Shareholders' Equity

12 Months Ended

Feb. 27, 2021

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, with subsequent increases in authorization. We repurchased 1,177,704 shares under the program during fiscal 2021, for a total cost of $32.9 million. We repurchased 686,997 shares under the program, for a total cost of $25.1 million, in fiscal 2020, and 1,257,983 shares under the program, for a total cost of $43.3 million, in fiscal 2019. The Company has repurchased a total of 7,132,616 shares, at a total cost of $207.3 million, since the inception of this program. We have remaining authority to repurchase 1,117,384 shares under this program, which has no expiration date.

In addition to the shares repurchased under this repurchase plan, during fiscal 2021, 2020 and 2019, the Company also withheld $3.0 million, $2.3 million and $2.0 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, 2021 and February 29, 2020:

(In thousands)	2021		2020
Net unrealized gain on marketable securities	$	302	$	222
Foreign currency hedge	643		(832)
Pension liability adjustments	(4,152)		(4,257)
Foreign currency translation adjustments	(24,820)		(29,195)
Total accumulated other comprehensive loss	$	(28,027)	$	(34,062)