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Employee Benefit Plan Obligations
 12 Months Ended
Feb. 25, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plan Obligations EMPLOYEE BENEFIT PLAN OBLIGATIONS
Employee Benefit Plan Obligations (net)February 25,
2022		February 26,
2021
Defined contribution retirement plans$9.1 $12.1 
Post-retirement medical benefits34.1 42.7 
Defined benefit pension plans48.5 62.5 
Deferred compensation plans and agreements56.9 60.5 
$148.6 $177.8 
Employee benefit plan assets
Long-term asset$3.5 $— 
$3.5 $— 
Employee benefit plan obligations
Current portion$25.4 $24.9 
Long-term portion126.7 152.9 
$152.1 $177.8 
Defined Contribution Retirement Plans
Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) pre-tax contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants.
Total expense under all defined contribution retirement plans was $17.1 for 2022, $19.3 for 2021 and $37.5 for 2020. We expect to fund approximately $18.4 related to our defined contribution plans in 2023, including funding related to our 2022 discretionary profit sharing contributions.
Post-Retirement Medical Benefits
We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded. Our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information.
Defined Benefit Pension Plans
Our defined benefit pension plans include various qualified foreign retirement plans as well as domestic non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan, which is unfunded, was frozen to new participants in 2016, and the benefits were capped for existing participants. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows:
Defined Benefit Pension
Plan Obligations		February 25, 2022February 26, 2021
Qualified PlansNon-qualified
Supplemental
Retirement Plans		Qualified PlansNon-qualified
Supplemental
Retirement Plans
ForeignForeign
Plan assets$35.2 $— $33.2 $— 
Projected benefit plan obligations44.9 28.8 53.7 32.2 
Funded status$(9.7)$(28.8)$(20.5)$(32.2)
Long-term asset3.5 — — — 
Current liability(0.8)(3.9)(0.3)(3.0)
Long-term liability(12.4)(24.9)(20.2)(29.2)
Total benefit plan obligations$(9.7)$(28.8)$(20.5)$(32.2)
Accumulated benefit obligation$41.4 $28.8 $48.5 $32.1 
 
Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans
The following tables summarize our defined benefit pension and post-retirement plans:
Defined Benefit
Pension Plans		Post-Retirement
Plans
February 25,
2022		February 26,
2021		February 25,
2022		February 26,
2021
Change in plan assets:
Fair value of plan assets, beginning of year$33.2 $31.3 $— $— 
Actual return on plan assets3.7 (0.3)— — 
Employer contributions4.7 4.1 4.3 3.5 
Plan participants’ contributions— — 2.2 2.3 
Currency changes(1.7)2.9 — — 
Benefits paid(4.7)(4.8)(6.5)(5.8)
Fair value of plan assets, end of year35.2 33.2 — — 
Change in benefit obligations:
Benefit plan obligations, beginning of year85.9 82.5 42.7 44.3 
Service cost1.4 1.9 0.1 0.1 
Interest cost1.3 1.3 1.0 1.1 
Amendments— 0.1 — — 
Net actuarial (gain) loss (1)(7.2)— (5.4)0.5 
Plan participants’ contributions— — 2.2 2.3 
Currency changes(3.0)4.9 — 0.2 
Benefits paid(4.7)(4.8)(6.5)(5.8)
Benefit plan obligations, end of year73.7 85.9 34.1 42.7 
Funded status$(38.5)$(52.7)$(34.1)$(42.7)
Amounts recognized on the Consolidated Balance Sheets:
Long-term asset3.5 — — — 
Current liability(4.7)(3.3)(3.0)(3.6)
Long-term liability(37.3)(49.4)(31.1)(39.1)
Net amount recognized$(38.5)$(52.7)$(34.1)$(42.7)
Amounts recognized in accumulated other comprehensive income (loss) —pretax:
Actuarial loss (gain)$10.6 $21.9 $(15.1)$(11.1)
Prior service cost0.9 0.9 — — 
Total amounts recognized in accumulated other comprehensive income (loss) —pretax$11.5 $22.8 $(15.1)$(11.1)
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(1) In 2022 and 2021, the net actuarial (gain) loss includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as weighted-average discount rates and recent census data.
Pension PlansPost-Retirement Plans
Year EndedYear Ended
February 25,
2022		February 26,
2021		February 28,
2020		February 25,
2022		February 26,
2021		February 28,
2020
Components of expense:
Service cost$1.4 $1.9 $1.8 $0.1 $0.1 $0.1 
Interest cost1.3 1.3 2.0 1.0 1.1 1.6 
Amortization of net loss (gain)1.2 1.1 0.4 (1.4)(2.1)(3.3)
Amortization of prior year service credit(0.1)— (0.1)— — — 
Expected return on plan assets(1.2)(0.9)(1.3)— — — 
Net expense (credit) recognized in Consolidated Statements of Income2.6 3.4 2.8 (0.3)(0.9)(1.6)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax):
Net actuarial loss (gain)(9.7)1.2 7.9 (5.4)0.5 5.9 
Prior service cost— 0.1 — — — — 
Amortization of gain (loss)(1.2)(1.1)(0.4)1.4 2.1 3.4 
Amortization of prior year service credit0.1 — 0.1 — — — 
Total recognized in other comprehensive income (loss)(10.8)0.2 7.6 (4.0)2.6 9.3 
Total recognized in net periodic benefit cost and other comprehensive income (loss) --
pre-tax		$(8.2)$3.6 $10.4 $(4.3)$1.7 $7.7 
Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax
Amount		Tax (Expense)
Benefit		Net of
Tax Amount
Balance as of February 28, 2020$(7.4)$4.3 $(3.1)
Prior service (cost) credit from plan amendment arising during period(0.1)— (0.1)
   Net prior service (cost) credit during period(0.1)— (0.1)
Net actuarial gain (loss) arising during period(1.7)0.3 (1.4)
Amortization of net actuarial (gain) loss included in net periodic pension cost(1.1)0.3 (0.8)
   Net actuarial gain (loss) during period(2.8)0.6 (2.2)
Foreign currency translation adjustments(1.4)0.2 (1.2)
   Current period change(4.3)0.8 (3.5)
Balance as of February 26, 2021$(11.7)$5.1 $(6.6)
Amortization of prior service cost (credit) included in net periodic pension cost(0.1)— (0.1)
   Net prior service (cost) credit during period(0.1)— (0.1)
Net actuarial gain (loss) arising during period15.1 (3.6)11.5 
Amortization of net actuarial (gain) loss included in net periodic pension cost(0.2)0.1 (0.1)
   Net actuarial gain (loss) during period14.9 (3.5)11.4 
Foreign currency translation adjustments0.5 — 0.5 
   Current period change15.3 (3.5)11.8 
Balance as of February 25, 2022$3.6 $1.6 $5.2 
Weighted-Average
Assumptions		Pension PlansPost-Retirement Plans
Year EndedYear Ended
February 25,
2022		February 26,
2021		February 28,
2020		February 25,
2022		February 26,
2021		February 28,
2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate2.50 %1.70 %1.70 %3.38 %2.58 %2.58 %
Rate of salary progression2.50 %3.50 %3.50 %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate1.70 %1.70 %2.70 %2.58 %2.56 %4.06 %
Expected return on plan assets3.70 %3.00 %3.00 %
Rate of salary progression3.50 %3.40 %3.50 %
The measurement dates for our retiree benefit plans are consistent with our fiscal year-end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we consider the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists.
The assumed healthcare cost trend was 5.83% for pre-age 65 retirees as of February 25, 2022, gradually declining to 4.50% after nine years. As of February 26, 2021, the assumed healthcare cost trend was 5.84% for pre-age 65 retirees, gradually declining to 4.50% after seven years. Post-age 65 trend rates are not applicable as our plan provides a fixed subsidy for post-age 65 benefits.
Plan Assets
The investments of the foreign plans are managed by third-party investment managers who follow local regulations. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due.
Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 25, 2022 and February 26, 2021 are reflected in the following table. The target allocations are established by the investment committees of each plan in consultation with external advisors after consideration of the associated risk and expected return of the underlying investments.
Asset CategoryFebruary 25, 2022February 26, 2021
Actual
Allocations		Target
Allocations		Actual
Allocations		Target
Allocations
Equity securities— %— %70 %40 %
Debt securities78 50 25 30 
Real estate— — 4 — 
Other (1)22 50 1 30 
Total100 %100 %100 %100 %
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(1)Primarily represents money market funds.
The fair value of the pension plan assets as of February 25, 2022 and February 26, 2021, by asset category are as follows:
Fair Value of Pension Plan AssetsFebruary 25, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents$1.3 $— $— $1.3 
Equity securities - International— — — — 
Fixed income securities - Bond funds and other securities— 33.7 — 33.7 
Other investments - Property and property funds— 0.2 — 0.2 
$1.3 $33.9 $— $35.2 
Fair Value of Pension Plan AssetsFebruary 26, 2021
Level 1Level 2Level 3Total
Cash and cash equivalents$0.2 $— $— $0.2 
Equity securities - International— 23.5 — 23.5 
Fixed income securities - Bond funds— 8.3 — 8.3 
Other investments - Property and property funds— 1.2 — 1.2 
$0.2 $33.0 $— $33.2 
There were no transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented.
We expect to contribute approximately $5.6 to our pension plans and fund approximately $3.0 related to our post-retirement plans in 2023. The estimated future benefit payments under our pension and post-retirement plans are as follows:
Fiscal Year Ending in FebruaryPension PlansPost-retirement Plans
2023
$5.6 $3.0 
20245.0 2.8 
20254.8 2.7 
20265.6 2.6 
20274.6 2.5 
2028 - 203219.1 11.4 
Multi-Employer Pension Plan
One of our subsidiaries, SC Transport Inc., previously contributed to the Central States, Southeast and Southwest Areas Pension Fund (the "Fund"), a multi-employer pension plan, based on obligations arising under a collective bargaining agreement that covered SC Transport Inc. employees and retirees. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan’s underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. 
In 2019, the Fund asserted that SC Transport Inc.'s absence of hiring additional union employees over the past ten years constituted an adverse selection practice under the Fund and, if not remedied, would result in an assessment of a withdrawal liability. As a result of the Fund's assertion, SC Transport Inc. recorded an $11.2 charge related to its estimated future obligations under a withdrawal from the Fund to be paid out in installments over a period of up to 20 years. The withdrawal liability was discounted using a rate of 3.5%. The balance of the liability as of February 25, 2022 was $10.0.
In 2020, SC Transport Inc. withdrew from the Fund, and the Fund issued a final assessment of our withdrawal liability. We appealed the amount of the assessment by the Fund and are awaiting arbitration proceedings. The amount that may ultimately be required to settle any potential obligation may be lower or higher than our estimated liability, which we will adjust if needed, if and when additional information becomes available. If the Fund were to experience a mass withdrawal within three years from the date of our withdrawal, our liability could increase by approximately $13. A mass withdrawal could occur if all participating employers in the Fund withdraw at the same time, if the trustees terminate the Fund or if all union employees decertify the union.
Deferred Compensation Programs
We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected. These deferred compensation obligations are unfunded.
Deferred compensation expense, which represents annual participant earnings on amounts that have been deferred, and expense related to restoration retirement benefits, were $2.0 for 2022, $7.7 for 2021 and $3.3 for 2020.