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Debt
 12 Months Ended
Feb. 28, 2025
Debt Disclosure [Abstract]  
Short-Term Borrowings And Long-Term Debt LONG-TERM DEBT
Debt ObligationsInterest Rate as of February 28, 2025Fiscal Year
Maturity		February 28,
2025		February 23,
2024
U.S. dollar obligations:
Senior notes5.125 %2029$447.1 $446.3 
Notes payable (1)2024— — 
Other committed bank facility (2)2024— — 
Long-term debt$447.1 $446.3 
____________________
(1)We made a balloon payment of $31.8, which repaid this note payable in 2024.
(2)This facility related to a consolidated dealer that we sold in 2024.
The annual maturity of long-term debt for each of the following five years is as follows:
Fiscal Year Ending in FebruaryAmount
2026$— 
2027— 
2028— 
2029 (1)450.0 
2030— 
$450.0 
____________________
(1)As of February 28, 2025, our senior notes due in 2029 have a principal balance of $450.0 and remaining unamortized bond discount and debt issuance costs of $2.9, which are being amortized on a straight-line basis over the remaining term of the notes.
Senior Notes
In 2019, we issued $450.0 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes would rank equally with any 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. Amortization expense related to the discount and debt issuance costs on the 2029 Notes was $0.8 in 2025 and 2024.
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.
Global Committed Bank Facility
We have a $300.0 global committed bank facility, which expires in 2029. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $150.0 by obtaining at least one commitment from one of the 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 from the following options (with all capitalized terms having the meanings provided in the credit agreement):
•the Applicable Floating Rate Margin in effect, plus the greatest of (i) the Prime Rate, (ii) the NYFRB plus 0.5%, (iii) the Term SOFR Rate for a one-month interest period plus 1.10% or (iv) 1.00%;
•the Applicable Term Benchmark/RFR Margin in effect plus (i) for borrowings in U.S. dollars, the Term SOFR Rate plus 0.10%, or (ii) for borrowings in euros, the Adjusted EURIBOR Rate; or
•in limited circumstances, the Applicable Term Benchmark/RFR Margin in effect plus the Daily Simple SOFR Rate plus 0.10%.
The facility requires us to satisfy two financial covenants as defined in the credit agreement:
•A maximum net leverage ratio covenant, which is measured by the ratio of (x) Indebtedness less Unrestricted Cash 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 the 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.
Our subsidiary Smith System Manufacturing Company guarantees all obligations under the facility, and we have pledged 65% of the voting interests in our subsidiary Steelcase Holding SAS to secure all obligations under the facility.
As of February 28, 2025, there were no borrowings outstanding under the facility, our ability to borrow under the facility was not limited, and we were in compliance with all covenants under the facility. As of February 23, 2024, there were no borrowings outstanding under the facility, there were $0.1 in letters of credit reducing our availability and we were in compliance with all covenants under the facility.
Other Credit Facilities
As of February 28, 2025, we have unsecured uncommitted short-term credit facilities with various financial institutions with up to $4.0 of U.S. dollar obligations and up to $19.7 of foreign currency obligations available for working capital purposes. Interest rates are variable and determined at the time of borrowing. These credit facilities may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 28, 2025 or February 23, 2024.