Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 25, 2016 | Jan. 06, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 25, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AM | |
Entity Registrant Name | AMERICAN GREETINGS CORP | |
Entity Central Index Key | 5,133 | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 442,699 | $ 480,700 | $ 1,254,634 | $ 1,371,203 |
Other revenue | 3,193 | 3,331 | 7,579 | 7,299 |
Total revenue | 445,892 | 484,031 | 1,262,213 | 1,378,502 |
Material, labor and other production costs | 218,887 | 238,496 | 557,001 | 611,955 |
Selling, distribution and marketing expenses | 154,496 | 169,001 | 450,085 | 486,401 |
Administrative and general expenses | 57,470 | 59,443 | 177,285 | 177,029 |
Other operating income - net | (4,060) | (481) | (7,691) | (70,210) |
Operating income | 19,099 | 17,572 | 85,533 | 173,327 |
Interest expense | 8,524 | 6,467 | 20,061 | 21,066 |
Interest income | (57) | (64) | (392) | (247) |
Other non-operating expense - net | 2,421 | 1,609 | 3,131 | 617 |
Income before income tax expense | 8,211 | 9,560 | 62,733 | 151,891 |
Income tax expense | 2,136 | 3,010 | 19,884 | 48,097 |
Net income | $ 6,075 | $ 6,550 | $ 42,849 | $ 103,794 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,075 | $ 6,550 | $ 42,849 | $ 103,794 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (6,472) | (3,657) | (11,814) | (8,036) |
Pension and postretirement benefit adjustments | 423 | 73 | 653 | 794 |
Unrealized (loss) gain on equity securities | (1,991) | (8,839) | 14,119 | 25,638 |
Other comprehensive (loss) income, net of tax | (8,040) | (12,423) | 2,958 | 18,396 |
Comprehensive (loss) income | $ 1,965 | $ (5,873) | $ 45,807 | $ 122,190 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Current assets | |||
Cash and cash equivalents | $ 6,760 | $ 100,893 | $ 20,414 |
Trade accounts receivable, net | 167,010 | 94,392 | 186,433 |
Inventories | 276,007 | 227,456 | 279,520 |
Deferred and refundable income taxes | 6,724 | 8,056 | 46,077 |
Prepaid expenses and other | 136,637 | 129,071 | 140,676 |
Total current assets | 593,138 | 559,868 | 673,120 |
Other assets | 485,972 | 473,100 | 503,729 |
Deferred and refundable income taxes | 71,258 | 99,512 | 66,575 |
Property, plant and equipment - at cost | 994,499 | 945,059 | 909,086 |
Less accumulated depreciation | 487,549 | 477,349 | 473,291 |
Property, plant and equipment - net | 506,950 | 467,710 | 435,795 |
Total assets | 1,657,318 | 1,600,190 | 1,679,219 |
Current liabilities | |||
Accounts payable | 111,226 | 109,014 | 114,042 |
Accrued liabilities | 56,152 | 79,873 | 78,552 |
Accrued compensation and benefits | 45,976 | 101,014 | 76,071 |
Income taxes payable | 2,619 | 11,151 | 6,262 |
Deferred revenue | 20,301 | 26,271 | 21,391 |
Other current liabilities | 84,860 | 50,617 | 75,144 |
Total current liabilities | 321,134 | 377,940 | 371,462 |
Long-term debt | 460,514 | 403,058 | 494,406 |
Other liabilities | 403,610 | 379,769 | 370,703 |
Deferred income taxes and noncurrent income taxes payable | 10,853 | 10,129 | 11,856 |
Shareholder's equity | |||
Common shares - par value $.01 per share: 100 shares issued and outstanding | 0 | 0 | 0 |
Capital in excess of par value | 240,000 | 240,000 | 240,000 |
Accumulated other comprehensive loss | (16,700) | (19,658) | (6,007) |
Retained earnings | 237,907 | 208,952 | 196,799 |
Total shareholder's equity | 461,207 | 429,294 | 430,792 |
Total liabilities and stockholders equity | $ 1,657,318 | $ 1,600,190 | $ 1,679,219 |
Consolidated Statement of Fina5
Consolidated Statement of Financial Position (Parenthetical) - $ / shares | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Statement of Financial Position [Abstract] | |||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common shares, issued | 100 | 100 | 100 |
Common shares, outstanding | 100 | 100 | 100 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 25, 2016 | Nov. 27, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 42,849 | $ 103,794 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Contract asset recovery | (853) | |
Net (gain) loss on disposal of fixed assets | (2,487) | 108 |
Depreciation and intangible assets amortization | 38,594 | 42,047 |
Provision for doubtful accounts | 289 | 680 |
Deferred income taxes | 29,313 | 9,736 |
Other non-cash charges | 2,928 | 4,483 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||
Trade accounts receivable | (73,907) | (86,815) |
Inventories | (58,325) | (34,275) |
Other current assets | (5,082) | 1,049 |
Net payable/receivable with related parties | 8,980 | 8,289 |
Income taxes | 17,354 | (17,179) |
Deferred costs - net | 28,756 | 17,547 |
Accounts payable and other liabilities | (72,618) | (73,941) |
Other - net | 721 | (4,469) |
Total Cash Flows From Operating Activities | (77,343) | (89,960) |
INVESTING ACTIVITIES: | ||
Property, plant and equipment additions | (62,796) | (55,184) |
Cash paid for acquired character property rights | (2,800) | |
Proceeds from sale of fixed assets | 4,631 | 319 |
Adjustment to proceeds from sale of AGI In-Store | (3,200) | |
Proceeds from sale of Strawberry Shortcake | 105,000 | |
Proceeds from surrender of corporate-owned life insurance policies | 24,068 | |
Net (lending)/repayments on loans to related parties | (756) | (1,319) |
Total Cash Flows From Investing Activities | (58,921) | 66,884 |
FINANCING ACTIVITIES: | ||
Proceeds from revolving line of credit | 237,350 | 441,470 |
Repayments on revolving line of credit | (181,250) | (353,970) |
Repayments on term loan | (65,000) | |
Repayments on financing lease obligation | (373) | |
Dividends to shareholder | (13,894) | (20,724) |
Total Cash Flows From Financing Activities | 41,833 | 1,776 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 298 | (1,613) |
DECREASE IN CASH AND CASH EQUIVALENTS | (94,133) | (22,913) |
Cash and Cash Equivalents at Beginning of Year | 100,893 | 43,327 |
Cash and Cash Equivalents at End of Period | $ 6,760 | 20,414 |
Strawberry Shortcake [Member] | ||
Adjustments to reconcile net income to cash flows from operating activities: | ||
Adjustments to gain on sale of business | (61,234) | |
AGI In-Store [Member] | ||
Adjustments to reconcile net income to cash flows from operating activities: | ||
Adjustments to gain on sale of business | $ 1,073 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 25, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of American Greetings Corporation and its subsidiaries (the “Corporation”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q S-X. The Corporation’s fiscal year ends on February 28 or 29. References to a particular year refer to the fiscal year ending in February of that year. For example, 2016 refers to the year ended February 29, 2016. The Corporation’s subsidiary, AG Retail Cards Limited is consolidated on a one-month year-end These interim financial statements should be read in conjunction with the Corporation’s financial statements and notes thereto included in its Annual Report on Form 10-K The Corporation’s investments in less than majority-owned companies in which it has the ability to exercise significant influence over the operating and financial policies are accounted for using the equity method except when they qualify as variable interest entities (“VIE”) and the Corporation is the primary beneficiary, in which case, the investments are consolidated in accordance with Accounting Standards Codification (“ASC”) Topic 810 (“ASC 810”), “Consolidation.” The Corporation provides limited credit support to Schurman Fine Papers (“Schurman”) which is a VIE as defined in ASC 810. Schurman owns and operates specialty card and gift retail stores in the United States and Canada. The stores are primarily located in malls and strip shopping centers. This limited credit support is provided through the provision of a liquidity guaranty (“Liquidity Guaranty”) in favor of the lenders under Schurman’s senior revolving credit facility (the “Senior Credit Facility”). Pursuant to the terms of the Liquidity Guaranty, the Corporation has guaranteed the repayment of up to $10.0 million of Schurman’s borrowings under the Senior Credit Facility to help ensure that Schurman has sufficient borrowing availability under this facility. The Liquidity Guaranty is required to be backed by a letter of credit for the term of the Liquidity Guaranty, which expires in January 2019. The Corporation’s obligations under the Liquidity Guaranty generally may not be triggered unless Schurman’s lenders under its Senior Credit Facility have substantially completed the liquidation of the collateral under Schurman’s Senior Credit Facility, or 91 days after the liquidation is started, whichever is earlier, and will be limited to the deficiency, if any, between the amount owed and the amount collected in connection with the liquidation. There was no triggering event or liquidation of collateral as of November 25, 2016 requiring the use of the Liquidity Guaranty. During the current period, the Corporation assessed the variable interests in Schurman and determined that a third party holder of variable interests has the controlling financial interest in the VIE and thus, the third party, not the Corporation, is the primary beneficiary. In completing this assessment, the Corporation identified the activities that it considers most significant to the future economic success of the VIE and determined that it does not have the power to direct those activities. As such, Schurman is not consolidated in the Corporation’s results. The Corporation’s maximum exposure to loss as it relates to Schurman as of November 25, 2016 includes: • Liquidity Guaranty of Schurman’s indebtedness of $10.0 million; • normal course of business trade and other receivables due from Schurman of $36.0 million, the balance of which fluctuates throughout the year due to the seasonal nature of the business; and • the retail store operating leases currently subleased to Schurman, the aggregate lease payments for the remaining life of which was $1.5 million as of November 25, 2016. |
Seasonal Nature of Business
Seasonal Nature of Business | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Seasonal Nature of Business | Note 2 – Seasonal Nature of Business A significant portion of the Corporation’s business is seasonal in nature. Therefore, the results of operations for interim periods are not necessarily indicative of the results for the fiscal year taken as a whole. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 25, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3 – Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, 2016-15 2016-15 In June 2016, the FASB issued ASU No. 2016-13, 2016-13 2016-13 In February 2016, the FASB issued ASU No. 2016-02, 2016-02 right-of-use right-of-use 2016-02 In January 2016, the FASB issued ASU No. 2016-01, 825-10): 2016-01 2016-01 In August 2014, the FASB issued ASU No. 2014-15, 2014-15 2014-15 In May 2014, the FASB issued ASU No. 2014-09, 2014-09. The 2014-09, |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | Note 4 – Acquisitions and Dispositions Sale of Strawberry Shortcake As reported in its Annual Report on Form 10-K Character Property Rights Acquisition As reported in its Annual Report on Form 10-K Sale of AGI In-Store As reported in its Annual Report on Form 10-K In-Store, In-Store” non-saleable Surrender of Certain Corporate-Owned Life Insurance Policies As reported in its Annual Report on Form 10-K |
Royalty Revenue and Related Exp
Royalty Revenue and Related Expenses | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Royalty Revenue and Related Expenses | Note 5 – Royalty Revenue and Related Expenses The Corporation has agreements for licensing certain characters and other intellectual property. These license agreements provide for royalty revenue to the Corporation, which is recorded in “Other revenue” on the Consolidated Statement of Income. These license agreements may include the receipt of upfront advances, which are recorded as deferred revenue and earned during the period of the agreement. Revenues and expenses associated with the servicing of these agreements, primarily relating to the licensing activities included in the Non-reportable Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Royalty revenue $ 2,286 $ 2,956 $ 5,970 $ 6,060 Royalty expenses: Material, labor and other production costs $ 952 $ 801 $ 2,267 $ 2,976 Selling, distribution and marketing expenses 660 601 2,158 2,292 Administrative and general expenses 220 381 712 1,092 $ 1,832 $ 1,783 $ 5,137 $ 6,360 |
Other Income and Expense
Other Income and Expense | 9 Months Ended |
Nov. 25, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | Note 6 – Other Income and Expense Other Operating Income – Net Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, State tax credits $ (1,050 ) $ (975 ) $ (3,150 ) $ (7,516 ) (Gain) loss on asset disposal (2,515 ) 41 (2,487 ) 108 Miscellaneous (495 ) (1,011 ) (2,054 ) (2,641 ) Gain adjustment (gain) on sale of Strawberry Shortcake — 391 — (61,234 ) Gain adjustment on sale of AGI In-Store — 1,073 — 1,073 Other operating income – net $ (4,060 ) $ (481 ) $ (7,691 ) $ (70,210 ) During the three and nine months ended November 25, 2016, the Corporation recognized income of $1.1 million and $3.2 million, respectively, from tax credits received from the State of Ohio under certain incentive programs made available to the Corporation in connection with its decision to maintain its world headquarters in Ohio. Tax credits of $1.0 million and $7.5 million were recognized in the three and nine months ended November 27, 2015, respectively. In October 2016, the Corporation sold a warehouse facility located in the United Kingdom and recognized a gain on disposal of approximately $3 million. The cash proceeds received from the sale of approximately $3 million are included in “Proceeds from sale of fixed assets” on the Consolidated Statement of Cash Flows for the nine months ended November 25, 2016. During the nine months ended November 27, 2015, the Corporation recognized a net gain of $61.2 million from the sale of Strawberry Shortcake, which included a first quarter gain of $61.7 million and an adjustment to the gain of $0.1 million and $0.4 million in the second and third quarters, respectively. See Note 4 for further information. During the three and nine months ended November 27, 2015, the Corporation recorded a $1.1 million adjustment to reduce the gain recorded in 2015, in accordance with the contractual terms of the sale of AGI In-Store. Other Non-Operating Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Foreign exchange loss $ 2,639 $ 1,758 $ 3,641 $ 1,085 Rental income (218 ) (148 ) (508 ) (430 ) Miscellaneous — (1 ) (2 ) (38 ) Other non-operating $ 2,421 $ 1,609 $ 3,131 $ 617 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Nov. 25, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 7 – Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss are as follows: (In thousands) Foreign Pensions and Unrealized Total Balance at February 29, 2016 $ (13,535 ) $ (26,628 ) $ 20,505 $ (19,658 ) Other comprehensive (loss) income before reclassifications (12,132 ) (15 ) 14,119 1,972 Amounts reclassified from accumulated other comprehensive loss 318 668 — 986 Other comprehensive (loss) income, net of tax (11,814 ) 653 14,119 2,958 Balance at November 25, 2016 $ (25,349 ) $ (25,975 ) $ 34,624 $ (16,700 ) The reclassifications out of accumulated other comprehensive loss are as follows: (In thousands) Nine Months Ended Pensions and Postretirement Benefits: Amortization of pensions and postretirement benefits items Actuarial losses, net $ (1,548 ) (1) Prior service credit, net 521 (1) (1,027 ) Tax benefit 359 (2) Total, net of tax (668 ) Foreign Currency Translation Adjustments: Loss upon dissolution of business (318 ) (3) Total reclassifications $ (986 ) Classification on Consolidated Statement of Income: (1) Administrative and general expenses (2) Income tax expense (3) Other operating income – net |
Customer Allowances and Discoun
Customer Allowances and Discounts | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Customer Allowances and Discounts | Note 8 – Customer Allowances and Discounts Trade accounts receivable is reported net of certain allowances and discounts. The most significant of these are as follows: (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Allowance for seasonal sales returns $ 25,790 $ 21,518 $ 25,760 Allowance for outdated products 13,107 8,372 9,246 Allowance for doubtful accounts 1,975 1,628 1,942 Allowance for marketing funds 24,560 26,371 25,739 Allowance for rebates 20,099 24,373 25,143 $ 85,531 $ 82,262 $ 87,830 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 $10.9 million, $16.0 million and $16.6 million as of November 25, 2016, February 29, 2016 and November 27, 2015, respectively. |
Inventories
Inventories | 9 Months Ended |
Nov. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9 – Inventories (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Raw materials $ 11,554 $ 13,516 $ 13,743 Work in process 5,947 8,116 7,229 Finished products 331,281 277,480 331,188 348,782 299,112 352,160 Less LIFO reserve 80,506 80,159 81,661 268,276 218,953 270,499 Display materials and factory supplies 7,731 8,503 9,021 $ 276,007 $ 227,456 $ 279,520 The valuation of inventory under the Last-In, First-Out year-end year-end Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products, totaled $84.6 million, $63.5 million and $84.4 million as of November 25, 2016, February 29, 2016 and November 27, 2015, respectively. |
Deferred Costs
Deferred Costs | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Deferred Costs | Note 10 – Deferred Costs Deferred costs and future payment commitments for retail supply agreements are included in the following financial statement captions: (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Prepaid expenses and other $ 95,648 $ 92,639 $ 104,572 Other assets 373,809 378,223 395,086 Deferred cost assets 469,457 470,862 499,658 Other current liabilities (71,392 ) (47,142 ) (60,593 ) Other liabilities (148,641 ) (145,856 ) (157,763 ) Deferred cost liabilities (220,033 ) (192,998 ) (218,356 ) Net deferred costs $ 249,424 $ 277,864 $ 281,302 The Corporation maintains an allowance for deferred costs related to supply agreements of $3.1 million, $3.6 million and $3.6 million at November 25, 2016, February 29, 2016 and November 27, 2015, respectively. This allowance is included in “Other assets” on the Consolidated Statement of Financial Position. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Nov. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 11 – Other Liabilities Included in the Consolidated Statement of Financial Position at November 25, 2016 is a lease obligation related to an operating lease with AG HQ Creative Studios, LLC (“AGHQCS”), a special purpose, wholly-owned subsidiary of H L & L Property Company (“H L & L”), an indirect affiliate of the Corporation, for the Creative Studios Buildings (as defined in Note 17) that now function as the Corporation’s new world headquarters. Due to, among other things, the Corporation’s involvement in the construction of the Creative Studios Buildings, the Corporation was required to be treated, for accounting purposes only, as the “deemed owner” of the Creative Studios Buildings during the construction period, in accordance with ASC 840-40 The lease payments made by the Corporation represent payments of principal and interest on the underlying lease obligation. The interest portion of the lease payment will be reflected as “Interest expense” on the Consolidated Statement of Income and the remaining portion of the lease payment is reflected on the Consolidated Statement of Financial Position as a reduction of the outstanding lease obligation. The interest portion and the principal portion of the lease payment are presented as cash outflows within “Operating Activities” and “Financing Activities,” respectively, on the Consolidated Statement of Cash Flows. As of November 25, 2016 the carrying value of the Creative Studios Buildings totaled $113.3 million and was included in “Property, plant and equipment – net” on the Corporation’s Consolidated Statement of Financial Position. The corresponding lease obligation, included in “Accrued liabilities” and “Other liabilities” on the Corporation’s Statement of Financial Position, totaled $1.6 million and $112.1 million, respectively. At February 29, 2016 and November 27, 2015, prior to construction completion, the asset and corresponding liability were $94.7 million and $73.3 million, respectively. See Note 17 for further information. |
Debt
Debt | 9 Months Ended |
Nov. 25, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 12 – Debt Long-term debt and their related calendar year due dates as of November 25, 2016, February 29, 2016 and November 27, 2015, respectively, were as follows: (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Term loan, due 2019 $ 185,000 $ 185,000 $ 185,000 7.375% senior notes, due 2021 225,000 225,000 225,000 Revolving credit facility, due 2018 56,100 — 91,800 6.10% senior notes, due 2028 181 181 181 Unamortized financing fees (5,767 ) (7,123 ) (7,575 ) $ 460,514 $ 403,058 $ 494,406 At November 25, 2016, the balances outstanding on the term loan facility and revolving credit facility each bear interest at a rate of approximately 3.0%. The revolving credit facility and accounts receivable facility provide the Corporation with funding of up to $250 million and $50 million, respectively. Outstanding letters of credit, which reduce the total credit available under the revolving credit and the accounts receivable facilities, totaled $25.9 million at November 25, 2016. On July 27, 2016, the Corporation amended its accounts receivable facility. The amendment modified the accounts receivable facility to, among other things: (i) extend the scheduled termination date to July 27, 2018 and (ii) revise the bases upon which fees are assessed under this facility. In March 2015 the Corporation made a voluntary prepayment of $65.0 million on the term loan facility, thereby eliminating all future quarterly installment payments prior to this facility’s August 9, 2019 maturity date. During the nine months ended November 27, 2015, the Corporation expensed an additional $1.8 million of unamortized financing fees, as a result of the prepayment. The total fair value of the Corporation’s publicly traded debt, which was considered a Level 1 valuation as it was based on quoted market prices, was $227.9 million (at a carrying value of $225.2 million), $229.6 million (at a carrying value of $225.2 million) and $234.7 million (at a carrying value of $225.2 million) at November 25, 2016, February 29, 2016 and November 27, 2015, respectively. In April 2015, the FASB issued ASU No. 2015-03, 2015-03 2015-03 The total fair value of the Corporation’s non-publicly At November 25, 2016, the Corporation was in compliance with the financial covenants under its borrowing agreements. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Nov. 25, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Note 13 – Retirement Benefits The components of net periodic benefit cost for the Corporation’s defined benefit pension and postretirement benefits plans are as follows: Defined Benefit Pension Plans Three Months Ended Nine Months Ended (In thousands) November 25, 2016 November 27, 2015 November 25, 2016 November 27, 2015 Service cost $ 203 $ 231 $ 608 $ 549 Interest cost 1,586 1,542 4,767 4,650 Expected return on plan assets (1,510 ) (1,622 ) (4,538 ) (4,949 ) Amortization of prior service cost 1 1 3 3 Amortization of actuarial loss 886 861 2,663 2,555 $ 1,166 $ 1,013 $ 3,503 $ 2,808 Postretirement Benefits Plan Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Service cost $ 40 $ 1 $ 212 $ 251 Interest cost 527 471 1,582 1,521 Expected return on plan assets (593 ) (665 ) (1,757 ) (2,015 ) Amortization of prior service credit (175 ) (174 ) (524 ) (524 ) Amortization of actuarial gain (381 ) (676 ) (1,115 ) (1,276 ) $ (582 ) $ (1,043 ) $ (1,602 ) $ (2,043 ) As reported in its Annual Report on Form 10-K year-end, 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, At November 25, 2016, February 29, 2016 and November 27, 2015, the liability for postretirement benefits other than pensions was $19.9 million, $17.8 million and $19.8 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At November 25, 2016, February 29, 2016 and November 27, 2015, the long-term liability for pension benefits was $77.4 million, $80.2 million and $76.9 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 25, 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 financial assets and liabilities measured at fair value as of November 25, 2016: (In thousands) November 25, 2016 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,079 $ 10,834 $ 1,245 $ — Investment in equity securities 56,112 56,112 — — $ 68,191 $ 66,946 $ 1,245 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,111 $ 10,834 $ 2,277 $ — The following table summarizes the assets and liabilities measured at fair value as of February 29, 2016: (In thousands) 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 November 27, 2015: (In thousands) November 27, 2015 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,090 $ 10,814 $ 1,276 $ — Investment in equity securities 42,000 42,000 — — $ 54,090 $ 52,814 $ 1,276 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,045 $ 10,814 $ 2,231 $ — The deferred compensation plan includes investments in mutual funds and a money market fund. Assets held in mutual funds are recorded at fair value, which is considered a Level 1 valuation as it is based on each fund’s quoted market value per share in an active market. The money market fund is classified as Level 2 as substantially all of the fund’s investments are determined using amortized cost. The fair value of the deferred compensation plan liabilities is based on the fair value of: (i) the plan’s assets for invested deferrals and (ii) hypothetical investments for unfunded deferrals. The investment in equity securities is considered a Level 1 valuation as it is based on a quoted price in an active market. |
Contingency
Contingency | 9 Months Ended |
Nov. 25, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | Note 15 – 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. 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 proceedings seek an indeterminate amount of damages. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 – Income Taxes The Corporation’s provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against income before income tax expense for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. The magnitude of the impact that discrete items have on the Corporation’s quarterly effective tax rate is dependent on the level of income in the period and the amount of such discrete adjustments. The effective tax rate was 26.0% and 31.7% for the three and nine months ended November 25, 2016, respectively, and 31.5% and 31.7% for the three and nine months ended November 27, 2015, respectively. The lower than U.S. statutory rate for the three month and nine month periods ended November 25, 2016 is primarily related to the carryback of a foreign tax credit, the domestic production activities deduction, tax treatment of corporate-owned life insurance, and lower tax rates in foreign jurisdictions, partially offset by federal provision to return adjustments, and state income tax rates on U.S. income, net of federal benefit. The lower than U.S. statutory tax rate in the prior year three and nine month periods is primarily related to the release of a $4.3 million unrecognized tax benefit due to the issuance of regulations that clarified the law and the expiration of a statute of limitations, as well as the impact of lower tax rates in foreign jurisdictions, domestic production activities deduction, the tax treatment of corporate-owned life insurance, and federal provision to return items. As reported in its Annual Report on Form 10-K mark-to-market In November 2015, the FASB issued ASU 2015-17, non-current 2015-17 2015-17 non-current As of November 25, 2016, the Corporation had unrecognized tax benefits of $16.1 million that, if recognized, would have a favorable effect on the Corporation’s income tax expense of $14.4 million. It is reasonably possible that the Corporation’s unrecognized tax positions as of November 25, 2016 could decrease $0.4 million during the next twelve months due to the expiration of the statute of limitations. The Corporation recognizes interest and penalties accrued on unrecognized tax benefits and refundable income taxes as a component of income tax expense. During the nine months ended November 25, 2016, the Corporation recognized a de minimis net expense for interest and penalties on unrecognized tax benefits and refundable income taxes. As of November 25, 2016, the total amount of gross accrued interest and penalties related to unrecognized tax benefits less refundable income taxes was a net payable of $1.6 million. 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. |
Related Party Information
Related Party Information | 9 Months Ended |
Nov. 25, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Information | Note 17 – Related Party Information World Headquarters Relocation As reported in its Annual Report on Form 10-K During construction, the Corporation leased a portion of the Crocker Park Site to H L & L on which H L & L constructed the Corporation’s new world headquarters, which consists of two buildings (“Creative Studios Buildings”). Upon completion of construction during the third quarter of 2017, H L & L refinanced the construction loan related to the Creative Studios Buildings. As part of this refinancing, it transferred the portion of the Creative Studios Buildings occupied by the Corporation to AGHQCS. In conjunction with this transfer, a lease agreement between H L & L and the Corporation, under which the Corporation is leasing one of the buildings, was assigned to AGHQCS. The Corporation and AGHQCS subsequently amended the assigned lease to include both of the buildings. The lease of the Creative Studios Buildings continues to have an initial lease term of 15 years and annual rent of approximately $10.6 million. See Note 11 for further information. Although the majority of the costs to construct the Corporation’s new world headquarters were financed through H L & L, the costs associated with this project were at times higher than expected and consequently, the Corporation entered into a loan agreement with H L & L under which the Corporation was permitted to make revolving loans to H L & L for the sole purpose of funding construction costs associated with the world headquarters project. There was $0.8 million and $1.3 million outstanding under this loan agreement at November 25, 2016 and November 27, 2015, respectively, and no amounts outstanding as of February 29, 2016. 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 paid cash dividends in the aggregate amount of $13.9 million to Century Intermediate Holding Company (“Parent”), its parent and sole shareholder during the nine months ended November 25, 2016, for the purpose of paying interest on the $285.0 million aggregate principal amount 9.750%/10.500% Senior PIK Toggle Notes due 2019, which were issued by Century Intermediate Holding Company 2, an indirect parent of the Corporation. 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 $9.3 million due to affiliates at November 25, 2016, $0.3 million due from affiliates at February 29, 2016 and $10.2 million due to affiliates as of November 27, 2015. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Nov. 25, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 18 – Business Segment Information The Corporation operates in five business segments: North American Social Expression Products, International Social Expression Products, Retail Operations, AG Interactive and Non-reportable. Non-reportable Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Total Revenue: North American Social Expression Products $ 338,017 $ 348,394 $ 931,246 $ 969,554 International Social Expression Products 68,271 83,906 167,153 211,932 Intersegment items (26,192 ) (27,490 ) (51,526 ) (49,089 ) Net 42,079 56,416 115,627 162,843 Retail Operations 50,021 62,279 170,582 199,590 AG Interactive 13,812 14,420 39,855 41,586 Non-reportable 1,963 2,522 4,903 4,929 $ 445,892 $ 484,031 $ 1,262,213 $ 1,378,502 Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Segment Earnings (Loss) Before Tax: North American Social Expression Products $ 30,129 $ 31,123 $ 127,901 $ 150,459 International Social Expression Products 6,529 1,765 4,024 (3,294 ) Intersegment items (5 ) (3,012 ) (531 ) (1,382 ) Net 6,524 (1,247 ) 3,493 (4,676 ) Retail Operations (13,340 ) (11,641 ) (31,495 ) (32,399 ) AG Interactive 4,504 5,198 12,638 15,345 Non-reportable 129 264 (245 ) 59,677 Unallocated Interest expense (8,524 ) (6,467 ) (20,061 ) (21,066 ) Profit-sharing and 401(k) match expense (3,451 ) (3,000 ) (11,937 ) (8,931 ) Corporate overhead expense (7,760 ) (4,670 ) (17,561 ) (6,518 ) (19,735 ) (14,137 ) (49,559 ) (36,515 ) $ 8,211 $ 9,560 $ 62,733 $ 151,891 “Corporate overhead expense” includes costs associated with corporate operations including, among other costs, senior management, corporate finance, legal, and insurance programs. For the three and nine month periods ended November 25, 2016, this includes income recognized from state tax credits of $1.1 million and $3.2 million, respectively, as compared to $1.0 million and $7.5 million for the three and nine month periods ended November 27, 2015. See Note 6 for further information. Also included in “Corporate overhead expense” for both the three and nine month periods ended November 27, 2015, is a $1.1 million reduction of the net gain recognized on the 2015 sale of AGI In-Store. For the nine months ended November 27, 2015, Non-reportable Termination Benefits Termination benefits are primarily considered part of an ongoing benefit arrangement, accounted for in accordance with ASC Topic 712, “Compensation – Nonretirement Postemployment Benefits,” and are recorded when payment of the benefits is probable and can be reasonably estimated. The balance of the severance accrual was $2.8 million, $3.5 million and $3.1 million at November 25, 2016, February 29, 2016 and November 27, 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Nov. 25, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Consolidation, Policy | The Corporation’s investments in less than majority-owned companies in which it has the ability to exercise significant influence over the operating and financial policies are accounted for using the equity method except when they qualify as variable interest entities (“VIE”) and the Corporation is the primary beneficiary, in which case, the investments are consolidated in accordance with Accounting Standards Codification (“ASC”) Topic 810 (“ASC 810”), “Consolidation.” |
Recent Accounting Pronouncements | In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, 2016-15 2016-15 In June 2016, the FASB issued ASU No. 2016-13, 2016-13 2016-13 In February 2016, the FASB issued ASU No. 2016-02, 2016-02 right-of-use right-of-use 2016-02 In January 2016, the FASB issued ASU No. 2016-01, 825-10): 2016-01 2016-01 In August 2014, the FASB issued ASU No. 2014-15, 2014-15 2014-15 In May 2014, the FASB issued ASU No. 2014-09, 2014-09. The 2014-09, |
Income Taxes, Policy | The Corporation’s provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against income before income tax expense for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. |
Contingencies, Policy | In accordance with ASC Topic 450, “Contingencies,” the Corporation accrues for these contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated. |
Termination Benefits, Policy | Termination benefits are primarily considered part of an ongoing benefit arrangement, accounted for in accordance with ASC Topic 712, “Compensation – Nonretirement Postemployment Benefits,” and are recorded when payment of the benefits is probable and can be reasonably estimated. |
Royalty Revenue and Related E26
Royalty Revenue and Related Expenses (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Revenues and Expenses Associated with Servicing of Agreements | Revenues and expenses associated with the servicing of these agreements, primarily relating to the licensing activities included in the Non-reportable Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Royalty revenue $ 2,286 $ 2,956 $ 5,970 $ 6,060 Royalty expenses: Material, labor and other production costs $ 952 $ 801 $ 2,267 $ 2,976 Selling, distribution and marketing expenses 660 601 2,158 2,292 Administrative and general expenses 220 381 712 1,092 $ 1,832 $ 1,783 $ 5,137 $ 6,360 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Other Income and Expenses [Abstract] | |
Other Operating Income - Net | Other Operating Income – Net Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, State tax credits $ (1,050 ) $ (975 ) $ (3,150 ) $ (7,516 ) (Gain) loss on asset disposal (2,515 ) 41 (2,487 ) 108 Miscellaneous (495 ) (1,011 ) (2,054 ) (2,641 ) Gain adjustment (gain) on sale of Strawberry Shortcake — 391 — (61,234 ) Gain adjustment on sale of AGI In-Store — 1,073 — 1,073 Other operating income – net $ (4,060 ) $ (481 ) $ (7,691 ) $ (70,210 ) |
Other Non-Operating Expense (Income) - Net | Other Non-Operating Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Foreign exchange loss $ 2,639 $ 1,758 $ 3,641 $ 1,085 Rental income (218 ) (148 ) (508 ) (430 ) Miscellaneous — (1 ) (2 ) (38 ) Other non-operating $ 2,421 $ 1,609 $ 3,131 $ 617 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss are as follows: (In thousands) Foreign Pensions and Unrealized Total Balance at February 29, 2016 $ (13,535 ) $ (26,628 ) $ 20,505 $ (19,658 ) Other comprehensive (loss) income before reclassifications (12,132 ) (15 ) 14,119 1,972 Amounts reclassified from accumulated other comprehensive loss 318 668 — 986 Other comprehensive (loss) income, net of tax (11,814 ) 653 14,119 2,958 Balance at November 25, 2016 $ (25,349 ) $ (25,975 ) $ 34,624 $ (16,700 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss | The reclassifications out of accumulated other comprehensive loss are as follows: (In thousands) Nine Months Ended Pensions and Postretirement Benefits: Amortization of pensions and postretirement benefits items Actuarial losses, net $ (1,548 ) (1) Prior service credit, net 521 (1) (1,027 ) Tax benefit 359 (2) Total, net of tax (668 ) Foreign Currency Translation Adjustments: Loss upon dissolution of business (318 ) (3) Total reclassifications $ (986 ) Classification on Consolidated Statement of Income: (1) Administrative and general expenses (2) Income tax expense (3) Other operating income – net |
Customer Allowances and Disco29
Customer Allowances and Discounts (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Allowances and Discounts Trade Accounts Receivable | Trade accounts receivable is reported net of certain allowances and discounts. The most significant of these are as follows: (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Allowance for seasonal sales returns $ 25,790 $ 21,518 $ 25,760 Allowance for outdated products 13,107 8,372 9,246 Allowance for doubtful accounts 1,975 1,628 1,942 Allowance for marketing funds 24,560 26,371 25,739 Allowance for rebates 20,099 24,373 25,143 $ 85,531 $ 82,262 $ 87,830 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Raw materials $ 11,554 $ 13,516 $ 13,743 Work in process 5,947 8,116 7,229 Finished products 331,281 277,480 331,188 348,782 299,112 352,160 Less LIFO reserve 80,506 80,159 81,661 268,276 218,953 270,499 Display materials and factory supplies 7,731 8,503 9,021 $ 276,007 $ 227,456 $ 279,520 |
Deferred Costs (Tables)
Deferred Costs (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Text Block [Abstract] | |
Deferred Costs and Future Payment Commitments | Deferred costs and future payment commitments for retail supply agreements are included in the following financial statement captions: (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Prepaid expenses and other $ 95,648 $ 92,639 $ 104,572 Other assets 373,809 378,223 395,086 Deferred cost assets 469,457 470,862 499,658 Other current liabilities (71,392 ) (47,142 ) (60,593 ) Other liabilities (148,641 ) (145,856 ) (157,763 ) Deferred cost liabilities (220,033 ) (192,998 ) (218,356 ) Net deferred costs $ 249,424 $ 277,864 $ 281,302 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt and their related calendar year due dates as of November 25, 2016, February 29, 2016 and November 27, 2015, respectively, were as follows: (In thousands) November 25, 2016 February 29, 2016 November 27, 2015 Term loan, due 2019 $ 185,000 $ 185,000 $ 185,000 7.375% senior notes, due 2021 225,000 225,000 225,000 Revolving credit facility, due 2018 56,100 — 91,800 6.10% senior notes, due 2028 181 181 181 Unamortized financing fees (5,767 ) (7,123 ) (7,575 ) $ 460,514 $ 403,058 $ 494,406 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost for Corporation's Defined Benefit Pension and Postretirement Benefits Plans | The components of net periodic benefit cost for the Corporation’s defined benefit pension and postretirement benefits plans are as follows: Defined Benefit Pension Plans Three Months Ended Nine Months Ended (In thousands) November 25, 2016 November 27, 2015 November 25, 2016 November 27, 2015 Service cost $ 203 $ 231 $ 608 $ 549 Interest cost 1,586 1,542 4,767 4,650 Expected return on plan assets (1,510 ) (1,622 ) (4,538 ) (4,949 ) Amortization of prior service cost 1 1 3 3 Amortization of actuarial loss 886 861 2,663 2,555 $ 1,166 $ 1,013 $ 3,503 $ 2,808 Postretirement Benefits Plan Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Service cost $ 40 $ 1 $ 212 $ 251 Interest cost 527 471 1,582 1,521 Expected return on plan assets (593 ) (665 ) (1,757 ) (2,015 ) Amortization of prior service credit (175 ) (174 ) (524 ) (524 ) Amortization of actuarial gain (381 ) (676 ) (1,115 ) (1,276 ) $ (582 ) $ (1,043 ) $ (1,602 ) $ (2,043 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value as of Measurement Date | The following table summarizes the financial assets and liabilities measured at fair value as of November 25, 2016: (In thousands) November 25, 2016 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,079 $ 10,834 $ 1,245 $ — Investment in equity securities 56,112 56,112 — — $ 68,191 $ 66,946 $ 1,245 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,111 $ 10,834 $ 2,277 $ — The following table summarizes the assets and liabilities measured at fair value as of February 29, 2016: (In thousands) 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 November 27, 2015: (In thousands) November 27, 2015 Level 1 Level 2 Level 3 Assets measured on a recurring basis: Deferred compensation plan assets $ 12,090 $ 10,814 $ 1,276 $ — Investment in equity securities 42,000 42,000 — — $ 54,090 $ 52,814 $ 1,276 $ — Liabilities measured on a recurring basis: Deferred compensation plan liabilities $ 13,045 $ 10,814 $ 2,231 $ — |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Nov. 25, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Total Revenue: North American Social Expression Products $ 338,017 $ 348,394 $ 931,246 $ 969,554 International Social Expression Products 68,271 83,906 167,153 211,932 Intersegment items (26,192 ) (27,490 ) (51,526 ) (49,089 ) Net 42,079 56,416 115,627 162,843 Retail Operations 50,021 62,279 170,582 199,590 AG Interactive 13,812 14,420 39,855 41,586 Non-reportable 1,963 2,522 4,903 4,929 $ 445,892 $ 484,031 $ 1,262,213 $ 1,378,502 Three Months Ended Nine Months Ended (In thousands) November 25, November 27, November 25, November 27, Segment Earnings (Loss) Before Tax: North American Social Expression Products $ 30,129 $ 31,123 $ 127,901 $ 150,459 International Social Expression Products 6,529 1,765 4,024 (3,294 ) Intersegment items (5 ) (3,012 ) (531 ) (1,382 ) Net 6,524 (1,247 ) 3,493 (4,676 ) Retail Operations (13,340 ) (11,641 ) (31,495 ) (32,399 ) AG Interactive 4,504 5,198 12,638 15,345 Non-reportable 129 264 (245 ) 59,677 Unallocated Interest expense (8,524 ) (6,467 ) (20,061 ) (21,066 ) Profit-sharing and 401(k) match expense (3,451 ) (3,000 ) (11,937 ) (8,931 ) Corporate overhead expense (7,760 ) (4,670 ) (17,561 ) (6,518 ) (19,735 ) (14,137 ) (49,559 ) (36,515 ) $ 8,211 $ 9,560 $ 62,733 $ 151,891 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - Schurman [Member] | 9 Months Ended |
Nov. 25, 2016USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
End period of liquidity guaranty | 2019-01 |
Guarantee of Indebtedness of Others [Member] | |
Basis Of Presentation And Summary Of 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 |
Collectibility of Receivables [Member] | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Maximum exposure to loss, amount | 36,000,000 |
Operating Leases Subleased to Schurman [Member] | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Maximum exposure to loss, amount | $ 1,500,000 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Sale of Strawberry Shortcake) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Nov. 27, 2015 | Aug. 28, 2015 | May 29, 2015 | Nov. 27, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of Strawberry Shortcake | $ 105,000 | ||||
Strawberry Shortcake [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of Strawberry Shortcake | $ 105,000 | ||||
Net gain on sale of Strawberry Shortcake | $ (391) | $ 100 | $ 61,700 | $ 61,234 |
Acquisitions and Dispositions38
Acquisitions and Dispositions (Character Property Rights Acquisition) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Nov. 27, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Purchase of intangible assets | $ 2,800 | |
Character Property Rights [Member] | Strawberry Shortcake [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Purchase of intangible assets | $ 2,800 |
Acquisitions and Dispositions39
Acquisitions and Dispositions (Sale of AGI In-Store) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Nov. 30, 2015 | Mar. 31, 2015 | Nov. 27, 2015 | Nov. 27, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Payment for working capital adjustments | $ 3,200 | |||
AGI In-Store [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Payment for working capital adjustments | $ 3,200 | |||
Gain for repayment of proceeds related to certain non-saleable closing-date inventory | $ 1,100 | $ (1,073) | $ (1,073) |
Acquisitions and Dispositions40
Acquisitions and Dispositions (Surrender of Certain Corporate-Owned Life Insurance Policies) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Nov. 27, 2015 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from surrender of corporate-owned life insurance policies | $ 24,100 | $ 24,068 |
Royalty Revenue and Related E41
Royalty Revenue and Related Expenses - Revenues and Expenses Associated with Servicing of Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Segment Reporting Information [Line Items] | ||||
Material, labor and other production costs | $ 218,887 | $ 238,496 | $ 557,001 | $ 611,955 |
Selling, distribution and marketing expenses | 154,496 | 169,001 | 450,085 | 486,401 |
Administrative and general expenses | 57,470 | 59,443 | 177,285 | 177,029 |
AG Intellectual Properties [Member] | Non-Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Royalty revenue | 2,286 | 2,956 | 5,970 | 6,060 |
Material, labor and other production costs | 952 | 801 | 2,267 | 2,976 |
Selling, distribution and marketing expenses | 660 | 601 | 2,158 | 2,292 |
Administrative and general expenses | 220 | 381 | 712 | 1,092 |
Expenses associated with royalty revenue, Total | $ 1,832 | $ 1,783 | $ 5,137 | $ 6,360 |
Other Income and Expense - Othe
Other Income and Expense - Other Operating Income - Net (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 30, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | Aug. 28, 2015 | May 29, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Other Income Expense [Line Items] | |||||||
State tax credits | $ (1,050) | $ (975) | $ (3,150) | $ (7,516) | |||
(Gain) loss on asset disposal | (2,515) | 41 | (2,487) | 108 | |||
Miscellaneous | (495) | (1,011) | (2,054) | (2,641) | |||
Other operating income - net | $ (4,060) | (481) | $ (7,691) | (70,210) | |||
Strawberry Shortcake [Member] | |||||||
Other Income Expense [Line Items] | |||||||
Gain adjustment on sale of business | 391 | $ (100) | $ (61,700) | (61,234) | |||
AGI In-Store [Member] | |||||||
Other Income Expense [Line Items] | |||||||
Gain adjustment on sale of business | $ (1,100) | $ 1,073 | $ 1,073 |
Other Income and Expense - Addi
Other Income and Expense - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2016 | Nov. 30, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | Aug. 28, 2015 | May 29, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Other Income And Expense [Line Items] | ||||||||
State tax credits | $ 1,050 | $ 975 | $ 3,150 | $ 7,516 | ||||
Cash proceeds received from sale | 4,631 | 319 | ||||||
Ohio [Member] | ||||||||
Other Income And Expense [Line Items] | ||||||||
State tax credits | $ 1,100 | 1,000 | 3,200 | 7,500 | ||||
United Kingdom [Member] | Warehouse Facility [Member] | ||||||||
Other Income And Expense [Line Items] | ||||||||
Gain adjustment on sale of business | $ 3,000 | |||||||
Cash proceeds received from sale | $ 3,000 | |||||||
Strawberry Shortcake [Member] | ||||||||
Other Income And Expense [Line Items] | ||||||||
Gain adjustment on sale of business | (391) | $ 100 | $ 61,700 | 61,234 | ||||
AGI In-Store [Member] | ||||||||
Other Income And Expense [Line Items] | ||||||||
Gain adjustment on sale of business | $ 1,100 | $ (1,073) | $ (1,073) |
Other Income and Expense - Ot44
Other Income and Expense - Other Non-Operating Expense (Income) - Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange loss | $ 2,639 | $ 1,758 | $ 3,641 | $ 1,085 |
Rental income | (218) | (148) | (508) | (430) |
Miscellaneous | (1) | (2) | (38) | |
Other non-operating expense - net | $ 2,421 | $ 1,609 | $ 3,131 | $ 617 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning Balance | $ 429,294 | |||
Other comprehensive (loss) income, net of tax | $ (8,040) | $ (12,423) | 2,958 | $ 18,396 |
Ending Balance | 461,207 | $ 430,792 | 461,207 | $ 430,792 |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning Balance | (13,535) | |||
Other comprehensive (loss) income before reclassifications | (12,132) | |||
Amounts reclassified from accumulated other comprehensive loss | 318 | |||
Other comprehensive (loss) income, net of tax | (11,814) | |||
Ending Balance | (25,349) | (25,349) | ||
Pensions and Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning Balance | (26,628) | |||
Other comprehensive (loss) income before reclassifications | (15) | |||
Amounts reclassified from accumulated other comprehensive loss | 668 | |||
Other comprehensive (loss) income, net of tax | 653 | |||
Ending Balance | (25,975) | (25,975) | ||
Unrealized Investment Gain [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning Balance | 20,505 | |||
Other comprehensive (loss) income before reclassifications | 14,119 | |||
Other comprehensive (loss) income, net of tax | 14,119 | |||
Ending Balance | 34,624 | 34,624 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning Balance | (19,658) | |||
Other comprehensive (loss) income before reclassifications | 1,972 | |||
Amounts reclassified from accumulated other comprehensive loss | 986 | |||
Other comprehensive (loss) income, net of tax | 2,958 | |||
Ending Balance | $ (16,700) | $ (16,700) |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Administrative and general expenses | $ (57,470) | $ (59,443) | $ (177,285) | $ (177,029) |
Income (loss) before income tax benefit (expense) | 8,211 | 9,560 | 62,733 | 151,891 |
Income tax benefit (expense) | (2,136) | (3,010) | (19,884) | (48,097) |
Net income | $ 6,075 | $ 6,550 | 42,849 | $ 103,794 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (986) | |||
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 | (1,548) | |||
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 | 521 | |||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Pensions and Postretirement Benefits [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before income tax benefit (expense) | (1,027) | |||
Income tax benefit (expense) | 359 | |||
Net income | (668) | |||
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 | $ (318) |
Customer Allowances and Disco47
Customer Allowances and Discounts - Allowances and Discounts Trade Accounts Receivable (Detail) - USD ($) $ in Thousands | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | $ 85,531 | $ 82,262 | $ 87,830 |
Allowance for Seasonal Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 25,790 | 21,518 | 25,760 |
Allowance for Outdated Products [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 13,107 | 8,372 | 9,246 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 1,975 | 1,628 | 1,942 |
Allowance for Marketing Funds [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | 24,560 | 26,371 | 25,739 |
Allowance for Rebates [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances and discounts on trade accounts receivables | $ 20,099 | $ 24,373 | $ 25,143 |
Customer Allowances and Disco48
Customer Allowances and Discounts - Additional Information (Detail) - USD ($) $ in Millions | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Allowance for Rebates [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Trade allowances and discounts settled in cash | $ 10.9 | $ 16 | $ 16.6 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 11,554 | $ 13,516 | $ 13,743 |
Work in process | 5,947 | 8,116 | 7,229 |
Finished products | 331,281 | 277,480 | 331,188 |
Gross inventory | 348,782 | 299,112 | 352,160 |
Less LIFO reserve | 80,506 | 80,159 | 81,661 |
Inventory net of last in first out reserve | 268,276 | 218,953 | 270,499 |
Display materials and factory supplies | 7,731 | 8,503 | 9,021 |
Net inventory | $ 276,007 | $ 227,456 | $ 279,520 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Inventory Disclosure [Abstract] | |||
Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products | $ 84.6 | $ 63.5 | $ 84.4 |
Deferred Costs - Deferred Costs
Deferred Costs - Deferred Costs and Future Payment Commitments (Detail) - USD ($) $ in Thousands | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Deferred Costs [Abstract] | |||
Prepaid expenses and other | $ 95,648 | $ 92,639 | $ 104,572 |
Other assets | 373,809 | 378,223 | 395,086 |
Deferred cost assets | 469,457 | 470,862 | 499,658 |
Other current liabilities | (71,392) | (47,142) | (60,593) |
Other liabilities | (148,641) | (145,856) | (157,763) |
Deferred cost liabilities | (220,033) | (192,998) | (218,356) |
Net deferred costs | $ 249,424 | $ 277,864 | $ 281,302 |
Deferred Costs - Additional Inf
Deferred Costs - Additional Information (Detail) - USD ($) $ in Millions | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Deferred Costs [Abstract] | |||
Allowance for deferred costs related to supply agreements | $ 3.1 | $ 3.6 | $ 3.6 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Schedule Of Other Liabilities [Line Items] | |||
Property plant and equipment | $ 506,950 | $ 467,710 | $ 435,795 |
Corresponding lease obligation, included in "Accrued liabilities" | 56,152 | 79,873 | 78,552 |
Corresponding lease obligation, included in "Other liabilities" | 403,610 | 379,769 | 370,703 |
New World Headquarters [Member] | |||
Schedule Of Other Liabilities [Line Items] | |||
New World Headquarters construction costs to date | 94,700 | 73,300 | |
Construction costs liability to lessor | $ 94,700 | $ 73,300 | |
Creative Studios Buildings [Member] | |||
Schedule Of Other Liabilities [Line Items] | |||
Property plant and equipment | 113,300 | ||
Corresponding lease obligation, included in "Accrued liabilities" | 1,600 | ||
Corresponding lease obligation, included in "Other liabilities" | $ 112,100 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Debt Disclosure [Line Items] | |||
Revolving credit facility, due 2018 | $ 56,100 | $ 91,800 | |
Unamortized financing fees | (5,767) | $ (7,123) | (7,575) |
Long-term debt | 460,514 | 403,058 | 494,406 |
Term Loan [Member] | |||
Debt Disclosure [Line Items] | |||
Term loan, due 2019 | 185,000 | 185,000 | 185,000 |
7.375% Senior Notes, Due 2021 [Member] | |||
Debt Disclosure [Line Items] | |||
Notes | 225,000 | 225,000 | 225,000 |
6.10% Senior Notes, Due 2028 [Member] | |||
Debt Disclosure [Line Items] | |||
Notes | $ 181 | $ 181 | $ 181 |
Debt - Long-Term Debt (Parenthe
Debt - Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | |
Nov. 25, 2016 | Nov. 27, 2015 | Feb. 29, 2016 | |
Term Loan [Member] | |||
Debt Disclosure [Line Items] | |||
Due year | 2,019 | 2,019 | 2,019 |
7.375% Senior Notes, Due 2021 [Member] | |||
Debt Disclosure [Line Items] | |||
Interest rate of debt | 7.375% | 7.375% | 7.375% |
Due year | 2,021 | 2,021 | 2,021 |
Revolving Credit Facility, Due 2018 [Member] | |||
Debt Disclosure [Line Items] | |||
Due year | 2,018 | 2,018 | 2,018 |
6.10% Senior Notes, Due 2028 [Member] | |||
Debt Disclosure [Line Items] | |||
Interest rate of debt | 6.10% | 6.10% | 6.10% |
Due year | 2,028 | 2,028 | 2,028 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Nov. 27, 2015 | Nov. 25, 2016 | Feb. 29, 2016 | |
Debt Disclosure [Line Items] | ||||
Unamortized financing fees written off | $ 1,800 | |||
Debt issuance costs | 7,575 | $ 5,767 | $ 7,123 | |
Term Loan Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest on credit facility borrowings | 3.00% | |||
Voluntary prepayments on term loan facility | $ 65,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest on credit facility borrowings | 3.00% | |||
Current borrowing capacity | $ 250,000 | |||
Letters of Credit [Member] | ||||
Debt Disclosure [Line Items] | ||||
Amount of letters of credit outstanding under revolving credit facilities | 25,900 | |||
Non Publicly Traded [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Debt Disclosure [Line Items] | ||||
Fair value of traded debt | 275,900 | 241,100 | 185,000 | |
Carrying value of Corporation's non-publicly traded debt | 276,800 | 241,100 | 185,000 | |
Accounting Standards Update 2015-03 [Member] | ||||
Debt Disclosure [Line Items] | ||||
Debt issuance costs | 3,400 | 3,300 | ||
Accounts Receivable Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Current borrowing capacity | 50,000 | |||
Publicly Traded [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Debt Disclosure [Line Items] | ||||
Fair value of traded debt | 234,700 | 227,900 | 229,600 | |
Carrying value of Corporation's publicly traded debt | $ 225,200 | $ 225,200 | $ 225,200 |
Retirement Benefits - Component
Retirement Benefits - Components of Net Periodic Benefit Cost for Corporation's Defined Benefit Pension and Postretirement Benefits Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 203 | $ 231 | $ 608 | $ 549 |
Interest cost | 1,586 | 1,542 | 4,767 | 4,650 |
Expected return on plan assets | (1,510) | (1,622) | (4,538) | (4,949) |
Amortization of prior service cost (credit) | 1 | 1 | 3 | 3 |
Amortization of actuarial loss (gain) | 886 | 861 | 2,663 | 2,555 |
Defined benefit plan, net periodic benefit cost, total | 1,166 | 1,013 | 3,503 | 2,808 |
Postretirement Benefits Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 40 | 1 | 212 | 251 |
Interest cost | 527 | 471 | 1,582 | 1,521 |
Expected return on plan assets | (593) | (665) | (1,757) | (2,015) |
Amortization of prior service cost (credit) | (175) | (174) | (524) | (524) |
Amortization of actuarial loss (gain) | (381) | (676) | (1,115) | (1,276) |
Defined benefit plan, net periodic benefit cost, total | $ (582) | $ (1,043) | $ (1,602) | $ (2,043) |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | Feb. 29, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||||
Liability for postretirement benefits other than pensions | $ 19.9 | $ 19.8 | $ 19.9 | $ 19.8 | $ 17.8 |
Long-term liability for pension benefits | 77.4 | 76.9 | 77.4 | 76.9 | $ 80.2 |
Profit-Sharing and Benefit Plan 401 (k) [Member] | United States [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Employer's contributions to a defined contribution retirement plan | $ 3.4 | $ 3 | $ 11.9 | $ 8.9 |
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 | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Assets measured on a recurring basis: | |||
Deferred compensation plan assets | $ 12,079 | $ 11,158 | $ 12,090 |
Investment in equity securities | 56,112 | 33,230 | 42,000 |
Assets measured on a recurring basis | 68,191 | 44,388 | 54,090 |
Liabilities measured on a recurring basis: | |||
Deferred compensation plan liabilities | 13,111 | 12,064 | 13,045 |
Fair Value, Inputs, Level 1 [Member] | |||
Assets measured on a recurring basis: | |||
Deferred compensation plan assets | 10,834 | 9,936 | 10,814 |
Investment in equity securities | 56,112 | 33,230 | 42,000 |
Assets measured on a recurring basis | 66,946 | 43,166 | 52,814 |
Liabilities measured on a recurring basis: | |||
Deferred compensation plan liabilities | 10,834 | 9,936 | 10,814 |
Fair Value, Inputs, Level 2 [Member] | |||
Assets measured on a recurring basis: | |||
Deferred compensation plan assets | 1,245 | 1,222 | 1,276 |
Assets measured on a recurring basis | 1,245 | 1,222 | 1,276 |
Liabilities measured on a recurring basis: | |||
Deferred compensation plan liabilities | $ 2,277 | $ 2,128 | $ 2,231 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 26.00% | 31.50% | 31.70% | 31.70% |
Unrecognized tax benefit due to the issuance of regulations that clarified the law and the expiration of statute | $ 4,300,000 | $ 4,300,000 | ||
Tax on unrealized investment gains (losses) accounted for in other comprehensive income | $ 8,800,000 | $ 16,400,000 | ||
Description of prior-period information retrospectively adjusted | 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 Statement of Financial Position as of February 29, 2016. No prior periods were retrospectively adjusted. | |||
Unrecognized tax benefits | $ 16,100,000 | $ 16,100,000 | ||
Effect on income tax expense if unrecognized tax benefits are recognized | 14,400,000 | 14,400,000 | ||
Decrease in unrecognized tax benefits | 400,000 | 400,000 | ||
Accrued Interest and penalties on unrecognized tax benefit | $ 1,600,000 | 1,600,000 | ||
Accounting Standards Update 2015-17 [Member] | ||||
Income Taxes [Line Items] | ||||
Prior period reclassification adjustment | $ 0 |
Related Party Information (Worl
Related Party Information (World Headquarters Relocation) - Additional Information (Detail) | Mar. 26, 2014USD ($)a | Nov. 25, 2016USD ($) | Feb. 29, 2016USD ($) | Nov. 27, 2015USD ($) |
WHQ Development [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase price of land | $ 7,400,000 | |||
Area of land purchased | a | 14.48 | |||
WHQ Development [Member] | Construction Loans [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revolving loan agreement, amount outstanding | $ 800,000 | $ 0 | $ 1,300,000 | |
Creative Studios Buildings [Member] | AG HQ Creative Studios LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Initial lease term | 15 years | |||
Annual lease rent | $ 10,600,000 |
Related Party Information (Tran
Related Party Information (Transactions with Parent Companies and Other Affiliated Companies) - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Feb. 29, 2016 | |
Related Party Transaction [Line Items] | |||
Cash dividends paid to parent | $ 13,894 | $ 20,724 | |
Century Intermediate Holding Company [Member] | |||
Related Party Transaction [Line Items] | |||
Tax sharing arrangement, net amounts due from affiliates | $ 300 | ||
Tax sharing arrangement, net amounts due to affiliates | 9,300 | $ 10,200 | |
Century Intermediate Holding Company [Member] | Senior Payment In Kind 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 | $ 13,900 | ||
Due year | 2,019 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 30, 2015USD ($) | Nov. 25, 2016USD ($)Store | Nov. 27, 2015USD ($) | Aug. 28, 2015USD ($) | May 29, 2015USD ($) | Nov. 25, 2016USD ($)StoreSegments | Nov. 27, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Number of business segments | Segments | 5 | ||||||
State tax credits | $ 1,050 | $ 975 | $ 3,150 | $ 7,516 | |||
AGI In-Store [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Reduction of net gain recognized included in "Corporate overhead expense" | 1,100 | 1,100 | |||||
Net gain on sale of disposal group | $ 1,100 | (1,073) | (1,073) | ||||
Strawberry Shortcake [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net gain on sale of disposal group | (391) | $ 100 | $ 61,700 | 61,234 | |||
Ohio [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
State tax credits | $ 1,100 | $ 1,000 | $ 3,200 | $ 7,500 | |||
Retail Operations [Member] | United Kingdom [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of card and gift retail stores | Store | 393 | 393 |
Business Segment Information 64
Business Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2016 | Nov. 27, 2015 | Nov. 25, 2016 | Nov. 27, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 445,892 | $ 484,031 | $ 1,262,213 | $ 1,378,502 |
Segment Earnings (Loss) before Tax | 8,211 | 9,560 | 62,733 | 151,891 |
Interest expense | (8,524) | (6,467) | (20,061) | (21,066) |
Intersegment Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | (26,192) | (27,490) | (51,526) | (49,089) |
Segment Earnings (Loss) before Tax | (5) | (3,012) | (531) | (1,382) |
Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (8,524) | (6,467) | (20,061) | (21,066) |
Profit-sharing and 401(k) match expense | (3,451) | (3,000) | (11,937) | (8,931) |
Corporate overhead expense | (7,760) | (4,670) | (17,561) | (6,518) |
Unallocated expense, total | (19,735) | (14,137) | (49,559) | (36,515) |
North American Social Expression Products [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 338,017 | 348,394 | 931,246 | 969,554 |
Segment Earnings (Loss) before Tax | 30,129 | 31,123 | 127,901 | 150,459 |
International Social Expression Products [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 68,271 | 83,906 | 167,153 | 211,932 |
Segment Earnings (Loss) before Tax | 6,529 | 1,765 | 4,024 | (3,294) |
International Social Expression Products Net Of Intersegment Items [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 42,079 | 56,416 | 115,627 | 162,843 |
Segment Earnings (Loss) before Tax | 6,524 | (1,247) | 3,493 | (4,676) |
Retail Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 50,021 | 62,279 | 170,582 | 199,590 |
Segment Earnings (Loss) before Tax | (13,340) | (11,641) | (31,495) | (32,399) |
AG Interactive [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 13,812 | 14,420 | 39,855 | 41,586 |
Segment Earnings (Loss) before Tax | 4,504 | 5,198 | 12,638 | 15,345 |
Non-Reportable Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 1,963 | 2,522 | 4,903 | 4,929 |
Segment Earnings (Loss) before Tax | $ 129 | $ 264 | $ (245) | $ 59,677 |
Business Segment Information 65
Business Segment Information (Termination Benefits ) - Additional Information (Detail) - USD ($) $ in Millions | Nov. 25, 2016 | Feb. 29, 2016 | Nov. 27, 2015 |
Segment Reporting [Abstract] | |||
Severance accrual | $ 2.8 | $ 3.5 | $ 3.1 |