Subsequent Event

3 Months Ended

May 30, 2014

Subsequent Events [Abstract]

Subsequent Event

Note 17 – Subsequent Event

Subsequent to quarter end, on July 1, 2014, the Corporation sold its current world headquarters location and entered into an operating lease arrangement with the new owner of the building. The Corporation expects to remain in this current location until the completion of the new world headquarters, which the Corporation anticipates will occur in approximately two years. Net of transaction costs, the Corporation received approximately $13.5 million cash from the sale, and expects to record a non-cash loss on disposal of approximately $14 million to $16 million during our second fiscal quarter.

On June 13, 2014, the Corporation paid a cash dividend in the aggregate amount of $9.9 million to Century Intermediate Holding Company, its parent and sole shareholder. In addition, H L & L paid $9.9 million to the Corporation to acquire certain assets previously purchased by Corporation related to the new world headquarters project.