Shareholders' Equity

12 Months Ended

Feb. 27, 2016

Equity [Abstract]

Stockholders' Equity

Shareholders' Equity

A class of 200,000 shares of junior preferred stock with a par value of $1.00 is authorized, but unissued.

Share Repurchases

During fiscal 2004, the Board of Directors authorized a share repurchase program of 1,500,000 shares of common stock. The Board of Directors subsequently increased this authorization by 750,000 shares in fiscal 2008; by 1,000,000 shares in fiscal 2009; and by another 1,000,000 shares in fiscal 2016. The Company repurchased 575,000 shares under the program during fiscal 2016, for a total cost of $24.9 million. During fiscal 2015, the Company repurchased 203,509 shares under the program, for a total cost of $6.9 million. There were no share repurchases during fiscal 2014. The Company has repurchased a total of 3,057,632 shares, at a total cost of $61.5 million, since the inception of this program and has remaining authority to repurchase 1,192,368 shares under this program, which has no expiration date.

In addition to the shares repurchased according to this repurchase plan, during fiscal 2016, 2015 and 2014, the Company also withheld $5.1 million, $5.2 million and $3.6 million, respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or tax obligations related to stock-based compensation, pursuant to terms of board and shareholder-approved compensation plans.

Accumulated Other Comprehensive Loss

The following summarizes the accumulated other comprehensive loss, net of tax at February 27, 2016 and February 28, 2015:

(In thousands)	2016			2015
Net unrealized gain on marketable securities	$	79		$	6
Pension liability adjustments	(3,758		)	(4,368		)
Foreign currency translation adjustments	(27,692		)	(17,958		)
Total accumulated other comprehensive loss	$	(31,371	)	$	(22,320	)