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Income Taxes Income Tax Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Feb. 22, 2013
Feb. 24, 2012
Feb. 25, 2011
U.S. federal statutory tax rate 35.00%    
Tax expense at the U.S. federal statutory rate $ 19.2 $ 28.7 $ 18.0
Foreign tax credits (57.6) [1] 1.3 [1] 5.0 [1]
Valuation allowance provisions and adjustments 40.0 [2] 0.7 [2] 1.2 [2]
Goodwill impairment 12.3 [3] 0 [3] 0 [3]
Healthcare reform 0 [4] 0 [4] 11.4 [4]
COLI income (3.1) [5] (2.9) [5] (5.7) [5]
Sale of subsidiary 0 [6] (2.3) [6] (1.7) [6]
State and local income taxes, net of federal 2.9 1.9 1.4
Tax balance adjustments 0 [7] (1.0) [7] 4.3 [7]
Foreign operations, less applicable foreign tax credits 2.5 [8] 0.7 [8] (1.5) [8]
Research tax credit (1.9) (1.6) (1.7)
Tax reserve adjustments 0.7 1.1 0
Other 1.1 (1.3) 0.3
Income tax expense 16.1 25.3 31.0
PolyvisionSASandPolyvisionA/S [Member]
     
Proceeds from divestiture of businesses   2.3  
France [Member]
     
Valuation allowance provisions and adjustments 44.2 [2]    
Morocco [Member]
     
Valuation allowance provisions and adjustments 0.4 [2]    
United States [Member]
     
Valuation allowance provisions and adjustments 0.3 [2]    
United Kingdom [Member]
     
Valuation allowance provisions and adjustments (4.9) [2]    
Utilization within one year [Member]
     
Foreign tax credits (21.0)    
Remaining utilization within the allowable period [Member]
     
Foreign tax credits (36.6)    
Foreign tax credit - deemed dividend [Member]
     
Foreign tax credits (56.7)    
Subsidary Cash Dividends [Member]
     
Foreign tax credits $ 0.9    
[1] In 2013, we converted a wholly owned French holding company from a disregarded entity to a controlled foreign corporation for U.S. tax purposes, and that conversion caused outstanding intercompany debt to be treated as a deemed dividend taxable in the U.S. Foreign taxes paid on the income that generated the deemed dividend exceeded the U.S. tax cost creating an excess foreign tax credit of $56.7. Additionally, other cash dividends received from our Canadian subsidiary resulted in excess foreign tax credits of $0.9. These credits are expected to be utilized $21.0 in 2014 and $36.6 within the allowable 10 year carryfoward period.
[2] The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments were based on various factors, which are further detailed below.
[3] The impairment charges related to goodwill recorded in purchase accounting are non-deductible.
[4] In Q1 2011, the U.S. enacted significant healthcare reform legislation which effectively changed the tax treatment of the federal subsidies received by employers who provide certain prescription drug benefits for retirees (the “Medicare Part D subsidy”) for fiscal years beginning after December 31, 2012. We had previously recorded deferred tax assets based on the liability for post-retirement benefit obligations related to prescription drug benefits for retirees. As a result of the law change during Q1 2011, deferred tax assets were reduced as these obligations will no longer be deductible for purposes of determining taxable income to the extent they are reimbursed by the Medicare Part D subsidy.
[5] The net returns in cash surrender value, normal insurance expenses and death benefit gains related to our investments in COLI policies are non-taxable.
[6] In Q2 2012, we completed the sale of PolyVision’s remaining low margin whiteboard fabrication business in Europe to a third party for proceeds totaling $2.3. The transaction included the sale of PolyVision SAS (France) and PolyVision A/S (Denmark). Basis differences resulted in a tax benefit of $2.3.
[7] The tax balance adjustments in 2011 relate to prior periods. Management has evaluated the relevant qualitative and quantitative factors related to these adjustments and concluded that had the adjustments been recorded in the appropriate period the impact individually and in the aggregate would not have been material to the current or previously reported financial information for any prior fiscal year.
[8] The foreign operations, less applicable foreign tax credits amount includes the rate differential on foreign operations, U.S. tax cost of foreign branches and the impact of rate reductions in foreign jurisdictions.