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Short-Term Borrowings And Long-Term Debt (Tables) | 12 Months Ended
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Feb. 23, 2018
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments [Table Text Block] |
Debt Obligations | Interest Rate Range as of February 23, 2018 | Fiscal Year Maturity Range | February 23, 2018 | February 24, 2017
U.S. dollar obligations: |  |  |  |  |  |  |  |
Senior notes (1) | 6.375% |  | 2021 |  | $ | 249.1 |  |  | $ | 248.8 |  |
Revolving credit facilities (2)(4) |  |  | 2022 |  | — |  |  | — |  |
Notes payable (3) | 2.8% |  | 2024 |  | 45.4 |  |  | 48.0 |  |
|  |  |  |  | 294.5 |  |  | 296.8 |  |
Foreign currency obligations: |  |  |  |  |  |  |  |
Revolving credit facilities (4) |  |  |  |  | — |  |  | — |  |
Notes payable | 6.0% - 9.0% |  |  |  | 0.3 |  |  | 0.3 |  |
Capitalized lease obligations | 1.4% |  | 2020 |  | 0.2 |  |  | 0.3 |  |
Total short-term borrowings and long-term debt |  |  |  |  | 295.0 |  |  | 297.4 |  |
Short-term borrowings and current portion of long-term debt (5) |  |  |  |  | 2.8 |  |  | 2.8 |  |
Long-term debt |  |  |  |  | $ | 292.2 |  |  | $ | 294.6 |  |
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(1) | We have $250 of unsecured unsubordinated senior notes, due in February 2021 (“2021 Notes”). The 2021 Notes were issued at 99.953% of par value. The bond discount of $0.1 and direct debt issuance costs of $3.0 were deferred and are being amortized over the life of the 2021 Notes. Although the coupon rate of the 2021 Notes is 6.375%, the effective interest rate is 6.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on interest rate locks related to the debt issuance and the bond discount. The 2021 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2021 Notes at any time. The redemption price would equal the greater of (1) the principal amount of the notes being redeemed; or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 45 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. Amortization expense related to the direct debt issuance costs and bond discount on the 2021 Notes was $0.3 in 2018, 2017 and 2016.
(2) | We have a $125 global committed five-year bank facility which has an interest rate of LIBOR plus an applicable margin and is set to expire in September 2021. As of February 23, 2018 and February 24, 2017, there were no borrowings outstanding under the facility, our availability was not limited, and we were in compliance with all covenants under the facility.
In addition, we have revolving credit agreements of $47.0 which can be utilized to support bank guarantees, letters of credit, overdrafts and foreign exchange contracts. As of February 23, 2018, we had $14.8 in outstanding bank guarantees and standby letters of credit against these agreements. We had no draws against our standby letters of credit during 2018.
(3) | We have a $45.4 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $32 balloon payment due in 2024. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities.
(4) | We have unsecured uncommitted short-term credit facilities of up to $2.6 of U.S. dollar obligations and up to $24.6 of foreign currency obligations with various financial institutions available for working capital purposes as of February 23, 2018. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 23, 2018 and February 24, 2017.
(5) | The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.8% as of February 23, 2018 and 1.8% as of February 24, 2017.
Schedule of Maturities of Long-term Debt [Table Text Block] | The annual maturities of short-term borrowings and long-term debt for each of the following five years are as follows:
Fiscal Year Ending in February | Amount
2019 | $ | 2.8 |  |
2020 | 2.7 |  |
2021 | 251.7 |  |
2022 | 2.6 |  |
2023 | 2.6 |  |
Thereafter | 32.6 |  |
| $ | 295.0 |  |

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