Steelcase Inc. (SCS) Financial Statements (2024 and earlier)

Company Profile

Business Address 901 44TH STREET SE
GRAND RAPIDS, MI 49508
State of Incorp. MI
Fiscal Year End February 28
Industry (SIC) 2522 - Office Furniture, Except Wood (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

11/30/2023
MRQ
2/28/2023
11/30/2022
MRQ
2/28/2022
2/28/2021
2/29/2020
2/28/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments90 201490541261
Cash and cash equivalents90 201490541261
Receivables379 390279372390
Inventory, net of allowances, customer advances and progress billings320 326194215225
Inventory320 326194215225
Prepaid expense29 24212220
Other current assets37 26713953
Other undisclosed current assets29 (8)(9)  
Total current assets:884 9591,0451,189949
Noncurrent Assets
Operating lease, right-of-use asset198 210225238
Property, plant and equipment377 393411426456
Long-term investments and receivables51 53525257
Long-term investments51 53525257
Intangible assets, net (including goodwill)388 328309337360
Goodwill277 243218234241
Intangible assets, net (excluding goodwill)111 8690103119
Deferred income tax assets117 121  
Other noncurrent assets30 29303929
Other undisclosed noncurrent assets157 168283285292
Total noncurrent assets:1,319 1,3021,3091,3771,194
TOTAL ASSETS:2,203 2,2612,3542,5652,142
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities452 406271436429
Taxes payable   4
Employee-related liabilities7690192168
Accounts payable204 244181244241
Accrued liabilities248 87  16
Deferred revenue51 53  
Debt 36 5534
Accrued environmental loss contingencies 1 1111
Customer advances and deposits20
Other liabilities    10910081
Other undisclosed current liabilities64 10113015161
Total current liabilities:603 567515691595
Noncurrent Liabilities
Long-term debt and lease obligation446 660679695483
Long-term debt, excluding current maturities446 477479481483
Liabilities, other than long-term debt328 182200209215
Liability, pension and other postretirement and postemployment benefits103 127153148142
Other liabilities55 55476073
Operating lease, liability170 182200214
Total noncurrent liabilities:773 842879904697
Total liabilities:1,377 1,4091,3941,5951,293
Equity
Equity, attributable to parent826 852961970850
Additional paid in capital19 2132816
Accumulated other comprehensive loss(73) (51)(40)(69)(47)
Retained earnings879 9019881,011881
Total equity:826 852961970850
TOTAL LIABILITIES AND EQUITY:2,203 2,2612,3542,5652,142

Income Statement (P&L) ($ in millions)

11/30/2023
TTM
2/28/2023
11/30/2022
TTM
2/28/2022
2/28/2021
2/29/2020
2/28/2019
Revenues3,233 2,7732,5963,7243,443
Revenue, net3,443
Cost of revenue(2,311) (2,011)(1,823)(2,509)(2,355)
Cost of goods and services sold(2,311) (2,011)(1,823)(2,509)(2,355)
Other undisclosed gross profit(3)  (11)  
Gross profit:919 7627631,2151,088
Operating expenses(837) (741)(684)(958)(904)
Other undisclosed operating loss(17)  (36)  
Operating income:66 2043257184
Nonoperating income14 791015
Investment income, nonoperating      
Other nonoperating income14 791015
Interest and debt expense(28) (26)(27)(27)(38)
Other undisclosed income from continuing operations before equity method investments, income taxes    153
Income from continuing operations before equity method investments, income taxes:51 126245164
Other undisclosed income from continuing operations before income taxes1 1   
Income from continuing operations before income taxes:52 226245164
Income tax expense (benefit)(16) 20(46)(38)
Income from continuing operations:35 426200126
Income before gain (loss) on sale of properties:426200126
Net income attributable to parent:35 426200126
Undistributed earnings (loss) allocated to participating securities, basic    (1)(4)(3)
Other undisclosed net loss available to common stockholders, basic(1) (0)   
Net income available to common stockholders, diluted:34 426196124

Comprehensive Income ($ in millions)

11/30/2023
TTM
2/28/2023
11/30/2022
TTM
2/28/2022
2/28/2021
2/29/2020
2/28/2019
Net income:35 426200126
Other comprehensive income (loss)(20) (4)27(31)(37)
Comprehensive income (loss):16 (0)5316989
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(2) (7)39 
Comprehensive income (loss), net of tax, attributable to parent:13 (7)5517889

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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