Property, Plant And Equipment

12 Months Ended

Feb. 22, 2013

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT



Property, Plant and Equipment	Estimated Useful Lives (Years)	February 22, 2013			February 24, 2012
Land		$	38.6		$	39.0
Buildings and improvements	10 – 40	526.3			493.3
Machinery and equipment	3 – 15	715.4			746.2
Furniture and fixtures	5 – 8	68.0			69.7
Leasehold improvements	3 – 10	53.0			56.5
Capitalized software	3 – 10	139.0			140.4
Construction in progress		34.3			17.1
		1,574.6			1,562.2
Accumulated depreciation		(1,221.4		)	(1,215.3		)
		$	353.2		$	346.9

A majority of the net book value of property, plant and equipment as of February 22, 2013 relates to machinery and equipment of $126.6 and building and improvements of $118.1. A majority of the net book value of property, plant and equipment as of February 24, 2012 relates to machinery and equipment of $145.5 and building and improvements of $107.7. Depreciation expense on property, plant and equipment was $53.6 for 2013, $52.7 for 2012 and $61.2 for 2011. The estimated cost to complete construction in progress was $22.2 and $12.7 as of February 22, 2013 and February 24, 2012, respectively. There were no interest costs capitalized in construction in progress in 2013, and there were $0.8 and $0.4 capitalized in 2012 and 2011, respectively.

In Q4 2013, we recognized a $12.4 impairment charge in conjunction with the previously announced closure of our Corporate Development Center. The decline in market value of the facility and the recent completion of employee relocations out of the facility led to the charge in Q4 2013. This charge was included in Restructuring costs in the Consolidated Statements of Income. See Note 20 for further details.

Included in Other current assets on the Consolidated Balance Sheets as of February 24, 2012 is $14.8 of machinery and equipment that is classified as assets “held for sale.” We sold the property in 2013. We recognized impairment charges on assets held for sale of $2.8 and $4.0, in 2012 and 2011 respectively, in order to reflect their carrying value based on estimated fair value less costs to sell (a Level 2 fair value analysis).

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details