Income Taxes (Tables)

12 Months Ended

Feb. 22, 2019

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 22, 2019			February 23, 2018			February 24, 2017
Balance as of beginning of period	$	2.2		$	2.8		$	8.6
Gross decreases—tax positions in prior period	—			(1.0		)	(5.3		)
Currency translation adjustment	(0.2		)	0.4			(0.5		)
Balance as of end of period	$	2.0		$	2.2		$	2.8

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 22, 2019			February 23, 2018		February 24, 2017
Current income taxes:
Federal	$	18.4		$	15.0	$	18.4
State and local	6.0			0.8		9.5
Foreign	14.6			12.1		17.0
	39.0			27.9		44.9
Deferred income taxes:
Federal	(3.6		)	37.9		21.4
State and local	1.2			7.0		1.2
Foreign	1.3			8.0		4.2
	(1.1		)	52.9		26.8
Income tax expense	$	37.9		$	80.8	$	71.7

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

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



Source of Income Before Income Tax Expense	Year Ended
Source of Income Before Income Tax Expense	February 22, 2019		February 23, 2018		February 24, 2017
Domestic	$	119.4	$	120.2	$	136.0
Foreign	44.5		41.3		60.3
	$	163.9	$	161.5	$	196.3

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 21.0% for 2019 and 32.9% for 2018 and 35.0% for 2017, as follows:



Income Tax Provision Reconciliation	Year Ended
Income Tax Provision Reconciliation	February 22, 2019			February 23, 2018			February 24, 2017
Tax expense at the U.S. federal statutory rate	$	34.4		$	53.2		$	68.7
Impact of the Tax Act (1)	(1.6		)	27.9			—
State and local income taxes, net of federal	5.7			6.7			6.5
Valuation allowance provisions and adjustments (2)	(1.3		)	0.4			(2.2		)
Foreign investment tax credits (3)	—			(1.6		)	—
COLI income (4)	(1.6		)	(3.4		)	(3.3		)
Foreign operations, less applicable foreign tax credits (5)	7.8			1.4			(2.0		)
Impact of change to non-U.S. federal statutory tax rates (6)	(0.8		)	4.0			9.3
Research tax credit	(2.9		)	(2.3		)	(1.8		)
Tax reserve adjustments (7)	—			(0.2		)	(5.3		)
Other	(1.8		)	(5.3		)	1.8
Total income tax expense recognized	$	37.9		$	80.8		$	71.7

________________________

(1)

We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which are generally 21.0%. Those items that reversed in 2018 were remeasured using a tax rate of 32.9%. We recorded a provisional decrease to deferred tax assets of $23.9 attributable to the rate reduction and a provisional tax liability of $4.0 related to transition tax for 2018. During 2019, we recorded adjustments reducing the impact of the rate change and the transition tax by $1.0 and $0.6 respectively, representing a tax rate reduction of 1%.


(2)	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.


(3)	Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment.


(4)	The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus death benefit gains are non-taxable.


(5)	The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations.


(6)	Reductions to the French corporate tax rate resulted in the revaluation of certain deferred tax assets of our French tax group, causing an increase to income tax expense of $4.0 and $7.9 in 2018 and 2017, respectively. During 2017, reductions to the United Kingdom corporate tax rate increased tax expense by $1.5.


(7)	Adjustments in 2017 related to a French income tax audit that was settled in 2017

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

The significant components of deferred income taxes are as follows:



Deferred Income Taxes	February 22, 2019			February 23, 2018
Deferred income tax assets:
Employee benefit plan obligations and deferred compensation	$	59.2		$	55.8
Foreign and domestic net operating loss carryforwards	46.1			55.8
Reserves and accruals	16.2			18.9
Tax credit carryforwards	38.7			31.8
Other, net	17.4			16.1
Total deferred income tax assets	177.6			178.4
Valuation allowances	(7.8		)	(9.5		)
Net deferred income tax assets	169.8			168.9
Deferred income tax liabilities:
Property, plant and equipment	29.4			28.4
Intangible assets	10.6			3.4
Prepaid expenses	2.2			1.7
Total deferred income tax liabilities	42.2			33.5
Net deferred income taxes	$	127.6		$	135.4
Net deferred income taxes is comprised of the following components:
Deferred income tax assets—non-current	135.8			135.4
Deferred income tax liabilities—non-current	8.2			—

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:



Income Taxes	February 22, 2019		February 23, 2018
Other current assets:
Income taxes receivable	$	11.6	$	19.7
Other long-term assets:
Income taxes receivable	$	—	$	—
Accrued expenses:
Income taxes payable	$	3.5	$	8.6

Summary of Income Tax Contingencies [Table Text Block]

Summary of Operating Loss Carryforwards [Table Text Block]

Operating loss and tax credit carryforwards expire as follows:



Fiscal Year Ending February	Net Operating Loss Carryforwards (Gross)						Net Operating Loss Carryforwards (Tax Effected)											Tax Credit Carryforwards
Fiscal Year Ending February	Federal		State		International		Federal		State			International			Total			Tax Credit Carryforwards
2020	$	—	$	—	$	0.4	$	—	$	—		$	0.1		$	0.1		$	—
2023-2038	1.0		14.1		—		0.2		1.6			—			1.8			38.7
No expiration	—		—		185.2		—		—			44.6			44.6			—
	$	1.0	$	14.1	$	185.6	0.2		1.6			44.7			46.5			38.7
Valuation allowances							—		(0.6		)	(5.8		)	(6.4		)	(1.5		)
Net benefit							$	0.2	$	1.0		$	38.9		$	40.1		$	37.2