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Share-Based Compensation
 3 Months Ended
May 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement .     SHARE-BASED COMPENSATION
Performance Units
In Q1 2026 and Q1 2025, we issued performance units ("PSUs") to certain employees which are earned over a three-year performance period as follows:
•597,600 PSUs to be earned over the period of 2026 through 2028 (the "2026 PSUs"). Of these PSUs, 478,080 are earned based on performance conditions, and 119,520 are earned based on a market condition.
•465,300 PSUs to be earned over the period of 2025 through 2027 (the "2025 PSUs"). Of these PSUs, 372,240 are earned based on performance conditions, and 93,060 are earned based on a market condition.

The performance conditions and market condition for the 2026 PSUs and 2025 PSUs were established by the Compensation Committee in Q1 2026 and Q1 2025, respectively, and thus the 2026 PSUs and 2025 PSUs were considered granted in Q1 2026 and Q1 2025, respectively.

In Q1 2024, we issued 767,600 PSUs to certain employees which are earned over the period of 2024 through 2026 (the "2024 PSUs") based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The number of PSUs earned under the 2024 PSUs are modified based on a market condition. When the performance conditions for a fiscal year are established for these PSUs, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively). Tranche 3 of the 2024 PSUs were considered granted in Q1 2026, Tranche 2 of the 2024 PSUs were considered granted in Q1 2025, and Tranche 1 of the 2024 PSUs were considered granted in Q1 2024, in each case, when the performance conditions were established.
Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. The awards will be forfeited if a participant leaves the company for reasons other than
retirement, disability or death or if the participant engages in any competition with us, as defined in the Steelcase Inc. Incentive Compensation Plan ("Incentive Compensation Plan").
The expense for PSUs is determined as follows:
•For PSUs earned based on performance conditions only, the expense is determined based on the probability that the performance conditions will be met and the grant date fair value. The fair value is equal to the closing price of shares of our Class A Common Stock on the grant date.
•For PSUs earned based on a market condition only, the expense is determined based on the grant date fair value of the market condition. The fair value is calculated using the Monte Carlo simulation model.
•For PSUs earned based on performance conditions and modified based on a market condition, the expense is determined based on the probability that the performance conditions will be met and the grant date fair value of the market condition. The fair value is calculated using the Monte Carlo simulation model.
The Monte Carlo simulation was computed using the following assumptions:
2026 PSUs
2025 PSUs
2024 PSUs
Tranche 3Tranche 2Tranche 1
Risk-free interest rate (1)3.8 %4.7 %4.0 %4.9 %3.7 %
Expected term3 years3 years1 year2 years3 years
Estimated volatility (2)39.9 %38.5 %36.0 %42.4 %44.1 %
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(1)Based on the U.S. Government bond benchmark on the grant date.
(2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche or award.
The total PSU expense and associated tax benefit recorded for the three months ended May 30, 2025 and May 24, 2024 are as follows:
 Three Months Ended
Performance UnitsMay 30,
2025		May 24,
2024
Expense$5.3 $7.5 
Tax benefit1.3 1.9 
After completion of the performance period, the number of PSUs earned will be issued as shares of Class A Common Stock. A dividend equivalent is calculated based on the actual number of PSUs earned at the end of the performance period equal to the dividends that would have been payable on the earned PSUs had they been held during the entire performance period as Class A Common Stock. At the end of the performance period, the dividend equivalents are paid in the form of cash.
The PSU activity for the three months ended May 30, 2025 is as follows:
Maximum Number of Shares of Nonvested UnitsTotalWeighted-Average
Grant Date
Fair Value
per Unit
Nonvested as of February 28, 20252,104,516 $11.84 
Granted1,782,164 11.59 
Nonvested as of May 30, 20253,886,680 $11.80 
As of May 30, 2025, there was $8.3 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 2.0 years.
Restricted Stock Units
During the three months ended May 30, 2025, we awarded 1,273,589 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse up to three years after the date of grant, at which time the RSUs are 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 grant date. For participants who are or become retirement-eligible during the service period, the RSUs are expensed over the period ending on the date the participant becomes retirement-eligible. Typically, these awards will be forfeited if a participant separates employment from the company for reasons other than termination without cause, retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan.
The total RSU expense and associated tax benefit for the three months ended May 30, 2025 and May 24, 2024 are as follows:
 Three Months Ended
Restricted Stock UnitsMay 30,
2025		May 24,
2024
Expense$7.6 $7.0 
Tax benefit1.9 1.7 
Holders of RSUs receive cash dividends equal to the dividends we declare and pay on our Class A Common Stock, which are included in Dividends paid in the Condensed Consolidated Statements of Cash Flows.
The RSU activity for the three months ended May 30, 2025 is as follows:
Nonvested UnitsTotalWeighted-Average
Grant Date
Fair Value
per Unit
Nonvested as of February 28, 20253,048,957 $9.85 
Granted1,273,589 10.21 
Vested(53,591)9.89 
Forfeited(11,334)9.66 
Nonvested as of May 30, 20254,257,621 $9.95 
As of May 30, 2025, there was $15.0 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a remaining weighted-average period of 2.0 years.