Divestitures (Notes)

12 Months Ended

Feb. 25, 2022

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

DIVESTITURE

PolyVision

In 2020, we sold all outstanding capital stock of PolyVision for net proceeds of $72.6. The transaction resulted in the disposition of the net assets of the PolyVision operating entities in the U.S. and Belgium, which totaled $47.8. The net assets were primarily related to accounts receivable, inventory, property, plant and equipment and goodwill. In conjunction with the sale, we recorded a provision for $3.8 related to minimum purchase commitments for three years following the date of the sale. The transaction resulted in a gain of $21.0 in the Other category which reduced Operating expenses in the Consolidated Statements of Income. Subsequent to the sale, we continue to market certain PolyVision branded products to provide customers with a full suite of collaboration solutions.

Our Consolidated Statements of Income include the following in the Other category related to PolyVision:


	Year Ended
	February 28, 2020
Revenue	$	61.5
Gross profit	18.6
Operating income	6.4