þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended May 24, 2019 | ||
or | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
Michigan | 38-0819050 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
901 44th Street SE Grand Rapids, Michigan (Address of principal executive offices) | 49508 (Zip Code) | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Class A Common Stock | SCS | New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o |
STEELCASE INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED May 24, 2019 INDEX | ||
Page No. | ||
Item 1. | Financial Statements: |
STEELCASE INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in millions, except per share data) | ||||||||
Three Months Ended | ||||||||
May 24, 2019 | May 25, 2018 | |||||||
Revenue | $ | $ | ||||||
Cost of sales | ||||||||
Gross profit | ||||||||
Operating expenses | ||||||||
Operating income | ||||||||
Interest expense | ( | ) | ( | ) | ||||
Investment income | ||||||||
Other income, net | ||||||||
Income before income tax expense | ||||||||
Income tax expense | ||||||||
Net income | $ | $ | ||||||
Earnings per share: | ||||||||
Basic | $ | $ | ||||||
Diluted | $ | $ | ||||||
Dividends declared and paid per common share | $ | $ | ||||||
Three Months Ended | ||||||||
May 24, 2019 | May 25, 2018 | |||||||
Net income | $ | $ | ||||||
Other comprehensive income (loss), net: | ||||||||
Unrealized gain on investments | ||||||||
Pension and other post-retirement liability adjustments | ( | ) | ( | ) | ||||
Derivative adjustments | ||||||||
Foreign currency translation adjustments | ( | ) | ( | ) | ||||
Total other comprehensive income (loss), net | ( | ) | ( | ) | ||||
Comprehensive income | $ | $ | ||||||
STEELCASE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) | ||||||||
(Unaudited) | ||||||||
May 24, 2019 | February 22, 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Accounts receivable, net of allowances of $8.5 and $8.7 | ||||||||
Inventories | ||||||||
Prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment, net of accumulated depreciation of $1,016.0 and $1,009.3 | ||||||||
Company-owned life insurance ("COLI") | ||||||||
Deferred income taxes | ||||||||
Goodwill | ||||||||
Other intangible assets, net of accumulated amortization of $58.5 and $55.8 | ||||||||
Investments in unconsolidated affiliates | ||||||||
Right-of-use operating lease assets | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Short-term borrowings and current portion of long-term debt | ||||||||
Current operating lease obligations | ||||||||
Accrued expenses: | ||||||||
Employee compensation | ||||||||
Employee benefit plan obligations | ||||||||
Accrued promotions | ||||||||
Customer deposits | ||||||||
Product warranties | ||||||||
Other | ||||||||
Total current liabilities | ||||||||
Long-term liabilities: | ||||||||
Long-term debt less current maturities | ||||||||
Employee benefit plan obligations | ||||||||
Long-term operating lease obligations | ||||||||
Other long-term liabilities | ||||||||
Total long-term liabilities | ||||||||
Total liabilities | ||||||||
Shareholders’ equity: | ||||||||
Additional paid-in capital | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Retained earnings | ||||||||
Total shareholders’ equity | ||||||||
Total liabilities and shareholders’ equity | $ | $ | ||||||
Three Months Ended | ||||||||
May 24, 2019 | May 25, 2018 | |||||||
Changes in common shares outstanding: | ||||||||
Common shares outstanding, beginning of period | ||||||||
Common stock issuances | ||||||||
Common stock repurchases | ( | ) | ( | ) | ||||
Performance units issued as common stock | ||||||||
Restricted units issued as common stock | ||||||||
Common shares outstanding, end of period | ||||||||
Changes in paid-in capital (1): | ||||||||
Paid-in capital, beginning of period | $ | $ | ||||||
Common stock issuances | ||||||||
Common stock repurchases | ( | ) | ( | ) | ||||
Performance units and restricted stock units expense | ||||||||
Other | ||||||||
Paid-in capital, end of period | ||||||||
Changes in accumulated other comprehensive income (loss): | ||||||||
Accumulated other comprehensive income (loss), beginning of period | ( | ) | ( | ) | ||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||
Accumulated other comprehensive income (loss), end of period | ( | ) | ( | ) | ||||
Changes in retained earnings: | ||||||||
Retained earnings, beginning of period | ||||||||
Net income | ||||||||
Dividends paid ($0.145 and $0.135 per share) | ( | ) | $ | ( | ) | |||
Retained earnings, end of period | ||||||||
Total shareholders' equity | $ | $ | ||||||
(1) | Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock. |
STEELCASE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) | ||||||||
Three Months Ended | ||||||||
May 24, 2019 | May 25, 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | $ | ||||||
Depreciation and amortization | ||||||||
Non-cash stock compensation | ||||||||
Equity in income of unconsolidated affiliates | ( | ) | ( | ) | ||||
Dividends received from unconsolidated affiliates | ||||||||
Other | ( | ) | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | ( | ) | ( | ) | ||||
Inventories | ( | ) | ( | ) | ||||
Other assets | ( | ) | ||||||
Accounts payable | ||||||||
Employee compensation liabilities | ( | ) | ( | ) | ||||
Employee benefit obligations | ( | ) | ( | ) | ||||
Accrued expenses and other liabilities | ( | ) | ||||||
Net cash used in operating activities | ( | ) | ( | ) | ||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Other | ||||||||
Net cash used in investing activities | ( | ) | ( | ) | ||||
FINANCING ACTIVITIES | ||||||||
Dividends paid | ( | ) | ( | ) | ||||
Common stock repurchases | ( | ) | ( | ) | ||||
Repayments of long-term debt | ( | ) | ( | ) | ||||
Other | ||||||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ( | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||
Cash and cash equivalents and restricted cash, beginning of period (1) | ||||||||
Cash and cash equivalents and restricted cash, end of period (2) | $ | $ | ||||||
(1) | These amounts include restricted cash of $ |
(2) | These amounts include restricted cash of $ |
1. | BASIS OF PRESENTATION |
2. | NEW ACCOUNTING STANDARDS |
3. | REVENUE |
Product Category Data | Three Months Ended | |||||||
May 24, 2019 | May 25, 2018 | |||||||
Americas | ||||||||
Desking, benching, systems and storage | $ | $ | ||||||
Seating | ||||||||
Other (1) | ||||||||
EMEA | ||||||||
Desking, benching, systems and storage | ||||||||
Seating | ||||||||
Other (1) | ||||||||
Other | ||||||||
Desking, benching, systems and storage | ||||||||
Seating | ||||||||
Other (1) | ||||||||
$ | $ | |||||||
(1) | The Other product category data by segment consists primarily of consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services. |
Reportable Geographic Revenue | Three Months Ended | |||||||
May 24, 2019 | May 25, 2018 | |||||||
United States | $ | $ | ||||||
Foreign locations | ||||||||
$ | $ | |||||||
Customer Deposits | ||||
Balance as of February 22, 2019 | $ | |||
Increases due to deposits received, net of other adjustments | ||||
Revenue recognized | ( | ) | ||
Balance as of May 24, 2019 | $ | |||
4. |
Three Months Ended | ||||||||
Computation of Earnings per Share | May 24, 2019 | May 25, 2018 | ||||||
Net income | $ | $ | ||||||
Adjustment for earnings attributable to participating securities | ( | ) | ( | ) | ||||
Net income used in calculating earnings per share | $ | $ | ||||||
Weighted-average common shares outstanding including participating securities (in millions) | ||||||||
Adjustment for participating securities (in millions) | ( | ) | ( | ) | ||||
Shares used in calculating basic earnings per share (in millions) | ||||||||
Effect of dilutive stock-based compensation (in millions) | ||||||||
Shares used in calculating diluted earnings per share (in millions) | ||||||||
Earnings per share: | ||||||||
Basic | $ | $ | ||||||
Diluted | $ | $ | ||||||
Total common shares outstanding at period end (in millions) | ||||||||
Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions) | ||||||||
5. | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
Unrealized gain (loss) on investments | Pension and other post-retirement liability adjustments | Derivative adjustments | Foreign currency translation adjustments | Total | ||||||||||||||||
Balance as of February 22, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||||||
Net current period other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance as of May 24, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Detail of Accumulated Other Comprehensive Income (Loss) Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Condensed Consolidated Statements of Income | |||||||
Three Months Ended | |||||||||
May 24, 2019 | May 25, 2018 | ||||||||
Amortization of pension and other post-retirement liability adjustments | |||||||||
Actuarial losses (gains) | $ | ( | ) | $ | ( | ) | Other income, net | ||
Prior service cost (credit) | ( | ) | Other income, net | ||||||
Income tax expense | |||||||||
( | ) | ( | ) | ||||||
Derivative adjustments | Interest expense | ||||||||
( | ) | Income tax expense | |||||||
Total reclassifications | $ | ( | ) | $ | ( | ) | |||
6. | FAIR VALUE |
May 24, 2019 | ||||||||||||||||
Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||||
Foreign exchange forward contracts | ||||||||||||||||
Auction rate securities | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward contracts | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
$ | $ | ( | ) | $ | $ | ( | ) | |||||||||
February 22, 2019 | ||||||||||||||||
Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||||
Foreign exchange forward contracts | ||||||||||||||||
Auction rate securities | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward contracts | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
$ | $ | ( | ) | $ | $ | ( | ) | |||||||||
Roll-Forward of Fair Value Using Level 3 Inputs | Auction Rate Securities | |||
Balance as of February 22, 2019 | $ | |||
Unrealized gain on investments | ||||
Balance as of May 24, 2019 | $ | |||
7. | INVENTORIES |
Inventories | May 24, 2019 | February 22, 2019 | ||||||
Raw materials and work-in-process | $ | $ | ||||||
Finished goods | ||||||||
Revaluation to LIFO | ||||||||
$ | $ | |||||||
2020 Awards | ||
Three-year risk-free interest rate (1) | % | |
Expected term | ||
Estimated volatility (2) | % | |
(1) | Based on the U.S. government bond benchmark on the grant date. |
(2) | Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date. |
Three Months Ended | ||||||||
Performance Units | May 24, 2019 | May 25, 2018 | ||||||
Expense | $ | $ | ||||||
Tax benefit | ||||||||
Maximum Number of Shares That May Be Issued Under Nonvested Units | Total | Weighted-Average Grant Date Fair Value per Unit | |||
Nonvested as of February 22, 2019 | $ | ||||
Granted | |||||
Nonvested as of May 24, 2019 | $ | ||||
Three Months Ended | ||||||||
Restricted Stock Units | May 24, 2019 | May 25, 2018 | ||||||
Expense | $ | $ | ||||||
Tax benefit | ||||||||
Nonvested Units | Total | Weighted-Average Grant Date Fair Value per Unit | |||
Nonvested as of February 22, 2019 | $ | ||||
Granted | |||||
Vested | ( | ) | |||
Forfeited | ( | ) | |||
Nonvested as of May 24, 2019 | $ | ||||
9. | LEASES |
Three Months Ended | ||||
May 24, 2019 | ||||
Operating lease cost | $ | |||
Sublease rental income | ( | ) | ||
$ | ||||
Three Months Ended | ||||
May 24, 2019 | ||||
Cash flow information: | ||||
Operating cash flows used for operating leases | $ | |||
Leased assets obtained in exchange for new operating lease liabilities | $ | |||
Other information: | ||||
Weighted-average remaining term | ||||
Weighted-average discount rate | % | |||
Fiscal year ending in February | Amount (1) | |||
2020 | $ | |||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
Thereafter | ||||
Total lease payments | ||||
Less interest | ||||
Present value of lease liabilities | $ | |||
(1) |
Fiscal Year Ending in February | Minimum annual rental commitments | Minimum annual sublease rental income | Minimum annual rental commitments, net | |||||||||
2020 | $ | $ | ( | ) | $ | |||||||
2021 | ( | ) | ||||||||||
2022 | ( | ) | ||||||||||
2023 | ( | ) | ||||||||||
2024 | ( | ) | ||||||||||
Thereafter | ( | ) | ||||||||||
$ | $ | ( | ) | $ | ||||||||
• | We elected not to separate non-lease components of a contract from the lease components to which they relate for all classes of lease assets except for embedded leases, which were immaterial in Q1 2020. |
• | We elected the package of practical expedients available for transition which allowed us not to reassess (1) whether previously assessed contracts contain leases, (2) the classification of the leases as operating or finance and (3) the amount of initial direct costs associated with the leases. |
• | We elected not to recognize a right-of-use asset or lease liability for short-term leases that have a lease term of 12 months or less. |
• | We elected not to assess whether land easements that were not previously accounted for as leases are or contain a lease. |
• |
Other Intangible Assets | Weighted Average Useful Life (Years) | Fair Value | |||||
Dealer relationships | $ | ||||||
Trademark | |||||||
Know-how/designs | |||||||
Other | |||||||
$ | |||||||
Fiscal Year Ending in February | Amount | |||
2020 | $ | |||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
$ | ||||
Other Intangible Assets | Weighted Average Useful Life (Years) | Fair Value | |||||
Know-how/designs | $ | ||||||
Dealer relationships | |||||||
Trademark | |||||||
Other | |||||||
$ | |||||||
Fiscal Year Ending in February | Amount | |||
2020 | $ | |||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
$ | ||||
11. | REPORTABLE SEGMENTS |
Three Months Ended | ||||||||
Reportable Segment Statement of Operations Data | May 24, 2019 | May 25, 2018 | ||||||
Revenue | ||||||||
Americas | $ | $ | ||||||
EMEA | ||||||||
Other | ||||||||
$ | $ | |||||||
Operating income (loss) | ||||||||
Americas | $ | $ | ||||||
EMEA | ( | ) | ||||||
Other | ||||||||
Corporate | ( | ) | ( | ) | ||||
$ | $ | |||||||
Reportable Segment Balance Sheet Data | May 24, 2019 | February 22, 2019 | ||||||
Total assets | ||||||||
Americas | $ | $ | ||||||
EMEA | ||||||||
Other | ||||||||
Corporate | ||||||||
$ | $ | |||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations: |
Three Months Ended | ||||||||||||||
Statement of Operations Data | May 24, 2019 | May 25, 2018 | ||||||||||||
Revenue | $ | 824.3 | 100.0 | % | $ | 754.0 | 100.0 | % | ||||||
Cost of sales | 565.9 | 68.7 | 516.1 | 68.4 | ||||||||||
Gross profit | 258.4 | 31.3 | 237.9 | 31.6 | ||||||||||
Operating expenses | 230.8 | 28.0 | 214.6 | 28.5 | ||||||||||
Operating income | 27.6 | 3.3 | 23.3 | 3.1 | ||||||||||
Interest expense | (6.7 | ) | (0.8 | ) | (4.4 | ) | (0.5 | ) | ||||||
Investment income | 1.0 | 0.1 | 1.0 | 0.1 | ||||||||||
Other income, net | 2.2 | 0.3 | 3.3 | 0.4 | ||||||||||
Income before income tax expense | 24.1 | 2.9 | 23.2 | 3.1 | ||||||||||
Income tax expense | 6.3 | 0.7 | 6.2 | 0.8 | ||||||||||
Net income | $ | 17.8 | 2.2 | % | $ | 17.0 | 2.3 | % | ||||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.15 | $ | 0.14 | ||||||||||
Diluted | $ | 0.15 | $ | 0.14 | ||||||||||
Q1 2020 Organic Revenue Growth | Americas | EMEA | Other | Consolidated | ||||||||||||
Q1 2019 revenue | $ | 535.8 | $ | 137.4 | $ | 80.8 | $ | 754.0 | ||||||||
Acquisitions | 16.5 | 22.3 | — | 38.8 | ||||||||||||
Divestiture | — | (0.4 | ) | — | (0.4 | ) | ||||||||||
Currency translation effects* | (1.5 | ) | (11.6 | ) | (2.0 | ) | (15.1 | ) | ||||||||
Q1 2019 revenue, adjusted | 550.8 | 147.7 | 78.8 | 777.3 | ||||||||||||
Q1 2020 revenue | 576.3 | 161.3 | 86.7 | 824.3 | ||||||||||||
Organic growth $ | $ | 25.5 | $ | 13.6 | $ | 7.9 | $ | 47.0 | ||||||||
Organic growth % | 5 | % | 9 | % | 10 | % | 6 | % | ||||||||
* Currency translation effects represent the estimated net effect of translating Q1 2019 foreign currency revenues using the average exchange rates during Q1 2020. | ||||||||||||||||
Three Months Ended | ||||||||
Interest Expense, Investment Income and Other Income, Net | May 24, 2019 | May 25, 2018 | ||||||
Interest expense | $ | (6.7 | ) | $ | (4.4 | ) | ||
Investment income | 1.0 | 1.0 | ||||||
Other income (expense), net: | ||||||||
Equity in income of unconsolidated affiliates | 2.5 | 3.4 | ||||||
Foreign exchange gains | 0.3 | 0.1 | ||||||
Net periodic pension and post-retirement credit, excluding service cost | 0.2 | 0.9 | ||||||
Miscellaneous, net | (0.8 | ) | (1.1 | ) | ||||
Total other income, net | 2.2 | 3.3 | ||||||
Total interest expense, investment income and other income, net | $ | (3.5 | ) | $ | (0.1 | ) | ||
Three Months Ended | ||||||||||||||
Statement of Operations Data — Americas | May 24, 2019 | May 25, 2018 | ||||||||||||
Revenue | $ | 576.3 | 100.0 | % | $ | 535.8 | 100.0 | % | ||||||
Cost of sales | 393.4 | 68.3 | 363.6 | 67.9 | ||||||||||
Gross profit | 182.9 | 31.7 | 172.2 | 32.1 | ||||||||||
Operating expenses | 150.5 | 26.1 | 142.5 | 26.6 | ||||||||||
Operating income | $ | 32.4 | 5.6 | % | $ | 29.7 | 5.5 | % | ||||||
Three Months Ended | ||||||||||||||
Statement of Operations Data — EMEA | May 24, 2019 | May 25, 2018 | ||||||||||||
Revenue | $ | 161.3 | 100.0 | % | $ | 137.4 | 100.0 | % | ||||||
Cost of sales | 115.7 | 71.7 | 99.3 | 72.3 | ||||||||||
Gross profit | 45.6 | 28.3 | 38.1 | 27.7 | ||||||||||
Operating expenses | 44.8 | 27.8 | 39.8 | 28.9 | ||||||||||
Operating income (loss) | $ | 0.8 | 0.5 | % | $ | (1.7 | ) | (1.2 | )% | |||||
Three Months Ended | ||||||||||||||
Statement of Operations Data — Other | May 24, 2019 | May 25, 2018 | ||||||||||||
Revenue | $ | 86.7 | 100.0 | % | $ | 80.8 | 100.0 | % | ||||||
Cost of sales | 56.8 | 65.5 | 53.2 | 65.8 | ||||||||||
Gross profit | 29.9 | 34.5 | 27.6 | 34.2 | ||||||||||
Operating expenses | 27.6 | 31.8 | 26.0 | 32.2 | ||||||||||
Operating income | $ | 2.3 | 2.7 | % | $ | 1.6 | 2.0 | % | ||||||
Three Months Ended | ||||||||
Statement of Operations Data — Corporate | May 24, 2019 | May 25, 2018 | ||||||
Operating expenses | $ | 7.9 | $ | 6.3 | ||||
Liquidity Sources | May 24, 2019 | February 22, 2019 | ||||||
Cash and cash equivalents | $ | 152.7 | $ | 261.3 | ||||
Company-owned life insurance | 156.7 | 156.1 | ||||||
Availability under credit facilities | 232.1 | 227.9 | ||||||
Total liquidity | $ | 541.5 | $ | 645.3 | ||||
Three Months Ended | ||||||||
Cash Flow Data | May 24, 2019 | May 25, 2018 | ||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | (71.0 | ) | $ | (117.7 | ) | ||
Investing activities | (13.7 | ) | (7.9 | ) | ||||
Financing activities | (21.8 | ) | (20.4 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (0.7 | ) | (1.3 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (107.2 | ) | (147.3 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 264.8 | 285.6 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 157.6 | $ | 138.3 | ||||
Three Months Ended | ||||||||
Cash Flow Data — Operating Activities | May 24, 2019 | May 25, 2018 | ||||||
Net income | $ | 17.8 | $ | 17.0 | ||||
Depreciation and amortization | 20.3 | 17.5 | ||||||
Non-cash stock compensation | 9.5 | 9.2 | ||||||
Other | 3.3 | (4.5 | ) | |||||
Changes in accounts receivable, inventories and accounts payable | (9.5 | ) | (40.8 | ) | ||||
Changes in employee compensation liabilities | (93.6 | ) | (75.4 | ) | ||||
Employee benefit obligations | (24.2 | ) | (26.6 | ) | ||||
Changes in other operating assets and liabilities | 5.4 | (14.1 | ) | |||||
Net cash used in operating activities | $ | (71.0 | ) | $ | (117.7 | ) | ||
Three Months Ended | ||||||||
Cash Flow Data — Investing Activities | May 24, 2019 | May 25, 2018 | ||||||
Capital expenditures | $ | (14.8 | ) | $ | (15.8 | ) | ||
Other | 1.1 | 7.9 | ||||||
Net cash used in investing activities | $ | (13.7 | ) | $ | (7.9 | ) | ||
Three Months Ended | ||||||||
Cash Flow Data — Financing Activities | May 24, 2019 | May 25, 2018 | ||||||
Dividends paid | $ | (17.3 | ) | $ | (16.3 | ) | ||
Common stock repurchases | (4.0 | ) | (3.4 | ) | ||||
Net borrowings and repayments of debt | (0.6 | ) | (0.7 | ) | ||||
Other | 0.1 | — | ||||||
Net cash used in financing activities | $ | (21.8 | ) | $ | (20.4 | ) | ||
Liquidity Facilities | May 24, 2019 | |||
Global committed bank facility | $ | 200.0 | ||
Various uncommitted lines | 32.1 | |||
Total credit lines available | 232.1 | |||
Less: Borrowings outstanding | (1.7 | ) | ||
Available capacity | $ | 230.4 | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk: |
Item 4. | Controls and Procedures: |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds: |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | (d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1) (in millions) | ||||||
2/23/2019 - 3/29/2019 | 229,303 | $ | 17.55 | — | $ | 98.9 | ||||
3/30/2019 - 4/26/2019 | — | $ | — | — | $ | 98.9 | ||||
4/27/2019 - 5/24/2019 | — | $ | — | — | $ | 98.9 | ||||
Total | 229,303 | (2) | — | |||||||
(1) | In January 2016, the Board of Directors approved a share repurchase program permitting the repurchase of up to $150 of shares of our common stock. On January 30, 2019, we entered into a stock repurchase agreement with an independent third party broker under which the broker was authorized to repurchase up to 1,000,000 shares of our common stock on our behalf during the period from January 30, 2019 through June 25, 2019, subject to certain price, market and volume constraints specified in the agreement. The agreement was established in accordance with Rule 10b5-1 of the Exchange Act. Shares purchased under the agreement are part of our share repurchase program approved in January 2016. |
(2) | All of these shares were repurchased to satisfy participants’ tax withholding obligations upon the vesting of equity awards, pursuant to the terms of our Incentive Compensation Plan. |
Item 6. | Exhibits: |
STEELCASE INC. | |
By: | /s/ David C. Sylvester |
David C. Sylvester Senior Vice President, Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | |
Exhibit No. | Description |
31.1 | |
31.2 | |
32.1 | |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
1) | I have reviewed this quarterly report on Form 10-Q of Steelcase Inc.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ James P. Keane | ||
Name: | James P. Keane | |
Title: | President and Chief Executive Officer | |
1) | I have reviewed this quarterly report on Form 10-Q of Steelcase Inc.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ David C. Sylvester | ||
Name: | David C. Sylvester | |
Title: | Senior Vice President, Chief Financial Officer | |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ James P. Keane | ||
Name: | James P. Keane | |
Title: | President and Chief Executive Officer | |
/s/ David C. Sylvester | ||
Name: | David C. Sylvester | |
Title: | Senior Vice President, Chief Financial Officer | |
Document And Entity Information - shares |
3 Months Ended | |
|---|---|---|
May 24, 2019 |
Jun. 18, 2019 |
|
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | May 24, 2019 | |
| Document Fiscal Period Focus | Q1 | |
| Document Fiscal Year Focus | 2020 | |
| Trading Symbol | SCS | |
| Entity Registrant Name | STEELCASE INC | |
| Entity Central Index Key | 0001050825 | |
| Current Fiscal Year End Date | --02-22 | |
| Entity Filer Category | Large Accelerated Filer | |
| Common Class A [Member] | ||
| Entity Common Stock, Shares Outstanding | 88,789,627 | |
| Common Class B [Member] | ||
| Entity Common Stock, Shares Outstanding | 28,535,960 |
Condensed Consolidated Statements Of Income - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
May 24, 2019 |
May 25, 2018 |
|
| Revenues | $ 824.3 | $ 754.0 |
| Cost of sales | 565.9 | 516.1 |
| Gross profit | 258.4 | 237.9 |
| Operating expenses | 230.8 | 214.6 |
| Operating income | 27.6 | 23.3 |
| Interest expense | (6.7) | (4.4) |
| Investment income | 1.0 | 1.0 |
| Other Nonoperating Income (Expense) | 2.2 | 3.3 |
| Income before income tax expense | 24.1 | 23.2 |
| Income Tax Expense (Benefit) | 6.3 | 6.2 |
| Net income | $ 17.8 | $ 17.0 |
| Earnings per share | ||
| Basic | $ 0.15 | $ 0.14 |
| Diluted | 0.15 | 0.14 |
| Dividends declared and paid per common share | $ 0.1450 | $ 0.1350 |
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
May 24, 2019 |
May 25, 2018 |
|
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (7.9) | $ (12.2) |
| Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0.1 | 0.1 |
| Net income | 17.8 | 17.0 |
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0.2 | 0.8 |
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0.2 | 0.0 |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7.8) | (12.9) |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10.0 | $ 4.1 |
| Unrealized gain (loss) on investments [Member] | ||
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 0.1 | |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
May 24, 2019 |
Feb. 22, 2019 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, allowances | $ 8.5 | $ 8.7 |
| Property, plant and equipment, accumulated depreciation | 1,016.0 | 1,009.3 |
| Other intangible assets, accumulated amortization | $ 58.5 | $ 55.8 |
Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Millions |
Total |
Performance Units [Member] |
Restricted Stock [Member] |
|||
|---|---|---|---|---|---|---|
| Retained earnings, beginning of period at Feb. 23, 2018 | $ 819.0 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Net income | 17.0 | |||||
| Dividends paid ($0.145 and $0.135 per share) | (16.3) | |||||
| Retained earnings, end of period at May. 25, 2018 | 819.7 | |||||
| Accumulated other comprehensive income (loss), beginning of period at Feb. 23, 2018 | (10.3) | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Other comprehensive income (loss) | (12.9) | |||||
| Accumulated Other Comprehensive Income (Loss), End of Period at May. 25, 2018 | (23.2) | |||||
| Paid-in capital, beginning of period at Feb. 23, 2018 | [1] | 4.6 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Common stock issuances | [1] | 0.2 | ||||
| Common stock repurchases | [1] | (3.4) | ||||
| Performance units and restricted stock units expense | [1] | 9.0 | ||||
| Other | [1] | 2.2 | ||||
| Paid-in capital, end of period at May. 25, 2018 | [1] | $ 12.6 | ||||
| Common shares outstanding, beginning of period at Feb. 23, 2018 | 116,157,443 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Common stock issuances | 13,689 | |||||
| Common stock repurchases | (236,102) | |||||
| Stock Issued During Period, Shares, New Issues | 209,353 | 535,652 | ||||
| Common shares outstanding, end of period at May. 25, 2018 | 116,680,035 | |||||
| Stockholders' Equity Attributable to Parent | $ 809.1 | |||||
| Stockholders' Equity Attributable to Parent | 849.8 | |||||
| Retained earnings, beginning of period at Feb. 22, 2019 | 880.7 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Net income | 17.8 | |||||
| Dividends paid ($0.145 and $0.135 per share) | (17.3) | |||||
| Retained earnings, end of period at May. 24, 2019 | 881.2 | |||||
| Accumulated other comprehensive income (loss), beginning of period at Feb. 22, 2019 | (47.3) | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Other comprehensive income (loss) | (7.8) | |||||
| Accumulated Other Comprehensive Income (Loss), End of Period at May. 24, 2019 | (55.1) | |||||
| Paid-in capital, beginning of period at Feb. 22, 2019 | [1] | 16.4 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Common stock issuances | [1] | 0.2 | ||||
| Common stock repurchases | [1] | (4.0) | ||||
| Performance units and restricted stock units expense | [1] | 9.3 | ||||
| Other | [1] | 4.0 | ||||
| Paid-in capital, end of period at May. 24, 2019 | [1] | $ 25.9 | ||||
| Common shares outstanding, beginning of period at Feb. 22, 2019 | 116,766,610 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Common stock issuances | 11,397 | |||||
| Common stock repurchases | (229,303) | |||||
| Stock Issued During Period, Shares, New Issues | 0 | 765,051 | ||||
| Common shares outstanding, end of period at May. 24, 2019 | 117,313,755 | |||||
| Stockholders' Equity Attributable to Parent | $ 852.0 | |||||
| ||||||
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
May 24, 2019 |
May 25, 2018 |
||||||
| OPERATING ACTIVITIES | |||||||
| Net income | $ 17.8 | $ 17.0 | |||||
| Depreciation and amortization | 20.3 | 17.5 | |||||
| Non-cash stock compensation | 9.5 | 9.2 | |||||
| Equity in income of unconsolidated affiliates | (2.5) | (3.3) | |||||
| Dividends received from unconsolidated affiliates | 4.6 | 1.7 | |||||
| Other | 1.2 | (2.9) | |||||
| Changes in operating assets and liabilities net of acquisitions: | |||||||
| Accounts receivable | (15.0) | (42.2) | |||||
| Inventories | (17.7) | (20.4) | |||||
| Other assets | 1.1 | (1.1) | |||||
| Accounts payable | 23.2 | 21.8 | |||||
| Employee compensation liabilities | (93.6) | (75.4) | |||||
| Employee benefit obligations | (24.2) | (26.6) | |||||
| Accrued Liabilities and Other Operating Liabilities | 4.3 | (13.0) | |||||
| Net cash provided by operating activities | (71.0) | (117.7) | |||||
| INVESTING ACTIVITIES | |||||||
| Capital expenditures | (14.8) | (15.8) | |||||
| Other | 1.1 | 7.9 | |||||
| Net cash provided by (used in) investing activities | (13.7) | (7.9) | |||||
| FINANCING ACTIVITIES | |||||||
| Dividends paid | (17.3) | (16.3) | |||||
| Common stock repurchases | (4.0) | (3.4) | |||||
| Proceeds from (Payments for) Other Financing Activities | 0.1 | 0.0 | |||||
| Repayments of long-term debt | (0.6) | (0.7) | |||||
| Net cash used in financing activities | (21.8) | (20.4) | |||||
| Effect of exchange rate changes on cash and cash equivalents | (0.7) | (1.3) | |||||
| Net decrease in cash, cash equivalents and restricted cash | (107.2) | (147.3) | |||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | [1] | 264.8 | 285.6 | ||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | [2] | 157.6 | 138.3 | ||||
| Restricted Cash | $ 4.9 | $ 3.4 | |||||
| |||||||
Basis Of Presentation |
3 Months Ended |
|---|---|
May 24, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis Of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 22, 2019 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 22, 2019 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.
|
New Accounting Standards |
3 Months Ended |
|---|---|
May 24, 2019 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), to address the impact of the U.S. Tax Cuts and Jobs Act (the "Tax Act") on tax effects presented in other comprehensive income. The amended guidance allows a reclassification from accumulated other comprehensive income to retained earnings for the tax effects of items within accumulated other comprehensive income resulting from the Tax Act. We elected to not reclassify these amounts to retained earnings. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The amendments may be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the United States ("U.S."). federal corporate income tax rate in the Tax Act is recognized. The adoption of this guidance did not have an effect on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718), which simplifies certain aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. Certain areas of the simplification apply only to nonpublic entities. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments of the ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of this guidance did not have an effect on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The core principle of the new lease standard is to increase the decision usefulness and comparability among organizations by recognizing right-of-use assets and lease obligations on the balance sheet with additional qualitative and quantitative disclosures. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The adoption of this guidance and related amendments resulted in an increase in the assets and liabilities on our Condensed Consolidated Balance Sheet as of May 24, 2019. See Note 9 for additional information. Accounting Standards Issued But Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715-20, Compensation - Retirement Benefits - Defined Benefit Plans - General. The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The amended guidance is effective for fiscal years ending after December 15, 2020. The adoption of this guidance will modify our disclosures but is not expected to have a material effect on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We are currently evaluating the impact of this standard on our consolidated financial statements.
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Revenue (Notes) |
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| Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments:
_______________________________________
Reportable geographic information is as follows:
Contract Balances At times, we receive deposits from customers before revenue is recognized, resulting in the recognition of a contract liability (Customer deposits) presented in the Condensed Consolidated Balance Sheets. Changes in the Customer deposits balance during the three months ended May 24, 2019 are as follows:
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Earnings Per Share |
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| Earnings Per Share | EARNINGS PER SHARE Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period.
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Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) |
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| Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended May 24, 2019:
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three months ended May 24, 2019 and May 25, 2018:
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Fair Value |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | 6. FAIR VALUE The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value in the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $486.6 and $487.0 as of May 24, 2019 and February 22, 2019, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $511 and $492 as of May 24, 2019 and February 22, 2019, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes. Assets and liabilities measured at fair value in the Consolidated Balance Sheets as of May 24, 2019 and February 22, 2019 are summarized below:
Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 24, 2019:
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Inventories |
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May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | INVENTORIES
The portion of inventories determined by the LIFO method was $110.9 and $96.9 as of May 24, 2019 and February 22, 2019, respectively.
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Share-Based Compensation |
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| Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | SHARE-BASED COMPENSATION Performance Units During the three months ended May 24, 2019, we granted 98,867 performance units ("PSUs") which are earned over a three-year period based on performance conditions and then modified based on a market condition. The expense for these awards is determined based on the probability that the performance conditions will be met and the fair value of the market condition. We used the Monte Carlo simulation model to calculate the fair value of the market condition, which resulted in a total weighted-average grant date fair value of $16.21 per unit for these PSUs. The PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets. The weighted-average grant date fair values were determined using the following assumptions:
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The total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 24, 2019 and May 25, 2018 are as follows:
As of May 24, 2019, there was $1.2 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.9 years. The PSU activity for the three months ended May 24, 2019 is as follows:
Restricted Stock Units During the three months ended May 24, 2019, we awarded 722,209 restricted stock units ("RSUs") to certain employees. These RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the units will be issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the underlying shares on the date of grant. The RSU expense and associated tax benefit for all outstanding awards for the three months ended May 24, 2019 and May 25, 2018 are as follows:
As of May 24, 2019, there was $10.5 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.0 years. The RSU activity for the three months ended May 24, 2019 is as follows:
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Leases (Notes) |
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| Lessee, Lease, Description [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases of Lessee Disclosure [Text Block] | LEASES Accounting Policies In Q1 2020, we adopted ASU 2016-02, Leases (Topic 842) and related amendments ("ASC 842") on a prospective basis. The effects of the initial application of ASC 842 did not result in a cumulative adjustment to retained earnings. We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. Lease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods. Our leases do not contain any residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit discount rate, we use an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The estimated incremental borrowing rate represents the estimated rate of interest we would have had to pay to borrow on a collateralized basis an amount equal to the lease payments for a similar period of time. The components of lease expense are as follows:
Supplemental cash flow and other information related to leases are as follows:
The following table summarizes the future minimum lease payments as of May 24, 2019:
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The following table summarizes future minimum lease payments as of February 22, 2019, before adoption of ASC 842:
Practical Expedients Elected We elected the following practical expedients as a result of adopting ASC 842:
• We elected not to use hindsight in determining the lease term and in assessing the likelihood that a lessee purchase option will be exercised.
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Acquisitions (Notes) |
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| Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ACQUISITIONS Orangebox In Q3 2019, we acquired Orangebox Group Limited ("Orangebox"), a manufacturer of task seating, architectural pods, privacy solutions and collaborative furniture based in the United Kingdom ("U.K."). The transaction included the purchase of all of the outstanding capital stock of Orangebox for $78.9 (or £60.0) less an adjustment for working capital of $0.5 in an all-cash transaction. An additional $3.9 (or £3.0) is payable to one of the sellers over three years, contingent upon the achievement of certain business performance obligations. The acquisition was funded by borrowings under our global committed bank facility. The goodwill resulting from the acquisition relates to the expected ability to provide customers with a broader range of furniture designed to boost collaboration at work and provide us with an engine to accelerate innovative product development. Tangible assets and liabilities of Orangebox were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $42.2 related to identifiable intangible assets, $23.4 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and current liabilities), property, plant and equipment (primarily the land, building and equipment of two manufacturing locations in the U.K.) and deferred tax liabilities. Goodwill was recorded in EMEA and the Americas segments in the amounts of $18.8 and $4.6, respectively. The goodwill is not deductible for U.K. or U.S. income tax purposes. Intangible assets are principally related to dealer relationships, the Orangebox trade name and internally-developed know-how and designs, which will be amortized over periods ranging between 9 to 11 years. The purchase price allocation for the Orangebox acquisition was incomplete as of May 24, 2019. We are still evaluating certain working capital and deferred tax adjustments. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:
The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows:
Smith System In Q2 2019, we acquired Smith System Manufacturing Company ("Smith System"), a Texas-based manufacturer of desking, seating and storage for the pre-K-12 education market. The transaction included the purchase of all of the outstanding capital stock of Smith System for $140.0, payable in cash, plus a net adjustment for working capital of $8.4. In addition, we funded $5.0 to a third-party escrow account, which is payable to the seller at the end of two years based on continued employment. The acquisition was funded through a combination of domestic cash on-hand and short-term borrowings under our global credit facility. Smith System is an industry leader in the U.S. pre-K-12 education market. The acquisition is expected to advance our growth strategy in the education and office markets particularly as it relates to learning environments and collaborative spaces. The goodwill resulting from the acquisition is primarily related to the growth potential of Smith System as we offer their products through our distribution network. Tangible assets and liabilities of Smith System were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $44.1 related to identifiable intangible assets, $79.3 related to goodwill and $25.0 related to tangible assets, mainly consisting of working capital items such as accounts receivable, inventory and current liabilities. The entire amount recorded to goodwill is deductible for U.S. income tax purposes and is recorded in the Americas segment. Intangible assets are principally related to internally-developed know-how and designs, dealer relationships and the Smith System trade name, which will be amortized over periods ranging between 9 to 11 years. As of May 24, 2019, the purchase accounting for the Smith System acquisition was complete. The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:
The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows:
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Reportable Segments |
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| Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | REPORTABLE SEGMENTS Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate costs are reported as Corporate. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a portfolio of integrated architecture, furniture and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Turnstone, Smith System, AMQ and Orangebox brands. The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. The Other category includes Asia Pacific, Designtex and PolyVision. Asia Pacific serves customers in Asia and Australia primarily under the Steelcase brand with an emphasis on freestanding furniture systems, seating and storage solutions. Designtex primarily sells textiles, wall coverings and surface imaging solutions specified by architects and designers directly to end-use customers through a direct sales force primarily in North America. PolyVision manufactures ceramic steel surfaces for use in various applications globally, including static whiteboards and chalkboards sold through third party fabricators and distributors to the primary and secondary education markets and architectural panels and other special applications sold through general contractors for commercial and infrastructure projects. We primarily review and evaluate operating income by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on operating income. Total assets by segment include manufacturing and other assets associated with each segment. Corporate costs include unallocated portions of shared service functions, such as information technology, corporate facilities, finance, human resources, research, legal and customer aviation, plus deferred compensation expense and income or losses associated with COLI. Corporate assets consist primarily of unallocated cash and cash equivalents and COLI. Revenue and operating income (loss) for the three months ended May 24, 2019 and May 25, 2018 and total assets as of May 24, 2019 and February 22, 2019 by segment are presented below:
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Revenue (Tables) |
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| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments:
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Reportable geographic information is as follows:
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| Contract with Customer, changes in customer deposits | Changes in the Customer deposits balance during the three months ended May 24, 2019 are as follows:
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Earnings Per Share (Tables) |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Earnings Per Share |
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended May 24, 2019:
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| Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three months ended May 24, 2019 and May 25, 2018:
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Fair Value (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | 6. FAIR VALUE The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value in the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $486.6 and $487.0 as of May 24, 2019 and February 22, 2019, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $511 and $492 as of May 24, 2019 and February 22, 2019, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes. Assets and liabilities measured at fair value in the Consolidated Balance Sheets as of May 24, 2019 and February 22, 2019 are summarized below:
Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 24, 2019:
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| Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | Assets and liabilities measured at fair value in the Consolidated Balance Sheets as of May 24, 2019 and February 22, 2019 are summarized below:
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| Rollforward of Assets with Unobservable Inputs Measured at Fair Value on Recurring Basis | Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 24, 2019:
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Inventories (Tables) |
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May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory |
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Share-Based Compensation (Tables) |
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| Performance Units [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Assumptions for Performance Unit Awards | The weighted-average grant date fair values were determined using the following assumptions:
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(2) Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date.
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| Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | The total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 24, 2019 and May 25, 2018 are as follows:
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| Schedule of Performance Unit Awards Activity | The PSU activity for the three months ended May 24, 2019 is as follows:
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| Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | The RSU expense and associated tax benefit for all outstanding awards for the three months ended May 24, 2019 and May 25, 2018 are as follows:
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| Schedule of Restricted Stock Unit Awards Activity | The RSU activity for the three months ended May 24, 2019 is as follows:
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Leases (Tables) |
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| Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the future minimum lease payments as of May 24, 2019:
_______________________________________ (1) Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced. The following table summarizes future minimum lease payments as of February 22, 2019, before adoption of ASC 842:
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| Lease, Cost [Table Text Block] | The components of lease expense are as follows:
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Leases Cash Flow and Other (Tables) |
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| Lessee, Lease, Description [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee, lease, supplemental cash flow and other information [Table Text Block] | Supplemental cash flow and other information related to leases are as follows:
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| Leases of Lessee Disclosure [Text Block] | LEASES Accounting Policies In Q1 2020, we adopted ASU 2016-02, Leases (Topic 842) and related amendments ("ASC 842") on a prospective basis. The effects of the initial application of ASC 842 did not result in a cumulative adjustment to retained earnings. We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. Lease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods. Our leases do not contain any residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit discount rate, we use an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The estimated incremental borrowing rate represents the estimated rate of interest we would have had to pay to borrow on a collateralized basis an amount equal to the lease payments for a similar period of time. The components of lease expense are as follows:
Supplemental cash flow and other information related to leases are as follows:
The following table summarizes the future minimum lease payments as of May 24, 2019:
_______________________________________
The following table summarizes future minimum lease payments as of February 22, 2019, before adoption of ASC 842:
Practical Expedients Elected We elected the following practical expedients as a result of adopting ASC 842:
• We elected not to use hindsight in determining the lease term and in assessing the likelihood that a lessee purchase option will be exercised.
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Acquisitions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 24, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orangebox Acquisition Q3 2019 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows:
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| Smith System Q2 FY19 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful lives. The estimated amortization expense for the next five years is as follows:
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Reportable Segments (Tables) |
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May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information | Revenue and operating income (loss) for the three months ended May 24, 2019 and May 25, 2018 and total assets as of May 24, 2019 and February 22, 2019 by segment are presented below:
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Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
May 24, 2019 |
May 25, 2018 |
||||
| Revenues | $ 824.3 | $ 754.0 | |||
| Contract with Customer, Liability | 20.0 | ||||
| Contract with Customer, Liability | 22.3 | ||||
| Americas [Member] | |||||
| Revenues | 576.3 | 535.8 | |||
| EMEA [Member] | |||||
| Revenues | 161.3 | 137.4 | |||
| Other category [Member] | |||||
| Revenues | 86.7 | 80.8 | |||
| UNITED STATES | |||||
| Revenues | 535.9 | 471.3 | |||
| Foreign locations [Member] | |||||
| Revenues | 288.4 | 282.7 | |||
| Systems and storage [Member] | Americas [Member] | |||||
| Revenues | 310.8 | 258.0 | |||
| Systems and storage [Member] | EMEA [Member] | |||||
| Revenues | 62.0 | 62.8 | |||
| Systems and storage [Member] | Other category [Member] | |||||
| Revenues | 14.5 | 7.7 | |||
| Seating [Member] | Americas [Member] | |||||
| Revenues | 171.7 | 157.9 | |||
| Seating [Member] | EMEA [Member] | |||||
| Revenues | 60.0 | 44.2 | |||
| Seating [Member] | Other category [Member] | |||||
| Revenues | 19.5 | 11.2 | |||
| Other Product Category [Member] | Americas [Member] | |||||
| Revenues | [1] | 93.8 | 119.9 | ||
| Other Product Category [Member] | EMEA [Member] | |||||
| Revenues | [1] | 39.3 | 30.4 | ||
| Other Product Category [Member] | Other category [Member] | |||||
| Revenues | [1] | 52.7 | $ 61.9 | ||
| Deposits [Member] | |||||
| contract with customer, increases in liability due to deposits received | 12.8 | ||||
| Contract with Customer, Liability, Revenue Recognized | $ (10.5) | ||||
| |||||
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
May 24, 2019 |
May 25, 2018 |
Feb. 22, 2019 |
Feb. 23, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Net income | $ 17.8 | $ 17.0 | ||
| Adjustment for earnings attributable to participating securities | (0.3) | (0.3) | ||
| Net income used in calculating earnings per share | $ 17.5 | $ 16.7 | ||
| Weighted-average common shares outstanding including participating securities (in millions) | 119,400,000 | 118,700,000 | ||
| Adjustment for participating securities (in millions) | (2,100,000) | (2,100,000) | ||
| Shares used in calculating basic earnings per share (in millions) | 117,300,000 | 116,600,000 | ||
| Effect of dilutive stock-based compensation (in millions) | 500,000 | 0 | ||
| Shares used in calculating diluted earnings per share (in millions) | 117,800,000 | 116,600,000 | ||
| Earnings per share, basic | $ 0.15 | $ 0.14 | ||
| Earnings per share, diluted | $ 0.15 | $ 0.14 | ||
| Common Stock, Shares, Outstanding | 117,313,755 | 116,680,035 | 116,766,610 | 116,157,443 |
| Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) | 0 | 400,000 | ||
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
May 24, 2019 |
May 25, 2018 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | $ 0.1 | $ 0.1 |
| Net income | 17.8 | 17.0 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
| Accumulated other comprehensive income (loss), beginning of period | (47.3) | (10.3) |
| Other comprehensive income (loss) before reclassifications | (7.5) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | (0.3) | |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7.8) | (12.9) |
| Accumulated Other Comprehensive Income (Loss), End of Period | (55.1) | (23.2) |
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0.2 | 0.8 |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (7.9) | (12.2) |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10.0 | $ 4.1 |
| Unrealized gain (loss) on investments [Member] | ||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
| Accumulated other comprehensive income (loss), beginning of period | 0.0 | |
| Other comprehensive income (loss) before reclassifications | 0.1 | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.1 | |
| Accumulated Other Comprehensive Income (Loss), End of Period | 0.1 | |
| Pension and other post-retirement liability adjustments [Member] | ||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
| Accumulated other comprehensive income (loss), beginning of period | 9.7 | |
| Other comprehensive income (loss) before reclassifications | 0.3 | |
| Amounts reclassified from accumulated other comprehensive income (loss) | (0.5) | |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.2) | |
| Accumulated Other Comprehensive Income (Loss), End of Period | 9.5 | |
| Foreign currency translation adjustments [Member] | ||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
| Accumulated other comprehensive income (loss), beginning of period | (47.4) | |
| Other comprehensive income (loss) before reclassifications | (7.9) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7.9) | |
| Accumulated Other Comprehensive Income (Loss), End of Period | $ (55.3) | |
Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
May 24, 2019 |
May 25, 2018 |
Feb. 22, 2019 |
Feb. 23, 2018 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (55.1) | $ (23.2) | $ (47.3) | $ (10.3) |
| Other comprehensive income (loss) before reclassifications | (7.5) | |||
| Cost of sales | 565.9 | 516.1 | ||
| Income Tax Expense (Benefit) | 6.3 | 6.2 | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | (0.3) | |||
| Net income | 17.8 | 17.0 | ||
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7.8) | (12.9) | ||
| Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.3 | 1.2 | ||
| Unrealized gain (loss) on investments [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.0 | ||
| Other comprehensive income (loss) before reclassifications | 0.1 | |||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | |||
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.1 | |||
| Pension and other post-retirement liability adjustments [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | 9.5 | 9.7 | ||
| Other comprehensive income (loss) before reclassifications | 0.3 | |||
| Amounts reclassified from accumulated other comprehensive income (loss) | (0.5) | |||
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.2) | |||
| Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Income Tax Expense (Benefit) | 0.2 | 0.3 | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.5 | 1.2 | ||
| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | (9.4) | (9.6) | ||
| Other comprehensive income (loss) before reclassifications | 0.0 | |||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | |||
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.2 | |||
| Foreign currency translation adjustments [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | (55.3) | $ (47.4) | ||
| Other comprehensive income (loss) before reclassifications | (7.9) | |||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | |||
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7.9) | |||
| Actuarial losses (gains) [Member] | Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Other Income | (0.7) | (0.9) | ||
| Prior service cost (credit) [Member] | Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Other Income | 0.0 | (0.6) | ||
| Reclassification out of accumulated Other Comprehensive Income due to Defined Benefit Plan Settlements [Member] | Foreign Currency [Domain] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Other Income | 0.0 | |||
| Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency [Domain] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | 0.0 | ||
| Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of accumulated Other Comprehensive Income due to Defined Benefit Plan Settlements [Member] | Foreign Currency [Domain] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Other Income | 0.3 | |||
| Income Tax Expense (Benefit) | $ (0.1) | $ 0.0 | ||
Fair Value Narrative (Details) - USD ($) $ in Millions |
May 24, 2019 |
Feb. 22, 2019 |
|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term Debt, Fair Value | $ 486.6 | $ 487.0 |
| Long-term Debt, Fair Value | $ 511.0 | $ 492.0 |
Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
May 24, 2019 |
Feb. 22, 2019 |
May 25, 2018 |
Feb. 23, 2018 |
|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Long-term Debt, Fair Value | $ 511.0 | $ 492.0 | ||
| Cash and cash equivalents | 152.7 | 261.3 | ||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Restricted Cash | 4.9 | 3.5 | $ 3.4 | $ 2.5 |
| Assets, Fair Value Disclosure | 164.3 | 272.6 | ||
| Liabilities, Fair Value Disclosure [Abstract] | ||||
| Foreign exchange forward contracts, Liability, Fair Value Disclosure | (0.3) | (0.5) | ||
| Liabilities, Fair Value Disclosure | (0.3) | (0.5) | ||
| Foreign Exchange Contract [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Foreign Currency Contract, Asset, Fair Value Disclosure | 2.7 | 3.9 | ||
| Auction Rate Securities [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Available-for-sale Securities, Fair Value Disclosure | 4.0 | 3.9 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Cash and cash equivalents | 261.3 | |||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Restricted Cash | 3.5 | |||
| Assets, Fair Value Disclosure | 157.6 | 264.8 | ||
| Liabilities, Fair Value Disclosure [Abstract] | ||||
| Foreign exchange forward contracts, Liability, Fair Value Disclosure | 0.0 | 0.0 | ||
| Liabilities, Fair Value Disclosure | 0.0 | 0.0 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Foreign Currency Contract, Asset, Fair Value Disclosure | 0.0 | 0.0 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Available-for-sale Securities, Fair Value Disclosure | 0.0 | 0.0 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Cash and cash equivalents | 0.0 | 0.0 | ||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Restricted Cash | 0.0 | 0.0 | ||
| Assets, Fair Value Disclosure | 2.7 | 3.9 | ||
| Liabilities, Fair Value Disclosure [Abstract] | ||||
| Foreign exchange forward contracts, Liability, Fair Value Disclosure | (0.3) | (0.5) | ||
| Liabilities, Fair Value Disclosure | (0.3) | (0.5) | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Foreign Currency Contract, Asset, Fair Value Disclosure | 2.7 | 3.9 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Available-for-sale Securities, Fair Value Disclosure | 0.0 | 0.0 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Cash and cash equivalents | 0.0 | 0.0 | ||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Restricted Cash | 0.0 | 0.0 | ||
| Assets, Fair Value Disclosure | 4.0 | 3.9 | ||
| Liabilities, Fair Value Disclosure [Abstract] | ||||
| Foreign exchange forward contracts, Liability, Fair Value Disclosure | 0.0 | 0.0 | ||
| Liabilities, Fair Value Disclosure | 0.0 | 0.0 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Foreign Currency Contract, Asset, Fair Value Disclosure | 0.0 | 0.0 | ||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||||
| Assets, Fair Value Disclosure [Abstract] | ||||
| Available-for-sale Securities, Fair Value Disclosure | $ 4.0 | $ 3.9 |
Fair Value Reconciliation of Changes in Level 3 Balances (Details) - Auction Rate Securities [Member] $ in Millions |
3 Months Ended |
|---|---|
|
May 24, 2019
USD ($)
| |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
| Balance at the beginning of the period | $ 3.9 |
| Balance at the end of period | 4.0 |
| Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
| Balance at the beginning of the period | 3.9 |
| Unrealized gain on investments | 0.1 |
| Balance at the end of period | $ 4.0 |
Inventories (Details) - USD ($) $ in Millions |
May 24, 2019 |
Feb. 22, 2019 |
|---|---|---|
| Inventories [Abstract] | ||
| Raw materials and work-in-process | $ 127.0 | $ 118.3 |
| Finished goods | 134.8 | 127.2 |
| Inventory, net of valuation allowances | 261.8 | 245.5 |
| LIFO reserve | 20.5 | 20.7 |
| Inventory, net of valuation allowances and LIFO reserve | 241.3 | 224.8 |
| FIFO inventory amount | $ 110.9 | $ 96.9 |
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
May 24, 2019 |
May 25, 2018 |
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Performance units and restricted stock units expense | [1] | $ 9.3 | $ 9.0 | |
| Performance Units [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |||
| Performance units and restricted stock units expense | $ 1.4 | 2.3 | ||
| Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.4 | 0.6 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 676,800 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 237,282 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 914,082 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.50 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 16.21 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.93 | |||
| Restricted Stock Units [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Performance units and restricted stock units expense | $ 7.9 | 6.7 | ||
| Share-based Payment Arrangement, Expense, Tax Benefit | $ 2.1 | $ 1.8 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,721,896 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 722,209 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,000) | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (13,786) | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,429,319 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.39 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 15.51 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 14.56 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 15.00 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.43 | |||
| Restricted Stock [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |||
| ||||
Share-Based Compensation Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
May 24, 2019
USD ($)
$ / shares
shares
| ||||||
| Performance Units [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |||||
| Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ | $ 1.2 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 237,282 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 16.21 | |||||
| Restricted Stock Units [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ | $ 10.5 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 722,209 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 15.51 | |||||
| 2019 Performance Unit Award [Member] [Member] | Performance Units [Member] | Executive Officer [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 98,867 | |||||
| 2019 Performance Unit Award [Member] [Member] | Performance Units [Member] | Market Condition [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.30% | [1] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 16.21 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 32.50% | [2] | ||||
| ||||||
Leases (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
May 24, 2019 |
Feb. 22, 2019 |
||||
| Lessee, Lease, Description [Line Items] | |||||
| Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | [1] | $ 34.5 | |||
| Operating Lease, Payments | 11.9 | ||||
| Operating Lease, Cost | 12.1 | ||||
| Sublease Income | (0.1) | ||||
| Lease, Cost | 12.0 | ||||
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 39.6 | ||||
| Operating Lease, Weighted Average Remaining Lease Term | 7 years 4 months 24 days | ||||
| Lessee, Operating Lease, Discount Rate | 4.30% | ||||
| Operating Leases, Future Minimum Payments, Due in Two Years | [1] | $ 40.1 | |||
| Operating Leases, Future Minimum Payments, Due in Three Years | [1] | 35.5 | |||
| Operating Leases, Future Minimum Payments, Due in Four Years | [1] | 30.6 | |||
| Operating Leases, Future Minimum Payments, Due in Five Years | [1] | 25.9 | |||
| Operating Leases, Future Minimum Payments, Due Thereafter | [1] | 89.3 | |||
| Operating Leases, Future Minimum Payments Due | [1] | 255.9 | |||
| Operating Lease interest included in future lease payments | [1] | 37.3 | |||
| Operating Lease, Liability | [1] | $ 218.6 | |||
| Minimum annual rental commitment [Member] | |||||
| Lessee, Lease, Description [Line Items] | |||||
| Operating Leases, Future Minimum Payments, Due in Two Years | $ 41.7 | ||||
| Operating Leases, Future Minimum Payments, Due in Three Years | 40.5 | ||||
| Operating Leases, Future Minimum Payments, Due in Four Years | 36.5 | ||||
| Operating Leases, Future Minimum Payments, Due in Five Years | 28.0 | ||||
| Operating Leases, Future Minimum Payments, Due Thereafter | 72.2 | ||||
| Operating Leases, Future Minimum Payments Due | 264.9 | ||||
| Operating Leases, Future Minimum Payments Due, Next Twelve Months | 46.0 | ||||
| Minimum annual sublease rental income [Member] | |||||
| Lessee, Lease, Description [Line Items] | |||||
| Operating Leases, Future Minimum Payments, Due in Two Years | 0.3 | ||||
| Operating Leases, Future Minimum Payments, Due in Three Years | 0.2 | ||||
| Operating Leases, Future Minimum Payments, Due in Four Years | 0.2 | ||||
| Operating Leases, Future Minimum Payments, Due in Five Years | 0.2 | ||||
| Operating Leases, Future Minimum Payments, Due Thereafter | 0.6 | ||||
| Operating Leases, Future Minimum Payments Due | 2.1 | ||||
| Operating Leases, Future Minimum Payments Due, Next Twelve Months | 0.6 | ||||
| Minimum annual commitments, net [Member] | |||||
| Lessee, Lease, Description [Line Items] | |||||
| Operating Leases, Future Minimum Payments, Due in Two Years | 41.4 | ||||
| Operating Leases, Future Minimum Payments, Due in Three Years | 40.3 | ||||
| Operating Leases, Future Minimum Payments, Due in Four Years | 36.3 | ||||
| Operating Leases, Future Minimum Payments, Due in Five Years | 27.8 | ||||
| Operating Leases, Future Minimum Payments, Due Thereafter | 71.6 | ||||
| Operating Leases, Future Minimum Payments Due | 262.8 | ||||
| Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 45.4 | ||||
| |||||
Acquisitions (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
May 24, 2019 |
Feb. 22, 2019 |
|
| Business Acquisition [Line Items] | ||
| Long-term Debt, Fair Value | $ 511.0 | $ 492.0 |
| Smith System Q2 FY19 [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4.8 | |
| Finite-lived Intangible Assets Acquired | 44.1 | |
| Business Combination, Consideration Transferred | 140.0 | |
| Business Combination, Working Capital Adjustment | 8.4 | |
| Business Combination, Contingent Consideration, Liability | 5.0 | |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 44.1 | |
| Business Acquisition, Goodwill, Expected Tax Deductible Amount | 79.3 | |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25.0 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4.4 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.2 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4.2 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4.2 | |
| Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | 21.8 | |
| Smith System Q2 FY19 [Member] | Dealer relationships [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 12.0 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |
| Smith System Q2 FY19 [Member] | Trademarks [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 12.0 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |
| Smith System Q2 FY19 [Member] | Know-How/Design [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 16.0 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |
| Smith System Q2 FY19 [Member] | Other Intangible Assets [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 4.1 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 months 24 days | |
| Orangebox Acquisition Q3 2019 [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 4.2 | |
| Finite-lived Intangible Assets Acquired | 42.2 | |
| Business Combination, Consideration Transferred | 78.9 | |
| Business Combination, Working Capital Adjustment | 0.5 | |
| Business Combination, Contingent Consideration, Liability | 3.9 | |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 42.2 | |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16.7 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4.1 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.1 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4.1 | |
| Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4.1 | |
| Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | 20.6 | |
| Business Acquisition, Goodwill, Expected Non-Deductible Amount | 23.4 | |
| Orangebox Acquisition Q3 2019 [Member] | Dealer relationships [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 23.0 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 10 months 24 days | |
| Orangebox Acquisition Q3 2019 [Member] | Trademarks [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 13.2 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |
| Orangebox Acquisition Q3 2019 [Member] | Know-How/Design [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 5.0 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |
| Orangebox Acquisition Q3 2019 [Member] | Other Intangible Assets [Member] | ||
| Business Acquisition [Line Items] | ||
| Finite-lived Intangible Assets Acquired | $ 1.0 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 months 12 days | |
| EMEA [Member] | Orangebox Acquisition Q3 2019 [Member] | ||
| Business Acquisition [Line Items] | ||
| Business Acquisition, Goodwill, Expected Non-Deductible Amount | $ 18.8 | |
| Americas [Member] | Orangebox Acquisition Q3 2019 [Member] | ||
| Business Acquisition [Line Items] | ||
| Business Acquisition, Goodwill, Expected Non-Deductible Amount | $ 4.6 |
Reportable Segments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
May 24, 2019 |
May 25, 2018 |
Feb. 22, 2019 |
|
| Segment Reporting Information [Line Items] | |||
| Revenues | $ 824.3 | $ 754.0 | |
| Operating income | 27.6 | 23.3 | |
| Total assets | 2,255.7 | $ 2,142.4 | |
| Americas [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 576.3 | 535.8 | |
| Operating income | 32.4 | 29.7 | |
| Total assets | 1,088.0 | 1,044.4 | |
| EMEA [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 161.3 | 137.4 | |
| Operating income | 0.8 | (1.7) | |
| Total assets | 466.8 | 420.1 | |
| Other category [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 86.7 | 80.8 | |
| Operating income | 2.3 | 1.6 | |
| Total assets | 238.9 | 220.4 | |
| Corporate [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Operating income | (7.9) | $ (6.3) | |
| Total assets | $ 462.0 | $ 457.5 | |