Income Taxes (Tables)

12 Months Ended

Feb. 28, 2014

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:



Unrecognized Tax Benefits	Year Ended
Unrecognized Tax Benefits	February 28, 2014		February 22, 2013			February 24, 2012
Balance as of beginning of period	$	12.2	$	11.5		$	0.1
Gross increases—tax positions in prior period	0.4		1.6			—
Gross decreases—tax positions in prior period	—		(0.9		)	—
Gross increases—tax positions in current period	0.1		—			11.5
Lapse of statute of limitations	—		—			(0.1		)
Balance as of end of period	$	12.7	$	12.2		$	11.5

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes on income before income taxes consists of:



Provision for Income Taxes—Expense	Year Ended
Provision for Income Taxes—Expense	February 28, 2014		February 22, 2013			February 24, 2012
Current income taxes:
Federal	$	26.8	$	12.1		$	—
State and local	13.5		1.4			0.4
Foreign	5.1		5.6			11.3
	45.4		19.1			11.7
Deferred income taxes:
Federal	9.3		(48.8		)	18.0
State and local	0.1		3.1			2.5
Foreign	4.7		42.7			(6.9		)
	14.1		(3.0		)	13.6
Income tax expense	$	59.5	$	16.1		$	25.3

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income taxes were based on the following sources of income (loss) before income tax expense:



Source of Income (Loss) Before Income Tax Expense	Year Ended
Source of Income (Loss) Before Income Tax Expense	February 28, 2014			February 22, 2013			February 24, 2012
Domestic	$	164.7		$	83.8		$	63.8
Foreign	(17.5		)	(28.9		)	18.2
	$	147.2		$	54.9		$	82.0

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The total income tax expense we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 35% as follows:



Income Tax Provision Reconciliation	Year Ended
Income Tax Provision Reconciliation	February 28, 2014			February 22, 2013			February 24, 2012
Tax expense at the U.S. federal statutory rate	$	51.5		$	19.2		$	28.7
Foreign subsidiary liquidation (1)	(7.7		)	—			—
Foreign dividends, less applicable foreign tax credits (2)	0.2			(57.6		)	1.3
Valuation allowance provisions and adjustments (3)	8.4			40.0			0.7
Goodwill impairment (4)	2.7			12.3			—
COLI income (5)	(1.5		)	(3.1		)	(2.9		)
State and local income taxes, net of federal	6.6			2.9			1.9
Foreign operations, less applicable foreign tax credits (6)	2.1			2.5			0.7
Research tax credit	(1.4		)	(1.9		)	(1.6		)
Tax reserve adjustments	0.2			0.7			1.1
Sale of subsidiary (7)	—			—			(2.3		)
Other	(1.6		)	1.1			(2.3		)
Total income tax expense recognized	$	59.5		$	16.1		$	25.3

________________________


(1)	In 2014, a group of foreign subsidiaries was liquidated for tax purposes, triggering a U.S. worthless stock deduction equal to the remaining tax basis in the group and a U.S. deduction for uncollectible intercompany balances due from the group.

(2)

Foreign tax credit carryforwards of $21.0 are expected to be utilized within the remaining allowable 10 year carryfoward period. The foreign tax credit carryforwards were generated in 2013 when we converted a wholly owned French holding company from a disregarded entity to a controlled foreign corporation for U.S. tax purposes, and that conversion caused outstanding intercompany debt to be treated as a deemed dividend taxable in the U.S. Foreign taxes paid on the income that generated the deemed dividend exceeded the U.S. tax cost creating an excess foreign tax credit of $56.7. Additionally, other cash dividends received from our Canadian subsidiary resulted in excess foreign tax credits of $0.9 in 2013.


(3)	The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below.


(4)	The impairment charges related to goodwill recorded in purchase accounting are non-deductible.


(5)	The net returns in cash surrender value, normal insurance expenses and death benefit gains related to our investments in COLI policies are non-taxable.


(6)	The foreign operations, less applicable foreign tax credits amount includes the rate differential on foreign operations, U.S. tax cost of foreign branches and the impact of rate reductions in foreign jurisdictions.


(7)	In Q2 2012, we completed the sale of PolyVision’s remaining low margin whiteboard fabrication business in Europe to a third party for proceeds totaling $2.3. The transaction included the sale of PolyVision SAS (France) and PolyVision A/S (Denmark).

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components of deferred income taxes are as follows:



Deferred Income Taxes	February 28, 2014			February 22, 2013
Deferred income tax assets:
Employee benefit plan obligations and deferred compensation	$	113.5		$	90.7
Foreign and domestic net operating loss carryforwards	89.8			85.0
Reserves and accruals	23.1			26.5
Tax credit carryforwards	23.6			60.2
Other, net	15.8			6.1
Total deferred income tax assets	265.8			268.5
Valuation allowances	(81.8		)	(70.4		)
Net deferred income tax assets	184.0			198.1
Deferred income tax liabilities:
Property, plant and equipment	29.7			31.7
Intangible assets	16.2			14.2
Total deferred income tax liabilities	45.9			45.9
Net deferred income taxes	$	138.1		$	152.2
Net deferred income taxes is comprised of the following components:
Deferred income tax assets—current	$	56.0		$	56.2
Deferred income tax assets—non-current	85.1			101.7
Deferred income tax liabilities—current	0.1			—
Deferred income tax liabilities—non-current	2.9			5.7

Schedule of Current Taxes Payable or Refundable [Table Text Block]

Income taxes currently payable or refundable are reported on the Consolidated Balance Sheets as follows:



Current Income Taxes	February 28, 2014		February 22, 2013
Other current assets:
Income taxes receivable	$	3.9	$	4.7
Accrued expenses:
Income taxes payable	$	2.6	$	2.7

Summary of Income Tax Contingencies [Table Text Block]

Operating loss and tax credit carryforwards expire as follows:



Year Ending February	Net Operating Loss Carryforwards (Gross)						Tax Effected Net Operating Loss Carryforwards											Tax Credit Carryforwards
Year Ending February	Federal		State		International		Federal		State			International			Total			Tax Credit Carryforwards
2015	$	—	$	—	$	1.0	$	—	$	—		$	0.3		$	0.3		$	—
2016	—		—		5.8		—		—			1.7			1.7			—
2017	—		—		2.0		—		—			0.6			0.6			—
2018	—		—		4.1		—		—			1.2			1.2			—
2019-2034	—		140.6		16.2		—		3.3			4.3			7.6			21.0
No expiration	—		—		259.3		—		—			79.5			79.5			2.6
	$	—	$	140.6	$	288.4	—		3.3			87.6			90.9			23.6
Valuation allowances							—		(0.6		)	(75.6		)	(76.2		)	—
Net benefit							$	—	$	2.7		$	12.0		$	14.7		$	23.6

As of February 28, 2014 and February 22, 2013, the liability for uncertain tax positions, including interest and penalties, reported on the Consolidated Balance Sheets was as follows:



Liability for Uncertain Tax Positions	February 28, 2014		February 22, 2013
Other accrued expenses	$	—	$	0.3
Other long-term liabilities	2.2		1.6
	$	2.2	$	1.9

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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