Income Taxes (Tables)

12 Months Ended

Feb. 24, 2017

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:



Unrecognized Tax Benefits	Year Ended
Unrecognized Tax Benefits	February 24, 2017			February 26, 2016			February 27, 2015
Balance as of beginning of period	$	8.6		$	8.8		$	12.7
Gross decreases—tax positions in prior period	(5.3		)	—			(1.9		)
Currency translation adjustment	(0.5		)	(0.2		)	(2.0		)
Balance as of end of period	$	2.8		$	8.6		$	8.8

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes on income before income taxes consists of:



Provision for Income Taxes—Expense	Year Ended
Provision for Income Taxes—Expense	February 24, 2017		February 26, 2016			February 27, 2015
Current income taxes:
Federal	$	18.4	$	47.7		$	40.0
State and local	9.5		12.5			8.8
Foreign	17.0		12.6			1.7
	44.9		72.8			50.5
Deferred income taxes:
Federal	21.4		(12.7		)	4.9
State and local	1.2		(3.3		)	1.3
Foreign	4.2		(52.3		)	(5.8		)
	26.8		(68.3		)	0.4
Income tax expense	$	71.7	$	4.5		$	50.9

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income taxes were based on the following sources of income (loss) before income tax expense:



Source of Income (Loss) Before Income Tax Expense	Year Ended
Source of Income (Loss) Before Income Tax Expense	February 24, 2017		February 26, 2016		February 27, 2015
Domestic	$	136.0	$	114.9	$	146.2
Foreign	60.3		59.9		(9.2		)
	$	196.3	$	174.8	$	137.0

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The total income tax expense we recognized is reconciled to that computed by applying the U.S. federal statutory tax rate of 35% as follows:



Income Tax Provision Reconciliation	Year Ended
Income Tax Provision Reconciliation	February 24, 2017			February 26, 2016			February 27, 2015
Tax expense at the U.S. federal statutory rate	$	68.7		$	61.2		$	48.0
State and local income taxes, net of federal	6.5			6.7			6.3
Valuation allowance provisions and adjustments (1)	(2.2		)	(59.9		)	6.1
Foreign investment tax credits (2)	—			(1.5		)	(5.7		)
COLI income (3)	(3.3		)	(0.7		)	(2.0		)
Foreign operations, less applicable foreign tax credits (4)	(2.0		)	(1.6		)	(1.7		)
Impact of change to statutory tax rates (5)	9.3			(0.1		)	0.2
Research tax credit	(1.8		)	(1.9		)	(1.7		)
Tax reserve adjustments (6)	(5.3		)	—			(2.0		)
Other	1.8			2.3			3.4
Total income tax expense recognized	$	71.7		$	4.5		$	50.9

________________________


(1)	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.


(2)	Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment.


(3)	The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus death benefit gains are non-taxable.


(4)	The foreign operations, less applicable foreign tax credits, amounts include the rate differential from the U.S. rate on foreign operations.

(5)

During Q4 2017 a reduction to the French corporate tax rate was enacted and the rate reduction resulted in the revaluation of certain deferred tax assets of our French tax group, causing an increase of $7.9 to tax expense. Also during 2017, further reductions to the United Kingdom statutory rate were recognized, and these reductions increased tax expense by $1.5. Other tax rate changes in various jurisdictions accounted for $0.1 of net reductions in tax expense.


(6)	Tax reserve adjustments in 2017 related to a French income tax audit that was effectively settled upon completion in 2017. Tax reserve adjustments in 2015 related to a German income tax audit which was completed in 2015.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components of deferred income taxes are as follows:



Deferred Income Taxes	February 24, 2017			February 26, 2016
Deferred income tax assets:
Employee benefit plan obligations and deferred compensation	$	108.8		$	114.4
Foreign and domestic net operating loss carryforwards	57.0			69.7
Reserves and accruals	29.8			29.1
Tax credit carryforwards	17.4			28.2
Other, net	21.2			18.9
Total deferred income tax assets	234.2			260.3
Valuation allowances	(7.9		)	(10.6		)
Net deferred income tax assets	226.3			249.7
Deferred income tax liabilities:
Property, plant and equipment	40.9			36.4
Intangible assets	3.6			2.7
Prepaid expenses	3.1			—
Total deferred income tax liabilities	47.6			39.1
Net deferred income taxes	$	178.7		$	210.6
Net deferred income taxes is comprised of the following components:
Deferred income tax assets—non-current	179.6			211.6
Deferred income tax liabilities—non-current	(0.9		)	(1.0		)

Schedule of Current Taxes Payable or Refundable [Table Text Block]

Income taxes currently payable or refundable are reported on the Consolidated Balance Sheets as follows:



Income Taxes	February 24, 2017		February 26, 2016
Other current assets:
Income taxes receivable	$	19.0	$	5.5
Other long-term assets:
Income taxes receivable	$	18.5	—
Accrued expenses:
Income taxes payable	$	6.4	$	5.2

Summary of Income Tax Contingencies [Table Text Block]

As of February 24, 2017 and February 26, 2016, the liability for uncertain tax positions, including interest and penalties, reported on the Consolidated Balance Sheets was as follows:



Liability for Uncertain Tax Positions	February 24, 2017		February 26, 2016
Other accrued expenses	$	—	$	—
Other long-term liabilities	0.2		0.2
	$	0.2	$	0.2

Summary of Operating Loss Carryforwards [Table Text Block]

Operating loss and tax credit carryforwards expire as follows:



Year Ending February	Net Operating Loss Carryforwards (Gross)						Net Operating Loss Carryforwards (Tax Effected)											Tax Credit Carryforwards
Year Ending February	Federal		State		International		Federal		State			International			Total			Tax Credit Carryforwards
2018	$	—	$	—	$	2.4	$	—	$	—		$	0.8		$	0.8		$	—
2019	—		—		2.5		—		—			0.7			0.7			—
2020	—		—		2.4		—		—			0.5			0.5			—
2021	—		—		—		—		—			—			—			—
2022-2037	—		23.1		—		—		1.3			—			1.3			17.4
No expiration	—		—		202.9		—		—			53.7			53.7			—
	$	—	$	23.1	$	210.2	—		1.3			55.7			57.0			17.4
Valuation allowances							—		(0.4		)	(7.5		)	(7.9		)	—
Net benefit							$	—	$	0.9		$	48.2		$	49.1		$	17.4