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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Feb. 28, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on income before income tax expense (benefit) consists of:
Provision for Income Tax Expense (Benefit) | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Current income tax expense: |  |  |  |  |  |
Federal | $ | 43.6 |  |  | $ | 6.6 |  |  | $ | 1.3 |  |
State and local | 12.8 |  |  | 3.5 |  |  | 0.8 |  |
Foreign | 13.9 |  |  | 14.9 |  |  | 14.9 |  |
| 70.3 |  |  | 25.0 |  |  | 17.0 |  |
Deferred income tax expense (benefit): |  |  |  |  |  |
Federal | (47.6) |  |  | (0.1) |  |  | (2.3) |  |
State and local | (10.6) |  |  | (1.8) |  |  | 1.4 |  |
Foreign | 1.4 |  |  | 2.9 |  |  | 0.2 |  |
| (56.8) |  |  | 1.0 |  |  | (0.7) |  |
Income tax expense | $ | 13.5 |  |  | $ | 26.0 |  |  | $ | 16.3 |  |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income taxes were based on the following sources of income before income tax expense (benefit):
Source of Income Before Income Tax Expense (Benefit) | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Domestic | $ | 95.9 |  |  | $ | 42.3 |  |  | $ | 2.1 |  |
Foreign | 38.3 |  |  | 64.8 |  |  | 49.5 |  |
| $ | 134.2 |  |  | $ | 107.1 |  |  | $ | 51.6 |  |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The total income tax expense recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 21.0%, as follows:
Income Tax Provision Reconciliation | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Tax expense at the U.S. federal statutory rate | $ | 28.2 |  |  | $ | 22.5 |  |  | $ | 10.8 |  |
State and local income taxes, net of federal tax effect | 1.8 |  |  | 1.3 |  |  | 2.0 |  |
Foreign operations, less applicable foreign tax credits (1) | 0.1 |  |  | 5.9 |  |  | 4.0 |  |
Contingent consideration (2) | — |  |  | (2.0) |  |  | 0.9 |  |
Valuation allowance provisions and adjustments (3) | 4.9 |  |  | 1.9 |  |  | 1.0 |  |
COLI income (4) | (2.0) |  |  | (2.2) |  |  | (0.4) |  |
Foreign-derived intangible income ("FDII") deduction (5) | (8.6) |  |  | — |  |  | — |  |
Changes under U.S Internal Revenue Code ("IRC") Section 987 (6) | (9.2) |  |  | — |  |  | — |  |
Officer compensation limitation | 2.6 |  |  | 1.9 |  |  | 1.0 |  |
Research tax credit | (3.8) |  |  | (3.5) |  |  | (2.9) |  |
Other U.S. domestic tax credits | (0.3) |  |  | (0.3) |  |  | (0.3) |  |
Stock compensation | (0.7) |  |  | 0.4 |  |  | 0.4 |  |
Other | 0.5 |  |  | 0.1 |  |  | (0.2) |  |
Total income tax expense recognized | $ | 13.5 |  |  | $ | 26.0 |  |  | $ | 16.3 |  |
________________________ (1)The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations. (2)In 2024, we recorded a decrease in the fair value of the contingent consideration liability related to the acquisition of Viccarbe, which is nontaxable. In 2023, we recorded an increase in the fair value of this liability, which is non-deductible for tax purposes. (3)The valuation allowance provisions and adjustments of our deferred tax assets are based on current year assessments of realizability, which are further detailed below. (4)The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable. (5)In 2025, we qualified for the U.S. FDII deduction due to increased foreign source sales recognized for tax purposes, which resulted in a temporary book-to-tax difference. (6)Final regulations under IRC Section 987 were enacted in 2025 and resulted in the recognition of a deferred tax asset on the accumulated unrecognized foreign currency exchange losses of foreign branches using a functional currency other than the U.S. dollar.
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of deferred income taxes are as follows:
Deferred Income Taxes | February 28, 2025 | February 23, 2024
Deferred income tax assets: |  |  |  |
Employee benefit plan obligations and deferred compensation | $ | 53.1 |  |  | $ | 51.9 |  |
Deferred revenue (1) | 41.3 |  |  | 3.6 |  |
Operating lease obligations | 35.9 |  |  | 47.6 |  |
Foreign and domestic net operating loss carryforwards | 29.1 |  |  | 33.0 |  |
Capitalized research expenditures | 28.1 |  |  | 23.9 |  |
Reserves and allowances | 19.5 |  |  | 18.6 |  |
Accumulated foreign exchange losses under IRC Section 987 | 11.3 |  |  | — |  |
Tax credit carryforwards | 9.9 |  |  | 12.7 |  |
Other, net | 8.1 |  |  | 2.9 |  |
Total deferred income tax assets | 236.3 |  |  | 194.2 |  |
Valuation allowances | (10.8) |  |  | (6.2) |  |
Net deferred income tax assets | 225.5 |  |  | 188.0 |  |
Deferred income tax liabilities: |  |  |  |
Right-of-use operating lease assets | 32.6 |  |  | 43.9 |  |
Property, plant and equipment | 12.8 |  |  | 17.4 |  |
Intangible assets | 18.6 |  |  | 18.1 |  |
Total deferred income tax liabilities | 64.0 |  |  | 79.4 |  |
Net deferred income taxes | $ | 161.5 |  |  | $ | 108.6 |  |
Net deferred income taxes is comprised of the following components: |  |  |  |
Deferred income tax assets—non-current | 166.8 |  |  | 115.8 |  |
Deferred income tax liabilities—non-current | 5.3 |  |  | 7.2 |  |
________________________ (1)In 2025, we qualified for the U.S. FDII deduction due to increased foreign source sales recognized for tax purposes, which resulted in a temporary book-to-tax difference.
Schedule of Current Taxes Payable or Refundable [Table Text Block] | Income taxes currently payable or receivable are reported on the Consolidated Balance Sheets as follows:
Income Taxes | February 28, 2025 | February 23, 2024
Other current assets: |  |  |  |
Income taxes receivable | $ | 7.8 |  |  | $ | 11.5 |  |
Other current liabilities: |  |  |  |
Income taxes payable | $ | 22.3 |  |  | $ | 2.6 |  |
Summary of Operating Loss Carryforwards [Table Text Block] | Operating loss and tax credit carryforwards expire as follows:
Fiscal Year Ending February | Net Operating Loss Carryforwards (Gross) | Net Operating Loss Carryforwards (Tax Effected) | Tax Credit Carryforwards
Federal | State | International | Federal | State | International | Total
2026 | $ | — |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |
2027-2045 | 0.7 |  |  | 5.2 |  |  | 11.0 |  |  | 0.1 |  |  | 0.4 |  |  | 2.7 |  |  | 3.2 |  |  | 9.9 |  |
No expiration | — |  |  | 0.7 |  |  | 100.7 |  |  | — |  |  | — |  |  | 25.7 |  |  | 25.7 |  |  | — |  |
| $ | 0.7 |  |  | $ | 5.9 |  |  | $ | 112.5 |  |  | 0.1 |  |  | 0.4 |  |  | 28.6 |  |  | 29.1 |  |  | 9.9 |  |
Valuation allowances |  |  |  |  |  |  | — |  |  | — |  |  | (3.1) |  |  | (3.1) |  |  | — |  |
Net benefit |  |  |  |  |  |  | $ | 0.1 |  |  | $ | 0.4 |  |  | $ | 25.5 |  |  | $ | 26.0 |  |  | $ | 9.9 |  |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:
Unrecognized Tax Benefits | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Balance as of beginning of period | $ | 2.0 |  |  | $ | 2.0 |  |  | $ | 2.1 |  |
Gross increases—tax positions in prior period | 0.3 |  |  | — |  |  | — |  |
Currency translation adjustment | (0.1) |  |  | — |  |  | (0.1) |  |
Balance as of end of period | $ | 2.2 |  |  | $ | 2.0 |  |  | $ | 2.0 |  |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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