XML 66 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
Effect of Revision of Fees Received Under Transitional Services Agreements

The following table represents the effect of the reclassification of fees earned under the Company’s transition services agreements on the Company’s Condensed Consolidated Statements of Operations for the comparative periods being presented in this Quarterly Report on Form 10-Q.

 

     Third Quarter Ended December 1, 2012     Year-to-Date Ended December 1, 2012  
     As Originally
Reported
     % of
Net
sales
    Revision      As Revised      % of
Net
sales
    As Originally
Reported
     % of
Net
sales
    Revision      As
Revised
     % of
Net
sales
 

Net sales

   $ 4,041         100.0   $ 10       $ 4,051         100.0   $ 13,207         100.0   $ 33       $ 13,240         100.0

Cost of sales

     3,521         87.1     —           3,521         86.9     11,461         86.8     —           11,461         86.6
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Gross profit

     520         12.9     10         530         13.1     1,746         13.2     33         1,779         13.4

Selling and administrative expenses

     490         12.1     10         500         12.4     1,694         12.8     33         1,727         13.0
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Operating earnings

   $ 30         0.7   $ —         $ 30         0.7   $ 52         0.4   $ —         $ 52         0.4
Basic and Diluted Net Earnings (Loss) Per Share

The following table reflects the calculation of basic and diluted net earnings (loss) per share:

 

     Third Quarter Ended     Year-to-Date Ended  
     November 30,
2013
    December 1,
2012
    November 30,
2013
    December 1,
2012
 

Net earnings (loss) per share – basic:

        

Net earnings (loss) from continuing operations available to common stockholders

   $ 32      $ (15   $ (34   $ (89

Weighted average shares outstanding – basic

     259        212        254        212   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) from continuing operations per share – basic

   $ 0.13      $ (0.07   $ (0.13   $ (0.42
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from discontinued operations, net of tax available to common stockholders

   $ (1   $ 31      $ 190      $ 35   

Weighted average shares outstanding – basic

     259        212        254        212   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) earnings from discontinued operations per share – basic

   $ (0.01   $ 0.15      $ 0.75      $ 0.16   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) available to common stockholders

   $ 31      $ 16      $ 156      $ (54

Weighted average shares outstanding – basic

     259        212        254        212   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) per share – basic

   $ 0.12      $ 0.08      $ 0.61      $ (0.26
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) per share – diluted:

        

Net earnings (loss) from continuing operations available to common stockholders

   $ 32      $ (15   $ (34   $ (89

Weighted average shares outstanding – basic

     259        212        254        212   

Dilutive impact of stock-based awards

     3        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     262        212        254        212   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) from continuing operations per share – diluted

   $ 0.12      $ (0.07   $ (0.13   $ (0.42
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from discontinued operations, net of tax available to common stockholders

   $ (1   $ 31      $ 190      $ 35   

Weighted average shares outstanding – basic

     259        212        254        212   

Dilutive impact of stock-based awards

     —          2        3        2   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     259        214        257        214   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) earnings from discontinued operations per share – diluted

   $ (0.01   $ 0.15      $ 0.74      $ 0.16   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) available to common stockholders

   $ 31      $ 16      $ 156      $ (54

Weighted average shares outstanding – basic

     259        212        254        212   

Dilutive impact of stock-based awards

     3        2        3        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     262        214        257        212   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings (loss) per share – diluted

   $ 0.12      $ 0.08      $ 0.61      $ (0.26
  

 

 

   

 

 

   

 

 

   

 

 

 

Schedule of Changes in Accumulated Other Comprehensive Loss

Changes in the Accumulated other comprehensive loss balance by component follows below:

 

     November 30,
2013
 

Pension and postretirement benefit plan accumulated other comprehensive loss at beginning of the fiscal year, net of tax

   $ 612   

Other comprehensive income, net of tax of $28

     (44

Divestiture of certain NAI pension plan obligation’s accumulated other comprehensive loss, net of tax of $31

     (48
  

 

 

 

Pension and postretirement benefit plan accumulated other comprehensive loss at the end of period, net of tax

   $ 520