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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 10-Q
| | | | | | | | | | | |
☑ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 24, 2023
| | | | | | | | | | | |
or |
☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-13873
___________________________________________________________
STEELCASE INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Michigan | | 38-0819050 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
901 44th Street SE | | |
Grand Rapids, | Michigan | | 49508 |
(Address of principal executive offices) | | (Zip Code) |
(616) 247-2710
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Class A Common Stock | SCS | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of December 15, 2023, Steelcase Inc. had 93,867,310 shares of Class A Common Stock and 20,354,413 shares of Class B Common Stock outstanding.
| | |
STEELCASE INC. FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED November 24, 2023
INDEX |
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements:
| | | | | | | | | | | | | | |
STEELCASE INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in millions, except per share data) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended |
| November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Revenue | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | |
Cost of sales | 525.5 | | | 587.7 | | | 1,611.2 | | | 1,748.4 | | |
Restructuring costs | 0.1 | | | 1.4 | | | 2.9 | | | 2.3 | | |
Gross profit | 252.3 | | | 237.8 | | | 770.3 | | | 680.2 | | |
Operating expenses | 206.5 | | | 208.1 | | | 663.0 | | | 630.4 | | |
Restructuring costs | 2.0 | | | 9.2 | | | 15.2 | | | 13.0 | | |
Operating income | 43.8 | | | 20.5 | | | 92.1 | | | 36.8 | | |
Interest expense | (6.4) | | | (7.6) | | | (19.6) | | | (21.2) | | |
Investment income | 2.3 | | | 0.3 | | | 3.6 | | | 0.7 | | |
Other income, net | 0.9 | | | 3.4 | | | 4.4 | | | 10.9 | | |
Income before income tax expense | 40.6 | | | 16.6 | | | 80.5 | | | 27.2 | | |
Income tax expense | 9.8 | | | 5.2 | | | 20.7 | | | 7.6 | | |
Net income | $ | 30.8 | | | $ | 11.4 | | | $ | 59.8 | | | $ | 19.6 | | |
Earnings per share: | | | | | | | | |
Basic | $ | 0.26 | | | $ | 0.10 | | | $ | 0.50 | | | $ | 0.17 | | |
Diluted | $ | 0.26 | | | $ | 0.10 | | | $ | 0.50 | | | $ | 0.17 | | |
Dividends declared and paid per common share | $ | 0.100 | | | $ | 0.100 | | | $ | 0.300 | | | $ | 0.390 | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
See accompanying notes to the condensed consolidated financial statements.
STEELCASE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended |
| November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Net income | $ | 30.8 | | | $ | 11.4 | | | $ | 59.8 | | | $ | 19.6 | | |
Other comprehensive income (loss), net: | | | | | | | | |
Unrealized gain (loss) on investment | 0.4 | | | (0.1) | | | 0.4 | | | (0.1) | | |
Pension and other post-retirement liability adjustments | (0.2) | | | (0.4) | | | (1.5) | | | (0.2) | | |
Derivative amortization | 0.2 | | | 0.2 | | | 0.7 | | | 0.7 | | |
Foreign currency translation adjustments | 0.7 | | | 8.8 | | | 8.1 | | | (31.1) | | |
Total other comprehensive income (loss), net | 1.1 | | | 8.5 | | | 7.7 | | | (30.7) | | |
Comprehensive income (loss) | $ | 31.9 | | | $ | 19.9 | | | $ | 67.5 | | | $ | (11.1) | | |
See accompanying notes to the condensed consolidated financial statements.
| | | | | | | | | | | | | | |
STEELCASE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) |
| | | | | | | | | | | | | | |
| (Unaudited) | |
| November 24, 2023 | February 24, 2023 |
ASSETS | |
Current assets: | | | | |
Cash and cash equivalents | $ | 262.0 | | | $ | 90.4 | | |
| | | | |
Accounts receivable, net of allowance of $6.3 and $6.5 | 354.5 | | | 373.3 | | |
Inventories | 259.8 | | | 319.7 | | |
| | | | |
Prepaid expenses | 31.0 | | | 28.9 | | |
Assets held for sale | 19.3 | | | 29.0 | | |
| | | | |
Other current assets | 42.2 | | | 42.7 | | |
Total current assets | 968.8 | | | 884.0 | | |
Property, plant and equipment, net of accumulated depreciation of $1,116.8 and $1,088.6 | 362.2 | | | 376.5 | | |
Company-owned life insurance ("COLI") | 162.6 | | | 157.3 | | |
Deferred income taxes | 117.6 | | | 117.3 | | |
Goodwill | 274.9 | | | 276.8 | | |
Other intangible assets, net of accumulated amortization of $110.6 and $97.6 | 98.8 | | | 111.2 | | |
Investments in unconsolidated affiliates | 52.6 | | | 51.1 | | |
Right-of-use operating lease assets | 171.7 | | | 198.3 | | |
Other assets | 37.7 | | | 30.3 | | |
Total assets | $ | 2,246.9 | | | $ | 2,202.8 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
Current liabilities: | | | | |
Accounts payable | $ | 231.6 | | | $ | 203.5 | | |
Short-term borrowings and current portion of long-term debt | — | | | 35.7 | | |
Current operating lease obligations | 45.0 | | | 44.7 | | |
Accrued expenses: | | | | |
Employee compensation | 150.1 | | | 120.0 | | |
Employee benefit plan obligations | 35.1 | | | 31.2 | | |
Accrued promotions | 20.2 | | | 26.7 | | |
Customer deposits | 54.0 | | | 50.8 | | |
| | | | |
| | | | |
Other | 94.6 | | | 90.7 | | |
Total current liabilities | 630.6 | | | 603.3 | | |
Long-term liabilities: | | | | |
Long-term debt less current maturities | 446.1 | | | 445.5 | | |
Employee benefit plan obligations | 100.4 | | | 103.0 | | |
Long-term operating lease obligations | 142.1 | | | 169.9 | | |
Other long-term liabilities | 51.8 | | | 54.9 | | |
Total long-term liabilities | 740.4 | | | 773.3 | | |
Total liabilities | 1,371.0 | | | 1,376.6 | | |
Shareholders’ equity: | | | | |
| | | | |
Additional paid-in capital | 37.3 | | | 19.4 | | |
Accumulated other comprehensive income (loss) | (64.8) | | | (72.5) | | |
Retained earnings | 903.4 | | | 879.3 | | |
Total shareholders’ equity | 875.9 | | | 826.2 | | |
Total liabilities and shareholders’ equity | $ | 2,246.9 | | | $ | 2,202.8 | | |
See accompanying notes to the condensed consolidated financial statements.
STEELCASE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in millions, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended |
| November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Changes in common shares outstanding: | | | | | | | | |
Common shares outstanding, beginning of period | 114,003,058 | | | 112,762,002 | | | 112,988,721 | | | 112,109,294 | | |
Common stock issuances | 32,943 | | | 26,047 | | | 108,724 | | | 68,428 | | |
Common stock repurchases | (82,717) | | | (64,184) | | | (512,707) | | | (343,485) | | |
Performance and restricted stock units issued as common stock | 246,150 | | | 212,936 | | | 1,614,696 | | | 1,102,564 | | |
Common shares outstanding, end of period | 114,199,434 | | | 112,936,801 | | | 114,199,434 | | | 112,936,801 | | |
| | | | | | | | |
Changes in additional paid-in capital (1): | | | | | | | | |
Additional paid-in capital, beginning of period | $ | 34.6 | | | $ | 13.7 | | | $ | 19.4 | | | $ | 1.5 | | |
Common stock issuances | 0.2 | | | 0.3 | | | 0.8 | | | 0.8 | | |
Common stock repurchases | (0.9) | | | (0.5) | | | (4.2) | | | (3.9) | | |
Performance and restricted stock units expense | 3.4 | | | 2.1 | | | 21.3 | | | 17.2 | | |
Additional paid-in capital, end of period | 37.3 | | | 15.6 | | | 37.3 | | | 15.6 | | |
| | | | | | | | |
Changes in accumulated other comprehensive income (loss): | | | | | | | | |
Accumulated other comprehensive income (loss), beginning of period | (65.9) | | | (89.8) | | | (72.5) | | | (50.6) | | |
Other comprehensive income (loss) | 1.1 | | | 8.5 | | | 7.7 | | | (30.7) | | |
| | | | | | | | |
Accumulated other comprehensive income (loss), end of period | (64.8) | | | (81.3) | | | (64.8) | | | (81.3) | | |
| | | | | | | | |
Changes in retained earnings: | | | | | | | | |
Retained earnings, beginning of period | 884.4 | | | 875.5 | | | 879.3 | | | 901.3 | | |
Net income | 30.8 | | | 11.4 | | | 59.8 | | | 19.6 | | |
Dividends paid | (11.8) | | | (11.6) | | | (35.7) | | | (45.6) | | |
| | | | | | | | |
| | | | | | | | |
Retained earnings, end of period | 903.4 | | | 875.3 | | | 903.4 | | | 875.3 | | |
Total shareholders' equity | $ | 875.9 | | | $ | 809.6 | | | $ | 875.9 | | | $ | 809.6 | | |
_______________________________________
(1)Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.
See accompanying notes to the condensed consolidated financial statements.
| | | | | | | | | | | | | | |
STEELCASE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) |
| | | | | | | | | | | | | | |
| Nine Months Ended |
| November 24, 2023 | November 25, 2022 |
OPERATING ACTIVITIES | | | | |
Net income | $ | 59.8 | | | $ | 19.6 | | |
Depreciation and amortization | 62.8 | | | 67.2 | | |
Share-based compensation | 22.1 | | | 18.0 | | |
Restructuring costs | 18.1 | | | 15.3 | | |
| | | | |
| | | | |
| | | | |
Change in fair value of contingent consideration | (9.5) | | | — | | |
Other | (12.4) | | | (4.3) | | |
Changes in operating assets and liabilities: | | | | |
Accounts receivable | 5.8 | | | (68.1) | | |
Inventories | 59.8 | | | (48.2) | | |
Income taxes receivable | (4.6) | | | 25.4 | | |
Other assets | 0.3 | | | (15.7) | | |
Accounts payable | 30.2 | | | 7.8 | | |
Employee compensation liabilities | 17.3 | | | 17.0 | | |
Employee benefit obligations | (1.7) | | | (14.0) | | |
Customer deposits | 5.1 | | | (19.8) | | |
Accrued expenses and other liabilities | (1.8) | | | 1.2 | | |
Net cash provided by operating activities | 251.3 | | | 1.4 | | |
INVESTING ACTIVITIES | | | | |
Capital expenditures | (37.4) | | | (42.8) | | |
Proceeds from disposal of fixed assets | 28.2 | | | 5.6 | | |
Acquisition, net of cash acquired | — | | | (105.3) | | |
Other | 4.0 | | | 15.0 | | |
Net cash used in investing activities | (5.2) | | | (127.5) | | |
FINANCING ACTIVITIES | | | | |
Dividends paid | (35.7) | | | (45.6) | | |
| | | | |
Borrowings on global committed bank facility | 69.0 | | | 480.9 | | |
Repayments on global committed bank facility | (69.0) | | | (446.9) | | |
Repayments on note payable | (32.2) | | | (2.1) | | |
Other | (6.1) | | | (2.9) | | |
Net cash used in financing activities | (74.0) | | | (16.6) | | |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | | | (2.6) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 171.9 | | | (145.3) | | |
Cash and cash equivalents and restricted cash, beginning of period (1) | 97.2 | | | 207.0 | | |
Cash and cash equivalents and restricted cash, end of period (2) | $ | 269.1 | | | $ | 61.7 | | |
_______________________________________
(1)These amounts include restricted cash of $6.8 and $6.1 as of February 24, 2023 and February 25, 2022, respectively.
(2)These amounts include restricted cash of $7.1 and $6.7 as of November 24, 2023 and November 25, 2022, respectively.
Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims. The restricted cash balance is included as part of Other assets on the Condensed Consolidated Balance Sheets.
See accompanying notes to the condensed consolidated financial statements.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 24, 2023 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.
As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.
2.NEW ACCOUNTING STANDARDS
We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements.
Adoption of New Accounting Standards
Effective Q1 2024, we adopted ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements.
We participate in a supplier finance program in Spain offered by a third-party financial institution. The program allows participating suppliers the ability to finance our payment obligations prior to their scheduled due dates at a discounted price set by the financial institution. We have extended payment terms with suppliers that have voluntarily chosen to participate in the program. As of November 24, 2023, the outstanding amount of program obligations, reported in Accounts payable on the Condensed Consolidated Balance Sheets, was $0.7. The amount settled through the program during the nine months ended November 24, 2023 was $6.5.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
3.REVENUE
Disaggregation of Revenue
The following table provides information about disaggregated revenue by product category for each of our reportable segments:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Product Category Data | Three Months Ended | Nine Months Ended |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Americas | | | | | | | | |
Desking, benching, systems and storage | $ | 262.6 | | | $ | 263.7 | | | $ | 799.5 | | | $ | 827.4 | | |
Seating | 152.5 | | | 174.1 | | | 492.5 | | | 533.6 | | |
Other (1) | 171.0 | | | 182.0 | | | 546.2 | | | 479.6 | | |
International | | | | | | | | |
Desking, benching, systems and storage | 70.0 | | | 69.4 | | | 194.2 | | | 200.3 | | |
Seating | 67.3 | | | 76.3 | | | 190.7 | | | 215.0 | | |
Other (1) | 54.5 | | | 61.4 | | | 161.3 | | | 175.0 | | |
| $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | |
_______________________________________(1)The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories.
Reportable geographic information is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reportable Geographic Revenue | Three Months Ended | Nine Months Ended | |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
United States | $ | 541.5 | | | $ | 576.0 | | | $ | 1,715.5 | | | $ | 1,712.3 | | | | | | |
Foreign locations | 236.4 | | | 250.9 | | | 668.9 | | | 718.6 | | | | | | |
| $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | | | | |
Contract Balances
At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability (Customer deposits) presented on the Condensed Consolidated Balance Sheets.
Changes in the Customer deposits balance for the nine months ended November 24, 2023 are as follows:
| | | | | | | | |
| Customer Deposits |
Balance as of February 24, 2023 | $ | 50.8 | | |
Recognition of revenue related to beginning of year customer deposits | (46.5) | | |
Customer deposits received, net of revenue recognized during the period | 51.7 | | |
Other (1) | (2.0) | | |
Balance as of November 24, 2023 | $ | 54.0 | | |
_______________________________________
(1)Represents customer deposits transferred in the divestiture of a consolidated dealer.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
4.EARNINGS PER SHARE
Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Computation of Earnings Per Share | Three Months Ended November 24, 2023 | Three Months Ended November 25, 2022 |
Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) |
Amounts used in calculating earnings per share | $ | 30.8 | | | 118.9 | | | 119.4 | | | $ | 11.4 | | | 117.2 | | | 117.6 | | |
Impact of participating securities | (1.2) | | | (4.7) | | | (4.7) | | | (0.4) | | | (4.4) | | | (4.4) | | |
Amounts used in calculating earnings per share, excluding participating securities | $ | 29.6 | | | 114.2 | | | 114.7 | | | $ | 11.0 | | | 112.8 | | | 113.2 | | |
| | | | | | | | | | | | |
Earnings per share | | | $ | 0.26 | | | $ | 0.26 | | | | | $ | 0.10 | | | $ | 0.10 | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Computation of Earnings Per Share | Nine Months Ended November 24, 2023 | Nine Months Ended November 25, 2022 |
Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) |
Amounts used in calculating earnings per share | $ | 59.8 | | | 118.5 | | | 119.0 | | | $ | 19.6 | | | 117.1 | | | 117.4 | | |
Impact of participating securities | (2.3) | | | (4.5) | | | (4.5) | | | (0.7) | | | (4.3) | | | (4.3) | | |
Amounts used in calculating earnings per share, excluding participating securities | $ | 57.5 | | | 114.0 | | | 114.5 | | | $ | 18.9 | | | 112.8 | | | 113.1 | | |
| | | | | | | | | | | | |
Earnings per share | | | $ | 0.50 | | | $ | 0.50 | | | | | $ | 0.17 | | | $ | 0.17 | | |
| | | | | | | | | | | | |
There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three and nine months ended November 24, 2023 and November 25, 2022.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
5.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 24, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized gain (loss) on investment | Pension and other post-retirement liability adjustments | Derivative amortization | Foreign currency translation adjustments | Total |
Balance as of August 25, 2023 | $ | (0.1) | | | $ | 8.0 | | | $ | (5.2) | | | $ | (68.6) | | | $ | (65.9) | | |
Other comprehensive income (loss) before reclassifications | 0.4 | | | 0.2 | | | — | | | 0.7 | | | 1.3 | | |
Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (0.4) | | | 0.2 | | | — | | | (0.2) | | |
Net other comprehensive income (loss) during the period | 0.4 | | | (0.2) | | | 0.2 | | | 0.7 | | | 1.1 | | |
Balance as of November 24, 2023 | $ | 0.3 | | | $ | 7.8 | | | $ | (5.0) | | | $ | (67.9) | | | $ | (64.8) | | |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 24, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized gain (loss) on investment | Pension and other post-retirement liability adjustments | Derivative amortization | Foreign currency translation adjustments | Total |
Balance as of February 24, 2023 | $ | (0.1) | | | $ | 9.3 | | | $ | (5.7) | | | $ | (76.0) | | | $ | (72.5) | | |
Other comprehensive income (loss) before reclassifications | 0.4 | | | (0.2) | | | — | | | 8.1 | | | 8.3 | | |
Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (1.3) | | | 0.7 | | | — | | | (0.6) | | |
Net other comprehensive income (loss) during the period | 0.4 | | | (1.5) | | | 0.7 | | | 8.1 | | | 7.7 | | |
Balance as of November 24, 2023 | $ | 0.3 | | | $ | 7.8 | | | $ | (5.0) | | | $ | (67.9) | | | $ | (64.8) | | |
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Detail of Accumulated Other Comprehensive Income (Loss) Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Condensed Consolidated Statements of Income |
Three Months Ended | Nine Months Ended | |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
| | | | | | | | | | | | | |
Amortization of pension and other post-retirement actuarial gains | $ | (0.5) | | | $ | (0.4) | | | $ | (1.7) | | | $ | (1.2) | | | | | | | Other income, net |
| | | | | | | | | | | | | |
Income tax expense | 0.1 | | | 0.1 | | | 0.4 | | | 0.3 | | | | | | | Income tax expense |
| (0.4) | | | (0.3) | | | (1.3) | | | (0.9) | | | | | | | |
| | | | | | | | | | | | | |
Derivative amortization | 0.2 | | | 0.3 | | | 0.9 | | | 1.0 | | | | | | | Interest expense |
Income tax benefit | — | | | (0.1) | | | (0.2) | | | (0.3) | | | | | | | Income tax expense |
| 0.2 | | | 0.2 | | | 0.7 | | | 0.7 | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total reclassifications | $ | (0.2) | | | $ | (0.1) | | | $ | (0.6) | | | $ | (0.2) | | | | | | | |
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
6.FAIR VALUE
The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts, long-term investments and contingent consideration are measured at fair value on the Condensed Consolidated Balance Sheets.
Our total debt is carried at cost and was $446.1 and $481.2 as of November 24, 2023 and February 24, 2023, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was $405.4 and $405.9 as of November 24, 2023 and February 24, 2023, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.
We may use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. We do not use derivatives for speculative or trading purposes.
In connection with the acquisition of Viccarbe Habitat, S.L in Q3 2022, up to an additional $14.2 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period ending in 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. At each subsequent reporting date, changes in the fair value of the liability are recorded to Operating expenses until the liability is settled. In Q3 2024, we recorded a $9.5 decrease to the fair value of the contingent consideration based upon updated projections for the Viccarbe business over the earnout period.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 24, 2023 and February 24, 2023 are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| November 24, 2023 |
Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Assets: | | | | | | | | |
Cash and cash equivalents | $ | 262.0 | | | $ | — | | | $ | — | | | $ | 262.0 | | |
Restricted cash | 7.1 | | | — | | | — | | | 7.1 | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign exchange forward contracts | — | | | 2.1 | | | — | | | 2.1 | | |
Auction rate security | — | | | — | | | 2.7 | | | 2.7 | | |
| | | | | | | | |
| $ | 269.1 | | | $ | 2.1 | | | $ | 2.7 | | | $ | 273.9 | | |
Liabilities: | | | | | | | | |
Foreign exchange forward contracts | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | |
Contingent consideration | — | | | — | | | — | | | — | | |
| $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | |
| | | | | | | | |
| February 24, 2023 |
Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Assets: | | | | | | | | |
Cash and cash equivalents | $ | 90.4 | | | $ | — | | | $ | — | | | $ | 90.4 | | |
Restricted cash | 6.8 | | | — | | | — | | | 6.8 | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign exchange forward contracts | — | | | 2.3 | | | — | | | 2.3 | | |
Auction rate security | — | | | — | | | 2.1 | | | 2.1 | | |
| | | | | | | | |
| $ | 97.2 | | | $ | 2.3 | | | $ | 2.1 | | | $ | 101.6 | | |
Liabilities: | | | | | | | | |
Foreign exchange forward contracts | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | |
Contingent consideration | — | | | — | | | (9.5) | | | (9.5) | | |
| $ | — | | | $ | (0.3) | | | $ | (9.5) | | | $ | (9.8) | | |
Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during the nine months ended November 24, 2023:
| | | | | | | | | | | | | | |
Roll-forward of Fair Value Using Level 3 Inputs | Auction Rate Security - Other Assets | Contingent Consideration - Other Long-Term Liabilities |
Balance as of February 24, 2023 | $ | 2.1 | | | $ | 9.5 | | |
Unrealized gain (loss) on investment | 0.6 | | | — | | |
Foreign currency (gain) loss | — | | | — | | |
Change in estimated fair value | — | | | (9.5) | | |
Balance as of November 24, 2023 | $ | 2.7 | | | $ | — | | |
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
7.INVENTORIES
| | | | | | | | | | | | | | |
Inventories | November 24, 2023 | February 24, 2023 |
Raw materials and work-in-process | $ | 176.6 | | | $ | 232.8 | | |
Finished goods | 113.5 | | | 118.1 | | |
| 290.1 | | | 350.9 | | |
Revaluation to LIFO | 30.3 | | | 31.2 | | |
| $ | 259.8 | | | $ | 319.7 | | |
The portion of inventories determined by the LIFO method aggregated to $122.3 and $134.1 as of November 24, 2023 and February 24, 2023, respectively.
8.SHORT-TERM BORROWINGS
We have a $250.0 global committed bank facility, which expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125.0 by obtaining at least one commitment from one or more lenders. In Q1 2024, the credit facility was amended. As amended, interest on borrowings under the facility is based on the rate selected by us from the following options (with all capitalized terms having the meanings provided in the credit agreement, as amended):
•the Applicable Floating Rate Margin in effect plus the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, (iii) the Term SOFR Reference Rate for a one-month interest period plus 1.10% or (iv) 0.75%;
•the Applicable Term Benchmark/RFR Margin in effect plus (i) for borrowings in U.S. dollars, the Term SOFR Reference Rate plus 0.10%, or (ii) for borrowings in euros, the Adjusted EURIBOR Rate; or
•the Applicable Term Benchmark/RFR Margin in effect plus the Daily Simple SOFR Rate plus 0.10%.
In Q1 2024, we borrowed and repaid $67.2 under the facility to fund our operations and the balloon payment of $31.8 for a note payable that matured during the quarter. In Q2 2024, we borrowed and repaid $1.8 under the facility. In Q3 2024, there were no additional borrowings or repayments under the facility, and as of November 24, 2023, there were no borrowings outstanding under the facility.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
9. SHARE-BASED COMPENSATION
Performance Units
We have issued performance units (“PSUs”) to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively).
As of November 24, 2023, the following PSUs have been issued and remained outstanding:
•767,600 PSUs to be earned over the period of 2024 through 2026 (the "2024 PSUs"),
•428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs") and
•448,300 PSUs to be earned over the period of 2022 through 2024 (the "2022 PSUs").
Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan.
As of November 24, 2023, the 2024 PSUs, 2023 PSUs and 2022 PSUs were considered granted as follows:
•In Q1 2024, the performance conditions were established for Tranche 1 of the 2024 PSUs, Tranche 2 of the 2023 PSUs and Tranche 3 of the 2022 PSUs, and accordingly, such tranches were considered granted in Q1 2024.
•In Q1 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs and Tranche 2 of the 2022 PSUs, and accordingly, such tranches were considered granted in Q1 2023.
•In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs, and accordingly, such tranche was considered granted in Q1 2022.
We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a total fair value of $4.5, $3.5 and $2.3 for the PSUs with market conditions granted in 2024, 2023 and 2022, respectively, that remained outstanding as of November 24, 2023. The Monte Carlo simulation was computed using the following assumptions:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 PSUs | 2023 PSUs | 2022 PSUs |
Tranche 1 | Tranche 2 | Tranche 1 | Tranche 3 | Tranche 2 | Tranche 1 |
Risk-free interest rate (1) | 3.7 | % | | 4.0 | % | | 2.6 | % | | 4.7 | % | | 2.3 | % | | 0.3 | % | |
Expected term | 3 years | | 2 years | | 3 years | | 1 year | | 2 years | | 3 years | |
Estimated volatility (2) | 44.1 | % | | 37.8 | % | | 52.2 | % | | 45.5 | % | | 43.8 | % | | 53.5 | % | |
_______________________________________
(1)Based on the U.S. Government bond benchmark on the grant date.
(2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | |
Performance Units | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Expense (credit) | $ | 0.1 | | | $ | (1.3) | | | $ | 6.3 | | | $ | 2.6 | | | | | | |
Tax benefit (expense) | — | | | (0.3) | | | 1.5 | | | 0.7 | | | | | | |
The PSU activity for the nine months ended November 24, 2023 is as follows:
| | | | | | | | | | | | | | |
Maximum Number of Shares of Nonvested Units | Total | | Weighted-Average Grant Date Fair Value per Unit | |
Nonvested as of February 24, 2023 | 1,060,231 | | | $ | 13.11 | | |
Granted | 1,315,664 | | | 8.30 | | |
| | | | |
Nonvested as of November 24, 2023 | 2,375,895 | | | $ | 10.44 | | |
As of November 24, 2023, there was $2.6 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years.
Restricted Stock Units
During the nine months ended November 24, 2023, we awarded 1,767,505 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse up to three years after the date of grant, at which time the RSUs are issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. For participants who are or become retirement-eligible during the service period for awards that are considered retirement-eligible, the RSUs are expensed over the period ending on the date that the participant becomes retirement-eligible. Typically, these awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan.
The total RSU expense and associated tax benefit for the nine months ended November 24, 2023 and November 25, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | |
Restricted Stock Units | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Expense | $ | 3.3 | | | $ | 3.4 | | | $ | 15.0 | | | $ | 14.6 | | | | | | |
Tax benefit | 0.8 | | | 0.9 | | | 3.7 | | | 3.7 | | | | | | |
The RSU activity for the nine months ended November 24, 2023 is as follows:
| | | | | | | | | | | | | | |
Nonvested Units | Total | | Weighted-Average Grant Date Fair Value per Unit | |
Nonvested as of February 24, 2023 | 3,293,268 | | | $ | 12.11 | | |
Granted | 1,767,505 | | | 8.31 | | |
Vested | (269,934) | | | 11.65 | | |
Forfeited | (65,580) | | | 10.48 | | |
Nonvested as of November 24, 2023 | 4,725,259 | | | $ | 10.74 | | |
As of November 24, 2023, there was $12.3 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
10. LEASES
We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours operated) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.
The components of lease expense during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | | |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Operating lease cost | $ | 13.7 | | | $ | 13.2 | | | $ | 40.9 | | | $ | 38.8 | | | | | |
Sublease rental income | (0.5) | | | (0.6) | | | (1.5) | | | (1.7) | | | | | |
| $ | 13.2 | | | $ | 12.6 | | | $ | 39.4 | | | $ | 37.1 | | | | | |
Supplemental cash flow and other information related to leases during the three and nine months ended November 24, 2023 and November 25, 2022 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | | |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Cash flow information: | | | | | | | | | | | | |
Operating cash flows used for operating leases | $ | 14.4 | | | $ | 13.3 | | | $ | 42.1 | | | $ | 40.4 | | | | | | |
Leased assets obtained in exchange for new operating lease obligations | 4.5 | | | 11.7 | | | 12.1 | | | 25.2 | | | | | | |
As of November 24, 2023 and February 24, 2023, the weighted-average remaining lease terms were 4.9 years and 5.3 years, respectively, and the weighted-average discount rates were 4.5% and 4.2%, respectively.
The following table summarizes the future minimum lease payments as of November 24, 2023:
| | | | | | | | |
Fiscal year ending in February | Amount (1) |
2024 | $ | 12.0 | | |
2025 | 52.4 | | |
2026 | 42.5 | | |
2027 | 34.3 | | |
2028 | 26.1 | | |
Thereafter | 41.9 | | |
Total lease payments | 209.2 | | |
Less: Interest | 22.1 | | |
Present value of lease liabilities | $ | 187.1 | | |
_______________________________________
(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
11.ACQUISITION
HALCON
In Q2 2023, we acquired Halcon Furniture LLC ("HALCON"), a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. The transaction included the purchase of all the outstanding membership interests of HALCON for $127.5 less customer deposits of $24.3, plus an adjustment of $1.9 for working capital. The acquisition was funded using a combination of cash on-hand and borrowings under our global committed bank facility. An additional $2.0 is payable to a seller based upon continued employment over a three-year period, which is being expensed over the service period on a straight-line basis.
Tangible assets and liabilities of HALCON were valued as of the acquisition date using a market analysis, and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $51.8 related to identifiable intangible assets, $36.6 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of property, plant and equipment of $30.6, working capital (primarily inventory of $12.8) and customer deposits of $24.3. The goodwill was recorded in the Americas segment and is deductible for U.S. income tax purposes. The goodwill resulting from the acquisition is primarily related to the growth potential of HALCON expected to be driven by new product development, geographic expansion and the integration of HALCON products into our dealer network. Intangible assets are principally related to dealer relationships, the HALCON trade name and internally developed know-how and designs, which are being amortized over periods ranging from 9 to 10 years from the date of acquisition. We also acquired a backlog of orders which shipped throughout 2023. The purchase accounting for the HALCON acquisition was completed during the current year.
The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:
| | | | | | | | | | | | | | |
Other Intangible Assets | Useful Life (Years) | Fair Value |
|
Dealer relationships | 10.0 | | $ | 21.5 | | |
Trademark | 9.0 | | 14.0 | | |
Know-how and designs | 9.0 | | 12.0 | | |
Backlog | 0.7 | | 4.3 | | |
| | | $ | 51.8 | | |
The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of November 24, 2023:
| | | | | | | | |
Fiscal Year Ending in February | Amount |
2024 | $ | 1.3 | | |
2025 | 5.1 | | |
2026 | 5.0 | | |
2027 | 5.0 | | |
2028 | 5.0 | | |
| $ | 21.4 | | |
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
12. REPORTABLE SEGMENTS
As of the end of Q1 2024, we realigned our reportable segments for financial reporting purposes as a result of changes in how we monitor business performance and allocate resources to support our top strategic priorities. During Q1 2024, we simplified our internal reporting to summarize the results of all brands by geography including utilization of previously unallocated Corporate expenses. This change is parallel to the organizational structure that is used by our Chief Executive Officer in the capacity as chief operating decision maker ("CODM") for making operating and investment decisions and assessing business performance.
The operating segments regularly reviewed by the CODM are (1) the Americas, (2) Europe, the Middle East and Africa ("EMEA") and (3) Asia Pacific. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia. We primarily review and evaluate revenue, gross profit and operating income (loss) by these segments in our internal review processes and reporting. We also allocate resources among these segments primarily based on revenue, gross profit and operating income (loss). Total assets by segment include manufacturing and other assets associated with each segment.
For purposes of segment reporting externally, we have aggregated the EMEA and Asia Pacific operating segments as an International segment based upon their similarity in certain quantitative and qualitative characteristics as defined in the Accounting Standards Codification ("ASC") 280, Segment Reporting. We evaluated the economic similarity of these operating segments including patterns and trends for revenue, gross profit and operating income (loss) in addition to the similarity in the nature of products and services, types of customers, and production and distribution processes in these regions. We concluded that these operating segments met the criteria for aggregation consistent with the basic principles and objectives of segment reporting described in ASC 280. The change in our reportable segments did not result in a change to our reporting units for purposes of goodwill impairment testing.
The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.
The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.
As required by ASC 280, all presented segment data reflects the reclassification of previously reported segment data. Revenue, gross profit and operating income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022 and total assets and goodwill as of November 24, 2023 and February 24, 2023 by segment are presented in the following tables which reflect the realigned segments:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | |
Reportable Segment Statement of Income Data | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Revenue | | | | | | | | | | | | |
Americas | $ | 586.1 | | | $ | 619.8 | | | $ | 1,838.2 | | | $ | 1,840.6 | | | | | | |
International | 191.8 | | | 207.1 | | | 546.2 | | | 590.3 | | | | | | |
| $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | | | | |
Gross Profit | | | | | | | | | | | | |
Americas | $ | 192.8 | | | $ | 181.2 | | | $ | 612.3 | | | $ | 526.2 | | | | | | |
International | 59.5 | | | 56.6 | | | 158.0 | | | 154.0 | | | | | | |
| $ | 252.3 | | | $ | 237.8 | | | $ | 770.3 | | | $ | 680.2 | | | | | | |
Operating Income (Loss) | | | | | | | | | | | | |
Americas | $ | 37.2 | | | $ | 17.3 | | | $ | 117.0 | | | $ | 44.2 | | | | | | |
International | 6.6 | | | 3.2 | | | (24.9) | | | (7.4) | | | | | | |
| $ | 43.8 | | | $ | 20.5 | | | $ | 92.1 | | | $ | 36.8 | | | | | | |
STEELCASE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
| | | | | | | | | | | | | | | |
Reportable Segment Balance Sheet Data | November 24, 2023 | February 24, 2023 | |
Total assets | | | | | |
Americas | $ | 1,663.1 | | | $ | 1,631.2 | | | |
International | 583.8 | | | 571.6 | | | |
| $ | 2,246.9 | | | $ | 2,202.8 | | | |
| | | | | |
Goodwill | | | | | |
Americas | $ | 266.2 | | | $ | 268.3 | | | |
International | 8.7 | | | 8.5 | | | |
| $ | 274.9 | | | $ | 276.8 | | | |
13. RESTRUCTURING ACTIVITIES
In Q4 2023, we implemented a series of restructuring actions, primarily related to the wind down of our customer aviation function in connection with our strategy to reinvent our go-to-market model and create new customer experiences. The restructuring actions included terminations of approximately 25 salaried employees in the Americas segment. We expect to incur approximately $4.5 of restructuring costs in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred $0.1, $0.1, and $0.7 of restructuring costs in the Americas segment for these actions in Q3 2024, Q2 2024, and Q1 2024, respectively. We also incurred $3.6 of workforce reductions and other separation-related benefits in the Americas segment for these actions in Q4 2023. We expect these actions to be completed by the end of 2024.
In Q1 2024, we announced a series of restructuring actions in response to continued decline in order volume, persisting inflationary pressures, and decreasing plant utilization. These actions involve the involuntary terminations of approximately 40 to 50 salaried roles in EMEA, the elimination of approximately 240 positions in Asia Pacific, and the involuntary terminations of approximately 30 employees in the Americas in connection with the closing of our regional distribution center in Atlanta, Georgia. We expect to incur restructuring costs of approximately $16 to $18 in the International segment and approximately $1 in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred restructuring costs of $1.5, $7.8, and $6.8 in the International segment for these actions in Q3 2024, Q2 2024, and Q1 2024, respectively. We also incurred $0.6 in the Americas segment for these actions during Q1 2024. We expect these actions to be substantially completed by the end of 2024.
The following table details the changes in the restructuring reserve balance for the nine months ended November 24, 2023:
| | | | | | | | |
| Workforce Reductions |
Balance as of February 24, 2023 | $ | 4.0 | | |
Restructuring costs | 17.8 | | |
Payments | (7.3) | | |
Balance as of November 24, 2023 | $ | 14.5 | | |
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations:
This management’s discussion and analysis of financial condition and results of operations ("MD&A") should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 24, 2023. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.
This item contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of operations, balance sheets or statements of cash flows of the company. The non-GAAP financial measures used are (1) organic revenue growth (decline), (2) adjusted operating income (loss) and (3) adjusted earnings per share. Pursuant to the requirements of Regulation G, we have provided a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure in the tables below. These measures are supplemental to, and should be used in conjunction with, the most comparable GAAP measures. Management uses these non-GAAP financial measures to monitor and evaluate financial results and trends. See Non-GAAP Financial Measures for a description of these measures and why management believes they are also useful to investors.
Financial Summary
Our reportable segments consist of the Americas segment and the International segment. See Note 12 to the condensed consolidated financial statements for additional information.
Results of Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | |
Statement of Operations Data | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Revenue | $ | 777.9 | | | 100.0 | % | | $ | 826.9 | | | 100.0 | % | | $ | 2,384.4 | | | 100.0 | % | | $ | 2,430.9 | | | 100.0 | % | | | | | | | | |
Cost of sales | 525.5 | | | 67.6 | | | 587.7 | | | 71.0 | | | 1,611.2 | | | 67.6 | | | 1,748.4 | | | 71.9 | | | | | | | | | |
Restructuring costs | 0.1 | | | — | | | 1.4 | | | 0.2 | | | 2.9 | | | 0.1 | | | 2.3 | | | 0.1 | | | | | | | | | |
Gross profit | 252.3 | | | 32.4 | | | 237.8 | | | 28.8 | | | 770.3 | | | 32.3 | | | 680.2 | | | 28.0 | | | | | | | | | |
Operating expenses | 206.5 | | | 26.5 | | | 208.1 | | | 25.2 | | | 663.0 | | | 27.8 | | | 630.4 | | | 26.0 | | | | | | | | | |
Restructuring costs | 2.0 | | | 0.3 | | | 9.2 | | | 1.1 | | | 15.2 | | | 0.6 | | | 13.0 | | | 0.5 | | | | | | | | | |
Operating income | 43.8 | | | 5.6 | | | 20.5 | | | 2.5 | | | 92.1 | | | 3.9 | | | 36.8 | | | 1.5 | | | | | | | | | |
Interest expense | (6.4) | | | (0.8) | | | (7.6) | | | (0.9) | | | (19.6) | | | (0.8) | | | (21.2) | | | (0.9) | | | | | | | | | |
Investment income | 2.3 | | | 0.3 | | | 0.3 | | | — | | | 3.6 | | | 0.1 | | | 0.7 | | | — | | | | | | | | | |
Other income, net | 0.9 | | | 0.1 | | | 3.4 | | | 0.4 | | | 4.4 | | | 0.2 | | | 10.9 | | | 0.5 | | | | | | | | | |
Income before income tax expense | 40.6 | | | 5.2 | | | 16.6 | | | 2.0 | | | 80.5 | | | 3.4 | | | 27.2 | | | 1.1 | | | | | | | | | |
Income tax expense | 9.8 | | | 1.2 | | | 5.2 | | | 0.6 | | | 20.7 | | | 0.9 | | | 7.6 | | | 0.3 | | | | | | | | | |
Net income | $ | 30.8 | | | 4.0 | % | | $ | 11.4 | | | 1.4 | % | | $ | 59.8 | | | 2.5 | % | | $ | 19.6 | | | 0.8 | % | | | | | | | | |
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | |
Basic | $ | 0.26 | | | | | $ | 0.10 | | | | | $ | 0.50 | | | | | $ | 0.17 | | | | | | | | | | | |
Diluted | $ | 0.26 | | | | | $ | 0.10 | | | | | $ | 0.50 | | | | | $ | 0.17 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Q3 2024 Organic Revenue Growth (Decline) | Americas | International | Consolidated |
Q3 2023 revenue | $ | 619.8 | | $ | 207.1 | | $ | 826.9 | |
| | | | | | |
Divestitures | (8.6) | | (2.4) | | (11.0) | |
Currency translation effects | (0.4) | | 11.0 | | 10.6 | |
Q3 2023 revenue, adjusted | 610.8 | | 215.7 | | 826.5 | |
Q3 2024 revenue | 586.1 | | 191.8 | | 777.9 | |
| | | | | | |
| | | | | | |
Organic growth (decline) $ | $ | (24.7) | | $ | (23.9) | | $ | (48.6) | |
Organic growth (decline) % | (4) | % | | (11) | % | | (6) | % | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Year-to-date 2024 Organic Revenue Growth (Decline) | Americas | International | Consolidated |
Year-to-date 2023 revenue | $ | 1,840.6 | | $ | 590.3 | | $ | 2,430.9 | |
Acquisition | 21.8 | | — | | 21.8 | |
Divestitures | (14.8) | | (6.6) | | (21.4) | |
Currency translation effects | (3.3) | | 14.3 | | 11.0 | |
Year-to-date 2023 revenue, adjusted | 1,844.3 | | 598.0 | | 2,442.3 | |
Year-to-date 2024 revenue | 1,838.2 | | 546.2 | | 2,384.4 | |
Organic growth (decline) $ | $ | (6.1) | | $ | (51.8) | | $ | (57.9) | |
Organic growth (decline) % | — | % | | (9) | % | | (2) | % | |
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Adjusted Operating Income | Three Months Ended | Nine Months Ended |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Operating income | $ | 43.8 | | | 5.6 | % | | $ | 20.5 | | | 2.5 | % | | $ | 92.1 | | | 3.9 | % | | $ | 36.8 | | | 1.5 | % | |
Amortization of purchased intangible assets | 4.2 | | | 0.5 | | | 6.6 | | | 0.8 | | | 12.9 | | | 0.6 | | | 16.8 | | | 0.7 | | |
| | | | | | | | | | | | | | | | |
Restructuring costs | 2.1 | | | 0.3 | | | 10.6 | | | 1.3 | | | 18.1 | | | 0.7 | | | 15.3 | | | 0.6 | | |
Adjusted operating income | $ | 50.1 | | | 6.4 | % | | $ | 37.7 | | | 4.6 | % | | $ | 123.1 | | | 5.2 | % | | $ | 68.9 | | | 2.8 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted Earnings Per Share | Three Months Ended | Nine Months Ended |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Earnings per share | $ | 0.26 | | | $ | 0.10 | | | $ | 0.50 | | | $ | 0.17 | | |
Amortization of purchased intangible assets, per share | 0.04 | | | 0.05 | | | 0.11 | | | 0.14 | | |
Income tax effect of amortization of purchased intangible assets, per share | (0.01) | | | (0.02) | | | (0.03) | | | (0.04) | | |
Restructuring costs, per share | 0.02 | | | 0.09 | | | 0.16 | | | 0.13 | | |
Income tax effect of restructuring costs, per share | (0.01) | | | (0.02) | | | (0.04) | | | (0.03) | | |
Adjusted earnings per share | $ | 0.30 | | | $ | 0.20 | | | $ | 0.70 | | | $ | 0.37 | | |
Overview
In Q1 2024, we realigned our reportable segments for financial reporting purposes. Effective as of the end of Q1 2024, Designtex and previously unallocated Corporate expenses are included in the Americas segment, and the Europe, the Middle East and Africa ("EMEA") and Asia Pacific operating segments are aggregated and reported as the International segment. All prior year results are reclassified so as to be directly comparable to these realigned segments.
In Q3 2024, our earnings improved year over year, despite a decline in revenue, primarily driven by continued pricing benefits from the actions we implemented over the last two years in response to significant inflationary pressures. As those inflationary pressures have moderated, our pricing benefits and operational improvements resulted in a significantly higher gross margin compared to Q3 2023. We began Q3 2024 with a backlog which was 26 percent lower than the prior year, but the effects of the lower backlog were partially offset by order growth globally and faster order fulfillment patterns in the Americas. Orders (adjusted for the impact of divestitures and currency translation effects) grew 15 percent in Q3 2024 compared to the prior year.
Q3 2024 Compared to Q3 2023
We recorded net income of $30.8 and earnings per share of $0.26 in Q3 2024 compared to net income of $11.4 and earnings per share of $0.10 in the prior year. Operating income of $43.8 in Q3 2024 represented an improvement of $23.3 compared to operating income of $20.5 in the prior year. The increase was driven by higher pricing benefits, a $9.5 benefit from a decrease in the valuation of a contingent earnout liability, $5.4 of gains related to the sale of land and other fixed assets and lower restructuring costs, partially offset by the impacts of lower volume. We reported adjusted operating income of $50.1 and adjusted earnings per share of $0.30 in Q3 2024 compared to adjusted operating income of $37.7 and adjusted earnings per share of $0.20 in the prior year.
Revenue of $777.9 in Q3 2024 represented a decrease of $49.0 or 6% compared to the prior year. Approximately $50 of higher pricing benefits and $10.6 of favorable currency translation effects were more than offset by approximately $110 related to lower volume. Revenue decreased by 5% in the Americas, and International revenue decreased by 7%. On an organic basis, revenue declined 6% compared to the prior year, with a 4% decline in the Americas and an 11% decline in International.
Cost of sales as a percentage of revenue improved by approximately 350 basis points in Q3 2024 compared to the prior year. The improvement was driven by approximately $50 of higher pricing benefits and approximately $8 from operational improvements (which included labor efficiencies and lower freight costs, primarily in the Americas), partially offset by the impacts of lower volume. Cost of sales as a percentage of revenue improved by 360 basis points in the Americas and by 350 basis points in International.
Operating expenses decreased by $1.6 in Q3 2024 but increased by 130 basis points as a percentage of revenue, compared to the prior year. Operating expenses in Q3 2024 included:
•$7.4 of higher variable compensation expense,
•$2.7 of unfavorable currency translation effects,
•$9.5 of benefit from a decrease in the valuation of a contingent earnout liability and
•$5.4 of gains related to the sale of land and other fixed assets.
We recorded restructuring costs of $2.1 in Q3 2024, primarily related to the previously announced restructuring actions in International. See Note 13 to the condensed consolidated financial statements for additional information.
Our Q3 2024 effective tax rate was approximately 24.1% compared to a Q3 2023 effective tax rate of 31.3%.
Year-to-date 2024 Compared to Year-to-date 2023
We recorded net income of $59.8 and earnings per share of $0.50 in year-to-date 2024 compared to net income of $19.6 and earnings per share of $0.17 in the prior year. Operating income of $92.1 in year-to-date 2024 represented an improvement of $55.3 compared to operating income of $36.8 in the prior year. The improvement was driven by higher pricing benefits, partially offset by the impacts of lower volume and higher operating expenses. We reported adjusted operating income of $123.1 and adjusted earnings per share of $0.70 in year-to-date 2024 compared to adjusted operating income of $68.9 and adjusted earnings per share of $0.37 in the prior year.
Revenue of $2,384.4 in year-to-date 2024 represented a decline of $46.5 compared to the prior year, primarily driven by a decline in International. Approximately $265 of lower volume (net of the impact of an acquisition and divestitures) was partially offset by $210 related to higher pricing benefits and $11.0 of favorable currency translation effects. Revenue was flat in the Americas, while revenue in International decreased by 7%. On an organic basis, revenue declined 2% compared to the prior year, with the Americas flat and a 9% decline in International.
Cost of sales as a percentage of revenue improved by 430 basis points in year-to-date 2024 compared to the prior year. The improvement was driven by approximately $210 of higher pricing benefits and approximately $18 from operational improvements, partially offset by the impacts of lower volume and $13.9 of higher variable compensation expense. Cost of sales as a percentage of revenue improved by 470 basis points in the Americas and by 320 basis points in International.
Operating expenses increased by $32.6 in year-to-date 2024, or 180 basis points as a percentage of revenue, compared to the prior year. Operating expenses in year-to-date 2024 included:
•$31.2 of higher variable compensation expense,
•$6.3 from an acquisition,
•$4.4 of unfavorable currency translation effects,
•$2.2 of higher marketing, product development and sales expenses,
•approximately $6 of higher spending in other functional areas and
•$9.5 of benefit from a decrease in the valuation of a contingent earnout liability.
Operating expenses also included $5.4 of gains related to the sale of land and other fixed assets and $5.1 of gains primarily related to the sale of an aircraft and other aviation assets in year-to-date 2024 compared to a $4.0 gain from the sale of land in year-to-date 2023.
We recorded restructuring costs of $18.1 in year-to-date 2024 and $15.3 in year-to-date 2023. See Note 13 to the condensed consolidated financial statements for additional information.
Our year-to-date 2024 effective tax rate was approximately 25.7% compared to a year-to-date 2023 effective tax rate of 27.9%.
Interest Expense, Investment Income and Other Income, Net
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended |
Interest Expense, Investment Income and Other Income, Net | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Interest expense | $ | (6.4) | | | $ | (7.6) | | | $ | (19.6) | | | $ | (21.2) | | |
Investment income | 2.3 | | | 0.3 | | | 3.6 | | | 0.7 | | |
Other income, net: | | | | | | | | |
Equity in income of unconsolidated affiliates | 2.1 | | | 4.4 | | | 7.3 | | | 9.9 | | |
Foreign exchange gains (losses) | (0.3) | | | (0.4) | | | (0.4) | | | 1.2 | | |
Net periodic pension and post-retirement expense, excluding service cost | (0.2) | | | (0.6) | | | (0.5) | | | (1.0) | | |
Miscellaneous income (expense), net | (0.7) | | | — | | | (2.0) | | | 0.8 | | |
Total other income, net | 0.9 | | | 3.4 | | | 4.4 | | | 10.9 | | |
Total interest expense, investment income and other income, net | $ | (3.2) | | | $ | (3.9) | | | $ | (11.6) | | | $ | (9.6) | | |
Miscellaneous income (expense), net in year-to-date 2023 included a $2.2 gain on the sale of an investment in an unconsolidated affiliate.
Business Segment Review
See Note 12 to the condensed consolidated financial statements for additional information regarding our business segments.
Americas
The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.
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| Three Months Ended | Nine Months Ended | |
Statement of Operations Data — Americas | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Revenue | $ | 586.1 | | | 100.0 | % | | $ | 619.8 | | | 100.0 | % | | $ | 1,838.2 | | | 100.0 | % | | $ | 1,840.6 | | | 100.0 | % | | | | | | | | |
Cost of sales | 392.9 | | | 67.0 | | | 437.2 | | | 70.6 | | | 1,224.9 | | | 66.6 | | | 1,312.1 | | | 71.3 | | | | | | | | | |
Restructuring costs | 0.4 | | | 0.1 | | | 1.4 | | | 0.2 | | | 1.0 | | | 0.1 | | | 2.3 | | | 0.1 | | | | | | | | | |
Gross profit | 192.8 | | | 32.9 | | | 181.2 | | | 29.2 | | | 612.3 | | | 33.3 | | | 526.2 | | | 28.6 | | | | | | | | | |
Operating expenses | 155.5 | | | 26.6 | | | 154.7 | | | 24.9 | | | 494.4 | | | 26.9 | | | 469.0 | | | 25.5 | | | | | | | | | |
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Restructuring costs | 0.1 | | | — | | | 9.2 | | | 1.5 | | | 0.9 | | | — | | | 13.0 | | | 0.7 | | | | | | | | | |
Operating income | $ | 37.2 | | | 6.3 | % | | $ | 17.3 | | | 2.8 | % | | $ | 117.0 | | | 6.4 | % | | $ | 44.2 | | | 2.4 | % | | | | | | | | |
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Adjusted Operating Income — Americas | Three Months Ended | Nine Months Ended |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Operating income | $ | 37.2 | | | 6.3 | % | | $ | 17.3 | | | 2.8 | % | | $ | 117.0 | | | 6.4 | % | | $ | 44.2 | | | 2.4 | % | |
Amortization of purchased intangible assets | 3.1 | | | 0.6 | | | 5.5 | | | 0.9 | | | 9.4 | | | 0.5 | | | 13.4 | | | 0.8 | | |
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Restructuring costs | 0.5 | | | 0.1 | | | 10.6 | | | 1.7 | | | 1.9 | | | 0.1 | | | 15.3 | | | 0.8 | | |
Adjusted operating income | $ | 40.8 | | | 7.0 | % | | $ | 33.4 | | | 5.4 | % | | $ | 128.3 | | | 7.0 | % | | $ | 72.9 | | | 4.0 | % | |
Operating income in the Americas increased by $19.9 in Q3 2024 compared to the prior year. The increase was driven by higher pricing benefits and lower restructuring costs, partially offset by the impacts of lower volume. Adjusted operating income of $40.8 in Q3 2024 represented an improvement of $7.4 compared to the prior year. Operating income in the Americas increased by $72.8 in year-to-date 2024 compared to the prior year. The increase was driven by the same factors as the quarter. Adjusted operating income of $128.3 in year-to-date 2024 represented an improvement of $55.4 compared to the prior year.
The Americas revenue represented 75.3% of consolidated revenue in Q3 2024. In Q3 2024, revenue decreased by $33.7 or 5% compared to the prior year. Approximately $70 of the decline was related to lower volume, partially offset by approximately $35 related to higher pricing benefits. On an organic basis, revenue declined $24.7 or 4% in Q3 2024 compared to the prior year. The Americas revenue represented 77.1% of consolidated revenue in year-to-date 2024. In year-to-date 2024, revenue decreased by $2.4 compared to the prior year. Compared to the prior year, the Americas revenue was impacted by approximately $170 related to lower volume (net of the impact of an acquisition and divestitures), offset by approximately $170 related to higher pricing benefits, and approximately $3 of unfavorable currency translation effects. On an organic basis, revenue declined $6.1 in year-to-date 2024 compared to the prior year.
Cost of sales as a percentage of revenue improved by 360 basis points in Q3 2024 compared to the prior year. The improvement was driven by approximately $35 of higher pricing benefits and approximately $8 from operational improvements (which included labor efficiencies and lower freight costs), partially offset by the impacts of lower volume. Cost of sales as a percentage of revenue improved by 470 basis points in year-to-date 2024 compared to the prior year. The improvement was driven by approximately $170 of higher pricing benefits and approximately $18 from operational improvements, partially offset by the impacts of lower volume and $13.1 of higher variable compensation expense.
Operating expenses increased by $0.8 in Q3 2024, or 170 basis points as a percentage of revenue, compared to the prior year. Operating expenses in Q3 2024 included:
•$6.6 of higher variable compensation expense,
•$2.1 of higher marketing, product development and sales expenses,
•$5.4 of gains related to the sale of land and other fixed assets and
•$4.7 of benefit from a decrease in the valuation of a contingent earnout liability.
Operating expenses increased by $25.4 in year-to-date 2024, or 140 basis points as a percentage of revenue, compared to the prior year. Operating expenses in year-to-date 2024 included:
•$27.2 of higher variable compensation expense,
•$6.3 from an acquisition and
•$4.7 of benefit from a decrease in the valuation of a contingent earnout liability.
Operating expenses included $5.4 of gains related to the sale of land and other fixed assets and $5.1 of gains primarily related to the sale of an aircraft and other aviation assets in year-to-date 2024 compared to a $4.0 gain from the sale of land in year-to-date 2023.
International
The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.
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| Three Months Ended | Nine Months Ended | |
Statement of Operations Data — International | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | |
Revenue | $ | 191.8 | | | 100.0 | % | | $ | 207.1 | | | 100.0 | % | | $ | 546.2 | | | 100.0 | % | | $ | 590.3 | | | 100.0 | % | | | | | | | | |
Cost of sales | 132.6 | | | 69.2 | | | 150.5 | | | 72.7 | | | 386.3 | | | 70.7 | | | 436.3 | | | 73.9 | | | | | | | | | |
Restructuring costs (benefits) | (0.3) | | | (0.2) | | | — | | | — | | | 1.9 | | | 0.4 | | | — | | | — | | | | | | | | | |
Gross profit | 59.5 | | | 31.0 | | | 56.6 | | | 27.3 | | | 158.0 | | | 28.9 | | | 154.0 | | | 26.1 | | | | | | | | | |
Operating expenses | 51.0 | | | 26.6 | | | 53.4 | | | 25.8 | | | 168.6 | | | 30.9 | | | 161.4 | | | 27.4 | | | | | | | | | |
Restructuring costs | 1.9 | | | 1.0 | | | — | | | — | | | 14.3 | | | 2.6 | | | — | | | — | | | | | | | | | |
Operating income (loss) | $ | 6.6 | | | 3.4 | % | | $ | 3.2 | | | 1.5 | % | | $ | (24.9) | | | (4.6) | % | | $ | (7.4) | | | (1.3) | % | | | | | | | | |
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Adjusted Operating Income (Loss) — International | Three Months Ended | Nine Months Ended |
November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 |
Operating income (loss) | $ | 6.6 | | | 3.4 | % | | $ | 3.2 | | | 1.5 | % | | $ | (24.9) | | | (4.6) | % | | $ | (7.4) | | | (1.3) | % | |
Amortization of purchased intangible assets | 1.1 | | | 0.6 | | | 1.1 | | | 0.6 | | | 3.5 | | | 0.6 | | | 3.4 | | | 0.6 | | |
Restructuring costs | 1.6 | | | 0.8 | | | — | | | — | | | 16.2 | | | 3.0 | | | — | | | — | | |
Adjusted operating income (loss) | $ | 9.3 | | | 4.8 | % | | $ | 4.3 | | | 2.1 | % | | $ | (5.2) | | | (1.0) | % | | $ | (4.0) | | | (0.7) | % | |
Operating income in International increased by $3.4 in Q3 2024 compared to the prior year. The increase was driven by higher pricing benefits and lower operating expenses, partially offset by the impacts of lower volume and higher restructuring costs. Adjusted operating income of $9.3 in Q3 2024 represented an increase of $5.0 compared to the prior year. The operating loss in International increased by $17.5 in year-to-date 2024 compared to the prior year. The increase was driven by the impacts of lower volume, higher restructuring costs and higher operating expenses, partially offset by higher pricing benefits. The adjusted operating loss of $5.2 in year-to-date 2024 represented a decline of $1.2 compared to the prior year.
International revenue represented 24.7% of consolidated revenue in Q3 2024. In Q3 2024, revenue decreased by $15.3 or 7% compared to the prior year. Approximately $40 related to lower volume which was partially offset by approximately $15 of higher pricing benefits and approximately $11 of favorable currency translation effects. On an organic basis, revenue declined $23.9 or 11% in Q3 2024 compared to the prior year. International revenue represented 22.9% of consolidated revenue in year-to-date 2024. In year-to-date 2024, revenue decreased by
$44.1 or 7% compared to the prior year. Approximately $100 related to lower volume (net of the impact of a divestiture) which was partially offset by approximately $40 of higher pricing benefits and approximately $14 of favorable currency translation effects. On an organic basis, revenue declined $51.8 or 9% in year-to-date 2024 compared to the prior year.
Cost of sales as a percentage of revenue improved by 350 basis points in Q3 2024 compared to the prior year. The improvement was driven by approximately $15 of higher pricing benefits, partially offset by the impacts of lower volume. Cost of sales as a percentage of revenue improved by 320 basis points in year-to-date 2024 compared to the prior year. The improvement was driven by approximately $40 of higher pricing benefits, partially offset by the impacts of lower volume.
Operating expenses decreased by $2.4 in Q3 2024 but increased by 80 basis points as a percentage of revenue, compared to the prior year. Operating expenses in Q3 2024 included $2.7 of unfavorable currency translation effects and $4.8 of benefit from a decrease in the valuation of a contingent earnout liability. Operating expenses increased by $7.2 in year-to-date 2024, or 350 basis points as a percentage of revenue, compared to the prior year. Operating expenses in year-to-date 2024 included:
•$4.4 of unfavorable currency translation effects,
•$4.0 of higher variable compensation expense,
•$1.9 of higher marketing, product development and sales expenses,
•approximately $3 of higher spending in other functional areas and
•$4.8 of benefit from a decrease in the valuation of a contingent earnout liability.
Non-GAAP Financial Measures
The non-GAAP financial measures used in this MD&A are: (1) organic revenue growth (decline), (2) adjusted operating income (loss) and (3) adjusted earnings per share.
Organic Revenue Growth (Decline)
We define organic revenue growth (decline) as revenue growth (decline) excluding the impact of acquisitions and divestitures and foreign currency translation effects. Organic revenue growth (decline) is calculated by adjusting prior year revenue to include revenues of acquired companies prior to the date of the company's acquisition, to exclude revenues of divested companies and to use current year average exchange rates in the calculation of foreign-denominated revenue. We believe organic revenue growth (decline) is a meaningful metric to investors as it provides a more consistent comparison of our revenue to prior periods as well as to industry peers.
Adjusted Operating Income (Loss) and Adjusted Earnings Per Share
We define adjusted operating income (loss) as operating income (loss) excluding amortization of purchased intangible assets and restructuring costs. We define adjusted earnings per share as earnings per share, on a diluted basis, excluding amortization of purchased intangible assets and restructuring costs, net of related income tax effects.
•Amortization of purchased intangible assets: We may record intangible assets (such as backlog, dealer relationships, trademarks, know-how and designs and proprietary technology) when we acquire companies. We allocate the fair value of purchase consideration to net tangible and intangible assets acquired based on their estimated fair values. The fair value estimates for these intangible assets require management to make significant estimates and assumptions, which include the useful lives of intangible assets. We believe that adjusting for amortization of purchased intangible assets provides a more consistent comparison of our operating performance to prior periods as well as to industry peers. As our business strategy in recent years has included an increased number of acquisitions, intangible asset amortization has become more significant.
•Restructuring costs: Restructuring costs may be recorded as our business strategies change or in response to changing market trends and economic conditions. We believe that adjusting for restructuring costs, which are primarily associated with business exit and workforce reduction costs, provides a more consistent comparison of our operating performance to prior periods as well as to industry peers.
Liquidity and Capital Resources
Cash and cash equivalents are used to fund day-to-day operations, including seasonal disbursements, particularly the annual payment of accrued variable compensation and retirement plan contributions in Q1 of each fiscal year. During normal business conditions, we target a range of $75 to $175 in cash and cash equivalents to fund operating requirements. In addition, we may carry additional liquidity for potential investments in strategic initiatives and as a cushion against economic volatility, and from time to time, we may allow our cash and cash equivalents to temporarily fall below our targeted range to fund acquisitions, other growth initiatives and material committed cash requirements.
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Liquidity Sources | November 24, 2023 | February 24, 2023 |
Cash and cash equivalents | $ | 262.0 | | | $ | 90.4 | | |
Company-owned life insurance | 162.6 | | | 157.3 | | |
Availability under credit facilities | 271.7 | | | 269.7 | | |
Total liquidity sources available | $ | 696.3 | | | $ | 517.4 | | |
As of November 24, 2023, we held a total of $262.0 in cash and cash equivalents. Of that total, 75% was located in the U.S., and 25% was located outside of the U.S., primarily in China (including Hong Kong), the United Kingdom, Mexico, India, Malaysia and Canada.
COLI investments are recorded at their net cash surrender value. Our investments in COLI policies are intended to be utilized as a funding source for long-term benefit obligations. However, COLI can also be used as a source of liquidity. We believe the financial strength of the issuing insurance companies associated with our COLI policies is sufficient to meet their obligations.
Availability under credit facilities may be reduced related to compliance with applicable covenants. See Liquidity Facilities for more information.
The following table summarizes our Condensed Consolidated Statements of Cash Flows for the nine months ended November 24, 2023 and November 25, 2022:
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| Nine Months Ended |
Cash Flow Data | November 24, 2023 | November 25, 2022 |
Net cash provided by (used in): | | | | |
Operating activities | $ | 251.3 | | | $ | 1.4 | | |
Investing activities | (5.2) | | | (127.5) | | |
Financing activities | (74.0) | | | (16.6) | | |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | | | (2.6) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 171.9 | | | (145.3) | | |
Cash, cash equivalents and restricted cash, beginning of period | 97.2 | | | 207.0 | | |
Cash, cash equivalents and restricted cash, end of period | $ | 269.1 | | | $ | 61.7 | | |
Cash provided by operating activities
| | | | | | | | | | | | | | |
| Nine Months Ended |
Cash Flow Data — Operating Activities | November 24, 2023 | November 25, 2022 |
Net income | $ | 59.8 | | | $ | 19.6 | | |
Depreciation and amortization | 62.8 | | | 67.2 | | |
Share-based compensation | 22.1 | | | 18.0 | | |
Restructuring costs | 18.1 | | | 15.3 | | |
Change in fair value of contingent consideration | (9.5) | | | — | | |
Changes in accounts receivable, inventories and accounts payable | 95.8 | | | (108.5) | | |
Income taxes receivable | (4.6) | | | 25.4 | | |
Employee compensation liabilities | 17.3 | | | 17.0 | | |
Employee benefit obligations | (1.7) | | | (14.0) | | |
Other | (8.8) | | | (38.6) | | |
Net cash provided by operating activities | $ | 251.3 | | | $ | 1.4 | | |
In year-to-date 2024, our improved operating results drove a significant increase in cash. We generated cash from working capital primarily due to decreased levels of inventory and normalized supplier lead times related to supply chain improvements and improvements in the number of days sales outstanding in accounts receivable. In year-to-date 2023, cash was used to meet working capital requirements primarily due to increased levels of inventory which were purchased to mitigate the impacts of supply chain disruptions, and we received $33.5 related to the carryback of our fiscal year 2021 tax loss in the U.S. Annual payments related to accrued variable compensation and retirement plan contributions totaled $77.3 in year-to-date 2024 compared to $32.4 in the prior year.
Cash used in investing activities
| | | | | | | | | | | | | | |
| Nine Months Ended |
Cash Flow Data — Investing Activities | November 24, 2023 | November 25, 2022 |
Capital expenditures | $ | (37.4) | | | $ | (42.8) | | |
Proceeds from disposal of fixed assets | 28.2 | | | 5.6 | | |
Acquisition, net of cash acquired | — | | | (105.3) | | |
Other | 4.0 | | | 15.0 | | |
Net cash used in investing activities | $ | (5.2) | | | $ | (127.5) | | |
Capital expenditures in year-to-date 2024 were primarily related to investments in manufacturing operations, information technology, product development, customer-facing facilities and showrooms. In year-to-date 2024, proceeds from the disposal of fixed assets primarily included $14.9 of proceeds from the sale of an aircraft and other aviation assets and $12.5 from the sale of land. In year-to-date 2023, proceeds from the disposal of fixed assets included $5.6 of proceeds from the sale of land. Other investing activities in year-to-date 2023 included $7.5 of proceeds from the sale of an investment in an unconsolidated affiliate and $6.6 of proceeds from COLI policy maturities.
Cash used in financing activities
| | | | | | | | | | | | | | |
| Nine Months Ended |
Cash Flow Data — Financing Activities | November 24, 2023 | November 25, 2022 |
Dividends paid | $ | (35.7) | | | $ | (45.6) | | |
| | | | |
Borrowings on global committed bank facility | 69.0 | | | 480.9 | | |
Repayments on global committed bank facility | (69.0) | | | (446.9) | | |
Repayments on note payable | (32.2) | | | (2.1) | | |
Other | (6.1) | | | (2.9) | | |
Net cash used in financing activities | $ | (74.0) | | | $ | (16.6) | | |
The following table details dividends paid per common share during each quarter of year-to-date 2024 and year-to-date 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividend Data | First Quarter | | Second Quarter | | Third Quarter | | Total | |
2024 | | | | | | | | |
Dividends declared and paid per common share | $ | 0.100 | | | $ | 0.100 | | | $ | 0.100 | | | $ | 0.300 | | |
2023 | | | | | | | | |
Dividends declared and paid per common share | $ | 0.145 | | | $ | 0.145 | | | $ | 0.100 | | | $ | 0.390 | | |
In year-to-date 2024, we borrowed and repaid $69.0 under our global committed bank facility to fund our operations and a balloon payment of $31.8 for a note payable that matured during Q1 2024. See Note 8 to the condensed consolidated financial statements for additional information.
Other financing activities include share repurchases. In year-to-date 2024, we repurchased 512,707 shares of Class A common stock for $4.2, and in year-to-date 2023, we repurchased 343,485 shares of Class A common stock for $3.9. All shares were repurchased to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.
As of November 24, 2023, we had $106.4 of remaining availability under share repurchase programs approved by our Board of Directors in 2016 and 2024.
Liquidity Facilities
The following table summarizes available capacity under our liquidity facilities as of November 24, 2023:
| | | | | | | | |
Liquidity Facilities | November 24, 2023 |
Global committed bank facility | $ | 250.0 | | |
| | |
Various uncommitted facilities | 21.8 | | |
Total credit lines available | 271.8 | | |
Less: Borrowings outstanding | — | | |
Less: Letters of credit | (0.1) | | |
Available capacity | $ | 271.7 | | |
We have a $250.0 global committed bank facility in effect through 2025. As of November 24, 2023, there were no borrowings outstanding, there were $0.1 letters of credit which reduced our availability and we were in compliance with all covenants under the facility.
We have unsecured uncommitted short-term credit facilities available for working capital purposes with various financial institutions with a total U.S. dollar borrowing capacity of up to $3.7 and a total foreign currency borrowing capacity of up to $18.1 as of November 24, 2023. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. As of November 24, 2023, there were no borrowings outstanding under these facilities.
Total consolidated debt as of November 24, 2023 was $446.1 which is made up of term notes due in 2029 with an effective interest rate of 5.6%. The term notes are unsecured, contain no financial covenants and are not cross-defaulted to our other debt facilities.
Liquidity Outlook
Our material cash requirements are subject to fluctuation based on business requirements, economic volatility or investments in strategic initiatives. Our liquidity position, funds available from COLI and under our credit facilities and cash generated from future operations are expected to be sufficient to finance our known or foreseeable liquidity needs, including our material cash requirements. As of November 24, 2023, our total liquidity, which is comprised of cash and cash equivalents and the cash surrender value of COLI, aggregated to $424.6.
As of Q3 2024, there were no significant changes in the items that we identified as our material committed cash requirements in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023.
We also have other planned material usages of cash which we consider discretionary. This includes plans for capital expenditures which are expected to total approximately $55 to $65 in 2024 compared to $59.1 in 2023. In addition, we fund dividend payments declared by our Board of Directors. On December 19, 2023, we announced a quarterly dividend on our common stock of $0.10 per share, or approximately $11, to be paid in Q4 2024.
Critical Accounting Estimates
As of Q3 2024, there have been no changes in the items that we have identified as critical accounting estimates in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023.
Recently Issued Accounting Standards
See Note 2 to the condensed consolidated financial statements.
Forward-looking Statements
From time to time, in written and oral statements, we discuss our expectations regarding future events and our plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, us. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project," "target” or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements and vary from our expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in this Report, our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
Item 3.Quantitative and Qualitative Disclosures About Market Risk:
The nature of the market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) we faced as of November 24, 2023 had not materially changed from what we disclosed in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023. We are exposed to market risks from foreign currency exchange, interest rates, commodity prices and fixed income and equity prices, which could affect our operating results, financial position and cash flows.
Foreign Exchange Risk
During Q3 2024, no material change in foreign exchange risk occurred.
Interest Rate Risk
During Q3 2024, no material change in interest rate risk occurred.
Commodity Price Risk
During Q3 2024, no material change in commodity price risk occurred.
Fixed Income and Equity Price Risk
During Q3 2024, no material change in fixed income and equity price risk occurred.
Item 4.Controls and Procedures:
(a) Disclosure Controls and Procedures. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of November 24, 2023. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of November 24, 2023, our disclosure controls and procedures were effective in (1) recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act and (2) ensuring that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
(b) Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our third fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1A. Risk Factors:
For a more detailed explanation of the risks affecting our business, please refer to the Risk Factors section in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023. There have not been any material changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds:
Issuer Purchases of Equity Securities
The following is a summary of share repurchase activity during Q3 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | (a) Total Number of Shares Purchased | | (b) Average Price Paid per Share | | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | | (d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1) (in millions) | |
08/26/2023 - 09/29/2023 | 14,359 | | | $ | 8.91 | | | — | | | $ | 6.4 | | |
09/30/2023 - 10/27/2023 | 68,358 | | | $ | 11.24 | | | — | | | $ | 106.4 | | |
10/28/2023 - 11/24/2023 | — | | | $ | — | | | — | | | $ | 106.4 | | |
Total | 82,717 | | | (2) | | — | | | | |
_______________________________________
(1)In January 2016, the Board of Directors approved a share repurchase program, announced on January 19, 2016, permitting the repurchase of up to $150 of shares of our common stock. In October 2023, the Board of Directors approved a share repurchase program, announced on October 30, 2023, permitting the repurchase of up to $100 of shares of our common stock. On October 30, 2023, we entered into a stock repurchase agreement with an independent third party broker under which the broker is authorized to repurchase up to 2.0 million shares of our common stock on on our behalf during the period from October 31, 2023 through February 23, 2024, subject to certain price, market and volume constraints specified in the agreement. The agreement was established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
(2)All shares were repurchased to satisfy participants’ tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.
Item 6.Exhibits:
| | | | | | | | |
Exhibit No. | Description | |
| | |
31.1 | | |
31.2 | | |
32.1 | | |
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________________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
By: | /s/ NICOLE C. MCGRATH |
| Nicole C. McGrath Vice President, Corporate Controller & Chief Accounting Officer (Duly Authorized Officer and Principal Accounting Officer) |
Date: December 20, 2023
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
SARBANES-OXLEY ACT SECTION 302
I, Sara E. Armbruster, certify that:
1)I have reviewed this Quarterly Report on Form 10-Q for the period ended November 24, 2023 of Steelcase Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
| | /s/ Sara E. Armbruster |
Name: | | Sara E. Armbruster |
Title: | | President and Chief Executive Officer |
Date: December 20, 2023
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
SARBANES-OXLEY ACT SECTION 302
I, David C. Sylvester, certify that:
1)I have reviewed this Quarterly Report on Form 10-Q for the period ended November 24, 2023 of Steelcase Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
| | /s/ David C. Sylvester |
Name: | | David C. Sylvester |
Title: | | Senior Vice President, Chief Financial Officer |
Date: December 20, 2023
EXHIBIT 32.1
CERTIFICATION OF CEO AND CFO PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Steelcase Inc. (the “Company”) for the period ended November 24, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Sara E. Armbruster, as Chief Executive Officer of the Company, and David C. Sylvester, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on their knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| /s/ Sara E. Armbruster | |
Name: | Sara E. Armbruster | |
Title: | President and Chief Executive Officer | |
December 20, 2023
| | | | | | | | |
| /s/ David C. Sylvester | |
Name: | David C. Sylvester | |
Title: | Senior Vice President, Chief Financial Officer | |
December 20, 2023
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
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v3.23.4
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Nov. 24, 2023 |
Feb. 24, 2023 |
Assets, Current [Abstract] |
|
|
Cash and cash equivalents |
$ 262.0
|
$ 90.4
|
Accounts Receivable, after Allowance for Credit Loss, Current |
354.5
|
373.3
|
Inventories |
259.8
|
319.7
|
Prepaid expenses |
31.0
|
28.9
|
Assets held for sale |
19.3
|
29.0
|
Other Assets, Current |
42.2
|
42.7
|
Assets, Current, Total |
968.8
|
884.0
|
Property, Plant and Equipment, Net |
362.2
|
376.5
|
Company-owned life insurance ("COLI") |
162.6
|
157.3
|
Deferred income taxes |
117.6
|
117.3
|
Goodwill |
274.9
|
276.8
|
Intangible Assets, Net (Excluding Goodwill) |
98.8
|
111.2
|
Investments in unconsolidated affiliates |
52.6
|
51.1
|
Operating Lease, Right-of-Use Asset |
171.7
|
198.3
|
Other Assets, Noncurrent |
37.7
|
30.3
|
Assets, Total |
2,246.9
|
2,202.8
|
Liabilities, Current [Abstract] |
|
|
Accounts payable |
231.6
|
203.5
|
Short-term borrowings and current portion of long-term debt |
0.0
|
35.7
|
Current operating lease obligations |
45.0
|
44.7
|
Accrued expenses: |
|
|
Employee compensation |
150.1
|
120.0
|
Employee benefit plan obligations |
35.1
|
31.2
|
Accrued promotions |
20.2
|
26.7
|
Customer deposits |
54.0
|
50.8
|
Other Accrued Liabilities, Current |
94.6
|
90.7
|
Liabilities, Current, Total |
630.6
|
603.3
|
Long-term liabilities: |
|
|
Long-Term Debt, Excluding Current Maturities |
446.1
|
445.5
|
Employee benefit plan obligations |
100.4
|
103.0
|
Long-term operating lease obligations |
142.1
|
169.9
|
Other Liabilities, Noncurrent |
51.8
|
54.9
|
Total long-term liabilities |
740.4
|
773.3
|
Liabilities, Total |
1,371.0
|
1,376.6
|
Shareholders' equity: |
|
|
Additional Paid in Capital |
37.3
|
19.4
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(64.8)
|
(72.5)
|
Retained earnings |
903.4
|
879.3
|
Total shareholders’ equity |
875.9
|
826.2
|
Liabilities and Equity, Total |
$ 2,246.9
|
$ 2,202.8
|
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Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions |
Total |
Additional Paid-in Capital |
Common shares outstanding, beginning of period at Feb. 25, 2022 |
|
112,109,294
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
|
68,428
|
|
|
Common stock repurchases |
|
(343,485)
|
|
|
Performance and restricted stock units issued as common stock |
|
1,102,564
|
|
|
Common shares outstanding, end of period at Nov. 25, 2022 |
|
112,936,801
|
|
|
Additional paid-in capital, beginning of period at Feb. 25, 2022 |
[1] |
|
$ 1.5
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
[1] |
|
0.8
|
|
Common stock repurchases |
[1] |
|
3.9
|
|
Performance and restricted stock units expense |
[1] |
|
17.2
|
|
Additional paid-in capital, end of period at Nov. 25, 2022 |
[1] |
|
15.6
|
|
Accumulated other comprehensive income (loss), beginning of period at Feb. 25, 2022 |
|
$ (50.6)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Other comprehensive income (loss) |
|
(30.7)
|
|
|
Accumulated other comprehensive income (loss), end of period at Nov. 25, 2022 |
|
(81.3)
|
|
|
Retained earnings, beginning of period at Feb. 25, 2022 |
|
901.3
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income |
|
19.6
|
|
|
Dividends paid |
|
(45.6)
|
|
|
Retained earnings, end of period at Nov. 25, 2022 |
|
$ 875.3
|
|
|
Common shares outstanding, beginning of period at Aug. 26, 2022 |
|
112,762,002
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
|
26,047
|
|
|
Common stock repurchases |
|
(64,184)
|
|
|
Performance and restricted stock units issued as common stock |
|
212,936
|
|
|
Common shares outstanding, end of period at Nov. 25, 2022 |
|
112,936,801
|
|
|
Additional paid-in capital, beginning of period at Aug. 26, 2022 |
[1] |
|
13.7
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
[1] |
|
0.3
|
|
Common stock repurchases |
[1] |
|
0.5
|
|
Performance and restricted stock units expense |
[1] |
|
2.1
|
|
Additional paid-in capital, end of period at Nov. 25, 2022 |
[1] |
|
15.6
|
|
Accumulated other comprehensive income (loss), beginning of period at Aug. 26, 2022 |
|
$ (89.8)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Other comprehensive income (loss) |
|
8.5
|
|
|
Accumulated other comprehensive income (loss), end of period at Nov. 25, 2022 |
|
(81.3)
|
|
|
Retained earnings, beginning of period at Aug. 26, 2022 |
|
875.5
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income |
|
11.4
|
|
|
Dividends paid |
|
(11.6)
|
|
|
Retained earnings, end of period at Nov. 25, 2022 |
|
875.3
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Stockholders' Equity Attributable to Parent |
|
809.6
|
|
|
Stockholders' Equity Attributable to Parent |
|
$ 826.2
|
|
|
Common shares outstanding, beginning of period at Feb. 24, 2023 |
|
112,988,721
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
|
108,724
|
|
|
Common stock repurchases |
|
(512,707)
|
|
|
Performance and restricted stock units issued as common stock |
|
1,614,696
|
|
|
Common shares outstanding, end of period at Nov. 24, 2023 |
|
114,199,434
|
|
|
Additional paid-in capital, beginning of period at Feb. 24, 2023 |
|
$ 19.4
|
19.4
|
[1] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
[1] |
|
0.8
|
|
Common stock repurchases |
[1] |
|
4.2
|
|
Performance and restricted stock units expense |
[1] |
|
21.3
|
|
Additional paid-in capital, end of period at Nov. 24, 2023 |
|
37.3
|
37.3
|
[1] |
Accumulated other comprehensive income (loss), beginning of period at Feb. 24, 2023 |
|
(72.5)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Other comprehensive income (loss) |
|
7.7
|
|
|
Accumulated other comprehensive income (loss), end of period at Nov. 24, 2023 |
|
(64.8)
|
|
|
Retained earnings, beginning of period at Feb. 24, 2023 |
|
879.3
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income |
|
59.8
|
|
|
Dividends paid |
|
(35.7)
|
|
|
Retained earnings, end of period at Nov. 24, 2023 |
|
$ 903.4
|
|
|
Common shares outstanding, beginning of period at Aug. 25, 2023 |
|
114,003,058
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
|
32,943
|
|
|
Common stock repurchases |
|
(82,717)
|
|
|
Performance and restricted stock units issued as common stock |
|
246,150
|
|
|
Common shares outstanding, end of period at Nov. 24, 2023 |
|
114,199,434
|
|
|
Additional paid-in capital, beginning of period at Aug. 25, 2023 |
[1] |
|
34.6
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issuances |
[1] |
|
0.2
|
|
Common stock repurchases |
[1] |
|
0.9
|
|
Performance and restricted stock units expense |
[1] |
|
3.4
|
|
Additional paid-in capital, end of period at Nov. 24, 2023 |
|
$ 37.3
|
$ 37.3
|
[1] |
Accumulated other comprehensive income (loss), beginning of period at Aug. 25, 2023 |
|
(65.9)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Other comprehensive income (loss) |
|
1.1
|
|
|
Accumulated other comprehensive income (loss), end of period at Nov. 24, 2023 |
|
(64.8)
|
|
|
Retained earnings, beginning of period at Aug. 25, 2023 |
|
884.4
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income |
|
30.8
|
|
|
Dividends paid |
|
(11.8)
|
|
|
Retained earnings, end of period at Nov. 24, 2023 |
|
903.4
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Stockholders' Equity Attributable to Parent |
|
$ 875.9
|
|
|
|
|
X |
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v3.23.4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
9 Months Ended |
Nov. 24, 2023 |
Nov. 25, 2022 |
OPERATING ACTIVITIES |
|
|
|
Net income |
|
$ 59.8
|
$ 19.6
|
Depreciation and amortization |
|
62.8
|
67.2
|
Share-based compensation |
|
22.1
|
18.0
|
Restructuring costs |
|
18.1
|
15.3
|
Change in fair value of contingent consideration |
|
(9.5)
|
0.0
|
Other Operating Activities, Cash Flow Statement |
|
(12.4)
|
(4.3)
|
Changes in operating assets and liabilities net of acquisitions: |
|
|
|
Increase (Decrease) in Accounts Receivable |
|
5.8
|
(68.1)
|
Increase (Decrease) in Inventories |
|
59.8
|
(48.2)
|
Increase (Decrease) in Income Taxes Receivable |
|
(4.6)
|
25.4
|
Increase (Decrease) in Other Operating Assets |
|
0.3
|
(15.7)
|
Increase (Decrease) in Accounts Payable |
|
30.2
|
7.8
|
Increase (Decrease) in Other Employee-Related Liabilities |
|
17.3
|
17.0
|
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits |
|
(1.7)
|
(14.0)
|
Customer deposits received, net of revenue recognized during the period |
|
5.1
|
(19.8)
|
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities |
|
(1.8)
|
1.2
|
Net cash provided by operating activities |
|
251.3
|
1.4
|
INVESTING ACTIVITIES |
|
|
|
Capital expenditures |
|
(37.4)
|
(42.8)
|
Proceeds from disposal of fixed assets |
|
28.2
|
5.6
|
Acquisition, net of cash acquired |
|
0.0
|
(105.3)
|
Payments for (Proceeds from) Other Investing Activities |
|
4.0
|
15.0
|
Net Cash Provided by (Used in) Investing Activities, Total |
|
(5.2)
|
(127.5)
|
FINANCING ACTIVITIES |
|
|
|
Dividends paid |
|
(35.7)
|
(45.6)
|
Borrowings on global committed bank facility |
|
69.0
|
480.9
|
Repayments on global committed bank facility |
|
(69.0)
|
(446.9)
|
Repayments on note payable |
|
(32.2)
|
(2.1)
|
Proceeds from (Payments for) Other Financing Activities |
|
(6.1)
|
(2.9)
|
Net Cash Provided by (Used in) Financing Activities, Total |
|
(74.0)
|
(16.6)
|
Effect of exchange rate changes on cash and cash equivalents |
|
(0.2)
|
(2.6)
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
171.9
|
(145.3)
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance |
[1] |
97.2
|
207.0
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance |
[2] |
269.1
|
61.7
|
Restricted Cash |
|
$ 7.1
|
$ 6.7
|
|
|
X |
- DefinitionAmount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.
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v3.23.4
Basis Of Presentation
|
9 Months Ended |
Nov. 24, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 24, 2023 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.
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v3.23.4
Accounting Policies
|
9 Months Ended |
Nov. 24, 2023 |
Accounting Policies [Abstract] |
|
New Accounting Standards |
NEW ACCOUNTING STANDARDS We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Adoption of New Accounting Standards Effective Q1 2024, we adopted ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements. We participate in a supplier finance program in Spain offered by a third-party financial institution. The program allows participating suppliers the ability to finance our payment obligations prior to their scheduled due dates at a discounted price set by the financial institution. We have extended payment terms with suppliers that have voluntarily chosen to participate in the program. As of November 24, 2023, the outstanding amount of program obligations, reported in Accounts payable on the Condensed Consolidated Balance Sheets, was $0.7. The amount settled through the program during the nine months ended November 24, 2023 was $6.5.
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v3.23.4
Revenue (Notes)
|
9 Months Ended |
Nov. 24, 2023 |
Revenue [Abstract] |
|
Revenue from Contract with Customer [Text Block] |
REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | Product Category Data | Three Months Ended | Nine Months Ended | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | Americas | | | | | | | | | Desking, benching, systems and storage | $ | 262.6 | | | $ | 263.7 | | | $ | 799.5 | | | $ | 827.4 | | | Seating | 152.5 | | | 174.1 | | | 492.5 | | | 533.6 | | | Other (1) | 171.0 | | | 182.0 | | | 546.2 | | | 479.6 | | | International | | | | | | | | | Desking, benching, systems and storage | 70.0 | | | 69.4 | | | 194.2 | | | 200.3 | | | Seating | 67.3 | | | 76.3 | | | 190.7 | | | 215.0 | | | Other (1) | 54.5 | | | 61.4 | | | 161.3 | | | 175.0 | | | | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | _______________________________________(1)The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories.
Reportable geographic information is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reportable Geographic Revenue | Three Months Ended | Nine Months Ended | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | United States | $ | 541.5 | | | $ | 576.0 | | | $ | 1,715.5 | | | $ | 1,712.3 | | | | | | | Foreign locations | 236.4 | | | 250.9 | | | 668.9 | | | 718.6 | | | | | | | | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | | | | |
Contract Balances At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability (Customer deposits) presented on the Condensed Consolidated Balance Sheets. Changes in the Customer deposits balance for the nine months ended November 24, 2023 are as follows: | | | | | | | | | | Customer Deposits | Balance as of February 24, 2023 | $ | 50.8 | | | Recognition of revenue related to beginning of year customer deposits | (46.5) | | | Customer deposits received, net of revenue recognized during the period | 51.7 | | | Other (1) | (2.0) | | | Balance as of November 24, 2023 | $ | 54.0 | | |
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v3.23.4
Earnings (Loss) Per Share
|
9 Months Ended |
Nov. 24, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
EARNINGS PER SHARE Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Computation of Earnings Per Share | Three Months Ended November 24, 2023 | Three Months Ended November 25, 2022 | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Amounts used in calculating earnings per share | $ | 30.8 | | | 118.9 | | | 119.4 | | | $ | 11.4 | | | 117.2 | | | 117.6 | | | Impact of participating securities | (1.2) | | | (4.7) | | | (4.7) | | | (0.4) | | | (4.4) | | | (4.4) | | | Amounts used in calculating earnings per share, excluding participating securities | $ | 29.6 | | | 114.2 | | | 114.7 | | | $ | 11.0 | | | 112.8 | | | 113.2 | | | | | | | | | | | | | | | | Earnings per share | | | $ | 0.26 | | | $ | 0.26 | | | | | $ | 0.10 | | | $ | 0.10 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Computation of Earnings Per Share | Nine Months Ended November 24, 2023 | Nine Months Ended November 25, 2022 | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Amounts used in calculating earnings per share | $ | 59.8 | | | 118.5 | | | 119.0 | | | $ | 19.6 | | | 117.1 | | | 117.4 | | | Impact of participating securities | (2.3) | | | (4.5) | | | (4.5) | | | (0.7) | | | (4.3) | | | (4.3) | | | Amounts used in calculating earnings per share, excluding participating securities | $ | 57.5 | | | 114.0 | | | 114.5 | | | $ | 18.9 | | | 112.8 | | | 113.1 | | | | | | | | | | | | | | | | Earnings per share | | | $ | 0.50 | | | $ | 0.50 | | | | | $ | 0.17 | | | $ | 0.17 | | | | | | | | | | | | | | | |
There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three and nine months ended November 24, 2023 and November 25, 2022.
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v3.23.4
Accumulated Other Comprehensive Income (Loss)
|
9 Months Ended |
Nov. 24, 2023 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Income (Loss) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 24, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized gain (loss) on investment | Pension and other post-retirement liability adjustments | Derivative amortization | Foreign currency translation adjustments | Total | Balance as of August 25, 2023 | $ | (0.1) | | | $ | 8.0 | | | $ | (5.2) | | | $ | (68.6) | | | $ | (65.9) | | | Other comprehensive income (loss) before reclassifications | 0.4 | | | 0.2 | | | — | | | 0.7 | | | 1.3 | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (0.4) | | | 0.2 | | | — | | | (0.2) | | | Net other comprehensive income (loss) during the period | 0.4 | | | (0.2) | | | 0.2 | | | 0.7 | | | 1.1 | | | Balance as of November 24, 2023 | $ | 0.3 | | | $ | 7.8 | | | $ | (5.0) | | | $ | (67.9) | | | $ | (64.8) | | |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 24, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized gain (loss) on investment | Pension and other post-retirement liability adjustments | Derivative amortization | Foreign currency translation adjustments | Total | Balance as of February 24, 2023 | $ | (0.1) | | | $ | 9.3 | | | $ | (5.7) | | | $ | (76.0) | | | $ | (72.5) | | | Other comprehensive income (loss) before reclassifications | 0.4 | | | (0.2) | | | — | | | 8.1 | | | 8.3 | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (1.3) | | | 0.7 | | | — | | | (0.6) | | | Net other comprehensive income (loss) during the period | 0.4 | | | (1.5) | | | 0.7 | | | 8.1 | | | 7.7 | | | Balance as of November 24, 2023 | $ | 0.3 | | | $ | 7.8 | | | $ | (5.0) | | | $ | (67.9) | | | $ | (64.8) | | |
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Detail of Accumulated Other Comprehensive Income (Loss) Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Condensed Consolidated Statements of Income | Three Months Ended | Nine Months Ended | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | | | | | | | | | | | | | | | Amortization of pension and other post-retirement actuarial gains | $ | (0.5) | | | $ | (0.4) | | | $ | (1.7) | | | $ | (1.2) | | | | | | | Other income, net | | | | | | | | | | | | | | | Income tax expense | 0.1 | | | 0.1 | | | 0.4 | | | 0.3 | | | | | | | Income tax expense | | (0.4) | | | (0.3) | | | (1.3) | | | (0.9) | | | | | | | | | | | | | | | | | | | | | | Derivative amortization | 0.2 | | | 0.3 | | | 0.9 | | | 1.0 | | | | | | | Interest expense | Income tax benefit | — | | | (0.1) | | | (0.2) | | | (0.3) | | | | | | | Income tax expense | | 0.2 | | | 0.2 | | | 0.7 | | | 0.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total reclassifications | $ | (0.2) | | | $ | (0.1) | | | $ | (0.6) | | | $ | (0.2) | | | | | | | |
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v3.23.4
Fair Value
|
9 Months Ended |
Nov. 24, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value |
FAIR VALUE The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts, long-term investments and contingent consideration are measured at fair value on the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $446.1 and $481.2 as of November 24, 2023 and February 24, 2023, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was $405.4 and $405.9 as of November 24, 2023 and February 24, 2023, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. We may use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. We do not use derivatives for speculative or trading purposes.
In connection with the acquisition of Viccarbe Habitat, S.L in Q3 2022, up to an additional $14.2 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period ending in 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. At each subsequent reporting date, changes in the fair value of the liability are recorded to Operating expenses until the liability is settled. In Q3 2024, we recorded a $9.5 decrease to the fair value of the contingent consideration based upon updated projections for the Viccarbe business over the earnout period. Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 24, 2023 and February 24, 2023 are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 24, 2023 | Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | Assets: | | | | | | | | | Cash and cash equivalents | $ | 262.0 | | | $ | — | | | $ | — | | | $ | 262.0 | | | Restricted cash | 7.1 | | | — | | | — | | | 7.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign exchange forward contracts | — | | | 2.1 | | | — | | | 2.1 | | | Auction rate security | — | | | — | | | 2.7 | | | 2.7 | | | | | | | | | | | | | $ | 269.1 | | | $ | 2.1 | | | $ | 2.7 | | | $ | 273.9 | | | Liabilities: | | | | | | | | | Foreign exchange forward contracts | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | | Contingent consideration | — | | | — | | | — | | | — | | | | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | | | | | | | | | | | | February 24, 2023 | Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | Assets: | | | | | | | | | Cash and cash equivalents | $ | 90.4 | | | $ | — | | | $ | — | | | $ | 90.4 | | | Restricted cash | 6.8 | | | — | | | — | | | 6.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign exchange forward contracts | — | | | 2.3 | | | — | | | 2.3 | | | Auction rate security | — | | | — | | | 2.1 | | | 2.1 | | | | | | | | | | | | | $ | 97.2 | | | $ | 2.3 | | | $ | 2.1 | | | $ | 101.6 | | | Liabilities: | | | | | | | | | Foreign exchange forward contracts | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | | Contingent consideration | — | | | — | | | (9.5) | | | (9.5) | | | | $ | — | | | $ | (0.3) | | | $ | (9.5) | | | $ | (9.8) | | |
Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during the nine months ended November 24, 2023:
| | | | | | | | | | | | | | | Roll-forward of Fair Value Using Level 3 Inputs | Auction Rate Security - Other Assets | Contingent Consideration - Other Long-Term Liabilities | Balance as of February 24, 2023 | $ | 2.1 | | | $ | 9.5 | | | Unrealized gain (loss) on investment | 0.6 | | | — | | | Foreign currency (gain) loss | — | | | — | | | Change in estimated fair value | — | | | (9.5) | | | Balance as of November 24, 2023 | $ | 2.7 | | | $ | — | | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.4
Inventories
|
9 Months Ended |
Nov. 24, 2023 |
Inventories [Abstract] |
|
Inventories |
INVENTORIES | | | | | | | | | | | | | | | Inventories | November 24, 2023 | February 24, 2023 | Raw materials and work-in-process | $ | 176.6 | | | $ | 232.8 | | | Finished goods | 113.5 | | | 118.1 | | | | 290.1 | | | 350.9 | | | Revaluation to LIFO | 30.3 | | | 31.2 | | | | $ | 259.8 | | | $ | 319.7 | | |
The portion of inventories determined by the LIFO method aggregated to $122.3 and $134.1 as of November 24, 2023 and February 24, 2023, respectively.
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.4
Debt
|
9 Months Ended |
Nov. 24, 2023 |
Debt Disclosure [Abstract] |
|
Short-term Debt [Text Block] |
SHORT-TERM BORROWINGS We have a $250.0 global committed bank facility, which expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125.0 by obtaining at least one commitment from one or more lenders. In Q1 2024, the credit facility was amended. As amended, interest on borrowings under the facility is based on the rate selected by us from the following options (with all capitalized terms having the meanings provided in the credit agreement, as amended): •the Applicable Floating Rate Margin in effect plus the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, (iii) the Term SOFR Reference Rate for a one-month interest period plus 1.10% or (iv) 0.75%; •the Applicable Term Benchmark/RFR Margin in effect plus (i) for borrowings in U.S. dollars, the Term SOFR Reference Rate plus 0.10%, or (ii) for borrowings in euros, the Adjusted EURIBOR Rate; or •the Applicable Term Benchmark/RFR Margin in effect plus the Daily Simple SOFR Rate plus 0.10%. In Q1 2024, we borrowed and repaid $67.2 under the facility to fund our operations and the balloon payment of $31.8 for a note payable that matured during the quarter. In Q2 2024, we borrowed and repaid $1.8 under the facility. In Q3 2024, there were no additional borrowings or repayments under the facility, and as of November 24, 2023, there were no borrowings outstanding under the facility
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v3.23.4
Share-Based Compensation
|
9 Months Ended |
Nov. 24, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Share-based Payment Arrangement |
. SHARE-BASED COMPENSATION Performance Units We have issued performance units (“PSUs”) to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively). As of November 24, 2023, the following PSUs have been issued and remained outstanding: •767,600 PSUs to be earned over the period of 2024 through 2026 (the "2024 PSUs"), •428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs") and •448,300 PSUs to be earned over the period of 2022 through 2024 (the "2022 PSUs"). Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan. As of November 24, 2023, the 2024 PSUs, 2023 PSUs and 2022 PSUs were considered granted as follows: •In Q1 2024, the performance conditions were established for Tranche 1 of the 2024 PSUs, Tranche 2 of the 2023 PSUs and Tranche 3 of the 2022 PSUs, and accordingly, such tranches were considered granted in Q1 2024. •In Q1 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs and Tranche 2 of the 2022 PSUs, and accordingly, such tranches were considered granted in Q1 2023. •In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs, and accordingly, such tranche was considered granted in Q1 2022. We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a total fair value of $4.5, $3.5 and $2.3 for the PSUs with market conditions granted in 2024, 2023 and 2022, respectively, that remained outstanding as of November 24, 2023. The Monte Carlo simulation was computed using the following assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 PSUs | 2023 PSUs | 2022 PSUs | Tranche 1 | Tranche 2 | Tranche 1 | Tranche 3 | Tranche 2 | Tranche 1 | Risk-free interest rate (1) | 3.7 | % | | 4.0 | % | | 2.6 | % | | 4.7 | % | | 2.3 | % | | 0.3 | % | | Expected term | 3 years | | 2 years | | 3 years | | 1 year | | 2 years | | 3 years | | Estimated volatility (2) | 44.1 | % | | 37.8 | % | | 52.2 | % | | 45.5 | % | | 43.8 | % | | 53.5 | % | |
_______________________________________ (1)Based on the U.S. Government bond benchmark on the grant date. (2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche. The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Performance Units | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Expense (credit) | $ | 0.1 | | | $ | (1.3) | | | $ | 6.3 | | | $ | 2.6 | | | | | | | Tax benefit (expense) | — | | | (0.3) | | | 1.5 | | | 0.7 | | | | | | |
The PSU activity for the nine months ended November 24, 2023 is as follows: | | | | | | | | | | | | | | | Maximum Number of Shares of Nonvested Units | Total | | Weighted-Average Grant Date Fair Value per Unit | | Nonvested as of February 24, 2023 | 1,060,231 | | | $ | 13.11 | | | Granted | 1,315,664 | | | 8.30 | | | | | | | | Nonvested as of November 24, 2023 | 2,375,895 | | | $ | 10.44 | | |
As of November 24, 2023, there was $2.6 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years. Restricted Stock Units During the nine months ended November 24, 2023, we awarded 1,767,505 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse up to three years after the date of grant, at which time the RSUs are issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. For participants who are or become retirement-eligible during the service period for awards that are considered retirement-eligible, the RSUs are expensed over the period ending on the date that the participant becomes retirement-eligible. Typically, these awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan. The total RSU expense and associated tax benefit for the nine months ended November 24, 2023 and November 25, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Restricted Stock Units | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Expense | $ | 3.3 | | | $ | 3.4 | | | $ | 15.0 | | | $ | 14.6 | | | | | | | Tax benefit | 0.8 | | | 0.9 | | | 3.7 | | | 3.7 | | | | | | |
The RSU activity for the nine months ended November 24, 2023 is as follows: | | | | | | | | | | | | | | | Nonvested Units | Total | | Weighted-Average Grant Date Fair Value per Unit | | Nonvested as of February 24, 2023 | 3,293,268 | | | $ | 12.11 | | | Granted | 1,767,505 | | | 8.31 | | | Vested | (269,934) | | | 11.65 | | | Forfeited | (65,580) | | | 10.48 | | | Nonvested as of November 24, 2023 | 4,725,259 | | | $ | 10.74 | | |
As of November 24, 2023, there was $12.3 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.4
Leases, Codification Topic 842
|
9 Months Ended |
Nov. 24, 2023 |
Leases [Abstract] |
|
Lessee, Operating Leases |
LEASES We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours operated) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. The components of lease expense during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Operating lease cost | $ | 13.7 | | | $ | 13.2 | | | $ | 40.9 | | | $ | 38.8 | | | | | | Sublease rental income | (0.5) | | | (0.6) | | | (1.5) | | | (1.7) | | | | | | | $ | 13.2 | | | $ | 12.6 | | | $ | 39.4 | | | $ | 37.1 | | | | | |
Supplemental cash flow and other information related to leases during the three and nine months ended November 24, 2023 and November 25, 2022 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Cash flow information: | | | | | | | | | | | | | Operating cash flows used for operating leases | $ | 14.4 | | | $ | 13.3 | | | $ | 42.1 | | | $ | 40.4 | | | | | | | Leased assets obtained in exchange for new operating lease obligations | 4.5 | | | 11.7 | | | 12.1 | | | 25.2 | | | | | | |
As of November 24, 2023 and February 24, 2023, the weighted-average remaining lease terms were 4.9 years and 5.3 years, respectively, and the weighted-average discount rates were 4.5% and 4.2%, respectively. The following table summarizes the future minimum lease payments as of November 24, 2023: | | | | | | | | | Fiscal year ending in February | Amount (1) | 2024 | $ | 12.0 | | | 2025 | 52.4 | | | 2026 | 42.5 | | | 2027 | 34.3 | | | 2028 | 26.1 | | | Thereafter | 41.9 | | | Total lease payments | 209.2 | | | Less: Interest | 22.1 | | | Present value of lease liabilities | $ | 187.1 | | |
_______________________________________ (1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.4
Business Combinations
|
9 Months Ended |
Nov. 24, 2023 |
Business Combinations [Abstract] |
|
Acquisitions |
ACQUISITION HALCON In Q2 2023, we acquired Halcon Furniture LLC ("HALCON"), a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. The transaction included the purchase of all the outstanding membership interests of HALCON for $127.5 less customer deposits of $24.3, plus an adjustment of $1.9 for working capital. The acquisition was funded using a combination of cash on-hand and borrowings under our global committed bank facility. An additional $2.0 is payable to a seller based upon continued employment over a three-year period, which is being expensed over the service period on a straight-line basis. Tangible assets and liabilities of HALCON were valued as of the acquisition date using a market analysis, and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $51.8 related to identifiable intangible assets, $36.6 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of property, plant and equipment of $30.6, working capital (primarily inventory of $12.8) and customer deposits of $24.3. The goodwill was recorded in the Americas segment and is deductible for U.S. income tax purposes. The goodwill resulting from the acquisition is primarily related to the growth potential of HALCON expected to be driven by new product development, geographic expansion and the integration of HALCON products into our dealer network. Intangible assets are principally related to dealer relationships, the HALCON trade name and internally developed know-how and designs, which are being amortized over periods ranging from 9 to 10 years from the date of acquisition. We also acquired a backlog of orders which shipped throughout 2023. The purchase accounting for the HALCON acquisition was completed during the current year. The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: | | | | | | | | | | | | | | | Other Intangible Assets | Useful Life (Years) | Fair Value | | Dealer relationships | 10.0 | | $ | 21.5 | | | Trademark | 9.0 | | 14.0 | | | Know-how and designs | 9.0 | | 12.0 | | | Backlog | 0.7 | | 4.3 | | | | | | $ | 51.8 | | | The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of November 24, 2023: | | | | | | | | | Fiscal Year Ending in February | Amount | 2024 | $ | 1.3 | | | 2025 | 5.1 | | | 2026 | 5.0 | | | 2027 | 5.0 | | | 2028 | 5.0 | | | | $ | 21.4 | | |
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.4
Reportable Segments
|
9 Months Ended |
Nov. 24, 2023 |
Reportable Segments [Abstract] |
|
Reportable Segments |
REPORTABLE SEGMENTS As of the end of Q1 2024, we realigned our reportable segments for financial reporting purposes as a result of changes in how we monitor business performance and allocate resources to support our top strategic priorities. During Q1 2024, we simplified our internal reporting to summarize the results of all brands by geography including utilization of previously unallocated Corporate expenses. This change is parallel to the organizational structure that is used by our Chief Executive Officer in the capacity as chief operating decision maker ("CODM") for making operating and investment decisions and assessing business performance. The operating segments regularly reviewed by the CODM are (1) the Americas, (2) Europe, the Middle East and Africa ("EMEA") and (3) Asia Pacific. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia. We primarily review and evaluate revenue, gross profit and operating income (loss) by these segments in our internal review processes and reporting. We also allocate resources among these segments primarily based on revenue, gross profit and operating income (loss). Total assets by segment include manufacturing and other assets associated with each segment. For purposes of segment reporting externally, we have aggregated the EMEA and Asia Pacific operating segments as an International segment based upon their similarity in certain quantitative and qualitative characteristics as defined in the Accounting Standards Codification ("ASC") 280, Segment Reporting. We evaluated the economic similarity of these operating segments including patterns and trends for revenue, gross profit and operating income (loss) in addition to the similarity in the nature of products and services, types of customers, and production and distribution processes in these regions. We concluded that these operating segments met the criteria for aggregation consistent with the basic principles and objectives of segment reporting described in ASC 280. The change in our reportable segments did not result in a change to our reporting units for purposes of goodwill impairment testing. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands. The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands. As required by ASC 280, all presented segment data reflects the reclassification of previously reported segment data. Revenue, gross profit and operating income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022 and total assets and goodwill as of November 24, 2023 and February 24, 2023 by segment are presented in the following tables which reflect the realigned segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Reportable Segment Statement of Income Data | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Revenue | | | | | | | | | | | | | Americas | $ | 586.1 | | | $ | 619.8 | | | $ | 1,838.2 | | | $ | 1,840.6 | | | | | | | International | 191.8 | | | 207.1 | | | 546.2 | | | 590.3 | | | | | | | | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | | | | | Gross Profit | | | | | | | | | | | | | Americas | $ | 192.8 | | | $ | 181.2 | | | $ | 612.3 | | | $ | 526.2 | | | | | | | International | 59.5 | | | 56.6 | | | 158.0 | | | 154.0 | | | | | | | | $ | 252.3 | | | $ | 237.8 | | | $ | 770.3 | | | $ | 680.2 | | | | | | | Operating Income (Loss) | | | | | | | | | | | | | Americas | $ | 37.2 | | | $ | 17.3 | | | $ | 117.0 | | | $ | 44.2 | | | | | | | International | 6.6 | | | 3.2 | | | (24.9) | | | (7.4) | | | | | | | | $ | 43.8 | | | $ | 20.5 | | | $ | 92.1 | | | $ | 36.8 | | | | | | |
| | | | | | | | | | | | | | | | Reportable Segment Balance Sheet Data | November 24, 2023 | February 24, 2023 | | Total assets | | | | | | Americas | $ | 1,663.1 | | | $ | 1,631.2 | | | | International | 583.8 | | | 571.6 | | | | | $ | 2,246.9 | | | $ | 2,202.8 | | | | | | | | | | Goodwill | | | | | | Americas | $ | 266.2 | | | $ | 268.3 | | | | International | 8.7 | | | 8.5 | | | | | $ | 274.9 | | | $ | 276.8 | | | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.4
Restructuring and Related Activities
|
9 Months Ended |
Nov. 24, 2023 |
Restructuring and Related Activities [Abstract] |
|
Restructuring and Related Activities Disclosure |
RESTRUCTURING ACTIVITIES In Q4 2023, we implemented a series of restructuring actions, primarily related to the wind down of our customer aviation function in connection with our strategy to reinvent our go-to-market model and create new customer experiences. The restructuring actions included terminations of approximately 25 salaried employees in the Americas segment. We expect to incur approximately $4.5 of restructuring costs in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred $0.1, $0.1, and $0.7 of restructuring costs in the Americas segment for these actions in Q3 2024, Q2 2024, and Q1 2024, respectively. We also incurred $3.6 of workforce reductions and other separation-related benefits in the Americas segment for these actions in Q4 2023. We expect these actions to be completed by the end of 2024. In Q1 2024, we announced a series of restructuring actions in response to continued decline in order volume, persisting inflationary pressures, and decreasing plant utilization. These actions involve the involuntary terminations of approximately 40 to 50 salaried roles in EMEA, the elimination of approximately 240 positions in Asia Pacific, and the involuntary terminations of approximately 30 employees in the Americas in connection with the closing of our regional distribution center in Atlanta, Georgia. We expect to incur restructuring costs of approximately $16 to $18 in the International segment and approximately $1 in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred restructuring costs of $1.5, $7.8, and $6.8 in the International segment for these actions in Q3 2024, Q2 2024, and Q1 2024, respectively. We also incurred $0.6 in the Americas segment for these actions during Q1 2024. We expect these actions to be substantially completed by the end of 2024. The following table details the changes in the restructuring reserve balance for the nine months ended November 24, 2023: | | | | | | | | | | Workforce Reductions | Balance as of February 24, 2023 | $ | 4.0 | | | Restructuring costs | 17.8 | | | Payments | (7.3) | | | Balance as of November 24, 2023 | $ | 14.5 | | |
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v3.23.4
Revenue (Tables)
|
9 Months Ended |
Nov. 24, 2023 |
Revenue [Abstract] |
|
Disaggregation of Revenue [Table Text Block] |
Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | Product Category Data | Three Months Ended | Nine Months Ended | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | Americas | | | | | | | | | Desking, benching, systems and storage | $ | 262.6 | | | $ | 263.7 | | | $ | 799.5 | | | $ | 827.4 | | | Seating | 152.5 | | | 174.1 | | | 492.5 | | | 533.6 | | | Other (1) | 171.0 | | | 182.0 | | | 546.2 | | | 479.6 | | | International | | | | | | | | | Desking, benching, systems and storage | 70.0 | | | 69.4 | | | 194.2 | | | 200.3 | | | Seating | 67.3 | | | 76.3 | | | 190.7 | | | 215.0 | | | Other (1) | 54.5 | | | 61.4 | | | 161.3 | | | 175.0 | | | | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | _______________________________________(1)The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories.
Reportable geographic information is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reportable Geographic Revenue | Three Months Ended | Nine Months Ended | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | United States | $ | 541.5 | | | $ | 576.0 | | | $ | 1,715.5 | | | $ | 1,712.3 | | | | | | | Foreign locations | 236.4 | | | 250.9 | | | 668.9 | | | 718.6 | | | | | | | | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | | | | |
|
Contract with Customer, changes in customer deposits |
Changes in the Customer deposits balance for the nine months ended November 24, 2023 are as follows: | | | | | | | | | | Customer Deposits | Balance as of February 24, 2023 | $ | 50.8 | | | Recognition of revenue related to beginning of year customer deposits | (46.5) | | | Customer deposits received, net of revenue recognized during the period | 51.7 | | | Other (1) | (2.0) | | | Balance as of November 24, 2023 | $ | 54.0 | | |
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v3.23.4
Earnings Per Share (Tables)
|
3 Months Ended |
9 Months Ended |
Nov. 24, 2023 |
Nov. 24, 2023 |
Earnings Per Share [Abstract] |
|
|
Computation of Basic and Diluted Earnings Per Share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Computation of Earnings Per Share | Three Months Ended November 24, 2023 | Three Months Ended November 25, 2022 | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Amounts used in calculating earnings per share | $ | 30.8 | | | 118.9 | | | 119.4 | | | $ | 11.4 | | | 117.2 | | | 117.6 | | | Impact of participating securities | (1.2) | | | (4.7) | | | (4.7) | | | (0.4) | | | (4.4) | | | (4.4) | | | Amounts used in calculating earnings per share, excluding participating securities | $ | 29.6 | | | 114.2 | | | 114.7 | | | $ | 11.0 | | | 112.8 | | | 113.2 | | | | | | | | | | | | | | | | Earnings per share | | | $ | 0.26 | | | $ | 0.26 | | | | | $ | 0.10 | | | $ | 0.10 | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Computation of Earnings Per Share | Nine Months Ended November 24, 2023 | Nine Months Ended November 25, 2022 | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Net Income | Basic Shares (in millions) | Diluted Shares (in millions) | Amounts used in calculating earnings per share | $ | 59.8 | | | 118.5 | | | 119.0 | | | $ | 19.6 | | | 117.1 | | | 117.4 | | | Impact of participating securities | (2.3) | | | (4.5) | | | (4.5) | | | (0.7) | | | (4.3) | | | (4.3) | | | Amounts used in calculating earnings per share, excluding participating securities | $ | 57.5 | | | 114.0 | | | 114.5 | | | $ | 18.9 | | | 112.8 | | | 113.1 | | | | | | | | | | | | | | | | Earnings per share | | | $ | 0.50 | | | $ | 0.50 | | | | | $ | 0.17 | | | $ | 0.17 | | | | | | | | | | | | | | | |
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v3.23.4
Accumulated Other Comprehensive Income (Loss) (Tables)
|
3 Months Ended |
9 Months Ended |
Nov. 24, 2023 |
Nov. 24, 2023 |
Equity [Abstract] |
|
|
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 24, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized gain (loss) on investment | Pension and other post-retirement liability adjustments | Derivative amortization | Foreign currency translation adjustments | Total | Balance as of August 25, 2023 | $ | (0.1) | | | $ | 8.0 | | | $ | (5.2) | | | $ | (68.6) | | | $ | (65.9) | | | Other comprehensive income (loss) before reclassifications | 0.4 | | | 0.2 | | | — | | | 0.7 | | | 1.3 | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (0.4) | | | 0.2 | | | — | | | (0.2) | | | Net other comprehensive income (loss) during the period | 0.4 | | | (0.2) | | | 0.2 | | | 0.7 | | | 1.1 | | | Balance as of November 24, 2023 | $ | 0.3 | | | $ | 7.8 | | | $ | (5.0) | | | $ | (67.9) | | | $ | (64.8) | | |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 24, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized gain (loss) on investment | Pension and other post-retirement liability adjustments | Derivative amortization | Foreign currency translation adjustments | Total | Balance as of February 24, 2023 | $ | (0.1) | | | $ | 9.3 | | | $ | (5.7) | | | $ | (76.0) | | | $ | (72.5) | | | Other comprehensive income (loss) before reclassifications | 0.4 | | | (0.2) | | | — | | | 8.1 | | | 8.3 | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (1.3) | | | 0.7 | | | — | | | (0.6) | | | Net other comprehensive income (loss) during the period | 0.4 | | | (1.5) | | | 0.7 | | | 8.1 | | | 7.7 | | | Balance as of November 24, 2023 | $ | 0.3 | | | $ | 7.8 | | | $ | (5.0) | | | $ | (67.9) | | | $ | (64.8) | | |
|
|
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
|
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Detail of Accumulated Other Comprehensive Income (Loss) Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Condensed Consolidated Statements of Income | Three Months Ended | Nine Months Ended | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | | | | | | | | | | | | | | | Amortization of pension and other post-retirement actuarial gains | $ | (0.5) | | | $ | (0.4) | | | $ | (1.7) | | | $ | (1.2) | | | | | | | Other income, net | | | | | | | | | | | | | | | Income tax expense | 0.1 | | | 0.1 | | | 0.4 | | | 0.3 | | | | | | | Income tax expense | | (0.4) | | | (0.3) | | | (1.3) | | | (0.9) | | | | | | | | | | | | | | | | | | | | | | Derivative amortization | 0.2 | | | 0.3 | | | 0.9 | | | 1.0 | | | | | | | Interest expense | Income tax benefit | — | | | (0.1) | | | (0.2) | | | (0.3) | | | | | | | Income tax expense | | 0.2 | | | 0.2 | | | 0.7 | | | 0.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total reclassifications | $ | (0.2) | | | $ | (0.1) | | | $ | (0.6) | | | $ | (0.2) | | | | | | | |
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v3.23.4
Fair Value (Tables)
|
9 Months Ended |
Nov. 24, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 24, 2023 and February 24, 2023 are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 24, 2023 | Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | Assets: | | | | | | | | | Cash and cash equivalents | $ | 262.0 | | | $ | — | | | $ | — | | | $ | 262.0 | | | Restricted cash | 7.1 | | | — | | | — | | | 7.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign exchange forward contracts | — | | | 2.1 | | | — | | | 2.1 | | | Auction rate security | — | | | — | | | 2.7 | | | 2.7 | | | | | | | | | | | | | $ | 269.1 | | | $ | 2.1 | | | $ | 2.7 | | | $ | 273.9 | | | Liabilities: | | | | | | | | | Foreign exchange forward contracts | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | | Contingent consideration | — | | | — | | | — | | | — | | | | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | | | | | | | | | | | | February 24, 2023 | Fair Value of Financial Instruments | Level 1 | Level 2 | Level 3 | Total | Assets: | | | | | | | | | Cash and cash equivalents | $ | 90.4 | | | $ | — | | | $ | — | | | $ | 90.4 | | | Restricted cash | 6.8 | | | — | | | — | | | 6.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign exchange forward contracts | — | | | 2.3 | | | — | | | 2.3 | | | Auction rate security | — | | | — | | | 2.1 | | | 2.1 | | | | | | | | | | | | | $ | 97.2 | | | $ | 2.3 | | | $ | 2.1 | | | $ | 101.6 | | | Liabilities: | | | | | | | | | Foreign exchange forward contracts | $ | — | | | $ | (0.3) | | | $ | — | | | $ | (0.3) | | | Contingent consideration | — | | | — | | | (9.5) | | | (9.5) | | | | $ | — | | | $ | (0.3) | | | $ | (9.5) | | | $ | (9.8) | | |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during the nine months ended November 24, 2023:
| | | | | | | | | | | | | | | Roll-forward of Fair Value Using Level 3 Inputs | Auction Rate Security - Other Assets | Contingent Consideration - Other Long-Term Liabilities | Balance as of February 24, 2023 | $ | 2.1 | | | $ | 9.5 | | | Unrealized gain (loss) on investment | 0.6 | | | — | | | Foreign currency (gain) loss | — | | | — | | | Change in estimated fair value | — | | | (9.5) | | | Balance as of November 24, 2023 | $ | 2.7 | | | $ | — | | |
|
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v3.23.4
Inventories (Tables)
|
9 Months Ended |
Nov. 24, 2023 |
Inventories [Abstract] |
|
Schedule of Inventory |
| | | | | | | | | | | | | | | Inventories | November 24, 2023 | February 24, 2023 | Raw materials and work-in-process | $ | 176.6 | | | $ | 232.8 | | | Finished goods | 113.5 | | | 118.1 | | | | 290.1 | | | 350.9 | | | Revaluation to LIFO | 30.3 | | | 31.2 | | | | $ | 259.8 | | | $ | 319.7 | | |
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- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.23.4
Share-Based Compensation (Tables)
|
9 Months Ended |
Nov. 24, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Share Based Payment Award Performance Units Valuation Assumptions |
The Monte Carlo simulation was computed using the following assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 PSUs | 2023 PSUs | 2022 PSUs | Tranche 1 | Tranche 2 | Tranche 1 | Tranche 3 | Tranche 2 | Tranche 1 | Risk-free interest rate (1) | 3.7 | % | | 4.0 | % | | 2.6 | % | | 4.7 | % | | 2.3 | % | | 0.3 | % | | Expected term | 3 years | | 2 years | | 3 years | | 1 year | | 2 years | | 3 years | | Estimated volatility (2) | 44.1 | % | | 37.8 | % | | 52.2 | % | | 45.5 | % | | 43.8 | % | | 53.5 | % | |
_______________________________________ (1)Based on the U.S. Government bond benchmark on the grant date. (2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche.
|
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements |
The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Performance Units | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Expense (credit) | $ | 0.1 | | | $ | (1.3) | | | $ | 6.3 | | | $ | 2.6 | | | | | | | Tax benefit (expense) | — | | | (0.3) | | | 1.5 | | | 0.7 | | | | | | |
The total RSU expense and associated tax benefit for the nine months ended November 24, 2023 and November 25, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Restricted Stock Units | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Expense | $ | 3.3 | | | $ | 3.4 | | | $ | 15.0 | | | $ | 14.6 | | | | | | | Tax benefit | 0.8 | | | 0.9 | | | 3.7 | | | 3.7 | | | | | | |
|
Share-based Payment Arrangement, Performance Shares, Activity |
The PSU activity for the nine months ended November 24, 2023 is as follows: | | | | | | | | | | | | | | | Maximum Number of Shares of Nonvested Units | Total | | Weighted-Average Grant Date Fair Value per Unit | | Nonvested as of February 24, 2023 | 1,060,231 | | | $ | 13.11 | | | Granted | 1,315,664 | | | 8.30 | | | | | | | | Nonvested as of November 24, 2023 | 2,375,895 | | | $ | 10.44 | | |
As of November 24, 2023, there was $2.6 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years.
|
Schedule of Restricted Stock Unit Awards Activity |
The RSU activity for the nine months ended November 24, 2023 is as follows: | | | | | | | | | | | | | | | Nonvested Units | Total | | Weighted-Average Grant Date Fair Value per Unit | | Nonvested as of February 24, 2023 | 3,293,268 | | | $ | 12.11 | | | Granted | 1,767,505 | | | 8.31 | | | Vested | (269,934) | | | 11.65 | | | Forfeited | (65,580) | | | 10.48 | | | Nonvested as of November 24, 2023 | 4,725,259 | | | $ | 10.74 | | |
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v3.23.4
Leases, Codification Topic 842 (Tables)
|
9 Months Ended |
Nov. 24, 2023 |
Leases [Abstract] |
|
Lease, Cost [Table Text Block] |
The components of lease expense during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Operating lease cost | $ | 13.7 | | | $ | 13.2 | | | $ | 40.9 | | | $ | 38.8 | | | | | | Sublease rental income | (0.5) | | | (0.6) | | | (1.5) | | | (1.7) | | | | | | | $ | 13.2 | | | $ | 12.6 | | | $ | 39.4 | | | $ | 37.1 | | | | | |
|
Lessee, Lease, Supplemental cash flow and other information |
Supplemental cash flow and other information related to leases during the three and nine months ended November 24, 2023 and November 25, 2022 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Cash flow information: | | | | | | | | | | | | | Operating cash flows used for operating leases | $ | 14.4 | | | $ | 13.3 | | | $ | 42.1 | | | $ | 40.4 | | | | | | | Leased assets obtained in exchange for new operating lease obligations | 4.5 | | | 11.7 | | | 12.1 | | | 25.2 | | | | | | |
As of November 24, 2023 and February 24, 2023, the weighted-average remaining lease terms were 4.9 years and 5.3 years, respectively, and the weighted-average discount rates were 4.5% and 4.2%, respectively.
|
Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
The following table summarizes the future minimum lease payments as of November 24, 2023: | | | | | | | | | Fiscal year ending in February | Amount (1) | 2024 | $ | 12.0 | | | 2025 | 52.4 | | | 2026 | 42.5 | | | 2027 | 34.3 | | | 2028 | 26.1 | | | Thereafter | 41.9 | | | Total lease payments | 209.2 | | | Less: Interest | 22.1 | | | Present value of lease liabilities | $ | 187.1 | | |
_______________________________________ (1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.
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v3.23.4
Reportable Segments (Tables)
|
9 Months Ended |
Nov. 24, 2023 |
Reportable Segments [Abstract] |
|
Schedule of Segment Reporting Information |
Revenue, gross profit and operating income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022 and total assets and goodwill as of November 24, 2023 and February 24, 2023 by segment are presented in the following tables which reflect the realigned segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Reportable Segment Statement of Income Data | November 24, 2023 | November 25, 2022 | November 24, 2023 | November 25, 2022 | | | Revenue | | | | | | | | | | | | | Americas | $ | 586.1 | | | $ | 619.8 | | | $ | 1,838.2 | | | $ | 1,840.6 | | | | | | | International | 191.8 | | | 207.1 | | | 546.2 | | | 590.3 | | | | | | | | $ | 777.9 | | | $ | 826.9 | | | $ | 2,384.4 | | | $ | 2,430.9 | | | | | | | Gross Profit | | | | | | | | | | | | | Americas | $ | 192.8 | | | $ | 181.2 | | | $ | 612.3 | | | $ | 526.2 | | | | | | | International | 59.5 | | | 56.6 | | | 158.0 | | | 154.0 | | | | | | | | $ | 252.3 | | | $ | 237.8 | | | $ | 770.3 | | | $ | 680.2 | | | | | | | Operating Income (Loss) | | | | | | | | | | | | | Americas | $ | 37.2 | | | $ | 17.3 | | | $ | 117.0 | | | $ | 44.2 | | | | | | | International | 6.6 | | | 3.2 | | | (24.9) | | | (7.4) | | | | | | | | $ | 43.8 | | | $ | 20.5 | | | $ | 92.1 | | | $ | 36.8 | | | | | | |
| | | | | | | | | | | | | | | | Reportable Segment Balance Sheet Data | November 24, 2023 | February 24, 2023 | | Total assets | | | | | | Americas | $ | 1,663.1 | | | $ | 1,631.2 | | | | International | 583.8 | | | 571.6 | | | | | $ | 2,246.9 | | | $ | 2,202.8 | | | | | | | | | | Goodwill | | | | | | Americas | $ | 266.2 | | | $ | 268.3 | | | | International | 8.7 | | | 8.5 | | | | | $ | 274.9 | | | $ | 276.8 | | | |
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- DefinitionTabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.
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v3.23.4
Basis Of Presentation (Details)
|
9 Months Ended |
Nov. 24, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation, Description |
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 24, 2023 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated
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v3.23.4
New Accounting Standards (Details) $ in Millions |
9 Months Ended |
Nov. 24, 2023
USD ($)
|
Accounting Policies [Abstract] |
|
New Accounting Pronouncement or Change in Accounting Principle, Description |
We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements.
|
Supplier Finance Program |
Effective Q1 2024, we adopted ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements. We participate in a supplier finance program in Spain offered by a third-party financial institution. The program allows participating suppliers the ability to finance our payment obligations prior to their scheduled due dates at a discounted price set by the financial institution. We have extended payment terms with suppliers that have voluntarily chosen to participate in the program. As of November 24, 2023, the outstanding amount of program obligations, reported in Accounts payable on the Condensed Consolidated Balance Sheets, was $0.7. The amount settled through the program during the nine months ended November 24, 2023
|
Supplier Finance Program, Obligation |
$ 0.7
|
Supplier Finance Program, Obligation, Settlement |
$ 6.5
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v3.23.4
Revenue (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
|
Nov. 24, 2023 |
Nov. 25, 2022 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Feb. 24, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
$ 777.9
|
$ 826.9
|
$ 2,384.4
|
$ 2,430.9
|
|
Contract with Customer, changes in customer deposits [Line Items] |
|
|
|
|
|
|
Contract with Customer, Liability |
|
54.0
|
|
54.0
|
|
$ 50.8
|
Customer deposits received, net of revenue recognized during the period |
|
|
|
5.1
|
(19.8)
|
|
UNITED STATES |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
541.5
|
576.0
|
1,715.5
|
1,712.3
|
|
Non-US |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
236.4
|
250.9
|
668.9
|
718.6
|
|
Americas [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
586.1
|
619.8
|
1,838.2
|
1,840.6
|
|
Americas [Member] | Systems and storage [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
262.6
|
263.7
|
799.5
|
827.4
|
|
Americas [Member] | Seating [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
152.5
|
174.1
|
492.5
|
533.6
|
|
Americas [Member] | Other Product Category [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
[1] |
171.0
|
182.0
|
546.2
|
479.6
|
|
International |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
191.8
|
207.1
|
546.2
|
590.3
|
|
International | Systems and storage [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
70.0
|
69.4
|
194.2
|
200.3
|
|
International | Seating [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
|
67.3
|
76.3
|
190.7
|
215.0
|
|
International | Other Product Category [Member] |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Revenue |
[1] |
$ 54.5
|
$ 61.4
|
161.3
|
$ 175.0
|
|
Deposits [Member] |
|
|
|
|
|
|
Contract with Customer, changes in customer deposits [Line Items] |
|
|
|
|
|
|
Recognition of revenue related to beginning of year customer deposits |
|
|
|
(46.5)
|
|
|
Customer deposits received, net of revenue recognized during the period |
|
|
|
51.7
|
|
|
Transferred at Point in Time |
|
|
|
|
|
|
Contract with Customer, changes in customer deposits [Line Items] |
|
|
|
|
|
|
Customer deposits received, net of revenue recognized during the period |
[2] |
|
|
$ (2.0)
|
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v3.23.4
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
Nov. 24, 2023 |
Nov. 25, 2022 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Computation of Basic and Diluted Earnings Per Share [Line Items] |
|
|
|
|
Net income |
$ 30.8
|
$ 11.4
|
$ 59.8
|
$ 19.6
|
Impact of participating securities |
(1.2)
|
(0.4)
|
(2.3)
|
(0.7)
|
Net income used in calculating earnings per share |
$ 29.6
|
$ 11.0
|
$ 57.5
|
$ 18.9
|
Adjustment for participating securities (in millions) |
(4.7)
|
(4.4)
|
(4.5)
|
(4.3)
|
Basic |
$ 0.26
|
$ 0.10
|
$ 0.50
|
$ 0.17
|
Diluted |
$ 0.26
|
$ 0.10
|
$ 0.50
|
$ 0.17
|
Including |
|
|
|
|
Computation of Basic and Diluted Earnings Per Share [Line Items] |
|
|
|
|
Weighted Average Number of Shares Outstanding, Basic |
118.9
|
117.2
|
118.5
|
117.1
|
Weighted Average Number of Shares Outstanding, Diluted |
119.4
|
117.6
|
119.0
|
117.4
|
Excluding |
|
|
|
|
Computation of Basic and Diluted Earnings Per Share [Line Items] |
|
|
|
|
Weighted Average Number of Shares Outstanding, Basic |
114.2
|
112.8
|
114.0
|
112.8
|
Weighted Average Number of Shares Outstanding, Diluted |
114.7
|
113.2
|
114.5
|
113.1
|
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v3.23.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
|
|
|
|
Nov. 24, 2023 |
Nov. 25, 2022 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Aug. 25, 2023 |
Feb. 24, 2023 |
Aug. 26, 2022 |
Feb. 25, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
$ (64.8)
|
$ (81.3)
|
$ (64.8)
|
$ (81.3)
|
$ (65.9)
|
$ (72.5)
|
$ (89.8)
|
$ (50.6)
|
Other comprehensive income (loss) before reclassifications |
1.3
|
|
8.3
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(0.2)
|
|
(0.6)
|
|
|
|
|
|
Other comprehensive income (loss) |
1.1
|
8.5
|
7.7
|
(30.7)
|
|
|
|
|
Income tax expense |
9.8
|
5.2
|
20.7
|
7.6
|
|
|
|
|
Interest Expense |
6.4
|
7.6
|
19.6
|
21.2
|
|
|
|
|
Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(0.2)
|
(0.1)
|
(0.6)
|
(0.2)
|
|
|
|
|
Unrealized gain (loss) on investments [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
0.3
|
|
0.3
|
|
(0.1)
|
(0.1)
|
|
|
Other comprehensive income (loss) before reclassifications |
0.4
|
|
0.4
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
0.0
|
|
0.0
|
|
|
|
|
|
Other comprehensive income (loss) |
0.4
|
|
0.4
|
|
|
|
|
|
Pension and other post-retirement liability adjustments [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
7.8
|
|
7.8
|
|
8.0
|
9.3
|
|
|
Other comprehensive income (loss) before reclassifications |
0.2
|
|
(0.2)
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(0.4)
|
|
(1.3)
|
|
|
|
|
|
Other comprehensive income (loss) |
(0.2)
|
|
(1.5)
|
|
|
|
|
|
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(0.4)
|
(0.3)
|
(1.3)
|
(0.9)
|
|
|
|
|
Income tax expense |
0.1
|
0.1
|
0.4
|
0.3
|
|
|
|
|
Pension and other post-retirement liability adjustments [Member] | Actuarial losses (gains) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Other Income |
(0.5)
|
(0.4)
|
(1.7)
|
(1.2)
|
|
|
|
|
Derivative Amortization |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(5.0)
|
|
(5.0)
|
|
(5.2)
|
(5.7)
|
|
|
Other comprehensive income (loss) before reclassifications |
0.0
|
|
0.0
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
0.2
|
|
0.7
|
|
|
|
|
|
Other comprehensive income (loss) |
0.2
|
|
0.7
|
|
|
|
|
|
Derivative Amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
0.2
|
0.2
|
0.7
|
0.7
|
|
|
|
|
Income tax expense |
0.0
|
(0.1)
|
(0.2)
|
(0.3)
|
|
|
|
|
Derivative Amortization | Derivative [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Interest Expense |
0.2
|
$ 0.3
|
0.9
|
$ 1.0
|
|
|
|
|
Foreign currency translation adjustments [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(67.9)
|
|
(67.9)
|
|
$ (68.6)
|
$ (76.0)
|
|
|
Other comprehensive income (loss) before reclassifications |
0.7
|
|
8.1
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
0.0
|
|
0.0
|
|
|
|
|
|
Other comprehensive income (loss) |
$ 0.7
|
|
$ 8.1
|
|
|
|
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.4
Fair Value Narrative (Details) - USD ($) $ in Millions |
9 Months Ended |
|
|
Nov. 24, 2023 |
Nov. 25, 2022 |
Feb. 24, 2023 |
Feb. 25, 2022 |
[1] |
Fair Value Disclosures [Abstract] |
|
|
|
|
|
Debt, Long-term and Short-term, Combined Amount |
$ 446.1
|
|
$ 481.2
|
|
|
Long-term Debt, Fair Value |
405.4
|
|
405.9
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Restricted Cash |
7.1
|
$ 6.7
|
6.8
|
[1] |
$ 6.1
|
Contingent consideration |
0.0
|
|
(9.5)
|
|
|
Change in fair value of contingent consideration |
(9.5)
|
$ 0.0
|
|
|
|
SCS Viccarbe Habitat, S.L. Q3 FY22 |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Business Combination, Contingent Consideration, Liability |
14.2
|
|
|
|
|
Fair Value, Recurring [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Cash and cash equivalents |
262.0
|
|
90.4
|
|
|
Restricted Cash |
7.1
|
|
6.8
|
|
|
Assets, Fair Value Disclosure |
273.9
|
|
101.6
|
|
|
Liabilities, Fair Value Disclosure |
(0.3)
|
|
(9.8)
|
|
|
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Foreign exchange forward contracts |
2.1
|
|
2.3
|
|
|
Foreign exchange forward contracts |
(0.3)
|
|
(0.3)
|
|
|
Fair Value, Recurring [Member] | Auction Rate Securities [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Auction rate security |
2.7
|
|
2.1
|
|
|
Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Contingent consideration |
0.0
|
|
(9.5)
|
|
|
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Cash and cash equivalents |
262.0
|
|
90.4
|
|
|
Restricted Cash |
7.1
|
|
6.8
|
|
|
Assets, Fair Value Disclosure |
269.1
|
|
97.2
|
|
|
Liabilities, Fair Value Disclosure |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Foreign exchange forward contracts |
0.0
|
|
0.0
|
|
|
Foreign exchange forward contracts |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Auction Rate Securities [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Auction rate security |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Contingent consideration |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Cash and cash equivalents |
0.0
|
|
0.0
|
|
|
Restricted Cash |
0.0
|
|
0.0
|
|
|
Assets, Fair Value Disclosure |
2.1
|
|
2.3
|
|
|
Liabilities, Fair Value Disclosure |
(0.3)
|
|
(0.3)
|
|
|
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Foreign exchange forward contracts |
2.1
|
|
2.3
|
|
|
Foreign exchange forward contracts |
(0.3)
|
|
(0.3)
|
|
|
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Auction Rate Securities [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Auction rate security |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Contingent consideration |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Cash and cash equivalents |
0.0
|
|
0.0
|
|
|
Restricted Cash |
0.0
|
|
0.0
|
|
|
Assets, Fair Value Disclosure |
2.7
|
|
2.1
|
|
|
Liabilities, Fair Value Disclosure |
0.0
|
|
9.5
|
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Foreign exchange forward contracts |
0.0
|
|
0.0
|
|
|
Foreign exchange forward contracts |
0.0
|
|
0.0
|
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Auction rate security |
2.7
|
|
2.1
|
|
|
Unrealized gain on investments |
0.6
|
|
|
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Contingent consideration |
0.0
|
|
$ (9.5)
|
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | SCS Viccarbe Habitat, S.L. Q3 FY22 | Fair Value, Disclosure Item Amounts [Domain] |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Change in fair value of contingent consideration |
(9.5)
|
|
|
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | SCS Viccarbe Habitat, S.L. Q3 FY22 | Foreign Currency Gain (Loss) |
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Change in fair value of contingent consideration |
$ 0.0
|
|
|
|
|
|
|
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- DefinitionAmount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer.
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v3.23.4
Debt (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
Aug. 25, 2023 |
May 26, 2023 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Line of Credit Facility [Line Items] |
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
$ 250.0
|
|
Line of Credit Facility, Additional Borrowing Capacity Available |
|
|
125.0
|
|
Borrowings on global committed bank facility |
|
|
69.0
|
$ 480.9
|
Repayments of Notes Payable |
|
|
$ 32.2
|
$ 2.1
|
Line of Credit | United States of America, Dollars |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Line of Credit Facility, Interest Rate Description |
|
|
the Applicable Floating Rate Margin in effect plus the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, (iii) the Term SOFR Reference Rate for a one-month interest period plus 1.10% or (iv) 0.75%;•the Applicable Term Benchmark/RFR Margin in effect plus (i) for borrowings in U.S. dollars, the Term SOFR Reference Rate plus 0.10%, or (ii) for borrowings in euros, the Adjusted EURIBOR Rate; or•the Applicable Term Benchmark/RFR Margin in effect plus the Daily Simple SOFR Rate plus 0.10%.
|
|
Line of Credit |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Borrowings on global committed bank facility |
$ 1.8
|
$ 67.2
|
|
|
Repayments of Notes Payable |
|
$ 31.8
|
|
|
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v3.23.4
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended |
9 Months Ended |
|
|
Nov. 24, 2023 |
Nov. 25, 2022 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Feb. 24, 2023 |
Feb. 25, 2022 |
Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding |
|
$ 4.5
|
|
$ 4.5
|
|
$ 3.5
|
$ 2.3
|
Performance and restricted stock units expense |
|
0.1
|
$ (1.3)
|
6.3
|
$ 2.6
|
|
|
Share-based Payment Arrangement, Expense, Tax Benefit |
|
$ 0.0
|
(0.3)
|
$ 1.5
|
0.7
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number |
|
2,375,895
|
|
2,375,895
|
|
1,060,231
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value |
|
$ 10.44
|
|
$ 10.44
|
|
$ 13.11
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period |
|
|
|
1,315,664
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
|
|
|
$ 8.30
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
$ 2.6
|
|
$ 2.6
|
|
|
|
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition |
|
|
|
1 year 9 months 18 days
|
|
|
|
Restricted Stock Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Performance and restricted stock units expense |
|
3.3
|
3.4
|
$ 15.0
|
14.6
|
|
|
Share-based Payment Arrangement, Expense, Tax Benefit |
|
$ 0.8
|
$ 0.9
|
$ 3.7
|
$ 3.7
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number |
|
4,725,259
|
|
4,725,259
|
|
3,293,268
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value |
|
$ 10.74
|
|
$ 10.74
|
|
$ 12.11
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period |
|
|
|
1,767,505
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value |
|
|
|
$ 8.31
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period |
|
|
|
(269,934)
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value |
|
|
|
$ 11.65
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period |
|
|
|
(65,580)
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value |
|
|
|
$ 10.48
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
$ 12.3
|
|
$ 12.3
|
|
|
|
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition |
|
|
|
1 year 9 months 18 days
|
|
|
|
2024 Performance Unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period |
|
|
|
767,600
|
|
|
|
2023 Performance Unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period |
|
|
|
428,700
|
|
|
|
2022 Performance unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period |
|
|
|
448,300
|
|
|
|
Tranche 1 | 2024 Performance Unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Risk-free interest rate (1) |
[1] |
|
|
3.70%
|
|
|
|
Expected term |
|
|
|
3 years
|
|
|
|
Estimated volatility (2) |
[2] |
|
|
44.10%
|
|
|
|
Tranche 1 | 2023 Performance Unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Risk-free interest rate (1) |
[1] |
|
|
2.60%
|
|
|
|
Expected term |
|
|
|
3 years
|
|
|
|
Estimated volatility (2) |
[2] |
|
|
52.20%
|
|
|
|
Tranche 1 | 2022 Performance unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Risk-free interest rate (1) |
[1] |
|
|
0.30%
|
|
|
|
Expected term |
|
|
|
3 years
|
|
|
|
Estimated volatility (2) |
[2] |
|
|
53.50%
|
|
|
|
Tranche 2 | 2023 Performance Unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Risk-free interest rate (1) |
[1] |
|
|
4.00%
|
|
|
|
Expected term |
|
|
|
2 years
|
|
|
|
Estimated volatility (2) |
[2] |
|
|
37.80%
|
|
|
|
Tranche 2 | 2022 Performance unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Risk-free interest rate (1) |
[1] |
|
|
2.30%
|
|
|
|
Expected term |
|
|
|
2 years
|
|
|
|
Estimated volatility (2) |
[2] |
|
|
43.80%
|
|
|
|
Tranche 3 [Domain] | 2022 Performance unit Award | Performance Units [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Risk-free interest rate (1) |
[1] |
|
|
4.70%
|
|
|
|
Expected term |
|
|
|
1 year
|
|
|
|
Estimated volatility (2) |
[2] |
|
|
45.50%
|
|
|
|
|
|
X |
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v3.23.4
Leases, Codification Topic 842 (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
|
Nov. 24, 2023 |
Nov. 25, 2022 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Feb. 24, 2023 |
Leases [Abstract] |
|
|
|
|
|
|
Operating lease cost |
|
$ 13.7
|
$ 13.2
|
$ 40.9
|
$ 38.8
|
|
Sublease rental income |
|
(0.5)
|
(0.6)
|
(1.5)
|
(1.7)
|
|
Operating Lease, Expense |
|
13.2
|
12.6
|
39.4
|
37.1
|
|
Operating cash flows used for operating leases |
|
14.4
|
13.3
|
42.1
|
40.4
|
|
Leased assets obtained in exchange for new operating lease obligations |
|
$ 4.5
|
$ 11.7
|
$ 12.1
|
$ 25.2
|
|
Operating Lease, Weighted Average Remaining Lease Term |
|
4 years 10 months 24 days
|
|
4 years 10 months 24 days
|
|
5 years 3 months 18 days
|
Operating Lease, Weighted Average Discount Rate, Percent |
|
4.50%
|
|
4.50%
|
|
4.20%
|
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year |
|
$ 12.0
|
|
$ 12.0
|
|
|
Operating Leases, Future Minimum Payments, Due in Two Years |
|
52.4
|
|
52.4
|
|
|
Operating Leases, Future Minimum Payments, Due in Three Years |
|
42.5
|
|
42.5
|
|
|
Operating Leases, Future Minimum Payments, Due in Four Years |
|
34.3
|
|
34.3
|
|
|
Operating Leases, Future Minimum Payments, Due in Five Years |
|
26.1
|
|
26.1
|
|
|
Operating Leases, Future Minimum Payments, Due Thereafter |
|
41.9
|
|
41.9
|
|
|
Operating Leases, Future Minimum Payments Due |
[1] |
209.2
|
|
209.2
|
|
|
Operating Lease interest included in future lease payments |
|
22.1
|
|
22.1
|
|
|
Operating Lease, Liability |
|
$ 187.1
|
|
$ 187.1
|
|
|
|
|
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v3.23.4
Business Combinations (Details) - Halcon Furniture LLC Q2 FY23 $ in Millions |
9 Months Ended |
Nov. 24, 2023
USD ($)
|
Acquisition Details [Line Items] |
|
Business Combination, Consideration Transferred |
$ 127.5
|
Business Combination, Working Capital Adjustment |
1.9
|
Business Combination, Separately Recognized Transactions, Liabilities Recognized |
2.0
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill |
51.8
|
Business Acquisition, Goodwill, Expected Tax Deductible Amount |
36.6
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net |
16.7
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment |
30.6
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory |
12.8
|
Finite-lived Intangible Assets Acquired |
51.8
|
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year |
1.3
|
Finite-Lived Intangible Assets, Amortization Expense, Year Two |
5.1
|
Finite-Lived Intangible Assets, Amortization Expense, Year Three |
5.0
|
Finite-Lived Intangible Assets, Amortization Expense, Year Four |
5.0
|
Finite-Lived Intangible Assets, Amortization Expense, Year Five |
5.0
|
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years |
21.4
|
Deposits [Member] |
|
Acquisition Details [Line Items] |
|
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination |
$ 24.3
|
Dealer relationships [Member] |
|
Acquisition Details [Line Items] |
|
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life |
10 years
|
Finite-lived Intangible Assets Acquired |
$ 21.5
|
Trademarks [Member] |
|
Acquisition Details [Line Items] |
|
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life |
9 years
|
Finite-lived Intangible Assets Acquired |
$ 14.0
|
Know-How/Design [Member] |
|
Acquisition Details [Line Items] |
|
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life |
9 years
|
Finite-lived Intangible Assets Acquired |
$ 12.0
|
Order or Production Backlog |
|
Acquisition Details [Line Items] |
|
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life |
8 months 12 days
|
Finite-lived Intangible Assets Acquired |
$ 4.3
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v3.23.4
Reportable Segments (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
|
Nov. 24, 2023 |
Nov. 25, 2022 |
Nov. 24, 2023 |
Nov. 25, 2022 |
Feb. 24, 2023 |
Reportable Segments [Abstract] |
|
|
|
|
|
Segment Reporting, Factors Used to Identify Entity's Reportable Segments |
|
|
he Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenue |
$ 777.9
|
$ 826.9
|
$ 2,384.4
|
$ 2,430.9
|
|
Gross Profit |
252.3
|
237.8
|
770.3
|
680.2
|
|
Operating income |
43.8
|
20.5
|
92.1
|
36.8
|
|
Total assets |
2,246.9
|
|
2,246.9
|
|
$ 2,202.8
|
Goodwill |
274.9
|
|
274.9
|
|
276.8
|
Americas [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenue |
586.1
|
619.8
|
1,838.2
|
1,840.6
|
|
Gross Profit |
192.8
|
181.2
|
612.3
|
526.2
|
|
Operating income |
37.2
|
17.3
|
117.0
|
44.2
|
|
Total assets |
1,663.1
|
|
1,663.1
|
|
1,631.2
|
Goodwill |
266.2
|
|
266.2
|
|
268.3
|
International |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenue |
191.8
|
207.1
|
546.2
|
590.3
|
|
Gross Profit |
59.5
|
56.6
|
158.0
|
154.0
|
|
Operating income |
6.6
|
$ 3.2
|
(24.9)
|
$ (7.4)
|
|
Total assets |
583.8
|
|
583.8
|
|
571.6
|
Goodwill |
$ 8.7
|
|
$ 8.7
|
|
$ 8.5
|
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v3.23.4
Restructuring and Related Activities (Details)
|
3 Months Ended |
9 Months Ended |
Nov. 24, 2023
USD ($)
|
Aug. 25, 2023
USD ($)
|
May 26, 2023
USD ($)
employee
|
Feb. 24, 2023
USD ($)
|
Nov. 24, 2023
USD ($)
|
Nov. 25, 2022
USD ($)
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring costs |
|
|
|
|
$ 18,100,000
|
$ 15,300,000
|
Workforce Reductions |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring Reserve |
$ 14,500,000
|
|
|
$ 4,000,000.0
|
14,500,000
|
|
Payments for Restructuring |
|
|
|
|
(7,300,000)
|
|
Workforce Reductions | Restructuring Charges |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Cost Incurred to Date |
17,800,000
|
|
|
|
17,800,000
|
|
Americas [Member] | 2023 Restructuring |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Number of Positions Eliminated |
|
|
|
25
|
|
|
Restructuring and Related Cost, Expected Cost |
|
|
|
$ 4,500,000
|
|
|
Restructuring costs |
100,000
|
$ 100,000
|
$ 700,000
|
$ 3,600,000
|
|
|
Americas [Member] | 2024 Restructuring Plan |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Number of Positions Eliminated |
|
|
30
|
|
|
|
Restructuring and Related Cost, Expected Cost |
1,000,000
|
|
|
|
1,000,000
|
|
Restructuring costs |
|
|
$ 600,000
|
|
|
|
EMEA [Member] | 2024 Restructuring Plan | Minimum |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Number of Positions Eliminated | employee |
|
|
40
|
|
|
|
EMEA [Member] | 2024 Restructuring Plan | Maximum |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Number of Positions Eliminated | employee |
|
|
50
|
|
|
|
Asia Pacific | 2024 Restructuring Plan |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Number of Positions Eliminated |
|
|
240
|
|
|
|
International | 2024 Restructuring Plan |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring costs |
1,500,000
|
$ 7,800,000
|
$ 6,800,000
|
|
|
|
International | 2024 Restructuring Plan | Minimum |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Expected Cost |
16,000,000
|
|
|
|
16,000,000
|
|
International | 2024 Restructuring Plan | Maximum |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring and Related Cost, Expected Cost |
$ 18,000,000
|
|
|
|
$ 18,000,000
|
|
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