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Investments In Unconsolidated Affiliates

12 Months Ended

Feb. 24, 2017

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

INVESTMENTS IN UNCONSOLIDATED AFFILIATES

We enter into joint ventures and other equity investments from time to time to expand or maintain our geographic presence, support our distribution network or invest in new business ventures, complementary products and services. Our investments in unconsolidated affiliates and related direct ownership interests are summarized below:

Investments in unconsolidated affiliates	February 24, 2017						February 26, 2016
	Investment Balance				Ownership Interest		Investment Balance				Ownership Interest
Equity method investments
Dealer relationships	$	25.2			20%-40%		$	23.4			20%-40%
Manufacturing joint ventures	8.7				49%		11.5				49%
IDEO and other	9.9				10%-35%		9.6				10%-39%
	43.8						44.5
Cost method investments
Dealer relationship	5.8				Less than 10%		5.8				Less than 10%
Other	0.9				Less than 10%		0.7				Less than 10%
	6.7						6.5
Total investments in unconsolidated affiliates	$	50.5					$	51.0

Our equity in earnings of unconsolidated affiliates is recorded in Other income (expense), net on the Consolidated Statements of Income and is summarized below:

Equity in earnings of unconsolidated affiliates	Year Ended
	February 24, 2017				February 26, 2016				February 27, 2015
Dealer relationships	$	8.0			$	6.9			$	6.5
Manufacturing joint ventures	1.1				4.8				5.7
IDEO and other	0.6				1.7				3.0
Total equity in earnings of unconsolidated affiliates	$	9.7			$	13.4			$	15.2

Dealer Relationships

We have invested in dealers from time to time to expand or maintain our geographic presence and support our distribution network.

Manufacturing Joint Ventures

We have entered into manufacturing joint ventures from time to time to expand or maintain our geographic presence. The manufacturing joint ventures primarily consist of Steelcase Jeraisy Company Limited, which is located in the Kingdom of Saudi Arabia and is engaged in the manufacturing of wood and metal office furniture systems, accessories and related products for the Kingdom.

IDEO

IDEO LP is an innovation and design firm that uses a human-centered, design-based approach to generate new offerings and build new capabilities for its customers. IDEO serves Steelcase and a variety of other organizations within consumer products, financial services, healthcare, information technology, government, transportation and other industries. During Q4 2016, we sold a portion of our equity interest in IDEO and recorded a gain of $8.5 in Other income (expense), net on the Consolidated Statement on Income. As of February 24, 2017 and February 26, 2016 we owned a 10% equity interest in IDEO.

The summarized financial information presented below represents the combined accounts of our equity method investments in unconsolidated affiliates.

Consolidated Balance Sheets	February 24, 2017				February 26, 2016
Total current assets	$	177.3			$	180.2
Total non-current assets	37.9				35.6
Total assets	$	215.2			$	215.8
Total current liabilities	$	98.6			$	101.7
Total long-term liabilities	9.9				11.8
Total liabilities	$	108.5			$	113.5

Statements of Income	Year Ended
	February 24, 2017				February 26, 2016				February 27, 2015
Revenue	$	649.1			$	635.1			$	573.5
Gross profit	182.2				182.1				167.3
Income before income tax expense	40.8				43.5				49.7
Net income	36.9				40.4				46.2

Supplemental Information	Year Ended
	February 24, 2017				February 26, 2016				February 27, 2015
Dividends received from unconsolidated affiliates	$	9.9			$	12.5			$	10.7
Sales to unconsolidated affiliates	270.0				273.3				277.4
Amount due from unconsolidated affiliates	10.6				10.6				11.0

X

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 35
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.12)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 35
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569

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X

- References

No definition available.

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