XML 39 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Investments In Unconsolidated Affiliates | 12 Months Ended
--- | ---
Feb. 28, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Affiliates | INVESTMENTS IN UNCONSOLIDATED AFFILIATES We occasionally enter into joint ventures and other equity investments 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 28, 2025 | February 23, 2024
Investment Balance | Ownership Interest | Investment Balance | Ownership Interest
Equity method investments |  |  |  |  |  |  |  |
Dealer relationships | $ | 33.4 |  |  | 25%-40% |  | $ | 36.1 |  |  | 25%-40% |
Manufacturing joint venture | 9.9 |  |  | 49% |  | 9.6 |  |  | 49% |
| 43.3 |  |  |  |  | 45.7 |  |  |  |
Cost method investments |  |  |  |  |  |  |  |
Dealer relationship | 5.8 |  |  | Less than 10% |  | 5.8 |  |  | Less than 10% |
Other | 4.2 |  |  | Less than 10% |  | 4.2 |  |  | Less than 10% |
| 10.0 |  |  |  |  | 10.0 |  |  |  |
Total investments in unconsolidated affiliates | $ | 53.3 |  |  |  |  | $ | 55.7 |  |  |  |
Our equity in earnings of unconsolidated affiliates is recorded in Other income (expense), net in the Consolidated Statements of Income and is summarized below:
Equity in Earnings of Unconsolidated Affiliates | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Dealer relationships | $ | 7.6 |  |  | $ | 11.8 |  |  | $ | 9.7 |  |
Manufacturing joint venture | 1.6 |  |  | 1.7 |  |  | 2.7 |  |
IDEO and other | — |  |  | — |  |  | 0.1 |  |
Total equity in earnings of unconsolidated affiliates | $ | 9.2 |  |  | $ | 13.5 |  |  | $ | 12.5 |  |
Dealer Relationships We have occasionally invested in dealers to expand or maintain our geographic presence and support our distribution network. Manufacturing Joint Ventures We have occasionally entered into manufacturing joint ventures to expand or maintain our geographic presence. Our only current manufacturing joint venture is 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, seating, 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. In Q2 2023, we divested our remaining interest in IDEO. The following table summarizes the combined accounts of our equity method investments in unconsolidated affiliates:
Consolidated Balance Sheets | February 28, 2025 | February 23, 2024
Total current assets | $ | 219.8 |  |  | $ | 232.4 |  |
Total non-current assets | 108.2 |  |  | 102.0 |  |
Total assets | $ | 328.0 |  |  | $ | 334.4 |  |
Total current liabilities | 157.0 |  |  | 152.7 |  |
Total long-term liabilities | 29.3 |  |  | 44.4 |  |
Total liabilities | $ | 186.3 |  |  | $ | 197.1 |  |
Statements of Income | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Revenue | $ | 627.8 |  |  | $ | 710.1 |  |  | $ | 755.3 |  |
Gross profit | 155.4 |  |  | 165.0 |  |  | 174.8 |  |
Income before income tax expense | 31.6 |  |  | 28.3 |  |  | 39.0 |  |
Net income | 29.7 |  |  | 26.5 |  |  | 37.5 |  |
Supplemental Information | Year Ended
February 28, 2025 | February 23, 2024 | February 24, 2023
Dividends received from unconsolidated affiliates | $ | 11.3 |  |  | $ | 9.6 |  |  | $ | 7.8 |  |
Sales to unconsolidated affiliates | 265.6 |  |  | 247.7 |  |  | 259.5 |  |
Amount due from unconsolidated affiliates | 26.8 |  |  | 19.6 |  |  | 22.5 |  |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration