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Dispositions
9 Months Ended
Nov. 28, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions

Note 4 – Dispositions

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 calendar year 2016. Net of transaction costs, the Corporation received $13.5 million cash from the sale, and recorded a non-cash loss on disposal of $15.5 million in the Corporation’s second fiscal quarter, which loss is included in “Other operating income – net” on the Consolidated Statement of Income.

On August 29, 2014, the Corporation completed the sale of its wholly-owned display fixtures business, A.G. Industries, Inc. (dba AGI In-Store “AGI In-Store”), to Rock-Tenn Company for $73.7 million in cash, subject to closing date working capital adjustments. A net gain of $38.7 million has been recognized from the sale during the nine month period ended November 28, 2014 and is included in “Other operating income – net” on the Consolidated Statement of Income. AGI In-Store, which is included in the non-reportable segment, had operating income of $0.1 million for the current fiscal year through the date of sale ($18.6 million of operating income for the nine month period ended November 29, 2013).