Stock-Based Compensation (Tables)

9 Months Ended

12 Months Ended

Nov. 26, 2022

Feb. 26, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense and Capitalized Cost

Stock-based compensation expense and capitalized stock-based compensation cost for the three and nine months ended November 26, 2022 and November 27, 2021 were as follows:


	Three Months Ended					Nine Months Ended
(in thousands)	November 26, 2022			November 27, 2021		November 26, 2022		November 27, 2021
Stock-based compensation expense:
Equity-classified share-settled awards	$	2,313.3		$	8,878.5	$	18,746.9	$	26,874.8
Liability-classified cash-settled awards		(692.9	)		—		1,292.7		—

Total stock-based compensation expense	$	1,620.4		$	8,878.5	$	20,039.6	$	26,874.8

Capitalized stock-based compensation cost:
Equity-classified share-settled awards	$	189.4		$	195.7	$	764.6	$	783.9
Liability-classified cash-settled awards		(74.8	)		—		48.6		—

Total capitalized stock-based compensation cost	$	114.6		$	195.7	$	813.2	$	783.9

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Unit Activity

Changes in the Company’s restricted stock awards for the nine months ended November 26, 2022 were as follows:


(Shares in thousands)	Number of Restricted Shares			Weighted Average Grant- Date Fair Value
Unvested restricted stock awards, beginning of period		472		$	32.38
Granted		392			4.90
Vested		(165	)		38.73
Forfeited		(128	)		28.21

Unvested restricted stock awards, end of period		571		$	12.61

Changes in the Company’s RSUs for the nine months ended November 26, 2022 were as follows:


	Share-Settled					Cash-Settled
(Shares in thousands)	Number of Restricted Stock Units			Weighted Average Grant- Date Fair Value		Number of Restricted Stock Units			Weighted Average Grant- Date Fair Value
Unvested restricted stock units, beginning of period		2,600		$	17.07		57		$	23.44
Granted		117			11.79		2,272			8.93
Vested		(1,361	)		15.10		(114	)		9.82
Forfeited		(660	)		18.64		(741	)		10.28

Unvested restricted stock units, end of period		696		$	18.55		1,474		$	8.75

Changes in the Company's Performance Stock Units


Fiscal Year	Performance Period	Performance Metrics	Target Achievement Range (%)
2020	3 years	TSR	0% - 150%
2021	3 years	TSR and GM	0% - 200%
2022	3 years	TSR and GM	0% - 200%

Changes in the Company’s PSUs for the nine months ended November 26, 2022 were as follows:


(Shares in thousands)	Number of Performance Stock Units			Weighted Average Grant- Date Fair Value
Unvested performance stock units, beginning of period		1,298		$	19.55
Granted		1,096			11.31
Vested		(640	)		15.49
Forfeited or performance condition adjustments		(1,009	)		15.43

Unvested performance stock units, end of period		745		$	16.50


Fiscal Year	Performance Period	Performance Metrics	Target Achievement Range (%)
2019	3 years	TSR and EBIT	0% - 150%
2020	3 years	TSR	0% - 150%
2021	3 years	TSR and GM	0% - 200%

Changes in the Company’s PSUs for the fiscal year ended February 26, 2022 were as follows:


(Shares in thousands)	Number of Performance Stock Units			Weighted Average Grant-Date Fair Value
Unvested performance stock units, beginning of period		1,475		$	14.36
Granted		634			29.00
Vested		(17	)		12.38
Forfeited		(794	)		17.62

Unvested performance stock units, end of period		1,298		$	19.55

Assumptions Used To Estimate the Black-Scholes Fair Value of Performance Stock Units Granted

The fair value of the PSUs granted in fiscal 2022 and 2021, for which performance during the three-year period will be based on a relative three-year goal metric relative to a peer group as indicated above, was estimated on the date of the grant using a Monte Carlo simulation that uses the assumptions noted in the following table.


	Nine Months Ended
Monte Carlo Simulation Assumptions	November 26, 2022		November 27, 2021
Risk Free Interest Rate		2.81%		0.29%
Expected Dividend Yield		— %		— %
Expected Volatility		54.02%		52.21%
Expected Term		3 years		3 years

The fair value of the PSUs granted in Fiscal 2021 for which performance during the three-year period will be based on a relative three-year Total Shareholder Return (“TSR”) goal relative to a peer group was estimated on the date of the grant using a Monte Carlo simulation that uses the assumptions noted in the following table.


	Fiscal Year Ended
Monte Carlo Simulation Assumptions	February 26, 2022
Risk Free Interest Rate		0.29	%
Expected Dividend Yield		—	%
Expected Volatility		52.21	%
Expected Term (in years)		3 years

Changes in the Company's Restricted Stock

Changes in the RSUs granted as inducement awards for the nine months ended November 26, 2022 were as follows:


(Shares in thousands)	Number of Restricted Stock Units			Weighted Average Grant- Date Fair Value
Unvested restricted stock units, beginning of period		437		$	6.10
Granted		—			—
Vested		(437	)		6.09
Forfeited		—			—

Unvested restricted stock units, end of period		—		$	—

Changes in the Company’s restricted stock awards for the fiscal year ended February 26, 2022 were as follows:


(Shares in thousands)	Number of Restricted Shares			Weighted Average Grant-Date Fair Value
Unvested restricted stock awards, beginning of period		935		$	34.34
Granted		47			29.58
Vested		(324	)		39.01
Forfeited		(186	)		29.96

Unvested restricted stock awards, end of period		472		$	32.38

Changes in the Company’s RSUs for the fiscal year ended February 26, 2022 were as follows:


(Shares in thousands)	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value
Unvested restricted stock units, beginning of period		2,270		$	14.04
Granted		1,108			24.91
Vested		(420	)		17.03
Forfeited		(358	)		22.16

Unvested restricted stock units, end of period		2,600		$	17.07

Changes in the RSUs granted as inducement awards for the fiscal year ended February 26, 2022 were as follows:


(Shares in thousands)	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value
Unvested restricted stock units, beginning of period		949		$	7.36
Granted		—			—
Vested		(512	)		8.43
Forfeited		—			—

Unvested restricted stock units, end of period		437		$	6.10

Assumptions Used To Estimate the Black-Scholes Fair Value of Stock Options Granted

The weighted average fair value for the stock options granted in Fiscal 2019 was $4.18.


	Fiscal Year Ended
Black-Scholes Valuation Assumptions (1)	February 29, 2020
Weighted Average Expected Life (in years) (2)		7.6 years
Weighted Average Expected Volatility (3)		39.41	%
Weighted Average Risk Free Interest Rates (4)		2.39	%
Expected Dividend Yield (5)		4.34	%

(1)	Forfeitures were estimated based on historical experience.

(2)	The expected life of stock options was estimated based on historical experience.

(3)

Expected volatility was based on the average of historical and implied volatility. The historical volatility was determined by observing actual prices of the Company’s stock over a period commensurate with the expected life of the awards. The implied volatility represented the implied volatility of the Company’s call options, which were actively traded on multiple exchanges, had remaining maturities in excess of twelve months, had market prices close to the exercise prices of the employee stock options and were measured on the stock option grant date.

(4)	Based on the U.S. Treasury constant maturity interest rate whose term was consistent with the expected life of the stock options.

(5)	Expected dividend yield was estimated based on anticipated dividend payouts.