Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 22, 2024


or
☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-13873

___________________________________________________________

STEELCASE INC.

(Exact name of registrant as specified in its charter)


Michigan		38-0819050
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
901 44th Street SE
Grand Rapids,	Michigan	49508
(Address of principal executive offices)		(Zip Code)

(616) 247-2710

(Registrant's telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock	SCS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of December 17, 2024, Steelcase Inc. had 94,078,413 shares of Class A Common Stock and 19,643,520 shares of Class B Common Stock outstanding.

Table of Contents


STEELCASE INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED November 22, 2024 INDEX


		Page No.

PART I	Financial Information	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Income for the Three and Nine Months Ended November 22 , 2024 and November 24 , 2023	1
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended November 22 , 2024 and N ovember 24 , 2023	2
	Condensed Consolidated Balance Sheets as of November 22 , 2024 and February 23, 2024	3
	Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended November 22 , 2024 and November 24 , 2023	4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended November 22 , 2024 and November 24 , 2023	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32

PART II	Other Information	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 6.	Exhibits	33
Signatures		34

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PART I. FINANCIAL INFORMATION

Item 1.Financial Statements:

STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in millions, except per share data)


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Revenue	$	794.9	$	777.9	$	2,378.0	$	2,384.4
Cost of sales	528.1		525.5		1,572.5		1,611.2
Restructuring costs	1.4		0.1		10.3		2.9
Gross profit	265.4		252.3		795.2		770.3
Operating expenses	223.8		206.5		646.4		663.0
Restructuring costs	0.6		2.0		0.2		15.2
Operating income	41.0		43.8		148.6		92.1
Interest expense	(6.3)		(6.4)		(18.9)		(19.6)
Investment income	4.0		2.3		9.3		3.6
Other income (expense), net	(12.6)		0.9		(12.9)		4.4
Income before income tax expense	26.1		40.6		126.1		80.5
Income tax expense	7.0		9.8		33.0		20.7
Net income	$	19.1	$	30.8	$	93.1	$	59.8
Earnings per share:
Basic	$	0.16	$	0.26	$	0.79	$	0.50
Diluted	$	0.16	$	0.26	$	0.78	$	0.50
Dividends declared and paid per common share	$	0.100	$	0.100	$	0.300	$	0.300

See accompanying notes to the condensed consolidated financial statements.

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STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in millions)


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Net income	$	19.1	$	30.8	$	93.1	$	59.8
Other comprehensive income (loss), net:
Unrealized gain (loss) on investments	(0.4)		0.4		0.3		0.4
Pension and other post-retirement liability adjustments	11.1		(0.2)		10.2		(1.5)
Derivative amortization	0.3		0.2		0.7		0.7
Foreign currency translation adjustments	(14.4)		0.7		(6.4)		8.1
Total other comprehensive income (loss), net	(3.4)		1.1		4.8		7.7
Comprehensive income	$	15.7	$	31.9	$	97.9	$	67.5

See accompanying notes to the condensed consolidated financial statements.

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STEELCASE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)


	(Unaudited)
	November 22, 2024		February 23, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	365.2	$	318.6
Short-term investments	41.1		—
Accounts receivable, net of allowance of $5.7 and $6.2	340.3		338.3
Inventories, net	246.0		231.0

Prepaid expenses	33.6		31.9


Other current assets	38.9		39.6
Total current assets	1,065.1		959.4
Property, plant and equipment, net of accumulated depreciation of $1,128.1 and $1,119.2	333.7		352.9
Company-owned life insurance ("COLI")	170.3		166.9
Deferred income taxes	120.7		115.8
Goodwill	273.8		274.8
Other intangible assets, net of accumulated amortization of $127.3 and $115.0	81.6		94.6
Investments in unconsolidated affiliates	55.7		55.7
Right-of-use operating lease assets	139.1		168.6
Other assets	81.1		48.0
Total assets	$	2,321.1	$	2,236.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	249.3	$	211.3

Current operating lease obligations	40.4		45.1
Employee compensation	167.3		166.1
Employee benefit plan obligations	41.8		39.9
Accrued promotions	29.5		19.4
Customer deposits	49.6		44.8


Other current liabilities	99.7		80.5
Total current liabilities	677.6		607.1
Long-term liabilities:
Long-term debt	446.9		446.3
Employee benefit plan obligations	102.9		104.5
Long-term operating lease obligations	111.9		138.6
Other long-term liabilities	49.2		53.1
Total long-term liabilities	710.9		742.5
Total liabilities	1,388.5		1,349.6
Shareholders’ equity:

Additional paid-in capital	24.6		41.2
Accumulated other comprehensive income (loss)	(62.1)		(66.9)
Retained earnings	970.1		912.8
Total shareholders’ equity	932.6		887.1
Total liabilities and shareholders’ equity	$	2,321.1	$	2,236.7

See accompanying notes to the condensed consolidated financial statements.

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STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in millions, except share and per share data)


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Changes in common shares outstanding:
Common shares outstanding, beginning of period	113,953,028		114,003,058		114,227,372		112,988,721
Common stock issuances	16,297		32,943		60,155		108,724
Common stock repurchases	(462,920)		(82,717)		(2,864,002)		(512,707)
Performance and restricted stock units issued as common stock	193,850		246,150		2,276,730		1,614,696
Common shares outstanding, end of period	113,700,255		114,199,434		113,700,255		114,199,434

Changes in additional paid-in capital (1):
Additional paid-in capital, beginning of period	$	28.9	$	34.6	$	41.2	$	19.4
Common stock issuances	0.2		0.2		0.8		0.8
Common stock repurchases	(6.0)		(0.9)		(36.3)		(4.2)
Performance and restricted stock units expense	1.5		3.4		18.9		21.3
Additional paid-in capital, end of period	24.6		37.3		24.6		37.3

Changes in accumulated other comprehensive income (loss):
Accumulated other comprehensive income (loss), beginning of period	(58.7)		(65.9)		(66.9)		(72.5)
Other comprehensive income (loss)	(3.4)		1.1		4.8		7.7

Accumulated other comprehensive income (loss), end of period	(62.1)		(64.8)		(62.1)		(64.8)

Changes in retained earnings:
Retained earnings, beginning of period	962.8		884.4		912.8		879.3
Net income	19.1		30.8		93.1		59.8
Dividends paid	(11.8)		(11.8)		(35.8)		(35.7)


Retained earnings, end of period	970.1		903.4		970.1		903.4
Total shareholders' equity	$	932.6	$	875.9	$	932.6	$	875.9

_______________________________________

(1)Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

See accompanying notes to the condensed consolidated financial statements.

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STEELCASE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)


	Nine Months Ended
	November 22, 2024		November 24, 2023
OPERATING ACTIVITIES
Net income	$	93.1	$	59.8
Depreciation and amortization	60.2		62.8
Share-based compensation	19.7		22.1
Restructuring costs	10.5		18.1
Gains on sales of fixed assets, net	(41.5)		(10.5)


Change in fair value of contingent consideration	—		(9.5)
Other	(0.5)		(1.9)
Changes in operating assets and liabilities:
Accounts receivable	(4.7)		5.8
Inventories	(15.8)		59.8

Cloud computing arrangements expenditures	(32.9)		(1.1)
Other assets	(0.5)		(3.2)
Accounts payable	35.1		30.2
Employee compensation liabilities	(6.8)		17.3


Accrued expenses and other liabilities	32.0		1.6
Net cash provided by operating activities	147.9		251.3
INVESTING ACTIVITIES
Capital expenditures	(35.6)		(37.4)
Proceeds from disposal of fixed assets	44.4		28.2

Purchases of short-term investments	(44.0)		—
Liquidations of short-term investments	3.3		—
Other	3.9		4.0
Net cash used in investing activities	(28.0)		(5.2)
FINANCING ACTIVITIES
Dividends paid	(35.8)		(35.7)
Common stock repurchases	(36.3)		(4.2)
Borrowings on global committed bank facility	—		69.0
Repayments on global committed bank facility	—		(69.0)
Repayments on note payable	—		(32.2)
Other	—		(1.9)
Net cash used in financing activities	(72.1)		(74.0)
Effect of exchange rate changes on cash and cash equivalents	(1.3)		(0.2)
Net increase in cash, cash equivalents and restricted cash	46.5		171.9
Cash and cash equivalents and restricted cash, beginning of period (1)	325.9		97.2
Cash and cash equivalents and restricted cash, end of period (2)	$	372.4	$	269.1

_______________________________________

(1)These amounts include restricted cash of $7.3 and $6.8 as of February 23, 2024 and February 24, 2023, respectively.

(2)These amounts include restricted cash of $7.2 and $7.1 as of November 22, 2024 and November 24, 2023, respectively.

Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims. The restricted cash balance is included as part of Other assets on the Condensed Consolidated Balance Sheets.

See accompanying notes to the condensed consolidated financial statements.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 23, 2024 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.

As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

2.NEW ACCOUNTING STANDARDS

We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements.

Adoption of New Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which is intended to improve disclosures related to significant segment expenses and the information used by the chief operating decision maker ("CODM") to assess segment performance and to allocate resources. We adopted this guidance on a retrospective basis and will modify our annual disclosures beginning in Q4 2025 and interim disclosures thereafter. The adoption of this guidance is not expected to have a material effect on our consolidated financial statements.

Accounting Standards Issued But Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Subtopic 220-40) - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which is intended to improve disclosures through disaggregation of certain commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which is intended to improve income tax disclosures, specifically related to additional detail required in the effective tax rate reconciliation and the disaggregation of income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

3.REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:


Product Category Data	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Americas
Desking, benching, systems and storage	$	274.1	$	262.6	$	838.5	$	799.5
Seating	165.1		152.5		498.7		492.5
Other (1)	175.5		171.0		519.9		546.2
International
Desking, benching, systems and storage	62.2		70.0		173.7		194.2
Seating	71.3		67.3		200.9		190.7
Other (1)	46.7		54.5		146.3		161.3
	$	794.9	$	777.9	$	2,378.0	$	2,384.4

_______________________________________

(1)The other product category data by segment consists primarily of third-party products, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories.

Reportable geographic information is as follows:


Reportable Geographic Revenue	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
United States	$	574.8	$	541.5	$	1,734.8	$	1,715.5
Foreign locations	220.1		236.4		643.2		668.9
	$	794.9	$	777.9	$	2,378.0	$	2,384.4

Contract Balances

At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability (Customer deposits) presented on the Condensed Consolidated Balance Sheets.

Changes in the Customer deposits balance for the nine months ended November 22, 2024 are as follows:


Roll-Forward of Contract Liability for Customer Deposits	Customer Deposits
Balance as of February 23, 2024	$	44.8
Recognition of revenue related to beginning of year customer deposits	(40.0)
Customer deposits received, net of revenue recognized during the period	44.8

Balance as of November 22, 2024	$	49.6

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

4.EARNINGS PER SHARE

Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period.


Computation of Earnings Per Share	Three Months Ended November 22, 2024						Three Months Ended November 24, 2023
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	19.1	117.8		118.8		$	30.8	118.9		119.4
Impact of participating securities	(0.6)		(4.0)		(4.0)		(1.2)		(4.7)		(4.7)
Amounts used in calculating earnings per share, excluding participating securities	$	18.5	113.8		114.8		$	29.6	114.2		114.7

Earnings per share			$	0.16	$	0.16			$	0.26	$	0.26


Computation of Earnings Per Share	Nine Months Ended November 22, 2024						Nine Months Ended November 24, 2023
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	93.1	118.1		118.9		$	59.8	118.5		119.0
Impact of participating securities	(3.1)		(3.9)		(3.9)		(2.3)		(4.5)		(4.5)
Amounts used in calculating earnings per share, excluding participating securities	$	90.0	114.2		115.0		$	57.5	114.0		114.5

Earnings per share			$	0.79	$	0.78			$	0.50	$	0.50

There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three and nine months ended November 22, 2024 and November 24, 2023.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

5.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 22, 2024:


	Unrealized gain on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of August 23, 2024	$	1.1	$	5.0	$	(4.3)	$	(60.5)	$	(58.7)
Other comprehensive income (loss) before reclassifications	(0.4)		(0.5)		—		(14.4)		(15.3)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	—		11.6		0.3		—		11.9
Net other comprehensive income (loss) during the period	(0.4)		11.1		0.3		(14.4)		(3.4)
Balance as of November 22, 2024	$	0.7	$	16.1	$	(4.0)	$	(74.9)	$	(62.1)

_______________________________________

(1)Pension and other post-retirement liability adjustments include an $11.8 settlement charge, net of tax, related to the annuitization of our defined benefit pension plan in the United Kingdom (“U.K.”). In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred to an insurer which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 22, 2024:


	Unrealized gain on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 23, 2024	$	0.4	$	5.9	$	(4.7)	$	(68.5)	$	(66.9)
Other comprehensive income (loss) before reclassifications	0.3		(0.7)		—		(6.4)		(6.8)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	—		10.9		0.7		—		11.6
Net other comprehensive income (loss) during the period	0.3		10.2		0.7		(6.4)		4.8
Balance as of November 22, 2024	$	0.7	$	16.1	$	(4.0)	$	(74.9)	$	(62.1)

_______________________________________

(1)Pension and other post-retirement liability adjustments include an $11.8 settlement charge, net of tax, related to the annuitization of our defined benefit pension plan in the U.K. In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred to an insurer which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 22, 2024 and November 24, 2023:


Detail of Accumulated Other Comprehensive Income (Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line in the Condensed Consolidated Statements of Income
	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023

Amortization of pension and other post-retirement actuarial losses (gains) (1)
Actuarial losses (gains)	14.1		(0.5)		13.2		(1.7)			Other income (expense), net
Prior service cost	0.8		—		0.8		—			Other income (expense), net
Income tax expense (benefit) (1)	(3.3)		0.1		(3.1)		0.4			Income tax expense
	11.6		(0.4)		10.9		(1.3)

Derivative amortization	0.4		0.2		1.0		0.9			Interest expense
Income tax benefit	(0.1)		—		(0.3)		(0.2)			Income tax expense
	0.3		0.2		0.7		0.7





Total reclassifications	$	11.9	$	(0.2)	$	11.6	$	(0.6)

_______________________________________

(1)For the three and nine months ended November 22, 2024, amortization of pension and other post-retirement actuarial losses (gains) includes a $15.2 non-cash pension settlement charge in Other income (expense), net and a $3.4 discrete tax benefit in Income tax expense related to the annuitization of our U.K. defined benefit pension plan. In 2023, we entered into a contract with an insurer to annuitize the plan, covering 100% of the membership in the plan. This agreement resulted in an exchange of plan assets for an annuity that covers our future projected benefit obligations. In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

6.FAIR VALUE

The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and certain other liabilities, approximate their fair value due to their relatively short maturities. Our short-term investments, foreign exchange forward contracts, long-term investments and contingent consideration are measured at fair value on the Condensed Consolidated Balance Sheets.

Our total debt is carried at cost and was $446.9 and $446.3 as of November 22, 2024 and February 23, 2024, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was $430.6 and $423.0 as of November 22, 2024 and February 23, 2024, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements.

Starting in Q1 2025, we invested in a managed investment portfolio which consists of corporate debt securities, asset-backed securities and U.S. government debt securities. These investments are considered available-for-sale and are classified as Short-term investments on the Condensed Consolidated Balance Sheets. As of November 22, 2024, the fair value of our Short-term investments was $41.1. We have instructed our investment manager to operate under a mandate to keep the average duration of investments under two years. Fair values for these investments are based upon valuations for identical or similar instruments in active markets, with the resulting net unrealized holding gains or losses reflected net of tax as a component of Accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets. The cost basis for these investments, determined using the specific identification method, was $40.7 and unrealized gains were $0.4 as of November 22, 2024. Of our total short-term investments, $8.5 mature within one year and $32.6 mature after one year through five years.

We may use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. We do not use derivatives for speculative or trading purposes.

In connection with the acquisition of Viccarbe Habitat, S.L in Q3 2022, up to an additional $13.7 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period ending Q4 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. At each subsequent reporting date, changes in the fair value of the liability are recorded to Operating expenses until the liability is settled. As of November 22, 2024, the fair value of the contingent consideration was $0.0 based upon current projections for the Viccarbe business over the earnout period. The settlement of the contingent consideration could vary from this estimate based upon actual operating performance of the business during the earnout period compared to the underlying assumptions used in the estimation of fair value, including revenue and operating income projections, and changes to discount rates.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 22, 2024 and February 23, 2024 are summarized below:


Fair Value of Financial Instruments	November 22, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	365.2	$	—	$	—	$	365.2
Restricted cash	7.2		—		—		7.2
Managed investment portfolio and other investments
Corporate debt securities - domestic	—		17.9		—		17.9
Corporate debt securities - foreign	—		6.0		—		6.0

Asset-backed securities	—		9.2		—		9.2
U.S. government debt securities	7.9		—		—		7.9


Foreign exchange forward contracts	—		0.5		—		0.5
Auction rate security	—		—		2.8		2.8

	$	380.3	$	33.6	$	2.8	$	416.7
Liabilities:
Foreign exchange forward contracts	$	—	$	(3.7)	$	—	$	(3.7)
Contingent consideration	—		—		—		—
	$	—	$	(3.7)	$	—	$	(3.7)

Fair Value of Financial Instruments	February 23, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	318.6	$	—	$	—	$	318.6
Restricted cash	7.3		—		—		7.3







Foreign exchange forward contracts	—		0.8		—		0.8
Auction rate security	—		—		2.8		2.8

	$	325.9	$	0.8	$	2.8	$	329.5
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.5)	$	—	$	(0.5)
Contingent consideration	—		—		—		—
	$	—	$	(0.5)	$	—	$	(0.5)

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

7.INVENTORIES


Inventories, net	November 22, 2024		February 23, 2024
Raw materials and work-in-process	$	164.7	$	164.5
Finished goods	110.4		95.9
	275.1		260.4
Revaluation to LIFO	(29.1)		(29.4)
	$	246.0	$	231.0

The portion of inventories determined by the LIFO method aggregated to $120.2 and $111.7 as of November 22, 2024 and February 23, 2024, respectively.

8. SHARE-BASED COMPENSATION

Performance Units

In Q1 2025, we issued 465,300 performance units ("PSUs") to certain employees which are earned over the period of 2025 through 2027 (the "2025 PSUs"). These PSUs are earned based on performance conditions and a market condition which were established by the Compensation Committee in Q1 2025, and thus the 2025 PSUs were considered granted in Q1 2025.

In Q1 2024 and Q1 2023, we issued PSUs to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year, as follows:

•767,600 PSUs to be earned over the period of 2024 through 2026 (the "2024 PSUs") and

•428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs").

The number of PSUs earned under the 2024 PSUs and the 2023 PSUs are modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established for these PSUs, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively). As of November 22, 2024, the 2024 PSUs and 2023 PSUs were considered granted as follows:

•In Q1 2025, the performance conditions were established for Tranche 2 of the 2024 PSUs and Tranche 3 of the 2023 PSUs, and accordingly, such tranches were considered granted in Q1 2025.

•In Q1 2024, the performance conditions were established for Tranche 1 of the 2024 PSUs and Tranche 2 of the 2023 PSUs, and accordingly, such tranches were considered granted in Q1 2024.

•In Q1 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs, and accordingly, such tranche was considered granted in Q1 2023.

Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. The expense for PSUs is determined based on the probability that the performance conditions will be met, and if applicable, the fair value of the market condition on the grant date. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Steelcase Inc. Incentive Compensation Plan ("Incentive Compensation Plan").

We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a total fair value of $6.7, $3.2 and $1.7 for the PSUs with market conditions granted in 2025, 2024 and 2023, respectively, that remained outstanding as of November 22, 2024.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Monte Carlo simulation was computed using the following assumptions:


	2025 PSUs		2024 PSUs				2023 PSUs
			Tranche 2		Tranche 1		Tranche 3		Tranche 2		Tranche 1
Risk-free interest rate (1)	7.7	%	4.9	%	3.7	%	5.2	%	4.0	%	2.6	%
Expected term	3 years		2 years		3 years		1 year		2 years		3 years
Estimated volatility (2)	38.5	%	42.4	%	44.1	%	38.9	%	37.8	%	52.2	%

_______________________________________

(1)Based on the U.S. Government bond benchmark on the grant date.

(2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche or award.

The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
Performance Units	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Expense (credit)	$	(0.8)	$	0.1	$	7.6	$	6.3
Tax benefit (expense)	(0.2)		—		1.9		1.5

After completion of the performance period, the number of PSUs earned will be issued as shares of Class A Common Stock. A dividend equivalent is calculated based on the actual number of PSUs earned at the end of the performance period equal to the dividends that would have been payable on the earned PSUs had they been held during the entire performance period as Class A Common Stock. At the end of the performance period, the dividend equivalents are paid in the form of cash.

The PSU activity for the nine months ended November 22, 2024 is as follows:


Maximum Number of Shares of Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 23, 2024	1,299,988	$	9.51
Granted	1,887,648	13.27
Forfeited	(105,600)	11.20
Nonvested as of November 22, 2024	3,082,036	$	11.84

As of November 22, 2024, there was $4.4 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.7 years.

Restricted Stock Units

During the nine months ended November 22, 2024, we awarded 1,186,304 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse up to three years after the date of grant, at which time the RSUs are issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. For participants who are or become retirement-eligible during the service period, the RSUs are expensed over the period ending on the date that the participant becomes retirement-eligible. Typically, these awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The total RSU expense and associated tax benefit for the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
Restricted Stock Units	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Expense	$	2.3	$	3.3	$	11.3	$	15.0
Tax benefit	0.6		0.8		2.8		3.7

Holders of RSUs receive cash dividends equal to the dividends we declare and pay on our Class A Common Stock, which are included in Dividends paid in the Condensed Consolidated Statements of Cash Flows.

The RSU activity for the nine months ended November 22, 2024 is as follows:


Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 23, 2024	3,151,634	$	9.59
Granted	1,186,304	12.32
Vested	(316,229)	12.92
Forfeited	(73,998)	9.55
Nonvested as of November 22, 2024	3,947,711	$	10.15

As of November 22, 2024, there was $11.9 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a remaining weighted-average period of 1.9 years.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

9. LEASES

We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours operated) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.

The components of lease expense during the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Operating lease cost	$	12.7	$	13.7	$	37.9	$	40.9
Sublease rental income	(1.4)		(0.5)		(3.9)		(1.5)
	$	11.3	$	13.2	$	34.0	$	39.4

Supplemental cash flow and other information related to leases during the three and nine months ended November 22, 2024 and November 24, 2023 is as follows:


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Cash flow information:
Operating cash flows used for operating leases	$	13.9	$	14.4	$	39.8	$	42.1
Leased assets obtained in exchange for new operating lease obligations	2.6		4.5		23.9		12.1

As of November 22, 2024 and February 23, 2024, the weighted-average remaining lease terms were 4.5 years and 4.8 years, respectively, and the weighted-average discount rates were 5.3% and 4.8%, respectively.

The following table summarizes the future minimum lease payments as of November 22, 2024:


Fiscal year ending in February	Amount (1)
2025	$	11.8
2026	46.0
2027	38.2
2028	28.8
2029	19.2
Thereafter	27.6
Total lease payments	171.6
Less: Interest	(19.3)
Present value of lease liabilities	$	152.3

_______________________________________

(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

10. REPORTABLE SEGMENTS

The operating segments regularly reviewed by our Chief Executive Officer in the capacity as CODM are (1) the Americas, (2) Europe, the Middle East and Africa ("EMEA") and (3) Asia Pacific. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia. We primarily review and evaluate revenue, gross profit and operating income (loss) by these segments in our internal review processes and reporting. We also allocate resources among these segments primarily based on revenue, gross profit and operating income (loss). Total assets by segment include manufacturing and other assets associated with each segment.

For purposes of segment reporting externally, we aggregate the EMEA and Asia Pacific operating segments as an International segment based upon their similarity in quantitative and qualitative characteristics as defined in the Accounting Standards Codification ("ASC") 280, Segment Reporting. We evaluate the economic similarity of these operating segments including patterns and trends for revenue, gross profit and operating income (loss) in addition to the similarity in the nature of products and services, types of customers, and production and distribution processes in these regions. We conclude that these operating segments meet the criteria for aggregation consistent with the basic principles and objectives of segment reporting described in ASC 280.

The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.

The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.

Revenue, gross profit and operating income (loss) for the three and nine months ended November 22, 2024 and November 24, 2023 and total assets and goodwill as of November 22, 2024 and February 23, 2024 by segment are presented in the following tables:


	Three Months Ended				Nine Months Ended
Reportable Segment Statement of Income Data	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Revenue
Americas	$	614.7	$	586.1	$	1,857.1	$	1,838.2
International	180.2		191.8		520.9		546.2
	$	794.9	$	777.9	$	2,378.0	$	2,384.4
Gross Profit
Americas	$	214.6	$	192.8	$	649.5	$	612.3
International	50.8		59.5		145.7		158.0
	$	265.4	$	252.3	$	795.2	$	770.3
Operating Income (Loss)
Americas	$	46.5	$	37.2	$	167.0	$	117.0
International	(5.5)		6.6		(18.4)		(24.9)
	$	41.0	$	43.8	$	148.6	$	92.1

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Reportable Segment Balance Sheet Data	November 22, 2024		February 23, 2024
Total assets
Americas	$	1,810.3	$	1,705.5
International	510.8		531.2
	$	2,321.1	$	2,236.7

Goodwill
Americas	$	265.4	$	266.1
International	8.4		8.7
	$	273.8	$	274.8

11. RESTRUCTURING ACTIVITIES

In Q3 2025, we initiated restructuring actions in response to a continued decline in order volume in Orangebox. These actions involve the voluntary and involuntary terminations of approximately 30 salaried roles in Orangebox. We expect to incur total restructuring costs of approximately $1 in the International segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred $0.9 of restructuring costs for these actions in Q3 2025. We expect these actions to be substantially completed by the end of 2025.

In Q3 2025, we initiated restructuring actions to enhance our long-term operational effectiveness in Asia Pacific. These actions involve the involuntary terminations of approximately 70 positions in Asia Pacific. We expect to incur total restructuring costs of approximately $1 in the International segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred $0.8 of restructuring costs for these actions in Q3 2025. We expect these actions to be substantially completed by the end of 2025.

In Q1 2025, we initiated restructuring actions to close a regional distribution center in EMEA. These actions involve the involuntary terminations of approximately 20 positions. We expect to incur restructuring costs of approximately $3 in the International segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred restructuring costs of $0.1 and $2.7 for these actions in Q3 2025 and Q1 2025, respectively. We expect these actions to be substantially completed by the end of 2025.

In Q1 2025, we initiated a series of restructuring actions to realign our operations organization to optimize efficiency in the Americas segment. These actions involve the voluntary and involuntary terminations of approximately 100 positions. We expect to incur restructuring costs of approximately $3 related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred $0.1, $0.3, and $2.6 of restructuring costs for these actions in Q3 2025, Q2 2025, and Q1 2025, respectively. We expect these actions to be substantially completed by the end of 2025.

In Q4 2024, we initiated restructuring actions to move a regional distribution center in the Americas segment. These actions involved the involuntary terminations of approximately 55 positions and the relocation of approximately 15 positions. We expect to incur total restructuring costs of approximately $4 related to these actions consisting of cash severance payments, other separation-related benefits, and other related costs. We incurred $0.1, $1.2, and $1.7 of restructuring costs for these actions in Q3 2025, Q2 2025, and Q1 2025, respectively. We previously incurred restructuring costs of $0.7 for these actions during 2024. These actions are substantially complete.

In Q4 2024, we initiated a series of restructuring actions to enhance our long-term operational effectiveness in Asia Pacific. These actions involve the involuntary terminations of approximately 100 positions in Asia Pacific. We expect to incur total restructuring costs of approximately $4 in the International segment related to these actions, consisting of cash severance payments, other separation-related benefits, and other related costs. We incurred $0.5, and $0.2 of restructuring costs for these actions in Q2 2025 and Q1 2025, respectively. We previously recorded $2.5 related to employee termination costs and $0.4 related to the impairment of a right-of-use operating lease asset for these actions during 2024. These actions are substantially complete.

In Q3 2024, we initiated a series of restructuring actions to reallocate production of our product portfolio across our industrial footprint to take advantage of manufacturing centers of excellence. These actions involved the involuntary terminations of approximately 15 positions in the Americas segment. We incurred total restructuring costs of

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STEELCASE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

approximately $1 related to these actions consisting of cash severance payments, other separation-related benefits, and other related costs. We incurred restructuring costs of $0.1 and $0.1 for these actions in Q2 2025 and Q1 2025, respectively. We previously incurred restructuring costs of $1.1 for these actions during 2024. These actions are complete.

In Q1 2024, we announced a series of restructuring actions in response to continued decline in order volume, persisting inflationary pressures, and decreasing plant utilization. These actions involved the involuntary terminations of approximately 40 to 50 salaried roles in EMEA, the elimination of approximately 240 positions in Asia Pacific, and the involuntary terminations of approximately 30 employees in the Americas in connection with the closing of our regional distribution center in Atlanta, Georgia. We expect to incur total restructuring costs of approximately $16 to $18 in the International segment and approximately $1 in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We recorded a benefit of $0.9 in the International segment in Q1 2025 due to a reduction in the expected costs for employee exits. We previously incurred restructuring costs of $16.3 in the International segment and $0.6 in the Americas segment for these actions during 2024. These actions are substantially complete.

The following table details the changes in the restructuring reserve balance for the nine months ended November 22, 2024:


	Workforce reductions		Business exit and related costs		Total
Balance as of February 23, 2024	$	12.3	$	—	$	12.3
Additions	9.0		2.4		11.4
Payments	(14.6)		(2.4)		(17.0)
Adjustments	(1.4)		—		(1.4)
Balance as of November 22, 2024	$	5.3	$	—	$	5.3

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations:

This management’s discussion and analysis of financial condition and results of operations ("MD&A") should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 23, 2024. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

This item contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of income, balance sheets or statements of cash flows of the company. The non-GAAP financial measures used are (1) organic revenue growth (decline), (2) adjusted operating income (loss) and (3) adjusted earnings per share. We have provided a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure in the tables below. These measures are supplemental to, and should be used in conjunction with, the most comparable GAAP measures. Management uses these non-GAAP financial measures to monitor and evaluate financial results and trends. See Non-GAAP Financial Measures for a description of these measures and why management believes they are also useful to investors.

Financial Summary

Our reportable segments consist of the Americas segment and the International segment. See Note 10 to the condensed consolidated financial statements for additional information.

Results of Operations


	Three Months Ended								Nine Months Ended
Statement of Income Data	November 22, 2024				November 24, 2023				November 22, 2024				November 24, 2023
Revenue	$	794.9	100.0	%	$	777.9	100.0	%	$	2,378.0	100.0	%	$	2,384.4	100.0	%
Cost of sales	528.1		66.4		525.5		67.6		1,572.5		66.1		1,611.2		67.6
Restructuring costs	1.4		0.2		0.1		—		10.3		0.5		2.9		0.1
Gross profit	265.4		33.4		252.3		32.4		795.2		33.4		770.3		32.3
Operating expenses	223.8		28.1		206.5		26.5		646.4		27.2		663.0		27.8
Restructuring costs	0.6		0.1		2.0		0.3		0.2		—		15.2		0.6
Operating income	41.0		5.2		43.8		5.6		148.6		6.2		92.1		3.9
Interest expense	(6.3)		(0.8)		(6.4)		(0.8)		(18.9)		(0.8)		(19.6)		(0.8)
Investment income	4.0		0.5		2.3		0.3		9.3		0.4		3.6		0.1
Other income (expense), net	(12.6)		(1.6)		0.9		0.1		(12.9)		(0.5)		4.4		0.2
Income before income tax expense	26.1		3.3		40.6		5.2		126.1		5.3		80.5		3.4
Income tax expense	7.0		0.9		9.8		1.2		33.0		1.4		20.7		0.9
Net income	$	19.1	2.4	%	$	30.8	4.0	%	$	93.1	3.9	%	$	59.8	2.5	%
Earnings per share:
Basic	$	0.16			$	0.26			$	0.79			$	0.50
Diluted	$	0.16			$	0.26			$	0.78			$	0.50

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Q3 2025 Organic Revenue Growth (Decline)	Americas			International			Consolidated
Q3 2024 revenue	$	586.1		$	191.8		$	777.9

Divestiture	(10.6)			—			(10.6)
Currency translation effects	(0.1)			4.8			4.7
Q3 2024 revenue, adjusted	575.4			196.6			772.0
Q3 2025 revenue	614.7			180.2			794.9


Organic growth (decline) $	$	39.3		$	(16.4)		$	22.9
Organic growth (decline) %	7		%	(8)		%	3		%


Year-to-date 2025 Organic Revenue Growth (Decline)	Americas			International			Consolidated
Year-to-date 2024 revenue	$	1,838.2		$	546.2		$	2,384.4

Divestiture	(35.2)			—			(35.2)
Currency translation effects	(0.9)			3.7			2.8
Year-to-date 2024 revenue, adjusted	1,802.1			549.9			2,352.0
Year-to-date 2025 revenue	1,857.1			520.9			2,378.0

Organic growth (decline) $	$	55.0		$	(29.0)		$	26.0
Organic growth (decline) %	3		%	(5)		%	1		%


Adjusted Operating Income	Three Months Ended								Nine Months Ended
	November 22, 2024				November 24, 2023				November 22, 2024				November 24, 2023
Operating income	$	41.0	5.2	%	$	43.8	5.6	%	$	148.6	6.2	%	$	92.1	3.9	%
Amortization of purchased intangible assets	4.3		0.5		4.2		0.5		12.8		0.5		12.9		0.6

Restructuring costs	2.0		0.3		2.1		0.3		10.5		0.5		18.1		0.7
Gains on the sale of land, net of variable compensation impacts	—		—		(0.8)		(0.1)		(27.9)		(1.1)		(0.8)		(0.1)

Adjusted operating income	$	47.3	6.0	%	$	49.3	6.3	%	$	144.0	6.1	%	$	122.3	5.1	%


Adjusted Earnings Per Share	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Diluted earnings per share	$	0.16	$	0.26	$	0.78	$	0.50
Amortization of purchased intangible assets, per share	0.04		0.04		0.11		0.11
Income tax effect of amortization of purchased intangible assets, per share	(0.01)		(0.01)		(0.03)		(0.03)
Restructuring costs, per share	0.02		0.02		0.09		0.16
Income tax effect of restructuring costs, per share	(0.01)		(0.01)		(0.03)		(0.04)
Gains on the sale of land, net of variable compensation impacts, per share	—		(0.01)		(0.23)		(0.01)
Income tax effect of gains on the sale of land, net of variable compensation impacts, per share	—		—		0.06		—
Loss on pension plan settlement, per share	0.13		—		0.13		—
Income tax effect of loss on pension plan settlement, per share	(0.03)		—		(0.03)		—
Adjusted earnings per share	$	0.30	$	0.29	$	0.85	$	0.69

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Overview

In Q3 2025, we grew revenue by 2% compared to Q3 2024 which was driven by improvement in volume growth despite soft demand in our International markets. Revenue increased by 5% in the Americas which benefited from a higher percentage of the beginning backlog shipping during the quarter and included higher revenue from government, large corporate, healthcare and education customers. International revenue decreased by 6% driven by declines in most markets in Asia Pacific, except India, and France.

In the prior year, our operating results reflected a $9.5 benefit from a decrease in the valuation of a contingent earnout liability and $5.4 of gains related to the sale of fixed assets, including land. Excluding these items, we improved our year-over-year operating income driven by the revenue growth in the Americas and benefits from cost reduction initiatives, including from our previously announced restructuring actions. Orders (adjusted for the impact of a divestiture and currency translation effects) declined by 1% in Q3 2025 compared to the prior year, with 2% growth in the Americas and an 8% decline in International.

During Q3 2025, we finalized the annuitization of a defined benefit pension plan in the United Kingdom ("U.K.") and recorded a pre-tax, non-cash settlement charge of $15.2 to Other income (expense), net which had the effect of decreasing diluted earnings per share by $0.10, after taking into account the related tax effects. We also continued to invest in our business transformation initiative and planned implementation of our new enterprise resource planning ("ERP") system, and we expect to begin amortizing the capitalized development costs from this project in 2026.

Q3 2025 Compared to Q3 2024

We recorded net income of $19.1 and diluted earnings per share of $0.16 in Q3 2025 compared to net income of $30.8 and diluted earnings per share of $0.26 in the prior year. In Q3 2025, the results included a non-cash settlement charge of $15.2 to Other income (expense), net related to the accelerated recognition of accumulated actuarial losses due to the annuitization of a defined benefit pension plan and an associated $3.5 discrete income tax benefit, which had the net effect of decreasing net income by $11.7 and diluted earnings per share by $0.10.

Operating income of $41.0 in Q3 2025 represented a decline of $2.8 compared to operating income of $43.8 in the prior year. Operating income in the prior year reflected a $9.5 benefit from a decrease in the valuation of a contingent earnout liability and $5.4 of gains related to the sale of fixed assets, including land. Excluding these items, the increase in operating income was driven by revenue growth in the Americas which improved gross margin. We reported adjusted operating income of $47.3 and adjusted earnings per share of $0.30 in Q3 2025 compared to adjusted operating income of $49.3 and adjusted earnings per share of $0.29 in the prior year.

Revenue of $794.9 in Q3 2025 represented an increase of $17.0 or 2% compared to the prior year. The increase was primarily driven by volume growth in the Americas, partially offset by a 1% decline from the impact of a divestiture and lower revenue in International. Revenue increased by 5% in the Americas which included growth from government, large corporate, healthcare and education customers. International revenue decreased by 6% driven by declines in most markets in Asia Pacific, except India, and France. On an organic basis, revenue in Q3 2025 represented growth of 3% compared to the prior year, with 7% growth in the Americas but an 8% decline in International.

Cost of sales as a percentage of revenue improved by approximately 120 basis points in Q3 2025 compared to the prior year. The improvement was driven by benefits from higher revenue and cost reduction initiatives, including savings from restructuring actions. Cost of sales as a percentage of revenue improved by 190 basis points in the Americas but increased by 190 basis points in International.

Operating expenses increased by $17.3 in Q3 2025, or 160 basis points as a percentage of revenue, compared to the prior year. Operating expenses in the prior year reflected a $9.5 benefit from a decrease in the valuation of a contingent earnout liability and $5.4 of gains related to the sale of fixed assets, including land. Operating expenses in Q3 2025 reflected:

•$6.0 of higher employee costs and

•$1.4 of higher variable compensation expense,

•partially offset by a $4.4 decrease from a divestiture.

The investment in our business transformation initiative includes internal resources deployed on the development and configuration of our new ERP system. In Q3 2025, approximately $2 of employee costs were capitalized to Other assets as part of the application-development phase of the project, and we expect to begin amortizing the capitalized development costs in 2026.

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We recorded restructuring costs of $2.0 in Q3 2025 and $2.1 in Q3 2024. See Note 11 to the condensed consolidated financial statements for additional information.

Our Q3 2025 effective tax rate was 26.8% compared to a Q3 2024 effective tax rate of 24.1%.

Year-to-date 2025 Compared to Year-to-date 2024

We recorded net income of $93.1 and diluted earnings per share of $0.78 in year-to-date 2025 compared to net income of $59.8 and diluted earnings per share of $0.50 in the prior year. In year-to-date 2025, the results included:

•a $42.1 gain from the sale of land, which had the effect of increasing net income by $21.2 and diluted earnings per share by $0.17 after taking into account the related variable compensation expense and tax effects, and

•a non-cash settlement charge of $15.2 to Other income (expense), net related to the accelerated recognition of accumulated actuarial losses due to the annuitization of a defined benefit pension plan and an associated $3.5 discrete income tax benefit, which had the net effect of decreasing net income by $11.7 and diluted earnings per share by $0.10.

Operating income of $148.6 in year-to-date 2025 represented an improvement of $56.5 compared to operating income of $92.1 in the prior year. The improvement was driven by $31.0 of higher gains on the sale of fixed assets (primarily land), pricing benefits in the Americas and lower restructuring costs, partially offset by $22.5 of higher variable compensation expense and the impacts of lower volume. We reported adjusted operating income of $144.0 and adjusted earnings per share of $0.85 in year-to-date 2025 compared to adjusted operating income of $122.3 and adjusted earnings per share of $0.69 in the prior year.

Revenue of $2,378.0 in year-to-date 2025 represented a decline of $6.4 compared to the prior year. The decline was driven by lower volume in International and the impact of a divestiture in the Americas, partially offset by revenue growth in the Americas. Revenue increased by 1% in the Americas driven by large corporate, education and government customers. International revenue decreased by 5% driven by soft demand in most of Western Europe and Asia Pacific, except India. On an organic basis, revenue in year-to-date 2025 represented growth of 1% compared to the prior year, with 3% growth in the Americas but a 5% decline in International.

Cost of sales as a percentage of revenue improved by approximately 150 basis points in year-to-date 2025 compared to the prior year. The improvement was driven by pricing benefits in the Americas, favorable business mix from our education business and benefits from cost reduction initiatives, including savings from restructuring actions, partially offset by the impacts of lower volume, $7.5 of higher variable compensation expense ($5.6 of which related to the gain on the sale of land). Cost of sales as a percentage of revenue improved by 190 basis points in the Americas but increased by 50 basis points in International.

Operating expenses decreased by $16.6 in year-to-date 2025, or 60 basis points as a percentage of revenue, compared to the prior year. Operating expenses in year-to-date 2025 reflected:

•a $42.1 gain on the sale of land,

•a $13.0 decrease from a divestiture and

•approximately $9 of lower spending, primarily in International,

•partially offset by $15.0 of higher variable compensation expense ($8.3 of which related to the gain on the sale of land), $7.9 of higher employee costs, and $4.9 of higher information technology costs primarily related to our business transformation initiative.

The investment in our business transformation initiative includes internal resources deployed on the development and configuration of our new ERP system. In year-to-date 2025, approximately $7 of employee costs were capitalized to Other assets as part of the application-development phase of the project, and we expect to begin amortizing the capitalized development costs in 2026. Operating expenses in year-to-date 2024 reflected $10.5 of gains related to the sale of fixed assets, including land, and a $9.5 benefit from a decrease in the valuation of a contingent earnout liability.

We recorded restructuring costs of $10.5 in year-to-date 2025 and $18.1 in year-to-date 2024. See Note 11 to the condensed consolidated financial statements for additional information.

Our year-to-date 2025 effective tax rate was 26.2% compared to a year-to-date 2024 effective tax rate of approximately 25.7%.

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Interest Expense, Investment Income and Other Income (Expense), Net


	Three Months Ended				Nine Months Ended
Interest Expense, Investment Income and Other Income (Expense), Net	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Interest expense	$	(6.3)	$	(6.4)	$	(18.9)	$	(19.6)
Investment income	4.0		2.3		9.3		3.6
Other income (expense), net:
Equity in income of unconsolidated affiliates	3.3		2.1		6.5		7.3
Foreign exchange gains (losses)	0.4		(0.3)		(1.5)		(0.4)
Net periodic pension and post-retirement expense, excluding service cost (1)	(15.4)		(0.2)		(15.8)		(0.5)
Miscellaneous income (expense), net	(0.9)		(0.7)		(2.1)		(2.0)
Total other income (expense), net	(12.6)		0.9		(12.9)		4.4
Total interest expense, investment income and other income (expense), net	$	(14.9)	$	(3.2)	$	(22.5)	$	(11.6)

_______________________________________

(1)In Q3 2025, net periodic pension and post-retirement expense, excluding service cost includes a $15.2 settlement charge related to the annuitization of our defined benefit plan in the U.K.

Business Segment Review

See Note 10 to the condensed consolidated financial statements for additional information regarding our business segments.

Americas


	Three Months Ended								Nine Months Ended
Statement of Income Data — Americas	November 22, 2024				November 24, 2023				November 22, 2024				November 24, 2023
Revenue	$	614.7	100.0	%	$	586.1	100.0	%	$	1,857.1	100.0	%	$	1,838.2	100.0	%
Cost of sales	399.9		65.1		392.9		67.0		1,201.8		64.7		1,224.9		66.6
Restructuring costs	0.2		—		0.4		0.1		5.8		0.3		1.0		0.1
Gross profit	214.6		34.9		192.8		32.9		649.5		35.0		612.3		33.3
Operating expenses	168.1		27.3		155.5		26.6		482.1		26.0		494.4		26.9

Restructuring costs	—		—		0.1		—		0.4		—		0.9		—
Operating income	$	46.5	7.6	%	$	37.2	6.3	%	$	167.0	9.0	%	$	117.0	6.4	%


Adjusted Operating Income — Americas	Three Months Ended								Nine Months Ended
	November 22, 2024				November 24, 2023				November 22, 2024				November 24, 2023
Operating income	$	46.5	7.6	%	$	37.2	6.3	%	$	167.0	9.0	%	$	117.0	6.4	%
Amortization of purchased intangible assets	3.0		0.5		3.1		0.6		9.2		0.6		9.4		0.5

Restructuring costs	0.2		—		0.5		0.1		6.2		0.3		1.9		0.1
Gains on the sale of land, net of variable compensation impacts	—		—		(0.9)		(0.2)		(30.7)		(1.7)		(0.9)		(0.1)

Adjusted operating income	$	49.7	8.1	%	$	39.9	6.8	%	$	151.7	8.2	%	$	127.4	6.9	%

Operating income in the Americas increased by $9.3 in Q3 2025 compared to the prior year, driven by gross margin improvement and benefits of higher revenue, partially offset by higher operating expenses. Adjusted operating income of $49.7 in Q3 2025 represented an improvement of $9.8 compared to the prior year. Operating income in the Americas increased by $50.0 in year-to-date 2025 compared to the prior year, driven by $30.7 from the gain on

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the sale of land (net of related variable compensation expense) and gross margin improvement. Adjusted operating income of $151.7 in year-to-date 2025 represented an improvement of $24.3 compared to the prior year.

The Americas revenue represented 77.3% of consolidated revenue in Q3 2025. In Q3 2025, revenue increased by $28.6 or 5% compared to the prior year driven by:

•approximately 6% growth from higher volume and

•approximately 1% growth from pricing benefits,

•partially offset by an approximately 2% decrease from the impact of a divestiture.

The Americas growth benefited from a higher percentage of the beginning backlog shipping during the quarter and included higher revenue from government, large corporate, healthcare and education customers compared to the prior year. On an organic basis, revenue increased $39.3 or 7% in Q3 2025 compared to the prior year.

In year-to-date 2025, revenue increased by $18.9 or 1% compared to the prior year driven by:

•approximately 1% growth from pricing benefits and

•approximately 1% growth from higher volume,

•partially offset by an approximately 2% decrease from the impact of a divestiture.

The Americas growth included higher revenue from large corporate, education and government customers compared to the prior year. On an organic basis, revenue increased $55.0 or 3% in year-to-date 2025 compared to the prior year.

Cost of sales as a percentage of revenue improved by 190 basis points in Q3 2025 compared to the prior year. The improvement was driven by benefits from higher revenue and cost reduction initiatives, including savings from restructuring actions, partially offset by $1.5 of higher variable compensation expense. Cost of sales as a percentage of revenue improved by 190 basis points in year-to-date 2025 compared to the prior year. The improvement was driven by pricing benefits, favorable business mix from our education business and benefits from cost reduction initiatives, including savings from restructuring actions, partially offset by $6.6 of higher variable compensation expense ($4.9 of which related to the gain on the sale of land).

Operating expenses increased by $12.6 in Q3 2025, or 70 basis points as a percentage of revenue, compared to the prior year. Operating expenses in the prior year reflected $5.4 of gains related to the sale of fixed assets, including land, and a $4.7 benefit from a decrease in the valuation of a contingent earnout liability. Operating expenses in Q3 2025 reflected:

•$4.3 of higher employee costs,

•$1.2 of higher variable compensation expense and

•$1.1 of higher information technology costs primarily related to our business transformation initiative,

•partially offset by a $4.4 decrease from a divestiture.

Operating expenses decreased by $12.3 in year-to-date 2025, or 90 basis points as a percentage of revenue, compared to the prior year. Operating expenses in year-to-date 2025 reflected:

•a $42.1 gain related to the sale of land and

•a $13.0 decrease from a divestiture,

•partially offset by $13.0 of higher variable compensation expense ($6.2 of which related to the gain on the sale of land), $10.6 of higher employee costs, and $5.8 of higher information technology costs primarily related to our business transformation initiative.

Operating expenses in year-to-date 2024 reflected $10.5 of gains related to the sale of fixed assets, including land, and a $4.7 benefit from a decrease in the valuation of a contingent earnout liability.

We recorded restructuring costs of $0.2 in Q3 2025 and $0.5 in Q3 2024. We recorded restructuring costs of $6.2 in year-to-date 2025 and $1.9 in year-to-date 2024. See Note 11 to the condensed consolidated financial statements for additional information.

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International

The International segment serves customers in Europe, the Middle East and Africa and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.


	Three Months Ended								Nine Months Ended
Statement of Operations Data — International	November 22, 2024				November 24, 2023				November 22, 2024				November 24, 2023
Revenue	$	180.2	100.0	%	$	191.8	100.0	%	$	520.9	100.0	%	$	546.2	100.0	%
Cost of sales	128.2		71.1		132.6		69.2		370.7		71.2		386.3		70.7
Restructuring costs (benefits)	1.2		0.7		(0.3)		(0.2)		4.5		0.8		1.9		0.4
Gross profit	50.8		28.2		59.5		31.0		145.7		28.0		158.0		28.9
Operating expenses	55.7		31.0		51.0		26.6		164.3		31.5		168.6		30.9
Restructuring costs (benefits)	0.6		0.3		1.9		1.0		(0.2)		—		14.3		2.6
Operating income (loss)	$	(5.5)	(3.1)	%	$	6.6	3.4	%	$	(18.4)	(3.5)	%	$	(24.9)	(4.6)	%


Adjusted Operating Income (Loss) — International	Three Months Ended								Nine Months Ended
	November 22, 2024				November 24, 2023				November 22, 2024				November 24, 2023
Operating income (loss)	$	(5.5)	(3.1)	%	$	6.6	3.4	%	$	(18.4)	(3.5)	%	$	(24.9)	(4.6)	%
Amortization of purchased intangible assets	1.3		0.8		1.1		0.6		3.6		0.7		3.5		0.6
Restructuring costs	1.8		1.0		1.6		0.8		4.3		0.8		16.2		3.0
Gains on the sale of land, net of variable compensation impacts	—		—		0.1		0.1		2.8		0.5		0.1		0.1

Adjusted operating income (loss)	$	(2.4)	(1.3)	%	$	9.4	4.9	%	$	(7.7)	(1.5)	%	$	(5.1)	(0.9)	%

The operating loss in International of $5.5 in Q3 2025 represented a decline of $12.1 compared to operating income of $6.6 in the prior year. The decline was driven by the impacts of lower revenue, which impacted gross margin, and higher operating expenses. Operating expenses in the prior year reflected a $4.8 benefit from a decrease in the valuation of a contingent earnout liability. The adjusted operating loss of $2.4 in Q3 2025 represented a decline of $11.8 compared to adjusted operating income of $9.4 in the prior year. The operating loss in International improved by $6.5 in year-to-date 2025 compared to the prior year. The improvement was driven by lower restructuring costs and lower operating expenses, partially offset by the impacts of lower revenue. The adjusted operating loss of $7.7 in year-to-date 2025 represented a decline of $2.6 compared to the adjusted operating loss of $5.1 in the prior year.

International revenue represented 22.7% of consolidated revenue in Q3 2025. In Q3 2025, revenue decreased by $11.6 or 6% compared to the prior year driven by declines in most markets in Asia Pacific, except India, and France. Revenue declined by approximately 6% due to lower volume and approximately 3% due to the impacts of lower pricing, partially offset by favorable currency translation effects. On an organic basis, revenue declined $16.4 or 8% in Q3 2025 compared to the prior year. In year-to-date 2025, revenue decreased by $25.3 or 5% compared to the prior year primarily driven by declines in most major markets, partially offset by growth in India. Revenue declined by approximately 4% due to lower volume and approximately 2% due to the impacts of lower pricing. On an organic basis, revenue declined $29.0 or 5% in year-to-date 2025 compared to the prior year.

Cost of sales as a percentage of revenue increased by 190 basis points in Q3 2025 compared to the prior year. The increase was driven by the impacts of lower revenue. Cost of sales as a percentage of revenue increased by 50 basis points in year-to-date 2025 compared to the prior year. The increase was driven by the impacts of lower revenue, partially offset by benefits from cost reduction initiatives, including savings from restructuring actions.

Operating expenses increased by $4.7 in Q3 2025, or 440 basis points as a percentage of revenue, compared to the prior year which reflected a $4.8 benefit from a decrease in the valuation of a contingent earnout liability. Operating expenses in Q3 2025 reflected $1.5 of higher employee costs, partially offset by approximately $2 of lower spending.

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Operating expenses decreased by $4.3 in year-to-date 2025, but increased by 60 basis points as a percentage of revenue, compared to the prior year. Operating expenses in the prior year reflected a $4.8 benefit from a decrease in the valuation of a contingent earnout liability. Operating expenses in year-to-date 2025 reflected:

•approximately $9 of lower spending and

•$2.8 of lower employee costs, primarily related to the impact of restructuring actions,

•partially offset by $1.9 of higher variable compensation expense (primarily related to the gain on the sale of land recorded in the Americas).

We recorded restructuring costs of $1.8 in Q3 2025 and $1.6 in Q3 2024. We recorded restructuring costs of $4.3 in year-to-date 2025 and $16.2 in year-to-date 2024. See Note 11 to the condensed consolidated financial statements for additional information.

Non-GAAP Financial Measures

The non-GAAP financial measures used in this MD&A are: (1) organic revenue growth (decline), (2) adjusted operating income (loss) and (3) adjusted earnings per share.

Organic Revenue Growth (Decline)

We define organic revenue growth (decline) as revenue growth (decline) excluding the impact of acquisitions and divestitures and foreign currency translation effects. Organic revenue growth (decline) is calculated by adjusting prior year revenue to include revenues of acquired companies prior to the date of the company's acquisition, to exclude revenues of divested companies and to use current year average exchange rates in the calculation of foreign-denominated revenue. We believe organic revenue growth (decline) is a meaningful metric to investors as it provides a more consistent comparison of our revenue to prior periods as well as to industry peers.

Adjusted Operating Income (Loss) and Adjusted Earnings Per Share

We define adjusted operating income (loss) as operating income (loss) excluding amortization of purchased intangible assets, restructuring costs (benefits) and gains (losses) on the sale of land, net of variable compensation impacts. We define adjusted earnings per share as earnings per share, on a diluted basis, excluding amortization of purchased intangible assets, restructuring costs (benefits), gains (losses) on the sale of land, net of variable compensation impacts, and gains (losses) on pension plan settlements, and the related income tax effects of these items.

•Amortization of purchased intangible assets: We may record intangible assets (such as backlog, dealer relationships, trademarks, know-how and designs and proprietary technology) when we acquire companies. We allocate the fair value of purchase consideration to net tangible and intangible assets acquired based on their estimated fair values. The fair value estimates for these intangible assets require management to make significant estimates and assumptions, which include the useful lives of intangible assets. We believe that adjusting for amortization of purchased intangible assets provides a more consistent comparison of our operating performance to prior periods as well as to industry peers.

•Restructuring costs (benefits): Restructuring costs (benefits) may be recorded as our business strategies change or in response to changing market trends and economic conditions. We believe that adjusting for restructuring costs (benefits), which are primarily associated with business exit and workforce reduction costs, provides a more consistent comparison of our operating performance to prior periods as well as to industry peers.

•Gains (losses) on the sale of land, net of variable compensation impacts: We may sell land when conditions are favorable. Gains and losses on the sale of land may increase or decrease, respectively, our variable compensation expense. We believe adjusting for these items provides a more consistent comparison of our operating performance to prior periods as well as to industry peers. In Q2 2025, we began adjusting for these items, as we realized a significant gain on the sale of land during the quarter which had a significant impact on our variable compensation expense, and we have adjusted the prior periods presented for consistency and comparability.

•Gains (losses) on pension plan settlements: We realize gains or losses previously reported as unrealized in Accumulated other comprehensive income (loss) in Other income (expense), net, in connection with pension plan settlements when all risks related to the benefit obligations to plan participants and plan assets are transferred. We believe adjusting for the gains or losses on pension plan settlements provides a more consistent comparison of our operating performance to prior periods as well as to industry peers.

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Liquidity and Capital Resources

Cash and cash equivalents and short-term investments are available to fund day-to-day operations, including seasonal disbursements, particularly the annual payment of accrued variable compensation and retirement plan contributions in Q1 of each fiscal year. During normal business conditions, we target a range of $75 to $175 in cash and cash equivalents and short-term investments to fund operating requirements. In addition, we may carry additional liquidity for potential investments in strategic initiatives and as a cushion against economic volatility, and from time to time, we may allow our cash and cash equivalents and short-term investments to temporarily fall below our targeted range to fund acquisitions, other growth initiatives and material committed cash requirements.


Liquidity Sources	November 22, 2024		February 23, 2024
Cash and cash equivalents	$	365.2	$	318.6
Short-term investments	41.1		—
Company-owned life insurance	170.3		166.9
Availability under credit facilities	324.1		321.8
Total liquidity sources available	$	900.7	$	807.3

As of November 22, 2024, we held a total of $406.3 in cash and cash equivalents and short-term investments. Of our total $365.2 in cash and cash equivalents, 87% was located in the U.S. and 13% was located outside of the U.S., primarily in China (including Hong Kong), India and Mexico. Our short-term investments are maintained in a managed investment portfolio in the U.S. and primarily consist of corporate debt securities, asset-backed securities and U.S. government debt securities.

COLI investments are recorded at their net cash surrender value. Our investments in COLI policies are intended to be utilized as a funding source for long-term benefit obligations. However, COLI can also be used as a source of liquidity. We believe the financial strength of the issuing insurance companies associated with our COLI policies is sufficient to meet their obligations.

Availability under credit facilities may be reduced related to compliance with applicable covenants. See Liquidity Facilities for more information.

The following table summarizes our Condensed Consolidated Statements of Cash Flows for the nine months ended November 22, 2024 and November 24, 2023:


	Nine Months Ended
Cash Flow Data	November 22, 2024		November 24, 2023
Net cash provided by (used in):
Operating activities	$	147.9	$	251.3
Investing activities	(28.0)		(5.2)
Financing activities	(72.1)		(74.0)
Effect of exchange rate changes on cash and cash equivalents	(1.3)		(0.2)
Net increase in cash, cash equivalents and restricted cash	46.5		171.9
Cash, cash equivalents and restricted cash, beginning of period	325.9		97.2
Cash, cash equivalents and restricted cash, end of period	$	372.4	$	269.1

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Cash provided by operating activities


	Nine Months Ended
Cash Flow Data — Operating Activities	November 22, 2024		November 24, 2023
Net income	$	93.1	$	59.8
Depreciation and amortization	60.2		62.8
Share-based compensation	19.7		22.1
Restructuring costs	10.5		18.1
Gains on sales of fixed assets, net	(41.5)		(10.5)
Change in fair value of contingent consideration	—		(9.5)
Changes in accounts receivable, inventories and accounts payable	14.6		95.8

Cloud computing arrangements expenditures	(32.9)		(1.1)
Employee compensation liabilities	(6.8)		17.3

Other	31.0		(3.5)
Net cash provided by operating activities	$	147.9	$	251.3

In year-to-date 2025, we generated cash from improved operating results and the timing of payment of certain accrued liabilities. In year-to-date 2025, we used $32.9 of cash for cloud computing arrangement expenditures primarily related to the capitalized implementation costs of our new ERP system. Working capital in the prior year reflected decreased levels of inventory related to supply chain improvements and a reduction in the number of days sales outstanding in accounts receivable. Annual payments related to accrued variable compensation and retirement plan contributions totaled $122.4 in year-to-date 2025 compared to $77.3 in the prior year.

Cash used in investing activities


	Nine Months Ended
Cash Flow Data — Investing Activities	November 22, 2024		November 24, 2023
Capital expenditures	$	(35.6)	$	(37.4)
Proceeds from disposal of fixed assets	44.4		28.2

Purchases of short-term investments	(44.0)		—
Liquidations of short-term investments	3.3		—
Other	3.9		4.0
Net cash used in investing activities	$	(28.0)	$	(5.2)

Capital expenditures in year-to-date 2025 were primarily related to investments in manufacturing operations, information technology and customer-facing facilities and showrooms. In year-to-date 2025, we had proceeds from the disposal of fixed assets of $44.4, primarily related to the sale of land. We also invested $40.7 in a managed investment portfolio which consists of corporate debt securities, asset-backed securities and U.S. government debt securities. See Note 6 to the condensed consolidated financial statements for additional information.

Cash used in financing activities


	Nine Months Ended
Cash Flow Data — Financing Activities	November 22, 2024		November 24, 2023
Dividends paid	$	(35.8)	$	(35.7)
Common stock repurchases	(36.3)		(4.2)


Repayments on note payable	—		(32.2)
Other	—		(1.9)
Net cash used in financing activities	$	(72.1)	$	(74.0)

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The following table details dividends paid per common share during each quarter of year-to-date 2025 and year-to-date 2024:


Dividend Data	First Quarter		Second Quarter		Third Quarter		Total
2025
Dividends declared and paid per common share	$	0.100	$	0.100	$	0.100	$	0.300
2024
Dividends declared and paid per common share	$	0.100	$	0.100	$	0.100	$	0.300

In year-to-date 2025, we repurchased 2,864,002 shares of Class A common stock of which 768,994 shares were repurchased to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms in the Steelcase Inc. Incentive Compensation Plan ("Incentive Compensation Plan"). In year-to-date 2024, we repurchased 512,707 shares of Class A common stock, all of which were repurchased to satisfy participants' tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.

As of November 22, 2024, we had $79.9 of remaining availability under the share repurchase program approved by our Board of Directors in 2024.

Liquidity Facilities

The following table summarizes available capacity under our liquidity facilities as of November 22, 2024:


Liquidity Facilities	November 22, 2024
Global committed bank facility	$	300.0

Various uncommitted facilities	24.1
Total credit lines available	324.1
Less: Borrowings outstanding	—

Available capacity	$	324.1

We have a $300.0 global committed bank facility in effect through 2029. As of November 22, 2024, there were no borrowings outstanding, and we were in compliance with all covenants under the facility.

We have unsecured uncommitted short-term credit facilities available for working capital purposes with various financial institutions with a total U.S. dollar borrowing capacity of up to $4.0 and a total foreign currency borrowing capacity of up to $20.1 as of November 22, 2024. These credit facilities have no stated expiration date but may be changed or canceled by the banks at any time. As of November 22, 2024, there were no borrowings outstanding under these facilities.

Total long-term debt as of November 22, 2024 was $446.9 which consists of term notes due in 2029 with an effective interest rate of 5.6%. The term notes are unsecured, contain no financial covenants and are not cross-defaulted to our other debt facilities.

Liquidity Outlook

Our material cash requirements are subject to fluctuation based on business requirements or investments in strategic initiatives. Our liquidity position, funds available under our credit facilities and cash generated from future operations are expected to be sufficient to finance our known or foreseeable liquidity needs, including our material cash requirements. As of November 22, 2024, our total liquidity, which is comprised of cash and cash equivalents, short-term investments and the cash surrender value of COLI, aggregated to $576.6.

As of November 22, 2024, there were no significant changes in the items that we identified as our material committed cash requirements in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024.

We also have other planned material usages of cash which we consider discretionary. This includes plans for capital expenditures which are expected to total approximately $50 in 2025. We also expect to incur approximately $50 in 2025 of capitalized costs for cloud computing arrangements related to the implementation of our new ERP system. We expect to begin amortizing the capitalized costs incurred in the development of our new ERP system beginning in 2026 when the system is expected to be ready for use. In addition, we fund dividend payments declared by our Board of Directors. On December 18, 2024, we announced a quarterly dividend on our common stock of $0.10 per share, or approximately $11, to be paid in Q4 2025.

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Critical Accounting Estimates

During Q3 2025, there were no changes in the items that we identified as critical accounting estimates in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024.

Recently Issued Accounting Standards

See Note 2 to the condensed consolidated financial statements.

Forward-looking Statements

From time to time, in written and oral statements, we discuss our expectations regarding future events and our plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, us. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project," "target” or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements and vary from our expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in this Report, our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

Item 3.Quantitative and Qualitative Disclosures About Market Risk:

The nature of the market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) we faced as of November 22, 2024 had not materially changed from what we disclosed in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024. We are exposed to market risks from foreign currency exchange, interest rates, commodity prices and fixed income and equity prices, which could affect our operating results, financial position and cash flows.

Foreign Exchange Risk

During Q3 2025, no material change in foreign exchange risk occurred.

Interest Rate Risk

During Q3 2025, no material change in interest rate risk occurred.

Commodity Price Risk

During Q3 2025, no material change in commodity price risk occurred.

Fixed Income and Equity Price Risk

During Q3 2025, no material change in fixed income and equity price risk occurred.

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Item 4.Controls and Procedures:

(a) Disclosure Controls and Procedures. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of November 22, 2024. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of November 22, 2024, our disclosure controls and procedures were effective in (1) recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act and (2) ensuring that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our third fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1A. Risk Factors:

For a more detailed explanation of the risks affecting our business, please refer to the Risk Factors section in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024. There have not been any material changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds:

Issuer Purchases of Equity Securities

The following is a summary of share repurchase activity during Q3 2025:


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	(d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1) (in millions)
08/24/2024 - 09/27/2024	129,874	$	13.00	118,276	$	83.6
09/28/2024 - 10/25/2024	332,983	$	13.06	277,270	$	79.9
10/26/2024 - 11/22/2024	63	$	12.93	—	$	79.9
Total	462,920	(2)		395,546

_______________________________________

(1)In October 2023, the Board of Directors approved a share repurchase program, announced on October 30, 2023, permitting the repurchase of up to $100 million of shares of our common stock.

(2)67,374 shares were repurchased to satisfy participants’ tax withholding obligations upon the issuance of shares under equity awards, pursuant to the terms of our Incentive Compensation Plan.

Table of Contents

Item 6.Exhibits:


Exhibit No.			Description

31.1			Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			Inline XBRL Schema Document
101.CAL			Inline XBRL Calculation Linkbase Document
101.LAB			Inline XBRL Labels Linkbase Document
101.PRE			Inline XBRL Presentation Linkbase Document
101.DEF			Inline XBRL Definition Linkbase Document
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

________________

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


STEELCASE INC.


By:			/s/ NICOLE C. MCGRATH
			Nicole C. McGrath Vice President, Corporate Controller & Chief Accounting Officer (Duly Authorized Officer and Principal Accounting Officer)

Date: December 20, 2024

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

SARBANES-OXLEY ACT SECTION 302

I, Sara E. Armbruster, certify that:

1)I have reviewed this Quarterly Report on Form 10-Q for the period ended November 22, 2024 of Steelcase Inc.;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


						/s/ Sara E. Armbruster
Name:						Sara E. Armbruster
Title:						President and Chief Executive Officer

Date: December 20, 2024

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

SARBANES-OXLEY ACT SECTION 302

I, David C. Sylvester, certify that:

1)I have reviewed this Quarterly Report on Form 10-Q for the period ended November 22, 2024 of Steelcase Inc.;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


						/s/ David C. Sylvester
Name:						David C. Sylvester
Title:						Senior Vice President, Chief Financial Officer

Date: December 20, 2024

EXHIBIT 32.1

CERTIFICATION OF CEO AND CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Steelcase Inc. (the “Company”) for the period ended November 22, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Sara E. Armbruster, as Chief Executive Officer of the Company, and David C. Sylvester, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on their knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ Sara E. Armbruster
Name:			Sara E. Armbruster
Title:			President and Chief Executive Officer

December 20, 2024


			/s/ David C. Sylvester
Name:			David C. Sylvester
Title:			Senior Vice President, Chief Financial Officer

December 20, 2024

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Cover Page - shares	9 Months Ended
Cover Page - shares	Nov. 22, 2024	Dec. 17, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 22, 2024
Document Transition Report	false
Entity File Number	1-13873
Entity Registrant Name	STEELCASE INC
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-0819050
Entity Address, Address Line One	901 44th Street SE
Entity Address, City or Town	Grand Rapids,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49508
City Area Code	616
Local Phone Number	247-2710
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SCS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Entity Central Index Key	0001050825
Current Fiscal Year End Date	--02-28
Common Class A [Member]
Entity Common Stock, Shares Outstanding		94,078,413
Common Class B [Member]
Entity Common Stock, Shares Outstanding		19,643,520

Condensed Consolidated Statements Of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 22, 2024	Nov. 24, 2023	Nov. 22, 2024	Nov. 24, 2023
Revenue	$ 794.9	$ 777.9	$ 2,378.0	$ 2,384.4
Cost of sales	528.1	525.5	1,572.5	1,611.2
Gross profit	265.4	252.3	795.2	770.3
Operating expenses	223.8	206.5	646.4	663.0
Operating income	41.0	43.8	148.6	92.1
Interest expense	(6.3)	(6.4)	(18.9)	(19.6)
Investment income	4.0	2.3	9.3	3.6
Other income (expense), net	(12.6)	0.9	(12.9)	4.4
Income before income tax expense	26.1	40.6	126.1	80.5
Income tax expense	7.0	9.8	33.0	20.7
Net income	$ 19.1	$ 30.8	$ 93.1	$ 59.8
Earnings per share
Basic	$ 0.16	$ 0.26	$ 0.79	$ 0.50
Diluted	0.16	0.26	0.78	0.50
Dividends declared and paid per common share	$ 0.100	$ 0.100	$ 0.300	$ 0.300
Cost of Sales
Cost of Sales - Restructuring costs	$ 1.4	$ 0.1	$ 10.3	$ 2.9
Operating Expense
Operating Expenses - Restructuring costs	$ 0.6	$ 2.0	$ 0.2	$ 15.2

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 22, 2024	Nov. 24, 2023	Nov. 22, 2024	Nov. 24, 2023
Net income	$ 19.1	$ 30.8	$ 93.1	$ 59.8
Unrealized gain (loss) on investments	(0.4)	0.4	0.3	0.4
Pension and other post-retirement liability adjustments	11.1	(0.2)	10.2	(1.5)
Derivative amortization	0.3	0.2	0.7	0.7
Foreign currency translation adjustments	(14.4)	0.7	(6.4)	8.1
Total other comprehensive income (loss), net	(3.4)	1.1	4.8	7.7
Comprehensive income	$ 15.7	$ 31.9	$ 97.9	$ 67.5

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 22, 2024	Feb. 23, 2024
Assets, Current [Abstract]
Cash and cash equivalents	$ 365.2	$ 318.6
Short-Term Investments	41.1	0.0
Accounts Receivable, after Allowance for Credit Loss, Current	340.3	338.3
Inventories, net	246.0	231.0
Prepaid expenses	33.6	31.9
Other Assets, Current	38.9	39.6
Assets, Current, Total	1,065.1	959.4
Property, Plant and Equipment, Net	333.7	352.9
Company-owned life insurance ("COLI")	170.3	166.9
Deferred income taxes	120.7	115.8
Goodwill	273.8	274.8
Intangible Assets, Net (Excluding Goodwill)	81.6	94.6
Investments in unconsolidated affiliates	55.7	55.7
Operating Lease, Right-of-Use Asset	139.1	168.6
Other Assets, Noncurrent	81.1	48.0
Assets, Total	2,321.1	2,236.7
Liabilities, Current [Abstract]
Accounts payable	249.3	211.3
Current operating lease obligations	40.4	45.1
Employee compensation	167.3	166.1
Employee benefit plan obligations	41.8	39.9
Accrued promotions	29.5	19.4
Customer deposits	49.6	44.8
Other Accrued Liabilities, Current	99.7	80.5
Liabilities, Current, Total	677.6	607.1
Long-term liabilities:
Long-Term Debt, Excluding Current Maturities	446.9	446.3
Employee benefit plan obligations	102.9	104.5
Long-term operating lease obligations	111.9	138.6
Other Liabilities, Noncurrent	49.2	53.1
Total long-term liabilities	710.9	742.5
Liabilities, Total	1,388.5	1,349.6
Shareholders' equity:
Additional Paid in Capital	24.6	41.2
Accumulated Other Comprehensive Income (Loss), Net of Tax	(62.1)	(66.9)
Retained earnings	970.1	912.8
Total shareholders’ equity	932.6	887.1
Liabilities and Equity, Total	$ 2,321.1	$ 2,236.7

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 22, 2024	Feb. 23, 2024
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 5.7	$ 6.2
Property, plant and equipment, accumulated depreciation	1,128.1	1,119.2
Other intangible assets, accumulated amortization	$ 127.3	$ 115.0

Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($)
$ in Millions

Total

Additional Paid-in Capital

Common shares outstanding, beginning of period at Feb. 24, 2023

112,988,721

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

108,724

Common stock repurchases

(512,707)

Performance and restricted stock units issued as common stock

1,614,696

Common shares outstanding, end of period at Nov. 24, 2023

114,199,434

Additional paid-in capital, beginning of period at Feb. 24, 2023

^[1]

$ 19.4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

^[1]

0.8

Common stock repurchases

^[1]

(4.2)

Performance and restricted stock units expense

^[1]

21.3

Additional paid-in capital, end of period at Nov. 24, 2023

^[1]

37.3

Accumulated other comprehensive income (loss), beginning of period at Feb. 24, 2023

$ (72.5)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

7.7

Accumulated other comprehensive income (loss), end of period at Nov. 24, 2023

(64.8)

Retained earnings, beginning of period at Feb. 24, 2023

879.3

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

59.8

Dividends paid

(35.7)

Retained earnings, end of period at Nov. 24, 2023

$ 903.4

Common shares outstanding, beginning of period at Aug. 25, 2023

114,003,058

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

32,943

Common stock repurchases

(82,717)

Performance and restricted stock units issued as common stock

246,150

Common shares outstanding, end of period at Nov. 24, 2023

114,199,434

Additional paid-in capital, beginning of period at Aug. 25, 2023

^[1]

34.6

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

^[1]

0.2

Common stock repurchases

^[1]

(0.9)

Performance and restricted stock units expense

^[1]

3.4

Additional paid-in capital, end of period at Nov. 24, 2023

^[1]

37.3

Accumulated other comprehensive income (loss), beginning of period at Aug. 25, 2023

$ (65.9)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

1.1

Accumulated other comprehensive income (loss), end of period at Nov. 24, 2023

(64.8)

Retained earnings, beginning of period at Aug. 25, 2023

884.4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

30.8

Dividends paid

(11.8)

Retained earnings, end of period at Nov. 24, 2023

903.4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stockholders' Equity Attributable to Parent

875.9

Stockholders' Equity Attributable to Parent

$ 887.1

Common shares outstanding, beginning of period at Feb. 23, 2024

114,227,372

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

60,155

Common stock repurchases

(2,864,002)

Performance and restricted stock units issued as common stock

2,276,730

Common shares outstanding, end of period at Nov. 22, 2024

113,700,255

Additional paid-in capital, beginning of period at Feb. 23, 2024

$ 41.2

41.2

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

^[1]

0.8

Common stock repurchases

^[1]

(36.3)

Performance and restricted stock units expense

^[1]

18.9

Additional paid-in capital, end of period at Nov. 22, 2024

24.6

^[1]

Accumulated other comprehensive income (loss), beginning of period at Feb. 23, 2024

(66.9)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

4.8

Accumulated other comprehensive income (loss), end of period at Nov. 22, 2024

(62.1)

Retained earnings, beginning of period at Feb. 23, 2024

912.8

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

93.1

Dividends paid

(35.8)

Retained earnings, end of period at Nov. 22, 2024

$ 970.1

Common shares outstanding, beginning of period at Aug. 23, 2024

113,953,028

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

16,297

Common stock repurchases

(462,920)

Performance and restricted stock units issued as common stock

193,850

Common shares outstanding, end of period at Nov. 22, 2024

113,700,255

Additional paid-in capital, beginning of period at Aug. 23, 2024

^[1]

28.9

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances

^[1]

0.2

Common stock repurchases

^[1]

(6.0)

Performance and restricted stock units expense

^[1]

1.5

Additional paid-in capital, end of period at Nov. 22, 2024

$ 24.6

^[1]

Accumulated other comprehensive income (loss), beginning of period at Aug. 23, 2024

(58.7)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

(3.4)

Accumulated other comprehensive income (loss), end of period at Nov. 22, 2024

(62.1)

Retained earnings, beginning of period at Aug. 23, 2024

962.8

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

19.1

Dividends paid

(11.8)

Retained earnings, end of period at Nov. 22, 2024

970.1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stockholders' Equity Attributable to Parent

$ 932.6

[1]	Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock.

Condensed Consolidated Statements Of Cash Flows - USD ($)

9 Months Ended

Nov. 22, 2024

Nov. 24, 2023

OPERATING ACTIVITIES

Net income

$ 93,100,000

$ 59,800,000

Depreciation and amortization

60,200,000

62,800,000

Share-based compensation

19,700,000

22,100,000

Restructuring costs

10,500,000

18,100,000

Gains on sales of fixed assets, net

(41,500,000)

(10,500,000)

Change in fair value of contingent consideration

(9,500,000)

Other Operating Activities, Cash Flow Statement

(500,000)

(1,900,000)

Changes in operating assets and liabilities net of acquisitions:

Increase (Decrease) in Accounts Receivable

4,700,000

(5,800,000)

Increase (Decrease) in Inventories

15,800,000

(59,800,000)

Increase (Decrease) in Cloud computing arrangements expenditures

(32,900,000)

(1,100,000)

Increase (Decrease) in Other Operating Assets

(500,000)

(3,200,000)

Increase (Decrease) in Accounts Payable

35,100,000

30,200,000

Increase (Decrease) in Other Employee-Related Liabilities

(6,800,000)

17,300,000

Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities

32,000,000.0

1,600,000

Net cash provided by operating activities

147,900,000

251,300,000

INVESTING ACTIVITIES

Capital expenditures

(35,600,000)

(37,400,000)

Proceeds from disposal of fixed assets

44,400,000

28,200,000

Payments to Acquire Short-term Investments

(44,000,000.0)

Liquidations of short-term investments

3,300,000

Payments for (Proceeds from) Other Investing Activities

3,900,000

4,000,000.0

Net Cash Provided by (Used in) Investing Activities, Total

(28,000,000.0)

(5,200,000)

FINANCING ACTIVITIES

Dividends paid

(35,800,000)

(35,700,000)

Payments for Repurchase of Common Stock

(36,300,000)

(4,200,000)

Borrowings on global committed bank facility

69,000,000.0

Repayments on global committed bank facility

(69,000,000.0)

Repayments on note payable

(32,200,000)

Proceeds from (Payments for) Other Financing Activities

(1,900,000)

Net Cash Provided by (Used in) Financing Activities, Total

(72,100,000)

(74,000,000.0)

Effect of exchange rate changes on cash and cash equivalents

(1,300,000)

(200,000)

Net increase in cash, cash equivalents and restricted cash

46,500,000

171,900,000

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance

^[1]

325,900,000

97,200,000

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance

^[2]

372,400,000

269,100,000

Restricted Cash

7,200,000

7,100,000

Change in fair value of contingent consideration

$ 0

$ (9,500,000)

[1]	These amounts include restricted cash of $7.3 and $6.8 as of February 23, 2024 and February 24, 2023, respectively.
[2]	These amounts include restricted cash of $7.2 and $7.1 as of November 22, 2024 and November 24, 2023, respectively.

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Nov. 22, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 23, 2024 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

Accounting Policies	9 Months Ended
Accounting Policies	Nov. 22, 2024
Accounting Policies [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Adoption of New Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which is intended to improve disclosures related to significant segment expenses and the information used by the chief operating decision maker ("CODM") to assess segment performance and to allocate resources. We adopted this guidance on a retrospective basis and will modify our annual disclosures beginning in Q4 2025 and interim disclosures thereafter. The adoption of this guidance is not expected to have a material effect on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Subtopic 220-40) - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which is intended to improve disclosures through disaggregation of certain commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which is intended to improve income tax disclosures, specifically related to additional detail required in the effective tax rate reconciliation and the disaggregation of income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.

Revenue (Notes)

9 Months Ended

Nov. 22, 2024

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:


Product Category Data	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Americas
Desking, benching, systems and storage	$	274.1	$	262.6	$	838.5	$	799.5
Seating	165.1		152.5		498.7		492.5
Other (1)	175.5		171.0		519.9		546.2
International
Desking, benching, systems and storage	62.2		70.0		173.7		194.2
Seating	71.3		67.3		200.9		190.7
Other (1)	46.7		54.5		146.3		161.3
	$	794.9	$	777.9	$	2,378.0	$	2,384.4

_______________________________________

Reportable geographic information is as follows:


Reportable Geographic Revenue	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
United States	$	574.8	$	541.5	$	1,734.8	$	1,715.5
Foreign locations	220.1		236.4		643.2		668.9
	$	794.9	$	777.9	$	2,378.0	$	2,384.4

Contract Balances

Changes in the Customer deposits balance for the nine months ended November 22, 2024 are as follows:


Roll-Forward of Contract Liability for Customer Deposits	Customer Deposits
Balance as of February 23, 2024	$	44.8
Recognition of revenue related to beginning of year customer deposits	(40.0)
Customer deposits received, net of revenue recognized during the period	44.8

Balance as of November 22, 2024	$	49.6

Earnings (Loss) Per Share

9 Months Ended

Nov. 22, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE


Computation of Earnings Per Share	Three Months Ended November 22, 2024						Three Months Ended November 24, 2023
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	19.1	117.8		118.8		$	30.8	118.9		119.4
Impact of participating securities	(0.6)		(4.0)		(4.0)		(1.2)		(4.7)		(4.7)
Amounts used in calculating earnings per share, excluding participating securities	$	18.5	113.8		114.8		$	29.6	114.2		114.7

Earnings per share			$	0.16	$	0.16			$	0.26	$	0.26


Computation of Earnings Per Share	Nine Months Ended November 22, 2024						Nine Months Ended November 24, 2023
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	93.1	118.1		118.9		$	59.8	118.5		119.0
Impact of participating securities	(3.1)		(3.9)		(3.9)		(2.3)		(4.5)		(4.5)
Amounts used in calculating earnings per share, excluding participating securities	$	90.0	114.2		115.0		$	57.5	114.0		114.5

Earnings per share			$	0.79	$	0.78			$	0.50	$	0.50

There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three and nine months ended November 22, 2024 and November 24, 2023.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Nov. 22, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 22, 2024:


	Unrealized gain on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of August 23, 2024	$	1.1	$	5.0	$	(4.3)	$	(60.5)	$	(58.7)
Other comprehensive income (loss) before reclassifications	(0.4)		(0.5)		—		(14.4)		(15.3)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	—		11.6		0.3		—		11.9
Net other comprehensive income (loss) during the period	(0.4)		11.1		0.3		(14.4)		(3.4)
Balance as of November 22, 2024	$	0.7	$	16.1	$	(4.0)	$	(74.9)	$	(62.1)

_______________________________________

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 22, 2024:


	Unrealized gain on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 23, 2024	$	0.4	$	5.9	$	(4.7)	$	(68.5)	$	(66.9)
Other comprehensive income (loss) before reclassifications	0.3		(0.7)		—		(6.4)		(6.8)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	—		10.9		0.7		—		11.6
Net other comprehensive income (loss) during the period	0.3		10.2		0.7		(6.4)		4.8
Balance as of November 22, 2024	$	0.7	$	16.1	$	(4.0)	$	(74.9)	$	(62.1)

_______________________________________

(1)Pension and other post-retirement liability adjustments include an $11.8 settlement charge, net of tax, related to the annuitization of our defined benefit pension plan in the U.K. In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred to an insurer which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 22, 2024 and November 24, 2023:


Detail of Accumulated Other Comprehensive Income (Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line in the Condensed Consolidated Statements of Income
	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023

Amortization of pension and other post-retirement actuarial losses (gains) (1)
Actuarial losses (gains)	14.1		(0.5)		13.2		(1.7)			Other income (expense), net
Prior service cost	0.8		—		0.8		—			Other income (expense), net
Income tax expense (benefit) (1)	(3.3)		0.1		(3.1)		0.4			Income tax expense
	11.6		(0.4)		10.9		(1.3)

Derivative amortization	0.4		0.2		1.0		0.9			Interest expense
Income tax benefit	(0.1)		—		(0.3)		(0.2)			Income tax expense
	0.3		0.2		0.7		0.7





Total reclassifications	$	11.9	$	(0.2)	$	11.6	$	(0.6)

Fair Value

9 Months Ended

Nov. 22, 2024

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 22, 2024 and February 23, 2024 are summarized below:


Fair Value of Financial Instruments	November 22, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	365.2	$	—	$	—	$	365.2
Restricted cash	7.2		—		—		7.2
Managed investment portfolio and other investments
Corporate debt securities - domestic	—		17.9		—		17.9
Corporate debt securities - foreign	—		6.0		—		6.0

Asset-backed securities	—		9.2		—		9.2
U.S. government debt securities	7.9		—		—		7.9


Foreign exchange forward contracts	—		0.5		—		0.5
Auction rate security	—		—		2.8		2.8

	$	380.3	$	33.6	$	2.8	$	416.7
Liabilities:
Foreign exchange forward contracts	$	—	$	(3.7)	$	—	$	(3.7)
Contingent consideration	—		—		—		—
	$	—	$	(3.7)	$	—	$	(3.7)

Fair Value of Financial Instruments	February 23, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	318.6	$	—	$	—	$	318.6
Restricted cash	7.3		—		—		7.3







Foreign exchange forward contracts	—		0.8		—		0.8
Auction rate security	—		—		2.8		2.8

	$	325.9	$	0.8	$	2.8	$	329.5
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.5)	$	—	$	(0.5)
Contingent consideration	—		—		—		—
	$	—	$	(0.5)	$	—	$	(0.5)

Inventories

9 Months Ended

Nov. 22, 2024

Inventories [Abstract]

Inventories

INVENTORIES


Inventories, net	November 22, 2024		February 23, 2024
Raw materials and work-in-process	$	164.7	$	164.5
Finished goods	110.4		95.9
	275.1		260.4
Revaluation to LIFO	(29.1)		(29.4)
	$	246.0	$	231.0

The portion of inventories determined by the LIFO method aggregated to $120.2 and $111.7 as of November 22, 2024 and February 23, 2024, respectively.

Share-Based Compensation

9 Months Ended

Nov. 22, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement

. SHARE-BASED COMPENSATION

Performance Units

•767,600 PSUs to be earned over the period of 2024 through 2026 (the "2024 PSUs") and

•428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs").

•In Q1 2025, the performance conditions were established for Tranche 2 of the 2024 PSUs and Tranche 3 of the 2023 PSUs, and accordingly, such tranches were considered granted in Q1 2025.

•In Q1 2024, the performance conditions were established for Tranche 1 of the 2024 PSUs and Tranche 2 of the 2023 PSUs, and accordingly, such tranches were considered granted in Q1 2024.

•In Q1 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs, and accordingly, such tranche was considered granted in Q1 2023.

The Monte Carlo simulation was computed using the following assumptions:


	2025 PSUs		2024 PSUs				2023 PSUs
			Tranche 2		Tranche 1		Tranche 3		Tranche 2		Tranche 1
Risk-free interest rate (1)	7.7	%	4.9	%	3.7	%	5.2	%	4.0	%	2.6	%
Expected term	3 years		2 years		3 years		1 year		2 years		3 years
Estimated volatility (2)	38.5	%	42.4	%	44.1	%	38.9	%	37.8	%	52.2	%

_______________________________________

(1)Based on the U.S. Government bond benchmark on the grant date.

(2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche or award.

The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
Performance Units	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Expense (credit)	$	(0.8)	$	0.1	$	7.6	$	6.3
Tax benefit (expense)	(0.2)		—		1.9		1.5

The PSU activity for the nine months ended November 22, 2024 is as follows:


Maximum Number of Shares of Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 23, 2024	1,299,988	$	9.51
Granted	1,887,648	13.27
Forfeited	(105,600)	11.20
Nonvested as of November 22, 2024	3,082,036	$	11.84

Restricted Stock Units

The total RSU expense and associated tax benefit for the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
Restricted Stock Units	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Expense	$	2.3	$	3.3	$	11.3	$	15.0
Tax benefit	0.6		0.8		2.8		3.7

The RSU activity for the nine months ended November 22, 2024 is as follows:


Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 23, 2024	3,151,634	$	9.59
Granted	1,186,304	12.32
Vested	(316,229)	12.92
Forfeited	(73,998)	9.55
Nonvested as of November 22, 2024	3,947,711	$	10.15

Leases, Codification Topic 842

9 Months Ended

Nov. 22, 2024

Leases [Abstract]

Lessee, Operating Leases

LEASES

The components of lease expense during the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Operating lease cost	$	12.7	$	13.7	$	37.9	$	40.9
Sublease rental income	(1.4)		(0.5)		(3.9)		(1.5)
	$	11.3	$	13.2	$	34.0	$	39.4

Supplemental cash flow and other information related to leases during the three and nine months ended November 22, 2024 and November 24, 2023 is as follows:


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Cash flow information:
Operating cash flows used for operating leases	$	13.9	$	14.4	$	39.8	$	42.1
Leased assets obtained in exchange for new operating lease obligations	2.6		4.5		23.9		12.1

The following table summarizes the future minimum lease payments as of November 22, 2024:


Fiscal year ending in February	Amount (1)
2025	$	11.8
2026	46.0
2027	38.2
2028	28.8
2029	19.2
Thereafter	27.6
Total lease payments	171.6
Less: Interest	(19.3)
Present value of lease liabilities	$	152.3

_______________________________________

Reportable Segments

9 Months Ended

Nov. 22, 2024

Reportable Segments [Abstract]

Reportable Segments

REPORTABLE SEGMENTS


	Three Months Ended				Nine Months Ended
Reportable Segment Statement of Income Data	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Revenue
Americas	$	614.7	$	586.1	$	1,857.1	$	1,838.2
International	180.2		191.8		520.9		546.2
	$	794.9	$	777.9	$	2,378.0	$	2,384.4
Gross Profit
Americas	$	214.6	$	192.8	$	649.5	$	612.3
International	50.8		59.5		145.7		158.0
	$	265.4	$	252.3	$	795.2	$	770.3
Operating Income (Loss)
Americas	$	46.5	$	37.2	$	167.0	$	117.0
International	(5.5)		6.6		(18.4)		(24.9)
	$	41.0	$	43.8	$	148.6	$	92.1


Reportable Segment Balance Sheet Data	November 22, 2024		February 23, 2024
Total assets
Americas	$	1,810.3	$	1,705.5
International	510.8		531.2
	$	2,321.1	$	2,236.7

Goodwill
Americas	$	265.4	$	266.1
International	8.4		8.7
	$	273.8	$	274.8

Revenue (Tables)

9 Months Ended

Nov. 22, 2024

Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product category for each of our reportable segments:


Product Category Data	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Americas
Desking, benching, systems and storage	$	274.1	$	262.6	$	838.5	$	799.5
Seating	165.1		152.5		498.7		492.5
Other (1)	175.5		171.0		519.9		546.2
International
Desking, benching, systems and storage	62.2		70.0		173.7		194.2
Seating	71.3		67.3		200.9		190.7
Other (1)	46.7		54.5		146.3		161.3
	$	794.9	$	777.9	$	2,378.0	$	2,384.4

_______________________________________

Reportable geographic information is as follows:


Reportable Geographic Revenue	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
United States	$	574.8	$	541.5	$	1,734.8	$	1,715.5
Foreign locations	220.1		236.4		643.2		668.9
	$	794.9	$	777.9	$	2,378.0	$	2,384.4

Contract with Customer, changes in customer deposits

Changes in the Customer deposits balance for the nine months ended November 22, 2024 are as follows:


Roll-Forward of Contract Liability for Customer Deposits	Customer Deposits
Balance as of February 23, 2024	$	44.8
Recognition of revenue related to beginning of year customer deposits	(40.0)
Customer deposits received, net of revenue recognized during the period	44.8

Balance as of November 22, 2024	$	49.6

Earnings Per Share (Tables)

9 Months Ended

Nov. 22, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share


Computation of Earnings Per Share	Three Months Ended November 22, 2024						Three Months Ended November 24, 2023
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	19.1	117.8		118.8		$	30.8	118.9		119.4
Impact of participating securities	(0.6)		(4.0)		(4.0)		(1.2)		(4.7)		(4.7)
Amounts used in calculating earnings per share, excluding participating securities	$	18.5	113.8		114.8		$	29.6	114.2		114.7

Earnings per share			$	0.16	$	0.16			$	0.26	$	0.26


Computation of Earnings Per Share	Nine Months Ended November 22, 2024						Nine Months Ended November 24, 2023
	Net Income		Basic Shares (in millions)		Diluted Shares (in millions)		Net Income		Basic Shares (in millions)		Diluted Shares (in millions)
Amounts used in calculating earnings per share	$	93.1	118.1		118.9		$	59.8	118.5		119.0
Impact of participating securities	(3.1)		(3.9)		(3.9)		(2.3)		(4.5)		(4.5)
Amounts used in calculating earnings per share, excluding participating securities	$	90.0	114.2		115.0		$	57.5	114.0		114.5

Earnings per share			$	0.79	$	0.78			$	0.50	$	0.50

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Nov. 22, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 22, 2024:


	Unrealized gain on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of August 23, 2024	$	1.1	$	5.0	$	(4.3)	$	(60.5)	$	(58.7)
Other comprehensive income (loss) before reclassifications	(0.4)		(0.5)		—		(14.4)		(15.3)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	—		11.6		0.3		—		11.9
Net other comprehensive income (loss) during the period	(0.4)		11.1		0.3		(14.4)		(3.4)
Balance as of November 22, 2024	$	0.7	$	16.1	$	(4.0)	$	(74.9)	$	(62.1)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 22, 2024:


	Unrealized gain on investments		Pension and other post-retirement liability adjustments		Derivative amortization		Foreign currency translation adjustments		Total
Balance as of February 23, 2024	$	0.4	$	5.9	$	(4.7)	$	(68.5)	$	(66.9)
Other comprehensive income (loss) before reclassifications	0.3		(0.7)		—		(6.4)		(6.8)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	—		10.9		0.7		—		11.6
Net other comprehensive income (loss) during the period	0.3		10.2		0.7		(6.4)		4.8
Balance as of November 22, 2024	$	0.7	$	16.1	$	(4.0)	$	(74.9)	$	(62.1)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 22, 2024 and November 24, 2023:


Detail of Accumulated Other Comprehensive Income (Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line in the Condensed Consolidated Statements of Income
	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023

Amortization of pension and other post-retirement actuarial losses (gains) (1)
Actuarial losses (gains)	14.1		(0.5)		13.2		(1.7)			Other income (expense), net
Prior service cost	0.8		—		0.8		—			Other income (expense), net
Income tax expense (benefit) (1)	(3.3)		0.1		(3.1)		0.4			Income tax expense
	11.6		(0.4)		10.9		(1.3)

Derivative amortization	0.4		0.2		1.0		0.9			Interest expense
Income tax benefit	(0.1)		—		(0.3)		(0.2)			Income tax expense
	0.3		0.2		0.7		0.7





Total reclassifications	$	11.9	$	(0.2)	$	11.6	$	(0.6)

Fair Value (Tables)

9 Months Ended

Nov. 22, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 22, 2024 and February 23, 2024 are summarized below:


Fair Value of Financial Instruments	November 22, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	365.2	$	—	$	—	$	365.2
Restricted cash	7.2		—		—		7.2
Managed investment portfolio and other investments
Corporate debt securities - domestic	—		17.9		—		17.9
Corporate debt securities - foreign	—		6.0		—		6.0

Asset-backed securities	—		9.2		—		9.2
U.S. government debt securities	7.9		—		—		7.9


Foreign exchange forward contracts	—		0.5		—		0.5
Auction rate security	—		—		2.8		2.8

	$	380.3	$	33.6	$	2.8	$	416.7
Liabilities:
Foreign exchange forward contracts	$	—	$	(3.7)	$	—	$	(3.7)
Contingent consideration	—		—		—		—
	$	—	$	(3.7)	$	—	$	(3.7)

Fair Value of Financial Instruments	February 23, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	318.6	$	—	$	—	$	318.6
Restricted cash	7.3		—		—		7.3







Foreign exchange forward contracts	—		0.8		—		0.8
Auction rate security	—		—		2.8		2.8

	$	325.9	$	0.8	$	2.8	$	329.5
Liabilities:
Foreign exchange forward contracts	$	—	$	(0.5)	$	—	$	(0.5)
Contingent consideration	—		—		—		—
	$	—	$	(0.5)	$	—	$	(0.5)

Inventories (Tables)

9 Months Ended

Nov. 22, 2024

Inventories [Abstract]

Schedule of Inventory


Inventories, net	November 22, 2024		February 23, 2024
Raw materials and work-in-process	$	164.7	$	164.5
Finished goods	110.4		95.9
	275.1		260.4
Revaluation to LIFO	(29.1)		(29.4)
	$	246.0	$	231.0

Share-Based Compensation (Tables)

9 Months Ended

Nov. 22, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Payment Award Performance Units Valuation Assumptions

The Monte Carlo simulation was computed using the following assumptions:


	2025 PSUs		2024 PSUs				2023 PSUs
			Tranche 2		Tranche 1		Tranche 3		Tranche 2		Tranche 1
Risk-free interest rate (1)	7.7	%	4.9	%	3.7	%	5.2	%	4.0	%	2.6	%
Expected term	3 years		2 years		3 years		1 year		2 years		3 years
Estimated volatility (2)	38.5	%	42.4	%	44.1	%	38.9	%	37.8	%	52.2	%

_______________________________________

(1)Based on the U.S. Government bond benchmark on the grant date.

(2)Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche or award.

Schedule of Compensation Costs by Plan for Share-based Payment Arrangements

The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
Performance Units	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Expense (credit)	$	(0.8)	$	0.1	$	7.6	$	6.3
Tax benefit (expense)	(0.2)		—		1.9		1.5

The total RSU expense and associated tax benefit for the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
Restricted Stock Units	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Expense	$	2.3	$	3.3	$	11.3	$	15.0
Tax benefit	0.6		0.8		2.8		3.7

Share-based Payment Arrangement, Performance Shares, Activity

The PSU activity for the nine months ended November 22, 2024 is as follows:


Maximum Number of Shares of Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 23, 2024	1,299,988	$	9.51
Granted	1,887,648	13.27
Forfeited	(105,600)	11.20
Nonvested as of November 22, 2024	3,082,036	$	11.84

Schedule of Restricted Stock Unit Awards Activity

The RSU activity for the nine months ended November 22, 2024 is as follows:


Nonvested Units	Total	Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 23, 2024	3,151,634	$	9.59
Granted	1,186,304	12.32
Vested	(316,229)	12.92
Forfeited	(73,998)	9.55
Nonvested as of November 22, 2024	3,947,711	$	10.15

Leases, Codification Topic 842 (Tables)

9 Months Ended

Nov. 22, 2024

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense during the three and nine months ended November 22, 2024 and November 24, 2023 are as follows:


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Operating lease cost	$	12.7	$	13.7	$	37.9	$	40.9
Sublease rental income	(1.4)		(0.5)		(3.9)		(1.5)
	$	11.3	$	13.2	$	34.0	$	39.4

Lessee, Lease, Supplemental cash flow and other information

Supplemental cash flow and other information related to leases during the three and nine months ended November 22, 2024 and November 24, 2023 is as follows:


	Three Months Ended				Nine Months Ended
	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Cash flow information:
Operating cash flows used for operating leases	$	13.9	$	14.4	$	39.8	$	42.1
Leased assets obtained in exchange for new operating lease obligations	2.6		4.5		23.9		12.1

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table summarizes the future minimum lease payments as of November 22, 2024:


Fiscal year ending in February	Amount (1)
2025	$	11.8
2026	46.0
2027	38.2
2028	28.8
2029	19.2
Thereafter	27.6
Total lease payments	171.6
Less: Interest	(19.3)
Present value of lease liabilities	$	152.3

_______________________________________

Reportable Segments (Tables)

9 Months Ended

Nov. 22, 2024

Reportable Segments [Abstract]

Schedule of Segment Reporting Information


	Three Months Ended				Nine Months Ended
Reportable Segment Statement of Income Data	November 22, 2024		November 24, 2023		November 22, 2024		November 24, 2023
Revenue
Americas	$	614.7	$	586.1	$	1,857.1	$	1,838.2
International	180.2		191.8		520.9		546.2
	$	794.9	$	777.9	$	2,378.0	$	2,384.4
Gross Profit
Americas	$	214.6	$	192.8	$	649.5	$	612.3
International	50.8		59.5		145.7		158.0
	$	265.4	$	252.3	$	795.2	$	770.3
Operating Income (Loss)
Americas	$	46.5	$	37.2	$	167.0	$	117.0
International	(5.5)		6.6		(18.4)		(24.9)
	$	41.0	$	43.8	$	148.6	$	92.1


Reportable Segment Balance Sheet Data	November 22, 2024		February 23, 2024
Total assets
Americas	$	1,810.3	$	1,705.5
International	510.8		531.2
	$	2,321.1	$	2,236.7

Goodwill
Americas	$	265.4	$	266.1
International	8.4		8.7
	$	273.8	$	274.8

Restructuring and Related Activities (Tables)

9 Months Ended

Nov. 22, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table details the changes in the restructuring reserve balance for the nine months ended November 22, 2024:


	Workforce reductions		Business exit and related costs		Total
Balance as of February 23, 2024	$	12.3	$	—	$	12.3
Additions	9.0		2.4		11.4
Payments	(14.6)		(2.4)		(17.0)
Adjustments	(1.4)		—		(1.4)
Balance as of November 22, 2024	$	5.3	$	—	$	5.3

Basis Of Presentation (Details)	9 Months Ended
Basis Of Presentation (Details)	Nov. 22, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, Description	The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 23, 2024 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated

New Accounting Standards (Details)	9 Months Ended
New Accounting Standards (Details)	Nov. 22, 2024
Accounting Policies [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Description	We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Adoption of New Accounting StandardsIn November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which is intended to improve disclosures related to significant segment expenses and the information used by the chief operating decision maker ("CODM") to assess segment performance and to allocate resources. We adopted this guidance on a retrospective basis and will modify our annual disclosures beginning in Q4 2025 and interim disclosures thereafter. The adoption of this guidance is not expected to have a material effect on our consolidated financial statements.Accounting Standards Issued But Not Yet AdoptedIn November 2024, the FASB issued ASU No. 2024-03, Income Statement (Subtopic 220-40) - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which is intended to improve disclosures through disaggregation of certain commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which is intended to improve income tax disclosures, specifically related to additional detail required in the effective tax rate reconciliation and the disaggregation of income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.

Revenue (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Nov. 22, 2024

Nov. 24, 2023

Nov. 22, 2024

Nov. 24, 2023

Feb. 23, 2024

Disaggregation of Revenue [Line Items]

Revenue

$ 794.9

$ 777.9

$ 2,378.0

$ 2,384.4

Contract with Customer, changes in customer deposits [Line Items]

Contract with Customer, Liability

49.6

$ 44.8

UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue

574.8

541.5

1,734.8

1,715.5

Non-US

Disaggregation of Revenue [Line Items]

Revenue

220.1

236.4

643.2

668.9

Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue

614.7

586.1

1,857.1

1,838.2

Americas [Member] | Systems and storage [Member]

Disaggregation of Revenue [Line Items]

Revenue

274.1

262.6

838.5

799.5

Americas [Member] | Seating [Member]

Disaggregation of Revenue [Line Items]

Revenue

165.1

152.5

498.7

492.5

Americas [Member] | Other Product Category [Member]

Disaggregation of Revenue [Line Items]

Revenue

^[1]

175.5

171.0

519.9

546.2

International

Disaggregation of Revenue [Line Items]

Revenue

180.2

191.8

520.9

546.2

International | Systems and storage [Member]

Disaggregation of Revenue [Line Items]

Revenue

62.2

70.0

173.7

194.2

International | Seating [Member]

Disaggregation of Revenue [Line Items]

Revenue

71.3

67.3

200.9

190.7

International | Other Product Category [Member]

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 46.7

$ 54.5

146.3

$ 161.3

Deposits [Member]

Contract with Customer, changes in customer deposits [Line Items]

Recognition of revenue related to beginning of year customer deposits

(40.0)

Customer deposits received, net of revenue recognized during the period

$ 44.8

[1]	The other product category data by segment consists primarily of third-party products, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 22, 2024	Nov. 24, 2023	Nov. 22, 2024	Nov. 24, 2023
Computation of Basic and Diluted Earnings Per Share [Line Items]
Net income	$ 19.1	$ 30.8	$ 93.1	$ 59.8
Impact of participating securities	(0.6)	(1.2)	(3.1)	(2.3)
Net income used in calculating earnings per share	$ 18.5	$ 29.6	$ 90.0	$ 57.5
Adjustment for participating securities (in millions)	(4.0)	(4.7)	(3.9)	(4.5)
Basic	$ 0.16	$ 0.26	$ 0.79	$ 0.50
Diluted	$ 0.16	$ 0.26	$ 0.78	$ 0.50
Including
Computation of Basic and Diluted Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	117.8	118.9	118.1	118.5
Weighted Average Number of Shares Outstanding, Diluted	118.8	119.4	118.9	119.0
Excluding
Computation of Basic and Diluted Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	113.8	114.2	114.2	114.0
Weighted Average Number of Shares Outstanding, Diluted	114.8	114.7	115.0	114.5

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)

3 Months Ended

9 Months Ended

Nov. 22, 2024

Nov. 24, 2023

Nov. 22, 2024

Nov. 24, 2023

Aug. 23, 2024

Feb. 23, 2024

Aug. 25, 2023

Feb. 24, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (62,100,000)

$ (64,800,000)

$ (62,100,000)

$ (64,800,000)

$ (58,700,000)

$ (66,900,000)

$ (65,900,000)

$ (72,500,000)

Other comprehensive income (loss) before reclassifications

(15,300,000)

(6,800,000)

Amounts reclassified from accumulated other comprehensive income (loss) (1)

11,900,000

^[1]

11,600,000

^[2]

Other comprehensive income (loss)

(3,400,000)

1,100,000

4,800,000

7,700,000

Income tax expense

7,000,000.0

9,800,000

33,000,000.0

20,700,000

Interest Expense, Operating and Nonoperating

6,300,000

6,400,000

18,900,000

19,600,000

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement

^[2]

11,800,000

Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax

15,200,000

Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amounts reclassified from accumulated other comprehensive income (loss) (1)

11,900,000

(200,000)

11,600,000

(600,000)

Unrealized gain (loss) on investments [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

700,000

1,100,000

400,000

Other comprehensive income (loss) before reclassifications

(400,000)

300,000

Amounts reclassified from accumulated other comprehensive income (loss) (1)

^[1]

^[2]

Other comprehensive income (loss)

(400,000)

300,000

Pension and other post-retirement liability adjustments [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

16,100,000

5,000,000.0

5,900,000

Other comprehensive income (loss) before reclassifications

(500,000)

(700,000)

Amounts reclassified from accumulated other comprehensive income (loss) (1)

11,600,000

^[1]

10,900,000

^[2]

Other comprehensive income (loss)

11,100,000

10,200,000

Income tax expense

3,400,000

Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amounts reclassified from accumulated other comprehensive income (loss) (1)

^[3]

11,600,000

(400,000)

10,900,000

(1,300,000)

Income tax expense

^[3]

(3,300,000)

100,000

(3,100,000)

400,000

Pension and other post-retirement liability adjustments [Member] | Actuarial losses (gains) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Income

^[3]

14,100,000

(500,000)

13,200,000

(1,700,000)

Pension and other post-retirement liability adjustments [Member] | Prior service cost | Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Income

^[3]

800,000

Derivative Amortization

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(4,000,000.0)

(4,300,000)

(4,700,000)

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss) (1)

300,000

^[1]

700,000

^[2]

Other comprehensive income (loss)

300,000

700,000

Derivative Amortization | Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amounts reclassified from accumulated other comprehensive income (loss) (1)

300,000

200,000

700,000

Income tax expense

(100,000)

(300,000)

(200,000)

Derivative Amortization | Derivative [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Interest Expense, Operating and Nonoperating

400,000

$ 200,000

1,000,000.0

$ 900,000

Foreign currency translation adjustments [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(74,900,000)

$ (60,500,000)

$ (68,500,000)

Other comprehensive income (loss) before reclassifications

(14,400,000)

(6,400,000)

Amounts reclassified from accumulated other comprehensive income (loss) (1)

^[1]

^[2]

Other comprehensive income (loss)

$ (14,400,000)

$ (6,400,000)

[1]	Pension and other post-retirement liability adjustments include an $11.8 settlement charge, net of tax, related to the annuitization of our defined benefit pension plan in the United Kingdom (“U.K.”). In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred to an insurer which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).
[2]	Pension and other post-retirement liability adjustments include an $11.8 settlement charge, net of tax, related to the annuitization of our defined benefit pension plan in the U.K. In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred to an insurer which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).
[3]	For the three and nine months ended November 22, 2024, amortization of pension and other post-retirement actuarial losses (gains) includes a $15.2 non-cash pension settlement charge in Other income (expense), net and a $3.4 discrete tax benefit in Income tax expense related to the annuitization of our U.K. defined benefit pension plan. In 2023, we entered into a contract with an insurer to annuitize the plan, covering 100% of the membership in the plan. This agreement resulted in an exchange of plan assets for an annuity that covers our future projected benefit obligations. In Q3 2025, all benefit obligations to the plan's participants were irrevocably transferred which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss).

Fair Value Narrative (Details) $ in Millions	9 Months Ended
Fair Value Narrative (Details) $ in Millions	Nov. 22, 2024 USD ($)	Nov. 22, 2024 EUR (€)	Feb. 23, 2024 USD ($)	Nov. 24, 2023 USD ($)	Feb. 24, 2023 USD ($)
Fair Value Disclosures [Abstract]
Debt, Long-term and Short-term, Combined Amount	$ 446.9		$ 446.3
Long-term Debt, Fair Value	430.6		423.0
Short-Term Investments	41.1		0.0
Short-Term Investments, Cost Basis	40.7
Unrealized Gain (Loss) on Investments	0.4
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	8.5
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	32.6
Business Combination, Contingent Consideration, Liability	13.7
Fair Value, Option, Quantitative Disclosures [Line Items]
Restricted Cash	7.2		7.3	$ 7.1	$ 6.8
Business Combination, Contingent Consideration, Asset, Current \| €		€ 13.0
Fair Value, Recurring [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	365.2		318.6
Restricted Cash	7.2		7.3
Assets, Fair Value Disclosure	416.7		329.5
Liabilities, Fair Value Disclosure	(3.7)		(0.5)
Fair Value, Recurring [Member] \| Debt Security, Corporate, US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	17.9
Fair Value, Recurring [Member] \| Debt Security, Corporate, Non-US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	6.0
Fair Value, Recurring [Member] \| Asset-backed Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	9.2
Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	7.9
Fair Value, Recurring [Member] \| Foreign Exchange Contract [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Foreign exchange forward contracts	0.5		0.8
Foreign exchange forward contracts	(3.7)		(0.5)
Fair Value, Recurring [Member] \| Auction Rate Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Auction rate security	2.8		2.8
Fair Value, Recurring [Member] \| Contingent Consideration Type [Domain]
Fair Value Disclosures [Abstract]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	365.2		318.6
Restricted Cash	7.2		7.3
Assets, Fair Value Disclosure	380.3		325.9
Liabilities, Fair Value Disclosure	0.0		0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| Debt Security, Corporate, US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| Debt Security, Corporate, Non-US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| Asset-backed Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	7.9
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| Foreign Exchange Contract [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Foreign exchange forward contracts	0.0		0.0
Foreign exchange forward contracts	0.0		0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| Auction Rate Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Auction rate security	0.0		0.0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring [Member] \| Contingent Consideration Type [Domain]
Fair Value Disclosures [Abstract]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0.0		0.0
Restricted Cash	0.0		0.0
Assets, Fair Value Disclosure	33.6		0.8
Liabilities, Fair Value Disclosure	(3.7)		(0.5)
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| Debt Security, Corporate, US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	17.9
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| Debt Security, Corporate, Non-US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	6.0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| Asset-backed Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	9.2
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| Foreign Exchange Contract [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Foreign exchange forward contracts	0.5		0.8
Foreign exchange forward contracts	(3.7)		(0.5)
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| Auction Rate Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Auction rate security	0.0		0.0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring [Member] \| Contingent Consideration Type [Domain]
Fair Value Disclosures [Abstract]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0.0		0.0
Restricted Cash	0.0		0.0
Assets, Fair Value Disclosure	2.8		2.8
Liabilities, Fair Value Disclosure	0.0		0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Debt Security, Corporate, US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Debt Security, Corporate, Non-US
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Asset-backed Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, Fair Value Disclosure	0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Foreign Exchange Contract [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Foreign exchange forward contracts	0.0		0.0
Foreign exchange forward contracts	0.0		0.0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Auction Rate Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Auction rate security	2.8		2.8
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Contingent Consideration Type [Domain]
Fair Value Disclosures [Abstract]
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0		0.0
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent Consideration Classified as Equity, Fair Value Disclosure	$ 0.0		$ 0.0

Inventories (Details) - USD ($) $ in Millions	Nov. 22, 2024	Feb. 23, 2024
Inventories [Abstract]
Raw materials and work-in-process	$ 164.7	$ 164.5
Finished goods	110.4	95.9
Inventory, Gross, Total	275.1	260.4
Revaluation to LIFO	(29.1)	(29.4)
Inventory, net of valuation allowances and LIFO reserve	246.0	231.0
LIFO Inventory Amount	$ 120.2	$ 111.7

Share-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Nov. 22, 2024

Nov. 24, 2023

Nov. 22, 2024

Nov. 24, 2023

Feb. 23, 2024

Feb. 24, 2023

Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding

$ 6.7

$ 3.2

$ 1.7

Performance and restricted stock units expense

(0.8)

$ 0.1

7.6

$ 6.3

Share-based Payment Arrangement, Expense, Tax Benefit

$ (0.2)

0.0

$ 1.9

1.5

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number

3,082,036

1,299,988

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value

$ 11.84

$ 9.51

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

1,887,648

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 13.27

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period

(105,600)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value

$ 11.20

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 4.4

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition

1 year 8 months 12 days

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance and restricted stock units expense

2.3

3.3

$ 11.3

15.0

Share-based Payment Arrangement, Expense, Tax Benefit

$ 0.6

$ 0.8

$ 2.8

$ 3.7

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number

3,947,711

3,151,634

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value

$ 10.15

$ 9.59

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

1,186,304

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 12.32

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

(316,229)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value

$ 12.92

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period

(73,998)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value

$ 9.55

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 11.9

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition

1 year 10 months 24 days

2025 Performance Unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period

465,300

Risk-free interest rate (1)

^[1]

7.70%

Expected term

3 years

Estimated volatility (2)

^[2]

38.50%

2024 Performance Unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period

767,600

2023 Performance unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period

428,700

Tranche 1 | 2024 Performance Unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate (1)

^[1]

3.70%

Expected term

3 years

Estimated volatility (2)

^[2]

44.10%

Tranche 1 | 2023 Performance unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate (1)

^[1]

2.60%

Expected term

3 years

Estimated volatility (2)

^[2]

52.20%

Tranche 2 | 2024 Performance Unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate (1)

^[1]

4.90%

Expected term

2 years

Estimated volatility (2)

^[2]

42.40%

Tranche 2 | 2023 Performance unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate (1)

^[1]

4.00%

Expected term

2 years

Estimated volatility (2)

^[2]

37.80%

Tranche 3 [Domain] | 2023 Performance unit Award | Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate (1)

^[1]

5.20%

Expected term

1 year

Estimated volatility (2)

^[2]

38.90%

[1]	Based on the U.S. Government bond benchmark on the grant date.
[2]	Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche or award.

Leases, Codification Topic 842 (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Nov. 22, 2024

Nov. 24, 2023

Nov. 22, 2024

Nov. 24, 2023

Feb. 23, 2024

Leases [Abstract]

Operating lease cost

$ 12.7

$ 13.7

$ 37.9

$ 40.9

Sublease rental income

(1.4)

(0.5)

(3.9)

(1.5)

Operating Lease, Expense

11.3

13.2

34.0

39.4

Operating cash flows used for operating leases

13.9

14.4

39.8

42.1

Leased assets obtained in exchange for new operating lease obligations

$ 2.6

$ 4.5

$ 23.9

$ 12.1

Operating Lease, Weighted Average Remaining Lease Term

4 years 6 months

4 years 9 months 18 days

Operating Lease, Weighted Average Discount Rate, Percent

5.30%

4.80%

Operating Leases, Future Minimum Payments, Remainder of Fiscal Year

$ 11.8

Operating Leases, Future Minimum Payments, Due in Two Years

46.0

Operating Leases, Future Minimum Payments, Due in Three Years

38.2

Operating Leases, Future Minimum Payments, Due in Four Years

28.8

Operating Leases, Future Minimum Payments, Due in Five Years

19.2

Operating Leases, Future Minimum Payments, Due Thereafter

27.6

Operating Leases, Future Minimum Payments Due

^[1]

171.6

Operating Lease interest included in future lease payments

(19.3)

Operating Lease, Liability

$ 152.3

[1]	Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.

Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Reportable Segments (Details) - USD ($) $ in Millions	Nov. 22, 2024	Nov. 24, 2023	Nov. 22, 2024	Nov. 24, 2023	Feb. 23, 2024
Reportable Segments [Abstract]
Segment Reporting, Factors Used to Identify Entity's Reportable Segments			The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.
Segment Reporting Information [Line Items]
Revenue	$ 794.9	$ 777.9	$ 2,378.0	$ 2,384.4
Gross Profit	265.4	252.3	795.2	770.3
Operating income	41.0	43.8	148.6	92.1
Total assets	2,321.1		2,321.1		$ 2,236.7
Goodwill	273.8		273.8		274.8
Americas [Member]
Segment Reporting Information [Line Items]
Revenue	614.7	586.1	1,857.1	1,838.2
Gross Profit	214.6	192.8	649.5	612.3
Operating income	46.5	37.2	167.0	117.0
Total assets	1,810.3		1,810.3		1,705.5
Goodwill	265.4		265.4		266.1
International
Segment Reporting Information [Line Items]
Revenue	180.2	191.8	520.9	546.2
Gross Profit	50.8	59.5	145.7	158.0
Operating income	(5.5)	$ 6.6	(18.4)	$ (24.9)
Total assets	510.8		510.8		531.2
Goodwill	$ 8.4		$ 8.4		$ 8.7

Restructuring and Related Activities (Details)	3 Months Ended		9 Months Ended
Restructuring and Related Activities (Details)	Nov. 22, 2024 USD ($)	May 24, 2024 USD ($)	Nov. 22, 2024 USD ($) positions employee	Aug. 23, 2024 USD ($)	Feb. 23, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 5.3		$ 5.3		$ 12.3
Restructuring Reserve, Period Increase (Decrease)			11.4
Payments for Restructuring			(17.0)
Restructuring Reserve, Translation and Other Adjustment			(1.4)
Workforce Reductions
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	5.3		5.3		12.3
Restructuring Reserve, Period Increase (Decrease)			9.0
Payments for Restructuring			(14.6)
Restructuring Reserve, Translation and Other Adjustment			(1.4)
Business Exit and Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0		0		0
Restructuring Reserve, Period Increase (Decrease)			2.4
Payments for Restructuring			(2.4)
Restructuring Reserve, Translation and Other Adjustment			$ 0
Americas [Member] \| Regional Distribution Center Closure - Atlanta, GA
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| employee			30
Restructuring and Related Cost, Expected Cost	1,000,000		$ 1,000,000
Restructuring and Related Cost, Cost Incurred to Date					600,000
Americas [Member] \| Americas - Restructuring Actions Initiated Q3 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| positions			15
Restructuring and Related Cost, Cost Incurred to Date		$ 100,000		$ 100,000	1,100,000
Americas [Member] \| Americas - Restructuring Actions Initiated Q3 2024 \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	1,000,000		$ 1,000,000
Americas [Member] \| Regional Distribution Center Move
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	4,000,000		4,000,000
Restructuring and Related Cost, Cost Incurred to Date	100,000	1,700,000	$ 100,000	1,200,000	700,000
Restructuring and Related Cost, Number of Positions Relocated \| positions			15
Americas [Member] \| Regional Distribution Center Move \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| employee			55
Americas [Member] \| Americas - Restructuring Actions Initiated Q1 2025
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| positions			100
Restructuring and Related Cost, Expected Cost	3,000,000		$ 3,000,000
Restructuring and Related Cost, Cost Incurred to Date	100,000	2,600,000	$ 100,000	300,000
EMEA [Member] \| International - Restructuring Actions Announced Q1 2024 \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| employee			40
EMEA [Member] \| International - Restructuring Actions Announced Q1 2024 \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| employee			50
EMEA [Member] \| Regional Distribution Center Closure
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| employee			20
Asia Pacific \| International - Restructuring Actions Announced Q1 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| positions			240
Asia Pacific \| APAC - Restructuring Actions Initiated Q4 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated \| positions			100
International \| International - Restructuring Actions Announced Q1 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment		(900,000)
Restructuring and Related Cost, Cost Incurred to Date					16,300,000
International \| International - Restructuring Actions Announced Q1 2024 \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	16,000,000		$ 16,000,000
International \| International - Restructuring Actions Announced Q1 2024 \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	18,000,000		18,000,000
International \| APAC - Restructuring Actions Initiated Q4 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	4,000,000		4,000,000
Restructuring and Related Cost, Cost Incurred to Date	500,000		500,000	$ 200,000
International \| APAC - Restructuring Actions Initiated Q4 2024 \| Workforce Reductions
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					2,500,000
International \| APAC - Restructuring Actions Initiated Q4 2024 \| ROU Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					$ 400,000
International \| Regional Distribution Center Closure
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	3,000,000		3,000,000
Restructuring and Related Cost, Cost Incurred to Date	100,000	$ 2,700,000	100,000
International \| Orangebox Restructuring Q3 2025
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	1,000,000		1,000,000
Restructuring and Related Cost, Cost Incurred to Date	$ 900,000		900,000
Restructuring and Related Cost, Number of Positions Relocated	30
International \| APAC Restructuring Q3 2025
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 1,000,000		1,000,000
Restructuring and Related Cost, Cost Incurred to Date	$ 800,000		$ 800,000
Restructuring and Related Cost, Number of Positions Relocated	70