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Reportable Segments | 6 Months Ended
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Aug. 29, 2025
Segment Reporting [Abstract] |
Reportable Segments | 10. REPORTABLE SEGMENTS The operating segments regularly reviewed by our Chief Executive Officer in the capacity of CODM are (1) the Americas, (2) Europe, the Middle East and Africa ("EMEA") and (3) Asia Pacific. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia. Our CODM compares budget to actual results and year-over-year variances for revenue, gross profit and operating income (loss) to evaluate the performance of the segments and make decisions regarding the allocation of resources. Total assets by segment include manufacturing and other assets associated with each segment. For purposes of segment reporting externally, we have aggregated the EMEA and Asia Pacific operating segments as an International segment based upon their similarity in quantitative and qualitative characteristics as defined in the Accounting Standards Codification ("ASC") 280, Segment Reporting. We evaluated the economic similarity of these operating segments including patterns and trends for revenue, gross profit and operating income (loss) in addition to the similarity in the nature of products and services, types of customers, and production and distribution processes in these regions. We concluded that these operating segments met the criteria for aggregation consistent with the basic principles and objectives of segment reporting described in ASC 280. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, interior architectural, textile and surface imaging products that are marketed to corporate, government, education, healthcare and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands. The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and interior architectural products that are marketed to corporate, government, education, healthcare and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands. The following tables reconcile reportable segment financial data regularly provided to and reviewed by our CODM, including significant segment expenses, to consolidated Income before income tax expense and provide other segment data:
Reportable Segment Data | Three Months Ended August 29, 2025 | Three Months Ended August 23, 2024
Americas | International | Consolidated | Americas | International | Consolidated
Revenue | $ | 707.1 |  |  | $ | 190.0 |  |  | $ | 897.1 |  |  | $ | 688.0 |  |  | $ | 167.8 |  |  | $ | 855.8 |  |
Cost of sales | 447.7 |  |  | 137.3 |  |  | 585.0 |  |  | 437.0 |  |  | 121.5 |  |  | 558.5 |  |
Restructuring costs | 0.9 |  |  | 2.7 |  |  | 3.6 |  |  | 1.5 |  |  | 0.4 |  |  | 1.9 |  |
Gross profit | 258.5 |  |  | 50.0 |  |  | 308.5 |  |  | 249.5 |  |  | 45.9 |  |  | 295.4 |  |
Operating expenses | 190.1 |  |  | 57.0 |  |  | 247.1 |  |  | 147.3 |  |  | 57.8 |  |  | 205.1 |  |
Restructuring costs (benefits) | 0.7 |  |  | 7.6 |  |  | 8.3 |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |  |
Operating income (loss) | 67.7 |  |  | (14.6) |  |  | 53.1 |  |  | 102.0 |  |  | (12.0) |  |  | 90.0 |  |
Interest expense |  |  |  |  | (6.3) |  |  |  |  |  |  | (6.4) |  |
Investment income |  |  |  |  | 2.3 |  |  |  |  |  |  | 2.9 |  |
Other income (expense), net |  |  |  |  | 3.0 |  |  |  |  |  |  | (0.6) |  |
Income before income tax expense |  |  |  |  | $ | 52.1 |  |  |  |  |  |  | $ | 85.9 |  |
Capital expenditures | $ | 15.2 |  |  | $ | 2.9 |  |  | $ | 18.1 |  |  | $ | 9.4 |  |  | $ | 3.1 |  |  | $ | 12.5 |  |
Depreciation and amortization | 13.4 |  |  | 5.9 |  |  | 19.3 |  |  | 14.1 |  |  | 5.9 |  |  | 20.0 |  |
Reportable Segment Data | Six Months Ended August 29, 2025 | Six Months Ended August 23, 2024
Americas | International | Consolidated | Americas | International | Consolidated
Revenue | $ | 1,310.7 |  |  | $ | 365.4 |  |  | $ | 1,676.1 |  |  | $ | 1,242.4 |  |  | $ | 340.7 |  |  | $ | 1,583.1 |  |
Cost of sales | 838.4 |  |  | 260.8 |  |  | 1,099.2 |  |  | 801.9 |  |  | 242.5 |  |  | 1,044.4 |  |
Restructuring costs | 1.9 |  |  | 2.7 |  |  | 4.6 |  |  | 5.6 |  |  | 3.3 |  |  | 8.9 |  |
Gross profit | 470.4 |  |  | 101.9 |  |  | 572.3 |  |  | 434.9 |  |  | 94.9 |  |  | 529.8 |  |
Operating expenses | 365.9 |  |  | 111.3 |  |  | 477.2 |  |  | 314.0 |  |  | 108.6 |  |  | 422.6 |  |
Restructuring costs (benefits) | 8.8 |  |  | 7.7 |  |  | 16.5 |  |  | 0.4 |  |  | (0.8) |  |  | (0.4) |  |
Operating income (loss) | 95.7 |  |  | (17.1) |  |  | 78.6 |  |  | 120.5 |  |  | (12.9) |  |  | 107.6 |  |
Interest expense |  |  |  |  | (12.6) |  |  |  |  |  |  | (12.6) |  |
Investment income |  |  |  |  | 5.2 |  |  |  |  |  |  | 5.3 |  |
Other income (expense), net |  |  |  |  | (0.3) |  |  |  |  |  |  | (0.3) |  |
Income before income tax expense |  |  |  |  | $ | 70.9 |  |  |  |  |  |  | $ | 100.0 |  |
Capital expenditures | $ | 24.7 |  |  | $ | 7.4 |  |  | $ | 32.1 |  |  | $ | 18.9 |  |  | $ | 5.7 |  |  | $ | 24.6 |  |
Depreciation and amortization | 26.6 |  |  | 10.3 |  |  | 36.9 |  |  | 28.4 |  |  | 11.8 |  |  | 40.2 |  |
Reportable Segment Data | August 29, 2025 | February 28, 2025
Americas | International | Consolidated | Americas | International | Consolidated
Total assets | $ | 1,828.9 |  |  | $ | 523.1 |  |  | $ | 2,352.0 |  |  | $ | 1,848.0 |  |  | $ | 482.4 |  |  | $ | 2,330.4 |  |
Goodwill | 267.2 |  |  | 9.3 |  |  | 276.5 |  |  | 265.1 |  |  | 8.4 |  |  | 273.5 |  |

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- Definition The entire disclosure for reporting segments including data and tables. 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