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Income Taxes Income Tax Reconciliation (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 28, 2020
Feb. 22, 2019
Feb. 23, 2018
U.S. federal statutory tax rate 21.00%   32.90%
Tax expense at the U.S. federal statutory rate $ 51.5 $ 34.4 $ 53.2
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount [1] 0.0 (1.6) 27.9
Foreign investment tax credits [2] 0.0 0.0 (1.6)
Valuation allowance provisions and adjustments [3] (1.3) (1.3) 0.4
COLI income [4] (1.4) (1.6) (3.4)
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount [5] 4.9 7.8 1.4
State and local income taxes, net of federal 6.4 5.7 6.7
Foreign operations, less applicable foreign tax credits [6] (1.2) (0.8) 4.0
Research tax credit (2.9) (2.9) (2.3)
Tax reserve adjustments [7] 0.0 0.0 (0.2)
Other 1.1 (1.8) (5.3)
Income tax expense $ 45.5 $ 37.9 $ 80.8
[1]
We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which are generally 21.0%. Those items that reversed in 2018 were remeasured using a tax rate of 32.9%. We recorded a provisional decrease to deferred tax assets of $23.9 attributable to the rate reduction and a provisional tax liability of $4.0 related to transition tax for 2018. During 2019, we recorded adjustments reducing the impact of the rate change and the transition tax by $1.0 and $0.6 respectively, representing a tax rate reduction of 1%.
[2]
Investment tax credits were granted by the Czech Republic for investments in qualifying manufacturing equipment.
[3]
The valuation allowance provisions were based on current year activity, and the valuation allowance adjustments, including a reversal of valuation allowance at an affiliate in the U.K., were based on various factors, which are further detailed below.
[4] The increase in the cash surrender value of COLI policies, net of normal insurance expenses, plus maturity benefits are non-taxable
[5]
The foreign operations, less applicable foreign tax credits, amounts include the rate differential between local statutory rates and the U.S. rate on foreign operations.
[6]
Scheduled changes to the French corporate tax rate resulted in the revaluation of certain deferred tax assets of our French tax group.
[7]