Shareholders' Equity

12 Months Ended

Mar. 04, 2017

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. We repurchased 250,001 shares under the program during fiscal 2017, for a total cost of $10.8 million. We repurchased 575,000 shares under the program, for a total cost of $24.9 million, in fiscal 2016 and 203,509 shares under the program, for a total cost of $6.9 million, in fiscal 2015. The Company has repurchased a total of 3,307,633 shares, at a total cost of $72.3 million, since the inception of this program. We have remaining authority to repurchase 942,367 shares under this program, which has no expiration date.

In addition to the shares repurchased under this repurchase plan, during fiscal 2017, 2016 and 2015, the Company also withheld $2.6 million, $5.1 million and $5.2 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 March 4, 2017 and February 27, 2016:

(In thousands)	2017			2016
Net unrealized (loss) gain on marketable securities	$	(4	)	$	79
Pension liability adjustments	(3,628		)	(3,758		)
Foreign currency translation adjustments	(27,458		)	(27,692		)
Total accumulated other comprehensive loss	$	(31,090	)	$	(31,371	)