XML 94 R79.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes Income Tax Reconciliation (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 24, 2017
Feb. 26, 2016
Feb. 27, 2015
U.S. federal statutory tax rate 35.00%    
Tax expense at the U.S. federal statutory rate $ 68.7 $ 61.2 $ 48.0
Foreign investment tax credits [1] 0.0 (1.5) (5.7)
Valuation allowance provisions and adjustments [2] (2.2) (59.9) 6.1
COLI income [3] (2.0) (1.6) (1.7)
Sale of subsidiary [4] (3.3) (0.7) (2.0)
State and local income taxes, net of federal 6.5 6.7 6.3
Foreign operations, less applicable foreign tax credits [5] 9.3 (0.1) 0.2
Research tax credit (1.8) (1.9) (1.7)
Tax reserve adjustments [6] (5.3) 0.0 (2.0)
Other 1.8 2.3 3.4
Income tax expense 71.7 $ 4.5 $ 50.9
FRANCE      
income tax expense increase/decrease due to rate change 7.9    
UNITED KINGDOM      
income tax expense increase/decrease due to rate change 1.5    
Various jurisdictions [Member]      
income tax expense increase/decrease due to rate change $ 0.1    
[1] Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment.
[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 foreign operations, less applicable foreign tax credits, amounts include the rate differential from the U.S. rate on foreign operations.
[4] The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus death benefit gains are non-taxable.
[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.