earnings (Loss) Before Tax 2016 2015 2014 North American Social Expression Products $ 203,859 $ 193,176 $ 172,502 International Social Expression Products (14,039 ) 10,530 11,380 Intersegment items 2,329 (3,022 ) (2,110 ) Net (11,710 ) 7,508 9,270 Retail Operations (22,904 ) (35,007 ) (4,637 ) AG Interactive 19,126 21,668 15,540 Non-reportable segment 59,135 9,810 24,521 Unallocated: Interest expense (27,201 ) (36,020 ) (27,363 ) Profit-sharing and 401(k) match expense (14,200 ) (13,755 ) (14,219 ) Stock-based compensation expense — — (13,812 ) Corporate overhead expense (15,116 ) (36,674 ) (48,576 ) (56,517 ) (86,449 ) (103,970 ) $ 190,989 $ 110,706 $ 113,226 Depreciation and Intangible Assets Amortization Capital Expenditures 2016 2015 2014 2016 2015 2014 North American Social Expression Products $ 41,712 $ 41,443 $ 37,751 $ 63,937 $ 37,429 $ 37,618 International Social Expression Products 3,602 4,437 4,748 3,251 16,496 2,759 Retail Operations 8,496 10,417 6,630 2,752 22,779 8,054 AG Interactive 1,190 1,523 2,395 4,382 1,961 267 Non-reportable segment 212 1,128 1,773 32 32 2,718 Unallocated 522 905 1,728 11,664 12,469 2,681 $ 55,734 $ 59,853 $ 55,025 $ 86,018 $ 91,166 $ 54,097 Assets 2016 2015 North American Social Expression Products $ 1,078,176 $ 1,053,178 International Social Expression Products 89,177 108,709 Retail Operations 83,820 106,600 AG Interactive 8,812 5,874 Non-reportable segment 15,166 14,101 Unallocated and intersegment items 328,298 247,233 $ 1,603,449 $ 1,535,695 |
Geographical Information | Geographical Information Total Revenue Property, Plant and Equipment - Net 2016 2015 2014 2016 2015 United States $ 1,270,589 $ 1,291,053 $ 1,258,328 $ 415,379 $ 309,935 United Kingdom 492,134 555,961 538,684 46,572 62,968 Other international 138,067 163,955 172,654 5,759 7,394 $ 1,900,790 $ 2,010,969 $ 1,969,666 $ 467,710 $ 380,297 |
Product Information | Product Information Total Revenue 2016 2015 2014 Everyday greeting cards $ 895,556 $ 944,768 $ 915,794 Seasonal greeting cards 468,299 499,113 479,623 Gift packaging and party goods 343,437 331,710 298,953 Other revenue 10,796 24,617 27,857 All other products 182,702 210,761 247,439 $ 1,900,790 $ 2,010,969 $ 1,969,666 |
Severance Charges by Segment | The following table summarizes the severance charges by segment: 2016 2015 2014 North American Social Expression Products $ 1,552 $ 2,706 $ 3,020 International Social Expression Products 2,801 2,420 2,094 Retail Operations 452 208 585 AG Interactive — 84 1,004 Non-reportable — — 187 Total $ 4,805 $ 5,418 $ 6,890 |
Significant Accounting Polici46
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Significant Accounting Policies [Line Items] | ||||
Investment impairment charge | $ 1,935,000 | |||
Cash distribution received | 12,105,000 | |||
Gain on investment and common shares sold | 3,262,000 | |||
Domestic inventories under LIFO to Pre-LIFO consolidated inventories | 58.00% | 55.00% | ||
Film production expense | $ 3,514,000 | $ 2,291,000 | $ 2,031,000 | 3,514,000 |
Amortization of production costs | 880,000 | 1,377,000 | 2,776,000 | |
Deferred film production costs | 3,441,000 | 2,173,000 | ||
Expected amortization expense of film production costs | 1,500,000 | |||
Net balance of Corporation's investment in corporate-owned life insurance policies | 4,946,000 | 28,772,000 | ||
Interest component of COLI expense | 8,496,000 | 11,671,000 | 11,591,000 | |
Cash proceeds received from surrender | 24,068,000 | 2,369,000 | ||
Shipping and handling costs | 126,359,000 | 128,928,000 | 127,400,000 | |
Advertising expenses | $ 18,131,000 | $ 17,470,000 | $ 22,724,000 | |
Buildings [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 40 years | |||
Computer hardware and software [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 3 years | |||
Computer hardware and software [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 10 years | |||
Machinery and equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 3 years | |||
Machinery and equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 15 years | |||
Furniture and fixtures [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 8 years | |||
Furniture and fixtures [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation by straight-line method over the useful lives of various assets | 20 years | |||
Customer Concentration Risk [Member] | Net sales [Member] | Five largest customers [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration percentage | 42.00% | 40.00% | 39.00% | |
Customer Concentration Risk [Member] | Net sales [Member] | Wal-Mart Stores, Inc. [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration percentage | 15.00% | 14.00% | 14.00% | |
Customer Concentration Risk [Member] | Net sales [Member] | Target Corporation [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration percentage | 14.00% | 13.00% | 13.00% | |
Schurman [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Investment impairment charge | 1,935,000 | |||
Carrying amount of the investment | $ 0 | $ 0 | ||
Forfeiture of equity interest in subsidiary percentage | 15.00% | |||
End period of liquidity guaranty | 2019-01 | |||
Schurman [Member] | Liquidity Guaranty [Member] | ||||
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] | ||||
Significant Accounting Policies [Line Items] | ||||
Maximum exposure to loss, amount | 25,246,000 | |||
Schurman [Member] | Operating Leases Subleased to Schurman [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Maximum exposure to loss, amount | 2,297,000 | |||
Party City Holdings, Inc. [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cash distribution received | 12,105,000 | |||
Investment in common stock, return on capital | 8,843,000 | |||
Investment in common stock | $ 0 | 0 | ||
Gain on investment and common shares sold | $ 3,262,000 | |||
Unrealized gain, net of tax | $ 20,505,000 |
Significant Accounting Polici47
Significant Accounting Policies - Revenues and Expenses Associated with Servicing of Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting Information [Line Items] | |||
Material, labor and other production costs | $ 844,839 | $ 882,337 | $ 857,227 |
Selling, distribution and marketing expenses | 656,799 | 696,543 | 685,088 |
Administrative and general expenses | 252,983 | 289,433 | 297,443 |
AG Intellectual Properties [Member] | Non-Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Royalty revenue | 8,791 | 22,660 | 26,170 |
Material, labor and other production costs | 4,325 | 2,602 | 8,583 |
Selling, distribution and marketing expenses | 2,993 | 6,297 | 6,339 |
Administrative and general expenses | 1,488 | 2,003 | 1,945 |
Expenses associated with royalty revenue, Total | $ 8,806 | $ 10,902 | $ 16,867 |
Merger - Additional Information
Merger - Additional Information (Detail) | 12 Months Ended |
Feb. 29, 2016USD ($)$ / shares | |
Business Combinations [Abstract] | |
Offer price to convert common shares held by the shareholders (except family shareholders) of the Corporation | $ / shares | $ 19 |
Consideration received by family shareholders | $ | $ 0 |
Merger - Charges Incurred Assoc
Merger - Charges Incurred Associated with Merger (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Total | $ 252,983 | $ 289,433 | $ 297,443 |
Merger [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 28,125 | ||
Administrative and General Expenses [Member] | Merger [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incremental compensation expense | 10,601 | ||
Transaction-related expense | $ 17,524 |
Acquisitions and Dispositions50
Acquisitions and Dispositions (Sale of Strawberry Shortcake) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Feb. 29, 2016 | |
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 | $ 61,234 |
Acquisitions and Dispositions51
Acquisitions and Dispositions (Sale of Strawberry Shortcake) - Schedule of Major Classes of Assets and Liabilities Held for Sale (Detail) $ in Thousands | Feb. 28, 2015USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |
Prepaid expenses and other | $ 229 |
Other assets | 35,300 |
Asset, Total | 35,529 |
Accrued liabilities | 500 |
Deferred revenue | 1,212 |
Liabilities, Total | $ 1,712 |
Acquisitions and Dispositions52
Acquisitions and Dispositions (Character Property Rights Acquisition) - Additional Information (Detail) - USD ($) | Dec. 18, 2014 | Feb. 29, 2016 | Feb. 28, 2015 |
Indefinite-lived Intangible Assets [Line Items] | |||
Purchase of intangible assets | $ 2,800,000 | $ 37,700,000 | |
Character Property Rights [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Purchase of intangible assets | $ 37,700,000 | 10,000,000 | $ 37,700,000 |
Maximum additional consideration payable on resale of character property rights | $ 4,000,000 | ||
Character Property Rights [Member] | Strawberry Shortcake [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Purchase of intangible assets | $ 2,800,000 |
Acquisitions and Dispositions53
Acquisitions and Dispositions (Sale of AGI In-Store) - Additional Information (Detail) - AGI In-Store [Member] - USD ($) $ in Thousands | Aug. 29, 2014 | Feb. 29, 2016 | Feb. 28, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of AGI In-Store | $ 73,659 | ||
Net gain on sale of AGI In-Store | $ (1,073) | $ 35,004 | |
Payment for working capital adjustments | $ (3,200) |
Acquisitions and Dispositions54
Acquisitions and Dispositions (Sale of World Headquarters) - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2014 | Aug. 29, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
Non-cash loss on disposal of fixed assets | $ 179 | $ 15,983 | $ 560 | ||
WHQ Location [Member] | |||||
Cash received from sale of property | $ 13,535 | ||||
Non-cash loss on disposal of fixed assets | $ 15,544 | $ 15,544 | $ 15,544 | ||
WHQ Development [Member] | |||||
Anticipated year of completion for new world headquarters building | 2,016 |
Other Income and Expense - Othe
Other Income and Expense - Other Operating Income - Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Other Income Expense [Line Items] | |||
Clinton Cards secured debt recovery | $ (3,390) | $ (4,910) | |
State tax credits | $ (9,141) | ||
Net loss on disposal of fixed assets | 179 | 15,983 | 560 |
Miscellaneous | (3,735) | (1,263) | (3,368) |
Other operating income - net | (72,858) | (23,674) | $ (7,718) |
Strawberry Shortcake [Member] | |||
Other Income Expense [Line Items] | |||
Adjustment to gain (gain) on sale of AGI In-Store | (61,234) | ||
AGI In-Store [Member] | |||
Other Income Expense [Line Items] | |||
Adjustment to gain (gain) on sale of AGI In-Store | $ 1,073 | $ (35,004) |
Other Income and Expense - Addi
Other Income and Expense - Additional Information (Detail) $ in Thousands | Jul. 01, 2014USD ($) | Aug. 29, 2014USD ($) | Feb. 29, 2016USD ($) | Feb. 28, 2015USD ($) | Feb. 28, 2014USD ($) | Feb. 28, 2013USD ($) | Feb. 28, 2013GBP (£) |
Other Income And Expense [Line Items] | |||||||
State tax credits | $ 9,141 | ||||||
Clinton Cards secured debt (recovery) impairment | $ (3,390) | $ (4,910) | |||||
Non-cash loss on disposal of fixed assets | 179 | 15,983 | 560 | ||||
Gain related to investment in third party | 3,262 | ||||||
Investment impairment charge | 1,935 | ||||||
Clinton Cards [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Purchase of senior secured debt | $ 56,560 | £ 35,000 | |||||
Bid offered by Lakeshore for Clinton Cards' certain ongoing business assets | 37,168 | £ 23,000 | |||||
Clinton Cards secured debt (recovery) impairment | (3,390) | $ (4,910) | $ 8,106 | ||||
WHQ Location [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Cash received from sale of property | $ 13,535 | ||||||
Non-cash loss on disposal of fixed assets | $ 15,544 | $ 15,544 | 15,544 | ||||
Ohio [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
State tax credits | 9,141 | ||||||
Strawberry Shortcake [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Net gain on sale of disposal group | 61,234 | ||||||
AGI In-Store [Member] | |||||||
Other Income And Expense [Line Items] | |||||||
Net gain on sale of disposal group | $ (1,073) | $ 35,004 |
Other Income and Expense - Ot57
Other Income and Expense - Other Non-Operating Expense (Income) - Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange loss (gain) | $ 1,800 | $ 1,522 | $ (280) |
Rental income | (567) | (1,089) | (1,714) |
Impairment of investment in Schurman | 1,935 | ||
Gain related to investment in third party | (3,262) | ||
Miscellaneous | (40) | (114) | 25 |
Other non-operating expense (income) - net | $ 1,193 | $ 319 | $ (3,296) |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 329,326 | $ 327,447 | $ 681,877 |
Other comprehensive income (loss), net of tax | 4,745 | (25,155) | 17,885 |
Ending Balance | 429,294 | 329,326 | 327,447 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,836 | 25,139 | 12,594 |
Other comprehensive income (loss) before reclassifications | (15,371) | (23,303) | 11,561 |
Amounts reclassified from accumulated other comprehensive income (loss) | 984 | ||
Other comprehensive income (loss), net of tax | (15,371) | (23,303) | 12,545 |
Ending Balance | (13,535) | 1,836 | 25,139 |
Pensions and Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (26,239) | (24,387) | (29,731) |
Other comprehensive income (loss) before reclassifications | (1,029) | (2,348) | 3,413 |
Amounts reclassified from accumulated other comprehensive income (loss) | 640 | 496 | 1,931 |
Other comprehensive income (loss), net of tax | (389) | (1,852) | 5,344 |
Ending Balance | (26,628) | (26,239) | (24,387) |
Unrealized Investment Gain [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 4 | ||
Other comprehensive income (loss) before reclassifications | 20,505 | (4) | |
Other comprehensive income (loss), net of tax | 20,505 | (4) | |
Ending Balance | 20,505 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (24,403) | 752 | (17,133) |
Other comprehensive income (loss) before reclassifications | 4,105 | (25,651) | 14,970 |
Amounts reclassified from accumulated other comprehensive income (loss) | 640 | 496 | 2,915 |
Other comprehensive income (loss), net of tax | 4,745 | (25,155) | 17,885 |
Ending Balance | $ (19,658) | $ (24,403) | $ 752 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Administrative and general expenses | $ (252,983) | $ (289,433) | $ (297,443) |
Income (loss) before income tax benefit (expense) | 190,989 | 110,706 | 113,226 |
Income tax benefit (expense) | (61,147) | (45,599) | (62,704) |
Net income (loss) | 129,842 | 65,107 | 50,522 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income (loss) | (640) | (496) | (2,915) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Transition Obligation [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Administrative and general expenses | (4) | (5) | (6) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Recognition of Prior Service Cost Upon Curtailment [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Administrative and general expenses | (1,746) | ||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Administrative and general expenses | (1,700) | (1,392) | (2,442) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Administrative and general expenses | 699 | 724 | 1,113 |
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 benefit (expense) | (1,005) | (673) | (3,081) |
Income tax benefit (expense) | 365 | 177 | 1,150 |
Net income (loss) | $ (640) | $ (496) | (1,931) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Foreign Currency Translation Adjustments [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Loss upon dissolution of business | $ (984) |
Customer Allowances and Disco60
Customer Allowances and Discounts - Allowances and Discounts Trade Accounts Receivable (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances and discounts on trade accounts receivables | $ 82,262 | $ 92,754 | ||
Allowance for Seasonal Sales Returns [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances and discounts on trade accounts receivables | 21,518 | 18,895 | $ 26,613 | $ 24,574 |
Allowance for Outdated Products [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances and discounts on trade accounts receivables | 8,372 | 11,074 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances and discounts on trade accounts receivables | 1,628 | 1,730 | $ 2,488 | $ 3,419 |
Allowance for Marketing Funds [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances and discounts on trade accounts receivables | 26,371 | 26,841 | ||
Allowance for Rebates [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances and discounts on trade accounts receivables | $ 24,373 | $ 34,214 |
Customer Allowances and Disco61
Customer Allowances and Discounts - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Allowance for Rebates [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Trade allowances and discounts settled in cash | $ 16,010 | $ 16,951 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,516 | $ 14,809 |
Work in process | 8,116 | 7,578 |
Finished products | 277,480 | 297,899 |
Gross inventory | 299,112 | 320,286 |
Less LIFO reserve | 80,159 | 80,755 |
Inventory net of last in first out reserve | 218,953 | 239,531 |
Display materials and factory supplies | 8,503 | 9,046 |
Net inventory | $ 227,456 | $ 248,577 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2015 | Feb. 29, 2016 | |
Inventory Disclosure [Abstract] | ||
Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products | $ 63,000 | $ 64,000 |
Effect of LIFO liquidation on income | $ 3,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - at cost | $ 945,059 | $ 828,028 |
Less accumulated depreciation | 477,349 | 447,731 |
Property, plant and equipment - net | 467,710 | 380,297 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - at cost | 18,585 | 18,791 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - at cost | 240,737 | 178,924 |
Capitalized software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - at cost | 239,364 | 191,307 |
Equipment and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - at cost | $ 446,373 | $ 439,006 |
Property, Plant and Equipment65
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment disposed | $ 19,000 | $ 138,000 | |
Accumulated depreciation of disposed property, plant and equipment | 18,000 | 86,000 | |
Fixed asset impairment charges | 4,083 | 3,660 | $ 258 |
Depreciation expense | 50,303 | 56,056 | 50,493 |
Interest expense capitalized | 2,406 | 1,147 | $ 3,748 |
WHQ Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Offsetting liability | $ 94,727 | $ 31,662 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Additional Information (Detail) £ in Thousands, $ in Thousands | Dec. 18, 2014USD ($) | Feb. 29, 2016USD ($) | Feb. 28, 2015USD ($) | Feb. 28, 2015GBP (£) | Feb. 28, 2014USD ($) | Feb. 28, 2014GBP (£) |
Goodwill And Other Intangible Assets [Line Items] | ||||||
Intangible assets, net of accumulated amortization | $ 31,526 | $ 30,048 | ||||
Property and exploration rights | 2,800 | 37,700 | ||||
Adjustment related to income taxes | 4,346 | 4,346 | ||||
Amortization expense for intangible assets | 5,431 | 3,797 | $ 4,532 | |||
Estimated annual amortization expense for 2017 | 4,022 | |||||
Estimated annual amortization expense for 2018 | 2,899 | |||||
Estimated annual amortization expense for 2019 | 2,794 | |||||
Estimated annual amortization expense for 2020 | 2,669 | |||||
Estimated annual amortization expense for 2021 | 553 | |||||
Character Property Rights [Member] | ||||||
Goodwill And Other Intangible Assets [Line Items] | ||||||
Property and exploration rights | $ 37,700 | $ 10,000 | 37,700 | |||
Weighted average useful life of patents and patent rights | 5 years | |||||
Property rights with an indefinite useful life | 11,310 | |||||
Clinton Cards [Member] | ||||||
Goodwill And Other Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | 21,924 | £ 13,500 | ||||
Impaired trade names | $ 0 | |||||
Goodwill impairment charges | 733 | £ 465 | ||||
Impaired goodwill | $ 0 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Intangible Assets Major Class (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with indefinite useful lives | $ 17,510 | $ 17,510 |
Subtotal, Intangible assets with indefinite useful lives | 80,944 | 72,927 |
Net Carrying Amount, Intangible assets with indefinite useful lives | 17,510 | 17,510 |
Gross Carrying Amount, Intangible assets with finite useful lives | 63,434 | 55,417 |
Accumulated Amortization, Intangible assets with finite useful lives | (49,418) | (42,879) |
Net Carrying Amount, Intangible assets with finite useful lives | 14,016 | 12,538 |
Total | 31,526 | 30,048 |
Patents [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with finite useful lives | 3,385 | 2,971 |
Accumulated Amortization, Intangible assets with finite useful lives | (1,529) | (1,224) |
Net Carrying Amount, Intangible assets with finite useful lives | 1,856 | 1,747 |
Trademarks [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with finite useful lives | 4,125 | 4,016 |
Accumulated Amortization, Intangible assets with finite useful lives | (3,434) | (3,247) |
Net Carrying Amount, Intangible assets with finite useful lives | 691 | 769 |
Artist relationships [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with finite useful lives | 19,230 | 19,230 |
Accumulated Amortization, Intangible assets with finite useful lives | (19,099) | (15,178) |
Net Carrying Amount, Intangible assets with finite useful lives | 131 | 4,052 |
Customer relationships [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with finite useful lives | 15,472 | 15,610 |
Accumulated Amortization, Intangible assets with finite useful lives | (12,917) | (10,192) |
Net Carrying Amount, Intangible assets with finite useful lives | 2,555 | 5,418 |
Other [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with finite useful lives | 21,222 | 13,590 |
Accumulated Amortization, Intangible assets with finite useful lives | (12,439) | (13,038) |
Net Carrying Amount, Intangible assets with finite useful lives | 8,783 | 552 |
Tradenames [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with indefinite useful lives | 6,200 | 6,200 |
Net Carrying Amount, Intangible assets with indefinite useful lives | 6,200 | 6,200 |
Character Property Rights [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Intangible assets with indefinite useful lives | 11,310 | 11,310 |
Net Carrying Amount, Intangible assets with indefinite useful lives | $ 11,310 | $ 11,310 |
Deferred Costs - Additional Inf
Deferred Costs - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2016 | Feb. 29, 2016 | Feb. 28, 2015 | |
Deferred Costs [Abstract] | |||
Allowance for deferred costs related to supply agreements | $ 3,571 | $ 3,571 | $ 2,300 |
Impairment charge | $ 8,510 | 7,657 | $ 4,422 |
Impairment charges recovered | $ 853 |
Deferred Costs - Deferred Costs
Deferred Costs - Deferred Costs and Future Payment Commitments (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Deferred Costs [Abstract] | ||||
Prepaid expenses and other | $ 92,639 | $ 98,061 | ||
Other assets | 378,223 | 364,311 | ||
Deferred cost assets | 470,862 | 462,372 | ||
Other current liabilities | (47,142) | (59,018) | ||
Other liabilities | (145,856) | (104,127) | ||
Deferred cost liabilities | (192,998) | (163,145) | ||
Net deferred costs | $ 277,864 | $ 299,227 | $ 294,322 | $ 272,597 |
Deferred Costs - Summary of Cha
Deferred Costs - Summary of Changes in Carrying Amount of Corporation's Net Deferred Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Beginning balance | $ 299,227 | $ 294,322 | $ 272,597 | |
Payments | 108,290 | 124,258 | 130,970 | |
Amortization | (121,169) | (114,125) | (108,761) | |
Contract asset impairment | $ (8,510) | (7,657) | (4,422) | |
Currency translation | (827) | (806) | (484) | |
Ending balance | $ 277,864 | $ 277,864 | $ 299,227 | $ 294,322 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Debt Disclosure [Line Items] | ||
Revolving credit facility, due 2018 | $ 4,300 | |
Unamortized financing fees | $ (3,863) | (6,752) |
Long-term debt | 406,318 | 472,729 |
Term Loan [Member] | ||
Debt Disclosure [Line Items] | ||
Term loan, due 2019 | 185,000 | 250,000 |
7.375% Senior Notes, Due 2021 [Member] | ||
Debt Disclosure [Line Items] | ||
Notes | 225,000 | 225,000 |
6.10% Senior Notes, Due 2028 [Member] | ||
Debt Disclosure [Line Items] | ||
Notes | $ 181 | $ 181 |
Debt - Long-Term Debt (Parenthe
Debt - Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2011 | |
Term Loan [Member] | |||
Debt Disclosure [Line Items] | |||
Due year | 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 | |
Revolving Credit Facility, Due 2018 [Member] | |||
Debt Disclosure [Line Items] | |||
Due year | 2,018 | 2,018 | |
6.10% Senior Notes, Due 2028 [Member] | |||
Debt Disclosure [Line Items] | |||
Interest rate of debt | 6.10% | 6.10% | |
Due year | 2,028 | 2,028 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | Aug. 09, 2013 | |
Debt Disclosure [Line Items] | ||||
Interest paid in cash on debt | $ 24,275 | $ 31,331 | $ 46,869 | |
Non Publicly Traded [Member] | Level 2 [Member] | ||||
Debt Disclosure [Line Items] | ||||
Total fair value of non-publicly traded debt | 185,000 | 251,789 | ||
Carrying value of Corporation's non-publicly traded debt | $ 185,000 | $ 254,300 | ||
Term Loan Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest on credit facility borrowings | 2.90% | |||
Current borrowing capacity | $ 350,000 | |||
Letters of Credit [Member] | ||||
Debt Disclosure [Line Items] | ||||
Current borrowing capacity | $ 148,800 | |||
Amount of letters of credit outstanding under revolving credit facilities | $ 26,490 |
Debt - Aggregate Maturities of
Debt - Aggregate Maturities of Long-Term Debt (Detail) $ in Thousands | Feb. 29, 2016USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,017 | $ 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 185,000 |
2,021 | $ 0 |
Debt (7.375% Senior Notes Due 2
Debt (7.375% Senior Notes Due 2021) - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2011 | Feb. 29, 2016 | Feb. 28, 2015 |
7.375% Senior Notes, Due 2021 [Member] | |||
Debt Disclosure [Line Items] | |||
Aggregate principal amount of senior notes | $ 225,000 | ||
Interest rate of debt | 7.375% | 7.375% | 7.375% |
Long term debt due year | 2,021 | ||
Debt instrument maturity date | Dec. 1, 2021 | ||
Carrying value of Corporation's publicly traded debt | $ 225,000 | $ 225,000 | |
Publicly Traded [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Debt Disclosure [Line Items] | |||
Fair value of traded debt | 229,636 | 238,242 | |
Carrying value of Corporation's publicly traded debt | $ 225,181 | $ 225,181 |
Debt (Credit Facilities) - Addi
Debt (Credit Facilities) - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 24, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 09, 2019 | Aug. 09, 2013 |
Debt Disclosure [Line Items] | |||||
Loan Facility and the Revolving Credit Facility | $ 150,000 | ||||
Unamortized financing fees written off | 1,875 | $ 2,780 | |||
Credit Agreement [Member] | |||||
Debt Disclosure [Line Items] | |||||
Restricted payment to parent | $ 50,000 | ||||
Future Quarterly Installment Payments [Member] | |||||
Debt Disclosure [Line Items] | |||||
Scheduled payments | 5,000 | ||||
Scenario Forecast [Member] | |||||
Debt Disclosure [Line Items] | |||||
Final Payment | $ 235,000 | ||||
Credit Agreement [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current borrowing capacity | $ 600,000 | ||||
Term Loan Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current borrowing capacity | 350,000 | ||||
Discount amount on term loan facility | 10,750 | ||||
Voluntary prepayments on term loan facility | $ 65,000 | $ 75,000 | |||
Term Loan Facility [Member] | Credit Agreement [Member] | |||||
Debt Disclosure [Line Items] | |||||
Credit agreement amendment description | On January 24, 2014, the Corporation amended the Credit Agreement to among other things, permit (i) specified corporate elections and tax distributions associated with a conversion from a “C corporation” to an “S corporation’ for U.S. federal income tax purposes (the Corporation has not elected “S corporation” status and continues to operate as a “C corporation”), (ii) to make a one-time restricted payment of up to $50,000 to Parent and recurring restricted payments to enable the payment of current interest on the PIK Notes (as defined in Note 18), and (iii) to make certain additional capital expenditures each year primarily related to the Corporation’s information systems refresh project. The Credit Agreement was further amended on September 5, 2014. This amendment modified the Credit Agreement to among other things (i) reduce the interest rates applicable to the term loan and revolving loans, (ii) eliminate the London Interbank Offered Rate (“LIBOR”) floor interest rate used in the determination of interest charged on Eurodollar revolving loans, (iii) reduce the commitment fee applicable to unused revolving commitments and (iv) reset the usage term of the general restricted payment basket with effect from September 5, 2014. | ||||
Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current borrowing capacity | $ 250,000 |
Debt (Accounts Receivable Facil
Debt (Accounts Receivable Facility) - Additional Information (Detail) - Accounts Receivable Facility [Member] $ in Thousands | 12 Months Ended |
Feb. 29, 2016USD ($) | |
Debt Disclosure [Line Items] | |
Available financing of receivables purchase agreement | $ 50,000 |
Annual facility fee | 0.60% |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Disclosure [Line Items] | |
Debt instrument variable rate | 0.40% |
Retirement and Postretirement78
Retirement and Postretirement Benefit Plans (Defined Contribution Plan) - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016USD ($)Plans | Feb. 28, 2015USD ($) | Feb. 28, 2014USD ($) | |
United States [Member] | Profit Sharing and Benefit Plan 401 (k) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer's contributions to a defined contribution retirement plan | $ 14,200 | $ 13,755 | $ 14,219 |
United Kingdom [Member] | Defined Contribution Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer's contributions to a defined contribution retirement plan | $ 2,293 | 2,558 | 2,124 |
Canadian Subsidiary [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Number of defined contribution plan | Plans | 1 | ||
Employer's contributions to a defined contribution retirement plan | $ 319 | $ 354 | $ 378 |
Canadian Subsidiary [Member] | Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee contribution, matching percentage of eligible compensation | 2.00% | ||
Canadian Subsidiary [Member] | Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee contribution, matching percentage of eligible compensation | 4.00% |
Retirement and Postretirement79
Retirement and Postretirement Benefit Plans (Multiemployer Plan) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Total pension expense for the multiemployer plan | $ 595 | $ 586 | $ 582 |
Retirement and Postretirement80
Retirement and Postretirement Benefit Plans (Defined Benefit Plan) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Canadian Subsidiary [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of unfunded defined benefit pension plans | Two unfunded defined benefit plans, one that covers a supplemental executive retirement pension relating to an employment agreement and one that pays supplemental pensions to certain former hourly employees pursuant to a prior collective bargaining agreement. | ||
Gibson Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer's contributions to defined benefit pension plan | $ 4,516,000 | $ 3,518,000 | $ 0 |
Estimated future employer contribution | 4,900,000 | ||
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in benefit obligation due to a change in control | 2,613,000 | ||
Curtailment gain | 7,164,000 | ||
Curtailment loss included in net periodic benefit cost | 1,746,000 | ||
Estimated future employer contribution | 2,550,000 | ||
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer's contributions to defined benefit pension plan | 6,547,000 | $ 5,612,000 | |
Increase in benefit obligation due to a change in control | 2,613,000 | ||
Curtailment gain | 7,164,000 | ||
Curtailment loss included in net periodic benefit cost | $ 1,746,000 | ||
Estimated future amortization of net loss (gain) | 3,474,000 | ||
Estimated future amortization of transition obligation | $ 4,000 | ||
Defined Benefit Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Description of unrecognized actuarial gains and losses amortized over percentage in excess of greater of benefit obligation or plan assets | Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation or plan assets are amortized over the average remaining future service period of active participants or the life expectancy of inactive participants, as appropriate. | ||
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated future amortization of net loss (gain) | $ (1,470,000) | ||
Estimated future amortization of prior service cost | $ (700,000) | ||
Expected long-term return on plan assets | 6.50% | 6.50% | |
Postretirement Benefit Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Description of unrecognized actuarial gains and losses amortized over percentage in excess of greater of benefit obligation or plan assets | The unrecognized net gain in excess of 10% of the greater of the benefit obligation or plan assets is amortized over the average future service period of active participants expected to receive benefits. Prior service credits are amortized straight-line beginning at the date of each plan amendment over the average future service period of the affected plan participants expected to receive benefits. |
Retirement and Postretirement81
Retirement and Postretirement Benefit Plans - Change in Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Defined Benefit Pension Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 192,793 | $ 184,786 | |
Service cost | 710 | 683 | $ 1,115 |
Interest cost | 6,186 | 7,249 | 7,065 |
Participant contributions | 10 | 16 | |
Plan amendments | 580 | ||
Actuarial (gain) loss | (4,427) | 14,137 | |
Benefit payments | (11,299) | (11,431) | |
Currency exchange rate changes | (1,868) | 3,227 | |
Benefit obligation at end of year | 182,105 | 192,793 | 184,786 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 108,293 | 104,894 | |
Actual return on plan assets | (2,646) | 12,188 | |
Employer contributions | 6,547 | 5,612 | |
Participant contributions | 10 | 16 | |
Benefit payments | (11,299) | (11,431) | |
Currency exchange rate changes | (1,686) | (2,986) | |
Fair value of plan assets at end of year | 99,219 | 108,293 | 104,894 |
Funded status at end of year | (82,886) | (84,500) | |
Postretirement Benefit Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 63,142 | 66,632 | |
Service cost | 335 | 368 | 431 |
Interest cost | 2,028 | 2,545 | 2,397 |
Participant contributions | 3,042 | 3,282 | |
Retiree drug subsidy payments | 467 | 590 | |
Actuarial (gain) loss | (5,594) | (4,387) | |
Benefit payments | (5,448) | (5,888) | |
Benefit obligation at end of year | 57,972 | 63,142 | 66,632 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 45,600 | 48,757 | |
Actual return on plan assets | (129) | 2,313 | |
Employer contributions | (3,042) | (3,282) | |
Participant contributions | 3,042 | 3,282 | |
Benefit payments | (5,448) | (5,888) | |
Benefit payments | (5,261) | (5,470) | |
Fair value of plan assets at end of year | 40,210 | 45,600 | $ 48,757 |
Funded status at end of year | $ (17,762) | $ (17,542) |
Retirement and Postretirement82
Retirement and Postretirement Benefit Plans - Summary of Amounts Recognized on Consolidated Statement of Financial Position (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued compensation and benefits | $ (2,647) | $ (2,639) |
Other liabilities | (80,239) | (81,861) |
Net amount recognized | (82,886) | (84,500) |
Amounts recognized in accumulated other comprehensive (income) loss: | ||
Net actuarial loss (gain) | 69,217 | 68,372 |
Net transition obligation | 10 | 16 |
Accumulated other comprehensive loss (income) | 69,227 | 68,388 |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities | (17,762) | (17,542) |
Net amount recognized | (17,762) | (17,542) |
Amounts recognized in accumulated other comprehensive (income) loss: | ||
Net actuarial loss (gain) | (20,472) | (19,396) |
Net prior service cost (credit) | (3,473) | (4,173) |
Accumulated other comprehensive loss (income) | $ (23,945) | $ (23,569) |
Retirement and Postretirement83
Retirement and Postretirement Benefit Plans - Summary of Significant Weighted-Average Assumptions, Determine Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
U.S., Postretirement Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations at measurement date | 3.75% | 3.50% |
Net periodic benefit cost | 3.50% | 4.25% |
Expected long-term return on plan assets | 6.50% | 6.50% |
Health Care Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
For year following February 28 or 29 | 7.50% | 8.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year the rate reaches the ultimate trend rate | 2,021 | 2,021 |
U.S., Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected long-term return on plan assets | 6.75% | 6.75% |
U.S., Pension Plans [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations at measurement date | 3.50% | 3.25% |
Net periodic benefit cost | 3.25% | 4.00% |
U.S., Pension Plans [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations at measurement date | 3.75% | 3.50% |
Net periodic benefit cost | 3.50% | 4.25% |
International, Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations at measurement date | 3.70% | 3.40% |
Net periodic benefit cost | 3.40% | 4.05% |
Expected long-term return on plan assets | 4.50% | 5.25% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement and Postretirement84
Retirement and Postretirement Benefit Plans - Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rate (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Effect of one percentage point change in assumed health care cost trend rates | ||
1% increase on service cost plus interest cost | $ 67 | $ 82 |
1% increase on accumulated postretirement benefit obligation | 2,046 | 2,083 |
1% decrease on service cost plus interest cost | (67) | (72) |
1% decrease on accumulated postretirement benefit obligation | $ (1,788) | $ (1,798) |
Retirement and Postretirement85
Retirement and Postretirement Benefit Plans - Summary of Underfunded Defined Benefit Pension Plans Information (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 182,105 | $ 192,793 | $ 184,786 |
Accumulated benefit obligation | 182,099 | 192,774 | |
Fair value of plan assets | 99,219 | 108,293 | $ 104,894 |
Underfunded Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 182,050 | 169,803 | |
Accumulated benefit obligation | 182,044 | 169,803 | |
Fair value of plan assets | $ 99,164 | $ 85,052 |
Retirement and Postretirement86
Retirement and Postretirement Benefits Plans - Components of Net Periodic Benefit Cost and Changes Recognized Other Comprehensive Income, Defined Benefit Pension Plan (Detail) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Components of net periodic benefit cost: | |||
Service cost | $ 710 | $ 683 | $ 1,115 |
Interest cost | 6,186 | 7,249 | 7,065 |
Expected return on plan assets | (6,581) | (6,522) | (6,267) |
Amortization of transition obligation | 4 | 5 | 6 |
Amortization of prior service cost | 580 | 190 | |
Amortization of actuarial loss | 3,402 | 2,827 | 3,485 |
Recognition of prior service cost upon curtailment | 1,746 | ||
Net periodic benefit cost | 3,721 | 4,822 | 7,340 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Actuarial loss | 4,749 | 8,610 | 941 |
Prior service cost | 580 | 414 | |
Amortization of prior service cost | (580) | (190) | |
Amortization of actuarial loss | (3,402) | (2,827) | (3,485) |
Amortization of transition obligation | (4) | (5) | (6) |
Change in control | 2,613 | ||
Curtailment gain | (7,164) | ||
Recognition of prior service cost upon curtailment | (1,746) | ||
Total recognized in other comprehensive income | 1,343 | 5,778 | (8,623) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 5,064 | $ 10,600 | $ (1,283) |
Retirement and Postretirement87
Retirement and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost and Changes Recognized Other Comprehensive Income, Postretirement Benefit Plan (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Components of net periodic benefit cost: | |||
Service cost | $ 335 | $ 368 | $ 431 |
Interest cost | 2,028 | 2,545 | 2,397 |
Expected return on plan assets | (2,687) | (2,882) | (3,067) |
Amortization of prior service credit | (699) | (1,304) | (1,303) |
Amortization of actuarial gain | (1,702) | (1,435) | (1,043) |
Defined benefit plan, net periodic benefit cost, total | (2,725) | (2,708) | (2,585) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Actuarial gain | (2,777) | (3,818) | (1,659) |
Amortization of actuarial gain | 1,702 | 1,435 | 1,043 |
Amortization of prior service credit | 699 | 1,304 | 1,303 |
Total recognized in other comprehensive income | (376) | (1,079) | 687 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (3,101) | $ (3,787) | $ (1,898) |
Retirement and Postretirement88
Retirement and Postretirement Benefit Plans - Summary of Plan Assets Allocation (Detail) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
U.S., Postretirement Defined Benefit [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 26.00% | 27.00% |
Postretirement benefit plan, target allocation, minimum | 15.00% | |
Postretirement benefit plan, target allocation, maximum | 30.00% | |
U.S., Postretirement Defined Benefit [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 70.00% | 71.00% |
Postretirement benefit plan, target allocation, minimum | 65.00% | |
Postretirement benefit plan, target allocation, maximum | 85.00% | |
U.S., Postretirement Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 4.00% | 2.00% |
Postretirement benefit plan, target allocation, minimum | 0.00% | |
Postretirement benefit plan, target allocation, maximum | 15.00% | |
U.S., Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 48.00% | 50.00% |
U.S., Pension Plans [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 51.00% | 49.00% |
U.S., Pension Plans [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 1.00% | 1.00% |
International, Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 36.00% | 34.00% |
International, Pension Plans [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 64.00% | 65.00% |
International, Pension Plans [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assets held in trust | 1.00% |
Retirement and Postretirement89
Retirement and Postretirement Benefit Plans - Summary of Fair Value of Defined Benefit Pension Plan Assets, Pension Plans (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
U.S., Pension Plans [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | $ 707 | $ 709 | |
U.S., Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 38,595 | 42,473 | |
U.S., Pension Plans [Member] | Fixed-income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 40,542 | 41,870 | |
International, Pension Plans [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 55 | 157 | |
International, Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 6,931 | 8,012 | |
International, Pension Plans [Member] | Fixed-income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 12,389 | 15,072 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 99,219 | 108,293 | $ 104,894 |
Level 2 [Member] | U.S., Pension Plans [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 707 | 709 | |
Level 2 [Member] | U.S., Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 38,595 | 42,473 | |
Level 2 [Member] | U.S., Pension Plans [Member] | Fixed-income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 40,542 | 41,870 | |
Level 2 [Member] | International, Pension Plans [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 55 | 157 | |
Level 2 [Member] | International, Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 6,931 | 8,012 | |
Level 2 [Member] | International, Pension Plans [Member] | Fixed-income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 12,389 | 15,072 | |
Level 2 [Member] | Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | $ 99,219 | $ 108,293 |
Retirement and Postretirement90
Retirement and Postretirement Benefit Plans - Summary of Fair Value of Defined Benefit Pension Plan Assets, Postretirement Benefit Plans (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | $ 40,210 | $ 45,600 | $ 48,757 |
Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 1,706 | 1,192 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 10,324 | 12,133 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 28,180 | 32,275 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 10,543 | 12,133 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 219 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 10,324 | 12,133 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 29,667 | 33,467 | |
Level 2 [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | 1,487 | 1,192 | |
Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan assets | $ 28,180 | $ 32,275 |
Retirement and Postretirement91
Retirement and Postretirement Benefit Plans- Details of Benefits Expected to be Paid Out (Detail) $ in Thousands | Feb. 29, 2016USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 11,246 |
2,018 | 11,381 |
2,019 | 11,421 |
2,020 | 11,362 |
2,021 | 11,432 |
2022 - 2026 | 57,003 |
Postretirement Benefits Plans Excluding Effect of Medicare Part D Subsidy [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 3,623 |
2,018 | 3,649 |
2,019 | 3,679 |
2,020 | 3,701 |
2,021 | 3,688 |
2022 - 2026 | 18,458 |
Postretirement Benefits Plans Including Effect of Medicare Part D Subsidy [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 3,187 |
2,018 | 3,169 |
2,019 | 3,157 |
2,020 | 3,132 |
2,021 | 3,544 |
2022 - 2026 | $ 17,768 |
Long-Term Leases and Commitme92
Long-Term Leases and Commitments - Rental Expense under Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Leases [Abstract] | |||
Gross rentals | $ 76,194 | $ 84,612 | $ 83,790 |
Sublease rentals | (1,742) | (2,945) | (5,152) |
Net rental expense | $ 74,452 | $ 81,667 | $ 78,638 |
Long-Term Leases and Commitme93
Long-Term Leases and Commitments - Aggregate Future Minimum Noncancelable Leases, Net of Aggregate Future Minimum Noncancelable Sublease Rentals (Detail) $ in Thousands | Feb. 29, 2016USD ($) |
Gross rentals: | |
2,017 | $ 62,824 |
2,018 | 61,053 |
2,019 | 53,355 |
2,020 | 47,594 |
2,021 | 42,135 |
Later years | 174,294 |
Total | 441,255 |
Sublease rentals | (4,839) |
Net rentals | $ 436,416 |
Long-Term Leases and Commitme94
Long-Term Leases and Commitments - Additional Information (Detail) $ in Thousands | Feb. 29, 2016USD ($) |
Clinton Cards [Member] | |
Leases [Line Items] | |
Estimated future minimum rental payments | $ 264,000 |
WHQ Development [Member] | |
Leases [Line Items] | |
Estimated future minimum rental payments | $ 159,000 |
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 | Feb. 29, 2016 | Feb. 28, 2015 |
Assets measured on a recurring basis: | ||
Deferred compensation plan assets | $ 11,158 | $ 12,745 |
Investment in equity securities | 33,230 | |
Assets measured on a recurring basis | 44,388 | |
Liabilities measured on a recurring basis: | ||
Deferred compensation plan liabilities | 12,064 | 13,412 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets measured on a recurring basis: | ||
Deferred compensation plan assets | 9,936 | 10,997 |
Investment in equity securities | 33,230 | |
Assets measured on a recurring basis | 43,166 | |
Liabilities measured on a recurring basis: | ||
Deferred compensation plan liabilities | 9,936 | 10,997 |
Level 2 [Member] | ||
Assets measured on a recurring basis: | ||
Deferred compensation plan assets | 1,222 | 1,748 |
Assets measured on a recurring basis | 1,222 | |
Liabilities measured on a recurring basis: | ||
Deferred compensation plan liabilities | $ 2,128 | $ 2,415 |
Common Shares and Stock-Based96
Common Shares and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares, authorized | 100 | 100 | |
Common shares, outstanding | 100 | 100 | |
Stock-based compensation | $ 8,091 | ||
Stock compensation expense | 4,125 | ||
Incremental compensation expense associated with settlement of stock options,non-executive directors awards and attributable to modified awards | 5,721 | ||
Cash received from stock options exercised | 1,718 | ||
Total intrinsic value of options exercised | 6,298 | ||
Actual tax benefit realized from the exercise of stock-based payment arrangements | 2,486 | ||
Administrative and General Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 13,812 | ||
Cancellation of Family Shareholders Performance Share and Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incremental stock based compensation expense | $ 3,966 |
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 - Income from Cont
Income Taxes - Income from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 210,603 | $ 139,749 | $ 84,801 |
International | (19,614) | (29,043) | 28,425 |
Income (loss) before income tax expense (benefit) | $ 190,989 | $ 110,706 | $ 113,226 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense from Corporation's Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Current: | |||
Federal | $ 43,800 | $ 61,049 | $ 26,018 |
International | (39) | (58) | 8,027 |
State and local | 449 | 5,965 | 6,044 |
Current, Total | 44,210 | 66,956 | 40,089 |
Deferred | 16,937 | (21,357) | 22,615 |
Income tax expense | $ 61,147 | $ 45,599 | $ 62,704 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Corporation's Income Tax Expense from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at statutory rate | $ 66,846 | $ 38,747 | $ 39,629 |
State and local income taxes, net of federal tax benefit | 3,715 | 3,085 | 7,617 |
Corporate-owned life insurance | (2,545) | 25,861 | (1,625) |
International items, net of foreign tax credits | 802 | (12,258) | 4,580 |
Uncertain tax benefits and related items | (1,124) | (1,853) | 793 |
Valuation allowance | (731) | (4,244) | 12,606 |
Domestic production activities deduction | (4,690) | (5,250) | (3,815) |
Other | (1,126) | 1,511 | 2,919 |
Income tax expense | $ 61,147 | $ 45,599 | $ 62,704 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Income Taxes [Line Items] | ||||
Surrendered certain of its corporate-owned life insurance policies, increase in tax expense | $ 28,279 | |||
Benefit of dual consolidated losses | 13,268 | |||
Valuation allowance | $ 731 | 4,244 | $ (12,606) | |
Tax on unrealized investment gains (losses) accounted for in other comprehensive income | 12,725 | |||
Valuation allowance | 25,764 | 23,482 | ||
Deferred tax asset related to foreign tax credit carryforwards | 1,718 | 1,227 | ||
Undistributed earnings of international subsidiaries | 21,043 | |||
Unrecognized tax benefits | 17,112 | 20,814 | 19,011 | $ 21,659 |
Effect on income tax expense if unrecognized tax benefits are recognized | 15,411 | 18,597 | ||
Decrease in unrecognized tax benefits | 1,404 | |||
Interest and penalties on unrecognized tax benefits and refundable income taxes | 1,053 | 1,281 | ||
Accrued Interest and penalties on unrecognized tax benefit | 1,526 | 2,580 | ||
Income taxes paid from continuing operation | 44,688 | $ 59,758 | $ 18,637 | |
International [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset relating to operating loss carryforward | 5,525 | |||
Deferred tax asset relating to operating loss carryforward, subject to expiration date | 354 | |||
Deferred tax asset relating to operating loss carryforward, no expiration date | 5,171 | |||
Subject to expiration date range 2020 through 2028 [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset related to domestic net operating loss | 12,470 | |||
Subject to expiration date range 2016 to 2036 [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset related to state net operating loss | 4,934 | |||
Subject to expiration date range 2019 through 2022 [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset related to foreign tax credit carryforwards | 8,673 | |||
Income Tax Provision [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance, increase (decrease) in amount | (550) | |||
Other Comprehensive Income [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance, increase (decrease) in amount | $ 2,832 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Deferred tax assets: | ||
Employee benefit and incentive plans | $ 51,159 | $ 60,082 |
Goodwill and other intangible assets | 34,907 | 41,728 |
Net operating loss carryforwards | 22,929 | 24,227 |
Reserves not currently deductible | 19,596 | 19,382 |
Accrued expenses deductible as paid | 10,764 | 9,187 |
Inventory costing | 7,556 | 9,531 |
Foreign tax credit carryforwards | 1,718 | 1,227 |
Deferred revenue | 1,413 | 1,871 |
Deferred capital loss | 1,391 | 1,407 |
Other (each less than 5 percent of total assets) | 9,458 | 8,369 |
Deferred tax assets, Gross | 182,656 | 201,330 |
Valuation allowance | (25,764) | (23,482) |
Total deferred tax assets | 156,892 | 177,848 |
Deferred tax liabilities: | ||
Property, plant and equipment | 44,236 | 48,123 |
Unrealized Investment Gain | 10,160 | |
Other | 4,654 | 3,169 |
Total deferred tax liabilities | 59,050 | 51,292 |
Net deferred tax assets | 97,842 | 126,556 |
Section 382 [Member] | ||
Deferred tax assets: | ||
Net operating loss carryforwards | $ 21,765 | $ 24,319 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred and refundable income taxes (current) | $ 40,543 | |
Deferred and refundable income taxes (noncurrent) | $ 97,861 | 86,030 |
Deferred income taxes and noncurrent income taxes payable | (19) | (17) |
Net deferred tax assets | $ 97,842 | $ 126,556 |
Income Taxes - Company's Total
Income Taxes - Company's Total Gross Unrecognized Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 20,814 | $ 19,011 | $ 21,659 |
Additions for tax positions of prior years | 2,413 | 3,527 | 538 |
Reductions for tax positions of prior years | (3,777) | (1,440) | (2,459) |
Settlements | (14) | ||
Statute lapse | (2,338) | (270) | (727) |
Balance at end of year | $ 17,112 | $ 20,814 | $ 19,011 |
Related Party Information (Worl
Related Party Information (World Headquarters Relocation) - Additional Information (Detail) | Mar. 26, 2014USD ($)a | Feb. 29, 2016USD ($)ft² | Feb. 28, 2015USD ($) | Feb. 28, 2014USD ($) |
Related Party Transaction [Line Items] | ||||
Annual lease rent | $ 76,194,000 | $ 84,612,000 | $ 83,790,000 | |
WHQ Development [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase price of land | $ 7,390,000 | |||
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 | |||
Annual lease rent | $ 10,600,000 | |||
Percentage of property leased | 100.00% | |||
Term of lease | 15 years | |||
WHQ Development [Member] | Tech West/Surface Lot [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual lease rent | $ 1,137,000 | |||
WHQ Development [Member] | Construction Loans [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revolving loan agreement, amount outstanding | 0 | $ 0 | ||
WHQ Development [Member] | Maximum [Member] | Construction Loans [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 ($) $ in Thousands | Feb. 10, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
Related Party Transaction [Line Items] | ||||
Cash dividends paid to parent | $ 9,614 | |||
Century Intermediate Holding Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Tax sharing arrangement, net amounts due to affiliates | $ 1,846 | |||
Tax sharing arrangement, net amounts due from affiliates | $ 259 | |||
Cash dividends paid to parent | $ 34,619 | 38,073 | $ 75,420 | |
Century Intermediate Holding Company [Member] | Senior PIK Toggle Notes [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate principal amount of an indirect parent company's Senior PIK Toggle notes | $ 285,000 | |||
Cash interest rate percentage | 9.75% | |||
PIK interest rate percentage | 10.50% | |||
Cash dividends paid to parent | $ 50,000 | |||
PIK interest description | PIK Interest (as defined below), which is the cash interest rate plus 75 basis points | |||
PIK interest rate spread | 0.75% | |||
Future annual PIK cash interest payments | $ 27,800 | |||
Parent company interest payment funded by dividends paid to parent | $ 27,788 | |||
Century Intermediate Holding Company [Member] | HL and L Property Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from sale of assets to affiliated company | $ 9,865 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 29, 2014USD ($) | Feb. 29, 2016USD ($)StoreCustomer | Feb. 28, 2015USD ($)Customer | Feb. 28, 2014USD ($)Customer | |
Segment Reporting Information [Line Items] | ||||
Operating income | $ | $ 219,027 | $ 144,406 | $ 136,893 | |
AGI In-Store [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ | $ 53 | $ 18,707 | ||
Retail Operations [Member] | United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of card and gift retail stores | Store | 397 | |||
North American Social Expression Products [Member] | Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Top Five Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 58.00% | 58.00% | 58.00% | |
Number of major customers | Customer | 5 | 5 | 5 | |
International Social Expression Products [Member] | Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Top Three Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 59.00% | 54.00% | 50.00% | |
Number of major customers | Customer | 3 | 3 | 3 |
Business Segment Information108
Business Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting Information [Line Items] | |||
Total Revenue | $ 1,900,790 | $ 2,010,969 | $ 1,969,666 |
Segment Earnings (Loss) before Tax | 190,989 | 110,706 | 113,226 |
Interest expense | (27,201) | (36,020) | (27,363) |
Depreciation and intangible assets amortization | 55,734 | 59,853 | 55,025 |
Capital Expenditures | 86,018 | 91,166 | 54,097 |
Assets | 1,603,449 | 1,535,695 | |
Intersegment Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | (67,126) | (62,229) | (56,729) |
Segment Earnings (Loss) before Tax | 2,329 | (3,022) | (2,110) |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (27,201) | (36,020) | (27,363) |
Profit-sharing and 401(k) match expense | (14,200) | (13,755) | (14,219) |
Stock-based compensation expense | (13,812) | ||
Corporate overhead expense | (15,116) | (36,674) | (48,576) |
Unallocated expense, total | (56,517) | (86,449) | (103,970) |
Depreciation and intangible assets amortization | 522 | 905 | 1,728 |
Capital Expenditures | 11,664 | 12,469 | 2,681 |
Assets | 328,298 | 247,233 | |
North American Social Expression Products [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 1,317,277 | 1,316,617 | 1,253,842 |
Segment Earnings (Loss) before Tax | 203,859 | 193,176 | 172,502 |
Depreciation and intangible assets amortization | 41,712 | 41,443 | 37,751 |
Capital Expenditures | 63,937 | 37,429 | 37,618 |
Assets | 1,078,176 | 1,053,178 | |
International Social Expression Products [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 273,477 | 319,825 | 306,519 |
Segment Earnings (Loss) before Tax | (14,039) | 10,530 | 11,380 |
Depreciation and intangible assets amortization | 3,602 | 4,437 | 4,748 |
Capital Expenditures | 3,251 | 16,496 | 2,759 |
Assets | 89,177 | 108,709 | |
International Social Expression Products and Intersegment Items, Net [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 206,351 | 257,596 | 249,790 |
Segment Earnings (Loss) before Tax | (11,710) | 7,508 | 9,270 |
Retail Operations [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 313,759 | 336,860 | 332,066 |
Segment Earnings (Loss) before Tax | (22,904) | (35,007) | (4,637) |
Depreciation and intangible assets amortization | 8,496 | 10,417 | 6,630 |
Capital Expenditures | 2,752 | 22,779 | 8,054 |
Assets | 83,820 | 106,600 | |
AG Interactive [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 56,483 | 58,995 | 61,084 |
Segment Earnings (Loss) before Tax | 19,126 | 21,668 | 15,540 |
Depreciation and intangible assets amortization | 1,190 | 1,523 | 2,395 |
Capital Expenditures | 4,382 | 1,961 | 267 |
Assets | 8,812 | 5,874 | |
Non-Reportable Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 6,920 | 40,901 | 72,884 |
Segment Earnings (Loss) before Tax | 59,135 | 9,810 | 24,521 |
Depreciation and intangible assets amortization | 212 | 1,128 | 1,773 |
Capital Expenditures | 32 | 32 | $ 2,718 |
Assets | $ 15,166 | $ 14,101 |
Business Segment Information (O
Business Segment Information (Operating Segment Information) - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2014 | Aug. 29, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
Segment Reporting Information [Line Items] | |||||
State non-income based tax credits | $ 9,141 | ||||
Non-cash loss on disposal of fixed assets | 179 | $ 15,983 | $ 560 | ||
Strawberry Shortcake [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net gain on sale of disposal group | 61,234 | ||||
AGI In-Store [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net gain on sale of disposal group | $ (1,073) | 35,004 | |||
WHQ Location [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash loss on disposal of fixed assets | $ 15,544 | $ 15,544 | 15,544 | ||
North American Social Expression Products [Member] | WHQ Location [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash loss on disposal of fixed assets | 13,361 | ||||
Unallocated [Member] | AGI In-Store [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net gain on sale of disposal group | 35,004 | ||||
Unallocated [Member] | Clinton Cards [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of intangible assets | 21,924 | ||||
Unallocated [Member] | WHQ Location [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash loss on disposal of fixed assets | $ 2,183 |
Business Segment Information110
Business Segment Information - Geographical Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting Information [Line Items] | |||
Total Revenue | $ 1,900,790 | $ 2,010,969 | $ 1,969,666 |
Fixed Assets - Net | 467,710 | 380,297 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 1,270,589 | 1,291,053 | 1,258,328 |
Fixed Assets - Net | 415,379 | 309,935 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 492,134 | 555,961 | 538,684 |
Fixed Assets - Net | 46,572 | 62,968 | |
Other International [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 138,067 | 163,955 | $ 172,654 |
Fixed Assets - Net | $ 5,759 | $ 7,394 |
Business Segment Information111
Business Segment Information - Product Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting Information [Line Items] | |||
Total Revenue | $ 1,900,790 | $ 2,010,969 | $ 1,969,666 |
Other revenue | 10,796 | 24,617 | 27,857 |
Everyday Greeting Cards [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 895,556 | 944,768 | 915,794 |
Seasonal Greeting Cards [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 468,299 | 499,113 | 479,623 |
Gift Packaging and Party Goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 343,437 | 331,710 | 298,953 |
All Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | $ 182,702 | $ 210,761 | $ 247,439 |
Business Segment Information112
Business Segment Information (Termination Benefits and Facility Closings) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting [Abstract] | |||
Compensation termination benefits description | 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. | ||
Severance charges | $ 4,805 | $ 5,418 | $ 6,890 |
Severance accrual | $ 3,479 | $ 4,303 |
Business Segment Information113
Business Segment Information - Severance Charges by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting Information [Line Items] | |||
Severance charges | $ 4,805 | $ 5,418 | $ 6,890 |
North American Social Expression Products [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Severance charges | 1,552 | 2,706 | 3,020 |
International Social Expression Products [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Severance charges | 2,801 | 2,420 | 2,094 |
Retail Operations [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Severance charges | $ 452 | 208 | 585 |
AG Interactive [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Severance charges | $ 84 | 1,004 | |
Non-Reportable Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Severance charges | $ 187 |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 92,754 | ||
Balance at End of Period | 82,262 | $ 92,754 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 1,730 | 2,488 | $ 3,419 |
Charged to Costs and Expenses | 577 | 1,214 | 368 |
Charged (Credited) to Other Accounts-Describe | (96) | (130) | (32) |
Deduction-Describe | 583 | 1,842 | 1,267 |
Balance at End of Period | 1,628 | 1,730 | 2,488 |
Allowance for Seasonal Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 18,895 | 26,613 | 24,574 |
Charged to Costs and Expenses | 103,763 | 112,103 | 120,523 |
Charged (Credited) to Other Accounts-Describe | (957) | (762) | 205 |
Deduction-Describe | 100,183 | 119,059 | 118,689 |
Balance at End of Period | 21,518 | 18,895 | 26,613 |
Allowance for other assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,300 | 4,100 | 7,900 |
Charged to Costs and Expenses | 1,271 | (1,800) | (3,393) |
Deduction-Describe | 407 | ||
Balance at End of Period | $ 3,571 | $ 2,300 | $ 4,100 |