Shareholders' Equity

12 Months Ended

Mar. 02, 2024

Equity [Abstract]

Stockholders' Equity

Shareholders' Equity

Share Repurchases

During fiscal 2004, the Board of Directors authorized a share repurchase program, with subsequent increases in authorization. We repurchased 279,916 shares under the program during fiscal 2024, for a total cost of $11.8 million. We repurchased 1,571,139 shares under the program, for a total cost of $74.3 million, in fiscal 2023, and repurchased 2,292,846 shares under the program, for a total cost of $100.0 million, in fiscal 2022. We have repurchased a total of 11,276,517 shares, at a total cost of $393.5 million, since the inception of this program. On October 6, 2023, the Board of Directors increased the share repurchase authorization by 2 million shares. We have remaining authority to repurchase 2,973,483 shares under this program, which has no expiration date.

In addition to the shares repurchased under this repurchase plan, during fiscal 2024, 2023 and 2022, the Company also withheld $2.5 million, $2.3 million and $2.1 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 2, 2024 and February 25, 2023:

(In thousands)	2024		2023
Net unrealized loss on marketable securities	$	(328)	$	(550)
Net unrealized gain on derivative instruments	440		512
Pension liability adjustments	(2,187)		(3,044)
Foreign currency translation adjustments	(27,456)		(28,474)
Total accumulated other comprehensive loss	$	(29,531)	$	(31,556)