Shareholders' Equity

12 Months Ended

Feb. 25, 2023

Equity [Abstract]

Stockholders' Equity

Shareholders' Equity

A class of 200,000 shares of junior preferred stock with a par value of $1.00 is authorized, but unissued.

Share Repurchases

During fiscal 2004, the Board of Directors authorized a share repurchase program, with subsequent increases in authorization. We repurchased 1,571,139 shares under the program during fiscal 2023, for a total cost of $74.3 million. We repurchased 2,292,846 shares under the program, for a total cost of $100.0 million, in fiscal 2022, and 1,177,704 shares under the program, for a total cost of $32.9 million, in fiscal 2021. The Company has repurchased a total of 10,996,601 shares, at a total cost of $381.6 million, since the inception of this program. We have remaining authority to repurchase 1,253,399 shares under this program, which has no expiration date.

In addition to the shares repurchased under this repurchase plan, during fiscal 2023, 2022 and 2021, the Company also withheld $2.3 million, $2.1 million and $3.0 million, respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or tax obligations related to stock-based compensation, pursuant to terms of board and shareholder-approved compensation plans.

Accumulated Other Comprehensive Loss

The following summarizes the accumulated other comprehensive loss, net of tax, at February 25, 2023 and February 26, 2022:

(In thousands)	2023		2022
Net unrealized loss on marketable securities	$	(550)	$	(58)
Net unrealized gain on derivative instruments	512		2,717
Pension liability adjustments	(3,044)		(3,770)
Foreign currency translation adjustments	(28,474)		(25,129)
Total accumulated other comprehensive loss	$	(31,556)	$	(26,240)