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Short-Term Borrowings And Long-Term Debt (Tables) | 12 Months Ended
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Feb. 26, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments [Table Text Block] |
Debt Obligations | Interest Rate as of February 26, 2021 | Fiscal Year Maturity | February 26, 2021 | February 28, 2020
U.S. dollar obligations: |  |  |  |  |  |  |  |
Senior notes | 5.125% |  | 2029 |  | $ | 444.1 |  |  | $ | 443.3 |  |
Notes payable | Various |  | Various |  | 38.1 |  |  | 40.5 |  |
Other committed bank facility | 3.25% |  | 2022 |  | 1.4 |  |  | — |  |
|  |  |  |  | 483.6 |  |  | 483.8 |  |
Foreign currency obligations: |  |  |  |  |  |  |  |
Notes payable and bank overdraft | Various |  | Various |  | 0.3 |  |  | 0.5 |  |
Total short-term borrowings and long-term debt |  |  |  |  | 483.9 |  |  | 484.3 |  |
Short-term borrowings and current portion of long-term debt (1) |  |  |  |  | 4.7 |  |  | 2.9 |  |
Long-term debt |  |  |  |  | $ | 479.2 |  |  | $ | 481.4 |  |
____________________ (1)The weighted-average interest rate for short-term borrowings and the current portion of long-term debt was 2.6% as of February 26, 2021 and 2.5% as of February 28, 2020. 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
2022 | $ | 4.7 |  |
2023 | 2.6 |  |
2024 | 32.2 |  |
2025 | — |  |
2026 | — |  |
Thereafter | 444.4 |  |
| $ | 483.9 |  |
Senior Notes In 2019, we issued $450.0 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125%, the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. During each of 2021 and 2020, amortization expense related to the discount and debt issuance costs on the 2029 Notes was $0.8. We may redeem some or all of the 2029 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 40 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. Notes Payable We have the following notes payable as of February 26, 2021: •a $37.5 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. As of February 26, 2021, the interest rate was 1.32%. 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 $31.8 balloon payment due in 2024. The loan is secured by our two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities. This note matures in 2024; •a $0.6 note payable with a 7.00% interest rate, maturing in 2022; and •other foreign denominated notes payable totaling $0.3, which includes a note with an interest rate of 2.75%. Global Committed Bank Facility We have a $250.0 global committed bank facility, which was entered into in 2020. The bank facility expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125 by obtaining at least one commitment from one or more lenders. We can use borrowings under the facility for general corporate purposes, including friendly acquisitions. Interest on borrowings is based on the rate, as selected by us, between the following two options: •the applicable margin as set forth in the credit agreement, plus the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5%, (iii) the Eurocurrency rate for one-month interest period plus 1% and (iv) a 0.75% floor; or •the Eurocurrency rate, with a floor of zero, plus the applicable margin as set forth in the credit agreement. The facility requires us to satisfy two financial covenants: •A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness less liquidity to (y) trailing four fiscal quarter adjusted EBITDA and is required to be less than 3.5:1. In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 4.0:1 for four consecutive quarters. •A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter adjusted EBITDA to (z) trailing four quarter interest expense and is required to be no less than 3.0:1. The facility does not include any restrictions on cash dividend payments or share repurchases. During 2021, we borrowed and repaid $250.0 under the facility. As of February 26, 2021, there were no borrowings outstanding under the facility, $3.7 of guarantees which reduced our availability, and we were in compliance with all covenants under the facility. As of February 28, 2020, there were no borrowings outstanding under the facility, our availability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. Other Credit Facilities We have the following other bank and credit facilities as of February 26, 2021: •a committed bank facility of $12.5 related to a subsidiary, which has a current availability of $2.7 based on eligible accounts receivable of the subsidiary. As of February 26, 2021, $1.4 was outstanding under the facility; •unsecured uncommitted short-term credit facilities of up to $3.9 of U.S. dollar obligations and up to $14.4 of foreign currency obligations with various financial institutions available for working capital purposes as of February 26, 2021. 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 26, 2021 or February 28, 2020; and •revolving credit agreements of $40.7 which can be utilized to support bank guarantees, letters of credit and foreign exchange contracts. As of February 26, 2021, we had $12.9 in outstanding bank guarantees and standby letters of credit against these agreements. There were no draws against our letters of credit in 2021 or 2020.

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