10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 26, 2021

or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission File Number 1-13873

___________________________________________________________

STEELCASE INC.

(Exact name of registrant as specified in its charter)

Michigan		38-0819050
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
901 44th Street SE
Grand Rapids,	Michigan	49508
(Address of principal executive offices)		(Zip Code)

(616) 247-2710

(Registrant's telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock	SCS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑     No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐     No ☑

As of December 16, 2021, Steelcase Inc. had 87,021,731 shares of Class A Common Stock and 25,074,494 shares of Class B Common Stock outstanding.

STEELCASE INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED November 26, 2021

INDEX

		Page No.
PART I	Financial Information	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Income for the Three and Nine Months Ended November 26, 2021 and November 27, 2020	1
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended November 26, 2021 and November 27, 2020	2
	Condensed Consolidated Balance Sheets as of November 26, 2021 and February 26, 2021	3
	Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended November 26, 2021 and November 27, 2020	4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended November 26, 2021 and November 27, 2020	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	28
PART II	Other Information	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 6.	Exhibits	30
Signatures		31

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements:

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in millions, except per share data)

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Revenue	$	738.2	$	617.5	$	2,019.6	$	1,919.1
Cost of sales	534.6		437.3		1,454.5		1,339.7
Restructuring costs	—		2.3		—		9.2
Gross profit	203.6		177.9		565.1		570.2
Operating expenses	187.7		168.8		547.1		498.5
Goodwill impairment charge	—		—		—		17.6
Restructuring costs	—		9.1		—		17.8
Operating income	15.9		—		18.0		36.3
Interest expense	(6.5)		(6.6)		(19.3)		(20.7)
Investment income	0.1		0.2		0.4		1.2
Other income, net	2.5		2.2		3.5		7.0
Income (loss) before income tax expense (benefit)	12.0		(4.2)		2.6		23.8
Income tax expense (benefit)	2.4		(6.3)		(3.6)		4.3
Net income	$	9.6	$	2.1	$	6.2	$	19.5
Earnings per share:
Basic	$	0.08	$	0.02	$	0.05	$	0.17
Diluted	$	0.08	$	0.02	$	0.05	$	0.17
Dividends declared and paid per common share	$	0.145	$	0.100	$	0.390	$	0.270

See accompanying notes to the condensed consolidated financial statements.

1

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(in millions)

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Net income	$	9.6	$	2.1	$	6.2	$	19.5
Other comprehensive income (loss), net:
Unrealized gain (loss) on investments	(0.1)		0.3		0.1		0.2
Pension and other post-retirement liability adjustments	0.4		(0.3)		0.7		(1.1)
Derivative amortization	0.3		0.3		0.7		0.7
Foreign currency translation adjustments	(13.3)		7.2		(25.1)		20.7
Total other comprehensive income (loss), net	(12.7)		7.5		(23.6)		20.5
Comprehensive income (loss)	$	(3.1)	$	9.6	$	(17.4)	$	40.0

See accompanying notes to the condensed consolidated financial statements.

2

STEELCASE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

	(Unaudited)
	November 26, 2021		February 26, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	275.2	$	489.8
Accounts receivable	341.8		279.0
Allowance for doubtful accounts	(8.5)		(8.7)
Inventories	286.1		193.5
Prepaid expenses	35.7		20.9
Income taxes receivable	51.0		49.5
Other current assets	22.2		21.4
Total current assets	1,003.5		1,045.4
Property, plant and equipment, net of accumulated depreciation of $1,084.6 and $1,063.2	394.8		410.8
Company-owned life insurance ("COLI")	170.0		169.5
Deferred income taxes	119.7		113.3
Goodwill	242.7		218.1
Other intangible assets, net of accumulated amortization of $82.4 and $73.3	89.1		90.4
Investments in unconsolidated affiliates	50.6		51.5
Right-of-use operating lease assets	222.7		225.4
Other assets	25.7		29.6
Total assets	$	2,318.8	$	2,354.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	257.8	$	181.3
Short-term borrowings and current portion of long-term debt	5.0		4.7
Current operating lease obligations	43.7		43.8
Accrued expenses:
Employee compensation	79.9		90.1
Employee benefit plan obligations	20.6		24.9
Accrued promotions	27.2		27.8
Customer deposits	56.2		33.7
Other	100.6		108.7
Total current liabilities	591.0		515.0
Long-term liabilities:
Long-term debt less current maturities	477.9		479.2
Employee benefit plan obligations	144.1		152.9
Long-term operating lease obligations	195.8		199.5
Other long-term liabilities	53.4		46.9
Total long-term liabilities	871.2		878.5
Total liabilities	1,462.2		1,393.5
Shareholders’ equity:
Additional paid-in capital	—		12.5
Accumulated other comprehensive income (loss)	(63.6)		(40.0)
Retained earnings	920.2		988.0
Total shareholders’ equity	856.6		960.5
Total liabilities and shareholders’ equity	$	2,318.8	$	2,354.0

See accompanying notes to the condensed consolidated financial statements.

3

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in millions, except share and per share data)

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Changes in common shares outstanding:
Common shares outstanding, beginning of period	113,821,358		114,776,546		114,908,676		117,202,000
Common stock issuances	16,109		21,351		43,406		48,241
Common stock repurchases	(1,764,083)		(44,201)		(3,991,083)		(3,288,795)
Performance and restricted stock units issued as common stock	104,825		139,114		1,217,210		931,364
Common shares outstanding, end of period	112,178,209		114,892,810		112,178,209		114,892,810
Changes in additional paid-in capital (1):
Additional paid-in capital, beginning of period	$	—	$	1.7	$	12.5	$	28.4
Common stock issuances	0.2		0.2		0.6		0.6
Common stock repurchases	—		(0.4)		(27.7)		(36.8)
Performance and restricted stock units expense (credit)	(0.2)		2.0		14.6		11.3
Additional paid-in capital, end of period	—		3.5		—		3.5
Changes in accumulated other comprehensive income (loss):
Accumulated other comprehensive income (loss), beginning of period	(50.9)		(56.3)		(40.0)		(69.3)
Other comprehensive income (loss)	(12.7)		7.5		(23.6)		20.5
Accumulated other comprehensive income (loss), end of period	(63.6)		(48.8)		(63.6)		(48.8)
Changes in retained earnings:
Retained earnings, beginning of period	952.2		1,002.7		988.0		1,011.3
Net income	9.6		2.1		6.2		19.5
Dividends paid	(16.7)		(11.7)		(45.9)		(31.8)
Common stock repurchases	(23.1)		—		(26.3)		(5.9)
Performance and restricted stock units expense (credit)	(1.8)		—		(1.8)		—
Retained earnings, end of period	920.2		993.1		920.2		993.1
Total shareholders' equity	$	856.6	$	947.8	$	856.6	$	947.8

_______________________________________

(1)Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

See accompanying notes to the condensed consolidated financial statements.

4

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

	Nine Months Ended
	November 26, 2021		November 27, 2020
OPERATING ACTIVITIES
Net income	$	6.2	$	19.5
Depreciation and amortization	62.2		64.1
Goodwill impairment charge	—		17.6
Restructuring costs	—		27.0
Deferred income taxes	(9.6)		17.9
Non-cash stock compensation	13.4		11.9
Equity in income of unconsolidated affiliates	(4.4)		(6.7)
Dividends received from unconsolidated affiliates	4.7		5.2
Other	(19.5)		(12.4)
Changes in operating assets and liabilities:
Accounts receivable	(68.6)		105.2
Inventories	(93.4)		(16.4)
Other assets	(18.3)		(22.9)
Accounts payable	77.5		(47.0)
Employee compensation liabilities	(15.3)		(130.5)
Employee benefit obligations	(13.5)		(25.2)
Customer deposits	21.3		30.4
Accrued expenses and other liabilities	(1.8)		(0.5)
Net cash provided by (used in) operating activities	(59.1)		37.2
INVESTING ACTIVITIES
Capital expenditures	(45.3)		(32.1)
Proceeds from disposal of fixed assets	17.4		7.3
Acquisition, net of cash acquired	(32.6)		—
Other	9.2		7.0
Net cash used in investing activities	(51.3)		(17.8)
FINANCING ACTIVITIES
Dividends paid	(45.9)		(31.8)
Common stock repurchases	(54.0)		(42.7)
Borrowings on global committed bank facility	—		250.0
Repayments on global committed bank facility	—		(250.0)
Other	(1.6)		(2.1)
Net cash used in financing activities	(101.5)		(76.6)
Effect of exchange rate changes on cash and cash equivalents	(1.6)		1.8
Net decrease in cash, cash equivalents and restricted cash	(213.5)		(55.4)
Cash and cash equivalents and restricted cash, beginning of period (1)	495.6		547.1
Cash and cash equivalents and restricted cash, end of period (2)	$	282.1	$	491.7

_______________________________________

(1)These amounts include restricted cash of $5.8 and $6.1 as of February 26, 2021 and February 28, 2020, respectively.

(2)These amounts include restricted cash of $6.9 and $7.3 as of November 26, 2021 and November 27, 2020, respectively.

Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims.  Restricted cash is included as part of Other assets in the Condensed Consolidated Balance Sheets.

See accompanying notes to the condensed consolidated financial statements.

5

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 26, 2021 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 26, 2021 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.

As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

2.NEW ACCOUNTING STANDARDS

We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements.

6

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

3.REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:

Product Category Data	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Americas
Desking, benching, systems and storage	$	240.1	$	202.8	$	669.5	$	681.9
Seating	143.0		121.3		426.7		412.8
Other (1)	117.2		92.3		303.7		286.8
EMEA
Desking, benching, systems and storage	62.2		48.5		158.7		140.3
Seating	61.1		61.7		150.7		138.5
Other (1)	44.9		33.1		121.3		89.9
Other
Desking, benching, systems and storage	13.8		12.4		39.1		33.5
Seating	21.3		17.2		52.0		48.1
Other (1)	34.6		28.2		97.9		87.3
	$	738.2	$	617.5	$	2,019.6	$	1,919.1

_______________________________________

(1)The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services.

Reportable geographic information is as follows:

Reportable Geographic Revenue	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
United States	$	474.6	$	392.9	$	1,327.4	$	1,314.0
Foreign locations	263.6		224.6		692.2		605.1
	$	738.2	$	617.5	$	2,019.6	$	1,919.1

Contract Balances

At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability (Customer deposits) presented in the Condensed Consolidated Balance Sheets.

Changes in the Customer deposits balance during the nine months ended November 26, 2021 are as follows:

	Customer Deposits
Balance as of February 26, 2021	$	33.7
Recognition of revenue related to beginning of year customer deposits	(30.7)
Customer deposits received, net of revenue recognized during the period	53.2
Balance as of November 26, 2021	$	56.2

7

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

4.EARNINGS PER SHARE

Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period.

Computation of Earnings Per Share	Three Months Ended November 26, 2021						Three Months Ended November 27, 2020
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	9.6	116.0		116.3		$	2.1	117.7		118.0
Impact of participating securities	(0.3)		(3.2)		(3.2)		—		(2.9)		(2.9)
Amounts used in calculating earnings per share, excluding participating securities	$	9.3	112.8		113.1		$	2.1	114.8		115.1
Earnings per share			$	0.08	$	0.08			$	0.02	$	0.02

There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three months ended November 26, 2021 and November 27, 2020.

Computation of Earnings Per Share	Nine Months Ended November 26, 2021						Nine Months Ended November 27, 2020
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	6.2	117.4		117.8		$	19.5	117.4		117.7
Impact of participating securities	(0.2)		(3.0)		(3.0)		(0.4)		(2.5)		(2.5)
Amounts used in calculating earnings per share, excluding participating securities	$	6.0	114.4		114.8		$	19.1	114.9		115.2
Earnings per share			$	0.05	$	0.05			$	0.17	$	0.17

There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the nine months ended November 26, 2021 and November 27, 2020.

8

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

5.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 26, 2021:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of August 27, 2021	$	0.5	$	(6.3)	$	(7.2)	$	(37.9)	$	(50.9)
Other comprehensive income (loss) before reclassifications	(0.1)		0.4		—		(13.3)		(13.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		0.3		—		0.3
Net other comprehensive income (loss) during the period	(0.1)		0.4		0.3		(13.3)		(12.7)
Balance as of November 26, 2021	$	0.4	$	(5.9)	$	(6.9)	$	(51.2)	$	(63.6)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 26, 2021:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 26, 2021	$	0.3	$	(6.6)	$	(7.6)	$	(26.1)	$	(40.0)
Other comprehensive income (loss) before reclassifications	0.1		0.8		—		(25.1)		(24.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.1)		0.7		—		0.6
Net other comprehensive income (loss) during the period	0.1		0.7		0.7		(25.1)		(23.6)
Balance as of November 26, 2021	$	0.4	$	(5.9)	$	(6.9)	$	(51.2)	$	(63.6)

9

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 26, 2021 and November 27, 2020:

Detail of Accumulated Other Comprehensive Income (Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line in the Condensed Consolidated Statements of Income
	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Amortization of pension and other post-retirement actuarial losses (gains)	$	(0.1)	$	(0.3)	$	(0.2)	$	(0.9)	Other income, net
Prior service cost (credit)	—		—		—		(0.1)		Other income, net
Income tax expense	0.1		0.1		0.1		0.3		Income tax expense (benefit)
	—		(0.2)		(0.1)		(0.7)
Derivative amortization	0.4		0.4		1.0		1.0		Interest expense
Income tax benefit	(0.1)		(0.1)		(0.3)		(0.3)		Income tax expense (benefit)
	0.3		0.3		0.7		0.7
Total reclassifications	$	0.3	$	0.1	$	0.6	$	—

10

STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

6.FAIR VALUE

The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value in the Condensed Consolidated Balance Sheets.

Our total debt is carried at cost and was $482.9 and $483.9 as of November 26, 2021 and February 26, 2021, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was $552.4 and $568.1 as of November 26, 2021 and February 26, 2021, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.

We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes.

Assets and liabilities measured at fair value as of November 26, 2021 and February 26, 2021 are summarized below:

	November 26, 2021
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	274.1	$	—	$	—	$	274.1
Restricted cash	6.9		—		—		6.9
Foreign exchange forward contracts	—		0.2		—		0.2
Auction rate security	—		—		2.7		2.7
	$	281.0	$	0.2	$	2.7	$	283.9
Liabilities:
Foreign exchange forward contracts	$	—	$	(2.1)	$	—	$	(2.1)
	$	—	$	(2.1)	$	—	$	(2.1)
	February 26, 2021
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	489.8	$	—	$	—	$	489.8
Restricted cash	5.8		—		—		5.8
Foreign exchange forward contracts	—		1.1		—		1.1
Auction rate security	—		—		2.6		2.6
	$	495.6	$	1.1	$	2.6	$	499.3
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.8)	$	—	$	(0.8)
	$	—	$	(0.8)	$	—	$	(0.8)

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the nine months ended November 26, 2021:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Security
Balance as of February 26, 2021	$	2.6
Unrealized gain on investment	0.1
Balance as of November 26, 2021	$	2.7

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

7.INVENTORIES

Inventories	November 26, 2021		February 26, 2021
Raw materials and work-in-process	$	162.8	$	126.0
Finished goods	151.3		86.4
	314.1		212.4
Revaluation to LIFO	28.0		18.9
	$	286.1	$	193.5

The portion of inventories determined by the LIFO method was $125.1 and $89.1 as of November 26, 2021 and February 26, 2021, respectively.

8.     SHARE-BASED COMPENSATION

Performance Units

We have issued performance units (“PSUs”) to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively).

As of November 26, 2021, the following PSUs have been issued and remained outstanding:

•448,300 PSUs to be earned over a three-year performance period of 2022 through 2024 (the "2022 PSUs"),

•529,500 PSUs to be earned over a three-year performance period of 2021 through 2023 (the "2021 PSUs") and

•296,600 PSUs to be earned over a three-year performance period of 2020 through 2022 (the "2020 PSUs").

In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs, Tranche 2 of the 2021 PSUs and Tranche 3 of the 2020 PSUs. Accordingly, one-third of each of these PSUs were considered granted in Q1 2022.

In Q1 2021, the performance conditions were established for Tranche 1 of the 2021 PSUs and Tranche 2 of the 2020 PSUs. These performance conditions involved a qualitative assessment which was made by the Compensation Committee in Q4 2021. Accordingly, one-third of each of these PSUs were considered granted in Q4 2021.

In Q1 2020, the performance conditions were established for Tranche 1 of the 2020 PSUs. Accordingly, one-third of the 2020 PSUs were considered granted in Q1 2020.

Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a fair value of $6.1, $3.7 and $1.6 for the PSUs with market conditions granted in 2022, 2021 and 2020, respectively. The Monte Carlo simulation was computed using the following assumptions:

	FY22 Award		FY21 Award				FY20 Award
	Tranche 1		Tranche 2		Tranche 1		Tranche 3		Tranche 2		Tranche 1
Risk-free interest rate (1)	0.3	%	0.2	%	0.2	%	0.1	%	0.1	%	2.3	%
Expected term	3 years		2 years		2 years		1 year		1 year		3 years
Estimated volatility (2)	53.5	%	61.3	%	58.1	%	56.1	%	74.1	%	32.5	%

_______________________________________

(1)Based on the U.S. Government bond benchmark on the grant date.

(2)Represents the historical price volatility of our Class A Common Stock for the three-year period.

The total PSU expense (credit) and associated tax benefit (expense) for all outstanding awards for the three and nine months ended November 26, 2021 and November 27, 2020 are as follows:

	Three Months Ended				Nine Months Ended
Performance Units	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Expense (credit)	$	(4.1)	$	0.1	$	1.5	$	0.4
Tax benefit (expense)	(1.0)		—		0.4		0.1

As of November 26, 2021, there was $0.3 of remaining unrecognized compensation expense related to granted nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.4 years.

The PSU activity for the nine months ended November 26, 2021 is as follows:

Maximum Number of Shares That May Be Issued Under Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 26, 2021	898,156	$	14.06
Granted	1,019,517	14.38
Nonvested as of November 26, 2021	1,917,673	$	14.23

Restricted Stock Units

During the nine months ended November 26, 2021, we awarded 1,155,818 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the RSUs will be issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the date of grant. For participants who are or become retirement-eligible during the service period, the RSUs are expensed over the period ending on the date the participant becomes retirement-eligible.

The total RSU expense and associated tax benefit for all outstanding awards for the three and nine months ended November 26, 2021 and November 27, 2020 are as follows:

	Three Months Ended				Nine Months Ended
Restricted Stock Units	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Expense	$	2.1	$	1.9	$	11.3	$	10.9
Tax benefit	0.5		0.5		2.8		2.8

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

As of November 26, 2021, there was $10.6 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.1 years.

The RSU activity for the nine months ended November 26, 2021 is as follows:

Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 26, 2021	2,285,965	$	12.11
Granted	1,155,818	13.89
Vested	(121,384)	12.95
Forfeited	(65,085)	12.92
Nonvested as of November 26, 2021	3,255,314	$	12.58

9.     LEASES

We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.

The components of lease expense are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Operating lease cost	$	13.2	$	12.8	$	39.5	$	38.8
Sublease rental income	(0.5)		(0.7)		(1.4)		(1.6)
	$	12.7	$	12.1	$	38.1	$	37.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Cash flow information:
Operating cash flows used for operating leases	$	13.6	$	12.6	$	40.4	$	37.3
Leased assets obtained in exchange for new operating lease obligations	$	17.0	$	0.7	$	34.3	$	2.6

	November 26, 2021		November 27, 2020
Other information:
Weighted-average remaining term	6.2 years		6.7 years
Weighted-average discount rate	3.6	%	4.0	%

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table summarizes the future minimum lease payments as of November 26, 2021:

Fiscal year ending in February	Amount (1)
2022	$	13.1
2023	50.2
2024	45.8
2025	43.2
2026	34.2
Thereafter	81.3
Total lease payments	$	267.8
Less: Interest	28.3
Present value of lease liabilities	$	239.5

_______________________________________

(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

10.ACQUISITIONS

Viccarbe Habitat, S.L.

In Q3 2022, we acquired Viccarbe Habitat, S.L. ("Viccarbe"), a Spanish designer of contemporary furniture for high-performance collaborative and social spaces. The transaction included the purchase of all the outstanding capital stock of Viccarbe for $34.9 (or €30.0), less an adjustment for working capital estimated at $1.5 (or €1.3), in an all-cash transaction using cash on-hand. An additional amount of $15.1 (or €13.0) is payable to the sellers based upon the achievement of certain sales and operating income targets over a three year period. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. As a result, we recorded a related liability of $4.9 (or €4.2). An additional amount of $7.0 (or €6.0) is also payable to the sellers based upon the achievement of certain milestones and continued employment over a five year period, which will be expensed over the service period on a straight-line basis.

Tangible assets and liabilities of Viccarbe were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $11.7 related to identifiable intangible assets, $25.6 related to goodwill and $5.3 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and accounts payable), property, plant and equipment and deferred tax liabilities. The goodwill was recorded in the EMEA segment and is not deductible for income tax purposes in Spain. The goodwill resulting from the acquisition is primarily related to the growth potential of Viccarbe and our intention to expand the manufacturing of Viccarbe products in geographic regions outside of EMEA and offer Viccarbe products through our global distribution network. Intangible assets are principally related to the Viccarbe trade name, dealer relationships and internally developed know-how and designs, which will be amortized over periods ranging from 9 to 13 years from the date of acquisition. The purchase price allocation for the acquisition was incomplete as of November 26, 2021. The amounts recognized related to the purchase price allocation will be finalized no later than one year after the acquisition date.

The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Other Intangible Assets	Useful Life (Years)	Fair Value
Trademark	9.0	$	4.6
Dealer relationships	13.0	3.8
Know-how/designs	9.0	3.3
		$	11.7

    

The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful life. The estimated amortization expense for the next five years is as follows:

Fiscal Year Ending in February	Amount
2022	$	0.4
2023	1.1
2024	1.1
2025	1.2
2026	1.1
	$	4.9

11.     REPORTABLE SEGMENTS

Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate.

The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Smith System, AMQ, Orangebox and Viccarbe brands.

The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox, Coalesse and Viccarbe brands, with a comprehensive portfolio of furniture, architectural and technology products.

The Other category includes Asia Pacific and Designtex. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia primarily under the Steelcase brand with a comprehensive portfolio of furniture, architectural and technology products. Designtex primarily sells textiles, wall coverings and surface imaging solutions specified by architects and designers directly to end-use customers through a direct sales force primarily in North America.

We primarily review and evaluate revenue and operating income by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue and operating income. Total assets by segment include manufacturing and other assets associated with each segment.

Corporate costs include unallocated portions of shared service functions such as information technology, corporate facilities, finance, human resources, research, legal and customer aviation, plus deferred compensation expense and income or losses associated with COLI. Corporate assets consist primarily of unallocated cash and cash equivalents, COLI, fixed assets and right-of-use assets related to operating leases.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Revenue and operating income (loss) for the three and nine months ended November 26, 2021 and November 27, 2020 and total assets as of November 26, 2021 and February 26, 2021 by segment are presented in the following table:

	Three Months Ended				Nine Months Ended
Reportable Segment Statement of Operations Data	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Revenue
Americas	$	500.3	$	416.4	$	1,399.9	$	1,381.5
EMEA	168.2		143.3		430.7		368.7
Other	69.7		57.8		189.0		168.9
	$	738.2	$	617.5	$	2,019.6	$	1,919.1
Operating income (loss)
Americas	$	11.1	$	13.8	$	40.8	$	84.9
EMEA	8.3		(3.7)		1.0		(31.8)
Other	2.0		(2.2)		(7.5)		(2.7)
Corporate	(5.5)		(7.9)		(16.3)		(14.1)
	$	15.9	$	—	$	18.0	$	36.3

Reportable Segment Balance Sheet Data	November 26, 2021		February 26, 2021
Total assets
Americas	$	1,103.6	$	1,015.3
EMEA	479.2		414.4
Other	227.0		211.3
Corporate	509.0		713.0
	$	2,318.8	$	2,354.0

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations:

This management’s discussion and analysis of financial condition and results of operations should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 26, 2021. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

Non-GAAP Financial Measures

This item contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, we have provided a reconciliation below of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

The non-GAAP financial measures used are (1) organic revenue growth (decline), which represents the change in revenue excluding the impacts of acquisitions and divestitures and estimated currency translation effects, and (2) adjusted operating income (loss), which represents operating income (loss) excluding goodwill impairment charges and restructuring costs. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.

Financial Summary

Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate.

Results of Operations

	Three Months Ended								Nine Months Ended
Statement of Operations Data	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Revenue	$	738.2	100.0	%	$	617.5	100.0	%	$	2,019.6	100.0	%	$	1,919.1	100.0	%
Cost of sales	534.6		72.4		437.3		70.9		1,454.5		72.0		1,339.7		69.8
Restructuring costs	—		—		2.3		0.3		—		—		9.2		0.5
Gross profit	203.6		27.6		177.9		28.8		565.1		28.0		570.2		29.7
Operating expenses	187.7		25.4		168.8		27.3		547.1		27.1		498.5		26.0
Goodwill impairment charge	—		—		—		—		—		—		17.6		0.9
Restructuring costs	—		—		9.1		1.5		—		—		17.8		0.9
Operating income	15.9		2.2		—		—		18.0		0.9		36.3		1.9
Interest expense	(6.5)		(0.9)		(6.6)		(1.1)		(19.3)		(1.0)		(20.7)		(1.2)
Investment income	0.1		—		0.2		—		0.4		—		1.2		0.1
Other income, net	2.5		0.3		2.2		0.4		3.5		0.2		7.0		0.4
Income (loss) before income tax expense (benefit)	12.0		1.6		(4.2)		(0.7)		2.6		0.1		23.8		1.2
Income tax expense (benefit)	2.4		0.3		(6.3)		(1.0)		(3.6)		(0.2)		4.3		0.2
Net income	$	9.6	1.3	%	$	2.1	0.3	%	$	6.2	0.3	%	$	19.5	1.0	%
Earnings per share:
Basic	$	0.08			$	0.02			$	0.05			$	0.17
Diluted	$	0.08			$	0.02			$	0.05			$	0.17

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Q3 2022 Organic Revenue Growth	Americas			EMEA			Other			Consolidated
Q3 2021 revenue	$	416.4		$	143.3		$	57.8		$	617.5
Acquisitions	12.2			0.7			—			12.9
Currency translation effects*	0.7			(0.8)			0.4			0.3
Q3 2021 revenue, adjusted	429.3			143.2			58.2			630.7
Q3 2022 revenue	500.3			168.2			69.7			738.2
Organic growth $	$	71.0		$	25.0		$	11.5		$	107.5
Organic growth %	17		%	17		%	20		%	17		%
* Currency translation effects represent the estimated net effect of translating Q3 2021 foreign currency revenues using the average exchange rates during Q3 2022.

Year-to-date 2022 Organic Revenue Growth (Decline)	Americas			EMEA			Other			Consolidated
Year-to-date 2021 revenue	$	1,381.5		$	368.7		$	168.9		$	1,919.1
Acquisitions	38.1			0.7			—			38.8
Currency translation effects*	4.9			15.6			3.6			24.1
Year-to-date 2021 revenue, adjusted	1,424.5			385.0			172.5			1,982.0
Year-to-date 2022 revenue	1,399.9			430.7			189.0			2,019.6
Organic growth (decline) $	$	(24.6)		$	45.7		$	16.5		$	37.6
Organic growth (decline) %	(2)		%	12		%	10		%	2		%
* Currency translation effects represent the estimated net effect of translating year-to-date 2021 foreign currency revenues using the average exchange rates during year-to-date 2022.

Reconciliation of Operating Income to Adjusted Operating Income	Three Months Ended								Nine Months Ended
	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Operating income	$	15.9	2.2	%	$	—	—	%	$	18.0	0.9	%	$	36.3	1.9	%
Add: Goodwill impairment charge	—		—		—		—		—		—		17.6		0.9
Add: Restructuring costs	—		—		11.4		1.8		—		—		27.0		1.4
Adjusted operating income	$	15.9	2.2	%	$	11.4	1.8	%	$	18.0	0.9	%	$	80.9	4.2	%

Overview

During Q3 2022, we continued to see strengthening demand and a broader recovery of our industry. Our orders grew by 40% compared to the prior year, and revenue increased by 20% compared to the prior year. Supply chain disruptions in the Americas in the current year resulted in extended lead-times, shipment delays and adjustments to delivery schedules which we estimate caused at least $35 of revenue to shift from Q3 2022 into Q4 2022 compared to at least $40 of revenue which we estimate shifted from Q2 2022 to Q3 2022 for similar reasons. Revenue in Q3 2021 was negatively impacted by a delay of approximately $60 of shipments to Q4 2021 due to a temporary global operations shutdown we implemented to protect our systems during a cyberattack. During the quarter, our pipeline of project opportunities, requests for proposals and product mock-ups remained consistent with the levels we saw in Q2 2022.

The supply chain disruptions in the Americas, combined with continued significant inflation in steel and other commodities, net of pricing benefits, had an impact of approximately $40 on cost of sales in Q3 2022 compared to the prior year. We expect the supply chain disruptions and inflationary pressures from steel and other commodities to continue to impact our cost of sales in Q4 2022 and into 2023, but we expect our recent price increases to offset the current level of inflation in 2023.

Q3 2022 Compared to Q3 2021

We recorded net income of $9.6 and diluted earnings per share of $0.08 in Q3 2022 compared to net income of $2.1 and diluted earnings per share of $0.02 in the prior year. The prior year results included restructuring costs in the Americas, which decreased net income by $7.0 and diluted earnings per share by $0.06.

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Operating income of $15.9 in Q3 2022 compared to break-even operating income in the prior year, which included $11.4 of restructuring costs. The increase was driven by higher revenue, partially offset by higher cost of sales as a percentage of revenue.

Revenue of $738.2 in Q3 2022 represented an increase of $120.7 or 20% compared to the prior year, driven by growth across all segments. Supply chain disruptions in the Americas in the current year resulted in extended lead-times, shipment delays and adjustments to delivery schedules which we estimate caused at least $35 of revenue to shift from Q3 2022 into Q4 2022 compared to at least $40 of revenue which we estimate shifted from Q2 2022 to Q3 2022 for similar reasons. Revenue in the prior year was negatively impacted by a delay of approximately $60 of shipments to Q4 2021 as a result of the temporary operations shutdown in Q3 2021. Revenue grew by 20% in the Americas, 17% in EMEA and 21% in the Other category compared to the prior year. After adjusting for a $12.9 impact from acquisitions and $0.3 of currency translation effects, the organic revenue growth was $107.5 or 17% compared to the prior year. The organic revenue growth was 17% in the Americas, 17% in EMEA and 20% in the Other category compared to the prior year.

Cost of sales as a percentage of revenue increased by 150 basis points in Q3 2022 compared to the prior year. The increase was driven by approximately $29 of higher inflation costs, net of pricing benefits, and approximately $11 of higher freight and labor costs and inefficiencies due to supply chain disruptions, partially offset by the benefits of higher revenue. Cost of sales as a percentage of revenue increased by 430 basis points in the Americas, while EMEA improved by 490 basis points and the Other category improved by 150 basis points.

Operating expenses of $187.7 in Q3 2022 represented an increase of $18.9, but a decline of 190 basis points as a percentage of revenue, compared to the prior year. The current year included approximately $13 of higher marketing and sales expenses, approximately $6 of higher discretionary spending and employee costs in other functional areas and $3.5 from acquisitions, partially offset by $2.9 of lower variable compensation expense.

Our Q3 2022 effective tax rate was 20.0%, which included $1.2 of discrete tax benefits. In the prior year, we recorded an income tax benefit of $6.3, which was primarily driven by benefits available under the U.S. Coronavirus Aid, Relief, and Economic Security Act.

Year-to-date 2022 Compared to Year-to-date 2021

We recorded year-to-date 2022 net income of $6.2 and diluted earnings per share of $0.05 compared to year-to-date 2021 net income of $19.5 and diluted earnings per share of $0.17. In year-to-date 2021, the results included: (1) a goodwill impairment charge related to the EMEA segment, which had the effect of decreasing net income by $17.6 and diluted earnings per share by $0.15, and (2) restructuring costs due to workforce reductions in the Americas, which had the effect of decreasing net income by $16.5 and diluted earnings per share by $0.14. Year-to-date 2022 operating income of $18.0 represented a decrease of $18.3 compared to the prior year. The decrease was due to higher cost of sales as a percentage of revenue and higher operating expenses, partially offset by higher revenue and the impact of the goodwill impairment charge and restructuring costs in the prior year. Excluding the impact of the goodwill impairment charge and restructuring costs in the prior year, adjusted operating income decreased by $62.9 in year-to-date 2022 compared to year-to-date 2021.

Year-to-date 2022 revenue of $2,019.6 represented an increase of $100.5 or 5% compared to year-to-date 2021. Revenue increased by 1% in the Americas, 17% in EMEA and 12% in the Other category compared to the prior year. After adjusting for $38.8 of impact from acquisitions and $24.1 of currency translation effects, the organic revenue growth was $37.6 or 2% compared to the prior year. The Americas had an organic revenue decline of 2%, while the organic revenue growth was 12% in EMEA and 10% in the Other category compared to the prior year.

Cost of sales as a percentage of revenue increased by 220 basis points in year-to-date 2022 compared to year-to-date 2021. The increase was driven by approximately $57 of higher inflation costs, net of pricing benefits, and approximately $16 of higher freight and labor costs and inefficiencies due to supply chain disruptions, partially offset by the benefits of higher revenue and $6.6 of lower variable compensation expense. Cost of sales as a percentage of revenue increased by 370 basis points in the Americas and by 220 basis points in the Other category, while EMEA improved by 320 basis points.

Operating expenses of $547.1 in year-to-date 2022 represented an increase of $48.6, or 110 basis points as a percentage of revenue, compared to the prior year. The prior year included approximately $41 of lower employee costs as a result of temporary hour and pay reductions and gains of $6.7 from the sale of land. The current year included approximately $26 of higher marketing and sales expenses, approximately $11 of higher discretionary spending in other functional areas and $9.5 from acquisitions, partially offset by approximately $18 of lower

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employee costs (due to the benefits from workforce reductions in the prior year), a $15.4 gain from the sale of land and $9.6 of lower variable compensation expense.

Our year-to-date 2022 effective tax rate was (138.5)% compared to a year-to-date 2021 effective tax rate of 18.1%. The year-to-date 2022 effective tax rate included $4.6 of discrete tax benefits. The year-to-date 2021 effective tax rate reflected the non-deductible nature of the goodwill impairment charge recorded in Q1 2021.

Interest Expense, Investment Income and Other Income, Net

	Three Months Ended				Nine Months Ended
Interest Expense, Investment Income and Other Income, Net	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Interest expense	$	(6.5)	$	(6.6)	$	(19.3)	$	(20.7)
Investment income	0.1		0.2		0.4		1.2
Other income, net:
Equity in income of unconsolidated affiliates	2.2		2.6		4.5		6.6
Foreign exchange gains (losses)	0.9		0.1		0.6		(1.0)
Net periodic pension and post-retirement credit, excluding service cost	(0.2)		—		(0.5)		(0.1)
Miscellaneous income (expense), net	(0.4)		(0.5)		(1.1)		1.5
Total other income, net	2.5		2.2		3.5		7.0
Total interest expense, investment income and other income, net	$	(3.9)	$	(4.2)	$	(15.4)	$	(12.5)

Interest expense in year-to-date 2021 included the impact of borrowings under our global credit facility in Q1 2021, which were repaid during Q2 2021. Other income, net in year-to-date 2021 included a $2.8 gain related to additional proceeds received in the prior year from the partial sale of an investment in an unconsolidated affiliate in 2018.

Business Segment Review

See Note 10 to the condensed consolidated financial statements for additional information regarding our business segments.

Americas

The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Smith System, AMQ, Orangebox and Viccarbe brands.

	Three Months Ended								Nine Months Ended
Statement of Operations Data — Americas	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Revenue	$	500.3	100.0	%	$	416.4	100.0	%	$	1,399.9	100.0	%	$	1,381.5	100.0	%
Cost of sales	370.3		74.0		290.4		69.7		1,015.4		72.5		950.8		68.8
Restructuring costs	—		—		2.3		0.6		—		—		9.2		0.7
Gross profit	130.0		26.0		123.7		29.7		384.5		27.5		421.5		30.5
Operating expenses	118.9		23.8		100.8		24.2		343.7		24.6		318.8		23.1
Restructuring costs	—		—		9.1		2.2		—		—		17.8		1.3
Operating income	$	11.1	2.2	%	$	13.8	3.3	%	$	40.8	2.9	%	$	84.9	6.1	%

Reconciliation of Operating Income to Adjusted Operating Income — Americas	Three Months Ended								Nine Months Ended
	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Operating income	$	11.1	2.2	%	$	13.8	3.3	%	$	40.8	2.9	%	$	84.9	6.1	%
Add: Restructuring costs	—		—		11.4		2.8		—		—		27.0		2.0
Adjusted operating income	$	11.1	2.2	%	$	25.2	6.1	%	$	40.8	2.9	%	$	111.9	8.1	%

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Operating income in the Americas declined by $2.7 in Q3 2022 compared to the prior year. The decline was driven by higher cost of sales as a percentage of revenue, partially offset by higher revenue and $11.4 of restructuring costs related to workforce reductions in the prior year. Excluding the impact of the restructuring costs in the prior year, adjusted operating income decreased by $14.1 in Q3 2022 compared to the prior year. Operating income in year-to-date 2022 represented a decrease of $44.1 compared to year-to-date 2021. The decrease was driven by higher cost of sales as a percentage of revenue and higher operating expenses, partially offset by higher revenue and $27.0 of restructuring costs in the prior year. Excluding the impact of restructuring costs in the prior year, year-to-date 2022 adjusted operating income represented a decrease of $71.1 compared to the prior year.

The Americas revenue represented 67.8% of consolidated revenue in Q3 2022. Q3 2022 revenue of $500.3 represented an increase of $83.9 or 20% compared to the prior year. Supply chain disruptions in the Americas in the current year resulted in extended lead-times, shipment delays and adjustments to delivery schedules which we estimate caused at least $35 of revenue to shift from Q3 2022 into Q4 2022 compared to at least $40 of revenue which we estimate shifted from Q2 2022 to Q3 2022 for similar reasons. Revenue in the prior year was negatively impacted by a delay of approximately $50 of shipments to Q4 2021 as a result of the temporary operations shutdown in Q3 2021. After adjusting for a $12.2 impact from acquisitions and $0.7 of currency translation effects, the organic revenue growth was $71.0 or 17% compared to the prior year. Year-to-date 2022 revenue of $1,399.9 represented an increase of $18.4 or 1% compared to year-to-date 2021. After adjusting for a $38.1 impact from acquisitions and $4.9 of currency translation effects, the organic revenue decline was $24.6 or 2% compared to the prior year.

Cost of sales as a percentage of revenue increased by 430 basis points in Q3 2022 compared to the prior year. The increase was driven by approximately $27 of higher inflation costs, net of pricing benefits, and approximately $10 of higher freight and labor costs and inefficiencies due to supply chain disruptions, partially offset by the benefits of higher revenue. Cost of sales as a percentage of revenue increased by 370 basis points in year-to-date 2022 compared to year-to-date 2021. The increase was driven by approximately $51 of higher inflation costs, net of pricing benefits, and approximately $15 of higher freight and labor costs and inefficiencies due to supply chain disruptions, partially offset by $5.6 of lower variable compensation expense.

Operating expenses in Q3 2022 increased by $18.1, but decreased by 40 basis points as a percentage of revenue, compared to the prior year. The current year included approximately $13 of higher marketing and sales expenses, approximately $5 of higher discretionary spending and employee costs in other functional areas and $2.8 from acquisitions, partially offset by $1.6 of lower variable compensation expense. Operating expenses in year-to-date 2022 increased by $24.9, or 150 basis points as a percentage of revenue, compared to year-to-date 2021. The prior year included approximately $30 of lower employee costs as a result of temporary hour and pay reductions and gains of $6.7 from the sale of land. The current year included approximately $22 of higher marketing and sales expenses, approximately $7 of higher discretionary spending in other functional areas and $8.8 from acquisitions, partially offset by approximately $18 of lower employee costs (due to the benefits from workforce reductions in the prior year), a $15.4 gain from the sale of land and $6.9 of lower variable compensation expense.

EMEA

The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox, Coalesse and Viccarbe brands, with a comprehensive portfolio of furniture, architectural and technology products.

	Three Months Ended								Nine Months Ended
Statement of Operations Data — EMEA	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Revenue	$	168.2	100.0	%	$	143.3	100.0	%	$	430.7	100.0	%	$	368.7	100.0	%
Cost of sales	118.1		70.2		107.7		75.2		309.0		71.7		276.4		75.0
Gross profit	50.1		29.8		35.6		24.8		121.7		28.3		92.3		25.0
Operating expenses	41.8		24.9		39.3		27.4		120.7		28.1		106.5		28.8
Goodwill impairment charge	—		—		—		—		—		—		17.6		4.8
Operating income (loss)	$	8.3	4.9	%	$	(3.7)	(2.6)	%	$	1.0	0.2	%	$	(31.8)	(8.6)	%

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Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Loss) — EMEA	Three Months Ended								Nine Months Ended
	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Operating income (loss)	$	8.3	4.9	%	$	(3.7)	(2.6)	%	$	1.0	0.2	%	$	(31.8)	(8.6)	%
Add: Goodwill impairment charge	—		—		—		—		—		—		17.6		4.8
Adjusted operating income (loss)	$	8.3	4.9	%	$	(3.7)	(2.6)	%	$	1.0	0.2	%	$	(14.2)	(3.8)	%

EMEA operating income improved by $12.0 in Q3 2022 compared to the prior year. The increase was driven by higher revenue, lower cost of sales as a percentage of revenue and lower operating expenses as a percentage of revenue. Operating income in EMEA in year-to-date 2022 improved by $32.8 compared to year-to-date 2021, which included a $17.6 goodwill impairment charge related to our Orangebox U.K. reporting unit. Adjusted for the goodwill impairment charge, operating income improved by $15.2, driven by the same factors as the quarter.

EMEA revenue represented 22.8% of consolidated revenue in Q3 2022. Q3 2022 revenue of $168.2 represented an increase of $24.9 or 17% compared to the prior year. Revenue in the prior year was negatively impacted by a delay of approximately $10 of shipments to Q4 2021 as a result of the temporary operations shutdown in Q3 2021. The increase in Q3 2022 was broad-based across most markets, driven by growth in the United Kingdom, including Orangebox, and in Iberia. After adjusting for $0.8 of currency translation effects and a $0.7 impact from an acquisition, the organic revenue growth was $25.0 or 17% compared to the prior year. Year-to-date 2022 revenue increased by $62.0 or 17% compared to year-to-date 2021. The increase was broad-based across most markets, driven by the same factors as the quarter. The increase was also impacted by a delay of approximately $10 of shipments in the prior year to Q4 2021. After adjusting for $15.6 of currency translation effects and a $0.7 impact from an acquisition, the organic revenue growth was $45.7 or 12% compared to the prior year.

Cost of sales as a percentage of revenue decreased by 490 basis points in Q3 2022 compared to the prior year. The improvement was driven by higher revenue, partially offset by approximately $1 of higher inflation costs, net of pricing benefits. Cost of sales as a percentage of revenue decreased by 320 basis points in year-to-date 2022 compared to year-to-date 2021. The improvement was driven by higher revenue and approximately $3 of benefits from shifts in business mix, partially offset by approximately $4 of higher inflation costs, net of pricing benefits.

Operating expenses in Q3 2022 increased by $2.5, but decreased by 260 basis points as a percentage of revenue, compared to the prior year, which included approximately $2 of lower employee costs as a result of temporary hour and pay reductions. The remaining increase was driven by approximately $1 of higher discretionary spending and $0.7 from an acquisition, partially offset by $0.8 of lower variable compensation expense. Year-to-date 2022 operating expenses increased by $14.2, but decreased by 70 basis points as a percentage of revenue, compared to year-to-date 2021, which included approximately $8 of lower employee costs as a result of temporary hour and pay reductions. The remaining increase was driven by approximately $4 of higher marketing and sales expenses, approximately $3 of higher discretionary spending and $0.7 from an acquisition, partially offset by $1.7 of lower variable compensation expense.

Other

The Other category includes Asia Pacific and Designtex. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia primarily under the Steelcase brand with a comprehensive portfolio of furniture, architectural and technology products. Designtex primarily sells textiles, wall coverings and surface imaging solutions specified by architects and designers directly to end-use customers through a direct sales force primarily in North America.

	Three Months Ended								Nine Months Ended
Statement of Operations Data — Other	November 26, 2021				November 27, 2020				November 26, 2021				November 27, 2020
Revenue	$	69.7	100.0	%	$	57.8	100.0	%	$	189.0	100.0	%	$	168.9	100.0	%
Cost of sales	46.2		66.3		39.2		67.8		130.1		68.8		112.5		66.6
Gross profit	23.5		33.7		18.6		32.2		58.9		31.2		56.4		33.4
Operating expenses	21.5		30.8		20.8		36.0		66.4		35.2		59.1		35.0
Operating income (loss)	$	2.0	2.9	%	$	(2.2)	(3.8)	%	$	(7.5)	(4.0)	%	$	(2.7)	(1.6)	%

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Operating income in the Other category improved by $4.2 in Q3 2022 compared to the prior year. The improvement was driven by higher revenue, lower cost of sales as a percentage of revenue and lower operating expenses as a percentage of revenue. Year-to-date 2022 operating results decreased by $4.8 compared to year-to-date 2021, driven by higher cost of sales as a percentage of revenue, partially offset by higher revenue.

Revenue in the Other category represented 9.4% of consolidated revenue in Q3 2022. Q3 2022 revenue of $69.7 represented an increase of $11.9 or 21% compared to the prior year. The increase was primarily driven by China, Designtex and Japan, partially offset by India, Southeast Asia and Australia. After adjusting for $0.4 of currency translation effects, the organic revenue growth was $11.5 or 20% compared to the prior year. Year-to-date 2022 revenue of $189.0 represented an increase of $20.1 or 12% compared to year-to-date 2021. The increase was primarily driven by China, Designtex, Japan and Australia, partially offset by India and Southeast Asia. After adjusting for $3.6 of currency translation effects, the organic revenue growth was $16.5 or 10% compared to the prior year.

Cost of sales as a percentage of revenue decreased by 150 basis points in Q3 2022 compared to the prior year. The improvement was driven by higher revenue and approximately $1 of benefits from shifts in business mix, partially offset by $0.7 of higher inflation costs, net of pricing benefits, and $0.5 of higher freight costs and inefficiencies due to supply chain disruptions. Cost of sales as a percentage of revenue increased by 220 basis points in year-to-date 2022 compared to the prior year. The increase was driven by approximately $2 of higher inflation costs, net of pricing benefits, and $1.5 of higher freight costs and inefficiencies due to supply chain disruptions, partially offset by approximately $1 of benefits from shifts in business mix.

Operating expenses in Q3 2022 increased by $0.7, but decreased by 520 basis points as a percentage of revenue compared to the prior year, driven by higher discretionary spending. Operating expenses in year-to-date 2022 increased by $7.3, or 20 basis points as a percentage of revenue compared to year-to-date 2021, which included approximately $6 of lower employee costs as a result of temporary pay reductions. The remaining increase was driven by the same factor as the quarter.

Corporate

Corporate expenses include unallocated portions of shared service functions such as information technology, corporate facilities, finance, human resources, research, legal and customer aviation, plus deferred compensation expense and income or losses associated with COLI.

	Three Months Ended				Six Months Ended
Statement of Operations Data — Corporate	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Operating expenses	$	5.5	$	7.9	$	16.3	$	14.1

The decrease in operating expenses in Q3 2022 compared to the prior year was driven by $3.5 of lower deferred compensation expense, partially offset by $1.2 of lower COLI income. The increase in operating expenses in year-to-date 2022 was primarily driven by $3.5 of lower COLI income and higher employee costs as a result of temporary hour and pay reductions in the prior year, partially offset by $2.3 of lower deferred compensation expense.

Liquidity and Capital Resources

Cash and cash equivalents are used to fund day-to-day operations, including seasonal disbursements, particularly the annual payment of accrued variable compensation and retirement plan contributions in Q1 of each fiscal year. During normal business conditions, we target a range of $75 to $175 in cash and cash equivalents to fund operating requirements. In addition, we may carry additional liquidity for potential investments in strategic initiatives and as a cushion against economic volatility, and from time to time, we may allow our cash and cash equivalents to temporarily fall below our targeted range to fund acquisitions and other growth initiatives.

Liquidity Sources	November 26, 2021		February 26, 2021
Cash and cash equivalents	$	275.2	$	489.8
Company-owned life insurance	170.0		169.5
Availability under credit facilities	270.6		265.9
Total liquidity sources available	$	715.8	$	925.2

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As of November 26, 2021, we held a total of $275.2 in cash and cash equivalents. Of that total, 79% was located in the U.S. and the remaining 21% was located primarily in China (including Hong Kong), Mexico, Singapore, Malaysia, India and Spain.

COLI investments are recorded at their net cash surrender value. Our investments in COLI policies are intended to be utilized as a long-term funding source for long-term benefit obligations. However, COLI can also be used as a source of liquidity. We believe the financial strength of the issuing insurance companies associated with our COLI policies is sufficient to meet their obligations.

Availability under credit facilities may be reduced related to compliance with applicable covenants. See Liquidity Facilities for more information.

The following table summarizes our Condensed Consolidated Statements of Cash Flows for the nine months ended November 26, 2021 and November 27, 2020:

	Nine Months Ended
Cash Flow Data	November 26, 2021		November 27, 2020
Net cash provided by (used in):
Operating activities	$	(59.1)	$	37.2
Investing activities	(51.3)		(17.8)
Financing activities	(101.5)		(76.6)
Effect of exchange rate changes on cash and cash equivalents	(1.6)		1.8
Net decrease in cash, cash equivalents and restricted cash	(213.5)		(55.4)
Cash, cash equivalents and restricted cash, beginning of period	495.6		547.1
Cash, cash equivalents and restricted cash, end of period	$	282.1	$	491.7

Cash provided by (used in) operating activities

	Nine Months Ended
Cash Flow Data — Operating Activities	November 26, 2021		November 27, 2020
Net income	$	6.2	$	19.5
Depreciation and amortization	62.2		64.1
Goodwill impairment charge	—		17.6
Restructuring costs	—		27.0
Changes in accounts receivable, inventories and accounts payable	(84.5)		41.8
Employee compensation liabilities	(15.3)		(130.5)
Employee benefit obligations	(13.5)		(25.2)
Changes in other operating assets and liabilities	(14.2)		22.9
Net cash provided by (used in) operating activities	$	(59.1)	$	37.2

Annual payments related to accrued variable compensation and retirement plan contributions totaled $50.4 in year-to-date 2022 compared to $148.0 in year-to-date 2021. In year-to-date 2022, we used cash in working capital, primarily driven by increased inventory levels in connection with supply chain disruptions and increased accounts receivable due to revenue growth.

Cash used in investing activities

	Nine Months Ended
Cash Flow Data — Investing Activities	November 26, 2021		November 27, 2020
Capital expenditures	$	(45.3)	$	(32.1)
Proceeds from disposal of fixed assets	17.4		7.3
Acquisition, net of cash acquired	(32.6)		—
Other	9.2		7.0
Net cash used in investing activities	$	(51.3)	$	(17.8)

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Capital expenditures in year-to-date 2022 primarily related to investments in manufacturing operations, information technology, product development and customer-facing facilities. Capital expenditures were higher compared to year-to-date 2021 due to reduced spending in the prior year as a result of the COVID-19 pandemic. We sold land for proceeds of $17.2 in year-to-date 2022 and $7.1 in year-to-date 2021. Other investing activities in year-to-date 2022 included $7.0 of proceeds from COLI policy maturities. Other investing activities in year-to-date 2021 included $3.3 of additional proceeds from the partial sale of an investment in an unconsolidated affiliate in 2018.

Cash used in financing activities

	Nine Months Ended
Cash Flow Data — Financing Activities	November 26, 2021		November 27, 2020
Dividends paid	$	(45.9)	$	(31.8)
Common stock repurchases	(54.0)		(42.7)
Borrowings on lines of credit	—		250.0
Repayments on lines of credit	—		(250.0)
Other	(1.6)		(2.1)
Net cash used in financing activities	$	(101.5)	$	(76.6)

We paid dividends of $0.10, $0.145 and $0.145 per common share in Q1 2022, Q2 2022 and Q3 2022, respectively, and $0.07, $0.10 and $0.10 per common share in Q1 2021, Q2 2021 and Q3 2021, respectively.

In year-to-date 2022, we repurchased 3,991,083 shares of Class A common stock, 392,812 of which were made to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan. In year-to-date 2021, we repurchased 3,288,795 shares of Class A common stock, 288,795 of which were made to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.

As of November 26, 2021, we had $7.6 of remaining availability under the $150 share repurchase program approved by our Board of Directors in 2016.

Off-Balance Sheet Arrangements

During Q3 2022, no material change in our off-balance sheet arrangements occurred.

Contractual Obligations

During Q3 2022, no material change in our contractual obligations occurred.

Liquidity Facilities

Our total liquidity facilities as of November 26, 2021 were:

Liquidity Facilities	November 26, 2021
Global committed bank facility	$	250.0
Other committed bank facility	4.7
Various uncommitted lines	19.2
Total credit lines available	273.9
Less: Borrowings outstanding	(1.7)
Less: Other guarantees	(1.6)
Available capacity	$	270.6

We have a $250.0 global committed bank facility in effect through 2025. As of November 26, 2021, there were no borrowings outstanding under the facility, and we were in compliance with all covenants under the facility.

We have a $12.5 committed bank facility related to a subsidiary, which has current availability of $4.7 based on eligible accounts receivable of the subsidiary. As of November 26, 2021, $1.7 was outstanding under the facility.

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The various uncommitted lines may be changed or canceled by the applicable lenders at any time. There were no borrowings outstanding, and there were $1.6 of guarantees which reduced our availability, under the various uncommitted lines as of November 26, 2021.

In addition to the available capacity reflected in the table above, we have credit agreements totaling $33.9 which can be utilized to support bank guarantees, letters of credit or foreign exchange contracts. As of November 26, 2021, we had $12.7 in outstanding letters of credit and bank guarantees against these agreements. There were no draws against our letters of credit during year-to-date 2022 or year-to-date 2021.

Total consolidated debt as of November 26, 2021 was $482.9. Our debt primarily consists of $444.6 in term notes due in 2029 with an effective interest rate of 5.6%. In addition, we have a term loan with a balance of $35.5 as of November 26, 2021. The term loan has a floating interest rate based on 30-day LIBOR plus 1.20% and is due in 2024. The term notes are unsecured, and the term loan is secured by our two corporate aircraft. The term notes and the term loan do not contain financial covenants and are not cross-defaulted to our other debt facilities.

Liquidity Outlook

As of November 26, 2021, our total liquidity, which is comprised of cash and cash equivalents and the cash surrender value of COLI, aggregated to $445.2. Our liquidity position, funds available under our credit facilities and cash generated from operations are expected to be sufficient to finance our known or foreseeable liquidity needs.

Our significant funding requirements include operating expenses, non-cancelable operating lease obligations, capital expenditures, variable compensation and retirement plan contributions, dividend payments and debt service obligations. We have flexibility over some of these uses of cash, including capital expenditures and discretionary operating expenses, to preserve our liquidity position. We expect capital expenditures to total approximately $60 to $70 in 2022 compared to $41.3 in 2021.

On December 16, 2021, we announced a quarterly dividend on our common stock of $0.145 per share, or approximately $16, to be paid in Q4 2022. Future dividends will be subject to approval by our Board of Directors.

Critical Accounting Estimates

During Q3 2022, there have been no changes in the items that we have identified as critical accounting estimates.

Recently Issued Accounting Standards

See Note 2 to the condensed consolidated financial statements.

Forward-looking Statements

From time to time, in written and oral statements, we discuss our expectations regarding future events and our plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, us. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project," "target” or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from our expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; the COVID-19 pandemic and the actions taken by various governments and third parties to combat the pandemic; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in this Report, our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

Item 3.Quantitative and Qualitative Disclosures About Market Risk:

The nature of market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) faced by us as of November 26, 2021 is the same as disclosed in our Annual Report on Form 10-K for the fiscal

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year ended February 26, 2021. We are exposed to market risks from foreign currency exchange, interest rates, commodity prices and fixed income and equity prices, which could affect our operating results, financial position and cash flows.

Foreign Exchange Risk

During Q3 2022, no material change in foreign exchange risk occurred.

Interest Rate Risk

During Q3 2022, no material change in interest rate risk occurred.

Commodity Price Risk

During Q3 2022, no material change in commodity price risk occurred.

Fixed Income and Equity Price Risk

During Q3 2022, no material change in fixed income and equity price risk occurred.

Item 4.Controls and Procedures:

(a) Disclosure Controls and Procedures.  Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of November 26, 2021. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of November 26, 2021, our disclosure controls and procedures were effective in (1) recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act and (2) ensuring that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Internal Control Over Financial Reporting.  There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our third fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1A. Risk Factors:

For a more detailed explanation of the risks affecting our business, please refer to the Risk Factors section in our Annual Report on Form 10-K for the fiscal year ended February 26, 2021.  There have not been any material changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended February 26, 2021.

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Item 2.Unregistered Sales of Equity Securities and Use of Proceeds:

Issuer Purchases of Equity Securities

The following is a summary of share repurchase activity during Q3 2022:

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	(d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1) (in millions)
8/28/2021 - 10/1/2021	1,193,884	$	13.13	1,193,884	$	14.2
10/2/2021 - 10/29/2021	511,769	$	12.41	478,484	$	8.3
10/30/201 - 11/26/2021	58,430	$	11.93	58,430	$	7.6
Total	1,764,083	(2)		1,730,798

_______________________________________

(1)In January 2016, the Board of Directors approved a share repurchase program, announced on January 19, 2016, permitting the repurchase of up to $150 of shares of our common stock. On June 28, 2021, we entered into a stock repurchase agreement with an independent third party broker under which the broker is authorized to repurchase up to $50 of shares of our common stock on our behalf during the period June 28, 2021 through December 20, 2021, subject to certain price, market and volume constraints specified in the agreement. The agreement was established in accordance with Rule 10b5-1 under the Exchange Act. Shares purchased under the agreement are part of our share repurchase program approved in January 2016.

(2)33,285 shares were repurchased to satisfy participants’ tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.

29

Item 6.Exhibits:

Exhibit No.	Description
10.1*	Letter agreement between Steelcase Inc. and Allan W. Smith, Jr., dated September 22, 2021 (1)
10.2*	Steelcase Inc. Incentive Compensation Plan Form of Restricted Stock Units Agreement (FY 2022) revised December 2021
31.1	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Schema Document
101.CAL	Inline XBRL Calculation Linkbase Document
101.LAB	Inline XBRL Labels Linkbase Document
101.PRE	Inline XBRL Presentation Linkbase Document
101.DEF	Inline XBRL Definition Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

________________

*    Management contract or compensatory plan or arrangement.

(1)    Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on September 24, 2021 (commission file number 001-13873), and incorporated herein by reference.

30

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STEELCASE INC.

By:	/s/  Robin L. Zondervan
	Robin L. Zondervan Vice President, Corporate Controller & Chief Accounting Officer (Duly Authorized Officer and Principal Accounting Officer)

Date: December 20, 2021

31

EX-10.1

Exhibit 10.1

September 22, 2021

Allan W. Smith, Jr.

901 44th St., SE

Grand Rapids, MI 49508

Dear Allan,

I am pleased to offer you the position of Senior Vice President, Chief Revenue Officer effective October 4, 2021, reporting to me. This letter is to confirm, in writing, the principal elements of your compensation package in this role.

Annual Base Salary

–Your annual base salary will increase to $500,000 ($19,230.77 bi-weekly).

Performance Review

–A review of your performance will be completed annually at or around the close of each fiscal year.

Bonus Program

–As a participant in the Steelcase Inc. Management Incentive Plan (MIP), your annual target will increase to 80%.

–Bonus payments are made annually, after the close of the fiscal year.

Long-Term Compensation (LTI)

–You will continue to participate in the long-term incentive program, currently consisting of performance stock units (PSUs) and restricted stock units (RSUs).

–Your LTI target will increase to 150% of your annual base salary.

–Awards are made annually at the discretion of the Compensation Committee and the next award is expected to be in April 2022.

Stock Ownership Guidelines

–You will have an ownership guideline of three times your base salary.

–You will need to satisfy this guideline by fiscal yearend 2027 which is five fiscal years from your first anticipated annual award.

Executive Severance Plan

–You will continue to participate in the plan as a “Level 2 Employee.”

Special One-time Award of Restricted Stock Units (RSUs)

–The Compensation Committee has approved an award to you of 18,500 RSUs with a grant date of September 22, 2021, the standard award terms and three-year cliff vesting.

Please note that your compensation is subject to review and approval by the Compensation Committee and is subject to the terms of the applicable plans, programs and award agreements.

Nothing in this letter is intended to alter the at-will nature of our employment relationship.

Allan, I look forward to working with you in your new role. Please let me know if you have any questions.

Sincerely,

/s/ Sara E. Armbruster

Sara E. Armbruster

Executive Vice President

Steelcase Inc.

I accept and agree to the terms offered in this letter.

/s/ Allan W. Smith, Jr. September 22, 2021

Allan W. Smith, Jr. Date

EX-10.2

Exhibit 10.2

THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

CONFIDENTIAL TO: ###Participant_Name###

You have been granted Restricted Stock Units (this “Award”) under the Steelcase Inc. Incentive Compensation Plan (the “Plan”). Each Restricted Stock Unit provides for the issuance of one (1) share of Class A common stock (“Share”) in accordance with the terms and conditions of this Award Agreement.

This Award Agreement provides additional information regarding your rights under the Plan and this Award. A copy of the Plan, the U.S. prospectus for the Plan and the local country tax supplement to the U.S. prospectus for the Plan (to the extent you are employed outside of the United States) has been provided or otherwise made available to you. If there is any inconsistency between this Award Agreement and the Plan, the Plan controls. Capitalized terms used in this Award Agreement are defined in the Plan or defined hereunder. For purposes of this Award Agreement, “Employer” shall mean the Company or any Affiliate that employs you on the applicable date (to the extent that you are not directly employed by the Company).

Overview of this Award

1.Type of Award: Restricted Stock Units, as permitted under Article 9 of the Plan.

2.Number of Restricted Stock Units Granted under this Award: ###Total_Awards###

3.Grant Date: ###Grant_Date###

4.Period of Restriction: Subject to the terms of the Plan and section 5 below, the Restricted Stock Units granted under this Award Agreement will vest as follows:

###Total_Awards### on ###Expiry_Date###

Each vesting date, as listed in your award summary, shall be referred to as the “Vesting Date”. The period that you hold your Restricted Stock Units prior to the Vesting Date shall be referred to as the “Period of Restriction.”

5.Vesting Upon Death, Disability or Termination without Cause:

a.Death. Your Restricted Stock Units will become fully vested if you die while an Employee after six (6) months from the Grant Date.

b.Disability. Your Restricted Stock Units will become fully vested if you become Disabled while an Employee after six (6) months from the Grant Date. A “Disability” or “become Disabled” means that, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, you are unable to engage in any substantial gainful activity or are receiving income replacement benefits under an accident and health plan covering employees of the Company and its Affiliates for a period of not less than three (3) months.

c.Termination without Cause. Your Restricted Stock Units will become fully vested if you are terminated without Cause by the Company or your Employer (a “Termination without Cause”); provided, that such termination of employment constitutes a “separation from service” under Section 409A of the Code.

d.Provision of Services. For purposes of the Restricted Stock Units, your employment or service relationship will be considered terminated as of the date you are no longer actively providing services to the Company, its Affiliates or your Employer (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of the your employment agreement, if any), and unless otherwise expressly

Exhibit 10.2

provided in this Award Agreement or determined by the Company, your right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any). For purposes of the foregoing, the Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of your Restricted Stock Unit grant (including whether you may still be considered to be providing services while on a leave of absence).

6.Change in Control: Upon a Change in Control, this Award shall be treated in accordance with Article 19 of the Plan.

7.Settlement of Vested Restricted Stock Units: Except as provided in sections 6 and this section 7, upon the vesting of your Restricted Stock Units, the Company will issue you one (1) Share for each vested Restricted Stock Unit as soon as practicable, but in no event more than 60 days following the Vesting Date. Notwithstanding the foregoing, the Company may, in its sole discretion, settle your Restricted Stock Units in the form of Shares but require you to sell such Shares immediately or within a specified period of time following your termination of employment (in which case you hereby expressly authorize the Company to issue sales instructions to any brokerage firm and/or third party administrator engaged by the Company on your behalf).

8.Transferability: The Restricted Stock Units granted under the Plan are not transferable.

9.Voting Rights, Dividend Rights and Dividend-Equivalents:

a.No Voting Rights or Dividend Rights. You are not the owner of record of the Shares underlying your Restricted Stock Units until the Vesting Date. As such, you will have no voting rights or dividend rights on such Shares until the Vesting Date.

b.Cash Dividend-Equivalents. You will receive a cash payment equal to any cash dividends that the Company declares and pays with respect to the Shares underlying your outstanding Restricted Stock Units granted under this Award. The Company shall pay such cash dividend-equivalents at such time or times as it determines in its sole discretion; provided, the Company shall pay any cash dividend-equivalents within the calendar year in which the cash dividend-equivalent is declared.

c.Stock Dividend-Equivalents. You will be entitled to be credited with dividend-equivalents in the form of Shares of the Company with respect to your outstanding Restricted Stock Units, calculated as follows: on each date that a stock dividend is paid by the Company while your Restricted Stock Units are outstanding, you will be credited with an additional number of Restricted Stock Units equal to the number of whole Shares that would have been issued with respect to your outstanding Restricted Stock Units had the Restricted Stock Units been issued as Shares. The additional Restricted Stock Units credited under this paragraph will be subject to the same terms and conditions applicable to your Restricted Stock Units originally granted under this Award Agreement, including, without limitation, for purposes of crediting of additional dividend-equivalents.

10.Forfeiture of Awards:

a.Your Restricted Stock Units will be forfeited if, during the Period of Restriction, you cease to be an Employee for any reason, except as set forth in sections 5 and 6 of this Award Agreement.

b.If you engage in any Competition (as defined in the Plan and determined by the Administrative Committee in its discretion)

i.before the Vesting Date, you will forfeit all outstanding Restricted Stock Units granted under this Award Agreement, or

Exhibit 10.2

ii.between the Vesting Date, and the first (1st) anniversary of the Vesting Date, you must return to the Company all Shares that have been issued to you pursuant to this Award Agreement and you will forfeit all outstanding Restricted Stock Units, if any, granted under this Award Agreement. For purposes of the foregoing, you expressly and explicitly authorize the Company to issue instructions, on your behalf, to any brokerage firm and/or third party service provider engaged by the Company to hold your Shares and other amounts acquired under the Plan to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company.

11.Tax Withholding: Regardless of any action the Company or your Employer takes with respect to any or all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and may exceed the amount actually withheld by the Company or your Employer. You further acknowledge that the Company and your Employer: (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including the grant of Restricted Stock Units, the vesting of Restricted Stock Units, the subsequent sale of any Shares acquired at vesting and the receipt of any dividends or dividend equivalents; and (b) do not commit to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction, you acknowledge that the Company and/or your Employer (or former employer, as applicable) may be required to account for Tax-Related Items in more than one jurisdiction.

Prior to the delivery of Shares upon the vesting of your Restricted Stock Units, if your country of residence (and/or the country of employment, if different) requires withholding of Tax-Related Items, the Company shall withhold a sufficient number of whole Shares otherwise issuable upon the vesting of the Restricted Stock Units that have an aggregate Fair Market Value sufficient to pay the Tax-Related Items required to be withheld with respect to the Shares or such amount that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another governmental entity. The cash equivalent of the Shares withheld will be used to settle the obligation to withhold the Tax-Related Items. In the event that withholding in Shares is prohibited or problematic under applicable law or otherwise may trigger adverse consequences to the Company or your Employer, your Employer may withhold the Tax-Related Items required to be withheld with respect to the Shares in cash from your regular salary and/or wages or any other amounts payable to you.

If you relocate to another jurisdiction during the lifetime of your Restricted Stock Units, you will be responsible for notifying the Company of such relocation and shall be responsible for compliance with all applicable tax requirements. By accepting this grant of Restricted Stock Units, you expressly consent to the withholding of Shares and/or withholding from your regular salary and/or wages or other amounts payable to you as provided for hereunder. All other Tax-Related Items related to the Restricted Stock Units and any Shares delivered in payment thereof are your sole responsibility.

Depending on the withholding method, the Company and/or your Employer may withhold or account for Tax-Related Items by considering applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you shall be deemed to have been issued the full number of Shares subject to the vested Restricted Stock Unit, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

You agree to pay to the Company or your Employer any amount of Tax-Related Items that the Company or your Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if you fail to comply with your obligations in connection with the Tax-Related Items.

Exhibit 10.2

12.Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee or its designee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Award Agreement, as it determines in its sole discretion, all of which will be binding upon you.

13.Amendment: This Award Agreement may be amended or modified by the Committee as long as the amendment or modification does not materially adversely affect this Award. Notwithstanding anything to the contrary contained in the Plan or in this Award Agreement, to the extent that the Company determines that the Restricted Stock Units are subject to Section 409A of the Code and fail to comply with the requirements of Section 409A of the Code, the Company reserves the right to amend, restructure, terminate or replace the Restricted Stock Units in order to cause the Restricted Stock Units to either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section.

14.Section 409A of the Code:

a.The Restricted Stock Units are intended to comply with or be exempt from the requirements of Section 409A of the Code. The Plan and this Award Agreement shall be administered and interpreted in a manner consistent with this intent. If the Company determines that this Award Agreement is subject to Section 409A of the Code and that it does not comply with or is inconsistent with the applicable requirements, the Company may, in its sole discretion, and without your consent, amend this Award Agreement to cause it to comply with Section 409A of the Code or be exempt from Section 409A of the Code.

b.Notwithstanding any provision of this Award Agreement to the contrary, in the event that any settlement or payment of the Restricted Stock Units occurs as a result of your termination of employment and the Company determines that you are a “specified employee” (within the meaning of Section 409A of the Code) subject to Section 409A of the Code at the time of your termination of employment, and provided further that such payment or settlement does not otherwise qualify for an applicable exemption from Section 409A of the Code, then no such settlement or payment shall be paid to you until the date that is the earlier to occur of: (i) your death, or (ii) six (6) months and one (1) day following your termination of employment. Any portion of the Restricted Stock Units where settlement is delayed as a result of the foregoing, which is (i) in whole or in part, settled in cash and (ii) based on the value of a Share, shall be based on the value of a Share at the time the Restricted Stock Units otherwise would have been settled or paid without application of the delay described in the foregoing sentence. If the Restricted Stock Units do not otherwise qualify for an applicable exemption from Section 409A of the Code, the terms “terminate,” “termination,” “termination of employment,” and variations thereof as used in this Award Agreement are intended to mean a “separation from service” as such term is defined under Section 409A of the Code.

c.Although this Award Agreement and the payments provided hereunder are intended to be exempt from or to otherwise comply with the requirements of Section 409A of the Code, the Company does not represent or warrant that this Award Agreement or the payments provided hereunder will comply with Section 409A of the Code or any other provisions of federal, state, local, or non-U.S. law. Neither the Company, its Subsidiaries, your Employer or their respective directors, officers, employees or advisers shall be liable to you (or any other individual claiming a benefit through you) for any tax, interest, or penalties you may owe as a result of compensation paid under this Award Agreement, and the Company, its Affiliates and your Employer shall have no obligation to indemnify or otherwise protect you from the obligation to pay any taxes pursuant to Section 409A of the Code.

15.No Guarantee of Employment: Nothing in this Award Agreement or the Plan is intended to constitute or create a contract of employment with the Company, any of its Affiliates or your Employer. Moreover, neither this Award Agreement nor the Plan shall confer upon you any right to continuation of employment with the Company or your Employer, nor shall this Award Agreement or Plan interfere in any way with the Company's right or your Employer's right to terminate your employment at any time. Furthermore, neither this Award Agreement nor the Plan is part of your employment contract with the Company or your Employer, if any. The Plan and any awards granted thereunder are managed at the discretion of the Company and/or the

Exhibit 10.2

Committee. The terms and conditions of future awards, if any, will be determined by the Company and/or the Committee if and when such new awards are to be made.

16.Commercial Relationship: To the extent you are not directly employed by the Company, you expressly recognize that your participation in the Plan and the Company's grant of the Restricted Stock Units does not create an employment relationship between you and the Company. You have been granted the Restricted Stock Units as a consequence of the commercial relationship between the Company and your Employer, and your Employer is your sole employer. Based on the foregoing, (a) you expressly recognize the Plan and the benefits you may derive from participation in the Plan do not establish any rights between you and your Employer, (b) the Plan and the benefits you may derive from participation in the Plan are not part of the employment conditions and/or benefits provided by your Employer, and (c) any modifications or amendments of the Plan by the Company, or a termination of the Plan by the Company, shall not constitute a change or impairment of the terms and conditions of your employment with your Employer.

17.Acknowledgment of Nature of Plan and Restricted Stock Units: In accepting the Restricted Stock Units and any Shares, you acknowledge that:

a.The Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan and this Award Agreement;

b.The grant of Restricted Stock Units is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units even if Restricted Stock Units have been awarded repeatedly in the past;

c.All decisions with respect to future awards, if any, will be at the sole discretion of the Company;

d.The Restricted Stock Units and any Shares acquired under the Plan, and the income and value of the same, are not intended to replace any pension rights or compensation;

e.The terms and conditions of future awards, if any, will be determined by the Company and will be reviewed and communicated to you if and when new grants are to be made;

f.Your participation in the Plan is voluntary;

g.The value of the Restricted Stock Units is an extraordinary item of compensation that is outside the scope of your employment contract, if any;

h.The Restricted Stock Units and any Shares acquired under the Plan, and the income and value of the same, are not part of normal or expected compensation or wages/salary for any purposes, including, but not limited to, calculation of any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, pension or retirement benefits or payments or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services to the Company, its Affiliates or your Employer;

i.The future value of the underlying Shares is unknown, indeterminable, and cannot be predicted with certainty;

j.If you receive Shares, the value of such Shares acquired may increase or decrease in value;

k.Unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares;

Exhibit 10.2

l.Unless otherwise agreed with the Company in writing, the Restricted Stock Units and any Shares acquired under the Plan, and the income and value of the same, are not granted as consideration for, or in connection with, the service you may provide as a director of any Subsidiary;

m.Neither the Company, its Affiliates or your Employer shall be liable for any foreign exchange rate fluctuation between your local currency and the U.S. dollar that may affect the value of the Restricted Stock Units or of any amounts due to you pursuant to the vesting of the Restricted Stock Units or the subsequent sale of any Shares acquired upon vesting; and

n.In consideration of the grant of the Restricted Stock Unit, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Unit or diminution in value of the Restricted Stock Unit or Shares acquired under the Restricted Stock Unit resulting from termination of your service with the Company and its Affiliates (for any reason whatsoever and whether or not in breach of local labor laws) and you irrevocably release the Company and its Affiliates from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by agreeing to this Award Agreement, you shall be deemed irrevocably to have waived your entitlement to pursue such claim.

18.Personal Data Activities: The Company is located at 901 44th St. SE in Grand Rapids, Michigan, United States of America, and grants Restricted Stock Units to employees of the Company and its Affiliates in its sole discretion. In conjunction with the Company’s grant of the Restricted Stock Units and its ongoing administration of such awards, the Company is providing the following information about its data collection, processing and transfer practices. In accepting the grant of the Restricted Stock Units, you expressly and explicitly consent to the personal data activities as described herein.

a.Data Collection, Processing and Usage. The Company and your Employer collect, process and use your personal data, including your name, home address, email address, telephone number, date of birth, social insurance number or other identification number, salary, citizenship, job title, details of all Restricted Stock Units or any other equity and cash compensation awards granted, canceled, exercised, vested, or outstanding in your favor, which the Company receives from you or your Employer. In granting the Restricted Stock Units, the Company will collect your personal data for purposes of implementing, administering and managing your Restricted Stock Units. The Company’s legal basis for the collection, processing and usage of your personal data is your consent.

b.Stock Plan Administration Service Provider. The Company may transfer your personal data to Morgan Stanley Smith Barney LLC, an independent service provider based in the United States of America, which assists the Company with the implementation, administration and management of the Restricted Stock Units (the “Stock Plan Administrator”). In the future, the Company may select a different Stock Plan Administrator and share your personal data with another company that serves in a similar manner. The Stock Plan Administrator will open an account for you to receive and trade Shares acquired under the Plan and you will be asked to agree on separate terms and data processing practices with the Stock Plan Administrator, which is a condition to your ability to participate in the Plan.

c.International Data Transfers. The Company and the Stock Plan Administrator are based in the United States of America. You should note that your country of residence may have enacted data privacy laws that are different from the United States of America. The Company’s legal basis for the transfer of your personal data to the United States of America is your consent.

d.Voluntariness and Consequences of Consent Denial or Withdrawal. Your grant of consent to the personal data activities described herein is purely voluntary. You may deny or withdraw your consent at any time. If you do not consent, or if you later withdraw your consent, you may be unable to receive Restricted Stock Units. This would not affect your existing employment or salary; instead, you merely may forfeit the opportunities associated with the grant of Restricted Stock Units.

Exhibit 10.2

e.Data Subjects Rights. You may have a number of rights under the data privacy laws in your country of residence. For example, your rights may include the right to (i) request access or copies of personal data processes of the Company, (ii) request rectification of incorrect data, (iii) request deletion of data, (iv) place restrictions on processing, (v) lodge complaints with competent authorities in your country of residence, and/or (vi) request a list with the names and addresses of any potential recipients of your personal data. To receive clarification regarding your rights or to exercise your rights, you should contact Privacy@Steelcase.com.

19.Electronic Delivery: The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units and participation in the Plan (or future Restricted Stock Units that may be granted under the Plan) by electronic means, or request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

20.Private Offering: The grant of the Restricted Stock Units is not intended to be a public offering of securities in your country of residence (and country of employment, if different). The Company has not submitted any registration statement, prospectus or other filing with the local securities authorities (unless otherwise required under local law).

21.Addendum: Notwithstanding any provisions of this Award Agreement to the contrary, the Restricted Stock Units shall be subject to any special terms and conditions for your country of residence (and country of employment, if different) set forth in the addendum to this Award Agreement (the “Addendum”). Further, if you transfer your residence and/or employment to another country reflected in the Addendum to this Award Agreement at the time of transfer, the special terms and conditions for such country will apply to you to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules and regulations or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer). In all circumstances, any applicable Addendum shall constitute part of this Award Agreement.

22.Additional Terms and Conditions: The Company reserves the right to impose other requirements on the Restricted Stock Units, any Shares acquired pursuant to the Restricted Stock Units and your participation in the Plan to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations or to facilitate the operation and administration of the Restricted Stock Units and the Plan. Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

23.Severability: The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

24.Age Discrimination Rules: If you are resident and/or employed in a country that is a member of the European Union or the European Economic Area, the grant of the Restricted Stock Units and this Award Agreement are intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law (the “Age Discrimination Rules”). To the extent that a court or tribunal of competent jurisdiction determines that any provision of this Award Agreement, the Addendum or the Plan are invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Company, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law.

25.Insider Trading Restrictions / Market Abuse Laws: By participating in the Plan, you acknowledge that, depending on your or your broker’s country of residence or where the Shares are listed, you may be subject to insider trading and/or market abuse laws, which may affect your ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., Restricted Stock Units) or rights linked to the value of Shares (e.g.,

Exhibit 10.2

phantom awards, futures) during such times as you are considered to have “inside information” regarding the Company as defined by the laws or regulations in your country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information. Furthermore, you could be prohibited from (i) disclosing the inside information to any third party (other than on a “need to know”) and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. You should keep in mind third parties includes fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company’s insider trading policy. You understand that you personally are responsible for ensuring compliance with any applicable restrictions and should consult your personal legal advisor for additional information.

26.Clawback: If the Company’s financial results are materially restated, you acknowledge and agree that the Restricted Stock Units, any Shares acquired pursuant thereto and/or any amount received with respect to any sale of such Shares shall be treated in accordance with Article 22 of the Plan. For purposes of the foregoing, you expressly and explicitly authorize the Company to issue instructions, on your behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold your Shares and other amounts acquired under the Plan to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the enforcement of Article 22 of the Plan.

27.Governing Law: This Award Agreement shall be governed by, and construed in accordance with, the laws of the State of Michigan without regard to any choice of law rules thereof which might apply the laws of any other jurisdiction. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Award Agreement, the parties hereby submit to the exclusive jurisdiction of the State of Michigan and agree that such litigation shall be conducted only in the courts of Kent County, Michigan, or the federal courts for the Western District of Michigan, and no other courts, where this grant is made and/or to be performed.

28.English Language: If you are resident outside of the United States, you acknowledge and agree that it is your express intent that this Award Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If you have received this Award Agreement, the Plan or any other documents related to the Restricted Stock Units translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control.

29.Compliance with Laws: As a condition to the grant of this Award, you agree to repatriate all payments attributable to the Shares and/or cash acquired under the Plan (including, but not limited to, dividends, dividend equivalents and any proceeds derived from the sale of the Shares acquired pursuant to the Restricted Stock Units) if required by and in accordance with local foreign exchange rules and regulations in your country of residence (and country of employment, if different). In addition, you also agree to take any and all actions, and consent to any and all actions taken by the Company, your Employer and the Company's Affiliates, as may be required to allow the Company, your Employer and the Company's Affiliates to comply with local laws, rules and regulations in your country of residence (and country of employment, if different). Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local laws, rules and regulations in your country of residence (and country of employment, if different).

30.Entire Agreement: This Award Agreement, the Plan, the Addendum, and the rules and procedures adopted by the Committee contain all of the provisions applicable to the Restricted Stock Units and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to you. The various provisions of this Award Agreement, the Addendum, the Plan, and the rules and procedures adopted by the Committee are severable, and if any provision thereof is held to be unenforceable by any court of competent jurisdiction, then such unenforceability shall not affect the enforceability of the remaining provisions thereof.

If you have any questions regarding this Award or this Award Agreement, or would like a copy of the Plan, please contact John Hagenbush, Director, Global Compensation, at (616) 246-9532.

Exhibit 10.2

Sincerely,

/s/ Sara E. Armbruster

Sara E. Armbruster

President and Chief Executive Officer

Steelcase Inc.

Please acknowledge your agreement to participate in the Plan and this Award Agreement, and to abide by all of the governing terms and provisions by signing the following representation. Your signed representation must be returned by ##Deadline## to:

Steelcase Inc.

Compensation Department (GBC-3C)

PO Box 1967

Grand Rapids, MI 49501-1967

Agreement to Participate and to Personal Data Activities

By signing a copy of this Award Agreement and returning it, I acknowledge that I have read the Plan, and that I fully understand all of my rights under the Plan, as well as all of the terms and conditions that may limit my rights under this Award Agreement and that I agree with and consent to the personal data activities as specified in Section 18 of this Award Agreement.

Date: _______________________________________

Signature: ______________________________________

##Participant Name##

##Employee ID##

ADDENDUM TO THE STEELCASE INC.

RESTRICTED STOCK UNIT AGREEMENT

In addition to the terms and conditions set forth in the Award Agreement, the Award is subject to the following terms and conditions (this “Addendum”). All defined terms contained in this Addendum shall have the same meaning as set forth in the Plan or defined hereunder. If you are employed or reside in a state or country identified in this Addendum, the additional terms and conditions for such state or country shall apply. If you transfer residence and/or employment to a state or country identified in this Addendum, the additional terms and conditions for such state or country shall apply to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable to comply with local law, rules and regulations or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer).

EUROPEAN UNION (“EU”) / EUROPEAN ECONOMIC AREA (“EEA”) / UNITED KINGDOM

Personal Data Activities: If you reside and/or are employed in the EU/EEA or the United Kingdom, the following provisions replace section 18 of the Award Agreement:

The Company is located at 901 44th St. SE in Grand Rapids, Michigan, United States of America, and grants Restricted Stock Units to employees of the Company and its Affiliates in its sole discretion. In conjunction with the Company's grant of the Restricted Stock Units under the Plan and its ongoing administration of such award, the Company is providing the following information about its data collection, processing and transfer practices, which you should carefully review.

Exhibit 10.2

a.Data Collection, Processing and Usage. Pursuant to applicable data protection laws, you are hereby notified that the Company and your Employer will collect, process and use certain personal information about you, specifically, your name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Restricted Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Company's legal basis for the collection, processing and use of your Data is your consent. Your Data also may be disclosed to certain securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are made. The Company's legal basis for such disclosure of the your Data is to comply with applicable laws, rules and regulations.

b.Stock Plan Administrator. The Company transfers your Data to Morgan Stanley Smith Barney LLC, an independent service provider based in the United States of America, and engaged by the Company to assist with the implementation, administration and management of awards granted under the Plan (the “Stock Plan Administrator”). In the future, the Company may select a different Stock Plan Administrator and share your Data with another company that serves in a similar manner. The Stock Plan Administrator will open an account for you to receive and trade Shares acquired under the Plan. You will be asked to agree to separate terms and data processing practices with the Stock Plan Administrator, which is a condition of your ability to participate in the Plan.

c.International Data Transfers. The Company and the Stock Plan Administrator are based in the United States of America. You should note that your country of residence may have enacted data privacy laws that are different from the United States of America. The Company's legal basis for the transfer of your Data to the United States of America is to satisfy its contractual obligations under the terms and conditions of this Award Agreement and the Company’s legitimate interests in administering your Award and operating the Plan.

d.Data Retention. You understand that your Data will be held only as long as is necessary to implement, administer and manage your Award and participation in the Plan. When the Company no longer needs the Data, the Company will remove it from its systems. If the Company retains your Data longer, it would be to satisfy the Company's legal or regulatory obligations and the Company's legal basis would be for compliance with applicable laws, rules and regulations.

e.Data Subject Rights. You understand that you may have the right under applicable law to (i) access or copy your Data that the Company possesses, (ii) rectify incorrect Data concerning you, (iii) delete your Data, (iv) restrict processing of your Data, and/or (v) lodge complaints with the competent supervisory authorities in your country of residence. To receive clarification regarding these rights or to exercise these rights, you understand that you can contact Privacy@Steelcase.com.

CANADA

1.Settlement in Shares: Notwithstanding anything to the contrary in the Award Agreement, this Addendum or the Plan, the Restricted Stock Units shall be settled only in Shares (and shall not be settled in cash).

2.Termination of Employment: This provision replaces the second paragraph of section 5(e) of the Award Agreement:

For purposes of this Award Agreement, your employment or service will be considered terminated as of the earlier of: (a) the date you terminate employment; or (b) the date you receive written notice of termination of employment from the Employer, regardless of any period during which notice, pay in lieu of such notice or related payments or damages are required to be provided under local law (including, but not limited to statutory law, regulatory law and/or common law). For greater certainty, you will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which your right to vest terminates, nor will you be entitled to any compensation for lost vesting. Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to vesting during a statutory notice period, your right to vest

Exhibit 10.2

in the Restricted Stock Units under the Plan, if any, will terminate effective as of the last day of your minimum statutory notice period, but you will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of your statutory notice period, nor will you be entitled to any compensation for lost vesting.

3.Consent to Collection / Processing / Transfer of Personal Data. The following provision shall supplement section 18 of the Award Agreement: You authorize the Company and the Company's representative to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration of the Plan. You further authorize the Company, any Affiliate of the Company, and the Employer, any broker or any stock plan service provider as may be selected by the Company from time to time to assist with the Plan, to disclose and discuss your participation in the Plan with their advisors. You also authorize the Company and the Employer to record such information and to keep such information in your employment file.

4.English Language (Quebec): To the extent you reside in the province of Quebec, the parties to the Award Agreement acknowledge that it is their express wish that the Award Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English. Dans la mesure où vous résidez dans la province de Québec, les parties au Contrat d'Attribution reconnaissent avoir exigé la rédaction en anglais du Contrat d'Attribution, ainsi que tous documents exécutés, avis donnés et procédures judiciaires intentées, en vertu du Contrat d'Attribution ou se rapportant directement ou indirectement au Contrat d'Attribution.

CZECH REPUBLIC

None.

FRANCE

English Language: The parties to the Award Agreement acknowledge that it is their express wish that the Award Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English. Les parties reconnaissent avoir exigé la rédaction en anglais de la présente convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées, directement ou indirectement, relativement à ou suite à la présente convention.

GERMANY

None.

HONG KONG

1.Lapse of Restrictions: If, for any reason, Shares are issued to you within six (6) months of the Grant Date, you agree that you will not sell or otherwise dispose of any such Shares prior to the six (6) month anniversary of the Grant Date.

2.IMPORTANT NOTICE - WARNING: The Restricted Stock Units and the Shares subject to the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company and its Subsidiaries. The contents of the Award Agreement, this Addendum, the Plan, and all other materials pertaining to the Restricted Stock Units and/or the Plan have not been prepared in accordance with and are not intended to constitute a ‘prospectus’ for a public offering of securities under the applicable companies and securities legislation in Hong Kong, and have not been reviewed by any regulatory authority in Hong Kong. The Award Agreement, this Addendum, the Plan, and all other materials are intended only for your personal use and not for distribution to any other persons. You are hereby advised to exercise caution in relation to the offer thereunder. If you have any doubts about any of the contents of the aforesaid materials, you should obtain independent professional advice.

3.Wages: The Restricted Stock Units and Shares subject to the Restricted Stock Units do not form part of your wages for the purposes of calculating any statutory or contractual payments under Hong Kong law.

Exhibit 10.2

4.Nature of the Plan: The Company specifically intends that the Plan will not be treated as an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance (“ORSO”). To the extent any court, tribunal or legal/regulatory body in Hong Kong determines that the Plan constitutes an occupational retirement scheme for the purposes of ORSO, the grant of the Restricted Stock Units shall be null and void.

INDIA

Repatriation Requirements: As a condition of this Award, you agree to repatriate all sales proceeds and dividends attributable to Shares acquired under the Plan in accordance with local foreign exchange rules and regulations. Neither the Company nor any of its Affiliates shall be liable for any fines or penalties resulting from your failure to comply with applicable laws.

ITALY

Plan Document Acknowledgement.In accepting the Award, you acknowledge that you have received a copy of the Plan and the Award Agreement and have reviewed the Plan and the Award Agreement, including this Addendum, in their entirety and fully understands and accepts all provisions of the Plan and the Award Agreement, including this Addendum.

You further acknowledge that you have read and specifically and expressly approve the following paragraphs of the Award Agreement: section 7 (Settlement of Vested Restricted Stock Units); section 17 (Acknowledgment of Nature of Plan and Restricted Stock Units); section 22 (Additional Terms and Conditions); section 27 (Governing Law); section 28 (English Language); and the Data Privacy paragraph included in the Addendum for the European Union / European Economic Area / United Kingdom.

MASSACHUSETTS

Forfeiture of Awards: Notwithstanding anything in Sections 2.12 or 18.4 of the Plan or in this Award Agreement to the contrary, the following provision supplements section 10 of the Award Agreement.

With respect to conduct you engage in following the termination of your employment with Employer, the definition of “Competition” and your covenant not to engage in Competition shall be limited to providing services, directly or indirectly, either individually, or in partnership, jointly or in conjunction with any other Person, in any state or geographic region in which you had a material presence or influence on behalf of the Company or its Affiliates during the two (2)-year period preceding your termination of employment, of the type you provided to the Company and its Affiliates at any time during the two (2)-year period preceding the date of termination of your employment.

In the event that you engage in Competition following the date either (i) you resign from employment with Employer or (ii) Employer terminates your employment with Employer for “cause” as defined under Massachusetts law, as applicable to the Massachusetts Noncompetition Agreement Act (such cause the “Non-Compete Cause”), and on a date that falls on or between the Vesting Date and the first (1st) anniversary of the Vesting Date, Section 10(b)(ii) of this Award Agreement will not apply to you unless the Company, on or within five (5) business days following the date of your resignation or termination set forth in either clause (i) or (ii) above, elects to enforce the covenant not to engage in Competition set forth above for a period of time not to exceed one (1) year following such date of resignation or termination (such period, the “Non-Compete Restricted Period”).

In addition, nothwithstanding anything herein to the contrary, neither the covenant not to engage in Competition nor section 10(b)(i) of this Award Agreement shall be enforceable following a termination of your employment by Employer without Non-Compete Cause.

You represent that the grant of this Award constitutes fair and reasonable consideration for the covenant not to engage in Competition set forth above. In the event the Company elects to enforce the covenant not to engage in Competition above, the Company shall pay you, upon commencement of the Non-Compete Restricted Period through the expiration of the Non-Compete Restricted Period, an amount equal to 50% of your highest annualized base salary within the two (2)-year period preceding the date of your resignation from employment with or

Exhibit 10.2

termination of employment by Employer (the “Non-Compete Payment”). The Non-Compete Payment shall be payable in equal installments in accordance with Employer’s payroll practices as in effect on your last day of employment, beginning on the first payroll date thereafter. In the event that you breach any of your obligations not to engage in Competition, the Company’s obligations to provide the Non-Compete Payment shall thereupon immediately cease, and the Company shall be entitled, in addition to any remedies available at law or in equity, to recover from you, in addition to the return of Shares and the forfeiture of Restricted Stock Units outlined in section 10(b)(ii) of this Award Agreement, any and all amounts of the Non-Compete Payment previously paid to you. If the Company so elects, you will be entitled to only one Non-Compete Payment pursuant to any and all other agreements between you, on the one hand, and the Company or its Affiliates, on the other hand, including this Award Agreement.

You have the right to consult with counsel prior to signing the Award Agreement containing this covenant not to engage in Competition. The Award Agreement will not become effective until the later of your execution of the Award Agreement or ten (10) business days following your receipt of the Award Agreement.

If any one or more of the provisions of the covenant not to engage in Competition are determined to be excessively broad as to duration, activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent allowed by the law.

All civil actions relating to this covenant not to engage in Competition shall be governed by, and construed in accordance with, the laws of the State of Massachusetts. For purposes of litigating any dispute that arises out of this covenant not to engage in Competition, such disputes shall be brought in Suffolk County, Massachusetts.

MEXICO

1. Commercial Relationship: You expressly recognize your participation in the Plan and the Company's grant of the Award does not constitute an employment relationship between you and the Company. You have been granted the Award as a consequence of the commercial relationship between the Company and the Company's subsidiary in Mexico that employs you (“Steelcase-Mexico”), and Steelcase-Mexico is your sole employer. Based on the foregoing, (a) you expressly recognize that the Plan and the benefits derived from participation in the Plan do not establish any rights between you and Steelcase-Mexico, (b) the Plan and the benefits derived from participation in the Plan are not part of the employment conditions and/or benefits provided by Steelcase-Mexico, and (c) any modifications or amendments of the Plan by the Company, or a termination of the Plan by the Company, shall not constitute a change or impairment of the terms and conditions of your employment with Steelcase-Mexico.

2. Extraordinary Item of Compensation: You expressly recognize and acknowledge that your participation in the Plan is a result of the discretionary and unilateral decision of the Company, as well as the your free and voluntary decision to participate in the Plan in accordance with the terms and conditions of the Plan, the Award Agreement and this Addendum. As such, you acknowledge and agree that the Company may, in its sole discretion, amend and/or discontinue your participation in the Plan at any time and without any liability. The value of the Restricted Stock Units is an extraordinary item of compensation outside the scope of your employment contract, if any. The Restricted Stock Units are not part of your regular or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits, or any similar payments, which are the exclusive obligations of your Employer.

3. Plan Document Acknowledgement: By accepting the Restricted Stock Units, you acknowledge that you have received a copy of the Plan, the Award Agreement and this Addendum, which you have reviewed. You acknowledge further that you accept all the provisions of the Plan, the Award Agreement and the Addendum. You also acknowledge that you have read and specifically and expressly approve the terms and conditions set forth in section 17 (“Acknowledgment of Nature of Plan and Restricted Stock Units”) in the Award Agreement, which clearly provides as follows:

(1) Your participation in the Plan does not constitute an acquired right;

(2) The Plan and your participation in it are offered by the Company on a wholly discretionary basis;

Exhibit 10.2

(3) Your participation in the Plan is voluntary; and

(4) The Company and its Subsidiaries are not responsible for any decrease in the value of any Shares acquired at vesting and settlement of the Restricted Stock Units.

NETHERLANDS

Waiver of Termination Rights: You waive any and all rights to compensation or damages as a result of a termination of employment, insofar as those rights result or may result from: (a) the loss or diminution in value of such rights or entitlements under the Plan; or (b) you ceasing to have rights, or ceasing to be entitled to any Awards under the Plan as a result of such termination of employment.

ROMANIA

None.

SINGAPORE

Securities Law Notice. The grant of the Restricted Stock Units is being made pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”) under which it is exempt from the prospectus and registration requirements under the SFA and the grant of the Restricted Stock Units is not made to you with a view to the Shares being subsequently offered for sale to any other party. The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. You should note that the Restricted Stock Units are subject to section 257 of the SFA and you should not make (i) any subsequent sale of the Shares in Singapore, or (ii) any offer of such subsequent sale of the Shares in Singapore, unless such sale or offer is made: (a) more than six (6) months after the Award Date or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

SPAIN

1.Acknowledgement of Discretionary Nature of the Plan; No Vested Rights: By accepting the Award, you consent to participation in the Plan and acknowledge receipt of a copy of the Plan.

You understand that the Company has unilaterally, gratuitously and in its sole discretion granted Restricted Stock Units under the Plan to individuals who may be employees of the Company or its Affiliates throughout the world. The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or any of its Affiliates on an ongoing basis. Consequently, you understand that the Restricted Stock Units are granted on the assumption and condition that the Restricted Stock Units and the Shares acquired upon settlement of the Restricted Stock Units shall not become a part of any employment contract (either with the Company or any of its Affiliates) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever. In addition, you understand that this grant would not be made to you but for the assumptions and conditions referenced above; thus, you acknowledge and freely accept that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason the Award shall be null and void.

You understand and agree that, as a condition of the Award, unless otherwise provided in section 5 of the Award Agreement, any unvested Restricted Stock Units as of the date you cease active employment will be forfeited without entitlement to the underlying Shares or to any amount of indemnification in the event of termination of employment. You acknowledge that you have read and specifically accept the conditions referred to in the Award Agreement regarding the impact of a termination of employment on the Restricted Stock Units.

2.Termination for Cause: Notwithstanding anything to the contrary in the Plan or the Award Agreement, “Cause” shall be as defined as set forth in Article 2.6 of the Plan, regardless of whether the termination of employment is considered a fair termination (i.e., “despido procedente”) under Spanish legislation.

Exhibit 10.2

UNITED KINGDOM

1.Withholding Taxes: The following provision supplements section 11 of the Award Agreement.

You agree that you are liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items as and when requested by the Company, your Employer, or by Her Majesty’s Revenue and Customs (“HMRC”) (or any other tax authority or any other relevant authority). You also agree to indemnify and keep indemnified the Company and your Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on your behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended), you are ineligible to have the Company or your Employer cover any income tax liability on your behalf. In this case, any income tax not collected from or paid by you within 90 days after the end of the U.K. tax year in which the event giving rise to the income tax liability occurred (or such other period specified in U.K. law) will constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) will be payable. You will be responsible for paying and reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or your Employer (as applicable) the value of any employee NICs due on this additional benefit, which the Company or your Employer may recover from you by any of the means referred to in section 11 of the Award Agreement.

2. Exclusion of Claim: You acknowledge and agree that you will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from your ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of employment (whether the termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the grant of the Award, you shall be deemed to have waived irrevocably any such entitlement.

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

SARBANES-OXLEY ACT SECTION 302

I, Sara E. Armbruster, certify that:

1)I have reviewed this quarterly report on Form 10-Q for the period ended November 26, 2021 of Steelcase Inc.;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	/s/ Sara E. Armbruster
Name:	Sara E. Armbruster
Title:	President and Chief Executive Officer

Date: December 20, 2021

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

SARBANES-OXLEY ACT SECTION 302

I, David C. Sylvester, certify that:

1)I have reviewed this quarterly report on Form 10-Q for the period ended November 26, 2021 of Steelcase Inc.;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	/s/ David C. Sylvester
Name:	David C. Sylvester
Title:	Senior Vice President, Chief Financial Officer

Date: December 20, 2021

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CEO AND CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Steelcase Inc. (the “Company”) for the period ended November 26, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Sara E. Armbruster, as Chief Executive Officer of the Company, and David C. Sylvester, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on his knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Sara E. Armbruster
Name:	Sara E. Armbruster
Title:	President and Chief Executive Officer

December 20, 2021

	/s/ David C. Sylvester
Name:	David C. Sylvester
Title:	Senior Vice President, Chief Financial Officer

December 20, 2021

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

XML

Cover Page - shares	9 Months Ended
	Nov. 26, 2021	Dec. 16, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 26, 2021
Document Transition Report	false
Entity File Number	1-13873
Entity Registrant Name	STEELCASE INC
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-0819050
Entity Address, Address Line One	901 44th Street SE
Entity Address, City or Town	Grand Rapids,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49508
City Area Code	616
Local Phone Number	247-2710
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SCS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Central Index Key	0001050825
Current Fiscal Year End Date	--02-25
Common Class A [Member]
Entity Common Stock, Shares Outstanding		87,021,731
Common Class B [Member]
Entity Common Stock, Shares Outstanding		25,074,494

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Condensed Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Revenues	$ 738.2	$ 617.5	$ 2,019.6	$ 1,919.1
Cost of Goods and Services Sold	534.6	437.3	1,454.5	1,339.7
Gross profit	203.6	177.9	565.1	570.2
Operating expenses	187.7	168.8	547.1	498.5
Goodwill, Impairment Loss	0.0	0.0	0.0	17.6
Operating income	15.9	0.0	18.0	36.3
Interest expense	(6.5)	(6.6)	(19.3)	(20.7)
Investment income	0.1	0.2	0.4	1.2
Other Nonoperating Income (Expense)	2.5	2.2	3.5	7.0
Income before income tax expense	12.0	(4.2)	2.6	23.8
Income Tax Expense (Benefit)	2.4	(6.3)	(3.6)	4.3
Net income	$ 9.6	$ 2.1	$ 6.2	$ 19.5
Earnings per share
Basic	$ 0.08	$ 0.02	$ 0.05	$ 0.17
Diluted	0.08	0.02	0.05	0.17
Dividends declared and paid per common share	$ 0.145	$ 0.100	$ 0.390	$ 0.270
Cost of Sales - Restructuring costs | Cost of Sales - Restructuring costs
Cost of Sales - Restructuring costs	$ 0.0	$ 2.3	$ 0.0	$ 9.2
Operating Expenses - Restructuring costs
Cost of Sales - Restructuring costs	$ 0.0	$ 9.1	$ 0.0	$ 17.8

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Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Net income	$ 9.6	$ 2.1	$ 6.2	$ 19.5
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(0.1)	0.3	0.1	0.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	0.4	(0.3)	0.7	(1.1)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	0.3	0.3	0.7	0.7
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(13.3)	7.2	(25.1)	20.7
Other comprehensive income (loss)	(12.7)	7.5	(23.6)	20.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (3.1)	$ 9.6	$ (17.4)	$ 40.0

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Nov. 26, 2021	Feb. 26, 2021
ASSETS
Cash and cash equivalents		$ 275.2	$ 489.8
Trade Accounts Receivable		341.8	279.0
Accounts Receivable, Allowance for Credit Loss		(8.5)	(8.7)
Inventories		286.1	193.5
Prepaid expense		35.7	20.9
Income Taxes Receivable, Current		51.0	49.5
Other current assets		22.2	21.4
Total current assets		1,003.5	1,045.4
Property, plant and equipment, net of accumulated depreciation of $1,084.6 and $1,063.2		394.8	410.8
Company-owned life insurance		170.0	169.5
Deferred Income Tax Assets, Net		119.7	113.3
Goodwill		242.7	218.1
Other intangible assets, net of accumulated amortization of $82.4 and $73.3		89.1	90.4
Investments in unconsolidated affiliates		50.6	51.5
Operating Lease, Right-of-Use Asset		222.7	225.4
Other assets		25.7	29.6
Total assets		2,318.8	2,354.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable		257.8	181.3
Short-term borrowings and current maturities of long-term debt		5.0	4.7
Operating Lease, Liability, Current		43.7	43.8
Accrued expenses:
Employee compensation		79.9	90.1
Employee benefit plan obligations		20.6	24.9
Accrued promotions		27.2	27.8
Contract with Customer, Liability		56.2	33.7
Other		100.6	108.7
Total current liabilities		591.0	515.0
Long-term liabilities:
Long-term debt less current maturities		477.9	479.2
Employee benefit plan obligations		144.1	152.9
Operating Lease, Liability, Noncurrent		195.8	199.5
Other long-term liabilities		53.4	46.9
Total long-term liabilities		871.2	878.5
Total liabilities		1,462.2	1,393.5
Shareholders' equity:
Additional paid-in capital	[1]	0.0	12.5
Accumulated Other Comprehensive Income (Loss), Net of Tax		(63.6)	(40.0)
Retained earnings		920.2	988.0
Total shareholders' equity		856.6	960.5
Total liabilities and shareholders' equity		$ 2,318.8	$ 2,354.0

[1] Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 26, 2021	Feb. 26, 2021
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 1,084.6	$ 1,063.2
Other intangible assets, accumulated amortization	$ 82.4	$ 73.3

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Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Millions		Total	Performance Units [Member]
Other comprehensive income (loss)		$ 20.5
Retained earnings, beginning of period at Feb. 28, 2020		1,011.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		19.5
Dividends paid		(31.8)
Retained earnings, end of period at Nov. 27, 2020		993.1
Accumulated other comprehensive income (loss), beginning of period at Feb. 28, 2020		(69.3)
Accumulated Other Comprehensive Income (Loss), End of Period at Nov. 27, 2020		(48.8)
Additional paid-in capital, beginning of period at Feb. 28, 2020	[1]	28.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.6
Common stock repurchases	[1]	(36.8)
APIC, Share-based Payment Arrangement, Recognition and Exercise		(11.3)
Performance and restricted stock units expense (credit)		0.0
Additional paid-in capital, end of period at Nov. 27, 2020	[1]	$ 3.5
Common shares outstanding, beginning of period at Feb. 28, 2020		117,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases		(3,288,795)
Stock Issued During Period, Shares, New Issues		48,241	931,364
Common shares outstanding, end of period at Nov. 27, 2020		114,892,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ (5.9)
Other comprehensive income (loss)		7.5
Retained earnings, beginning of period at Aug. 28, 2020		1,002.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		2.1
Dividends paid		(11.7)
Retained earnings, end of period at Nov. 27, 2020		993.1
Accumulated other comprehensive income (loss), beginning of period at Aug. 28, 2020		(56.3)
Accumulated Other Comprehensive Income (Loss), End of Period at Nov. 27, 2020		(48.8)
Additional paid-in capital, beginning of period at Aug. 28, 2020	[1]	1.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.2
Common stock repurchases	[1]	(0.4)
APIC, Share-based Payment Arrangement, Recognition and Exercise		2.0
Performance and restricted stock units expense (credit)		0.0
Additional paid-in capital, end of period at Nov. 27, 2020	[1]	$ 3.5
Common shares outstanding, beginning of period at Aug. 28, 2020		114,776,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases		(44,201)
Stock Issued During Period, Shares, New Issues		21,351	139,114
Common shares outstanding, end of period at Nov. 27, 2020		114,892,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ 0.0
Stockholders' Equity Attributable to Parent		947.8
Stockholders' Equity Attributable to Parent		960.5
Other comprehensive income (loss)		(23.6)
Retained earnings, beginning of period at Feb. 26, 2021		988.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		6.2
Dividends paid		(45.9)
Retained earnings, end of period at Nov. 26, 2021		920.2
Accumulated other comprehensive income (loss), beginning of period at Feb. 26, 2021		(40.0)
Accumulated Other Comprehensive Income (Loss), End of Period at Nov. 26, 2021		(63.6)
Additional paid-in capital, beginning of period at Feb. 26, 2021	[1]	12.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.6
Common stock repurchases	[1]	(27.7)
APIC, Share-based Payment Arrangement, Recognition and Exercise		14.6
Performance and restricted stock units expense (credit)		(1.8)
Additional paid-in capital, end of period at Nov. 26, 2021	[1]	$ 0.0
Common shares outstanding, beginning of period at Feb. 26, 2021		114,908,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases		(3,991,083)
Stock Issued During Period, Shares, New Issues		43,406	1,217,210
Common shares outstanding, end of period at Nov. 26, 2021		112,178,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ (26.3)
Other comprehensive income (loss)		(12.7)
Retained earnings, beginning of period at Aug. 27, 2021		952.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		9.6
Dividends paid		(16.7)
Retained earnings, end of period at Nov. 26, 2021		920.2
Accumulated other comprehensive income (loss), beginning of period at Aug. 27, 2021		(50.9)
Accumulated Other Comprehensive Income (Loss), End of Period at Nov. 26, 2021		(63.6)
Additional paid-in capital, beginning of period at Aug. 27, 2021	[1]	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	[1]	0.2
Common stock repurchases	[1]	0.0
APIC, Share-based Payment Arrangement, Recognition and Exercise		0.2
Performance and restricted stock units expense (credit)		1.8
Additional paid-in capital, end of period at Nov. 26, 2021	[1]	$ 0.0
Common shares outstanding, beginning of period at Aug. 27, 2021		113,821,358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases		(1,764,083)
Stock Issued During Period, Shares, New Issues		16,109	104,825
Common shares outstanding, end of period at Nov. 26, 2021		112,178,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased Retained Earnings, Value [Line Items]		$ (23.1)
Stockholders' Equity Attributable to Parent		$ 856.6

[1] Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

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Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Nov. 26, 2021	Nov. 27, 2020
OPERATING ACTIVITIES
Net income		$ 6.2	$ 19.5
Depreciation and amortization		62.2	64.1
Goodwill, Impairment Loss		0.0	17.6
Restructuring Charges		0.0	27.0
Increase (Decrease) in Deferred Income Taxes		(9.6)	17.9
Non-cash stock compensation		13.4	11.9
Equity in income of unconsolidated affiliates		(4.4)	(6.7)
Dividends received from unconsolidated affiliates		4.7	5.2
Other		(19.5)	(12.4)
Changes in operating assets and liabilities net of acquisitions:
Accounts receivable		(68.6)	105.2
Inventories		(93.4)	(16.4)
Other assets		(18.3)	(22.9)
Accounts payable		77.5	(47.0)
Employee compensation liabilities		(15.3)	(130.5)
Employee benefit obligations		(13.5)	(25.2)
contract with customer, increases in liability due to deposits received		21.3	30.4
Accrued Liabilities and Other Operating Liabilities		(1.8)	(0.5)
Net cash provided by operating activities		59.1	37.2
INVESTING ACTIVITIES
Capital expenditures		(45.3)	(32.1)
Proceeds from Sale of Property, Plant, and Equipment		17.4	7.3
Other		9.2	7.0
Net cash provided by (used in) investing activities		(51.3)	(17.8)
FINANCING ACTIVITIES
Dividends paid		(45.9)	(31.8)
Common stock repurchases		(54.0)	(42.7)
Proceeds from Lines of Credit		0.0	250.0
Repayments of Lines of Credit		0.0	(250.0)
Proceeds from (Payments for) Other Financing Activities		1.6	2.1
Net cash used in financing activities		(101.5)	(76.6)
Effect of exchange rate changes on cash and cash equivalents		(1.6)	1.8
Net decrease in cash, cash equivalents and restricted cash		(213.5)	(55.4)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	[1]	495.6	547.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	[2]	$ 282.1	$ 491.7
Document Period End Date		Nov. 26, 2021

[1] These amounts include restricted cash of $5.8 and $6.1 as of February 26, 2021 and February 28, 2020, respectively.

[2] These amounts include restricted cash of $6.9 and $7.3 as of November 26, 2021 and November 27, 2020, respectively.Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims.  Restricted cash is included as part of Other assets in the Condensed Consolidated Balance Sheets.

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New Accounting Standards Narrative (Details)	9 Months Ended
	Nov. 26, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	NEW ACCOUNTING STANDARDSWe evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements.

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Basis Of Presentation

9 Months Ended

Nov. 26, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation

BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 26, 2021 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 26, 2021 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.

As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

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New Accounting Standards	9 Months Ended
	Nov. 26, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS

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Revenue (Notes)

9 Months Ended

Nov. 26, 2021

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:

Product Category Data	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Americas
Desking, benching, systems and storage	$	240.1	$	202.8	$	669.5	$	681.9
Seating	143.0		121.3		426.7		412.8
Other (1)	117.2		92.3		303.7		286.8
EMEA
Desking, benching, systems and storage	62.2		48.5		158.7		140.3
Seating	61.1		61.7		150.7		138.5
Other (1)	44.9		33.1		121.3		89.9
Other
Desking, benching, systems and storage	13.8		12.4		39.1		33.5
Seating	21.3		17.2		52.0		48.1
Other (1)	34.6		28.2		97.9		87.3
	$	738.2	$	617.5	$	2,019.6	$	1,919.1

_______________________________________

(1)The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services.

Reportable geographic information is as follows:

Reportable Geographic Revenue	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
United States	$	474.6	$	392.9	$	1,327.4	$	1,314.0
Foreign locations	263.6		224.6		692.2		605.1
	$	738.2	$	617.5	$	2,019.6	$	1,919.1

Contract Balances

At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability (Customer deposits) presented in the Condensed Consolidated Balance Sheets.

Changes in the Customer deposits balance during the nine months ended November 26, 2021 are as follows:

	Customer Deposits
Balance as of February 26, 2021	$	33.7
Recognition of revenue related to beginning of year customer deposits	(30.7)
Customer deposits received, net of revenue recognized during the period	53.2
Balance as of November 26, 2021	$	56.2

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Earnings Per Share

9 Months Ended

Nov. 26, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period.

Computation of Earnings Per Share	Three Months Ended November 26, 2021						Three Months Ended November 27, 2020
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	9.6	116.0		116.3		$	2.1	117.7		118.0
Impact of participating securities	(0.3)		(3.2)		(3.2)		—		(2.9)		(2.9)
Amounts used in calculating earnings per share, excluding participating securities	$	9.3	112.8		113.1		$	2.1	114.8		115.1
Earnings per share			$	0.08	$	0.08			$	0.02	$	0.02

There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three months ended November 26, 2021 and November 27, 2020.

Computation of Earnings Per Share	Nine Months Ended November 26, 2021						Nine Months Ended November 27, 2020
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	6.2	117.4		117.8		$	19.5	117.4		117.7
Impact of participating securities	(0.2)		(3.0)		(3.0)		(0.4)		(2.5)		(2.5)
Amounts used in calculating earnings per share, excluding participating securities	$	6.0	114.4		114.8		$	19.1	114.9		115.2
Earnings per share			$	0.05	$	0.05			$	0.17	$	0.17

There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the nine months ended November 26, 2021 and November 27, 2020.

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Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Nov. 26, 2021

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 26, 2021:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of August 27, 2021	$	0.5	$	(6.3)	$	(7.2)	$	(37.9)	$	(50.9)
Other comprehensive income (loss) before reclassifications	(0.1)		0.4		—		(13.3)		(13.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		0.3		—		0.3
Net other comprehensive income (loss) during the period	(0.1)		0.4		0.3		(13.3)		(12.7)
Balance as of November 26, 2021	$	0.4	$	(5.9)	$	(6.9)	$	(51.2)	$	(63.6)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 26, 2021:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 26, 2021	$	0.3	$	(6.6)	$	(7.6)	$	(26.1)	$	(40.0)
Other comprehensive income (loss) before reclassifications	0.1		0.8		—		(25.1)		(24.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.1)		0.7		—		0.6
Net other comprehensive income (loss) during the period	0.1		0.7		0.7		(25.1)		(23.6)
Balance as of November 26, 2021	$	0.4	$	(5.9)	$	(6.9)	$	(51.2)	$	(63.6)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 26, 2021 and November 27, 2020:

Detail of Accumulated Other Comprehensive Income (Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line in the Condensed Consolidated Statements of Income
	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Amortization of pension and other post-retirement actuarial losses (gains)	$	(0.1)	$	(0.3)	$	(0.2)	$	(0.9)	Other income, net
Prior service cost (credit)	—		—		—		(0.1)		Other income, net
Income tax expense	0.1		0.1		0.1		0.3		Income tax expense (benefit)
	—		(0.2)		(0.1)		(0.7)
Derivative amortization	0.4		0.4		1.0		1.0		Interest expense
Income tax benefit	(0.1)		(0.1)		(0.3)		(0.3)		Income tax expense (benefit)
	0.3		0.3		0.7		0.7
Total reclassifications	$	0.3	$	0.1	$	0.6	$	—

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Fair Value

9 Months Ended

Nov. 26, 2021

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts and long-term investments are measured at fair value in the Condensed Consolidated Balance Sheets.

Our total debt is carried at cost and was $482.9 and $483.9 as of November 26, 2021 and February 26, 2021, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was $552.4 and $568.1 as of November 26, 2021 and February 26, 2021, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.

We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes.

Assets and liabilities measured at fair value as of November 26, 2021 and February 26, 2021 are summarized below:

	November 26, 2021
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	274.1	$	—	$	—	$	274.1
Restricted cash	6.9		—		—		6.9
Foreign exchange forward contracts	—		0.2		—		0.2
Auction rate security	—		—		2.7		2.7
	$	281.0	$	0.2	$	2.7	$	283.9
Liabilities:
Foreign exchange forward contracts	$	—	$	(2.1)	$	—	$	(2.1)
	$	—	$	(2.1)	$	—	$	(2.1)
	February 26, 2021
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	489.8	$	—	$	—	$	489.8
Restricted cash	5.8		—		—		5.8
Foreign exchange forward contracts	—		1.1		—		1.1
Auction rate security	—		—		2.6		2.6
	$	495.6	$	1.1	$	2.6	$	499.3
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.8)	$	—	$	(0.8)
	$	—	$	(0.8)	$	—	$	(0.8)

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the nine months ended November 26, 2021:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Security
Balance as of February 26, 2021	$	2.6
Unrealized gain on investment	0.1
Balance as of November 26, 2021	$	2.7

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Inventories

9 Months Ended

Nov. 26, 2021

Inventories [Abstract]

Inventories

INVENTORIES

Inventories	November 26, 2021		February 26, 2021
Raw materials and work-in-process	$	162.8	$	126.0
Finished goods	151.3		86.4
	314.1		212.4
Revaluation to LIFO	28.0		18.9
	$	286.1	$	193.5

The portion of inventories determined by the LIFO method was $125.1 and $89.1 as of November 26, 2021 and February 26, 2021, respectively.

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Share-Based Compensation

9 Months Ended

Nov. 26, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Payment Arrangement

SHARE-BASED COMPENSATION

Performance Units

We have issued performance units (“PSUs”) to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively).

As of November 26, 2021, the following PSUs have been issued and remained outstanding:

•448,300 PSUs to be earned over a three-year performance period of 2022 through 2024 (the "2022 PSUs"),

•529,500 PSUs to be earned over a three-year performance period of 2021 through 2023 (the "2021 PSUs") and

•296,600 PSUs to be earned over a three-year performance period of 2020 through 2022 (the "2020 PSUs").

In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs, Tranche 2 of the 2021 PSUs and Tranche 3 of the 2020 PSUs. Accordingly, one-third of each of these PSUs were considered granted in Q1 2022.

In Q1 2021, the performance conditions were established for Tranche 1 of the 2021 PSUs and Tranche 2 of the 2020 PSUs. These performance conditions involved a qualitative assessment which was made by the Compensation Committee in Q4 2021. Accordingly, one-third of each of these PSUs were considered granted in Q4 2021.

In Q1 2020, the performance conditions were established for Tranche 1 of the 2020 PSUs. Accordingly, one-third of the 2020 PSUs were considered granted in Q1 2020.

Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible.

We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a fair value of $6.1, $3.7 and $1.6 for the PSUs with market conditions granted in 2022, 2021 and 2020, respectively. The Monte Carlo simulation was computed using the following assumptions:

	FY22 Award		FY21 Award				FY20 Award
	Tranche 1		Tranche 2		Tranche 1		Tranche 3		Tranche 2		Tranche 1
Risk-free interest rate (1)	0.3	%	0.2	%	0.2	%	0.1	%	0.1	%	2.3	%
Expected term	3 years		2 years		2 years		1 year		1 year		3 years
Estimated volatility (2)	53.5	%	61.3	%	58.1	%	56.1	%	74.1	%	32.5	%

_______________________________________

(1)Based on the U.S. Government bond benchmark on the grant date.

(2)Represents the historical price volatility of our Class A Common Stock for the three-year period.

The total PSU expense (credit) and associated tax benefit (expense) for all outstanding awards for the three and nine months ended November 26, 2021 and November 27, 2020 are as follows:

	Three Months Ended				Nine Months Ended
Performance Units	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Expense (credit)	$	(4.1)	$	0.1	$	1.5	$	0.4
Tax benefit (expense)	(1.0)		—		0.4		0.1

As of November 26, 2021, there was $0.3 of remaining unrecognized compensation expense related to granted nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.4 years.

The PSU activity for the nine months ended November 26, 2021 is as follows:

Maximum Number of Shares That May Be Issued Under Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 26, 2021	898,156	$	14.06
Granted	1,019,517	14.38
Nonvested as of November 26, 2021	1,917,673	$	14.23

Restricted Stock Units

During the nine months ended November 26, 2021, we awarded 1,155,818 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the RSUs will be issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the date of grant. For participants who are or become retirement-eligible during the service period, the RSUs are expensed over the period ending on the date the participant becomes retirement-eligible.

The total RSU expense and associated tax benefit for all outstanding awards for the three and nine months ended November 26, 2021 and November 27, 2020 are as follows:

	Three Months Ended				Nine Months Ended
Restricted Stock Units	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Expense	$	2.1	$	1.9	$	11.3	$	10.9
Tax benefit	0.5		0.5		2.8		2.8

As of November 26, 2021, there was $10.6 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.1 years.

The RSU activity for the nine months ended November 26, 2021 is as follows:

Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 26, 2021	2,285,965	$	12.11
Granted	1,155,818	13.89
Vested	(121,384)	12.95
Forfeited	(65,085)	12.92
Nonvested as of November 26, 2021	3,255,314	$	12.58

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Leases (Notes)

9 Months Ended

Nov. 26, 2021

Lessee, Lease, Description [Line Items]

Leases of Lessee Disclosure [Text Block]

LEASES

We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.

The components of lease expense are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Operating lease cost	$	13.2	$	12.8	$	39.5	$	38.8
Sublease rental income	(0.5)		(0.7)		(1.4)		(1.6)
	$	12.7	$	12.1	$	38.1	$	37.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Cash flow information:
Operating cash flows used for operating leases	$	13.6	$	12.6	$	40.4	$	37.3
Leased assets obtained in exchange for new operating lease obligations	$	17.0	$	0.7	$	34.3	$	2.6

	November 26, 2021		November 27, 2020
Other information:
Weighted-average remaining term	6.2 years		6.7 years
Weighted-average discount rate	3.6	%	4.0	%

The following table summarizes the future minimum lease payments as of November 26, 2021:

Fiscal year ending in February	Amount (1)
2022	$	13.1
2023	50.2
2024	45.8
2025	43.2
2026	34.2
Thereafter	81.3
Total lease payments	$	267.8
Less: Interest	28.3
Present value of lease liabilities	$	239.5

_______________________________________

(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

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Business Combinations

9 Months Ended

Nov. 26, 2021

Business Combinations [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

ACQUISITIONS

Viccarbe Habitat, S.L.

In Q3 2022, we acquired Viccarbe Habitat, S.L. ("Viccarbe"), a Spanish designer of contemporary furniture for high-performance collaborative and social spaces. The transaction included the purchase of all the outstanding capital stock of Viccarbe for $34.9 (or €30.0), less an adjustment for working capital estimated at $1.5 (or €1.3), in an all-cash transaction using cash on-hand. An additional amount of $15.1 (or €13.0) is payable to the sellers based upon the achievement of certain sales and operating income targets over a three year period. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. As a result, we recorded a related liability of $4.9 (or €4.2). An additional amount of $7.0 (or €6.0) is also payable to the sellers based upon the achievement of certain milestones and continued employment over a five year period, which will be expensed over the service period on a straight-line basis.

Tangible assets and liabilities of Viccarbe were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $11.7 related to identifiable intangible assets, $25.6 related to goodwill and $5.3 related to tangible assets. The tangible assets mainly consisted of working capital (primarily accounts receivable, inventory and accounts payable), property, plant and equipment and deferred tax liabilities. The goodwill was recorded in the EMEA segment and is not deductible for income tax purposes in Spain. The goodwill resulting from the acquisition is primarily related to the growth potential of Viccarbe and our intention to expand the manufacturing of Viccarbe products in geographic regions outside of EMEA and offer Viccarbe products through our global distribution network. Intangible assets are principally related to the Viccarbe trade name, dealer relationships and internally developed know-how and designs, which will be amortized over periods ranging from 9 to 13 years from the date of acquisition. The purchase price allocation for the acquisition was incomplete as of November 26, 2021. The amounts recognized related to the purchase price allocation will be finalized no later than one year after the acquisition date.

The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:

Other Intangible Assets	Useful Life (Years)	Fair Value
Trademark	9.0	$	4.6
Dealer relationships	13.0	3.8
Know-how/designs	9.0	3.3
		$	11.7

    

The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful life. The estimated amortization expense for the next five years is as follows:

Fiscal Year Ending in February	Amount
2022	$	0.4
2023	1.1
2024	1.1
2025	1.2
2026	1.1
	$	4.9

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Reportable Segments

9 Months Ended

Nov. 26, 2021

Reportable Segments [Abstract]

Reportable Segments

REPORTABLE SEGMENTS

Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate expenses are reported as Corporate.

The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Smith System, AMQ, Orangebox and Viccarbe brands.

The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox, Coalesse and Viccarbe brands, with a comprehensive portfolio of furniture, architectural and technology products.

The Other category includes Asia Pacific and Designtex. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia primarily under the Steelcase brand with a comprehensive portfolio of furniture, architectural and technology products. Designtex primarily sells textiles, wall coverings and surface imaging solutions specified by architects and designers directly to end-use customers through a direct sales force primarily in North America.

We primarily review and evaluate revenue and operating income by segment in both our internal review processes and for our external financial reporting. We also allocate resources primarily based on revenue and operating income. Total assets by segment include manufacturing and other assets associated with each segment.

Corporate costs include unallocated portions of shared service functions such as information technology, corporate facilities, finance, human resources, research, legal and customer aviation, plus deferred compensation expense and income or losses associated with COLI. Corporate assets consist primarily of unallocated cash and cash equivalents, COLI, fixed assets and right-of-use assets related to operating leases.

Revenue and operating income (loss) for the three and nine months ended November 26, 2021 and November 27, 2020 and total assets as of November 26, 2021 and February 26, 2021 by segment are presented in the following table:

	Three Months Ended				Nine Months Ended
Reportable Segment Statement of Operations Data	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Revenue
Americas	$	500.3	$	416.4	$	1,399.9	$	1,381.5
EMEA	168.2		143.3		430.7		368.7
Other	69.7		57.8		189.0		168.9
	$	738.2	$	617.5	$	2,019.6	$	1,919.1
Operating income (loss)
Americas	$	11.1	$	13.8	$	40.8	$	84.9
EMEA	8.3		(3.7)		1.0		(31.8)
Other	2.0		(2.2)		(7.5)		(2.7)
Corporate	(5.5)		(7.9)		(16.3)		(14.1)
	$	15.9	$	—	$	18.0	$	36.3

Reportable Segment Balance Sheet Data	November 26, 2021		February 26, 2021
Total assets
Americas	$	1,103.6	$	1,015.3
EMEA	479.2		414.4
Other	227.0		211.3
Corporate	509.0		713.0
	$	2,318.8	$	2,354.0

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Revenue (Tables)

9 Months Ended

Nov. 26, 2021

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:

Product Category Data	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Americas
Desking, benching, systems and storage	$	240.1	$	202.8	$	669.5	$	681.9
Seating	143.0		121.3		426.7		412.8
Other (1)	117.2		92.3		303.7		286.8
EMEA
Desking, benching, systems and storage	62.2		48.5		158.7		140.3
Seating	61.1		61.7		150.7		138.5
Other (1)	44.9		33.1		121.3		89.9
Other
Desking, benching, systems and storage	13.8		12.4		39.1		33.5
Seating	21.3		17.2		52.0		48.1
Other (1)	34.6		28.2		97.9		87.3
	$	738.2	$	617.5	$	2,019.6	$	1,919.1

_______________________________________

(1)The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services.

Reportable geographic information is as follows:

Reportable Geographic Revenue	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
United States	$	474.6	$	392.9	$	1,327.4	$	1,314.0
Foreign locations	263.6		224.6		692.2		605.1
	$	738.2	$	617.5	$	2,019.6	$	1,919.1

Contract with Customer, changes in customer deposits

Changes in the Customer deposits balance during the nine months ended November 26, 2021 are as follows:

	Customer Deposits
Balance as of February 26, 2021	$	33.7
Recognition of revenue related to beginning of year customer deposits	(30.7)
Customer deposits received, net of revenue recognized during the period	53.2
Balance as of November 26, 2021	$	56.2

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

9 Months Ended

Nov. 26, 2021

Nov. 26, 2021

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 26, 2021 and November 27, 2020:

Detail of Accumulated Other Comprehensive Income (Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line in the Condensed Consolidated Statements of Income
	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Amortization of pension and other post-retirement actuarial losses (gains)	$	(0.1)	$	(0.3)	$	(0.2)	$	(0.9)	Other income, net
Prior service cost (credit)	—		—		—		(0.1)		Other income, net
Income tax expense	0.1		0.1		0.1		0.3		Income tax expense (benefit)
	—		(0.2)		(0.1)		(0.7)
Derivative amortization	0.4		0.4		1.0		1.0		Interest expense
Income tax benefit	(0.1)		(0.1)		(0.3)		(0.3)		Income tax expense (benefit)
	0.3		0.3		0.7		0.7
Total reclassifications	$	0.3	$	0.1	$	0.6	$	—

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 26, 2021:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of August 27, 2021	$	0.5	$	(6.3)	$	(7.2)	$	(37.9)	$	(50.9)
Other comprehensive income (loss) before reclassifications	(0.1)		0.4		—		(13.3)		(13.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		0.3		—		0.3
Net other comprehensive income (loss) during the period	(0.1)		0.4		0.3		(13.3)		(12.7)
Balance as of November 26, 2021	$	0.4	$	(5.9)	$	(6.9)	$	(51.2)	$	(63.6)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 26, 2021:

	Unrealized gain (loss) on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 26, 2021	$	0.3	$	(6.6)	$	(7.6)	$	(26.1)	$	(40.0)
Other comprehensive income (loss) before reclassifications	0.1		0.8		—		(25.1)		(24.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.1)		0.7		—		0.6
Net other comprehensive income (loss) during the period	0.1		0.7		0.7		(25.1)		(23.6)
Balance as of November 26, 2021	$	0.4	$	(5.9)	$	(6.9)	$	(51.2)	$	(63.6)

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Fair Value (Tables)

9 Months Ended

Nov. 26, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value as of November 26, 2021 and February 26, 2021 are summarized below:

	November 26, 2021
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	274.1	$	—	$	—	$	274.1
Restricted cash	6.9		—		—		6.9
Foreign exchange forward contracts	—		0.2		—		0.2
Auction rate security	—		—		2.7		2.7
	$	281.0	$	0.2	$	2.7	$	283.9
Liabilities:
Foreign exchange forward contracts	$	—	$	(2.1)	$	—	$	(2.1)
	$	—	$	(2.1)	$	—	$	(2.1)
	February 26, 2021
Fair Value of Financial Instruments	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	489.8	$	—	$	—	$	489.8
Restricted cash	5.8		—		—		5.8
Foreign exchange forward contracts	—		1.1		—		1.1
Auction rate security	—		—		2.6		2.6
	$	495.6	$	1.1	$	2.6	$	499.3
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.8)	$	—	$	(0.8)
	$	—	$	(0.8)	$	—	$	(0.8)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the nine months ended November 26, 2021:

Roll-Forward of Fair Value Using Level 3 Inputs	Auction Rate Security
Balance as of February 26, 2021	$	2.6
Unrealized gain on investment	0.1
Balance as of November 26, 2021	$	2.7

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Inventories (Tables)

9 Months Ended

Nov. 26, 2021

Inventories [Abstract]

Schedule of Inventory

Inventories	November 26, 2021		February 26, 2021
Raw materials and work-in-process	$	162.8	$	126.0
Finished goods	151.3		86.4
	314.1		212.4
Revaluation to LIFO	28.0		18.9
	$	286.1	$	193.5

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Share-Based Compensation (Tables)

9 Months Ended

Nov. 26, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Payment Arrangement, Performance Shares, Activity

The PSU activity for the nine months ended November 26, 2021 is as follows:

Maximum Number of Shares That May Be Issued Under Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 26, 2021	898,156	$	14.06
Granted	1,019,517	14.38
Nonvested as of November 26, 2021	1,917,673	$	14.23

Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Compensation Costs by Plan for Share-based Payment Arrangements

The total PSU expense (credit) and associated tax benefit (expense) for all outstanding awards for the three and nine months ended November 26, 2021 and November 27, 2020 are as follows:

	Three Months Ended				Nine Months Ended
Performance Units	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Expense (credit)	$	(4.1)	$	0.1	$	1.5	$	0.4
Tax benefit (expense)	(1.0)		—		0.4		0.1

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Compensation Costs by Plan for Share-based Payment Arrangements

The total RSU expense and associated tax benefit for all outstanding awards for the three and nine months ended November 26, 2021 and November 27, 2020 are as follows:

	Three Months Ended				Nine Months Ended
Restricted Stock Units	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Expense	$	2.1	$	1.9	$	11.3	$	10.9
Tax benefit	0.5		0.5		2.8		2.8

Schedule of Restricted Stock Unit Awards Activity

The RSU activity for the nine months ended November 26, 2021 is as follows:

Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 26, 2021	2,285,965	$	12.11
Granted	1,155,818	13.89
Vested	(121,384)	12.95
Forfeited	(65,085)	12.92
Nonvested as of November 26, 2021	3,255,314	$	12.58

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Leases (Tables)

9 Months Ended

Nov. 26, 2021

Lessee, Lease, Description [Line Items]

Lease, Cost [Table Text Block]

The components of lease expense are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Operating lease cost	$	13.2	$	12.8	$	39.5	$	38.8
Sublease rental income	(0.5)		(0.7)		(1.4)		(1.6)
	$	12.7	$	12.1	$	38.1	$	37.2

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Cash flow information:
Operating cash flows used for operating leases	$	13.6	$	12.6	$	40.4	$	37.3
Leased assets obtained in exchange for new operating lease obligations	$	17.0	$	0.7	$	34.3	$	2.6

	November 26, 2021		November 27, 2020
Other information:
Weighted-average remaining term	6.2 years		6.7 years
Weighted-average discount rate	3.6	%	4.0	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table summarizes the future minimum lease payments as of November 26, 2021:

Fiscal year ending in February	Amount (1)
2022	$	13.1
2023	50.2
2024	45.8
2025	43.2
2026	34.2
Thereafter	81.3
Total lease payments	$	267.8
Less: Interest	28.3
Present value of lease liabilities	$	239.5

_______________________________________

(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

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Leases Cash Flow and Other (Tables)

9 Months Ended

Nov. 26, 2021

Lessee, Lease, Description [Line Items]

Leases of Lessee Disclosure [Text Block]

LEASES

We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.

The components of lease expense are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Operating lease cost	$	13.2	$	12.8	$	39.5	$	38.8
Sublease rental income	(0.5)		(0.7)		(1.4)		(1.6)
	$	12.7	$	12.1	$	38.1	$	37.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Cash flow information:
Operating cash flows used for operating leases	$	13.6	$	12.6	$	40.4	$	37.3
Leased assets obtained in exchange for new operating lease obligations	$	17.0	$	0.7	$	34.3	$	2.6

	November 26, 2021		November 27, 2020
Other information:
Weighted-average remaining term	6.2 years		6.7 years
Weighted-average discount rate	3.6	%	4.0	%

The following table summarizes the future minimum lease payments as of November 26, 2021:

Fiscal year ending in February	Amount (1)
2022	$	13.1
2023	50.2
2024	45.8
2025	43.2
2026	34.2
Thereafter	81.3
Total lease payments	$	267.8
Less: Interest	28.3
Present value of lease liabilities	$	239.5

_______________________________________

(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

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Reportable Segments (Tables)

9 Months Ended

Nov. 26, 2021

Reportable Segments [Abstract]

Schedule of Segment Reporting Information

Revenue and operating income (loss) for the three and nine months ended November 26, 2021 and November 27, 2020 and total assets as of November 26, 2021 and February 26, 2021 by segment are presented in the following table:

	Three Months Ended				Nine Months Ended
Reportable Segment Statement of Operations Data	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Revenue
Americas	$	500.3	$	416.4	$	1,399.9	$	1,381.5
EMEA	168.2		143.3		430.7		368.7
Other	69.7		57.8		189.0		168.9
	$	738.2	$	617.5	$	2,019.6	$	1,919.1
Operating income (loss)
Americas	$	11.1	$	13.8	$	40.8	$	84.9
EMEA	8.3		(3.7)		1.0		(31.8)
Other	2.0		(2.2)		(7.5)		(2.7)
Corporate	(5.5)		(7.9)		(16.3)		(14.1)
	$	15.9	$	—	$	18.0	$	36.3

Reportable Segment Balance Sheet Data	November 26, 2021		February 26, 2021
Total assets
Americas	$	1,103.6	$	1,015.3
EMEA	479.2		414.4
Other	227.0		211.3
Corporate	509.0		713.0
	$	2,318.8	$	2,354.0

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Revenue (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Nov. 26, 2021		Nov. 27, 2020		Nov. 26, 2021	Nov. 27, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 738.2		$ 617.5		$ 2,019.6	$ 1,919.1
Contract with Customer, Liability					33.7
contract with customer, increases in liability due to deposits received					21.3	30.4
Contract with Customer, Liability	56.2				56.2
Deposits [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized					(30.7)
contract with customer, increases in liability due to deposits received					53.2
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	474.6		392.9		1,327.4	1,314.0
Foreign locations [Member]
Disaggregation of Revenue [Line Items]
Revenues	263.6		224.6		692.2	605.1
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	500.3		416.4		1,399.9	1,381.5
Americas [Member] | Systems and storage [Member]
Disaggregation of Revenue [Line Items]
Revenues	240.1		202.8		669.5	681.9
Americas [Member] | Seating [Member]
Disaggregation of Revenue [Line Items]
Revenues	143.0		121.3		426.7	412.8
Americas [Member] | Other Product Category [Member]
Disaggregation of Revenue [Line Items]
Revenues	117.2	[1]	92.3	[1]	303.7	286.8
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	168.2		143.3		430.7	368.7
EMEA [Member] | Systems and storage [Member]
Disaggregation of Revenue [Line Items]
Revenues	62.2		48.5		158.7	140.3
EMEA [Member] | Seating [Member]
Disaggregation of Revenue [Line Items]
Revenues	61.1		61.7		150.7	138.5
EMEA [Member] | Other Product Category [Member]
Disaggregation of Revenue [Line Items]
Revenues	44.9	[1]	33.1	[1]	121.3	89.9
Other category [Member]
Disaggregation of Revenue [Line Items]
Revenues	69.7		57.8		189.0	168.9
Other category [Member] | Systems and storage [Member]
Disaggregation of Revenue [Line Items]
Revenues	13.8		12.4		39.1	33.5
Other category [Member] | Seating [Member]
Disaggregation of Revenue [Line Items]
Revenues	21.3		17.2		52.0	48.1
Other category [Member] | Other Product Category [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 34.6	[1]	$ 28.2	[1]	$ 97.9	$ 87.3

[1] The Other product category data consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture, technology and other uncategorized product lines and services.

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Earnings Per Share [Abstract]
Net income	$ 9.6	$ 2.1	$ 6.2	$ 19.5
Adjustment for earnings attributable to participating securities	(0.3)	0.0	(0.2)	(0.4)
Net income used in calculating earnings per share	$ 9.3	$ 2.1	$ 6.0	$ 19.1
Adjustment for participating securities (in millions)	(3.2)	(2.9)	(3.0)	(2.5)
Earnings per share, basic	$ 0.08	$ 0.02	$ 0.05	$ 0.17
Earnings per share, diluted	$ 0.08	$ 0.02	$ 0.05	$ 0.17
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	$ 9.3	$ 2.1	$ 6.0	$ 19.1
Excluding
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	112.8	114.8	114.4	114.9
Shares used in calculating diluted earnings per share (in millions)	113.1	115.1	114.8	115.2
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding, Basic	112.8	114.8	114.4	114.9
Weighted Average Number of Shares Outstanding, Diluted	113.1	115.1	114.8	115.2
Including
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	116.0	117.7	117.4	117.4
Shares used in calculating diluted earnings per share (in millions)	116.3	118.0	117.8	117.7
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding, Basic	116.0	117.7	117.4	117.4
Weighted Average Number of Shares Outstanding, Diluted	116.3	118.0	117.8	117.7

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (63.6)	$ (48.8)	$ (63.6)	$ (48.8)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3		0.6
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(12.7)		(23.6)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(50.9)	(56.3)	(40.0)	(69.3)
Other comprehensive income (loss) before reclassifications	(13.0)		(24.2)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)		(0.6)
Interest Expense	6.5	6.6	19.3	20.7
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(12.7)		(23.6)
Accumulated Other Comprehensive Income (Loss), End of Period	(63.6)	(48.8)	(63.6)	(48.8)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3	0.1	0.6	0.0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)	(0.1)	(0.6)	0.0
Unrealized gain (loss) on investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0.4		0.4
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(0.1)		0.1
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	0.5		0.3
Other comprehensive income (loss) before reclassifications	(0.1)		0.1
Amounts reclassified from accumulated other comprehensive income (loss)	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(0.1)		0.1
Accumulated Other Comprehensive Income (Loss), End of Period	0.4		0.4
Pension and other post-retirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(5.9)		(5.9)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		(0.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.4		0.7
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(6.3)		(6.6)
Other comprehensive income (loss) before reclassifications	0.4		0.8
Amounts reclassified from accumulated other comprehensive income (loss)	0.0		0.1
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.4		0.7
Accumulated Other Comprehensive Income (Loss), End of Period	(5.9)		(5.9)
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0	(0.2)	(0.1)	(0.7)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.2	0.1	0.7
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(6.9)		(6.9)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3		0.7
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.3		0.7
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(7.2)		(7.6)
Other comprehensive income (loss) before reclassifications	0.0		0.0
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)		(0.7)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.3		0.7
Accumulated Other Comprehensive Income (Loss), End of Period	(6.9)		(6.9)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3	0.3	0.7	0.7
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)	$ (0.3)	(0.7)	$ (0.7)
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(51.2)		(51.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(13.3)		(25.1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning of period	(37.9)		(26.1)
Other comprehensive income (loss) before reclassifications	(13.3)		(25.1)
Amounts reclassified from accumulated other comprehensive income (loss)	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(13.3)		(25.1)
Accumulated Other Comprehensive Income (Loss), End of Period	$ (51.2)		$ (51.2)

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Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020	Aug. 27, 2021	Feb. 26, 2021	Aug. 28, 2020	Feb. 28, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (63.6)	$ (48.8)	$ (63.6)	$ (48.8)	$ (50.9)	$ (40.0)	$ (56.3)	$ (69.3)
Other comprehensive income (loss) before reclassifications	(13.0)		(24.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3		0.6
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(12.7)		(23.6)
Income Tax Expense (Benefit)	2.4	(6.3)	(3.6)	4.3
Interest Expense	6.5	6.6	19.3	20.7
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3	0.1	0.6	0.0
Unrealized gain (loss) on investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0.4		0.4		0.5	0.3
Other comprehensive income (loss) before reclassifications	(0.1)		0.1
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(0.1)		0.1
Pension and other post-retirement liability adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(5.9)		(5.9)		(6.3)	(6.6)
Other comprehensive income (loss) before reclassifications	0.4		0.8
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		(0.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.4		0.7
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0	(0.2)	(0.1)	(0.7)
Income Tax Expense (Benefit)	0.1	0.1	0.1	0.3
Pension and other post-retirement liability adjustments [Member] | Actuarial losses (gains) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Income	(0.1)	(0.3)	(0.2)	(0.9)
Pension and other post-retirement liability adjustments [Member] | Prior Service Costs | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Income	0.0	0.0	0.0	(0.1)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(6.9)		(6.9)		(7.2)	(7.6)
Other comprehensive income (loss) before reclassifications	0.0		0.0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3		0.7
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0.3		0.7
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.3	0.3	0.7	0.7
Income Tax Expense (Benefit)	(0.1)	(0.1)	(0.3)	(0.3)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest Expense	0.4	$ 0.4	1.0	$ 1.0
Foreign currency translation adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(51.2)		(51.2)		$ (37.9)	$ (26.1)
Other comprehensive income (loss) before reclassifications	(13.3)		(25.1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0		0.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (13.3)		$ (25.1)

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Fair Value Narrative (Details) - USD ($)	9 Months Ended
	Nov. 26, 2021	Feb. 26, 2021	Nov. 27, 2020	Feb. 28, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 482,900,000	$ 483,900,000
Long-term Debt, Fair Value	552,400,000	568,100,000
Restricted Cash		5,800,000	$ 7,300,000	$ 6,100,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	552,400,000	568,100,000
Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	274,100,000	489,800,000
Restricted Cash	6,900,000	5,800,000
Assets, Fair Value Disclosure	283,900,000	499,300,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	2,100,000	800,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	2,100,000	800,000
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	200,000	1,100,000
Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	2,700,000	2,600,000
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	274,100,000	489,800,000
Restricted Cash	6,900,000	5,800,000
Assets, Fair Value Disclosure	281,000,000.0	495,600,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted Cash	0	0
Assets, Fair Value Disclosure	200,000	1,100,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	2,100,000	800,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	2,100,000	800,000
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	200,000	1,100,000
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted Cash	0	0
Assets, Fair Value Disclosure	2,700,000	2,600,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Fair Value Disclosure	2,700,000	$ 2,600,000
Unrealized gain on investments	$ 100,000

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Inventories (Details) - USD ($) $ in Millions	Nov. 26, 2021	Feb. 26, 2021
Inventories [Abstract]
Raw materials and work-in-process	$ 162.8	$ 126.0
Finished goods	151.3	86.4
Inventory, net of valuation allowances	314.1	212.4
LIFO reserve	28.0	18.9
Inventory, net of valuation allowances and LIFO reserve	286.1	193.5
FIFO inventory amount	$ 125.1	$ 89.1

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Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and restricted stock units expense (credit)	$ (1.8)	$ 0.0	$ 1.8	$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Stock Issued During Period, Shares, New Issues	16,109	21,351	43,406	48,241
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and restricted stock units expense (credit)	$ (4.1)	$ (0.1)	$ (1.5)	$ (0.4)
Share-based Payment Arrangement, Expense, Tax Benefit	$ (1.0)	0.0	$ (0.4)	(0.1)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			898,156
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,019,517
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,917,673		1,917,673
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value			$ 14.06
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			14.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 14.23		$ 14.23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 4 months 24 days
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and restricted stock units expense (credit)	$ (2.1)	(1.9)	$ (11.3)	(10.9)
Share-based Payment Arrangement, Expense, Tax Benefit	$ (0.5)	$ (0.5)	$ (2.8)	$ (2.8)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			2,285,965
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,155,818
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			(121,384)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(65,085)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	3,255,314		3,255,314
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value			$ 12.11
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			13.89
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value			12.95
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value			12.92
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 12.58		$ 12.58
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			2 years 1 month 6 days
2021 Performance unit Award | Performance Units [Member] | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			2 years
2021 Performance unit Award | Performance Units [Member] | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			2 years
2021 Performance unit Award | Performance Units [Member] | Market Condition [Member] | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			58.10%
2021 Performance unit Award | Performance Units [Member] | Market Condition [Member] | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			61.30%
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			3 years
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			1 year
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Tranche 3 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			1 year
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			2.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			32.50%
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			74.10%
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member] | Tranche 3 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			56.10%
2022 Performance Unit Award | Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			3 years
2022 Performance Unit Award | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			53.50%
2022 Performance Unit Award | Performance Units [Member] | Market Condition [Member] | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.30%

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Share-Based Compensation Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Stock Issued During Period, Shares, New Issues	16,109	21,351	43,406	48,241
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,019,517
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 14.38
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 300,000		$ 300,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 4 months 24 days
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,155,818
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 13.89
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	$ 10,600,000		$ 10,600,000
2022 Performance Unit Award | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	6.1		6.1
2021 Performance unit Award | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	3.7		3.7
2020 Performance Unit Award [Member] [Domain] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 1.6		$ 1.6

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Leases (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Cost		$ 13.2	$ 12.8	$ 39.5	$ 38.8
Sublease Income		(0.5)	(0.7)	(1.4)	(1.6)
Lease, Cost		12.7	12.1	38.1	37.2
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 17.0	$ 0.7	$ 34.3	$ 2.6
Operating Lease, Weighted Average Remaining Lease Term		6 years 2 months 12 days	6 years 8 months 12 days	6 years 2 months 12 days	6 years 8 months 12 days
Operating Leases, Future Minimum Payments, Due in Two Years	[1]	$ 50.2		$ 50.2
Operating Leases, Future Minimum Payments, Due in Three Years	[1]	45.8		45.8
Operating Leases, Future Minimum Payments, Due in Four Years	[1]	43.2		43.2
Operating Leases, Future Minimum Payments, Due in Five Years	[1]	34.2		34.2
Operating Leases, Future Minimum Payments, Due Thereafter	[1]	81.3		81.3
Operating Leases, Future Minimum Payments Due	[1]	267.8		267.8
Operating Lease interest included in future lease payments	[1]	28.3		28.3
Operating Lease, Liability	[1]	239.5		239.5
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	[1]	13.1		13.1
Operating Lease, Payments		$ 13.6	$ 12.6	$ 40.4	$ 37.3

[1] Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

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Leases weighted (Details)	Nov. 26, 2021	Nov. 27, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	6 years 2 months 12 days	6 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	3.60%	4.00%

XML

Leases lessee (Details)	Nov. 26, 2021	Nov. 27, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	6 years 2 months 12 days	6 years 8 months 12 days

XML

Business Combinations (Details) - SCS Viccarbe Habitat, S.L. Q3 FY22

9 Months Ended

Nov. 26, 2021

USD ($)

Business Combinations [Abstract]

Business Combination, Consideration Transferred

$ 34.9

Business Combination, Working Capital Adjustment

1.5

Business Combination, Contingent Consideration, Liability

15.1

Contingent Consideration Classified as Equity, Fair Value Disclosure

4.9

Business Combination, Separately Recognized Transactions, Liabilities Recognized

7.0

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

11.7

Business Acquisition, Goodwill, Expected Non-Deductible Amount

25.6

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

5.3

Acquired Finite-Lived Intangible Assets [Line Items]

Finite-lived Intangible Assets Acquired

11,700,000

Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year

400,000

Finite-Lived Intangible Assets, Amortization Expense, Year Two

1,100,000

Finite-Lived Intangible Assets, Amortization Expense, Year Three

1,100,000

Finite-Lived Intangible Assets, Amortization Expense, Year Four

1,200,000

Finite-Lived Intangible Assets, Amortization Expense, Year Five

1,100,000

Finite-Lived Intangible Assets, Amortization Expense, Next Five Years

$ 4,900,000

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The following table summarizes the acquired identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition:

Other Intangible Assets	Useful Life (Years)	Fair Value
Trademark	9.0	$	4.6
Dealer relationships	13.0	3.8
Know-how/designs	9.0	3.3
		$	11.7

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The fair value of the acquired intangible assets will be amortized on a straight-line basis over the remaining useful life. The estimated amortization expense for the next five years is as follows:

Fiscal Year Ending in February	Amount
2022	$	0.4
2023	1.1
2024	1.1
2025	1.2
2026	1.1
	$	4.9

Business Acquisition [Line Items]

Business Combination, Consideration Transferred

$ 34.9

Business Combination, Working Capital Adjustment

1.5

Business Combination, Contingent Consideration, Liability

15.1

Contingent Consideration Classified as Equity, Fair Value Disclosure

4.9

Business Combination, Separately Recognized Transactions, Liabilities Recognized

7.0

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

11.7

Business Acquisition, Goodwill, Expected Non-Deductible Amount

25.6

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 5.3

Trademarks [Member]

Acquired Finite-Lived Intangible Assets [Line Items]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

9 years

Finite-lived Intangible Assets Acquired

$ 4,600,000

Dealer relationships [Member]

Acquired Finite-Lived Intangible Assets [Line Items]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

13 years

Finite-lived Intangible Assets Acquired

$ 3,800,000

Know-How/Design [Member]

Acquired Finite-Lived Intangible Assets [Line Items]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

9 years

Finite-lived Intangible Assets Acquired

$ 3,300,000

XML

Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 26, 2021	Nov. 27, 2020	Nov. 26, 2021	Nov. 27, 2020	Feb. 26, 2021
Segment Reporting Information [Line Items]
Revenues	$ 738.2	$ 617.5	$ 2,019.6	$ 1,919.1
Operating income	15.9	0.0	18.0	36.3
Total assets	2,318.8		2,318.8		$ 2,354.0
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	500.3	416.4	1,399.9	1,381.5
Operating income	11.1	13.8	40.8	84.9
Total assets	1,103.6		1,103.6		1,015.3
EMEA [Member]
Segment Reporting Information [Line Items]
Revenues	168.2	143.3	430.7	368.7
Operating income	8.3	(3.7)	1.0	(31.8)
Total assets	479.2		479.2		414.4
Other category [Member]
Segment Reporting Information [Line Items]
Revenues	69.7	57.8	189.0	168.9
Operating income	2.0	(2.2)	(7.5)	(2.7)
Total assets	227.0		227.0		211.3
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income	(5.5)	$ (7.9)	(16.3)	$ (14.1)
Total assets	$ 509.0		$ 509.0		$ 713.0