XML 70 R79.htm IDEA: XBRL DOCUMENT v3.20.1
Short-Term Borrowings And Long-Term Debt Global Credit Facility (Details) - USD ($)
3 Months Ended 12 Months Ended
May 29, 2020
Feb. 28, 2020
Feb. 22, 2019
Feb. 23, 2018
May 24, 2019
Debt Instrument [Line Items]          
Line of Credit Facility, Borrowing Capacity, Description   $250 $200    
Repayments of Long-term Debt   $ 2,900,000 $ 252,700,000 $ 2,700,000  
Line of Credit Facility, Maximum Borrowing Capacity   250,000,000.0      
Line of Credit Facility, Additional Borrowing Capacity Available   $ 125,000,000      
Line of Credit Facility, Covenant Compliance   in compliance with all covenants under the facility in place      
Proceeds from Lines of Credit $ 250,000,000 $ 0 323,100,000 $ 0  
Revolving Credit Facilities Due 2022 [Member]          
Debt Instrument [Line Items]          
Line of Credit, Current         $ 0
Revolving Credit Facilities due 2018, global committed [Member]          
Debt Instrument [Line Items]          
Line of Credit, Current         $ 0
United States of America, Dollars | Revolving Credit Facilities due 2022, global committed [Domain]          
Debt Instrument [Line Items]          
Line of Credit Facility, Interest Rate Description   The greatest of the prime rate, the Federal fund effective rate plus 0.5%, and the Eurocurrency rate for a one month interest period plus 1%, plus the applicable margin as set forth in the credit agreement; or the Eurocurrency rate plus the applicable margin as set forth in the credit agreement.      
Line of Credit Facility, Covenant Terms   A maximum leverage ratio covenant, which is measured by the ratio of (x) indebtedness (as determined under the credit agreement) less excess liquidity (as determined under the credit agreement) to (y) the trailing four quarter Adjusted EBITDA (as determined under the credit agreement) and is required to be no greater than 3:1. (In the context of certain permitted acquisitions, we have a one-time ability, subject to certain conditions, to increase the maximum ratio to 3.25 to 1.0 for four consecutive quarters). A minimum interest coverage ratio covenant, which is measured by the ratio of (y) trailing four quarter Adjusted EBITDA (as determined under the credit agreement) to (z) trailing four quarter interest expense and is required to be no less than 3.5:1. The facility requires us to comply with certain other covenants, including a restriction on the aggregate amount of cash dividend payments and share repurchases in any fiscal year. In general, as long as our leverage ratio is less than 2.50 to 1.0, there is no restriction on cash dividends and share repurchases. If our leverage ratio is between 2.50 to 1.0 and the maximum then permitted, our ability to pay more than $35.0 in cash dividends and share repurchases in aggregate in any fiscal year may be restricted, depending on our liquidity.      
Line of Credit Facility, Covenant Compliance   in compliance with all covenants under the facility in place      
United States of America, Dollars | Senior notes due 2029 [Member]          
Debt Instrument [Line Items]          
Payments of Debt Issuance Costs     4,000,000.0    
Senior Notes [1]   $ 443,300,000 442,600,000    
United States of America, Dollars | Notes Payable due 2024 [Member]          
Debt Instrument [Line Items]          
Notes Payable [2]   39,900,000 42,700,000    
United States of America, Dollars | Revolving Credit Facilities short term, secured uncommitted [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity   5,500,000      
Line of Credit, Current   0 0    
Foreign Currency [Domain] | Revolving Credit Facilities [Member]          
Debt Instrument [Line Items]          
Line of Credit, Current [3]   0 0    
Foreign Currency [Domain] | Notes Payable, Other Payables [Member]          
Debt Instrument [Line Items]          
Notes Payable   300,000 300,000    
Foreign Currency [Domain] | Bank Overdrafts [Member]          
Debt Instrument [Line Items]          
Bank Overdrafts   200,000 1,400,000    
Foreign Currency [Domain] | Revolving Credit Facilities short term, secured uncommitted [Member]          
Debt Instrument [Line Items]          
Line of Credit, Current   0 $ 0    
Balloon Payment [Member] | United States of America, Dollars | Notes Payable due 2024 [Member]          
Debt Instrument [Line Items]          
Repayments of Long-term Debt   32,000,000      
Fixed Monthly Payments [Member] | United States of America, Dollars | Notes Payable due 2024 [Member]          
Debt Instrument [Line Items]          
Repayments of Long-term Debt   $ 200,000      
[1] In 2019, we issued $450 of unsecured unsubordinated senior notes, due in January 2029 (“2029 Notes”). The 2029 Notes were issued at 99.213% of par value. The bond discount of $3.5 and direct debt issuance costs of $4.0 were deferred and are being amortized over the life of the 2029 Notes. Although the coupon rate of the 2029 Notes is 5.125%, the effective interest rate is 5.6% after taking into account the impact of the direct debt issuance costs, a deferred loss on an interest rate lock related to the debt issuance and the bond discount. The 2029 Notes rank equally with all of our other unsecured unsubordinated indebtedness, and they contain no financial covenants. We may redeem some or all of the 2029 Notes at any time. The redemption price would equal the greater of: (1) the principal amount of the notes being redeemed or (2) the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the comparable U.S. Treasury rate plus 40 basis points; plus, in both cases, accrued and unpaid interest. If the notes are redeemed within 3 months of maturity, the redemption price would be equal to the principal amount of the notes being redeemed plus accrued and unpaid interest. During 2020 and 2019, amortization expense related to the discount and debt issuance costs on the 2029 Notes was
[2]
We have a $39.9 note payable with an original amount of $50.0 at a floating interest rate based on 30-day LIBOR plus 1.20%. The loan has a term of seven years and requires fixed monthly principal payments of $0.2 on a 20-year amortization schedule with a $32 balloon payment due in 2024. The loan is secured by two corporate aircraft, contains no financial covenants and is not cross-defaulted to our other debt facilities.
[3] e have unsecured uncommitted short-term credit facilities of up to $5.5 of U.S. dollar obligations and up to $17.7 of foreign currency obligations with various financial institutions available for working capital purposes as of February 28, 2020. Interest rates are variable and determined at the time of borrowing. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. There were no borrowings on these facilities as of February 28, 2020 and February 22, 2019.