Restatement

3 Months Ended

May 27, 2011

Restatement [Abstract]

Restatement

Note 1a — Restatement

On November 14, 2011, the Corporation amended its Annual Report on Form 10-K for the fiscal year ended February 28, 2011. The Corporation is also restating herein its previously issued consolidated financial statements for the three months ended May 27, 2011 to correct an error in its accounting for income taxes.

The Corporation identified an understatement of a deferred tax asset in connection with a review of certain calculations used in determining the tax basis of its inventory. During this review, it was discovered that the deferred tax asset related to this matter as reflected on the Corporation’s consolidated statement of financial position did not appropriately reflect certain differences between the basis of the Corporation’s inventory used for financial reporting purposes and the basis of the Corporation’s inventory used for tax purposes. The amount of the understatement of the deferred tax asset was $14.8 million. The Corporation determined that the difference occurred as a result of an adjustment to the deferred tax asset in the fiscal year ended February 29, 2004, which resulted in the understatement of net income, deferred and refundable income taxes, current assets, total assets and total shareholders’ equity by $14.8 million for the fiscal year ended February 29, 2004. The effect of the restatement had no impact on reported cash flows or any results of operations in the subsequent periods.

To correct the understatement of the deferred tax asset described above, the Corporation has recorded an increase in a deferred tax asset of $14.8 million with a corresponding increase to retained earnings as of March 1, 2008. The correction of the error also has the effect of increasing current assets, total assets and total shareholders’ equity. Accordingly, the restatement corrects the following line items in the Corporation’s consolidated financial statements as reported in this Form 10-Q/A:

Date	As Previously Reported		As Restated
	(Thousands of dollars)
As of May 27, 2011
Deferred and refundable income taxes	$	46,686	$	61,533
Total current assets		722,879		737,725
Total assets		1,554,266		1,569,113
Retained earnings		1,190,808		1,205,655
Total shareholders’ equity		784,162		799,009
As of February 28, 2011
Deferred and refundable income taxes	$	50,051	$	64,898
Total current assets		700,924		715,771
Total assets		1,532,402		1,547,249
Retained earnings		1,171,008		1,185,855
Total shareholders’ equity		748,911		763,758
As of May 28, 2010
Deferred and refundable income taxes	$	74,951	$	89,798
Total current assets		662,450		677,297
Total assets		1,494,229		1,509,076
Retained earnings		1,133,116		1,147,963
Total shareholders’ equity		659,695		674,542