10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 28, 2020

or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission File Number 1-13873

___________________________________________________________

STEELCASE INC.

(Exact name of registrant as specified in its charter)

Michigan		38-0819050
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
901 44th Street SE
Grand Rapids,	Michigan	49508
(Address of principal executive offices)		(Zip Code)

(616) 247-2710

(Registrant's telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock	SCS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑     No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐     No ☑

As of September 22, 2020, Steelcase Inc. had 88,093,720 shares of Class A Common Stock and 26,701,435 shares of Class B Common Stock outstanding.

STEELCASE INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED August 28, 2020

INDEX

		Page No.
PART I	Financial Information	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Income for the Three and Six Months Ended August 28, 2020 and August 23, 2019	1
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended August 28, 2020 and August 23, 2019	2
	Condensed Consolidated Balance Sheets as of August 28, 2020 and February 28, 2020	3
	Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended August 28, 2020 and August 23, 2019	4
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended August 28, 2020 and August 23, 2019	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	28
PART II	Other Information	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 6.	Exhibits	29
Signatures		30

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements:

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in millions, except per share data)

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Revenue	$	818.8	$	998.0	$	1,301.6	$	1,822.3
Cost of sales	542.3		664.5		902.4		1,230.4
Restructuring costs	6.9		—		6.9		—
Gross profit	269.6		333.5		392.3		591.9
Operating expenses	172.3		248.2		329.7		479.0
Goodwill impairment charge	—		—		17.6		—
Restructuring costs	8.7		—		8.7		—
Operating income	88.6		85.3		36.3		112.9
Interest expense	(6.8)		(6.7)		(14.1)		(13.4)
Investment income	0.2		1.5		1.0		2.5
Other income, net	0.8		2.0		4.8		4.2
Income before income tax expense	82.8		82.1		28.0		106.2
Income tax expense	27.3		21.6		10.6		27.9
Net income	$	55.5	$	60.5	$	17.4	$	78.3
Earnings per share:
Basic	$	0.47	$	0.50	$	0.15	$	0.65
Diluted	$	0.47	$	0.50	$	0.15	$	0.65
Dividends declared and paid per common share	$	0.100	$	0.145	$	0.170	$	0.290

See accompanying notes to the condensed consolidated financial statements.

1

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in millions)

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Net income	$	55.5	$	60.5	$	17.4	$	78.3
Other comprehensive income (loss), net:
Unrealized gain (loss) on investments	0.1		(0.2)		(0.1)		(0.1)
Pension and other post-retirement liability adjustments	(1.1)		(0.3)		(0.8)		(0.5)
Derivative amortization	0.2		0.2		0.4		0.4
Foreign currency translation adjustments	22.4		(6.4)		13.5		(14.3)
Total other comprehensive income (loss), net	21.6		(6.7)		13.0		(14.5)
Comprehensive income	$	77.1	$	53.8	$	30.4	$	63.8

See accompanying notes to the condensed consolidated financial statements.

2

STEELCASE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

	(Unaudited)
	August 28, 2020		February 28, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	515.9	$	541.0
Accounts receivable	329.0		381.8
Allowance for doubtful accounts	(9.9)		(9.4)
Inventories	217.5		215.0
Prepaid expenses	23.6		21.6
Other current assets	56.5		38.8
Total current assets	1,132.6		1,188.8
Property, plant and equipment, net of accumulated depreciation of $1,024.0 and $977.7	418.1		426.3
Company-owned life insurance ("COLI")	167.8		160.0
Deferred income taxes	110.0		124.6
Goodwill	215.1		233.6
Other intangible assets, net of accumulated amortization of $65.1 and $56.7	94.5		102.9
Investments in unconsolidated affiliates	54.0		52.3
Right-of-use operating lease assets	219.1		237.9
Other assets	28.5		39.0
Total assets	$	2,439.7	$	2,565.4
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	210.2	$	244.3
Short-term borrowings and current portion of long-term debt	2.6		2.9
Current operating lease obligations	42.8		43.1
Accrued expenses:
Employee compensation	93.2		191.7
Employee benefit plan obligations	28.2		44.7
Accrued promotions	28.6		35.3
Customer deposits	104.0		28.6
Other	110.4		100.3
Total current liabilities	620.0		690.9
Long-term liabilities:
Long-term debt less current maturities	480.7		481.4
Employee benefit plan obligations	143.0		148.3
Long-term operating lease obligations	198.7		214.0
Other long-term liabilities	49.2		60.4
Total long-term liabilities	871.6		904.1
Total liabilities	1,491.6		1,595.0
Shareholders’ equity:
Additional paid-in capital	1.7		28.4
Accumulated other comprehensive income (loss)	(56.3)		(69.3)
Retained earnings	1,002.7		1,011.3
Total shareholders’ equity	948.1		970.4
Total liabilities and shareholders’ equity	$	2,439.7	$	2,565.4

See accompanying notes to the condensed consolidated financial statements.

3

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in millions, except share and per share data)

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Changes in common shares outstanding:
Common shares outstanding, beginning of period	114,759,549		117,313,755		117,202,000		116,766,610
Common stock issuances	13,941		11,475		26,890		22,872
Common stock repurchases	(205)		(117,953)		(3,244,594)		(347,256)
Performance units issued as common stock	—		—		174,888		—
Restricted units issued as common stock	3,261		36,683		617,362		801,734
Common shares outstanding, end of period	114,776,546		117,243,960		114,776,546		117,243,960
Changes in paid-in capital (1):
Paid-in capital, beginning of period	$	—	$	25.9	$	28.4	$	16.4
Common stock issuances	0.2		0.2		0.4		0.4
Common stock repurchases	—		(1.9)		(36.4)		(5.9)
Performance units and restricted stock units expense	1.5		2.3		9.3		11.6
Other	—		—		—		4.0
Paid-in capital, end of period	1.7		26.5		1.7		26.5
Changes in accumulated other comprehensive income (loss):
Accumulated other comprehensive income (loss), beginning of period	(77.9)		(55.1)		(69.3)		(47.3)
Other comprehensive income (loss)	21.6		(6.7)		13.0		(14.5)
Accumulated other comprehensive income (loss), end of period	(56.3)		(61.8)		(56.3)		(61.8)
Changes in retained earnings:
Retained earnings, beginning of period	958.9		881.2		1,011.3		880.7
Net income	55.5		60.5		17.4		78.3
Dividends paid	(11.7)		(17.2)		(20.1)		(34.5)
Common stock repurchases	—		—		(5.9)		—
Retained earnings, end of period	1,002.7		924.5		1,002.7		924.5
Total shareholders' equity	$	948.1	$	889.2	$	948.1	$	889.2

_______________________________________

(1)Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

See accompanying notes to the condensed consolidated financial statements.

4

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

	Six Months Ended
	August 28, 2020		August 23, 2019
OPERATING ACTIVITIES
Net income	$	17.4	$	78.3
Depreciation and amortization	43.3		41.4
Goodwill impairment charge	17.6		—
Restructuring costs	15.6		—
Deferred income taxes	18.0		2.9
Non-cash stock compensation	9.7		12.0
Equity in income of unconsolidated affiliates	(3.9)		(5.7)
Dividends received from unconsolidated affiliates	2.8		8.2
Other	(12.5)		(0.8)
Changes in operating assets and liabilities:
Accounts receivable	58.0		(82.2)
Inventories	(0.2)		(20.5)
Other assets	(10.8)		3.9
Accounts payable	(36.5)		37.8
Employee compensation liabilities	(120.8)		(46.1)
Employee benefit obligations	(24.9)		(17.7)
Customer deposits	74.3		7.4
Accrued expenses and other liabilities	(2.2)		23.9
Net cash provided by operating activities	44.9		42.8
INVESTING ACTIVITIES
Capital expenditures	(18.0)		(32.5)
Proceeds from disposal of fixed assets	7.1		1.0
Other	4.9		1.9
Net cash used in investing activities	(6.0)		(29.6)
FINANCING ACTIVITIES
Dividends paid	(20.1)		(34.5)
Common stock repurchases	(42.3)		(5.9)
Borrowings on lines of credit	250.0		—
Repayments on lines of credit	(250.0)		—
Other	(1.4)		(2.3)
Net cash used in financing activities	(63.8)		(42.7)
Effect of exchange rate changes on cash and cash equivalents	0.2		(1.4)
Net decrease in cash, cash equivalents and restricted cash	(24.7)		(30.9)
Cash and cash equivalents and restricted cash, beginning of period (1)	547.1		264.8
Cash and cash equivalents and restricted cash, end of period (2)	$	522.4	$	233.9

_______________________________________

(1)These amounts include restricted cash of $6.1 and $3.5 as of February 28, 2020 and February 22, 2019, respectively.

(2)These amounts include restricted cash of $6.5 and $4.8 as of August 28, 2020 and August 23, 2019, respectively.

Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims.  Restricted cash is included as part of Other assets in the Condensed Consolidated Balance Sheets.

See accompanying notes to the condensed consolidated financial statements.

5

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.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 28, 2020 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 28, 2020 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.

2.NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740), which is intended to enhance various aspects of the accounting for income taxes. The new guidance updates the calculation of income taxes in an interim period when year-to-date losses exceed the anticipated loss for the year. We adopted this guidance in Q1 2021 on a prospective basis. The adoption of this guidance did not 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 GAAP with a methodology that reflects expected credit losses. We adopted this guidance in Q1 2021 using a modified retrospective transition approach. The adoption of this guidance did not have a material effect on our consolidated financial statements. We estimate our allowance for doubtful accounts based upon several factors, including customer credit quality and historical write-off trends. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. The adoption of this guidance did not significantly impact our accounting policies or methods utilized to determine the allowance for doubtful accounts.

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.

6

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

3.REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:

Product Category Data	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Americas
Desking, benching, systems and storage	$	310.7	$	396.0	$	479.1	$	706.8
Seating	195.0		219.6		291.5		391.3
Other (1)	125.5		123.9		194.5		217.7
EMEA
Desking, benching, systems and storage	47.9		58.9		91.8		120.9
Seating	45.8		53.3		76.8		113.3
Other (1)	32.2		42.0		56.8		81.3
Other
Desking, benching, systems and storage	10.4		15.7		21.1		30.2
Seating	18.7		24.4		30.9		43.9
Other (1)	32.6		64.2		59.1		116.9
	$	818.8	$	998.0	$	1,301.6	$	1,822.3

_______________________________________

(1)The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services.

Reportable geographic information is as follows:

Reportable Geographic Revenue	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
United States	$	597.6	$	680.8	$	921.1	$	1,216.7
Foreign locations	221.2		317.2		380.5		605.6
	$	818.8	$	998.0	$	1,301.6	$	1,822.3

Contract Balances

At times, we receive payments 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 six months ended August 28, 2020 are as follows:

	Customer Deposits
Balance as of February 28, 2020	$	28.6
Recognition of revenue included in beginning of year customer deposits	(21.6)
Customer deposits, net of revenue recognized during the period	97.0
Balance as of August 28, 2020	$	104.0

7

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

4.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.

	Three Months Ended				Six Months Ended
Computation of Earnings per Share	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Net income	$	55.5	$	60.5	$	17.4	$	78.3
Adjustment for earnings attributable to participating securities	(1.3)		(1.3)		(0.4)		(1.5)
Net income used in calculating earnings per share	$	54.2	$	59.2	$	17.0	$	76.8
Weighted-average common shares outstanding including participating securities (in millions)	117.6		119.7		117.4		119.6
Adjustment for participating securities (in millions)	(2.8)		(2.4)		(2.4)		(2.3)
Shares used in calculating basic earnings per share (in millions)	114.8		117.3		115.0		117.3
Effect of dilutive stock-based compensation (in millions)	0.2		0.5		0.2		0.5
Shares used in calculating diluted earnings per share (in millions)	115.0		117.8		115.2		117.8
Earnings per share:
Basic	$	0.47	$	0.50	$	0.15	$	0.65
Diluted	$	0.47	$	0.50	$	0.15	$	0.65
Total common shares outstanding at period end (in millions)	114.8		117.2		114.8		117.2
Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions)	—		—		—		—

5.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended August 28, 2020:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of May 29, 2020	$	(0.3)	$	(2.8)	$	(8.4)	$	(66.4)	$	(77.9)
Other comprehensive income (loss) before reclassifications	0.1		(0.8)		—		22.4		21.7
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.3)		0.2		—		(0.1)
Net current period other comprehensive income (loss)	0.1		(1.1)		0.2		22.4		21.6
Balance as of August 28, 2020	$	(0.2)	$	(3.9)	$	(8.2)	$	(44.0)	$	(56.3)

8

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended August 28, 2020:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 28, 2020	$	(0.1)	$	(3.1)	$	(8.6)	$	(57.5)	$	(69.3)
Other comprehensive income (loss) before reclassifications	(0.1)		(0.3)		—		13.5		13.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.5)		0.4		—		(0.1)
Net current period other comprehensive income (loss)	(0.1)		(0.8)		0.4		13.5		13.0
Balance as of August 28, 2020	$	(0.2)	$	(3.9)	$	(8.2)	$	(44.0)	$	(56.3)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended August 28, 2020 and August 23, 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				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Amortization of pension and other post-retirement liability adjustments
Actuarial losses (gains)	$	(0.3)	$	(0.8)	$	(0.6)	$	(1.5)	Other income, net
Prior service cost (credit)	(0.1)		(0.1)		(0.1)		(0.1)		Other income, net
	0.1		0.1		0.2		0.3		Income tax expense
	(0.3)		(0.8)		(0.5)		(1.3)
Derivative amortization	0.3		0.3		0.6		0.6		Interest expense
	(0.1)		(0.1)		(0.2)		(0.2)		Income tax benefit
	0.2		0.2		0.4		0.4
Realized gain on sale of investment	—		(0.7)		—		(0.7)		Investment income
	—		0.2		—		0.2		Income tax expense
	—		(0.5)		—		(0.5)
Total reclassifications	$	(0.1)	$	(1.1)	$	(0.1)	$	(1.4)

9

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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 $483.3 and $484.3 as of August 28, 2020 and February 28, 2020, 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 $522.6 and $560.0 as of August 28, 2020 and February 28, 2020, 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 as of August 28, 2020 and February 28, 2020 are summarized below:

	August 28, 2020
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	515.9	$	—	$	—	$	515.9
Restricted cash	6.5		—		—		6.5
Foreign exchange forward contracts	—		2.4		—		2.4
Auction rate securities	—		—		2.0		2.0
	$	522.4	$	2.4	$	2.0	$	526.8
Liabilities:
Foreign exchange forward contracts	$	—	$	(1.5)	$	—	$	(1.5)
	$	—	$	(1.5)	$	—	$	(1.5)
	February 28, 2020
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	541.0	$	—	$	—	$	541.0
Restricted cash	6.1		—		—		6.1
Foreign exchange forward contracts	—		1.2		—		1.2
Auction rate securities	—		—		2.1		2.1
	$	547.1	$	1.2	$	2.1	$	550.4
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.5)	$	—	$	(0.5)
	$	—	$	(0.5)	$	—	$	(0.5)

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the six months ended August 28, 2020:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Securities
Balance as of February 28, 2020	$	2.1
Unrealized loss on investments	(0.1)
Balance as of August 28, 2020	$	2.0

10

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

7.INVENTORIES

Inventories	August 28, 2020		February 28, 2020
Raw materials and work-in-process	$	128.6	$	122.0
Finished goods	108.3		112.8
	236.9		234.8
Revaluation to LIFO	19.4		19.8
	$	217.5	$	215.0

The portion of inventories determined by the LIFO method was $92.7 and $93.8 as of August 28, 2020 and February 28, 2020, respectively.

8.GOODWILL

A summary of the changes in goodwill balances during the six months ended August 28, 2020, by reportable segment, are as follows:

Goodwill	Americas		EMEA		Other		Total
Goodwill	$	206.1	$	283.5	$	47.9	$	537.5
Accumulated impairment losses	(1.7)		(265.0)		(37.2)		(303.9)
Balance as of February 28, 2020	204.4		18.5		10.7		233.6
Impairment charge (1)	—		(17.6)		—		(17.6)
Currency translation adjustments	—		(0.9)		—		(0.9)
Goodwill	206.1		282.6		47.9		536.6
Accumulated impairment losses	(1.7)		(282.6)		(37.2)		(321.5)
Balance as of August 28, 2020	$	204.4	$	—	$	10.7	$	215.1

_______________________________________

(1)In Q1 2021, we recorded a goodwill impairment charge in the EMEA segment related to the Orangebox U.K. reporting unit.

We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate it is necessary. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis.

For goodwill, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss. We estimate the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. For the evaluation that we conducted in Q1 2021, such conditions included the deterioration of industry and market conditions driven by the COVID-19 pandemic. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. In certain circumstances, we corroborate the results determined using the income approach with a market-based approach that uses observable comparable company information to support the appropriateness of the fair value estimates.

11

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

As a result of our goodwill impairment testing, we determined that the carrying value of the Orangebox U.K. reporting unit (included in the EMEA segment) exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired.

For each of our other reporting units, we determined that the fair value of the reporting unit substantially exceeded its carrying value, and no goodwill impairment existed. We also determined that no impairment existed related to the long-lived asset groups for any of our other reporting units.

9.SHORT-TERM BORROWINGS

Our $250.0 committed unsecured revolving syndicated credit facility expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125.0 by obtaining at least one commitment from one or more lenders. During Q1 2021, we borrowed $250.0 under the facility and repaid $5.0. During Q2 2021, we repaid the remaining balance of $245.0 under the facility, and there were no borrowings outstanding under the facility as of August 28, 2020.

The facility does not include any restrictions on cash dividend payments or share repurchases. As of August 28, 2020, we were in compliance with all covenants under the facility.

10.INCOME TAXES

In Q1 2021, the U.S. government enacted tax legislation to provide economic stimulus and support to businesses during the COVID-19 pandemic, referred to as the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"). In connection with our analysis of the impact of the CARES Act, we recorded a net tax benefit of $3.9 during the six months ended August 28, 2020, driven primarily by provisions within the CARES Act which enable companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act when the federal statutory income tax rate was 35%.

We have historically calculated the provision for income tax expense (benefit) during interim periods by applying an estimate of the annualized effective tax rate for the full fiscal year to the pre-tax income (loss) for the year-to-date period. In Q1 2021, we utilized the year-to-date actual effective tax rate to calculate our income tax expense (benefit), as we determined that it was the most reliable estimate of the annual effective tax rate. In Q2 2021, as a result of improved pre-tax income, we applied the estimated annualized effective tax rate for the fiscal year to pre-tax income for the year-to-date period to calculate our income tax expense. The effective tax rate for Q2 2021 was 33.0% compared to an effective tax rate of 26.3% in Q2 2020.

11.SHARE-BASED COMPENSATION

Performance Units

During the six months ended August 28, 2020, we issued two sets of performance units (“PSUs”) to certain employees. The first set, consisting of 303,973 PSUs, will be earned at the end of 2021 (the “2021 Short-Term PSUs”), and the second set, consisting of 529,500 PSUs, will be earned over a three-year performance period of 2021 through 2023 (the “2021 Long-Term PSUs”). The 2021 Short-Term PSUs will be earned based on our Compensation Committee’s qualitative assessment of management’s performance in 2021 in a number of specified areas (collectively, the “2021 Performance Measures”). The 2021 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies. The performance conditions for the 2021 Long-Term PSUs consist of the 2021 Performance Measures and performance conditions for 2022 and 2023 which will be established by the Compensation Committee in future periods. Due to the qualitative assessment, these awards are not considered granted under GAAP. When the Compensation Committee determines whether or not, and to what extent, the 2021 Performance Measures have been met, the 2021 Short-Term PSUs and one-third of the 2021 Long-Term PSUs will be considered granted. Once granted, the expense for these awards will be determined based on the target achieved and the fair value of the market condition on the grant date. The expense will be recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period, if any.

12

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

During the six months ended August 23, 2019, we issued 296,600 PSUs to certain employees which will be earned over a three-year performance period of 2020 through 2022 (the “2020 Long-Term PSUs”). The 2020 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies. The performance conditions for the first year of the performance period were established in Q1 2020, and accordingly, 98,867 of the 2020 Long-Term PSUs were considered granted in Q1 2020. The 2021 Performance Measures have been established as the performance conditions for the second year of the performance period of the 2020 Long-Term PSUs, and accordingly, no additional portion of such awards have been considered granted. When the Compensation Committee determines whether or not, and to what extent, the 2021 Performance Measures have been met, an additional one-third of these awards will be considered granted. Once granted, the expense for these awards will be determined based on the target achieved and the fair value of the market condition on the grant date. The expense will be recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. The performance conditions for 2022 for these awards will be established by the Compensation Committee in future periods.

The total PSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 28, 2020 and August 23, 2019 are as follows:

	Three Months Ended				Six Months Ended
Performance Units	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Expense	$	0.1	$	0.3	$	0.3	$	1.7
Tax benefit	—		0.1		0.1		0.5

As of August 28, 2020, there was $0.3 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.2 years.

There were no PSU grants, vestings or forfeitures for the six months ended August 28, 2020.

Restricted Stock Units

During the six months ended August 28, 2020, we awarded 1,131,700 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the RSUs 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 shares on the date of grant.

The total RSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 28, 2020 and August 23, 2019 are as follows:

	Three Months Ended				Six Months Ended
Restricted Stock Units	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Expense	$	1.4	$	2.0	$	9.0	$	9.9
Tax benefit	0.4		0.5		2.3		2.7

As of August 28, 2020, there was $7.3 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 1.8 years.

13

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The RSU activity for the six months ended August 28, 2020 is as follows:

Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 28, 2020	1,761,124	$	15.28
Granted	1,131,700	9.03
Vested	(10,511)	16.05
Forfeited	(35,874)	14.70
Nonvested as of August 28, 2020	2,846,439	$	12.80

12.LEASES

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. The lease terms utilized in determining right-of-use assets and lease liabilities 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.

As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842), as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the pandemic. We have elected to apply the interpretive guidance provided in the Staff Q&A to rent deferrals or abatements received related to the pandemic. Accordingly, we have not remeasured the related right-of-use asset or lease liability for the affected leases. The lease concessions were not material for the six months ended August 28, 2020.

The components of lease expense are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Operating lease cost	$	12.9	$	12.5	$	26.0	$	24.6
Sublease rental income	(0.6)		(0.3)		(0.9)		(0.4)
	$	12.3	$	12.2	$	25.1	$	24.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Cash flow information:
Operating cash flows used for operating leases	$	12.1	$	11.5	$	24.7	$	23.4
Leased assets obtained in exchange for new operating lease obligations	$	1.4	$	18.6	$	1.9	$	58.2

14

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	August 28, 2020		August 23, 2019
Other information:
Weighted-average remaining term	6.8 years		7.3 years
Weighted-average discount rate	4.0	%	4.2	%

The following table summarizes the future minimum lease payments as of August 28, 2020:

Fiscal year ending in February	Amount (1)
2021	$	26.1
2022	48.5
2023	41.6
2024	35.8
2025	33.3
Thereafter	91.5
Total lease payments	276.8
Less interest	35.3
Present value of lease liabilities	$	241.5

_______________________________________

(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.

13.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, Smith System, AMQ, Turnstone 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 and Designtex. 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. In 2020, the Other category also included PolyVision which was sold during Q4 2020.

We primarily review and evaluate revenue and operating income by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue and 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, COLI balances, fixed assets and right-of-use assets related to operating leases.

15

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Revenue and operating income (loss) for the three and six months ended August 28, 2020 and August 23, 2019 and total assets as of August 28, 2020 and February 28, 2020 by segment are presented below:

	Three Months Ended				Six Months Ended
Reportable Segment Statement of Operations Data	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Revenue
Americas	$	631.2	$	739.5	$	965.1	$	1,315.8
EMEA	125.9		154.2		225.4		315.5
Other	61.7		104.3		111.1		191.0
	$	818.8	$	998.0	$	1,301.6	$	1,822.3
Operating income (loss)
Americas	$	94.6	$	90.3	$	71.1	$	122.7
EMEA	(3.5)		(5.5)		(28.1)		(4.7)
Other	1.1		8.9		(0.5)		11.2
Corporate	(3.6)		(8.4)		(6.2)		(16.3)
	$	88.6	$	85.3	$	36.3	$	112.9

Reportable Segment Balance Sheet Data	August 28, 2020		February 28, 2020
Total assets
Americas	$	1,067.9	$	1,067.3
EMEA	401.6		454.5
Other	215.6		225.6
Corporate	754.6		818.0
	$	2,439.7	$	2,565.4

14.     RESTRUCTURING ACTIVITIES

In Q2 2021, our Board of Directors approved a series of restructuring actions in response to continued order declines in the Americas compared to the prior year and continued economic uncertainty related to the COVID-19 pandemic. The restructuring actions include early retirements and voluntary and involuntary terminations of approximately 300 salaried employees and early retirements of approximately 160 hourly employees. We expect to incur approximately $26 in restructuring costs in the Americas segment in connection with these actions, consisting of cash severance payments and payment of other separation-related benefits. We recorded $15.6 of restructuring costs in Q2 2021 related to the actions which were initiated during the quarter. We expect all of the actions to be completed by the end of 2021.

The following table details the changes in the restructuring reserve balance as of August 28, 2020:

	Workforce reductions
Balance as of February 28, 2020	$	—
Restructuring costs	15.6
Payments	(0.4)
Balance as of August 28, 2020	$	15.2

16

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations:

This management’s discussion and analysis of financial condition and results of operations should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 28, 2020. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. 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.

Non-GAAP Financial Measures

This item contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, we have provided a reconciliation below of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

The non-GAAP financial measures used are (1) organic revenue decline, which represents the change in revenue excluding the impacts of acquisitions and divestitures and estimated currency translation effects, and (2) adjusted operating income (loss), which represents operating income (loss) excluding goodwill impairment charges and restructuring costs. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.

Financial Summary

Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate costs are reported as Corporate.

Results of Operations

	Three Months Ended								Six Months Ended
Statement of Operations Data	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Revenue	$	818.8	100.0	%	$	998.0	100.0	%	$	1,301.6	100.0	%	$	1,822.3	100.0	%
Cost of sales	542.3		66.3		664.5		66.6		902.4		69.4		1,230.4		67.5
Restructuring costs	6.9		0.8		—		—		6.9		0.5		—		—
Gross profit	269.6		32.9		333.5		33.4		392.3		30.1		591.9		32.5
Operating expenses	172.3		21.0		248.2		24.9		329.7		25.3		479.0		26.3
Goodwill impairment charge	—		—		—		—		17.6		1.4		—		—
Restructuring costs	8.7		1.1		—		—		8.7		0.6		—		—
Operating income	88.6		10.8		85.3		8.5		36.3		2.8		112.9		6.2
Interest expense	(6.8)		(0.8)		(6.7)		(0.7)		(14.1)		(1.1)		(13.4)		(0.7)
Investment income	0.2		—		1.5		0.2		1.0		0.1		2.5		0.1
Other income, net	0.8		0.1		2.0		0.2		4.8		0.4		4.2		0.2
Income before income tax expense	82.8		10.1		82.1		8.2		28.0		2.2		106.2		5.8
Income tax expense	27.3		3.3		21.6		2.1		10.6		0.9		27.9		1.5
Net income	$	55.5	6.8	%	$	60.5	6.1	%	$	17.4	1.3	%	$	78.3	4.3	%
Earnings per share:
Basic	$	0.47			$	0.50			$	0.15			$	0.65
Diluted	$	0.47			$	0.50			$	0.15			$	0.65

17

Q2 2021 Organic Revenue Decline	Americas			EMEA			Other			Consolidated
Q2 2020 revenue	$	739.5		$	154.2		$	104.3		$	998.0
Divestiture	—			—			(17.1)			(17.1)
Currency translation effects*	(0.6)			3.3			(0.8)			1.9
Q2 2020 revenue, adjusted	738.9			157.5			86.4			982.8
Q2 2021 revenue	631.2			125.9			61.7			818.8
Organic decline $	$	(107.7)		$	(31.6)		$	(24.7)		$	(164.0)
Organic decline %	(15)		%	(20)		%	(29)		%	(17)		%
* Currency translation effects represent the estimated net effect of translating Q2 2020 foreign currency revenues using the average exchange rates during Q2 2021.

Year-to-date 2021 Organic Revenue Decline	Americas			EMEA			Other			Consolidated
Year-to-date 2020 revenue	$	1,315.8		$	315.5		$	191.0		$	1,822.3
Divestiture	—			—			(33.3)			(33.3)
Currency translation effects*	(2.1)			(2.2)			(2.4)			(6.7)
Year-to-date 2020 revenue, adjusted	1,313.7			313.3			155.3			1,782.3
Year-to-date 2021 revenue	965.1			225.4			111.1			1,301.6
Organic decline $	(348.6)			(87.9)			(44.2)			(480.7)
Organic decline %	(27)		%	(28)		%	(28)		%	(27)		%
* Currency translation effects represent the estimated net effect of translating year-to-date 2020 foreign currency revenues using the average exchange rates during year-to-date 2021.

Reconciliation of Operating Income to Adjusted Operating Income	Three Months Ended								Six Months Ended
	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Operating income	$	88.6	10.8	%	$	85.3	8.5	%	$	36.3	2.8	%	$	112.9	6.2	%
Add: goodwill impairment charge	—		—		—		—		17.6		1.4		—		—
Add: restructuring costs	15.6		1.9		—		—		15.6		1.1		—		—
Adjusted operating income	$	104.2	12.7	%	$	85.3	8.5	%	$	69.5	5.3	%	$	112.9	6.2	%

Overview

During Q2 2021, our orders reflected a year-over-year decline of 32% (adjusted for the impact of a divestiture and currency translation effects) as a result of the coronavirus ("COVID-19") pandemic, and the rates of decline began to moderate during the quarter in EMEA and Asia Pacific as many workers returned to their offices in those markets. We reported an 18% decline in revenue in Q2 2021 compared to the prior year, as the reduced demand was partially offset by a strong beginning backlog of customer orders (primarily in the Americas) which exceeded the prior year by 11% due to pandemic-related restrictions on our manufacturing and delivery activities during Q1 2021. Despite the decline in revenue, our operating income increased by $3.3 in Q2 2021 compared to the prior year, driven by the significant cost reduction actions we implemented across all segments, including temporarily reduced pay for most of our global salaried workforce.

By the end of Q2 2021, we restored most of our salaried workforce to full pay, which we expect will result in approximately $20 of additional costs in Q3 2021 as compared to Q2 2021. In addition, we announced workforce reductions in the Americas which we expect will lower our annualized costs by approximately $40. We expect to record a total of approximately $26 of restructuring costs related to the workforce reductions, $15.6 of which was recorded during Q2 2021 and the remainder of which is expected to be recorded in Q3 2021.

18

Q2 2021 Compared to Q2 2020

We recorded net income of $55.5 and diluted earnings per share of $0.47 in Q2 2021 compared to net income of $60.5 and diluted earnings per share of $0.50 in the prior year. The Q2 2021 results included restructuring costs of $15.6 in the Americas segment related to workforce reductions which had the effect of decreasing diluted earnings per share by $0.08, net of related tax benefits. Operating income of $88.6 in Q2 2021 represented an increase of $3.3 compared to the prior year. The increase was driven by cost reduction actions implemented across all segments and lower variable compensation expense, partially offset by the impact of lower revenue and restructuring costs. Excluding the impact of the restructuring costs, adjusted operating income of $104.2 in Q2 2021 represented an increase of $18.9 compared to the prior year.

Revenue of $818.8 in Q2 2021 represented a decrease of $179.2 or 18% compared to the prior year. The decline was broad-based across all segments, driven by reduced demand due to underlying economic uncertainty related to the COVID-19 pandemic, partially offset by a strong order backlog at the beginning of the quarter. Revenue declined by 15% in the Americas, 18% in EMEA and 41% in the Other category compared to the prior year. After adjusting for a $17.1 impact from the divestiture of PolyVision in Q4 2020 and $1.9 of currency translation effects, the organic revenue decline was $164.0 or 17% compared to the prior year. The organic revenue decline was 15% in the Americas, 20% in EMEA and 29% in the Other category compared to the prior year.

Cost of sales as a percentage of revenue decreased by 30 basis points to 66.3% of revenue in Q2 2021 compared to Q2 2020. The decline was driven by pricing benefits, lower overhead costs, lower variable compensation expense and lower employee costs primarily related to temporary reductions in pay for salaried employees, partially offset by the impact of lower revenue. Cost of sales as a percentage of revenue improved by 110 basis points in the Americas, partially offset by an increase of 120 basis points in EMEA and 320 basis points in the Other category.

Operating expenses of $172.3 in Q2 2021 represented a decrease of $75.9 compared to the prior year. The decrease was driven by an approximately $32 reduction in discretionary spending (including near elimination of travel, events, contract labor costs and project spending), approximately $22 of lower employee costs primarily related to temporary reductions in pay across most of our global salaried workforce, $9.2 of lower variable compensation expense and $5.3 of higher COLI income. Operating expenses also included gains of $4.1 from the sale of land in Q2 2021.

We recorded restructuring costs of $15.6 in the Americas segment in Q2 2021 related to workforce reduction actions taken as a result of reduced demand due to the COVID-19 pandemic. See Note 14 to the condensed consolidated financial statements for further information.

Our effective tax rate in Q2 2021 was 33.0% compared to a Q2 2020 effective tax rate of 26.3%. We recorded an income tax benefit in Q1 2021 utilizing the year-to-date actual effective tax rate. In Q2 2021, we used the estimated annual effective tax rate to calculate income tax expense for year-to-date 2021, and the income tax expense recorded in Q2 2021 included the impact of transitioning between the two methods. See Note 10 to the condensed consolidated financial statements for further details.

Year-to-Date 2021 Compared to Year-to-Date 2020

We recorded year-to-date 2021 net income of $17.4 and diluted earnings per share of $0.15, compared to year-to-date 2020 net income of $78.3 and diluted earnings per share of $0.65. In year-to-date 2021, the results included: (1) a goodwill impairment charge related to the EMEA segment, which had the effect of decreasing net income by $17.6 and diluted earnings per share by $0.15, and (2) restructuring costs due to workforce reductions in the Americas segment, which had the effect of decreasing net income by $9.5 and diluted earnings per share by $0.08. Year-to-date 2021 operating income of $36.3 represented a decrease of $76.6 compared to the prior year. The decrease was due to lower revenue across all segments, the goodwill impairment charge and restructuring costs, partially offset by lower operating expenses and overhead costs. Excluding the impact of the impairment charge and the restructuring costs, adjusted operating income decreased by $43.4 compared to the prior year.

Year-to-date 2021 revenue of $1,301.6 represented a decrease of $520.7 or 29% compared to year-to-date 2020. The decline was due to the impacts of the COVID-19 pandemic and was broad-based across all segments. Revenue declined 27% in the Americas, 29% in EMEA and 42% in the Other category. After adjusting for a $33.3 impact from the divestiture of PolyVision and $6.7 of currency translation effects, the organic revenue decline was $480.7 or 27%. The organic revenue decline was 27% in the Americas, 28% in EMEA and 28% in the Other category.

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Cost of sales as a percentage of revenue increased by 190 basis points to 69.4% of revenue in year-to-date 2021 compared to year-to-date 2020. Cost of sales as a percentage of revenue increased by 150 basis points in the Americas, 240 basis points in EMEA and 190 basis points in the Other category. The increase was driven by lower revenue, partially offset by pricing benefits, lower variable compensation expense, lower employee costs primarily related to temporary pay reductions for salaried employees and lower overhead costs.

Operating expenses of $329.7 in year-to-date 2021 represented a decrease of $149.3 compared to the prior year. The decrease was driven by approximately $59 of reduced discretionary spending, approximately $41 of lower employee costs primarily related to temporary reductions in pay across most of the company's global salaried workforce, $21.0 of lower variable compensation expense and $6.0 of higher COLI income. Operating expenses also included gains of $6.7 from the sale of land in year-to-date 2021.

We recorded restructuring costs of $15.6 in the Americas segment in Q2 2021 related to workforce reduction actions taken as a result of reduced demand due to the COVID-19 pandemic. See Note 14 to the condensed consolidated financial statements for further information.

Our year-to-date 2021 effective tax rate was 37.9% compared to a year-to-date 2020 effective tax rate of 26.3%. The year-to-date 2021 tax rate reflected the non-deductible nature of the goodwill impairment charge recorded in Q1 2021 as well as $6.1 of benefits related to the restructuring costs and $1.7 of other net benefits related to the CARES Act, which collectively had the effect of increasing the effective rate by approximately 800 basis points. See Note 10 to the condensed consolidated financial statements for further details.

Interest Expense, Investment Income and Other Income, Net

	Three Months Ended				Six Months Ended
Interest Expense, Investment Income and Other Income, Net	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Interest expense	$	(6.8)	$	(6.7)	$	(14.1)	$	(13.4)
Investment income	0.2		1.5		1.0		2.5
Other income (expense), net:
Equity in income of unconsolidated affiliates	2.1		3.2		4.0		5.7
Foreign exchange gains (losses)	(1.2)		(0.2)		(1.1)		0.1
Net periodic pension and post-retirement credit, excluding service cost	(0.1)		0.2		(0.1)		0.4
Miscellaneous income (expense), net	—		(1.2)		2.0		(2.0)
Total other income, net	0.8		2.0		4.8		4.2
Total interest expense, investment income and other income, net	$	(5.8)	$	(3.2)	$	(8.3)	$	(6.7)

Other income, net decreased by $1.2 in Q2 2021 compared to the prior year primarily due to lower income from unconsolidated affiliates and foreign exchange losses. Year-to-date 2021 other income, net increased by $0.6 primarily due to a $2.8 gain related to additional proceeds from the partial sale of an unconsolidated affiliate in 2018, offset by lower income from unconsolidated affiliates and foreign exchange losses.

Business Segment Review

See Note 13 to the condensed consolidated financial statements for additional information regarding our business segments.

Americas

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.

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	Three Months Ended								Six Months Ended
Statement of Operations Data — Americas	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Revenue	$	631.2	100.0	%	$	739.5	100.0	%	$	965.1	100.0	%	$	1,315.8	100.0	%
Cost of sales	408.1		64.7		486.3		65.8		660.4		68.4		879.7		66.9
Restructuring costs	6.9		1.0		—		—		6.9		0.7		—		—
Gross profit	216.2		34.3		253.2		34.2		297.8		30.9		436.1		33.1
Operating expenses	112.9		17.9		162.9		22.0		218.0		22.6		313.4		23.8
Goodwill impairment charge	—		—		—		—		—		—		—		—
Restructuring costs	8.7		1.4		—		—		8.7		0.9		—		—
Operating income	$	94.6	15.0	%	$	90.3	12.2	%	$	71.1	7.4	%	$	122.7	9.3	%

Reconciliation of Operating Income to Adjusted Operating Income — Americas	Three Months Ended								Six Months Ended
	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Operating income	$	94.6	15.0	%	$	90.3	12.2	%	$	71.1	7.4	%	$	122.7	9.3	%
Add: goodwill impairment charge	—		—		—		—		—		—		—		—
Add: restructuring costs	15.6		2.4		—		—		15.6		1.6		—		—
Adjusted operating income	$	110.2	17.4	%	$	90.3	12.2	%	$	86.7	9.0	%	$	122.7	9.3	%

Operating income in the Americas improved by $4.3, or 280 basis points as a percentage of revenue, in Q2 2021 compared to the prior year. The Q2 2021 results included $15.6 of restructuring costs related to workforce reductions. The improvement was driven by cost reductions, which more than offset the impact of lower revenue. Excluding the impact of the restructuring costs, adjusted operating income increased by $19.9 in Q2 2021 compared to the prior year. Operating income in year-to-date 2021 decreased by $51.6 compared to the prior year. The decrease was driven by lower revenue and the restructuring costs, partially offset by cost reductions. Excluding the impact of the restructuring costs, year-to-date adjusted operating income decreased by $36.0 compared to the prior year.

The Americas revenue represented 77.1% of consolidated revenue in Q2 2021. Q2 2021 revenue of $631.2 represented a decrease of $108.3 or 15% compared to the prior year. The decrease was driven by reduced industry demand due to the ongoing uncertainty related to the COVID-19 pandemic, partially offset by the strong order backlog at the beginning of the quarter. Year-to-date 2021 revenue of $965.1 represented a decrease of $350.7 or 27% compared to year-to-date 2020. The decrease was driven by reduced industry demand due to the COVID-19 pandemic.

Cost of sales as a percentage of revenue decreased by 110 basis points in Q2 2021 compared to Q2 2020. The improvement was driven by approximately $12 of pricing benefits, approximately $6 of lower overhead costs, $4.7 of lower variable compensation expense and approximately $3 of lower employee costs primarily related to temporary pay reductions for salaried employees, partially offset by the impact of lower revenue. Year-to-date 2021 cost of sales as a percentage of revenue increased by 150 basis points compared to the prior year. The increase was driven by lower revenue, as well as inefficiencies related to labor and logistics utilization due to the disruption experienced during Q1 2021, partially offset by approximately $27 of pricing benefits, $9.0 of lower variable compensation expense, approximately $6 of lower employee costs primarily related to temporary reductions for salaried employees and approximately $6 of lower overhead costs.

Operating expenses in Q2 2021 decreased by $50.0 compared to the prior year. The decrease was driven by approximately $17 of lower employee costs primarily related to temporary salary reductions, approximately $17 of lower discretionary spending and $6.9 of lower variable compensation expense, partially offset by $4.1 from gains on the sale of land in Q2 2021. Year-to-date 2021 operating expenses decreased by $95.4 compared to the prior year. The decrease was driven by the same factors as the quarter.

We recorded restructuring costs of $15.6 in Q2 2021 and year-to-date 2021 related to workforce reduction actions taken as a result of reduced demand due to the COVID-19 pandemic. See Note 14 to the condensed consolidated financial statements for further information.

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EMEA

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, seating and storage solutions.

	Three Months Ended								Six Months Ended
Statement of Operations Data — EMEA	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Revenue	$	125.9	100.0	%	$	154.2	100.0	%	$	225.4	100.0	%	$	315.5	100.0	%
Cost of sales	93.4		74.2		112.6		73.0		168.7		74.8		228.3		72.4
Restructuring costs	—		—		—		—		—		—		—		—
Gross profit	32.5		25.8		41.6		27.0		56.7		25.2		87.2		27.6
Operating expenses	36.0		28.6		47.1		30.6		67.2		29.9		91.9		29.1
Goodwill impairment charge	—		—		—		—		17.6		7.8		—		—
Restructuring costs	—		—		—		—		—		—		—		—
Operating loss	$	(3.5)	(2.8)	%	$	(5.5)	(3.6)	%	$	(28.1)	(12.5)	%	$	(4.7)	(1.5)	%

Reconciliation of Operating Loss to Adjusted Operating Loss — EMEA	Three Months Ended								Six Months Ended
	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Operating loss	$	(3.5)	(2.8)	%	$	(5.5)	(3.6)	%	$	(28.1)	(12.5)	%	$	(4.7)	(1.5)	%
Add: goodwill impairment charge	—		—		—		—		17.6		7.8		—		—
Add: restructuring costs	—		—		—		—		—		—		—		—
Adjusted operating loss	$	(3.5)	(2.8)	%	$	(5.5)	(3.6)	%	$	(10.5)	(4.7)	%	$	(4.7)	(1.5)	%

EMEA operating results improved by $2.0 in Q2 2021 compared to the prior year. The improvement was driven by lower operating expenses which more than offset the impact of lower revenue. Operating results in year-to-date 2021 declined by $23.4 compared to the prior year. The decline was driven by a $17.6 goodwill impairment charge related to the Orangebox U.K. reporting unit in Q1 2021 and lower revenue, partially offset by lower operating expenses. Excluding the impact of the goodwill impairment charge, the year-to-date adjusted operating loss of $10.5 represented a decline of $5.8 compared to the prior year.

EMEA revenue represented 15.4% of consolidated revenue in Q2 2021. Q2 2021 revenue of $125.9 represented a decrease of $28.3 or 18% compared to the prior year. The decrease was due to reduced demand due to the COVID-19 pandemic and was broad-based across all markets. Year-to-date 2021 revenue declined by $90.1 or 29% compared to the prior year. The decrease was driven by the same factors as the quarter.

Cost of sales as a percentage of revenue increased by 120 basis points to 74.2% of revenue in Q2 2021 compared to the prior year. The increase was driven by lower revenue and approximately $3 due to unfavorable pricing, partially offset by approximately $3 of lower overhead costs. Cost of sales as a percentage of revenue increased 240 basis points to 74.8% of revenue in year-to-date 2021 compared to the prior year. The increase was driven by lower revenue, partially offset by approximately $4 of lower overhead costs.

Operating expenses in Q2 2021 decreased by $11.1 compared to the prior year. The decrease was driven by approximately $9 from lower discretionary spending and approximately $2 of lower employee costs primarily related to temporary salary reductions. Operating expenses for year-to-date 2021 decreased by $24.7 compared to the prior year, driven by the same factors as the quarter.

Other

The Other category in 2021 includes Asia Pacific and Designtex. 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. In 2020, the Other category also included PolyVision which was sold during Q4 2020. 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.

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	Three Months Ended								Six Months Ended
Statement of Operations Data — Other	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Revenue	$	61.7	100.0	%	$	104.3	100.0	%	$	111.1	100.0	%	$	191.0	100.0	%
Cost of sales	40.8		66.1		65.6		62.9		73.3		66.0		122.4		64.1
Restructuring costs	—		—		—		—		—		—		—		—
Gross profit	20.9		33.9		38.7		37.1		37.8		34.0		68.6		35.9
Operating expenses	19.8		32.1		29.8		28.6		38.3		34.5		57.4		30.0
Goodwill impairment charge	—		—		—		—		—		—		—		—
Restructuring costs	—		—		—		—		—		—		—		—
Operating income (loss)	$	1.1	1.8	%	$	8.9	8.5	%	$	(0.5)	(0.5)	%	$	11.2	5.9	%

Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Loss) — Other	Three Months Ended								Six Months Ended
	August 28, 2020				August 23, 2019				August 28, 2020				August 23, 2019
Operating income (loss)	$	1.1	1.8	%	$	8.9	8.5	%	$	(0.5)	(0.5)	%	$	11.2	5.9	%
Add: goodwill impairment charge	—		—		—		—		—		—		—		—
Add: restructuring costs	—		—		—		—		—		—		—		—
Adjusted operating income (loss)	$	1.1	1.8	%	$	8.9	8.5	%	$	(0.5)	(0.5)	%	$	11.2	5.9	%

The Other category posted operating income of $1.1 in Q2 2021 compared to $8.9 in the prior year, which included $2.6 from PolyVision. The remaining decline was driven by lower revenue, partially offset by lower operating expenses. Year-to-date 2021 operating results decreased by $11.7 compared to the prior year. The prior year results included $4.4 from PolyVision and the remaining decrease was driven by the same factors as the quarter.

Revenue in the Other category represented 7.5% of consolidated revenue in Q2 2021. Q2 2021 revenue of $61.7 represented a decrease of $42.6 or 41% compared to the prior year. The decrease was driven by lower revenue in both Asia Pacific and Designtex as a result of reduced demand due to the COVID-19 pandemic and a $17.1 impact from the PolyVision divestiture. After adjusting for the $17.1 impact of the divestiture and $0.8 of currency translation effects, the organic revenue decline was $24.7 or 29% compared to the prior year. Year-to-date 2021 revenue of $111.1 represented a decrease of $79.9 or 42%, compared to the prior year. The decline was driven by the same factors as the quarter. After adjusting for the $33.3 impact of the divestiture and $2.4 of currency translation effects, the organic revenue decline was $44.2 or 28%, compared to the prior year.

Operating expenses in Q2 2021 decreased by $10.0 compared to the prior year. The decrease was driven by approximately $3 from lower discretionary spending, approximately $3 of lower employee costs primarily related to temporary salary reductions, and a $3.1 impact from the PolyVision divestiture. Operating expenses for year-to-date 2021 decreased by $19.1 compared to the prior year, driven by the same factors as the quarter.

Corporate

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.

	Three Months Ended				Six Months Ended
Statement of Operations Data — Corporate	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Operating expenses	$	3.6	$	8.4	$	6.2	$	16.3

The decrease in operating expenses in Q2 2021 compared to the prior year was due to $5.3 of higher COLI income, temporary salary reductions and lower discretionary spending, partially offset by a $2.3 increase in deferred compensation expense. The decrease for year-to-date 2021 was driven by the same factors as the quarter.

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Liquidity and Capital Resources

Cash and cash equivalents are used to fund day-to-day operations, including seasonal disbursements, particularly the annual payment of accrued variable compensation and retirement plan contributions in Q1 of each fiscal year. During normal business conditions, we target a range of $75 to $175 in cash and cash equivalents to fund operating requirements. In addition, we may carry additional liquidity for potential investments in strategic initiatives and as a cushion against economic volatility, and from time to time, we may allow our cash and cash equivalents to temporarily fall below our targeted range to fund acquisitions and other growth initiatives.

Liquidity Sources	August 28, 2020		February 28, 2020
Cash and cash equivalents	$	515.9	$	541.0
Company-owned life insurance	167.8		160.0
Availability under credit facilities	268.2		273.3
Total liquidity sources available	$	951.9	$	974.3

As of August 28, 2020, we held a total of $515.9 in cash and cash equivalents. Of that total, 89% was located in the U.S. and the remaining 11% was located primarily in China (including Hong Kong), Mexico, the U.K. and Malaysia.

COLI investments are recorded at their net cash surrender value. A portion of our investments in COLI policies are intended to be utilized as a long-term funding source for long-term benefit obligations. However, COLI can also be used as a source of liquidity. We believe the financial strength of the issuing insurance companies associated with our COLI policies is sufficient to meet their obligations.

Availability under credit facilities may be reduced related to compliance with applicable covenants. See Liquidity Facilities for more information.

The following table summarizes our Condensed Consolidated Statements of Cash Flows for the six months ended August 28, 2020 and August 23, 2019:

	Six Months Ended
Cash Flow Data	August 28, 2020		August 23, 2019
Net cash provided by (used in):
Operating activities	$	44.9	$	42.8
Investing activities	(6.0)		(29.6)
Financing activities	(63.8)		(42.7)
Effect of exchange rate changes on cash and cash equivalents	0.2		(1.4)
Net decrease in cash, cash equivalents and restricted cash	(24.7)		(30.9)
Cash, cash equivalents and restricted cash, beginning of period	547.1		264.8
Cash, cash equivalents and restricted cash, end of period	$	522.4	$	233.9

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Cash provided by operating activities

	Six Months Ended
Cash Flow Data — Operating Activities	August 28, 2020		August 23, 2019
Net income	$	17.4	$	78.3
Depreciation and amortization	43.3		41.4
Goodwill impairment charge	17.6		—
Restructuring costs	15.6		—
Changes in accounts receivable, inventories and accounts payable	21.3		(64.9)
Employee compensation liabilities	(120.8)		(46.1)
Employee benefit obligations	(24.9)		(17.7)
Customer deposits	74.3		7.4
Changes in other operating assets and liabilities	1.1		44.4
Net cash provided by operating activities	$	44.9	$	42.8

In year-to-date 2021, we generated cash from working capital, primarily driven by collections on accounts receivable. We also offered deposit incentives to our dealers which drove a significant increase in customer deposits. In year-to-date 2020, we utilized cash in working capital, primarily driven by strong revenue growth during that period. Annual payments related to accrued variable compensation and retirement plan contributions, typically made in Q1 each year, totaled $148.0 in year-to-date 2021 compared to $114.3 in year-to-date 2020. Changes in other operating assets and liabilities in year-to-date 2021 reflects a net $20.2 increase in income taxes receivable.

Cash used in investing activities

	Six Months Ended
Cash Flow Data — Investing Activities	August 28, 2020		August 23, 2019
Capital expenditures	$	(18.0)	$	(32.5)
Proceeds from disposal of fixed assets	7.1		1.0
Other	4.9		1.9
Net cash used in investing activities	$	(6.0)	$	(29.6)

Capital expenditures in year-to-date 2021 were lower compared to the prior year due to our continued focus on reduced spending and were primarily related to investments in manufacturing operations, customer-facing facilities and product development. We sold land for proceeds of $7.1 in year-to-date 2021. Other investing activities in year-to-date 2021 included $3.3 of additional proceeds from the partial sale of an unconsolidated affiliate in 2018.

Cash used in financing activities

	Six Months Ended
Cash Flow Data — Financing Activities	August 28, 2020		August 23, 2019
Dividends paid	$	(20.1)	$	(34.5)
Common stock repurchases	(42.3)		(5.9)
Borrowings on lines of credit	250.0		—
Repayments on lines of credit	(250.0)		—
Other	(1.4)		(2.3)
Net cash used in financing activities	$	(63.8)	$	(42.7)

We paid dividends of $0.07 and $0.10 per common share in Q1 2021 and Q2 2021, respectively, and $0.145 per common share in each of Q1 2020 and Q2 2020.

During year-to-date 2021, we borrowed and subsequently repaid $250.0 on our global credit facility.

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In year-to-date 2021, we repurchased 3,244,594 shares of Class A common stock, 244,594 of which were made to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan. In year-to-date 2020, we repurchased 347,256 shares of Class A common stock, 239,831 of which were made to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.

As of August 28, 2020, we had $56.4 of remaining availability under the $150 share repurchase program approved by our Board of Directors in 2016.

Off-Balance Sheet Arrangements

During Q2 2021, no material change in our off-balance sheet arrangements occurred.

Contractual Obligations

During year-to-date 2021, we borrowed and subsequently repaid $250.0 on our global credit facility. See Liquidity Facilities for more information.

Liquidity Facilities

Our total liquidity facilities as of August 28, 2020 were:

Liquidity Facilities	August 28, 2020
Global committed bank facility	$	250.0
Various uncommitted lines	21.3
Total credit lines available	271.3
Less: Other guarantees	(3.1)
Available capacity	$	268.2

We have a $250.0 global committed five-year bank facility in effect through 2025. As of August 28, 2020, there were no borrowings outstanding under the facility and $3.1 of guarantees reducing our availability. As of August 28, 2020, we were in compliance with all covenants under the facility.

Our various uncommitted lines may be changed or canceled by the banks at any time. There were no borrowings outstanding under the uncommitted facilities as of August 28, 2020.

In addition, we have credit agreements totaling $35.3 which can be utilized to support letters of credit, bank guarantees or foreign exchange contracts. Letters of credit and bank guarantees of $12.7 were outstanding under these facilities as of August 28, 2020. There were no draws on our letters of credit during year-to-date 2021 or year-to-date 2020.

Total consolidated debt as of August 28, 2020 was $483.3. Our debt primarily consists of $443.7 in term notes due in 2029 with an effective interest rate of 5.6%. In addition, we have a term loan with a balance as of August 28, 2020 of $38.8. This term loan has a floating interest rate based on 30-day LIBOR plus 1.20% and is due in 2024. The term notes are unsecured, and the term loan is secured by our corporate aircraft. The term notes and the term loan do not contain financial covenants and are not cross-defaulted to our other debt facilities.

Liquidity Outlook

At August 28, 2020, our total liquidity position, comprised of cash, cash equivalents and the cash surrender value of COLI, aggregated to $683.7. Our liquidity position, funds available under our credit facilities and cash generated from operations are expected to be sufficient to finance our known or foreseeable liquidity needs.

Our significant funding requirements include operating expenses, non-cancelable operating lease obligations, capital expenditures, variable compensation and retirement plan contributions, dividend payments and debt service obligations. We have flexibility over some of these uses of cash, including capital expenditures and discretionary operating expenses, to preserve our liquidity position, and we expect our capital expenditures in 2021 will not exceed $50.0 compared to $73.4 in 2020.

26

During Q1 2021, in response to the COVID-19 pandemic and related economic uncertainty, we took a number of actions to protect our liquidity, including borrowing under our global credit facility, temporarily reducing pay for most of our salaried workforce, eliminating travel and events, overtime, temporary labor and annual merit increases, and scaling back project spending. During Q2 2021, as we were able to resume our manufacturing activities globally and our revenue improved, we repaid all outstanding borrowings under our global credit facility and, by the end of the quarter, we restored most of our salaried workforce to full pay. Due to the continued year-over-year declines in our recent order patterns and the uncertainty related to the COVID-19 pandemic, we have implemented workforce reductions in our Americas segment, and we expect to continue to maintain our other cost reduction efforts during the remainder of 2021.

On September 22, 2020, we announced a quarterly dividend on our common stock of $0.10 per share, or approximately $11, to be paid in Q3 2021. Future dividends will be subject to approval by our Board of Directors.

Critical Accounting Estimates

During Q2 2021, there have been no changes in the items that we have identified as critical accounting estimates.

Recently Issued Accounting Standards

See Note 2 to the condensed consolidated financial statements.

Forward-looking Statements

From time to time, in written and oral statements, we discuss our expectations regarding future events and our plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, us. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from our expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; the COVID-19 pandemic and the actions taken by various governments and third parties to combat the pandemic; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in this Report, our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

Item 3.Quantitative and Qualitative Disclosures About Market Risk:

The nature of market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) faced by us as of August 28, 2020 is the same as disclosed in our Annual Report on Form 10-K for the year ended February 28, 2020. We are exposed to market risks from foreign currency exchange, interest rates, commodity prices and fixed income and equity prices, which could affect our operating results, financial position and cash flows.

Foreign Exchange Risk

During Q2 2021, no material change in foreign exchange risk occurred.

Interest Rate Risk

During Q2 2021, no material change in interest rate risk occurred.

27

Commodity Price Risk

During Q2 2021, no material change in commodity price risk occurred.

Fixed Income and Equity Price Risk

During Q2 2021, no material change in fixed income and equity price risk occurred.

Item 4.Controls and Procedures:

(a) Disclosure Controls and Procedures.  Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of August 28, 2020. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of August 28, 2020, our disclosure controls and procedures were effective in (1) recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act and (2) ensuring that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Internal Control Over Financial Reporting.  There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our second fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1A. Risk Factors:

For a more detailed explanation of the risks affecting our business, please refer to the Risk Factors section in our Form 10-K for the fiscal year ended February 28, 2020.  There has not been a material change to the risk factors set forth in our Form 10-K for the fiscal year ended February 28, 2020, except for the following risk factor which supplements and updates the risk factors previously disclosed and should be considered in conjunction with the Risk Factors section in our Form 10-K for the fiscal year ended February 28, 2020:

The COVID-19 pandemic has had, and is expected to continue to have, a significant and adverse effect on our business.

The COVID-19 pandemic and the actions taken by various governments and third parties to combat the spread of COVID-19 (including, in some cases, mandatory quarantines and other suspensions of non-essential business operations) caused significant disruptions in our manufacturing and distribution operations and supply chains during Q1 2021 and required many office workers globally to work from home on a temporary basis, which has had a negative impact on global demand for our industry. In response to these developments, we took a number of actions to temporarily reduce our spending, including temporary and permanent layoffs, temporary pay reductions and reduced spending on product development and strategic initiatives. These actions have had and may continue to have a negative impact on our employee retention and our growth strategies in the future.

The economic impacts of the COVID-19 pandemic have had a negative impact on many of our customers, particularly those in the retail, hospitality, automotive, aviation, energy and flexible real estate sectors, and thus has negatively affected our revenues and may increase credit risk for us and our dealers. In addition, the actions being taken by governments and third parties to prevent the spread of COVID-19 have resulted in increased working from home for an extended period of time, which has been impacting and may continue to impact overall demand for office furniture and our revenue.

The severity of these various impacts on our business will depend in part on whether governments reimpose quarantine or stay-at-home orders in the coming months, the timing of when companies have their employees return to the office, the continuation of government benefits and other stimulus efforts to mitigate the effects of the COVID-19 pandemic and the speed of the recovery of economic conditions globally and locally, all of which are highly uncertain and out of our control. The impacts of COVID-19 are far-reaching, and the duration and intensity of the impact on our business, our industry and the global economy are not yet fully known.

28

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds:

Issuer Purchases of Equity Securities

The following is a summary of share repurchase activity during Q2 2021:

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)
5/30/2020 - 7/3/2020	—	$	—	—	$	56.4
7/4/2020 - 7/31/2020	205	$	11.47	—	$	56.4
8/1/2020 - 8/28/2020	—	$	—	—	$	56.4
Total	205	(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.

(2)All of these shares were repurchased to satisfy participants’ tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.

Item 6.Exhibits:

Exhibit No.	Description
10.1*	Summary of Compensation for the Board of Directors of Steelcase Inc., as updated August 28, 2020
31.1	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Schema Document
101.CAL	Inline XBRL Calculation Linkbase Document
101.LAB	Inline XBRL Labels LInkbase Document
101.PRE	Inline XBRL Presentation Linkbase Document
101.DEF	Inline XBRL Definition Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

*    Management contract or compensatory plan or arrangement.

29

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STEELCASE INC.

By:	/s/  David C. Sylvester
	David C. Sylvester Senior Vice President, Chief Financial Officer (Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)

Date: September 25, 2020

30

EX-10.1

EXHIBIT 10.1

SUMMARY OF COMPENSATION FOR

THE BOARD OF DIRECTORS OF

STEELCASE INC.

Effective February 29, 2020, non-employee directors are compensated annually as follows.

Annual Retainers

For the period from February 29, 2020 through March 29, 2020, the following compensation schedule applied, and it was reinstated beginning on August 31, 2020:

Type of Compensation	Director		Board Chair
Board Annual Retainer	$	215,000	$	322,500
Committee Chair Annual Retainers:
Audit Committee	$	20,000
Compensation Committee	$	15,000
Corporate Business Development Committee	$	15,000
Nominating and Corporate Governance Committee	$	15,000

Board annual retainers and committee chair annual retainers shall be paid on a quarterly basis in advance, 40% in cash and 60% in either:

•Steelcase Inc. Class A Common Stock issued under the Steelcase Inc. Incentive Compensation Plan or

•A deemed investment in Steelcase Inc. Class A Common Stock under the Steelcase Inc. Non-Employee Director Deferred Compensation Plan.

Each director serving as the member of the Audit Committee (other than the Audit Committee Chair) will receive an additional annual retainer of $10,000, paid on a quarterly basis in advance, in cash.

For the period from March 30, 2020 through May 30, 2020, the following compensation schedule applied:

Type of Compensation	Director		Board Chair
Board Annual Retainer	$	129,000	$	193,500
Committee Chair Annual Retainers:
Audit Committee	$	12,000
Compensation Committee	$	9,000
Corporate Business Development Committee	$	9,000
Nominating and Corporate Governance Committee	$	9,000

Board annual retainers and committee chair annual retainers shall be paid on a quarterly basis in advance, in either:

•Steelcase Inc. Class A Common Stock issued under the Steelcase Inc. Incentive Compensation Plan or

•A deemed investment in Steelcase Inc. Class A Common Stock under the Steelcase Inc. Non-Employee Director Deferred Compensation Plan.

For the period from May 31, 2020 through August 30, 2020, the following compensation schedule applied:

Type of Compensation	Director		Board Chair
Board Annual Retainer	$	172,000	$	258,000
Committee Chair Annual Retainers:
Audit Committee	$	16,000
Compensation Committee	$	12,000
Corporate Business Development Committee	$	12,000
Nominating and Corporate Governance Committee	$	12,000

Board annual retainers and committee chair annual retainers shall be paid on a quarterly basis in advance, 25% in cash and 75% in either:

•Steelcase Inc. Class A Common Stock issued under the Steelcase Inc. Incentive Compensation Plan or

•A deemed investment in Steelcase Inc. Class A Common Stock under the Steelcase Inc. Non-Employee Director Deferred Compensation Plan.

Each director serving as the member of the Audit Committee (other than the Audit Committee Chair) will receive an additional annual retainer of $5,000, paid on a quarterly basis in advance, in cash.

All shares granted to directors as part of their non-cash director compensation shall be granted in the form of Steelcase Inc. Class A Common Stock, pursuant to the Steelcase Inc. Incentive Compensation Plan. The number of shares of Class A Common Stock to be awarded shall be calculated using the Fair Market Value, as defined in the Steelcase Inc. Incentive Compensation Plan, of such shares on the date on which the quarterly payment is made.

Expenses

All directors (including committee chairs and the Board Chair) will be reimbursed for out-of-pocket expenses incurred to attend Board and committee meetings, paid in cash.

Payments

Payments shall be made on or about the 10^th day of the month of March, June, September and December.

Deferred Compensation Plan

Each non-employee director can participate in the Steelcase Inc. Non-Employee Director Deferred Compensation Plan. Under this plan, directors may defer all or part of their retainer and/or committee fees until they no longer serve on the Board of Directors. A participating director may elect to have the deferred amount deemed as an investment in Steelcase Inc. Class A Common Stock or invested in any of several investment funds.

Share Ownership

Each director is required to own and maintain shares of Steelcase Inc. common stock or deemed shares invested in Steelcase Inc. common stock under the Steelcase Inc. Non-Employee Director Deferred Compensation Plan equal in value to at least five times the portion of the Board Annual Retainer payable in cash. This requirement must be achieved within five years from the director’s initial appointment to the Board of Directors.

Outside Director Benefit Plan

Each non-employee director who is not a retiree of the Company is also eligible to participate in the Steelcase Benefit Plan for Outside Directors which provides health, vision and group travel accident benefits.

Employees and Officers

Members of the Board of Directors who are employees or officers of the Company or any of its subsidiaries do not receive any compensation for serving on the Board of Directors or any committees thereof.

Last revised on August 28, 2020

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

SARBANES-OXLEY ACT SECTION 302

I, James P. Keane, certify that:

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

Date: September 25, 2020

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

SARBANES-OXLEY ACT SECTION 302

I, David C. Sylvester, certify that:

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

Date: September 25, 2020

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CEO AND CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Steelcase Inc. (the “Company”) for the period ended August 28, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), James P. Keane, as Chief Executive Officer of the Company, and David C. Sylvester, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on his knowledge:

(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

September 25, 2020

	/s/ David C. Sylvester
Name:	David C. Sylvester
Title:	Senior Vice President, Chief Financial Officer

September 25, 2020

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

XML

New Accounting Standards

6 Months Ended

Aug. 28, 2020

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Standards

NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740), which is intended to enhance various aspects of the accounting for income taxes. The new guidance updates the calculation of income taxes in an interim period when year-to-date losses exceed the anticipated loss for the year. We adopted this guidance in Q1 2021 on a prospective basis. The adoption of this guidance did not 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 GAAP with a methodology that reflects expected credit losses. We adopted this guidance in Q1 2021 using a modified retrospective transition approach. The adoption of this guidance did not have a material effect on our consolidated financial statements. We estimate our allowance for doubtful accounts based upon several factors, including customer credit quality and historical write-off trends. We also use general information regarding industry trends, the economic environment and information gathered through our network of field-based employees. The adoption of this guidance did not significantly impact our accounting policies or methods utilized to determine the allowance for doubtful accounts.

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.

XML

Basis Of Presentation

6 Months Ended

Aug. 28, 2020

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 28, 2020 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 28, 2020 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.

XML

Condensed Consolidated Statements Of Cash Flows	6 Months Ended
	Aug. 28, 2020 USD ($)		Aug. 23, 2019 USD ($)
OPERATING ACTIVITIES
Net income	$ 17,400,000		$ 78,300,000
Depreciation and amortization	43,300,000		41,400,000
Goodwill, Impairment Loss	17,600,000		0
Restructuring Charges	15,600,000		0
Increase (Decrease) in Deferred Income Taxes	18,000,000.0		2,900,000
Non-cash stock compensation	9,700,000		12,000,000.0
Equity in income of unconsolidated affiliates	(3,900,000)		(5,700,000)
Dividends received from unconsolidated affiliates	2,800,000		8,200,000
Other	(12,500,000)		(800,000)
Changes in operating assets and liabilities net of acquisitions:
Accounts receivable	58,000,000.0		(82,200,000)
Inventories	(200,000)		(20,500,000)
Other assets	(10,800,000)		3,900,000
Accounts payable	(36,500,000)		37,800,000
Employee compensation liabilities	(120,800,000)		(46,100,000)
Employee benefit obligations	(24,900,000)		(17,700,000)
Increase (Decrease) in Customer Advances and Deposits	74,300,000		7,400,000
Accrued Liabilities and Other Operating Liabilities	(2,200,000)		23,900,000
Net cash provided by operating activities	44,900,000		42,800,000
INVESTING ACTIVITIES
Capital expenditures	(18,000,000.0)		(32,500,000)
Proceeds from Sale of Property, Plant, and Equipment	7,100,000		1,000,000.0
Other	4,900,000		1,900,000
Net cash provided by (used in) investing activities	(6,000,000.0)		(29,600,000)
FINANCING ACTIVITIES
Dividends paid	(20,100,000)		(34,500,000)
Common stock repurchases	(42,300,000)		(5,900,000)
Proceeds from Lines of Credit	250,000,000.0		0
Repayments of Lines of Credit	(250,000,000.0)		0
Proceeds from (Payments for) Other Financing Activities	(1,400,000)		(2,300,000)
Net cash used in financing activities	(63,800,000)		(42,700,000)
Effect of exchange rate changes on cash and cash equivalents	200,000		(1,400,000)
Net decrease in cash, cash equivalents and restricted cash	(24,700,000)		(30,900,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	547,100,000	[1]	264,800,000	[1]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 522,400,000	[2]	233,900,000	[2]
Restricted Cash			$ 4,800,000

[1] These amounts include restricted cash of $6.1 and $3.5 as of February 28, 2020 and February 22, 2019, respectively.

[2] These amounts include restricted cash of $6.5 and $4.8 as of August 28, 2020 and August 23, 2019, respectively.Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims.  Restricted cash is included as part of Other assets in the Condensed Consolidated Balance Sheets.

XML

Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Millions		Total	Performance Units [Member]	Restricted Stock [Member]
Other comprehensive income (loss)		$ (14.5)
Retained earnings, beginning of period at Feb. 22, 2019		880.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		78.3
Dividends paid		(34.5)
Retained earnings, end of period at Aug. 23, 2019		924.5
Accumulated other comprehensive income (loss), beginning of period at Feb. 22, 2019		(47.3)
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 23, 2019		(61.8)
Paid-in capital, beginning of period at Feb. 22, 2019	[1]	16.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.4
Common stock repurchases	[1]	(5.9)
Performance units and restricted stock units expense		11.6
Other	[1]	4.0
Paid-in capital, end of period at Aug. 23, 2019	[1]	$ 26.5
Common shares outstanding, beginning of period at Feb. 22, 2019		116,766,610
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances		22,872
Common stock repurchases		(347,256)
Stock Issued During Period, Shares, New Issues			0	801,734
Common shares outstanding, end of period at Aug. 23, 2019		117,243,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ 0.0
Other comprehensive income (loss)		(6.7)
Retained earnings, beginning of period at May. 24, 2019		881.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		60.5
Dividends paid		(17.2)
Retained earnings, end of period at Aug. 23, 2019		924.5
Accumulated other comprehensive income (loss), beginning of period at May. 24, 2019		(55.1)
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 23, 2019		(61.8)
Paid-in capital, beginning of period at May. 24, 2019	[1]	25.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.2
Common stock repurchases	[1]	(1.9)
Performance units and restricted stock units expense		2.3
Other	[1]	0.0
Paid-in capital, end of period at Aug. 23, 2019	[1]	$ 26.5
Common shares outstanding, beginning of period at May. 24, 2019		117,313,755
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances		11,475
Common stock repurchases		(117,953)
Stock Issued During Period, Shares, New Issues			0	36,683
Common shares outstanding, end of period at Aug. 23, 2019		117,243,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ 0.0
Stockholders' Equity Attributable to Parent		889.2
Stockholders' Equity Attributable to Parent		970.4
Other comprehensive income (loss)		13.0
Retained earnings, beginning of period at Feb. 28, 2020		1,011.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		17.4
Dividends paid		(20.1)
Retained earnings, end of period at Aug. 28, 2020		1,002.7
Accumulated other comprehensive income (loss), beginning of period at Feb. 28, 2020		(69.3)
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 28, 2020		(56.3)
Paid-in capital, beginning of period at Feb. 28, 2020	[1]	28.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.4
Common stock repurchases	[1]	(36.4)
Performance units and restricted stock units expense		9.3
Other	[1]	0.0
Paid-in capital, end of period at Aug. 28, 2020	[1]	$ 1.7
Common shares outstanding, beginning of period at Feb. 28, 2020		117,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances		26,890
Common stock repurchases		(3,244,594)
Stock Issued During Period, Shares, New Issues			174,888	617,362
Common shares outstanding, end of period at Aug. 28, 2020		114,776,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ (5.9)
Other comprehensive income (loss)		21.6
Retained earnings, beginning of period at May. 29, 2020		958.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		55.5
Dividends paid		(11.7)
Retained earnings, end of period at Aug. 28, 2020		1,002.7
Accumulated other comprehensive income (loss), beginning of period at May. 29, 2020		(77.9)
Accumulated Other Comprehensive Income (Loss), End of Period at Aug. 28, 2020		(56.3)
Paid-in capital, beginning of period at May. 29, 2020	[1]	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.2
Common stock repurchases	[1]	0.0
Performance units and restricted stock units expense		1.5
Other	[1]	0.0
Paid-in capital, end of period at Aug. 28, 2020	[1]	$ 1.7
Common shares outstanding, beginning of period at May. 29, 2020		114,759,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances		13,941
Common stock repurchases		(205)
Stock Issued During Period, Shares, New Issues			0	3,261
Common shares outstanding, end of period at Aug. 28, 2020		114,776,546
Stockholders' Equity Attributable to Parent		$ 948.1

[1] Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Aug. 28, 2020	Feb. 28, 2020
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 1,024.0	$ 977.7
Other intangible assets, accumulated amortization	$ 65.1	$ 56.7

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Aug. 28, 2020	Feb. 28, 2020
ASSETS
Cash and cash equivalents			$ 541.0
Trade Accounts Receivable		$ 329.0	381.8
Accounts Receivable, Allowance for Credit Loss		(9.9)	(9.4)
Inventories		217.5	215.0
Prepaid expense		23.6	21.6
Other current assets		56.5	38.8
Total current assets		1,132.6	1,188.8
Property, plant and equipment, net of accumulated depreciation of $1,024.0 and $977.7		418.1	426.3
Company-owned life insurance		167.8	160.0
Deferred income taxes		110.0	124.6
Goodwill		215.1	233.6
Other intangible assets, net of accumulated amortization of $65.1 and $56.7		94.5	102.9
Investments in unconsolidated affiliates		54.0	52.3
Operating Lease, Right-of-Use Asset		219.1	237.9
Other assets		28.5	39.0
Total assets		2,439.7	2,565.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable		210.2	244.3
Short-term borrowings and current maturities of long-term debt		2.6	2.9
Operating Lease, Liability, Current		42.8	43.1
Accrued expenses:
Employee compensation		93.2	191.7
Employee benefit plan obligations		28.2	44.7
Accrued promotions		28.6	35.3
Customer deposits		104.0	28.6
Other		110.4	100.3
Total current liabilities		620.0	690.9
Long-term liabilities:
Long-term debt less current maturities		480.7	481.4
Employee benefit plan obligations		143.0	148.3
Operating Lease, Liability, Noncurrent		198.7	214.0
Other long-term liabilities		49.2	60.4
Total long-term liabilities		871.6	904.1
Total liabilities		1,491.6	1,595.0
Shareholders' equity:
Additional paid-in capital	[1]	1.7	28.4
Accumulated Other Comprehensive Income (Loss), Net of Tax		(56.3)	(69.3)
Retained earnings		1,002.7	1,011.3
Total shareholders' equity		948.1	970.4
Total liabilities and shareholders' equity		$ 2,439.7	$ 2,565.4

[1] Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

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Restructuring and Related Activities (Details)	6 Months Ended
	Aug. 28, 2020 USD ($)	Aug. 28, 2020 USD ($)	Aug. 28, 2020 USD ($) salaryEmployee	Aug. 28, 2020 USD ($) hourlyEmployee	Feb. 28, 2020 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Expected Number of Positions Eliminated			300	160
Restructuring and Related Cost, Expected Cost	$ 26	$ 26	$ 26	$ 26
Restructuring Reserve	$ 15,200,000	15,200,000	$ 15,200,000	$ 15,200,000	$ 0
Restructuring and Related Cost, Cost Incurred to Date		15,600,000
Payments for Restructuring		(400,000)
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date		$ 15,600,000
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Activities, Description	RESTRUCTURING ACTIVITIESIn Q2 2021, our Board of Directors approved a series of restructuring actions in response to continued order declines in the Americas compared to the prior year and continued economic uncertainty related to the COVID-19 pandemic. The restructuring actions include early retirements and voluntary and involuntary terminations of approximately 300 salaried employees and early retirements of approximately 160 hourly employees. We expect to incur approximately $26 in restructuring costs in the Americas segment in connection with these actions, consisting of cash severance payments and payment of other separation-related benefits. We recorded $15.6 of restructuring costs in Q2 2021 related to the actions which were initiated during the quarter. We expect all of the actions to be completed by the end of 2021.The following table details the changes in the restructuring reserve balance as of August 28, 2020:Workforce reductionsBalance as of February 28, 2020$— Restructuring costs15.6 Payments(0.4)Balance as of August 28, 2020$15.2

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Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019	Feb. 28, 2020
Segment Reporting Information [Line Items]
Revenues	$ 818.8	$ 998.0	$ 1,301.6	$ 1,822.3
Operating income	88.6	85.3	36.3	112.9
Total assets	2,439.7		2,439.7		$ 2,565.4
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	631.2	739.5	965.1	1,315.8
Operating income	94.6	90.3	71.1	122.7
Total assets	1,067.9		1,067.9		1,067.3
EMEA [Member]
Segment Reporting Information [Line Items]
Revenues	125.9	154.2	225.4	315.5
Operating income	(3.5)	(5.5)	(28.1)	(4.7)
Total assets	401.6		401.6		454.5
Other category [Member]
Segment Reporting Information [Line Items]
Revenues	61.7	104.3	111.1	191.0
Operating income	1.1	8.9	(0.5)	11.2
Total assets	215.6		215.6		225.6
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income	(3.6)	$ (8.4)	(6.2)	$ (16.3)
Total assets	$ 754.6		$ 754.6		$ 818.0

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Leases lessee (Details)	Aug. 28, 2020	Aug. 23, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	6 years 9 months 18 days	7 years 3 months 18 days

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Leases weighted (Details)	Aug. 28, 2020	Aug. 23, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	6 years 9 months 18 days	7 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.00%	4.20%

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Leases (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019
Lessee, Lease, Description [Line Items]
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	[1]	$ 26.1		$ 26.1
Operating Lease, Payments		12.1	$ 11.5	24.7	$ 23.4
Operating Lease, Cost		12.9	12.5	26.0	24.6
Sublease Income		(0.6)	(0.3)	(0.9)	(0.4)
Lease, Cost		12.3	12.2	25.1	24.2
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 1.4	$ 18.6	$ 1.9	$ 58.2
Operating Lease, Weighted Average Remaining Lease Term		6 years 9 months 18 days	7 years 3 months 18 days	6 years 9 months 18 days	7 years 3 months 18 days
Operating Leases, Future Minimum Payments, Due in Two Years	[1]	$ 48.5		$ 48.5
Operating Leases, Future Minimum Payments, Due in Three Years	[1]	41.6		41.6
Operating Leases, Future Minimum Payments, Due in Four Years	[1]	35.8		35.8
Operating Leases, Future Minimum Payments, Due in Five Years	[1]	33.3		33.3
Operating Leases, Future Minimum Payments, Due Thereafter	[1]	91.5		91.5
Operating Leases, Future Minimum Payments Due	[1]	276.8		276.8
Operating Lease interest included in future lease payments	[1]	35.3		35.3
Operating Lease, Liability	[1]	$ 241.5		$ 241.5

[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.

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Share-Based Compensation Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 300,000		$ 300,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 2 months 12 days
Restricted Stock Units [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			1,131,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 9.03
Restricted Stock [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	$ 7,300,000		$ 7,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Stock Issued During Period, Shares, New Issues	3,261	36,683	617,362	801,734
FY2021 PSU Award - 3 year [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Stock Issued During Period, Shares, New Issues			529,500
2020 PSU - Tranche 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Stock issued during period, shares				98,867
2020 Performance Unit Award [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Stock Issued During Period, Shares, New Issues				296,600
FY21 PSU Award - 1 year [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Stock Issued During Period, Shares, New Issues			303,973

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Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019
2020 Performance Unit Award [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Stock Issued During Period, Shares, New Issues				296,600
Performance units and restricted stock units expense	$ 1.5	$ 2.3	$ 9.3	$ 11.6
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance units and restricted stock units expense	0.1	0.3	0.3	1.7
Share-based Payment Arrangement, Expense, Tax Benefit	$ 0.0	0.1	0.1	0.5
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, Outstanding, Weighted Average Remaining Contractual Terms	1 year 2 months 12 days
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance units and restricted stock units expense	$ 1.4	2.0	9.0	9.9
Share-based Payment Arrangement, Expense, Tax Benefit	$ 0.4	$ 0.5	$ 2.3	$ 2.7
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			1,761,124
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,131,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			(10,511)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(35,874)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	2,846,439		2,846,439
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			$ 15.28
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			9.03
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value			16.05
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value			14.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 12.80		$ 12.80
Restricted Stock [Member]
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, Options, Exercisable, Weighted Average Remaining Contractual Term			1 year 9 months 18 days
Stock Issued During Period, Shares, New Issues	3,261	36,683	617,362	801,734
FY21 PSU Award - 1 year [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Stock Issued During Period, Shares, New Issues			303,973

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Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019
Net income	$ 55.5	$ 60.5	$ 17.4	$ 78.3
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	0.1	(0.2)	(0.1)	(0.1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	(1.1)	(0.3)	0.8	0.5
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	0.2	0.2	0.4	0.4
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	22.4	(6.4)	13.5	(14.3)
Other comprehensive income (loss)	21.6	(6.7)	13.0	(14.5)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 77.1	$ 53.8	$ 30.4	$ 63.8

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Income Taxes (Details)	3 Months Ended
	Aug. 28, 2020	Aug. 23, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	33.00%	26.30%

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Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250.0
Proceeds from Lines of Credit	250.0	$ 0.0
Repayments of Lines of Credit	(250.0)	$ 0.0
Line of Credit Facility, Remaining Borrowing Capacity	$ 125.0

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Intangible Assets, Goodwill and Other (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019	Feb. 28, 2020
Goodwill [Line Items]
Goodwill, Gross	$ 536,600,000		$ 536,600,000		$ 537,500,000
Goodwill, Impaired, Accumulated Impairment Loss	(321,500,000)		(321,500,000)		(303,900,000)
Goodwill	215,100,000		215,100,000		233,600,000
Goodwill, Impairment Loss	$ 0	$ 0	(17,600,000)	$ 0
Goodwill, Foreign Currency Translation Gain (Loss)			(900,000)
Goodwill, Impaired, Facts and Circumstances Leading to Impairment	We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate it is necessary. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis. For goodwill, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss. We estimate the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. For the evaluation that we conducted in Q1 2021, such conditions included the deterioration of industry and market conditions driven by the COVID-19 pandemic. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. In certain circumstances, we corroborate the results determined using the income approach with a market-based approach that uses observable comparable company information to support the appropriateness of the fair value estimates. As a result of our goodwill impairment testing, we determined that the carrying value of the Orangebox U.K. reporting unit (included in the EMEA segment) exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired.For each of our other reporting units, we determined that the fair value of the reporting unit substantially exceeded its carrying value, and no goodwill impairment existed. We also determined that no impairment existed related to the long-lived asset groups for any of our other reporting units.
Americas [Member]
Goodwill [Line Items]
Goodwill, Gross	$ 206,100,000		206,100,000		206,100,000
Goodwill, Impaired, Accumulated Impairment Loss	(1,700,000)		(1,700,000)		(1,700,000)
Goodwill	204,400,000		204,400,000		204,400,000
Goodwill, Impairment Loss			0
Goodwill, Foreign Currency Translation Gain (Loss)			0
EMEA [Member]
Goodwill [Line Items]
Goodwill, Gross	282,600,000		282,600,000		283,500,000
Goodwill, Impaired, Accumulated Impairment Loss	(282,600,000)		(282,600,000)		(265,000,000.0)
Goodwill	0		0		18,500,000
Goodwill, Impairment Loss			(17,600,000)
Goodwill, Foreign Currency Translation Gain (Loss)			(900,000)
Other category [Member]
Goodwill [Line Items]
Goodwill, Gross	47,900,000		47,900,000		47,900,000
Goodwill, Impaired, Accumulated Impairment Loss	(37,200,000)		(37,200,000)		(37,200,000)
Goodwill	$ 10,700,000		10,700,000		$ 10,700,000
Goodwill, Impairment Loss			0
Goodwill, Foreign Currency Translation Gain (Loss)			$ 0

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Inventories (Details) - USD ($)	Aug. 28, 2020	Feb. 28, 2020
Inventories [Abstract]
Raw materials and work-in-process	$ 128,600,000	$ 122,000,000.0
Finished goods	108,300,000	112,800,000
Inventory, net of valuation allowances	236,900,000	234,800,000
LIFO reserve	19,400,000	19,800,000
Inventory, net of valuation allowances and LIFO reserve	217,500,000	215,000,000.0
FIFO inventory amount	$ 92,700,000	$ 93,800,000

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Fair Value Narrative (Details) - USD ($)	6 Months Ended
	Aug. 28, 2020	Feb. 28, 2020	Aug. 23, 2019	Feb. 22, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 483,300,000	$ 484,300,000
Long-term Debt, Fair Value	522,600,000	560,000,000.0
Cash and cash equivalents		541,000,000.0
Restricted Cash		6,100,000	$ 4,800,000	$ 3,500,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	522,600,000	560,000,000.0
Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	515,900,000	541,000,000.0
Restricted Cash	6,500,000	6,100,000
Assets, Fair Value Disclosure	526,800,000	550,400,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	1,500,000	500,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,500,000	500,000
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	2,400,000	1,200,000
Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	2,000,000.0	2,100,000
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	515,900,000	541,000,000.0
Restricted Cash	6,500,000	6,100,000
Assets, Fair Value Disclosure	522,400,000	547,100,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted Cash	0	0
Assets, Fair Value Disclosure	2,400,000	1,200,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	1,500,000	500,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,500,000	500,000
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	2,400,000	1,200,000
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted Cash	0	0
Assets, Fair Value Disclosure	2,000,000.0	2,100,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	2,000,000.0	$ 2,100,000
Unrealized gain on investments	$ (100,000)

XML

Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019	May 29, 2020	Feb. 28, 2020	May 24, 2019	Feb. 22, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (56.3)	$ (61.8)	$ (56.3)	$ (61.8)	$ (77.9)	$ (69.3)	$ (55.1)	$ (47.3)
Other comprehensive income (loss) before reclassifications	21.7		13.1
Income Tax Expense (Benefit)	27.3	21.6	10.6	27.9
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.1)		0.1
Interest Expense	6.8	6.7	14.1	13.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	21.6		13.0
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.1)	(1.1)	(0.1)	(1.4)
Unrealized gain (loss) on investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(0.2)		(0.2)		(0.3)	(0.1)
Other comprehensive income (loss) before reclassifications	0.1		(0.1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.1		(0.1)
Unrealized gain (loss) on investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income Tax Expense (Benefit)	0.0	0.2	0.0	0.2
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	(3.9)		(3.9)		(2.8)	(3.1)
Other comprehensive income (loss) before reclassifications	(0.8)		(0.3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.3)		0.5
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1.1)		(0.8)
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)	0.1	0.1	0.2	0.3
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.3)	(0.8)	(0.5)	(1.3)
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	(8.2)		(8.2)		(8.4)	(8.6)
Other comprehensive income (loss) before reclassifications	0.0		0.0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.2)		(0.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.2		0.4
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]
Income Tax Expense (Benefit)	(0.1)	(0.1)	(0.2)	(0.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.2	0.2	0.4	0.4
Foreign currency translation adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(44.0)		(44.0)		$ (66.4)	$ (57.5)
Other comprehensive income (loss) before reclassifications	22.4		13.5
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	22.4		13.5
Prior Service Costs | 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	(0.1)	(0.1)	(0.1)	(0.1)
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	(0.3)	(0.8)	(0.6)	(1.5)
Gain (Loss) on Investments [Member] | Unrealized gain (loss) on investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment Income, Nonoperating	0.0	(0.7)	0.0	(0.7)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | 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]
Interest Expense	$ 0.3	$ 0.3	$ 0.6	$ 0.6

XML

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (56.3)	$ (61.8)	$ (56.3)	$ (61.8)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.1)		0.1
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	21.6		13.0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(77.9)	(55.1)	(69.3)	(47.3)
Other comprehensive income (loss) before reclassifications	21.7		13.1
Amounts reclassified from accumulated other comprehensive income (loss)	0.1		(0.1)
Interest Expense	6.8	6.7	14.1	13.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	21.6		13.0
Accumulated Other Comprehensive Income (Loss), End of Period	(56.3)	(61.8)	(56.3)	(61.8)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.1)	(1.1)	(0.1)	(1.4)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	0.1	1.1	0.1	1.4
Unrealized gain (loss) on investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(0.2)		(0.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.1		(0.1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(0.3)		(0.1)
Other comprehensive income (loss) before reclassifications	0.1		(0.1)
Amounts reclassified from accumulated other comprehensive income (loss)	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.1		(0.1)
Accumulated Other Comprehensive Income (Loss), End of Period	(0.2)		(0.2)
Pension and other post-retirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(3.9)		(3.9)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.3)		0.5
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1.1)		(0.8)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(2.8)		(3.1)
Other comprehensive income (loss) before reclassifications	(0.8)		(0.3)
Amounts reclassified from accumulated other comprehensive income (loss)	0.3		(0.5)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1.1)		(0.8)
Accumulated Other Comprehensive Income (Loss), End of Period	(3.9)		(3.9)
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.3)	(0.8)	(0.5)	(1.3)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	0.3	0.8	0.5	1.3
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(8.2)		(8.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.2)		(0.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.2		0.4
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(8.4)		(8.6)
Other comprehensive income (loss) before reclassifications	0.0		0.0
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		0.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.2		0.4
Accumulated Other Comprehensive Income (Loss), End of Period	(8.2)		(8.2)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.2	0.2	0.4	0.4
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(0.2)	$ (0.2)	(0.4)	$ (0.4)
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(44.0)		(44.0)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	22.4		13.5
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(66.4)		(57.5)
Other comprehensive income (loss) before reclassifications	22.4		13.5
Amounts reclassified from accumulated other comprehensive income (loss)	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	22.4		13.5
Accumulated Other Comprehensive Income (Loss), End of Period	$ (44.0)		$ (44.0)

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019	May 29, 2020	Feb. 28, 2020	May 24, 2019	Feb. 22, 2019
Earnings Per Share [Abstract]
Net income	$ 55.5	$ 60.5	$ 17.4	$ 78.3
Adjustment for earnings attributable to participating securities	(1.3)	(1.3)	(0.4)	(1.5)
Net income used in calculating earnings per share	$ 54.2	$ 59.2	$ 17.0	$ 76.8
Weighted-average common shares outstanding including participating securities (in millions)	117,600,000	119,700,000	117,400,000	119,600,000
Adjustment for participating securities (in millions)	(2,800,000)	(2,400,000)	(2,400,000)	(2,300,000)
Shares used in calculating basic earnings per share (in millions)	114,800,000	117,300,000	115,000,000.0	117,300,000
Effect of dilutive stock-based compensation (in millions)	200,000	500,000	200,000	500,000
Shares used in calculating diluted earnings per share (in millions)	115,000,000.0	117,800,000	115,200,000	117,800,000
Earnings per share, basic	$ 0.47	$ 0.50	$ 0.15	$ 0.65
Earnings per share, diluted	$ 0.47	$ 0.50	$ 0.15	$ 0.65
Common Stock, Shares, Outstanding	114,776,546	117,243,960	114,776,546	117,243,960	114,759,549	117,202,000	117,313,755	116,766,610
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions)	0	0	0	0

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Revenue (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Aug. 28, 2020		Aug. 23, 2019		Aug. 28, 2020	Aug. 23, 2019
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability					$ 28.6
Contract with Customer, Liability	$ 104.0				104.0
Revenues	818.8		$ 998.0		1,301.6	$ 1,822.3
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	597.6		680.8		921.1	1,216.7
Foreign locations [Member]
Disaggregation of Revenue [Line Items]
Revenues	221.2		317.2		380.5	605.6
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	125.9		154.2		225.4	315.5
Other category [Member]
Disaggregation of Revenue [Line Items]
Revenues	61.7		104.3		111.1	191.0
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	631.2		739.5		965.1	1,315.8
Seating [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	45.8		53.3		76.8	113.3
Seating [Member] | Other category [Member]
Disaggregation of Revenue [Line Items]
Revenues	18.7		24.4		30.9	43.9
Seating [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	195.0		219.6		291.5	391.3
Systems and storage [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	47.9		58.9		91.8	120.9
Systems and storage [Member] | Other category [Member]
Disaggregation of Revenue [Line Items]
Revenues	10.4		15.7		21.1	30.2
Systems and storage [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	310.7		396.0		479.1	706.8
Other Product Category [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	32.2	[1]	42.0	[1]	56.8	81.3
Other Product Category [Member] | Other category [Member]
Disaggregation of Revenue [Line Items]
Revenues	32.6	[1]	64.2	[1]	59.1	116.9
Other Product Category [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 125.5	[1]	$ 123.9	[1]	194.5	$ 217.7
Deposits [Member]
Disaggregation of Revenue [Line Items]
contract with customer, increases in liability due to deposits received					97.0
Contract with Customer, Liability, Revenue Recognized					$ (21.6)

[1] The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services.

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Reportable Segments (Tables)

6 Months Ended

Aug. 28, 2020

Reportable Segments [Abstract]

Schedule of Segment Reporting Information

Revenue and operating income (loss) for the three and six months ended August 28, 2020 and August 23, 2019 and total assets as of August 28, 2020 and February 28, 2020 by segment are presented below:

	Three Months Ended				Six Months Ended
Reportable Segment Statement of Operations Data	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Revenue
Americas	$	631.2	$	739.5	$	965.1	$	1,315.8
EMEA	125.9		154.2		225.4		315.5
Other	61.7		104.3		111.1		191.0
	$	818.8	$	998.0	$	1,301.6	$	1,822.3
Operating income (loss)
Americas	$	94.6	$	90.3	$	71.1	$	122.7
EMEA	(3.5)		(5.5)		(28.1)		(4.7)
Other	1.1		8.9		(0.5)		11.2
Corporate	(3.6)		(8.4)		(6.2)		(16.3)
	$	88.6	$	85.3	$	36.3	$	112.9

Reportable Segment Balance Sheet Data	August 28, 2020		February 28, 2020
Total assets
Americas	$	1,067.9	$	1,067.3
EMEA	401.6		454.5
Other	215.6		225.6
Corporate	754.6		818.0
	$	2,439.7	$	2,565.4

XML

Condensed Consolidated Statements Of Income - USD ($)	3 Months Ended		6 Months Ended
	Aug. 28, 2020	Aug. 23, 2019	Aug. 28, 2020	Aug. 23, 2019
Revenues	$ 818,800,000	$ 998,000,000.0	$ 1,301,600,000	$ 1,822,300,000
Cost of Goods and Services Sold	542,300,000	664,500,000	902,400,000	1,230,400,000
Restructuring and Related Cost, Cost Incurred to Date			15,600,000
Gross profit	269,600,000	333,500,000	392,300,000	591,900,000
Operating expenses	172,300,000	248,200,000	329,700,000	479,000,000.0
Goodwill, Impairment Loss	0	0	17,600,000	0
Operating income	88,600,000	85,300,000	36,300,000	112,900,000
Interest expense	(6,800,000)	(6,700,000)	(14,100,000)	(13,400,000)
Investment income	200,000	1,500,000	1,000,000.0	2,500,000
Other Nonoperating Income (Expense)	800,000	2,000,000.0	4,800,000	4,200,000
Income before income tax expense	82,800,000	82,100,000	28,000,000.0	106,200,000
Income Tax Expense (Benefit)	27,300,000	21,600,000	10,600,000	27,900,000
Net income	$ 55,500,000	$ 60,500,000	$ 17,400,000	$ 78,300,000
Earnings per share
Basic	$ 0.47	$ 0.50	$ 0.15	$ 0.65
Diluted	0.47	0.50	0.15	0.65
Dividends declared and paid per common share	$ 0.100	$ 0.145	$ 0.170	$ 0.290
Cost of Sales - Restructuring costs
Restructuring and Related Cost, Cost Incurred to Date		$ 0		$ 0
Cost of Sales - Restructuring costs
Restructuring and Related Cost, Cost Incurred to Date	$ 6,900,000		$ 6,900,000
Operating Expenses - Restructuring costs
Restructuring and Related Cost, Cost Incurred to Date	$ 8,700,000	$ 0	$ 8,700,000	$ 0

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Leases Cash Flow and Other (Tables)

6 Months Ended

Aug. 28, 2020

Lessee, Lease, Description [Line Items]

Lessee, lease, supplemental cash flow and other information [Table Text Block]

	August 28, 2020		August 23, 2019
Other information:
Weighted-average remaining term	6.8 years		7.3 years
Weighted-average discount rate	4.0	%	4.2	%

Leases of Lessee Disclosure [Text Block]

LEASES

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. The lease terms utilized in determining right-of-use assets and lease liabilities 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.

As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842), as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the pandemic. We have elected to apply the interpretive guidance provided in the Staff Q&A to rent deferrals or abatements received related to the pandemic. Accordingly, we have not remeasured the related right-of-use asset or lease liability for the affected leases. The lease concessions were not material for the six months ended August 28, 2020.

The components of lease expense are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Operating lease cost	$	12.9	$	12.5	$	26.0	$	24.6
Sublease rental income	(0.6)		(0.3)		(0.9)		(0.4)
	$	12.3	$	12.2	$	25.1	$	24.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Cash flow information:
Operating cash flows used for operating leases	$	12.1	$	11.5	$	24.7	$	23.4
Leased assets obtained in exchange for new operating lease obligations	$	1.4	$	18.6	$	1.9	$	58.2

	August 28, 2020		August 23, 2019
Other information:
Weighted-average remaining term	6.8 years		7.3 years
Weighted-average discount rate	4.0	%	4.2	%

The following table summarizes the future minimum lease payments as of August 28, 2020:

Fiscal year ending in February	Amount (1)
2021	$	26.1
2022	48.5
2023	41.6
2024	35.8
2025	33.3
Thereafter	91.5
Total lease payments	276.8
Less interest	35.3
Present value of lease liabilities	$	241.5

_______________________________________

(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.

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Leases (Tables)

6 Months Ended

Aug. 28, 2020

Lessee, Lease, Description [Line Items]

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table summarizes the future minimum lease payments as of August 28, 2020:

Fiscal year ending in February	Amount (1)
2021	$	26.1
2022	48.5
2023	41.6
2024	35.8
2025	33.3
Thereafter	91.5
Total lease payments	276.8
Less interest	35.3
Present value of lease liabilities	$	241.5

_______________________________________

(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.

Lease, Cost [Table Text Block]

The components of lease expense are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Operating lease cost	$	12.9	$	12.5	$	26.0	$	24.6
Sublease rental income	(0.6)		(0.3)		(0.9)		(0.4)
	$	12.3	$	12.2	$	25.1	$	24.2

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Share-Based Compensation (Tables)

6 Months Ended

Aug. 28, 2020

Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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 and six months ended August 28, 2020 and August 23, 2019 are as follows:

	Three Months Ended				Six Months Ended
Performance Units	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Expense	$	0.1	$	0.3	$	0.3	$	1.7
Tax benefit	—		0.1		0.1		0.5

Schedule of Performance Unit Awards Activity

There were no PSU grants, vestings or forfeitures for the six months ended August 28, 2020.

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Compensation Costs by Plan for Share-based Payment Arrangements

The total RSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 28, 2020 and August 23, 2019 are as follows:

	Three Months Ended				Six Months Ended
Restricted Stock Units	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Expense	$	1.4	$	2.0	$	9.0	$	9.9
Tax benefit	0.4		0.5		2.3		2.7

Schedule of Restricted Stock Unit Awards Activity

The RSU activity for the six months ended August 28, 2020 is as follows:

Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 28, 2020	1,761,124	$	15.28
Granted	1,131,700	9.03
Vested	(10,511)	16.05
Forfeited	(35,874)	14.70
Nonvested as of August 28, 2020	2,846,439	$	12.80

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Intangible Assets, Goodwill and Other (Tables)	6 Months Ended
	Aug. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill

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Inventories (Tables)

6 Months Ended

Aug. 28, 2020

Inventories [Abstract]

Schedule of Inventory

Inventories	August 28, 2020		February 28, 2020
Raw materials and work-in-process	$	128.6	$	122.0
Finished goods	108.3		112.8
	236.9		234.8
Revaluation to LIFO	19.4		19.8
	$	217.5	$	215.0

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Fair Value (Tables)

6 Months Ended

Aug. 28, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value as of August 28, 2020 and February 28, 2020 are summarized below:

	August 28, 2020
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	515.9	$	—	$	—	$	515.9
Restricted cash	6.5		—		—		6.5
Foreign exchange forward contracts	—		2.4		—		2.4
Auction rate securities	—		—		2.0		2.0
	$	522.4	$	2.4	$	2.0	$	526.8
Liabilities:
Foreign exchange forward contracts	$	—	$	(1.5)	$	—	$	(1.5)
	$	—	$	(1.5)	$	—	$	(1.5)
	February 28, 2020
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	541.0	$	—	$	—	$	541.0
Restricted cash	6.1		—		—		6.1
Foreign exchange forward contracts	—		1.2		—		1.2
Auction rate securities	—		—		2.1		2.1
	$	547.1	$	1.2	$	2.1	$	550.4
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.5)	$	—	$	(0.5)
	$	—	$	(0.5)	$	—	$	(0.5)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the six months ended August 28, 2020:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Securities
Balance as of February 28, 2020	$	2.1
Unrealized loss on investments	(0.1)
Balance as of August 28, 2020	$	2.0

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

6 Months Ended

Aug. 28, 2020

Aug. 28, 2020

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 August 28, 2020:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of May 29, 2020	$	(0.3)	$	(2.8)	$	(8.4)	$	(66.4)	$	(77.9)
Other comprehensive income (loss) before reclassifications	0.1		(0.8)		—		22.4		21.7
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.3)		0.2		—		(0.1)
Net current period other comprehensive income (loss)	0.1		(1.1)		0.2		22.4		21.6
Balance as of August 28, 2020	$	(0.2)	$	(3.9)	$	(8.2)	$	(44.0)	$	(56.3)

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 and six months ended August 28, 2020 and August 23, 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				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Amortization of pension and other post-retirement liability adjustments
Actuarial losses (gains)	$	(0.3)	$	(0.8)	$	(0.6)	$	(1.5)	Other income, net
Prior service cost (credit)	(0.1)		(0.1)		(0.1)		(0.1)		Other income, net
	0.1		0.1		0.2		0.3		Income tax expense
	(0.3)		(0.8)		(0.5)		(1.3)
Derivative amortization	0.3		0.3		0.6		0.6		Interest expense
	(0.1)		(0.1)		(0.2)		(0.2)		Income tax benefit
	0.2		0.2		0.4		0.4
Realized gain on sale of investment	—		(0.7)		—		(0.7)		Investment income
	—		0.2		—		0.2		Income tax expense
	—		(0.5)		—		(0.5)
Total reclassifications	$	(0.1)	$	(1.1)	$	(0.1)	$	(1.4)

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Earnings Per Share (Tables)

6 Months Ended

Aug. 28, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

	Three Months Ended				Six Months Ended
Computation of Earnings per Share	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Net income	$	55.5	$	60.5	$	17.4	$	78.3
Adjustment for earnings attributable to participating securities	(1.3)		(1.3)		(0.4)		(1.5)
Net income used in calculating earnings per share	$	54.2	$	59.2	$	17.0	$	76.8
Weighted-average common shares outstanding including participating securities (in millions)	117.6		119.7		117.4		119.6
Adjustment for participating securities (in millions)	(2.8)		(2.4)		(2.4)		(2.3)
Shares used in calculating basic earnings per share (in millions)	114.8		117.3		115.0		117.3
Effect of dilutive stock-based compensation (in millions)	0.2		0.5		0.2		0.5
Shares used in calculating diluted earnings per share (in millions)	115.0		117.8		115.2		117.8
Earnings per share:
Basic	$	0.47	$	0.50	$	0.15	$	0.65
Diluted	$	0.47	$	0.50	$	0.15	$	0.65
Total common shares outstanding at period end (in millions)	114.8		117.2		114.8		117.2
Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions)	—		—		—		—

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Revenue (Tables)

6 Months Ended

Aug. 28, 2020

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:

Product Category Data	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Americas
Desking, benching, systems and storage	$	310.7	$	396.0	$	479.1	$	706.8
Seating	195.0		219.6		291.5		391.3
Other (1)	125.5		123.9		194.5		217.7
EMEA
Desking, benching, systems and storage	47.9		58.9		91.8		120.9
Seating	45.8		53.3		76.8		113.3
Other (1)	32.2		42.0		56.8		81.3
Other
Desking, benching, systems and storage	10.4		15.7		21.1		30.2
Seating	18.7		24.4		30.9		43.9
Other (1)	32.6		64.2		59.1		116.9
	$	818.8	$	998.0	$	1,301.6	$	1,822.3

_______________________________________

(1)The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services.

Reportable geographic information is as follows:

Reportable Geographic Revenue	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
United States	$	597.6	$	680.8	$	921.1	$	1,216.7
Foreign locations	221.2		317.2		380.5		605.6
	$	818.8	$	998.0	$	1,301.6	$	1,822.3

Contract with Customer, changes in customer deposits

Changes in the Customer deposits balance during the six months ended August 28, 2020 are as follows:

	Customer Deposits
Balance as of February 28, 2020	$	28.6
Recognition of revenue included in beginning of year customer deposits	(21.6)
Customer deposits, net of revenue recognized during the period	97.0
Balance as of August 28, 2020	$	104.0

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Reportable Segments

6 Months Ended

Aug. 28, 2020

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, Smith System, AMQ, Turnstone 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 and Designtex. 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. In 2020, the Other category also included PolyVision which was sold during Q4 2020.

We primarily review and evaluate revenue and operating income by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue and 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, COLI balances, fixed assets and right-of-use assets related to operating leases.

Revenue and operating income (loss) for the three and six months ended August 28, 2020 and August 23, 2019 and total assets as of August 28, 2020 and February 28, 2020 by segment are presented below:

	Three Months Ended				Six Months Ended
Reportable Segment Statement of Operations Data	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Revenue
Americas	$	631.2	$	739.5	$	965.1	$	1,315.8
EMEA	125.9		154.2		225.4		315.5
Other	61.7		104.3		111.1		191.0
	$	818.8	$	998.0	$	1,301.6	$	1,822.3
Operating income (loss)
Americas	$	94.6	$	90.3	$	71.1	$	122.7
EMEA	(3.5)		(5.5)		(28.1)		(4.7)
Other	1.1		8.9		(0.5)		11.2
Corporate	(3.6)		(8.4)		(6.2)		(16.3)
	$	88.6	$	85.3	$	36.3	$	112.9

Reportable Segment Balance Sheet Data	August 28, 2020		February 28, 2020
Total assets
Americas	$	1,067.9	$	1,067.3
EMEA	401.6		454.5
Other	215.6		225.6
Corporate	754.6		818.0
	$	2,439.7	$	2,565.4

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Cover Page - shares	3 Months Ended	6 Months Ended
	Aug. 28, 2020	Aug. 28, 2020	Sep. 22, 2020
Document Type	10-Q
Document Quarterly Report		true
Document Period End Date		Aug. 28, 2020
Document Transition Report		false
Entity File Number		1-13873
Entity Registrant Name		STEELCASE INC
Entity Incorporation, State or Country Code		MI
Entity Tax Identification Number		38-0819050
Entity Address, Address Line One		901 44th Street SE
Entity Address, City or Town		Grand Rapids,
Entity Address, State or Province		MI
Entity Address, Postal Zip Code		49508
City Area Code		616
Local Phone Number		247-2710
Title of 12(b) Security		Class A Common Stock
Trading Symbol		SCS
Security Exchange Name		NYSE
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company		false
Entity Shell Company		false
Amendment Flag		false
Document Fiscal Period Focus		Q2
Document Fiscal Year Focus		2021
Entity Central Index Key		0001050825
Current Fiscal Year End Date		--02-26
Common Class A [Member]
Entity Common Stock, Shares Outstanding			88,093,720
Common Class B [Member]
Entity Common Stock, Shares Outstanding			26,701,435

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Leases (Notes)

6 Months Ended

Aug. 28, 2020

Lessee, Lease, Description [Line Items]

Leases of Lessee Disclosure [Text Block]

LEASES

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. The lease terms utilized in determining right-of-use assets and lease liabilities 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.

As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842), as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the pandemic. We have elected to apply the interpretive guidance provided in the Staff Q&A to rent deferrals or abatements received related to the pandemic. Accordingly, we have not remeasured the related right-of-use asset or lease liability for the affected leases. The lease concessions were not material for the six months ended August 28, 2020.

The components of lease expense are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Operating lease cost	$	12.9	$	12.5	$	26.0	$	24.6
Sublease rental income	(0.6)		(0.3)		(0.9)		(0.4)
	$	12.3	$	12.2	$	25.1	$	24.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Cash flow information:
Operating cash flows used for operating leases	$	12.1	$	11.5	$	24.7	$	23.4
Leased assets obtained in exchange for new operating lease obligations	$	1.4	$	18.6	$	1.9	$	58.2

	August 28, 2020		August 23, 2019
Other information:
Weighted-average remaining term	6.8 years		7.3 years
Weighted-average discount rate	4.0	%	4.2	%

The following table summarizes the future minimum lease payments as of August 28, 2020:

Fiscal year ending in February	Amount (1)
2021	$	26.1
2022	48.5
2023	41.6
2024	35.8
2025	33.3
Thereafter	91.5
Total lease payments	276.8
Less interest	35.3
Present value of lease liabilities	$	241.5

_______________________________________

(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.

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Share-Based Compensation

6 Months Ended

Aug. 28, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Payment Arrangement

SHARE-BASED COMPENSATION

Performance Units

During the six months ended August 28, 2020, we issued two sets of performance units (“PSUs”) to certain employees. The first set, consisting of 303,973 PSUs, will be earned at the end of 2021 (the “2021 Short-Term PSUs”), and the second set, consisting of 529,500 PSUs, will be earned over a three-year performance period of 2021 through 2023 (the “2021 Long-Term PSUs”). The 2021 Short-Term PSUs will be earned based on our Compensation Committee’s qualitative assessment of management’s performance in 2021 in a number of specified areas (collectively, the “2021 Performance Measures”). The 2021 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies. The performance conditions for the 2021 Long-Term PSUs consist of the 2021 Performance Measures and performance conditions for 2022 and 2023 which will be established by the Compensation Committee in future periods. Due to the qualitative assessment, these awards are not considered granted under GAAP. When the Compensation Committee determines whether or not, and to what extent, the 2021 Performance Measures have been met, the 2021 Short-Term PSUs and one-third of the 2021 Long-Term PSUs will be considered granted. Once granted, the expense for these awards will be determined based on the target achieved and the fair value of the market condition on the grant date. The expense will be recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period, if any.

During the six months ended August 23, 2019, we issued 296,600 PSUs to certain employees which will be earned over a three-year performance period of 2020 through 2022 (the “2020 Long-Term PSUs”). The 2020 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies. The performance conditions for the first year of the performance period were established in Q1 2020, and accordingly, 98,867 of the 2020 Long-Term PSUs were considered granted in Q1 2020. The 2021 Performance Measures have been established as the performance conditions for the second year of the performance period of the 2020 Long-Term PSUs, and accordingly, no additional portion of such awards have been considered granted. When the Compensation Committee determines whether or not, and to what extent, the 2021 Performance Measures have been met, an additional one-third of these awards will be considered granted. Once granted, the expense for these awards will be determined based on the target achieved and the fair value of the market condition on the grant date. The expense will be recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. The performance conditions for 2022 for these awards will be established by the Compensation Committee in future periods.

The total PSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 28, 2020 and August 23, 2019 are as follows:

	Three Months Ended				Six Months Ended
Performance Units	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Expense	$	0.1	$	0.3	$	0.3	$	1.7
Tax benefit	—		0.1		0.1		0.5

As of August 28, 2020, there was $0.3 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.2 years.

There were no PSU grants, vestings or forfeitures for the six months ended August 28, 2020.

Restricted Stock Units

During the six months ended August 28, 2020, we awarded 1,131,700 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the RSUs 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 shares on the date of grant.

The total RSU expense and associated tax benefit for all outstanding awards for the three and six months ended August 28, 2020 and August 23, 2019 are as follows:

	Three Months Ended				Six Months Ended
Restricted Stock Units	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Expense	$	1.4	$	2.0	$	9.0	$	9.9
Tax benefit	0.4		0.5		2.3		2.7

As of August 28, 2020, there was $7.3 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 1.8 years.

The RSU activity for the six months ended August 28, 2020 is as follows:

Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 28, 2020	1,761,124	$	15.28
Granted	1,131,700	9.03
Vested	(10,511)	16.05
Forfeited	(35,874)	14.70
Nonvested as of August 28, 2020	2,846,439	$	12.80

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Income Taxes (Notes)

6 Months Ended

Aug. 28, 2020

Income Tax Disclosure [Abstract]

Income Tax Disclosure

INCOME TAXES

In Q1 2021, the U.S. government enacted tax legislation to provide economic stimulus and support to businesses during the COVID-19 pandemic, referred to as the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"). In connection with our analysis of the impact of the CARES Act, we recorded a net tax benefit of $3.9 during the six months ended August 28, 2020, driven primarily by provisions within the CARES Act which enable companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act when the federal statutory income tax rate was 35%.

We have historically calculated the provision for income tax expense (benefit) during interim periods by applying an estimate of the annualized effective tax rate for the full fiscal year to the pre-tax income (loss) for the year-to-date period. In Q1 2021, we utilized the year-to-date actual effective tax rate to calculate our income tax expense (benefit), as we determined that it was the most reliable estimate of the annual effective tax rate. In Q2 2021, as a result of improved pre-tax income, we applied the estimated annualized effective tax rate for the fiscal year to pre-tax income for the year-to-date period to calculate our income tax expense. The effective tax rate for Q2 2021 was 33.0% compared to an effective tax rate of 26.3% in Q2 2020.

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Short-Term Borrowings and Long-Term Debt (Notes)

6 Months Ended

Aug. 28, 2020

Short-Term Borrowings and Long-Term Debt [Abstract]

Short-term Debt [Text Block]

SHORT-TERM BORROWINGS

Our $250.0 committed unsecured revolving syndicated credit facility expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125.0 by obtaining at least one commitment from one or more lenders. During Q1 2021, we borrowed $250.0 under the facility and repaid $5.0. During Q2 2021, we repaid the remaining balance of $245.0 under the facility, and there were no borrowings outstanding under the facility as of August 28, 2020.

The facility does not include any restrictions on cash dividend payments or share repurchases. As of August 28, 2020, we were in compliance with all covenants under the facility.

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Intangible Assets, Goodwill and Other

6 Months Ended

Aug. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure

GOODWILL

A summary of the changes in goodwill balances during the six months ended August 28, 2020, by reportable segment, are as follows:

Goodwill	Americas		EMEA		Other		Total
Goodwill	$	206.1	$	283.5	$	47.9	$	537.5
Accumulated impairment losses	(1.7)		(265.0)		(37.2)		(303.9)
Balance as of February 28, 2020	204.4		18.5		10.7		233.6
Impairment charge (1)	—		(17.6)		—		(17.6)
Currency translation adjustments	—		(0.9)		—		(0.9)
Goodwill	206.1		282.6		47.9		536.6
Accumulated impairment losses	(1.7)		(282.6)		(37.2)		(321.5)
Balance as of August 28, 2020	$	204.4	$	—	$	10.7	$	215.1

_______________________________________

(1)In Q1 2021, we recorded a goodwill impairment charge in the EMEA segment related to the Orangebox U.K. reporting unit.

We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate it is necessary. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis.

For goodwill, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss. We estimate the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. For the evaluation that we conducted in Q1 2021, such conditions included the deterioration of industry and market conditions driven by the COVID-19 pandemic. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. In certain circumstances, we corroborate the results determined using the income approach with a market-based approach that uses observable comparable company information to support the appropriateness of the fair value estimates.

As a result of our goodwill impairment testing, we determined that the carrying value of the Orangebox U.K. reporting unit (included in the EMEA segment) exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired.For each of our other reporting units, we determined that the fair value of the reporting unit substantially exceeded its carrying value, and no goodwill impairment existed. We also determined that no impairment existed related to the long-lived asset groups for any of our other reporting units.

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Inventories

6 Months Ended

Aug. 28, 2020

Inventories [Abstract]

Inventories

INVENTORIES

Inventories	August 28, 2020		February 28, 2020
Raw materials and work-in-process	$	128.6	$	122.0
Finished goods	108.3		112.8
	236.9		234.8
Revaluation to LIFO	19.4		19.8
	$	217.5	$	215.0

The portion of inventories determined by the LIFO method was $92.7 and $93.8 as of August 28, 2020 and February 28, 2020, respectively.

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Fair Value

6 Months Ended

Aug. 28, 2020

Fair Value Disclosures [Abstract]

Fair Value

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 $483.3 and $484.3 as of August 28, 2020 and February 28, 2020, 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 $522.6 and $560.0 as of August 28, 2020 and February 28, 2020, 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 as of August 28, 2020 and February 28, 2020 are summarized below:

	August 28, 2020
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	515.9	$	—	$	—	$	515.9
Restricted cash	6.5		—		—		6.5
Foreign exchange forward contracts	—		2.4		—		2.4
Auction rate securities	—		—		2.0		2.0
	$	522.4	$	2.4	$	2.0	$	526.8
Liabilities:
Foreign exchange forward contracts	$	—	$	(1.5)	$	—	$	(1.5)
	$	—	$	(1.5)	$	—	$	(1.5)
	February 28, 2020
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	541.0	$	—	$	—	$	541.0
Restricted cash	6.1		—		—		6.1
Foreign exchange forward contracts	—		1.2		—		1.2
Auction rate securities	—		—		2.1		2.1
	$	547.1	$	1.2	$	2.1	$	550.4
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.5)	$	—	$	(0.5)
	$	—	$	(0.5)	$	—	$	(0.5)

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the six months ended August 28, 2020:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Securities
Balance as of February 28, 2020	$	2.1
Unrealized loss on investments	(0.1)
Balance as of August 28, 2020	$	2.0

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Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Aug. 28, 2020

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 August 28, 2020:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of May 29, 2020	$	(0.3)	$	(2.8)	$	(8.4)	$	(66.4)	$	(77.9)
Other comprehensive income (loss) before reclassifications	0.1		(0.8)		—		22.4		21.7
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.3)		0.2		—		(0.1)
Net current period other comprehensive income (loss)	0.1		(1.1)		0.2		22.4		21.6
Balance as of August 28, 2020	$	(0.2)	$	(3.9)	$	(8.2)	$	(44.0)	$	(56.3)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended August 28, 2020:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 28, 2020	$	(0.1)	$	(3.1)	$	(8.6)	$	(57.5)	$	(69.3)
Other comprehensive income (loss) before reclassifications	(0.1)		(0.3)		—		13.5		13.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.5)		0.4		—		(0.1)
Net current period other comprehensive income (loss)	(0.1)		(0.8)		0.4		13.5		13.0
Balance as of August 28, 2020	$	(0.2)	$	(3.9)	$	(8.2)	$	(44.0)	$	(56.3)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended August 28, 2020 and August 23, 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				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Amortization of pension and other post-retirement liability adjustments
Actuarial losses (gains)	$	(0.3)	$	(0.8)	$	(0.6)	$	(1.5)	Other income, net
Prior service cost (credit)	(0.1)		(0.1)		(0.1)		(0.1)		Other income, net
	0.1		0.1		0.2		0.3		Income tax expense
	(0.3)		(0.8)		(0.5)		(1.3)
Derivative amortization	0.3		0.3		0.6		0.6		Interest expense
	(0.1)		(0.1)		(0.2)		(0.2)		Income tax benefit
	0.2		0.2		0.4		0.4
Realized gain on sale of investment	—		(0.7)		—		(0.7)		Investment income
	—		0.2		—		0.2		Income tax expense
	—		(0.5)		—		(0.5)
Total reclassifications	$	(0.1)	$	(1.1)	$	(0.1)	$	(1.4)

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Earnings Per Share

6 Months Ended

Aug. 28, 2020

Earnings Per Share [Abstract]

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.

	Three Months Ended				Six Months Ended
Computation of Earnings per Share	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Net income	$	55.5	$	60.5	$	17.4	$	78.3
Adjustment for earnings attributable to participating securities	(1.3)		(1.3)		(0.4)		(1.5)
Net income used in calculating earnings per share	$	54.2	$	59.2	$	17.0	$	76.8
Weighted-average common shares outstanding including participating securities (in millions)	117.6		119.7		117.4		119.6
Adjustment for participating securities (in millions)	(2.8)		(2.4)		(2.4)		(2.3)
Shares used in calculating basic earnings per share (in millions)	114.8		117.3		115.0		117.3
Effect of dilutive stock-based compensation (in millions)	0.2		0.5		0.2		0.5
Shares used in calculating diluted earnings per share (in millions)	115.0		117.8		115.2		117.8
Earnings per share:
Basic	$	0.47	$	0.50	$	0.15	$	0.65
Diluted	$	0.47	$	0.50	$	0.15	$	0.65
Total common shares outstanding at period end (in millions)	114.8		117.2		114.8		117.2
Anti-dilutive performance units excluded from the computation of diluted earnings per share (in millions)	—		—		—		—

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Revenue (Notes)

6 Months Ended

Aug. 28, 2020

Revenue [Abstract]

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:

Product Category Data	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
Americas
Desking, benching, systems and storage	$	310.7	$	396.0	$	479.1	$	706.8
Seating	195.0		219.6		291.5		391.3
Other (1)	125.5		123.9		194.5		217.7
EMEA
Desking, benching, systems and storage	47.9		58.9		91.8		120.9
Seating	45.8		53.3		76.8		113.3
Other (1)	32.2		42.0		56.8		81.3
Other
Desking, benching, systems and storage	10.4		15.7		21.1		30.2
Seating	18.7		24.4		30.9		43.9
Other (1)	32.6		64.2		59.1		116.9
	$	818.8	$	998.0	$	1,301.6	$	1,822.3

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(1)The Other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology, other uncategorized product lines and services.

Reportable geographic information is as follows:

Reportable Geographic Revenue	Three Months Ended				Six Months Ended
	August 28, 2020		August 23, 2019		August 28, 2020		August 23, 2019
United States	$	597.6	$	680.8	$	921.1	$	1,216.7
Foreign locations	221.2		317.2		380.5		605.6
	$	818.8	$	998.0	$	1,301.6	$	1,822.3

Contract Balances

At times, we receive payments 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 six months ended August 28, 2020 are as follows:

	Customer Deposits
Balance as of February 28, 2020	$	28.6
Recognition of revenue included in beginning of year customer deposits	(21.6)
Customer deposits, net of revenue recognized during the period	97.0
Balance as of August 28, 2020	$	104.0