Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2015 | Apr. 24, 2015 | Aug. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | APOGEE ENTERPRISES, INC. | ||
Trading Symbol | APOG | ||
Entity Central Index Key | 6845 | ||
Document Type | 10-K | ||
Document Period End Date | 28-Feb-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -26 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 29,181,874 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,057 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 28, 2015 | Mar. 01, 2014 | ||
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $52,185 | $28,465 | ||
Short-term available for sale securities | 327 | 204 | ||
Receivables, net of allowance for doubtful accounts | 171,623 | 154,914 | ||
Inventories | 61,408 | 53,435 | [1] | |
Refundable income taxes | 5,115 | 973 | ||
Deferred tax assets | 1,359 | 2,714 | ||
Other current assets | 6,958 | 6,725 | ||
Total current assets | 298,975 | 247,430 | ||
Property, plant and equipment, net | 193,540 | 193,946 | ||
Available for sale securities | 10,655 | 11,273 | ||
Restricted investments | 0 | 2,540 | ||
Goodwill | 75,857 | 78,021 | ||
Intangible assets | 23,280 | 27,198 | ||
Other non-current assets | 9,750 | 9,587 | ||
Total assets | 612,057 | [1] | 569,995 | [1] |
Current liabilities | ||||
Accounts payable | 56,516 | 47,241 | ||
Accrued payroll and related benefits | 36,620 | 25,216 | ||
Accrued self-insurance reserves | 8,058 | 6,683 | ||
Other current liabilities | 25,557 | 35,088 | ||
Billings in excess of costs and earnings on uncompleted contracts | 22,233 | 22,557 | ||
Current portion long-term debt | 44 | 49 | ||
Total current liabilities | 149,028 | 136,834 | ||
Long-term debt | 20,587 | 20,659 | ||
Unrecognized tax benefits | 4,477 | 5,234 | ||
Long-term self-insurance reserves | 6,185 | 7,977 | ||
Deferred tax liabilities | 10,652 | 8,567 | ||
Other non-current liabilities | 38,652 | 34,620 | ||
Shareholders’ equity | ||||
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 29,049,531 and 28,958,119 respectively | 9,683 | 9,653 | ||
Additional paid-in capital | 138,575 | 130,570 | ||
Retained earnings | 256,538 | 228,841 | ||
Common stock held in trust | -801 | -791 | ||
Deferred compensation obligations | 801 | 791 | ||
Accumulated other comprehensive loss | -22,320 | -12,960 | ||
Total shareholders’ equity | 382,476 | 356,104 | ||
Total liabilities and shareholders’ equity | $612,057 | $569,995 | ||
[1] | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.33 | $0.33 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 29,049,531 | 28,958,119 |
Common stock, shares outstanding | 29,049,531 | 28,958,119 |
Consolidated_Results_of_Operat
Consolidated Results of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $933,936 | $771,445 | $700,224 |
Cost of sales | 725,392 | 606,193 | 554,491 |
Gross profit | 208,544 | 165,252 | 145,733 |
Selling, general and administrative expenses | 144,959 | 124,967 | 118,314 |
Operating income | 63,585 | 40,285 | 27,419 |
Interest income | 954 | 827 | 758 |
Interest expense | 924 | 1,259 | 1,494 |
Other income (expense), net | 1,384 | -87 | 224 |
Earnings before income taxes | 64,999 | 39,766 | 26,907 |
Income tax expense | 14,483 | 11,780 | 7,796 |
Net earnings | $50,516 | $27,986 | $19,111 |
Earnings per share - basic | $1.76 | $0.98 | $0.68 |
Earnings per share - diluted | $1.72 | $0.95 | $0.67 |
Weighted average basic shares outstanding | 28,763 | 28,483 | 27,954 |
Weighted average diluted shares outstanding | 29,374 | 29,374 | 28,641 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $50,516 | $27,986 | $19,111 |
Other comprehensive earnings: | |||
Unrealized gain (loss) on marketable securities, net of $88, $(46) and $(15) tax expense (benefit), respectively | 163 | -83 | -28 |
Unrealized (loss) gain on foreign currency hedge, net of $(36), $183 and $(147) tax (benefit) expense, respectively | -62 | 320 | -258 |
Unrealized (loss) gain on pension obligation, net of $(830), $10 and $(95) tax (benefit) expense, respectively | -1,458 | 19 | -168 |
Foreign currency translation adjustments | -8,003 | -6,135 | -1,867 |
Other comprehensive loss | -9,360 | -5,879 | -2,321 |
Total comprehensive earnings | $41,156 | $22,107 | $16,790 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Earnings (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $88 | ($46) | ($15) |
Unrealized gain (loss) on foreign currency hedge, tax | -36 | 183 | -147 |
Unrealized gain (loss) on pension obligation, tax | ($830) | $10 | ($95) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Operating Activities | |||
Net earnings | $50,516 | $27,986 | $19,111 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 29,423 | 26,550 | 26,529 |
Stock-based compensation | 4,793 | 4,661 | 4,395 |
Deferred income taxes | 4,274 | -5,280 | 3,557 |
Excess tax benefits from stock-based compensation | -3,236 | -2,725 | -483 |
Gain on disposal of assets | -933 | -1,629 | -1,954 |
Proceeds from new markets tax credit transaction, net of deferred costs | 0 | 7,471 | 0 |
Other, net | 229 | 51 | 1,156 |
Changes in operating assets and liabilities: | |||
Receivables | -18,588 | -19,229 | -13,364 |
Inventories | -8,660 | -6,130 | -2,209 |
Accounts payable and accrued expenses | 12,871 | 18,282 | 11,158 |
Billings in excess of costs and earnings on uncompleted contracts | -324 | 1,202 | -1,195 |
Refundable and accrued income taxes | -1,091 | 3,449 | -4,086 |
Other, net | -711 | -1,738 | -2,092 |
Net cash provided by operating activities | 68,563 | 52,921 | 40,523 |
Investing Activities | |||
Capital expenditures | -27,220 | -41,852 | -34,664 |
Proceeds from sales of property, plant and equipment | 273 | 806 | 1,078 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -53,301 | -15 |
Purchases of restricted investments | 0 | -36,200 | -10,000 |
Sales/maturities of restricted investments | 2,532 | 60,115 | 5,472 |
Purchases of marketable securities | -6,142 | -14,562 | -58,847 |
Sales/maturities of marketable securities | 6,946 | 41,020 | 41,295 |
Investments in corporate-owned life insurance policies | -864 | 0 | -1,451 |
Net cash used in investing activities | -24,475 | -43,974 | -57,132 |
Financing Activities | |||
Proceeds from (Repayments of) Lines of Credit | 126 | 0 | 0 |
Proceeds from issuance of debt | 0 | 0 | 10,000 |
Payments on debt | -50 | -10,082 | -164 |
Payments on debt issue costs | -215 | -165 | -633 |
Shares withheld for taxes, net of stock issued to employees | -3,905 | 710 | 862 |
Excess tax benefits from stock-based compensation | 3,236 | 2,725 | 483 |
Repurchase and retirement of common stock | -6,894 | 0 | 0 |
Dividends paid | -12,071 | -10,764 | -10,316 |
Net cash (used in) provided by financing activities | -19,773 | -17,576 | 232 |
Increase (decrease) in cash and cash equivalents | 24,315 | -8,629 | -16,377 |
Effect of exchange rates on cash | -595 | -673 | 117 |
Cash and cash equivalents at beginning of year | 28,465 | 37,767 | 54,027 |
Cash and cash equivalents at end of period | 52,185 | 28,465 | 37,767 |
Noncash Activity | |||
Capital expenditures in accounts payable | $2,656 | $761 | $553 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity Statement (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Common Stock Held in Trust | Deferred Compensation Obligation | Accumulated Other Comprehensive (Loss) Income |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Mar. 03, 2012 | $9,354 | $113,046 | $207,032 | ($745) | $745 | ($4,760) | |
Balance, shares at Mar. 03, 2012 | 28,062,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 19,111 | 19,111 | |||||
Unrealized gain (loss) on marketable securities, net of tax | -28 | -28 | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | -258 | 0 | 0 | 0 | 0 | 0 | -258 |
Unrealized gain (loss) on pension obligation, net of tax | -168 | -168 | |||||
Foreign currency translation adjustments | -1,867 | 0 | -1,867 | ||||
Issuance of stock, net of cancellations | 105 | -59 | 14 | -16 | 16 | ||
Issuance of stock, net of cancellations, shares | 316,000 | ||||||
Stock-based compensation | 4,395 | ||||||
Tax benefit (deficit) associated with stock plans | 388 | ||||||
Exercise of stock options | 81 | 2,422 | |||||
Exercise of stock options, shares | 243,000 | ||||||
Other share retirements | -35 | -433 | -1,232 | ||||
Other share retirements, shares | -107,000 | ||||||
Cash dividends | -10,316 | ||||||
Balance at Mar. 02, 2013 | 9,505 | 119,759 | 214,609 | -761 | 761 | -7,081 | |
Balance, shares at Mar. 02, 2013 | 28,514,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 27,986 | 27,986 | |||||
Unrealized gain (loss) on marketable securities, net of tax | -83 | -83 | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | 320 | 0 | 0 | 0 | 0 | 0 | 320 |
Unrealized gain (loss) on pension obligation, net of tax | 19 | 19 | |||||
Foreign currency translation adjustments | -6,135 | -6,135 | |||||
Issuance of stock, net of cancellations | 82 | -54 | 17 | -30 | 30 | ||
Issuance of stock, net of cancellations, shares | 245,000 | ||||||
Stock-based compensation | 4,661 | ||||||
Tax benefit (deficit) associated with stock plans | 2,598 | ||||||
Exercise of stock options | 109 | 4,150 | |||||
Exercise of stock options, shares | 328,000 | ||||||
Other share retirements | -43 | -544 | -3,007 | ||||
Other share retirements, shares | -129,000 | ||||||
Cash dividends | -10,764 | ||||||
Balance at Mar. 01, 2014 | 356,104 | 9,653 | 130,570 | 228,841 | -791 | 791 | -12,960 |
Balance, shares at Mar. 01, 2014 | 28,958,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 50,516 | 50,516 | |||||
Unrealized gain (loss) on marketable securities, net of tax | 163 | 163 | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | -62 | -62 | |||||
Unrealized gain (loss) on pension obligation, net of tax | -1,458 | -1,458 | |||||
Foreign currency translation adjustments | -8,003 | -8,003 | |||||
Issuance of stock, net of cancellations | 101 | -47 | 28 | -10 | 10 | ||
Issuance of stock, net of cancellations, shares | 304,000 | ||||||
Stock-based compensation | 4,793 | ||||||
Tax benefit (deficit) associated with stock plans | 3,293 | ||||||
Exercise of stock options | 49 | 1,190 | |||||
Exercise of stock options, shares | 146,000 | ||||||
Share repurchases | 68 | 965 | 5,861 | 0 | 0 | 0 | |
Share repurchases, shares | 203,000 | ||||||
Other share retirements | -52 | -259 | -4,915 | ||||
Other share retirements, shares | -155,000 | ||||||
Cash dividends | -12,071 | ||||||
Balance at Feb. 28, 2015 | $382,476 | $9,683 | $138,575 | $256,538 | ($801) | $801 | ($22,320) |
Balance, shares at Feb. 28, 2015 | 29,050,000 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $88 | ($46) | ($15) |
Unrealized gain (loss) on foreign currency hedge, tax | -36 | 183 | -147 |
Unrealized gain (loss) on pension obligation, tax | ($830) | $10 | ($95) |
Cash dividends per share | $0.41 | $0.37 | $0.36 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Related Data | 12 Months Ended | |||||||||||
Feb. 28, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Significant Accounting Policies and Related Data | Summary of Significant Accounting Policies and Related Data | |||||||||||
Basis of Consolidation. The accompanying consolidated financial statements include the accounts of Apogee Enterprises, Inc., a Minnesota corporation, and all majority-owned subsidiaries (the Company). Transactions between Apogee and its subsidiaries have been eliminated in consolidation. | ||||||||||||
The results of Alumicor Limited (Alumicor), which the Company acquired on November 5, 2013, are included in the Company's Architectural Framing Systems segment. Refer to Note 6 for further information regarding the acquisition of Alumicor and its treatment in the consolidated financial statements. | ||||||||||||
GlassecViracon's fiscal year ends December 31 and its results are incorporated into the consolidated financial statements on a two-month lag. There were no significant intervening events that would have materially affected our consolidated financial statements had they been recorded during the year ended February 28, 2015. | ||||||||||||
Fiscal Year. Apogee's fiscal year ends on the Saturday closest to the last day of February. Fiscal 2015, 2014 and 2013 each consisted of 52 weeks. | ||||||||||||
Financial Instruments. Unless otherwise noted, the carrying amount of the Company's financial instruments approximates fair value. | ||||||||||||
Cash and Cash Equivalents. Investments with an original maturity of three months or less are included in cash and cash equivalents. Cash equivalents are stated at cost, which approximates fair value, and consist primarily of money market funds. | ||||||||||||
Investments. The Company has marketable securities consisting of high-quality municipal bonds. The securities are classified as “available for sale” and are carried at fair value based on prices from recent trades of similar securities. The Company tests for other than temporary losses on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If a decline in the fair value of a security is deemed by management to be other-than-temporary, the investment is written down to fair value, and the amount of the write-down is included in net earnings. | ||||||||||||
The Company also has investments in mutual funds as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet. | ||||||||||||
Inventories. Inventories, which consist primarily of purchased glass and aluminum, are valued at lower of cost or market using the first-in, first-out ("FIFO") method. Our manufacturing operations recognize costs of sales using standard costs with full overhead absorption, which generally approximates actual cost. | ||||||||||||
During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the last-in, first-out (“LIFO”) method (53 percent of total fiscal 2014 inventories) to the FIFO method. The Company believes that this change is preferable as it provides uniformity across the Company's operations with respect to the method of inventory accounting, better reflects the current value of inventories on the consolidated balance sheets, aligns the accounting with the physical flow of inventory, and better matches revenues with associated expenses. | ||||||||||||
The change was applied retrospectively to March 3, 2012. The resulting impact to our consolidated balance sheets as of March 1, 2014 is as follows: | ||||||||||||
March 1, 2014 | ||||||||||||
(In thousands) | As Originally Reported | LIFO to FIFO Adjustment | Retrospectively Adjusted | |||||||||
Inventories, net | $ | 47,982 | $ | 5,453 | $ | 53,435 | ||||||
Current deferred tax assets | 3,529 | (815 | ) | 2,714 | ||||||||
Non-current deferred tax liabilities | 7,403 | 1,164 | 8,567 | |||||||||
Retained earnings | 225,367 | 3,474 | 228,841 | |||||||||
No retrospective adjustments were made to the consolidated results of operations or consolidated statements of cash flow as they were immaterial for all periods presented, resulting in an immaterial adjustment recorded to the consolidated results of operations and consolidated balance sheets during the fourth quarter of fiscal 2015 of approximately $0.1 million. | ||||||||||||
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Significant improvements and renewals that extend the useful life of the asset are capitalized. Repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income as a reduction of or increase in selling, general and administrative expenses. Depreciation is computed on a straight-line basis, based on the following estimated useful lives: | ||||||||||||
Years | ||||||||||||
Buildings and improvements | 15 to 25 | |||||||||||
Machinery and equipment | 3 to 15 | |||||||||||
Office equipment and furniture | 3 to 10 | |||||||||||
Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. The Company accounts for goodwill and intangible assets in accordance with applicable accounting standards. | ||||||||||||
The Company tests goodwill of each of its reporting units for impairment annually in connection with its fourth-quarter planning process or more frequently if impairment indicators exist. The Company has determined that each of its business units represents a reporting unit in accordance with applicable accounting standards. During the fourth quarter of fiscal 2015, the Company completed its annual impairment test using discounted cash flow methodologies for valuing its reporting units as no market comparables were identified. There have not been any material changes in the impairment loss assessment methodology made during the past three fiscal years. The estimates of fair value for the reporting units were found to be in excess of their carrying value, and, therefore, no impairment charge was recorded. | ||||||||||||
Intangible assets with discrete useful lives are amortized over their estimated useful lives. The Company has reassessed the useful lives of its identifiable intangible assets and determined that the remaining lives were appropriate. | ||||||||||||
Long-Lived Assets. The carrying value of long-lived assets, such as property, plant and equipment, and definite-lived intangible assets is reviewed when impairment indicators exist as required under generally accepted accounting principles. We consider many factors, including short- and long-term projections of future performance associated with these assets. If this review indicates that the long-lived assets will not be recoverable, the carrying value of such assets will be reduced to estimated fair value. | ||||||||||||
Self-Insurance. The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, architect's and engineer's errors and omissions risk, and other miscellaneous coverages. However, a reasonable amount of risk is retained on a self-insured basis primarily through a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism). Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within 12 months are classified as accrued self-insurance reserves, while losses expected to be payable in later periods are included in long-term self-insurance reserves. Additionally, we maintain a self-insurance reserve for our health insurance programs maintained for the benefit of our eligible employees. We estimate a reserve based on historical levels of amounts incurred but not reported, which is included in accrued self-insurance reserves. | ||||||||||||
Environmental Liability. In accordance with accounting standards, we recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated. The cost of the clean-up is estimated by engineering, financial and legal specialists based on current law. Such estimates are based primarily upon the estimated cost of investigation and remediation required, and the likelihood that, where applicable, other potentially responsible parties will not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. As part of the acquisition of Tubelite Inc. in fiscal 2008, the Company acquired property which contains historical environmental conditions that the Company intends to remediate. At February 28, 2015, the reserve was $1.8 million. The reserve for environmental liabilities is included in other current and non-current liabilities in the consolidated balance sheets. | ||||||||||||
Foreign Currency. For foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates and income statement accounts are translated using the average exchange rates prevailing during the year. Translation adjustments are reflected in accumulated other comprehensive loss in the consolidated balance sheets. | ||||||||||||
From time to time, the Company may enter into short duration foreign currency contracts to hedge foreign currency risks. There is no material foreign currency risk related to these contracts as they generally have an original maturity date of less than one year. | ||||||||||||
Revenue Recognition. Generally, our sales terms are “free on board” (FOB) shipping point or FOB destination for our product-type sales, and revenue is recognized when title has transferred. However, the Company's Architectural Services segment business enters into fixed-price contracts for full-service commercial building glass installation and renovation services, which are accounted for as construction-type contracts. These contracts are typically performed over a 12- to 18-month timeframe, and we record revenue for these contracts on a percentage-of-completion basis as we are able to reasonably estimate total contract revenue and total contract costs. The contracts entered into clearly specify the enforceable rights of the parties, the consideration and the terms of settlement, and both parties can be expected to satisfy all obligations under the contract. Approximately 25 percent, 26 percent and 27 percent of our consolidated net sales in fiscal 2015, 2014 and 2013, respectively, were recorded on a percentage-of-completion basis. Under the methodology, the Company compares the total costs incurred to date to the total estimated costs for each contract, and records that proportion of the total contract revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. Given our ability to make reasonable estimates of our total contract revenues and total contract costs, we believe utilizing the cost-to-cost method for revenue recognition provides the greatest degree of precision in measuring progress toward completion of the installation contracts. Provisions are established for estimated losses, if any, on uncompleted contracts in the period in which such losses are determined. Amounts representing contract change orders, claims or other items are included in contract revenue only when they have been approved by customers. Revenue excludes sales taxes as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. | ||||||||||||
Pricing and Sales Incentives. The Company records estimated reductions to revenue for customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives at the later of the date revenue is recognized or the incentive is offered. Sales incentives given to customers are recorded as a reduction to net sales unless (1) the Company receives an identifiable benefit for goods or services in exchange for the consideration, and (2) the Company can reasonably estimate the fair value of the benefit received. | ||||||||||||
Shipping and Handling. All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenues. The costs incurred by the Company for shipping and handling are reported as cost of sales. | ||||||||||||
Research and Development. Research and development expenses are charged to operations as incurred, and were $6.5 million, $7.8 million and $6.8 million for fiscal 2015, 2014 and 2013, respectively. Of these amounts, $2.4 million, $2.1 million and $1.6 million, respectively, were focused primarily upon design of custom window and curtainwall systems in accordance with customer specifications and are included in cost of sales. | ||||||||||||
Advertising. Advertising expenses are charged to operations as incurred and were $1.1 million in fiscal 2015, $1.2 million in fiscal 2014, and $1.4 million in fiscal 2013. They are included in selling, general and administrative expenses in the consolidated results of operations. | ||||||||||||
Income Taxes. The Company accounts for income taxes as prescribed by applicable accounting standards, which requires use of the asset and liability method. This method recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial and tax reporting. See Note 13 for additional information regarding income taxes. | ||||||||||||
Accounting Estimates. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Amounts subject to significant estimates and assumptions include, but are not limited to, assessment of recoverability of long-lived assets, including goodwill, insurance reserves, warranty reserves, net sales recognition for construction contracts, income tax provisions and liabilities; and the status of outstanding disputes and claims. Actual results could differ from those estimates. | ||||||||||||
New Accounting Standards. In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11 (ASU 2013-11), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit, or portion of an unrecognized tax benefit, as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists with certain exceptions. The Company elected to prospectively adopt ASU 2013-11 in the first quarter of fiscal 2015. The Company's adoption of ASU 2013-11 resulted in a $0.5 million reclassification from unrecognized tax benefits to deferred tax liabilities in the consolidated balance sheets. | ||||||||||||
In May 2014, the FASB issued a standard on revenue from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016, Apogee's fiscal 2018. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements. | ||||||||||||
No other new accounting pronouncements issued or effective during fiscal 2015 have had or are expected to have a material impact on the consolidated financial statements. | ||||||||||||
Subsequent Events. In connection with preparing the audited consolidated financial statements for the year ended February 28, 2015, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing and determined that there were no subsequent events that required recognition or disclosure in the consolidated financial statements. |
Working_Capital
Working Capital | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Working Capital [Abstract] | ||||||||
Working Capital | Working Capital | |||||||
Receivables | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Trade accounts | $ | 111,494 | $ | 98,246 | ||||
Construction contracts | 33,582 | 39,257 | ||||||
Contract retainage | 24,547 | 19,040 | ||||||
Other receivables | 5,242 | 1,305 | ||||||
Total receivables | 174,865 | 157,848 | ||||||
Less allowance for doubtful accounts | (3,242 | ) | (2,934 | ) | ||||
Net receivables | $ | 171,623 | $ | 154,914 | ||||
Inventories | ||||||||
(In thousands) | 2015 | 2014(1) | ||||||
Raw materials | $ | 19,761 | $ | 20,348 | ||||
Work-in-process | 14,385 | 11,552 | ||||||
Finished goods | 23,076 | 16,434 | ||||||
Costs and earnings in excess of billings on uncompleted contracts | 4,186 | 5,101 | ||||||
Total inventories | $ | 61,408 | $ | 53,435 | ||||
-1 | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. | |||||||
Other Current Liabilities | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Current portion of long-term compensation plans | $ | 841 | $ | 3,538 | ||||
Deferred gain on sale leaseback transactions - current portion | 1,015 | 1,015 | ||||||
Volume discounts | 1,145 | 1,724 | ||||||
Unearned revenue | 1,266 | 7,924 | ||||||
Taxes, other than income taxes | 5,203 | 4,698 | ||||||
Warranties | 10,022 | 10,769 | ||||||
Other | 6,065 | 5,420 | ||||||
Total other current liabilities | $ | 25,557 | $ | 35,088 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||
(In thousands) | 2015 | 2014 | ||||||
Land | $ | 9,054 | $ | 9,461 | ||||
Buildings and improvements | 142,833 | 140,316 | ||||||
Machinery and equipment | 279,172 | 233,687 | ||||||
Office equipment and furniture | 49,849 | 47,304 | ||||||
Construction in progress | 11,695 | 38,886 | ||||||
Total property, plant and equipment | 492,603 | 469,654 | ||||||
Less accumulated depreciation | (299,063 | ) | (275,708 | ) | ||||
Net property, plant and equipment | $ | 193,540 | $ | 193,946 | ||||
Depreciation expense was $27.5 million, $24.8 million and $24.3 million in fiscal 2015, 2014 and 2013, respectively. |
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||||||||||
At February 28, 2015, the Company has investments in municipal bonds of $11.0 million; $0.3 million is current and $10.7 million is non-current. The Company’s wholly owned insurance subsidiary, Prism Assurance, Ltd., held all of the municipal bonds at the end of both fiscal 2015 and 2014. Prism insures a portion of the Company’s workers’ compensation, general liability and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments, which are generally high-quality municipal bonds, for the purpose of providing collateral for Prism’s obligations under the reinsurance agreement. All of the Company’s fixed maturity investments are classified as “available-for-sale,” are carried at fair value and are reported as short-term marketable securities available for sale or marketable securities available for sale in the consolidated balance sheets. | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale at February 28, 2015 and March 1, 2014, are as follows: | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | ||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
February 28, 2015 | ||||||||||||||||||||||||
Municipal bonds | $ | 10,973 | $ | 127 | $ | (118 | ) | $ | 10,982 | |||||||||||||||
Total investments | $ | 10,973 | $ | 127 | $ | (118 | ) | $ | 10,982 | |||||||||||||||
March 1, 2014 | ||||||||||||||||||||||||
Municipal bonds | $ | 11,719 | $ | 94 | $ | (336 | ) | $ | 11,477 | |||||||||||||||
Total investments | $ | 11,719 | $ | 94 | $ | (336 | ) | $ | 11,477 | |||||||||||||||
The Company tests for other than temporary losses on a quarterly basis and considers the unrealized losses indicated above to be temporary in nature. The Company intends to hold the investments until it can recover the full principal amount and has the ability to do so based on other sources of liquidity. The Company expects such recoveries to occur prior to the contractual maturities. | ||||||||||||||||||||||||
The following table presents the length of time that available-for-sale securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of February 28, 2015: | ||||||||||||||||||||||||
Less Than 12 Months | Greater Than or Equal to | Total | ||||||||||||||||||||||
12 Months | ||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Municipal bonds | $ | 2,229 | $ | (7 | ) | $ | 1,139 | $ | (111 | ) | $ | 3,368 | $ | (118 | ) | |||||||||
Total investments | $ | 2,229 | $ | (7 | ) | $ | 1,139 | $ | (111 | ) | $ | 3,368 | $ | (118 | ) | |||||||||
The amortized cost and estimated fair values of investments at February 28, 2015, by contractual maturity are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Estimated Market Value | ||||||||||||||||||||||
Due within one year | $ | 322 | $ | 327 | ||||||||||||||||||||
Due after one year through five years | 2,835 | 2,848 | ||||||||||||||||||||||
Due after five years through 10 years | 6,566 | 6,668 | ||||||||||||||||||||||
Due after 10 years through 15 years | 1,250 | 1,139 | ||||||||||||||||||||||
Total | $ | 10,973 | $ | 10,982 | ||||||||||||||||||||
Gross realized gains were $0.1 million in fiscal 2015, were not material in fiscal 2014, and were $0.3 million in fiscal 2013. Gross realized losses were not material during fiscal 2015, 2014 or 2013. The gross realized gains and losses are included in other income (expense), net in the accompanying consolidated results of operations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Feb. 28, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company does not have any Level 3 assets or liabilities. | ||||||||||||
Financial assets and liabilities measured at fair value as of February 28, 2015 and March 1, 2014, are summarized below: | ||||||||||||
(In thousands) | Quoted Prices in | Other | Total Fair | |||||||||
Active Markets | Observable | Value | ||||||||||
(Level 1) | Inputs | |||||||||||
(Level 2) | ||||||||||||
28-Feb-15 | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 34,386 | $ | — | $ | 34,386 | ||||||
Total cash equivalents | 34,386 | — | 34,386 | |||||||||
Available for sale securities | ||||||||||||
Municipal bonds | — | 10,982 | 10,982 | |||||||||
Total available for sale securities | — | 10,982 | 10,982 | |||||||||
Mutual fund investments | ||||||||||||
Mutual funds | 305 | — | 305 | |||||||||
Total mutual fund investments | 305 | — | 305 | |||||||||
Total assets at fair value | $ | 34,691 | $ | 10,982 | $ | 45,673 | ||||||
(In thousands) | Quoted Prices in | Other | Total Fair | |||||||||
Active Markets | Observable | Value | ||||||||||
(Level 1) | Inputs | |||||||||||
(Level 2) | ||||||||||||
1-Mar-14 | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 12,788 | $ | — | $ | 12,788 | ||||||
Total cash equivalents | 12,788 | — | 12,788 | |||||||||
Available for sale securities | ||||||||||||
Municipal bonds | — | 11,477 | 11,477 | |||||||||
Total available for sale securities | — | 11,477 | 11,477 | |||||||||
Restricted investments | ||||||||||||
Money market funds | 2,540 | — | 2,540 | |||||||||
Total restricted investments | 2,540 | — | 2,540 | |||||||||
Mutual fund investments | ||||||||||||
Mutual funds | 409 | — | 409 | |||||||||
Total mutual fund investments | 409 | — | 409 | |||||||||
Foreign currency instruments | ||||||||||||
Foreign currency instruments | — | 98 | 98 | |||||||||
Total foreign currency instruments | — | 98 | 98 | |||||||||
Total assets at fair value | $ | 15,737 | $ | 11,575 | $ | 27,312 | ||||||
Cash equivalents | ||||||||||||
Cash equivalents include highly liquid investments with an original maturity of three months or less, and consist primarily of money market funds. The cash equivalents are held at fair value based on quoted market prices, which approximates stated cost. | ||||||||||||
Available for sale securities | ||||||||||||
The Company has short-term available-for-sale securities of $0.3 million and long-term available-for-sale securities of $10.7 million as of February 28, 2015, consisting of municipal bonds. All of the Company’s fixed maturity investments are classified as “available-for-sale,” and are carried at fair market value based on prices from recent trades of similar securities. | ||||||||||||
Restricted investments | ||||||||||||
At March 1, 2014, the Company had long-term restricted investments consisting of money market funds, which were short-term in nature but were restricted for investment in the Company’s storefront and entrance business in Michigan, and were, therefore, classified as long term. The restricted investments were held at fair value based on quoted market prices, which approximated stated cost. | ||||||||||||
Mutual fund investments | ||||||||||||
The Company has $0.3 million of mutual fund investments as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet. | ||||||||||||
Foreign Currency Instruments | ||||||||||||
At March 1, 2014, the Company had a foreign exchange forward contract in place to hedge against the effect of exchange rate fluctuations on certain forecasted purchases. The forward contract was measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combination Disclosure [Text Block] | Acquisitions | |||||||
On November 5, 2013, the Company acquired all of the shares of Alumicor Limited, a privately held business, for $52.9 million, including cash acquired of $1.6 million. Alumicor is a window, storefront, entrance and curtainwall company primarily serving the Canadian commercial construction market. Alumicor's results of operations are included within the Architectural Framing Systems segment. | ||||||||
The assets and liabilities of Alumicor were recorded in the consolidated balance sheet within the Architectural Framing Systems segment as of the acquisition date, at their respective fair values. The purchase price allocation was based on the estimated fair value of assets acquired and liabilities assumed and were allocated as follows: | ||||||||
(In thousands) | 5-Nov-13 | |||||||
Current assets | $ | 17,168 | ||||||
Property, plant and equipment | 9,773 | |||||||
Intangible assets | 16,611 | |||||||
Goodwill | 18,254 | |||||||
Current liabilities | (10,505 | ) | ||||||
Net assets acquired | $ | 51,301 | ||||||
Identifiable intangible assets include customer relationships, which are definite-lived assets, and trademarks, which are indefinite-lived assets. The customer relationships have an amortization period of 19 years, which matches the average useful life of the asset. Goodwill recorded as part of the purchase price allocation is not tax deductible. | ||||||||
The following unaudited pro forma consolidated condensed financial results of operations for the year ended March 1, 2014 and March 2, 2013 are presented as if the acquisition had been completed at the beginning of fiscal year 2013: | ||||||||
Pro Forma | ||||||||
(In thousands, except per share data) | 2014 | 2013 | ||||||
Net sales | $ | 825,596 | $ | 756,497 | ||||
Net income | 30,487 | 21,064 | ||||||
Earnings per share | ||||||||
Basic | $ | 1.07 | $ | 0.75 | ||||
Diluted | 1.04 | 0.74 | ||||||
These unaudited pro forma consolidated condensed financial results have been prepared for comparative purposes only and include certain adjustments, such as elimination of interest expense on pre-acquisition debt of the acquiree. The adjustments do not reflect the effect of synergies and integration costs that would result from integration of this acquisition. |
Goodwill_and_Other_Identifiabl
Goodwill and Other Identifiable Intangible Assets | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets | |||||||||||||||||||
The changes in the carrying amount of goodwill attributable to each reporting segment for the year ended February 28, 2015 and March 1, 2014 is detailed below. | ||||||||||||||||||||
(In thousands) | Architectural Glass | Architectural Services | Architectural Framing Systems | Large-Scale | Total | |||||||||||||||
Optical | ||||||||||||||||||||
Balance at March 2, 2013 | $ | 27,002 | $ | 1,120 | $ | 22,663 | $ | 10,557 | $ | 61,342 | ||||||||||
Goodwill acquired | — | — | 18,254 | — | 18,254 | |||||||||||||||
Foreign currency translation | (374 | ) | — | (1,201 | ) | — | (1,575 | ) | ||||||||||||
Balance at March 1, 2014 | 26,628 | 1,120 | 39,716 | 10,557 | 78,021 | |||||||||||||||
Foreign currency translation | (273 | ) | — | (1,891 | ) | — | (2,164 | ) | ||||||||||||
Balance at February 28, 2015 | $ | 26,355 | $ | 1,120 | $ | 37,825 | $ | 10,557 | $ | 75,857 | ||||||||||
The Company has had no historical impairments of goodwill. | ||||||||||||||||||||
The following table provides the gross carrying amount of other intangible assets and related accumulated amortization: | ||||||||||||||||||||
28-Feb-15 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||
Debt issue costs | $ | 3,668 | $ | (2,560 | ) | $ | — | $ | 1,108 | |||||||||||
Non-compete agreements | 6,690 | (6,364 | ) | (10 | ) | 316 | ||||||||||||||
Customer relationships | 25,677 | (11,932 | ) | (1,315 | ) | 12,430 | ||||||||||||||
Trademarks and other intangibles | 8,275 | (2,920 | ) | (168 | ) | 5,187 | ||||||||||||||
Total definite-lived intangible assets | $ | 44,310 | $ | (23,776 | ) | $ | (1,493 | ) | $ | 19,041 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trademarks | $ | 4,768 | $ | — | $ | (529 | ) | $ | 4,239 | |||||||||||
Total intangible assets | $ | 49,078 | $ | (23,776 | ) | $ | (2,022 | ) | $ | 23,280 | ||||||||||
March 1, 2014 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||
Debt issue costs | $ | 3,453 | $ | (2,370 | ) | $ | — | $ | 1,083 | |||||||||||
Non-compete agreements | 6,767 | (6,266 | ) | (35 | ) | 466 | ||||||||||||||
Customer relationships | 26,862 | (10,673 | ) | (1,077 | ) | 15,112 | ||||||||||||||
Trademarks and other intangibles | 8,566 | (2,546 | ) | (251 | ) | 5,769 | ||||||||||||||
Total definite-lived intangible assets | $ | 45,648 | $ | (21,855 | ) | $ | (1,363 | ) | $ | 22,430 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trademarks | $ | 5,104 | $ | — | $ | (336 | ) | $ | 4,768 | |||||||||||
Total intangible assets | $ | 50,752 | $ | (21,855 | ) | $ | (1,699 | ) | $ | 27,198 | ||||||||||
Amortization expense on the definite-lived intangible assets was $2.1 million in fiscal 2015, $1.9 million in fiscal 2014 and $2.6 million in fiscal 2013. The amortization expense associated with the debt issue costs is included in interest expense while the remainder is in selling, general and administrative expenses in the consolidated results of operations. The estimated future amortization expense for definite-lived intangible assets during the next five fiscal years is as follows: | ||||||||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
Estimated amortization expense | $ | 1,757 | $ | 1,594 | $ | 1,563 | $ | 1,513 | $ | 1,430 | ||||||||||
Debt
Debt | 12 Months Ended | |||||||||||||||
Feb. 28, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt | |||||||||||||||
During the fourth quarter of fiscal 2015, we entered into an amendment of the Company's existing $100.0 million committed revolving credit facility. The amount of the facility was increased to $125.0 million, the expiration date was extended to December 2019; the letter of credit facility was reduced to $40.0 million from $50.0 million, the outstanding amounts of which decrease the available commitment; and the maximum debt-to-EBITDA ratio was increased to 3.00. No other provisions of the original agreement were materially amended by the amended credit agreement. No borrowings were outstanding under the facility as of February 28, 2015 or March 1, 2014. Letters of credit issued under the facility decrease the amount of available commitment; $101.5 million was available under the facility at February 28, 2015 and $76.5 million was available at March 1, 2014. | ||||||||||||||||
The credit facility requires the Company to maintain a debt-to-EBITDA ratio of not more than 3.00. This ratio is computed quarterly, with EBITDA computed on a rolling four-quarter basis. The Company’s ratio was 0.22 at February 28, 2015. The credit facility also requires the Company to maintain a minimum level of net worth, as defined in the credit facility, based on certain quarterly financial calculations. The minimum required net worth computed in accordance with the credit facility at February 28, 2015 was $318.8 million, whereas the Company’s net worth as defined in the credit facility was $382.5 million. If the Company is not in compliance with either of these covenants, the lenders may terminate the commitment and/or declare any loan then outstanding to be immediately due and payable. At February 28, 2015, the Company was in compliance with the financial covenants of the credit facility. | ||||||||||||||||
In the second quarter of fiscal 2015, the Company entered into a Canadian Dollar $4.0 million revolving demand facility available to our Canadian operation. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand. Borrowings under the facility bear interest at rates specified in the credit agreement for the facility. Outstanding balances under this demand facility are classified as long-term debt, since outstanding amounts can be refinanced through our committed revolving credit facility. No borrowings were outstanding as of February 28, 2015. | ||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||
Borrowings under revolving credit agreement | $ | — | $ | — | ||||||||||||
Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | 20,631 | 20,708 | ||||||||||||||
Total long-term debt | 20,631 | 20,708 | ||||||||||||||
Less current installments | (44 | ) | (49 | ) | ||||||||||||
Net long-term debt | $ | 20,587 | $ | 20,659 | ||||||||||||
Included in the totals above are $20.4 million of industrial revenue bonds, and $0.2 million of other debt. The industrial revenue bonds mature in fiscal years 2021 through 2043, and the other debt matures in fiscal years 2016 through 2021. The fair value of the industrial revenue bonds approximates carrying value at February 28, 2015, due to the variable interest rates on these instruments. The bonds are classified as level 2 within the fair value hierarchy. | ||||||||||||||||
Debt maturities are as follows: | ||||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | |||||||||
Maturities | $44 | $44 | $44 | $44 | $44 | $20,411 | $ | 20,631 | ||||||||
Selected information related to long-term debt is as follows: | ||||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | ||||||||||||||
Average daily borrowings during the year | $ | 21,260 | $ | 21,800 | ||||||||||||
Maximum borrowings outstanding during the year | 22,600 | 30,820 | ||||||||||||||
Weighted average interest rate during the year | 0.3 | % | 0.3 | % | ||||||||||||
Interest expense was as follows for fiscal 2015, 2014 and 2013: | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
Interest on debt | $ | 581 | $ | 895 | $ | 895 | ||||||||||
Other interest expense | 343 | 364 | 599 | |||||||||||||
Interest expense | $ | 924 | $ | 1,259 | $ | 1,494 | ||||||||||
Interest payments were $0.8 million in fiscal 2015, $0.7 million in fiscal 2014 and $1.0 million in fiscal and 2013. |
Other_NonCurrent_Liabilities_N
Other Non-Current Liabilities (Notes) | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | Other Non-Current Liabilities | |||||||
Other non-current liabilities as of February 28, 2015 and March 1, 2014 included the following: | ||||||||
(In thousands) | 28-Feb-15 | 1-Mar-14 | ||||||
Retirement plan obligations | $ | 11,186 | $ | 9,206 | ||||
Deferred compensation | 4,052 | 3,317 | ||||||
Deferred benefit from New Markets Tax Credit | 10,741 | 10,741 | ||||||
Deferred gain on sale leaseback arrangements | 1,818 | 2,621 | ||||||
Other | 10,855 | 8,735 | ||||||
Total other non-current liabilities | $ | 38,652 | $ | 34,620 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||
401(k) Retirement Plan | |||||||||||||
The Company sponsors a single 401(k) retirement plan covering substantially all full-time non-union employees, as well as union employees at two of its manufacturing facilities. Under the plan, employees are allowed to contribute up to 60 percent of their eligible earnings to this plan, up to statutory limits. The Company contributes a match of 100 percent of the first one percent contributed and 50 percent of the next five percent contributed on eligible compensation that non-union employees contribute and according to contract terms for union employees. The Company match was $4.7 million in fiscal 2015, $4.2 million in fiscal 2014 and $3.6 million in fiscal 2013. | |||||||||||||
Deferred Compensation Plan | |||||||||||||
The Company maintains a deferred compensation plan that allows participants to defer compensation and save for retirement and other short-term needs. The deferred compensation liability was $4.2 million and $3.4 million at February 28, 2015 and March 1, 2014, respectively, and is included in other current and non-current liabilities in the consolidated balance sheet. The Company has investments in corporate-owned life insurance policies (COLI) of $4.0 million and mutual funds of $0.3 million with the intention of utilizing them as a long-term funding source for the deferred compensation plan. The COLI assets are recorded at their net cash surrender values and are included in other non-current assets in the consolidated balance sheet. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet. | |||||||||||||
Plans under Collective Bargaining Agreements | |||||||||||||
The Company contributes to various multi-employer union retirement plans, which provide retirement benefits to the majority of its union employees; none of the plans are considered significant. The total contribution to these plans in fiscal 2015, 2014 and 2013 was $4.3 million, $3.7 million and $4.8 million, respectively. | |||||||||||||
Pension Plan | |||||||||||||
The Company sponsors the Tubelite, Inc. Hourly Employees' Pension Plan (Tubelite plan). This plan is a defined-benefit pension plan that was frozen to new entrants, with no additional years of service credit for participating employees as of January 1, 2004. | |||||||||||||
Officers' Supplemental Executive Retirement Plan (SERP) | |||||||||||||
The Company sponsors an unfunded SERP for the benefit of certain executives. The plan is considered a defined-benefit pension plan which is based principally on an employee's years of service and compensation levels near retirement. The SERP is frozen to new entrants and no additional benefits accrue for plan participants. | |||||||||||||
Obligations and Funded Status of Defined-Benefit Pensions Plans | |||||||||||||
The following tables present reconciliations of the benefit obligation of the defined-benefit pension plans and the funded status of the defined-benefit pension plans. Both the Tubelite plan and the SERP use a fiscal year-end measurement date. | |||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation beginning of period | $ | 14,274 | $ | 14,869 | |||||||||
Interest cost | 550 | 538 | |||||||||||
Actuarial loss (gain) | 2,424 | (113 | ) | ||||||||||
Benefits paid | (995 | ) | (1,020 | ) | |||||||||
Benefit obligation at measurement date | $ | 16,253 | $ | 14,274 | |||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets beginning of period | $ | 4,430 | $ | 4,709 | |||||||||
Actual return on plan assets | 134 | (66 | ) | ||||||||||
Company contributions | 850 | 807 | |||||||||||
Benefits paid | (995 | ) | (1,020 | ) | |||||||||
Fair value of plan assets at measurement date | $ | 4,419 | $ | 4,430 | |||||||||
Funded status - net amount recognized | $ | (11,834 | ) | $ | (9,844 | ) | |||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Current liabilities | $ | (648 | ) | $ | (638 | ) | |||||||
Other non-current liabilities | (11,186 | ) | (9,206 | ) | |||||||||
Total | $ | (11,834 | ) | $ | (9,844 | ) | |||||||
Amounts included in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost consist of: | |||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Net actuarial loss | $ | 6,857 | $ | 4,569 | |||||||||
Accumulated other comprehensive loss | $ | 6,857 | $ | 4,569 | |||||||||
The amount recognized in comprehensive earnings for fiscal 2015 and 2014, net of tax expense, is as follows: | |||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Net actuarial loss (gain) | $ | 1,458 | $ | (19 | ) | ||||||||
Total | $ | 1,458 | $ | (19 | ) | ||||||||
Components of the defined-benefit pension plans' net periodic benefit cost are as follows: | |||||||||||||
(In thousands) | 2015 | 2014 | 2013 | ||||||||||
Interest cost | $ | 550 | $ | 538 | $ | 570 | |||||||
Expected return on assets | (171 | ) | (183 | ) | (177 | ) | |||||||
Amortization of unrecognized net loss | 172 | 163 | 211 | ||||||||||
Net periodic benefit cost | $ | 551 | $ | 518 | $ | 604 | |||||||
The estimated net actuarial loss for the defined-benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost for fiscal 2016 is $0.2 million, net of tax benefit. | |||||||||||||
Additional Information | |||||||||||||
Assumptions | |||||||||||||
Weighted-average assumptions used at the measurement date to determine the defined-benefit plans' benefit obligation for the following fiscal years are as follows: | |||||||||||||
(Percentages) | 2015 | 2014 | 2013 | ||||||||||
Discount rate | 3.6 | % | 4 | % | 3.75 | % | |||||||
Weighted-average assumptions used at the measurement date to determine the defined-benefit plans' net periodic benefit cost for the following fiscal years are as follows: | |||||||||||||
(Percentages) | 2015 | 2014 | 2013 | ||||||||||
Discount rate | 4 | % | 3.75 | % | 4 | % | |||||||
Expected return on assets | 4.5 | % | 4.5 | % | 4.5 | % | |||||||
Discount rate. The discount rate reflects the current rate at which the defined-benefit plans' pension liabilities could be effectively settled at the end of the year based on the measurement date. The discount rate was determined by matching the expected benefit payments to payments from the Principal Discount Yield Curve. This produced a discount rate of 3.60 percent. There are no known or anticipated changes in the discount rate assumption that will impact the pension expense in fiscal year 2016. | |||||||||||||
Expected return on assets. To develop the expected long-term rate of return on asset assumption, the Company considered historical long-term rates of return for broad asset classes, actual past rates of return achieved by the plan, the general mix of assets held by the plan and the stated investment policy for the plan. This resulted in the selection of the 4.50 percent long-term rate of return on assets assumption. | |||||||||||||
Net periodic benefit cost. Total net periodic pension benefit cost was $0.6 million in fiscal 2015, $0.5 million in fiscal 2014 and $0.6 million in fiscal 2013. Total net periodic pension benefit cost is expected to be approximately $0.7 million in fiscal 2016. The net periodic pension benefit cost for fiscal 2016 has been estimated assuming a discount rate of 3.60 percent. | |||||||||||||
Contributions | |||||||||||||
Pension contributions to the plans for fiscal 2015 and 2014 totaled $0.9 million and $0.8 million, respectively. Because the SERP is unfunded, contributions to that plan represent benefit payments made. The pension contributions in fiscal 2015 and 2014 equaled or exceeded the minimum funding requirement. Fiscal 2016 pension contributions are expected to total $1.0 million. | |||||||||||||
Estimated Future Benefit Payments | |||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans as follows: | |||||||||||||
(In thousands) | |||||||||||||
Fiscal 2016 | $ | 1,028 | |||||||||||
Fiscal 2017 | 1,027 | ||||||||||||
Fiscal 2018 | 1,016 | ||||||||||||
Fiscal 2019 | 1,043 | ||||||||||||
Fiscal 2020 | 1,030 | ||||||||||||
Fiscal 2021-2025 | 4,860 | ||||||||||||
Plan Assets | |||||||||||||
The Company does not maintain assets intended for the future use of the SERP. In accordance with its policy, the assets of the Tubelite plan have been invested in a bond fund, the assets are carried at fair value based on prices from recent trades of similar securities, and are classified as Level 2 in the valuation hierarchy. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
The Company also sponsors an employee stock purchase plan into which its employees may contribute up to $500 per week on an after-tax basis. The Company contributes a match of 15 percent of the employee contribution. Contributions and Company match funds are used to purchase shares of Company stock on the open market. The Company match to this plan was $0.1 million in each of fiscal 2015, 2014 and 2013. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Equity [Abstract] | |||||||||
Stockholders' Equity | Shareholders' Equity | ||||||||
A class of 200,000 shares of junior preferred stock with a par value of $1.00 is authorized, but unissued. | |||||||||
Share Repurchases | |||||||||
During fiscal 2004, the Board of Directors authorized a share repurchase program of 1,500,000 shares of common stock. The Board of Directors increased this authorization by 750,000 shares in January 2008 and by 1,000,000 in October 2008. The Company purchased 203,509 shares under the program during fiscal 2015, for a total cost of $6.9 million. There were no share repurchases during fiscal 2014 or 2013. The Company has purchased a total of 2,482,632 shares, at a total cost of $36.5 million, since the inception of this program and has remaining authority to repurchase 767,368 shares under this program, which has no expiration date. | |||||||||
In addition to the shares repurchased according to this repurchase plan, during fiscal 2015, 2014 and 2013 the Company also purchased $5.2 million, $3.6 million and $1.5 million, respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or withholding tax obligations related to stock-based compensation, pursuant to terms of board and shareholder approved compensation plans. | |||||||||
Accumulated Other Comprehensive Loss | |||||||||
The following table summarizes the accumulated other comprehensive loss, net of tax at February 28, 2015 and March 1, 2014. | |||||||||
(In thousands) | 2015 | 2014 | |||||||
Net unrealized gain (loss) on marketable securities | $ | 6 | $ | (157 | ) | ||||
Foreign currency hedge | — | 62 | |||||||
Pension liability adjustments | (4,368 | ) | (2,910 | ) | |||||
Foreign currency translation adjustments | (17,958 | ) | (9,955 | ) | |||||
Total accumulated other comprehensive loss | $ | (22,320 | ) | $ | (12,960 | ) |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation | Share-Based Compensation | ||||||||||||
The 2009 Stock Incentive Plan, the 2009 Non-Employee Director Stock Incentive Plan and the 2002 Omnibus Stock Incentive Plan (the Plans) provide for the issuance of 1,888,000, 250,000 and 3,400,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans, either in the form of incentive stock options, nonstatutory options or stock-settled stock appreciation rights (SARs), are granted with an exercise price equal to the fair market value of the Company’s stock at the date of award. Nonvested share awards and nonvested share unit awards are also included in these Plans. Outstanding SARs vested over a three-year period and outstanding options issued to non-employee directors vested at the end of six months. Outstanding options and SARs have a 10-year term. Nonvested share awards and nonvested share unit awards generally vest over a two, three or four-year period. | |||||||||||||
The 2002 Omnibus Stock Incentive Plan was terminated in June 2009; no new grants may be made under this plan, although exercises of SARs and options previously granted thereunder will still occur in accordance with the terms of the various grants. | |||||||||||||
Total stock-based compensation expense under all Plans included in the results of operations was $4.8 million for fiscal 2015, $4.7 million for fiscal 2014 and $4.4 million for 2013. | |||||||||||||
Stock Options and SARs | |||||||||||||
There were no options or SARs issued in fiscal 2015, 2014 or 2013. | |||||||||||||
The following table summarizes the award transactions under the Plans for the year ended February 28, 2015: | |||||||||||||
Options/SARs Outstanding | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
Outstanding at March 1, 2014 | 847,852 | $ | 13.88 | ||||||||||
Awards exercised | (223,257 | ) | 19.38 | ||||||||||
Awards canceled | (500 | ) | 11.86 | ||||||||||
Outstanding and exercisable at February 28, 2015 | 624,095 | $ | 11.92 | 5.3 Years | $ | 21,178,150 | |||||||
Cash proceeds from the exercise of stock options were $1.2 million, $4.2 million and $2.3 million for fiscal 2015, 2014 and 2013, respectively. The aggregate intrinsic value of securities (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) exercised was $4.6 million in fiscal 2015, $6.2 million in fiscal 2014 and $2.5 million in fiscal 2013. The tax benefit realized for tax deductions from option exercises totaled $3.3 million, $2.6 million and $0.4 million for fiscal 2015, 2014 and 2013, respectively. | |||||||||||||
Nonvested Shares and Share Units | |||||||||||||
The Company's executive compensation program provides key employees selected by the Compensation Committee of the Board of Directors with long-term incentives using nonvested shares and nonvested share units. During fiscal 2015, 2014 and 2013, nonvested shares were issued based on performance against objectives and generally vest over three years. From fiscal 2010 through fiscal 2012, nonvested share units were issued at the beginning of each fiscal year, which gave the recipient the right to receive shares earned at the vesting date. The number of nonvested share units issued at grant was equal to the target number of nonvested share units and allowed for the right to receive an additional number of, or fewer, shares based on meeting pre-determined Company three-year performance goals. | |||||||||||||
The following table summarizes the nonvested share award transactions, including nonvested share units, for fiscal 2015: | |||||||||||||
Nonvested Shares and Units | |||||||||||||
Number of | Weighted | ||||||||||||
Shares and | Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at March 1, 2014 | 575,064 | $ | 16.89 | ||||||||||
Granted(1) | 186,468 | 28.45 | |||||||||||
Vested | (358,651 | ) | 15.43 | ||||||||||
Canceled | (2,173 | ) | 32.72 | ||||||||||
Nonvested at February 28, 2015 | 400,708 | $ | 23.49 | ||||||||||
-1 | Includes 40,735 of shares granted and immediately vested for achievement above target for the fiscal 2012-2014 performance period. Nonvested share units of 117,765 (at target) were previously granted in fiscal 2012 for this performance period. | ||||||||||||
At February 28, 2015, there was $5.2 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 22 months. The total fair value of shares vested during fiscal 2015 was $11.6 million. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Feb. 28, 2015 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
Earnings before income taxes consisted of the following: | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
U.S. | $ | 59,898 | $ | 36,700 | $ | 26,699 | ||||||||||
International | 5,101 | 3,066 | 208 | |||||||||||||
Earnings before income taxes | $ | 64,999 | $ | 39,766 | $ | 26,907 | ||||||||||
The components of income tax expense (benefit) for each of the last three fiscal years are as follows: | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | 7,328 | $ | 15,711 | $ | 5,036 | ||||||||||
State and local | 1,198 | 1,440 | 169 | |||||||||||||
International | 1,790 | 1,437 | 409 | |||||||||||||
Total current | $ | 10,316 | $ | 18,588 | $ | 5,614 | ||||||||||
Deferred: | ||||||||||||||||
Federal | $ | 4,738 | $ | (4,549 | ) | $ | 2,680 | |||||||||
State and local | (363 | ) | (378 | ) | 1,015 | |||||||||||
International | (101 | ) | (353 | ) | (138 | ) | ||||||||||
Total deferred | $ | 4,274 | $ | (5,280 | ) | $ | 3,557 | |||||||||
Total non-current tax benefit | $ | (107 | ) | $ | (1,528 | ) | $ | (1,375 | ) | |||||||
Total income tax expense | $ | 14,483 | $ | 11,780 | $ | 7,796 | ||||||||||
Income tax payments, net of refunds were $11.3 million, $12.9 million and $7.7 million in fiscal 2015, 2014 and 2013, respectively. | ||||||||||||||||
The differences between the statutory federal income tax rates and consolidated effective tax rates are as follows: | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Federal income tax expense at statutory rates | 35.00% | 35.00% | 35.00% | |||||||||||||
State and local income taxes, net of federal tax benefit | 1.2 | 0.9 | 0.9 | |||||||||||||
Tax credits - research & development | -1.1 | -1.6 | -2.5 | |||||||||||||
Tax credits - 48C | -9.9 | — | — | |||||||||||||
Tax credits - other | -0.1 | -0.2 | -0.4 | |||||||||||||
Manufacturing deduction | -2.3 | -3.5 | -2 | |||||||||||||
Meals and entertainment | 0.4 | 0.6 | 0.9 | |||||||||||||
Permanent tax adjustment for officers compensation | 0.1 | 0.1 | — | |||||||||||||
Nondeductible acquisition costs | — | 0.3 | — | |||||||||||||
Tax-exempt interest | — | -0.2 | -0.4 | |||||||||||||
Tax reserve adjustments - statute expirations and benefits recognized | -0.2 | -2.2 | -3 | |||||||||||||
Change in valuation allowance | 0.1 | 0.4 | 0.8 | |||||||||||||
Other, net | -0.9 | — | — | |||||||||||||
Income tax expense | 22.30% | 29.60% | 29.30% | |||||||||||||
The Company recognized approximately $6.4 million of tax benefit from an energy-efficiency investment credit under Section 48C of the U.S. Internal Revenue Code, upon successful start-up and commercial production of coatings on our new architectural glass coater. The tax credit was awarded in 2011 by the U.S. Internal Revenue Service (IRS) in cooperation with the Department of Energy as part of the American Reinvestment and Recovery Act to incent energy-efficient investments throughout the United States. | ||||||||||||||||
In fiscal 2015, 2014 and 2013, there were tax benefits associated with stock-based incentive plans of $3.3 million, $2.6 million and $0.4 million, respectively. These benefits impacted additional paid-in capital directly and were not reflected in the determination of income tax expense or benefit. | ||||||||||||||||
Deferred tax assets and deferred tax liabilities at February 28, 2015 and March 1, 2014 are as follows: | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | Current | Noncurrent | Current | Noncurrent | ||||||||||||
Accounts receivable | $ | 1,022 | $ | — | $ | 900 | $ | — | ||||||||
Accrued insurance | 46 | 254 | 113 | 574 | ||||||||||||
Other accruals | 2,826 | 958 | 2,680 | 792 | ||||||||||||
Deferred compensation | 419 | 11,250 | (1 | ) | 9,323 | |||||||||||
Goodwill and other intangibles | 21 | (7,994 | ) | 23 | (8,624 | ) | ||||||||||
Inventory | 90 | (585 | ) | 720 | (1,164 | ) | ||||||||||
Depreciation | (853 | ) | (20,544 | ) | (853 | ) | (14,413 | ) | ||||||||
Liability for unrecognized tax benefits | — | 2,784 | — | 2,781 | ||||||||||||
Prepaid expenses | (731 | ) | 864 | (634 | ) | 595 | ||||||||||
Net operating losses | — | 3,084 | — | 3,566 | ||||||||||||
Valuation allowance on net operating losses | (2,149 | ) | (442 | ) | (459 | ) | (2,312 | ) | ||||||||
Other | 668 | (281 | ) | 225 | 315 | |||||||||||
Deferred tax assets (liabilities) | $ | 1,359 | $ | (10,652 | ) | $ | 2,714 | $ | (8,567 | ) | ||||||
The Company has state net operating loss carryforwards with a tax effect of $3.6 million. A valuation allowance of $2.6 million has been established for these net operating loss carryforwards due to the uncertainty of the use of the tax benefits in future periods. | ||||||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, Canada, Brazil and other international jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years prior to fiscal 2012, or state and local income tax examinations for years prior to fiscal 2008. The Company is not currently under U.S. federal examination for years subsequent to fiscal year 2011, and there is very limited audit activity of the Company’s income tax returns in U.S. state jurisdictions or international jurisdictions. | ||||||||||||||||
The Company considers the earnings of its non-U.S. subsidiaries to be indefinitely invested outside of the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and specific plans for reinvestment of those subsidiary earnings. Should the Company decide to repatriate the foreign earnings, it would need to adjust the income tax provision in the period it was determined that the earnings will no longer be indefinitely invested outside the United States. | ||||||||||||||||
The total liability for unrecognized tax benefits for fiscal 2015, 2014 and 2013, respectively, is $5.0 million, $5.2 million and $6.8 million. Included in this total liability for each of fiscal 2015 and 2014 are $2.6 million and $3.3 million for fiscal 2013, of tax benefits that, if recognized, would decrease the effective tax rate. Also included in the balance of unrecognized tax benefits for fiscal 2015, 2014 and 2013 are $1.9 million, $1.8 million and $2.2 million of tax benefits that, if recognized, would result in adjustments to deferred taxes. | ||||||||||||||||
Penalties and interest related to unrecognized tax benefits are recorded in income tax expense, which is consistent with past practices. Related to the unrecognized tax benefits noted above, the Company reduced the accrual for penalties and interest by $0.3 million during fiscal 2015, resulting in a reserve for interest and penalties of $0.5 million at the end of fiscal 2015. During fiscal 2014, the Company reduced the accrual for penalties and interest by $0.5 million, resulting in a reserve for interest and penalties at the end of fiscal 2014 of $0.8 million. During fiscal 2013, the Company reduced the accrual for penalties and interest by $0.5 million, resulting in a reserve for interest and penalties at the end of fiscal 2013 of $1.3 million. | ||||||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 4,431 | $ | 5,516 | $ | 7,125 | ||||||||||
Gross increases in tax positions for prior years | 261 | 44 | 236 | |||||||||||||
Gross decreases in tax positions for prior years | (276 | ) | (616 | ) | (1,480 | ) | ||||||||||
Gross increases based on tax positions related to the current year | 508 | 326 | 621 | |||||||||||||
Gross decreases based on tax positions related to the current year | (21 | ) | (40 | ) | (56 | ) | ||||||||||
Settlements | (93 | ) | (84 | ) | (682 | ) | ||||||||||
Statute of limitations expiration | (319 | ) | (809 | ) | (248 | ) | ||||||||||
Unrecognized tax benefits acquired in connection with Alumicor | — | 94 | — | |||||||||||||
Gross unrecognized tax benefits at end of year | $ | 4,491 | $ | 4,431 | $ | 5,516 | ||||||||||
The total liability for unrecognized tax benefits is expected to decrease by approximately $0.7 million during fiscal 2016 due to audit settlements and lapsing of statutes. | ||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS issued final regulations addressing the acquisition, production and improvement of tangible property, and also proposed regulations addressing the disposition of property. These regulations replace previously issued temporary regulations and are effective for tax years beginning on or after January 1, 2014. The adoption of the new regulations did not have a material impact on the Company’s consolidated financial statements. |
Quarterly_Data
Quarterly Data | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) | |||||||||||||||||||
Quarter | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Total | |||||||||||||||
Fiscal 2015 | ||||||||||||||||||||
Net sales | $ | 210,883 | $ | 231,945 | $ | 244,410 | $ | 246,698 | $ | 933,936 | ||||||||||
Gross profit | 41,438 | 49,321 | 56,653 | 61,132 | 208,544 | |||||||||||||||
Net earnings | 6,102 | 16,791 | 13,736 | 13,887 | 50,516 | |||||||||||||||
Earnings per share - basic | 0.21 | 0.59 | 0.47 | 0.49 | 1.76 | |||||||||||||||
Earnings per share - diluted | 0.21 | 0.57 | 0.47 | 0.47 | 1.72 | |||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Net sales | $ | 179,311 | $ | 178,287 | $ | 199,430 | $ | 214,417 | $ | 771,445 | ||||||||||
Gross profit | 36,386 | 38,535 | 43,388 | 46,943 | 165,252 | |||||||||||||||
Net earnings | 4,159 | 6,121 | 9,668 | 8,038 | 27,986 | |||||||||||||||
Earnings per share - basic | 0.15 | 0.21 | 0.34 | 0.28 | 0.98 | |||||||||||||||
Earnings per share - diluted | 0.14 | 0.21 | 0.33 | 0.27 | 0.95 | |||||||||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings per Share | Earnings per Share | ||||||||
Basic earnings per share is computed by dividing net income or loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income or loss by the weighted average common shares outstanding, including the dilutive effects of stock options, SARs and nonvested shares. The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share: | |||||||||
(In thousands) | 2015 | 2014 | 2013 | ||||||
Basic earnings per share - weighted common shares outstanding | 28,763 | 28,483 | 27,954 | ||||||
Weighted average effect of nonvested share grants and assumed exercise of stock options | 611 | 891 | 687 | ||||||
Diluted earnings per share - weighted common shares and potential common shares outstanding | 29,374 | 29,374 | 28,641 | ||||||
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | — | — | 538 | ||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Feb. 28, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segment Data | Business Segment Data | |||||||||||
The Company has four reporting segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical (LSO). The Architectural Glass segment fabricates glass used in customized window and wall systems comprising the outside skin of commercial and institutional buildings. The Architectural Services segment designs, engineers, fabricates and installs the walls of glass, and windows and other curtainwall products making up the outside skin of commercial and institutional buildings for new construction and renovation. The Architectural Framing Systems segment designs, engineers, fabricates and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront and entrance systems comprising the outside skin and entrances of commercial and institutional buildings. The Company has aggregated four operating segments into the Architectural Framing Systems reporting segment based upon their similar products, customers, distribution methods, production processes and economic characteristics. The LSO segment manufactures value-added glass and acrylic products for the custom picture framing market. | ||||||||||||
The following table presents certain data for the Company's four reporting segments, and consolidated data, for fiscal 2015, 2014 and 2013. | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net Sales | ||||||||||||
Architectural glass | $ | 346,471 | $ | 293,810 | $ | 266,456 | ||||||
Architectural services | 230,650 | 203,351 | 186,570 | |||||||||
Architectural framing systems | 298,395 | 216,059 | 191,137 | |||||||||
Large-scale optical | 87,693 | 81,127 | 79,947 | |||||||||
Intersegment elimination | (29,273 | ) | (22,902 | ) | (23,886 | ) | ||||||
Total | $ | 933,936 | $ | 771,445 | $ | 700,224 | ||||||
Operating Income (Loss) | ||||||||||||
Architectural glass | $ | 16,431 | $ | 3,861 | $ | (4,391 | ) | |||||
Architectural services | 7,442 | 4,479 | (1,008 | ) | ||||||||
Architectural framing systems | 21,808 | 14,930 | 14,584 | |||||||||
Large-scale optical | 21,954 | 21,252 | 20,993 | |||||||||
Corporate and other | (4,050 | ) | (4,237 | ) | (2,759 | ) | ||||||
Total | $ | 63,585 | $ | 40,285 | $ | 27,419 | ||||||
Depreciation and Amortization | ||||||||||||
Architectural glass | $ | 12,897 | $ | 11,624 | $ | 12,230 | ||||||
Architectural services | 1,375 | 1,421 | 844 | |||||||||
Architectural framing systems | 8,001 | 6,436 | 6,477 | |||||||||
Large-scale optical | 4,817 | 4,861 | 4,634 | |||||||||
Corporate and other | 2,333 | 2,208 | 2,344 | |||||||||
Total | $ | 29,423 | $ | 26,550 | $ | 26,529 | ||||||
Capital Expenditures | ||||||||||||
Architectural glass | $ | 12,307 | $ | 31,568 | $ | 17,373 | ||||||
Architectural services | 595 | 1,195 | 3,939 | |||||||||
Architectural framing systems | 9,238 | 7,008 | 8,151 | |||||||||
Large-scale optical | 3,500 | 546 | 2,792 | |||||||||
Corporate and other | 1,580 | 1,535 | 2,409 | |||||||||
Total | $ | 27,220 | $ | 41,852 | $ | 34,664 | ||||||
Identifiable Assets(1) | ||||||||||||
Architectural glass | $ | 223,525 | $ | 209,102 | $ | 183,794 | ||||||
Architectural services | 68,930 | 66,567 | 54,696 | |||||||||
Architectural framing systems | 190,106 | 186,520 | 113,943 | |||||||||
Large-scale optical | 60,356 | 58,102 | 59,348 | |||||||||
Corporate and other | 69,140 | 49,704 | 112,998 | |||||||||
Total | $ | 612,057 | $ | 569,995 | $ | 524,779 | ||||||
-1 | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. | |||||||||||
Due to the varying combinations and integration of individual window, storefront and curtainwall systems, the Company has determined that it is impractical to report product revenues generated by class of product, beyond the segment revenues currently reported. | ||||||||||||
The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region. | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net Sales | ||||||||||||
United States | $ | 847,887 | $ | 718,881 | $ | 668,243 | ||||||
Canada | 50,807 | 15,850 | — | |||||||||
Brazil | 35,242 | 36,714 | 31,981 | |||||||||
Total | $ | 933,936 | $ | 771,445 | $ | 700,224 | ||||||
Long-Lived Assets | ||||||||||||
United States | $ | 178,048 | $ | 177,378 | $ | 160,337 | ||||||
Canada | 8,214 | 9,031 | — | |||||||||
Brazil | 7,278 | 7,537 | 8,611 | |||||||||
Total | $ | 193,540 | $ | 193,946 | $ | 168,948 | ||||||
Apogee's export net sales from U.S. operations of $72.7 million for fiscal 2015 were approximately 8 percent of consolidated net sales; export net sales of $52.5 million for fiscal 2014 were approximately 7 percent of consolidated net sales; and export sales of $63.5 million for fiscal 2013 were approximately 9 percent of consolidated net sales. All sales from Canada and Brazil were to customers outside the United States, and are subject to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. No single customer, including government agencies, accounts for 10 percent or more of consolidated net sales. | ||||||||||||
Segment operating income is equal to net sales less cost of sales and operating expenses. Operating income does not include provision for interest expense or income taxes. Corporate and other includes miscellaneous corporate activity not allocable to business segments. | ||||||||||||
Included in the identifiable assets for Corporate and other are the short- and long-term available-for-sale securities at Prism of $11.0 million in fiscal 2015 and $11.5 million in fiscal 2014. Also included are short- and long-term restricted investments at corporate of $2.5 million in fiscal 2014. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities | |||||||||||||||||||||||||||
Operating lease commitments. As of February 28, 2015, the Company was obligated under noncancelable operating leases for buildings and equipment. Certain leases provide for increased rentals based upon increases in real estate taxes or operating costs. Future minimum rental payments under noncancelable operating leases are: | ||||||||||||||||||||||||||||
(In thousands) | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | Thereafter | Total | |||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||
Total minimum payments | $ | 9,341 | $ | 7,423 | $ | 6,609 | $ | 5,932 | $ | 4,675 | $ | 3,658 | $ | 37,638 | ||||||||||||||
Total rental expense, including operating leases and short-term equipment rentals, was $18.7 million, $15.4 million and $13.0 million in fiscal 2015, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
At February 28, 2015, the Company had one sale and leaseback agreement for equipment that provides an option to purchase the equipment at projected future fair market value upon expiration of the lease in 2021. The lease is classified as an operating lease in accordance with applicable financial accounting standards. The Company has a deferred gain of $2.8 million under the sale and leaseback transaction, which is included in the balance sheet caption as other current and non-current liabilities. The average annual lease payment over the life of the remaining lease is $1.0 million. | ||||||||||||||||||||||||||||
Bond commitments. In the ordinary course of business, predominantly in the Company’s Architectural Services business, the Company is required to provide surety or performance bonds that commit payments to its customers for any non-performance by the Company. At February 28, 2015, $76.9 million of the Company’s backlog was bonded by performance bonds with a face value of $274.0 million. Performance bonds do not have stated expiration dates, as the Company is released from the bonds upon completion of the contract. The Company has never been required to make any payments related to these performance-based bonds with respect to any of the current portfolio of businesses. | ||||||||||||||||||||||||||||
Guarantees and warranties. The Company accrues for warranty and claim costs as a percentage of sales based on historical trends and for specific sales credits as they become known and estimable. Actual warranty and claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, shifts in product mix and any significant changes in sales volume. The Company’s warranty and claim accruals are detailed below. | ||||||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 11,978 | $ | 8,323 | ||||||||||||||||||||||||
Additional accruals | 6,482 | 6,680 | ||||||||||||||||||||||||||
Claims paid | (7,185 | ) | (3,025 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 11,275 | $ | 11,978 | ||||||||||||||||||||||||
Letters of credit. At February 28, 2015, the Company had ongoing letters of credit related to its construction contracts and certain industrial revenue bonds. The total value of letters of credit under which the Company was obligated as of February 28, 2015 was approximately $23.5 million, all of which have been issued under the credit facility. The Company’s total availability under its $125.0 million credit facility is reduced by borrowings under the facility and also by letters of credit issued under the facility. | ||||||||||||||||||||||||||||
Purchase obligations. The Company has purchase obligations for raw material commitments and capital expenditures. As of February 28, 2015, these obligations totaled $158.9 million. | ||||||||||||||||||||||||||||
New Markets Tax Credit transaction. On November 7, 2013, the Company entered into a transaction with JP Morgan Chase (JPM) related to an investment in plant and equipment within the Company’s Architectural Glass segment (the Project) whereby the Company received $7.8 million of cash from a qualified New Markets Tax Credit program (NMTC). The NMTC was provided for in the Community Renewal Tax Relief Act of 2000 and is intended to induce investment in underserved and impoverished areas of the United States. The Act permits taxpayers, whether companies or individuals, to claim credits against their federal income taxes for up to 39 percent of investments in qualified, active low-income businesses or ventures. | ||||||||||||||||||||||||||||
In exchange for substantially all of the benefits derived from the tax credits, JPM contributed $10.7 million into the Project. JPM does not have a material interest in the underlying economics of the Project. As a result of the transaction structure, the Company has concluded that the entities created in relation to the NMTC transaction are consolidated as variable-interest entities. | ||||||||||||||||||||||||||||
Based on the contractual arrangements that obligate the Company to deliver tax benefits to JPM, the Company has included the value of JPM’s contribution in other non-current liabilities within the consolidated balance sheets. The NMTC is subject to 100 percent recapture for a period of seven years. Proceeds received in exchange for the transfer of the tax credits are expected to be recognized as earnings in fiscal 2021, if the expected tax benefits are delivered without risk of recapture to JPM and our performance obligation is relieved. | ||||||||||||||||||||||||||||
Direct and incremental costs incurred in structuring the arrangement have been deferred and will be recognized in proportion to the recognition of the related profits. These costs amounted to $3.3 million and are included in other non-current assets on the Company’s consolidated balance sheet. | ||||||||||||||||||||||||||||
Litigation. The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company’s construction supply and services businesses are routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. The Company is subject to litigation arising out of employment practices, workers compensation, general liability and automobile claims. Although it is very difficult to accurately predict the outcome of such proceedings, facts currently available indicate that no such claims will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company. |
Schedule_Valuation_and_Qualify
Schedule - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Financial Statement Schedules - Valuation and Qualifying Accounts | Financial Statement Schedules - Valuation and Qualifying Accounts | |||||||||||||||||||
(In thousands) | Balance at Beginning of Period | Acquisitions | Charged to Costs and Expenses | Deductions from Reserves(1) | Other changes add (deduct)(2) | Balance at End of | ||||||||||||||
Period | ||||||||||||||||||||
Allowances for doubtful receivables | ||||||||||||||||||||
For the year ended February 28, 2015 | $ | 2,934 | $ | — | $ | 1,322 | $ | 969 | $ | (45 | ) | $ | 3,242 | |||||||
For the year ended March 1, 2014 | 2,493 | 832 | 408 | 721 | (78 | ) | 2,934 | |||||||||||||
For the year ended March 2, 2013 | 3,109 | — | (194 | ) | 383 | (39 | ) | 2,493 | ||||||||||||
(1) Net of recoveries | ||||||||||||||||||||
(2) Result of foreign currency effects | ||||||||||||||||||||
All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Related Data (Policies) | 12 Months Ended | |||||||||||
Feb. 28, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Basis of Consolidation | Basis of Consolidation. The accompanying consolidated financial statements include the accounts of Apogee Enterprises, Inc., a Minnesota corporation, and all majority-owned subsidiaries (the Company). Transactions between Apogee and its subsidiaries have been eliminated in consolidation. | |||||||||||
The results of Alumicor Limited (Alumicor), which the Company acquired on November 5, 2013, are included in the Company's Architectural Framing Systems segment. Refer to Note 6 for further information regarding the acquisition of Alumicor and its treatment in the consolidated financial statements. | ||||||||||||
GlassecViracon's fiscal year ends December 31 and its results are incorporated into the consolidated financial statements on a two-month lag. There were no significant intervening events that would have materially affected our consolidated financial statements had they been recorded during the year ended February 28, 2015. | ||||||||||||
Fiscal Year | Fiscal Year. Apogee's fiscal year ends on the Saturday closest to the last day of February. Fiscal 2015, 2014 and 2013 each consisted of 52 weeks. | |||||||||||
Financial Instruments | Financial Instruments. Unless otherwise noted, the carrying amount of the Company's financial instruments approximates fair value. | |||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents. Investments with an original maturity of three months or less are included in cash and cash equivalents. Cash equivalents are stated at cost, which approximates fair value, and consist primarily of money market funds. | |||||||||||
Investments | Investments. The Company has marketable securities consisting of high-quality municipal bonds. The securities are classified as “available for sale” and are carried at fair value based on prices from recent trades of similar securities. The Company tests for other than temporary losses on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If a decline in the fair value of a security is deemed by management to be other-than-temporary, the investment is written down to fair value, and the amount of the write-down is included in net earnings. | |||||||||||
The Company also has investments in mutual funds as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet. | ||||||||||||
Inventories | Inventories. Inventories, which consist primarily of purchased glass and aluminum, are valued at lower of cost or market using the first-in, first-out ("FIFO") method. Our manufacturing operations recognize costs of sales using standard costs with full overhead absorption, which generally approximates actual cost. | |||||||||||
During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the last-in, first-out (“LIFO”) method (53 percent of total fiscal 2014 inventories) to the FIFO method. The Company believes that this change is preferable as it provides uniformity across the Company's operations with respect to the method of inventory accounting, better reflects the current value of inventories on the consolidated balance sheets, aligns the accounting with the physical flow of inventory, and better matches revenues with associated expenses. | ||||||||||||
The change was applied retrospectively to March 3, 2012. The resulting impact to our consolidated balance sheets as of March 1, 2014 is as follows: | ||||||||||||
March 1, 2014 | ||||||||||||
(In thousands) | As Originally Reported | LIFO to FIFO Adjustment | Retrospectively Adjusted | |||||||||
Inventories, net | $ | 47,982 | $ | 5,453 | $ | 53,435 | ||||||
Current deferred tax assets | 3,529 | (815 | ) | 2,714 | ||||||||
Non-current deferred tax liabilities | 7,403 | 1,164 | 8,567 | |||||||||
Retained earnings | 225,367 | 3,474 | 228,841 | |||||||||
No retrospective adjustments were made to the consolidated results of operations or consolidated statements of cash flow as they were immaterial for all periods presented, resulting in an immaterial adjustment recorded to the consolidated results of operations and consolidated balance sheets during the fourth quarter of fiscal 2015 of approximately $0.1 million. | ||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Significant improvements and renewals that extend the useful life of the asset are capitalized. Repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income as a reduction of or increase in selling, general and administrative expenses. Depreciation is computed on a straight-line basis, based on the following estimated useful lives: | |||||||||||
Years | ||||||||||||
Buildings and improvements | 15 to 25 | |||||||||||
Machinery and equipment | 3 to 15 | |||||||||||
Office equipment and furniture | 3 to 10 | |||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. The Company accounts for goodwill and intangible assets in accordance with applicable accounting standards. | |||||||||||
The Company tests goodwill of each of its reporting units for impairment annually in connection with its fourth-quarter planning process or more frequently if impairment indicators exist. The Company has determined that each of its business units represents a reporting unit in accordance with applicable accounting standards. During the fourth quarter of fiscal 2015, the Company completed its annual impairment test using discounted cash flow methodologies for valuing its reporting units as no market comparables were identified. There have not been any material changes in the impairment loss assessment methodology made during the past three fiscal years. The estimates of fair value for the reporting units were found to be in excess of their carrying value, and, therefore, no impairment charge was recorded. | ||||||||||||
Intangible assets with discrete useful lives are amortized over their estimated useful lives. The Company has reassessed the useful lives of its identifiable intangible assets and determined that the remaining lives were appropriate. | ||||||||||||
Long-Lived Assets | Long-Lived Assets. The carrying value of long-lived assets, such as property, plant and equipment, and definite-lived intangible assets is reviewed when impairment indicators exist as required under generally accepted accounting principles. We consider many factors, including short- and long-term projections of future performance associated with these assets. If this review indicates that the long-lived assets will not be recoverable, the carrying value of such assets will be reduced to estimated fair value. | |||||||||||
Self Insurance | Self-Insurance. The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, architect's and engineer's errors and omissions risk, and other miscellaneous coverages. However, a reasonable amount of risk is retained on a self-insured basis primarily through a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism). Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within 12 months are classified as accrued self-insurance reserves, while losses expected to be payable in later periods are included in long-term self-insurance reserves. Additionally, we maintain a self-insurance reserve for our health insurance programs maintained for the benefit of our eligible employees. We estimate a reserve based on historical levels of amounts incurred but not reported, which is included in accrued self-insurance reserves. | |||||||||||
Environmental Liability | Environmental Liability. In accordance with accounting standards, we recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated. The cost of the clean-up is estimated by engineering, financial and legal specialists based on current law. Such estimates are based primarily upon the estimated cost of investigation and remediation required, and the likelihood that, where applicable, other potentially responsible parties will not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. As part of the acquisition of Tubelite Inc. in fiscal 2008, the Company acquired property which contains historical environmental conditions that the Company intends to remediate. At February 28, 2015, the reserve was $1.8 million. The reserve for environmental liabilities is included in other current and non-current liabilities in the consolidated balance sheets. | |||||||||||
Foreign Currency | Foreign Currency. For foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates and income statement accounts are translated using the average exchange rates prevailing during the year. Translation adjustments are reflected in accumulated other comprehensive loss in the consolidated balance sheets. | |||||||||||
From time to time, the Company may enter into short duration foreign currency contracts to hedge foreign currency risks. There is no material foreign currency risk related to these contracts as they generally have an original maturity date of less than one year. | ||||||||||||
Revenue Recognition | Revenue Recognition. Generally, our sales terms are “free on board” (FOB) shipping point or FOB destination for our product-type sales, and revenue is recognized when title has transferred. However, the Company's Architectural Services segment business enters into fixed-price contracts for full-service commercial building glass installation and renovation services, which are accounted for as construction-type contracts. These contracts are typically performed over a 12- to 18-month timeframe, and we record revenue for these contracts on a percentage-of-completion basis as we are able to reasonably estimate total contract revenue and total contract costs. The contracts entered into clearly specify the enforceable rights of the parties, the consideration and the terms of settlement, and both parties can be expected to satisfy all obligations under the contract. Approximately 25 percent, 26 percent and 27 percent of our consolidated net sales in fiscal 2015, 2014 and 2013, respectively, were recorded on a percentage-of-completion basis. Under the methodology, the Company compares the total costs incurred to date to the total estimated costs for each contract, and records that proportion of the total contract revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. Given our ability to make reasonable estimates of our total contract revenues and total contract costs, we believe utilizing the cost-to-cost method for revenue recognition provides the greatest degree of precision in measuring progress toward completion of the installation contracts. Provisions are established for estimated losses, if any, on uncompleted contracts in the period in which such losses are determined. Amounts representing contract change orders, claims or other items are included in contract revenue only when they have been approved by customers. Revenue excludes sales taxes as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. | |||||||||||
Pricing and Sales Incentives | Pricing and Sales Incentives. The Company records estimated reductions to revenue for customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives at the later of the date revenue is recognized or the incentive is offered. Sales incentives given to customers are recorded as a reduction to net sales unless (1) the Company receives an identifiable benefit for goods or services in exchange for the consideration, and (2) the Company can reasonably estimate the fair value of the benefit received. | |||||||||||
Shipping and Handling | Shipping and Handling. All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenues. The costs incurred by the Company for shipping and handling are reported as cost of sales. | |||||||||||
Research and Development | Research and Development. Research and development expenses are charged to operations as incurred, and were $6.5 million, $7.8 million and $6.8 million for fiscal 2015, 2014 and 2013, respectively. Of these amounts, $2.4 million, $2.1 million and $1.6 million, respectively, were focused primarily upon design of custom window and curtainwall systems in accordance with customer specifications and are included in cost of sales. | |||||||||||
Advertising | Advertising. Advertising expenses are charged to operations as incurred and were $1.1 million in fiscal 2015, $1.2 million in fiscal 2014, and $1.4 million in fiscal 2013. They are included in selling, general and administrative expenses in the consolidated results of operations. | |||||||||||
Income Taxes | Income Taxes. The Company accounts for income taxes as prescribed by applicable accounting standards, which requires use of the asset and liability method. This method recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial and tax reporting. See Note 13 for additional information regarding income taxes. | |||||||||||
Accounting Estimates | Accounting Estimates. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Amounts subject to significant estimates and assumptions include, but are not limited to, assessment of recoverability of long-lived assets, including goodwill, insurance reserves, warranty reserves, net sales recognition for construction contracts, income tax provisions and liabilities; and the status of outstanding disputes and claims. Actual results could differ from those estimates. | |||||||||||
New Accounting Standards | New Accounting Standards. In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11 (ASU 2013-11), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit, or portion of an unrecognized tax benefit, as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists with certain exceptions. The Company elected to prospectively adopt ASU 2013-11 in the first quarter of fiscal 2015. The Company's adoption of ASU 2013-11 resulted in a $0.5 million reclassification from unrecognized tax benefits to deferred tax liabilities in the consolidated balance sheets. | |||||||||||
In May 2014, the FASB issued a standard on revenue from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016, Apogee's fiscal 2018. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements. | ||||||||||||
No other new accounting pronouncements issued or effective during fiscal 2015 have had or are expected to have a material impact on the consolidated financial statements. | ||||||||||||
Subsequent Events | Subsequent Events. In connection with preparing the audited consolidated financial statements for the year ended February 28, 2015, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing and determined that there were no subsequent events that required recognition or disclosure in the consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Related Data (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | Mar. 01, 2014 | |||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
LIFO To FIFO Adjustment [Table Text Block] | The change was applied retrospectively to March 3, 2012. The resulting impact to our consolidated balance sheets as of March 1, 2014 is as follows: | |||||||||||||||||||
March 1, 2014 | ||||||||||||||||||||
(In thousands) | As Originally Reported | LIFO to FIFO Adjustment | Retrospectively Adjusted | |||||||||||||||||
Inventories, net | $ | 47,982 | $ | 5,453 | $ | 53,435 | ||||||||||||||
Current deferred tax assets | 3,529 | (815 | ) | 2,714 | ||||||||||||||||
Non-current deferred tax liabilities | 7,403 | 1,164 | 8,567 | |||||||||||||||||
Retained earnings | 225,367 | 3,474 | 228,841 | |||||||||||||||||
Property, Plant and Equipment | Depreciation is computed on a straight-line basis, based on the following estimated useful lives: | |||||||||||||||||||
Years | ||||||||||||||||||||
Buildings and improvements | 15 to 25 | |||||||||||||||||||
Machinery and equipment | 3 to 15 | |||||||||||||||||||
Office equipment and furniture | 3 to 10 | |||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||
Land | $ | 9,054 | $ | 9,461 | ||||||||||||||||
Buildings and improvements | 142,833 | 140,316 | ||||||||||||||||||
Machinery and equipment | 279,172 | 233,687 | ||||||||||||||||||
Office equipment and furniture | 49,849 | 47,304 | ||||||||||||||||||
Construction in progress | 11,695 | 38,886 | ||||||||||||||||||
Total property, plant and equipment | 492,603 | 469,654 | ||||||||||||||||||
Less accumulated depreciation | (299,063 | ) | (275,708 | ) | ||||||||||||||||
Net property, plant and equipment | $ | 193,540 | $ | 193,946 | ||||||||||||||||
Working_Capital_Tables
Working Capital (Tables) | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Working Capital [Abstract] | ||||||||
Receivables | Receivables | |||||||
(In thousands) | 2015 | 2014 | ||||||
Trade accounts | $ | 111,494 | $ | 98,246 | ||||
Construction contracts | 33,582 | 39,257 | ||||||
Contract retainage | 24,547 | 19,040 | ||||||
Other receivables | 5,242 | 1,305 | ||||||
Total receivables | 174,865 | 157,848 | ||||||
Less allowance for doubtful accounts | (3,242 | ) | (2,934 | ) | ||||
Net receivables | $ | 171,623 | $ | 154,914 | ||||
Inventories | Inventories | |||||||
(In thousands) | 2015 | 2014(1) | ||||||
Raw materials | $ | 19,761 | $ | 20,348 | ||||
Work-in-process | 14,385 | 11,552 | ||||||
Finished goods | 23,076 | 16,434 | ||||||
Costs and earnings in excess of billings on uncompleted contracts | 4,186 | 5,101 | ||||||
Total inventories | $ | 61,408 | $ | 53,435 | ||||
-1 | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. | |||||||
Other Current Liabilities | Other Current Liabilities | |||||||
(In thousands) | 2015 | 2014 | ||||||
Current portion of long-term compensation plans | $ | 841 | $ | 3,538 | ||||
Deferred gain on sale leaseback transactions - current portion | 1,015 | 1,015 | ||||||
Volume discounts | 1,145 | 1,724 | ||||||
Unearned revenue | 1,266 | 7,924 | ||||||
Taxes, other than income taxes | 5,203 | 4,698 | ||||||
Warranties | 10,022 | 10,769 | ||||||
Other | 6,065 | 5,420 | ||||||
Total other current liabilities | $ | 25,557 | $ | 35,088 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Depreciation is computed on a straight-line basis, based on the following estimated useful lives: | |||||||
Years | ||||||||
Buildings and improvements | 15 to 25 | |||||||
Machinery and equipment | 3 to 15 | |||||||
Office equipment and furniture | 3 to 10 | |||||||
(In thousands) | 2015 | 2014 | ||||||
Land | $ | 9,054 | $ | 9,461 | ||||
Buildings and improvements | 142,833 | 140,316 | ||||||
Machinery and equipment | 279,172 | 233,687 | ||||||
Office equipment and furniture | 49,849 | 47,304 | ||||||
Construction in progress | 11,695 | 38,886 | ||||||
Total property, plant and equipment | 492,603 | 469,654 | ||||||
Less accumulated depreciation | (299,063 | ) | (275,708 | ) | ||||
Net property, plant and equipment | $ | 193,540 | $ | 193,946 | ||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||||||||||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | The amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale at February 28, 2015 and March 1, 2014, are as follows: | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | ||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
February 28, 2015 | ||||||||||||||||||||||||
Municipal bonds | $ | 10,973 | $ | 127 | $ | (118 | ) | $ | 10,982 | |||||||||||||||
Total investments | $ | 10,973 | $ | 127 | $ | (118 | ) | $ | 10,982 | |||||||||||||||
March 1, 2014 | ||||||||||||||||||||||||
Municipal bonds | $ | 11,719 | $ | 94 | $ | (336 | ) | $ | 11,477 | |||||||||||||||
Total investments | $ | 11,719 | $ | 94 | $ | (336 | ) | $ | 11,477 | |||||||||||||||
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | The following table presents the length of time that available-for-sale securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of February 28, 2015: | |||||||||||||||||||||||
Less Than 12 Months | Greater Than or Equal to | Total | ||||||||||||||||||||||
12 Months | ||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Municipal bonds | $ | 2,229 | $ | (7 | ) | $ | 1,139 | $ | (111 | ) | $ | 3,368 | $ | (118 | ) | |||||||||
Total investments | $ | 2,229 | $ | (7 | ) | $ | 1,139 | $ | (111 | ) | $ | 3,368 | $ | (118 | ) | |||||||||
Schedule of amortized cost and estimated fair values of investments by contractual maturity | The amortized cost and estimated fair values of investments at February 28, 2015, by contractual maturity are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Estimated Market Value | ||||||||||||||||||||||
Due within one year | $ | 322 | $ | 327 | ||||||||||||||||||||
Due after one year through five years | 2,835 | 2,848 | ||||||||||||||||||||||
Due after five years through 10 years | 6,566 | 6,668 | ||||||||||||||||||||||
Due after 10 years through 15 years | 1,250 | 1,139 | ||||||||||||||||||||||
Total | $ | 10,973 | $ | 10,982 | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Feb. 28, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Financial assets and liabilities measured at fair value | Financial assets and liabilities measured at fair value as of February 28, 2015 and March 1, 2014, are summarized below: | |||||||||||
(In thousands) | Quoted Prices in | Other | Total Fair | |||||||||
Active Markets | Observable | Value | ||||||||||
(Level 1) | Inputs | |||||||||||
(Level 2) | ||||||||||||
28-Feb-15 | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 34,386 | $ | — | $ | 34,386 | ||||||
Total cash equivalents | 34,386 | — | 34,386 | |||||||||
Available for sale securities | ||||||||||||
Municipal bonds | — | 10,982 | 10,982 | |||||||||
Total available for sale securities | — | 10,982 | 10,982 | |||||||||
Mutual fund investments | ||||||||||||
Mutual funds | 305 | — | 305 | |||||||||
Total mutual fund investments | 305 | — | 305 | |||||||||
Total assets at fair value | $ | 34,691 | $ | 10,982 | $ | 45,673 | ||||||
(In thousands) | Quoted Prices in | Other | Total Fair | |||||||||
Active Markets | Observable | Value | ||||||||||
(Level 1) | Inputs | |||||||||||
(Level 2) | ||||||||||||
1-Mar-14 | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 12,788 | $ | — | $ | 12,788 | ||||||
Total cash equivalents | 12,788 | — | 12,788 | |||||||||
Available for sale securities | ||||||||||||
Municipal bonds | — | 11,477 | 11,477 | |||||||||
Total available for sale securities | — | 11,477 | 11,477 | |||||||||
Restricted investments | ||||||||||||
Money market funds | 2,540 | — | 2,540 | |||||||||
Total restricted investments | 2,540 | — | 2,540 | |||||||||
Mutual fund investments | ||||||||||||
Mutual funds | 409 | — | 409 | |||||||||
Total mutual fund investments | 409 | — | 409 | |||||||||
Foreign currency instruments | ||||||||||||
Foreign currency instruments | — | 98 | 98 | |||||||||
Total foreign currency instruments | — | 98 | 98 | |||||||||
Total assets at fair value | $ | 15,737 | $ | 11,575 | $ | 27,312 | ||||||
Acquisitions_Acquisition_Table
Acquisitions Acquisition (Tables) | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The purchase price allocation was based on the estimated fair value of assets acquired and liabilities assumed and were allocated as follows: | |||||||
(In thousands) | 5-Nov-13 | |||||||
Current assets | $ | 17,168 | ||||||
Property, plant and equipment | 9,773 | |||||||
Intangible assets | 16,611 | |||||||
Goodwill | 18,254 | |||||||
Current liabilities | (10,505 | ) | ||||||
Net assets acquired | $ | 51,301 | ||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma consolidated condensed financial results of operations for the year ended March 1, 2014 and March 2, 2013 are presented as if the acquisition had been completed at the beginning of fiscal year 2013: | |||||||
Pro Forma | ||||||||
(In thousands, except per share data) | 2014 | 2013 | ||||||
Net sales | $ | 825,596 | $ | 756,497 | ||||
Net income | 30,487 | 21,064 | ||||||
Earnings per share | ||||||||
Basic | $ | 1.07 | $ | 0.75 | ||||
Diluted | 1.04 | 0.74 | ||||||
Goodwill_and_Other_Identifiabl1
Goodwill and Other Identifiable Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Schedule of goodwill attributable to each business segment | The changes in the carrying amount of goodwill attributable to each reporting segment for the year ended February 28, 2015 and March 1, 2014 is detailed below. | |||||||||||||||||||
(In thousands) | Architectural Glass | Architectural Services | Architectural Framing Systems | Large-Scale | Total | |||||||||||||||
Optical | ||||||||||||||||||||
Balance at March 2, 2013 | $ | 27,002 | $ | 1,120 | $ | 22,663 | $ | 10,557 | $ | 61,342 | ||||||||||
Goodwill acquired | — | — | 18,254 | — | 18,254 | |||||||||||||||
Foreign currency translation | (374 | ) | — | (1,201 | ) | — | (1,575 | ) | ||||||||||||
Balance at March 1, 2014 | 26,628 | 1,120 | 39,716 | 10,557 | 78,021 | |||||||||||||||
Foreign currency translation | (273 | ) | — | (1,891 | ) | — | (2,164 | ) | ||||||||||||
Balance at February 28, 2015 | $ | 26,355 | $ | 1,120 | $ | 37,825 | $ | 10,557 | $ | 75,857 | ||||||||||
Schedule of finite lived intangible assets | The following table provides the gross carrying amount of other intangible assets and related accumulated amortization: | |||||||||||||||||||
28-Feb-15 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||
Debt issue costs | $ | 3,668 | $ | (2,560 | ) | $ | — | $ | 1,108 | |||||||||||
Non-compete agreements | 6,690 | (6,364 | ) | (10 | ) | 316 | ||||||||||||||
Customer relationships | 25,677 | (11,932 | ) | (1,315 | ) | 12,430 | ||||||||||||||
Trademarks and other intangibles | 8,275 | (2,920 | ) | (168 | ) | 5,187 | ||||||||||||||
Total definite-lived intangible assets | $ | 44,310 | $ | (23,776 | ) | $ | (1,493 | ) | $ | 19,041 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trademarks | $ | 4,768 | $ | — | $ | (529 | ) | $ | 4,239 | |||||||||||
Total intangible assets | $ | 49,078 | $ | (23,776 | ) | $ | (2,022 | ) | $ | 23,280 | ||||||||||
March 1, 2014 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||
Debt issue costs | $ | 3,453 | $ | (2,370 | ) | $ | — | $ | 1,083 | |||||||||||
Non-compete agreements | 6,767 | (6,266 | ) | (35 | ) | 466 | ||||||||||||||
Customer relationships | 26,862 | (10,673 | ) | (1,077 | ) | 15,112 | ||||||||||||||
Trademarks and other intangibles | 8,566 | (2,546 | ) | (251 | ) | 5,769 | ||||||||||||||
Total definite-lived intangible assets | $ | 45,648 | $ | (21,855 | ) | $ | (1,363 | ) | $ | 22,430 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trademarks | $ | 5,104 | $ | — | $ | (336 | ) | $ | 4,768 | |||||||||||
Total intangible assets | $ | 50,752 | $ | (21,855 | ) | $ | (1,699 | ) | $ | 27,198 | ||||||||||
Schedule of estimated future amortization expense for identifiable intangible assets | The estimated future amortization expense for definite-lived intangible assets during the next five fiscal years is as follows: | |||||||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
Estimated amortization expense | $ | 1,757 | $ | 1,594 | $ | 1,563 | $ | 1,513 | $ | 1,430 | ||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Feb. 28, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of Long-term Debt | ||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||
Borrowings under revolving credit agreement | $ | — | $ | — | ||||||||||||
Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | 20,631 | 20,708 | ||||||||||||||
Total long-term debt | 20,631 | 20,708 | ||||||||||||||
Less current installments | (44 | ) | (49 | ) | ||||||||||||
Net long-term debt | $ | 20,587 | $ | 20,659 | ||||||||||||
Schedule of Maturities of Long-term Debt | Debt maturities are as follows: | |||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | |||||||||
Maturities | $44 | $44 | $44 | $44 | $44 | $20,411 | $ | 20,631 | ||||||||
Selected Information Related to Long-term Debt | Selected information related to long-term debt is as follows: | |||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | ||||||||||||||
Average daily borrowings during the year | $ | 21,260 | $ | 21,800 | ||||||||||||
Maximum borrowings outstanding during the year | 22,600 | 30,820 | ||||||||||||||
Weighted average interest rate during the year | 0.3 | % | 0.3 | % | ||||||||||||
Schedule of Interest Expense | Interest expense was as follows for fiscal 2015, 2014 and 2013: | |||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
Interest on debt | $ | 581 | $ | 895 | $ | 895 | ||||||||||
Other interest expense | 343 | 364 | 599 | |||||||||||||
Interest expense | $ | 924 | $ | 1,259 | $ | 1,494 | ||||||||||
Other_NonCurrent_Liabilities_T
Other Non-Current Liabilities (Tables) | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Noncurrent Liabilities [Table Text Block] | Other non-current liabilities as of February 28, 2015 and March 1, 2014 included the following: | |||||||
(In thousands) | 28-Feb-15 | 1-Mar-14 | ||||||
Retirement plan obligations | $ | 11,186 | $ | 9,206 | ||||
Deferred compensation | 4,052 | 3,317 | ||||||
Deferred benefit from New Markets Tax Credit | 10,741 | 10,741 | ||||||
Deferred gain on sale leaseback arrangements | 1,818 | 2,621 | ||||||
Other | 10,855 | 8,735 | ||||||
Total other non-current liabilities | $ | 38,652 | $ | 34,620 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following tables present reconciliations of the benefit obligation of the defined-benefit pension plans and the funded status of the defined-benefit pension plans. Both the Tubelite plan and the SERP use a fiscal year-end measurement date. | ||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation beginning of period | $ | 14,274 | $ | 14,869 | |||||||||
Interest cost | 550 | 538 | |||||||||||
Actuarial loss (gain) | 2,424 | (113 | ) | ||||||||||
Benefits paid | (995 | ) | (1,020 | ) | |||||||||
Benefit obligation at measurement date | $ | 16,253 | $ | 14,274 | |||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets beginning of period | $ | 4,430 | $ | 4,709 | |||||||||
Actual return on plan assets | 134 | (66 | ) | ||||||||||
Company contributions | 850 | 807 | |||||||||||
Benefits paid | (995 | ) | (1,020 | ) | |||||||||
Fair value of plan assets at measurement date | $ | 4,419 | $ | 4,430 | |||||||||
Funded status - net amount recognized | $ | (11,834 | ) | $ | (9,844 | ) | |||||||
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Current liabilities | $ | (648 | ) | $ | (638 | ) | |||||||
Other non-current liabilities | (11,186 | ) | (9,206 | ) | |||||||||
Total | $ | (11,834 | ) | $ | (9,844 | ) | |||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized as Components of Net Periodic Benefit Cost | Amounts included in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost consist of: | ||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Net actuarial loss | $ | 6,857 | $ | 4,569 | |||||||||
Accumulated other comprehensive loss | $ | 6,857 | $ | 4,569 | |||||||||
Schedule of Amounts Recognized in Comprehensive Earnings | The amount recognized in comprehensive earnings for fiscal 2015 and 2014, net of tax expense, is as follows: | ||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||
Net actuarial loss (gain) | $ | 1,458 | $ | (19 | ) | ||||||||
Total | $ | 1,458 | $ | (19 | ) | ||||||||
Schedule of Net Benefit Costs | Components of the defined-benefit pension plans' net periodic benefit cost are as follows: | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | ||||||||||
Interest cost | $ | 550 | $ | 538 | $ | 570 | |||||||
Expected return on assets | (171 | ) | (183 | ) | (177 | ) | |||||||
Amortization of unrecognized net loss | 172 | 163 | 211 | ||||||||||
Net periodic benefit cost | $ | 551 | $ | 518 | $ | 604 | |||||||
Schedule of Assumptions Used | Weighted-average assumptions used at the measurement date to determine the defined-benefit plans' benefit obligation for the following fiscal years are as follows: | ||||||||||||
(Percentages) | 2015 | 2014 | 2013 | ||||||||||
Discount rate | 3.6 | % | 4 | % | 3.75 | % | |||||||
Weighted-average assumptions used at the measurement date to determine the defined-benefit plans' net periodic benefit cost for the following fiscal years are as follows: | |||||||||||||
(Percentages) | 2015 | 2014 | 2013 | ||||||||||
Discount rate | 4 | % | 3.75 | % | 4 | % | |||||||
Expected return on assets | 4.5 | % | 4.5 | % | 4.5 | % | |||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans as follows: | ||||||||||||
(In thousands) | |||||||||||||
Fiscal 2016 | $ | 1,028 | |||||||||||
Fiscal 2017 | 1,027 | ||||||||||||
Fiscal 2018 | 1,016 | ||||||||||||
Fiscal 2019 | 1,043 | ||||||||||||
Fiscal 2020 | 1,030 | ||||||||||||
Fiscal 2021-2025 | 4,860 | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Equity [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the accumulated other comprehensive loss, net of tax at February 28, 2015 and March 1, 2014. | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Net unrealized gain (loss) on marketable securities | $ | 6 | $ | (157 | ) | ||||
Foreign currency hedge | — | 62 | |||||||
Pension liability adjustments | (4,368 | ) | (2,910 | ) | |||||
Foreign currency translation adjustments | (17,958 | ) | (9,955 | ) | |||||
Total accumulated other comprehensive loss | $ | (22,320 | ) | $ | (12,960 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Award transactions on stock options | The following table summarizes the award transactions under the Plans for the year ended February 28, 2015: | ||||||||||||
Options/SARs Outstanding | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
Outstanding at March 1, 2014 | 847,852 | $ | 13.88 | ||||||||||
Awards exercised | (223,257 | ) | 19.38 | ||||||||||
Awards canceled | (500 | ) | 11.86 | ||||||||||
Outstanding and exercisable at February 28, 2015 | 624,095 | $ | 11.92 | 5.3 Years | $ | 21,178,150 | |||||||
Nonvested share award transactions | The following table summarizes the nonvested share award transactions, including nonvested share units, for fiscal 2015: | ||||||||||||
Nonvested Shares and Units | |||||||||||||
Number of | Weighted | ||||||||||||
Shares and | Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at March 1, 2014 | 575,064 | $ | 16.89 | ||||||||||
Granted(1) | 186,468 | 28.45 | |||||||||||
Vested | (358,651 | ) | 15.43 | ||||||||||
Canceled | (2,173 | ) | 32.72 | ||||||||||
Nonvested at February 28, 2015 | 400,708 | $ | 23.49 | ||||||||||
-1 | Includes 40,735 of shares granted and immediately vested for achievement above target for the fiscal 2012-2014 performance period. Nonvested share units of 117,765 (at target) were previously granted in fiscal 2012 for this performance period |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Feb. 28, 2015 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Earnings before income taxes consisted of the following: | |||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
U.S. | $ | 59,898 | $ | 36,700 | $ | 26,699 | ||||||||||
International | 5,101 | 3,066 | 208 | |||||||||||||
Earnings before income taxes | $ | 64,999 | $ | 39,766 | $ | 26,907 | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for each of the last three fiscal years are as follows: | |||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | 7,328 | $ | 15,711 | $ | 5,036 | ||||||||||
State and local | 1,198 | 1,440 | 169 | |||||||||||||
International | 1,790 | 1,437 | 409 | |||||||||||||
Total current | $ | 10,316 | $ | 18,588 | $ | 5,614 | ||||||||||
Deferred: | ||||||||||||||||
Federal | $ | 4,738 | $ | (4,549 | ) | $ | 2,680 | |||||||||
State and local | (363 | ) | (378 | ) | 1,015 | |||||||||||
International | (101 | ) | (353 | ) | (138 | ) | ||||||||||
Total deferred | $ | 4,274 | $ | (5,280 | ) | $ | 3,557 | |||||||||
Total non-current tax benefit | $ | (107 | ) | $ | (1,528 | ) | $ | (1,375 | ) | |||||||
Total income tax expense | $ | 14,483 | $ | 11,780 | $ | 7,796 | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The differences between the statutory federal income tax rates and consolidated effective tax rates are as follows: | |||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Federal income tax expense at statutory rates | 35.00% | 35.00% | 35.00% | |||||||||||||
State and local income taxes, net of federal tax benefit | 1.2 | 0.9 | 0.9 | |||||||||||||
Tax credits - research & development | -1.1 | -1.6 | -2.5 | |||||||||||||
Tax credits - 48C | -9.9 | — | — | |||||||||||||
Tax credits - other | -0.1 | -0.2 | -0.4 | |||||||||||||
Manufacturing deduction | -2.3 | -3.5 | -2 | |||||||||||||
Meals and entertainment | 0.4 | 0.6 | 0.9 | |||||||||||||
Permanent tax adjustment for officers compensation | 0.1 | 0.1 | — | |||||||||||||
Nondeductible acquisition costs | — | 0.3 | — | |||||||||||||
Tax-exempt interest | — | -0.2 | -0.4 | |||||||||||||
Tax reserve adjustments - statute expirations and benefits recognized | -0.2 | -2.2 | -3 | |||||||||||||
Change in valuation allowance | 0.1 | 0.4 | 0.8 | |||||||||||||
Other, net | -0.9 | — | — | |||||||||||||
Income tax expense | 22.30% | 29.60% | 29.30% | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and deferred tax liabilities at February 28, 2015 and March 1, 2014 are as follows: | |||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | Current | Noncurrent | Current | Noncurrent | ||||||||||||
Accounts receivable | $ | 1,022 | $ | — | $ | 900 | $ | — | ||||||||
Accrued insurance | 46 | 254 | 113 | 574 | ||||||||||||
Other accruals | 2,826 | 958 | 2,680 | 792 | ||||||||||||
Deferred compensation | 419 | 11,250 | (1 | ) | 9,323 | |||||||||||
Goodwill and other intangibles | 21 | (7,994 | ) | 23 | (8,624 | ) | ||||||||||
Inventory | 90 | (585 | ) | 720 | (1,164 | ) | ||||||||||
Depreciation | (853 | ) | (20,544 | ) | (853 | ) | (14,413 | ) | ||||||||
Liability for unrecognized tax benefits | — | 2,784 | — | 2,781 | ||||||||||||
Prepaid expenses | (731 | ) | 864 | (634 | ) | 595 | ||||||||||
Net operating losses | — | 3,084 | — | 3,566 | ||||||||||||
Valuation allowance on net operating losses | (2,149 | ) | (442 | ) | (459 | ) | (2,312 | ) | ||||||||
Other | 668 | (281 | ) | 225 | 315 | |||||||||||
Deferred tax assets (liabilities) | $ | 1,359 | $ | (10,652 | ) | $ | 2,714 | $ | (8,567 | ) | ||||||
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 4,431 | $ | 5,516 | $ | 7,125 | ||||||||||
Gross increases in tax positions for prior years | 261 | 44 | 236 | |||||||||||||
Gross decreases in tax positions for prior years | (276 | ) | (616 | ) | (1,480 | ) | ||||||||||
Gross increases based on tax positions related to the current year | 508 | 326 | 621 | |||||||||||||
Gross decreases based on tax positions related to the current year | (21 | ) | (40 | ) | (56 | ) | ||||||||||
Settlements | (93 | ) | (84 | ) | (682 | ) | ||||||||||
Statute of limitations expiration | (319 | ) | (809 | ) | (248 | ) | ||||||||||
Unrecognized tax benefits acquired in connection with Alumicor | — | 94 | — | |||||||||||||
Gross unrecognized tax benefits at end of year | $ | 4,491 | $ | 4,431 | $ | 5,516 | ||||||||||
Quarterly_Data_Tables
Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||||||
Quarter | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Total | |||||||||||||||
Fiscal 2015 | ||||||||||||||||||||
Net sales | $ | 210,883 | $ | 231,945 | $ | 244,410 | $ | 246,698 | $ | 933,936 | ||||||||||
Gross profit | 41,438 | 49,321 | 56,653 | 61,132 | 208,544 | |||||||||||||||
Net earnings | 6,102 | 16,791 | 13,736 | 13,887 | 50,516 | |||||||||||||||
Earnings per share - basic | 0.21 | 0.59 | 0.47 | 0.49 | 1.76 | |||||||||||||||
Earnings per share - diluted | 0.21 | 0.57 | 0.47 | 0.47 | 1.72 | |||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Net sales | $ | 179,311 | $ | 178,287 | $ | 199,430 | $ | 214,417 | $ | 771,445 | ||||||||||
Gross profit | 36,386 | 38,535 | 43,388 | 46,943 | 165,252 | |||||||||||||||
Net earnings | 4,159 | 6,121 | 9,668 | 8,038 | 27,986 | |||||||||||||||
Earnings per share - basic | 0.15 | 0.21 | 0.34 | 0.28 | 0.98 | |||||||||||||||
Earnings per share - diluted | 0.14 | 0.21 | 0.33 | 0.27 | 0.95 | |||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of basic and diluted earnings per share | The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share: | ||||||||
(In thousands) | 2015 | 2014 | 2013 | ||||||
Basic earnings per share - weighted common shares outstanding | 28,763 | 28,483 | 27,954 | ||||||
Weighted average effect of nonvested share grants and assumed exercise of stock options | 611 | 891 | 687 | ||||||
Diluted earnings per share - weighted common shares and potential common shares outstanding | 29,374 | 29,374 | 28,641 | ||||||
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | — | — | 538 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Feb. 28, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents certain data for the Company's four reporting segments, and consolidated data, for fiscal 2015, 2014 and 2013. | |||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net Sales | ||||||||||||
Architectural glass | $ | 346,471 | $ | 293,810 | $ | 266,456 | ||||||
Architectural services | 230,650 | 203,351 | 186,570 | |||||||||
Architectural framing systems | 298,395 | 216,059 | 191,137 | |||||||||
Large-scale optical | 87,693 | 81,127 | 79,947 | |||||||||
Intersegment elimination | (29,273 | ) | (22,902 | ) | (23,886 | ) | ||||||
Total | $ | 933,936 | $ | 771,445 | $ | 700,224 | ||||||
Operating Income (Loss) | ||||||||||||
Architectural glass | $ | 16,431 | $ | 3,861 | $ | (4,391 | ) | |||||
Architectural services | 7,442 | 4,479 | (1,008 | ) | ||||||||
Architectural framing systems | 21,808 | 14,930 | 14,584 | |||||||||
Large-scale optical | 21,954 | 21,252 | 20,993 | |||||||||
Corporate and other | (4,050 | ) | (4,237 | ) | (2,759 | ) | ||||||
Total | $ | 63,585 | $ | 40,285 | $ | 27,419 | ||||||
Depreciation and Amortization | ||||||||||||
Architectural glass | $ | 12,897 | $ | 11,624 | $ | 12,230 | ||||||
Architectural services | 1,375 | 1,421 | 844 | |||||||||
Architectural framing systems | 8,001 | 6,436 | 6,477 | |||||||||
Large-scale optical | 4,817 | 4,861 | 4,634 | |||||||||
Corporate and other | 2,333 | 2,208 | 2,344 | |||||||||
Total | $ | 29,423 | $ | 26,550 | $ | 26,529 | ||||||
Capital Expenditures | ||||||||||||
Architectural glass | $ | 12,307 | $ | 31,568 | $ | 17,373 | ||||||
Architectural services | 595 | 1,195 | 3,939 | |||||||||
Architectural framing systems | 9,238 | 7,008 | 8,151 | |||||||||
Large-scale optical | 3,500 | 546 | 2,792 | |||||||||
Corporate and other | 1,580 | 1,535 | 2,409 | |||||||||
Total | $ | 27,220 | $ | 41,852 | $ | 34,664 | ||||||
Identifiable Assets(1) | ||||||||||||
Architectural glass | $ | 223,525 | $ | 209,102 | $ | 183,794 | ||||||
Architectural services | 68,930 | 66,567 | 54,696 | |||||||||
Architectural framing systems | 190,106 | 186,520 | 113,943 | |||||||||
Large-scale optical | 60,356 | 58,102 | 59,348 | |||||||||
Corporate and other | 69,140 | 49,704 | 112,998 | |||||||||
Total | $ | 612,057 | $ | 569,995 | $ | 524,779 | ||||||
-1 | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. | |||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region. | |||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net Sales | ||||||||||||
United States | $ | 847,887 | $ | 718,881 | $ | 668,243 | ||||||
Canada | 50,807 | 15,850 | — | |||||||||
Brazil | 35,242 | 36,714 | 31,981 | |||||||||
Total | $ | 933,936 | $ | 771,445 | $ | 700,224 | ||||||
Long-Lived Assets | ||||||||||||
United States | $ | 178,048 | $ | 177,378 | $ | 160,337 | ||||||
Canada | 8,214 | 9,031 | — | |||||||||
Brazil | 7,278 | 7,537 | 8,611 | |||||||||
Total | $ | 193,540 | $ | 193,946 | $ | 168,948 | ||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||
Future minimum rental payments under noncancelable operating leases | Future minimum rental payments under noncancelable operating leases are: | |||||||||||||||||||||||||||
(In thousands) | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | Thereafter | Total | |||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||
Total minimum payments | $ | 9,341 | $ | 7,423 | $ | 6,609 | $ | 5,932 | $ | 4,675 | $ | 3,658 | $ | 37,638 | ||||||||||||||
Guarantees and warranties | The Company’s warranty and claim accruals are detailed below. | |||||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 11,978 | $ | 8,323 | ||||||||||||||||||||||||
Additional accruals | 6,482 | 6,680 | ||||||||||||||||||||||||||
Claims paid | (7,185 | ) | (3,025 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 11,275 | $ | 11,978 | ||||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies and Related Data (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Accounting Policies [Line Items] | |||
Prior Period Reclassification Adjustment | $100 | ||
Reporting period monthly lag | 2 months | ||
Fiscal time period | P52W | P52W | P52W |
Percentage of LIFO inventory | 53.00% | ||
Impairment charge | 0 | ||
Percentage of net sales recorded on a percentage of completion basis | 25.00% | 26.00% | 27.00% |
Research and development expense | 6,500 | 7,800 | 6,800 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 500 | ||
Cost of Sales | |||
Accounting Policies [Line Items] | |||
Research and development expense | 2,400 | 2,100 | 1,600 |
Selling, general and administrative expenses | |||
Accounting Policies [Line Items] | |||
Advertising expense | 1,100 | 1,200 | 1,400 |
Minimum | |||
Accounting Policies [Line Items] | |||
Performance period for percentage of completion contracts | 12 months | ||
Maximum | |||
Accounting Policies [Line Items] | |||
Performance period for percentage of completion contracts | 18 months | ||
Current Liabilities and Other Non Current Liabilities | |||
Accounting Policies [Line Items] | |||
Reserve for environmental liabilities | $1,800 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies and Related Data Inventory Adjustment (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 | |
In Thousands, unless otherwise specified | |||
Inventory, Net | $61,408 | $53,435 | [1] |
Deferred Tax Assets, Net of Valuation Allowance, Current | 1,359 | 2,714 | |
Deferred Tax Liabilities, Net, Noncurrent | 10,652 | 8,567 | |
Retained Earnings (Accumulated Deficit) | 256,538 | 228,841 | |
Scenario, Previously Reported [Member] | |||
Inventory, Net | 47,982 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 3,529 | ||
Deferred Tax Liabilities, Net, Noncurrent | 7,403 | ||
Retained Earnings (Accumulated Deficit) | 225,367 | ||
Scenario, Adjustment [Member] | LIFO to FIFO Adjustment [Member] | |||
Inventory, Net | 5,453 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | -815 | ||
Deferred Tax Liabilities, Net, Noncurrent | 1,164 | ||
Retained Earnings (Accumulated Deficit) | $3,474 | ||
[1] | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies and Related Data (Schedule of Property Plant and Equipment Useful Lives) (Details) | 12 Months Ended |
Feb. 28, 2015 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Office equipment and furniture | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Office equipment and furniture | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Working_Capital_Schedule_of_Re
Working Capital (Schedule of Receivables) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $174,865 | $157,848 |
Less allowance for doubtful accounts | -3,242 | -2,934 |
Net receivables | 171,623 | 154,914 |
Trade accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 111,494 | 98,246 |
Construction contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 33,582 | 39,257 |
Contract retainage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 24,547 | 19,040 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $5,242 | $1,305 |
Working_Capital_Schedule_of_In
Working Capital (Schedule of Inventory) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 | |
In Thousands, unless otherwise specified | |||
Working Capital [Abstract] | |||
Raw materials | $19,761 | $20,348 | [1] |
Work-in-process | 14,385 | 11,552 | [1] |
Finished goods | 23,076 | 16,434 | [1] |
Costs and earnings in excess of billings on uncompleted contracts | 4,186 | 5,101 | [1] |
Total inventories | $61,408 | $53,435 | [1] |
[1] | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. |
Working_Capital_Schedule_of_Ot
Working Capital (Schedule of Other Current Liabilities) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Working Capital [Abstract] | ||
Deferred Compensation Liability, Current | $841 | $3,538 |
Deferred Gain on Sale of Property | 1,015 | 1,015 |
Volume discounts | 1,145 | 1,724 |
Unearned revenue | 1,266 | 7,924 |
Taxes, other than income taxes | 5,203 | 4,698 |
Warranties | 10,022 | 10,769 |
Other | 6,065 | 5,420 |
Total other current liabilities | $25,557 | $35,088 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $492,603 | $469,654 | |
Less accumulated depreciation | -299,063 | -275,708 | |
Net property, plant and equipment | 193,540 | 193,946 | 168,948 |
Depreciation expense | 27,500 | 24,800 | 24,300 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 9,054 | 9,461 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 142,833 | 140,316 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 279,172 | 233,687 | |
Office equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 49,849 | 47,304 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $11,695 | $38,886 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | $10,973 | $11,719 |
Gross Unrealized Gains | 127 | 94 |
Gross Unrealized Losses | -118 | -336 |
Estimated Fair Value | 10,982 | 11,477 |
Municipal bonds | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | 10,973 | 11,719 |
Gross Unrealized Gains | 127 | 94 |
Gross Unrealized Losses | -118 | -336 |
Estimated Fair Value | $10,982 | $11,477 |
Marketable_Securities_Details_
Marketable Securities (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | |
Less Than 12 Months, Fair Value | $2,229 |
Less Than 12 Months, Unrealized Losses | -7 |
Greater Than or Equal to 12 Months, Fair Value | 1,139 |
Greater Than or Equal to 12 Months, Unrealized Losses | -111 |
Total Fair Value | 3,368 |
Total Unrealized Losses | -118 |
Municipal bonds | |
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | |
Less Than 12 Months, Fair Value | 2,229 |
Less Than 12 Months, Unrealized Losses | -7 |
Greater Than or Equal to 12 Months, Fair Value | 1,139 |
Greater Than or Equal to 12 Months, Unrealized Losses | -111 |
Total Fair Value | 3,368 |
Total Unrealized Losses | ($118) |
Marketable_Securities_Details_1
Marketable Securities (Details 2) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of amortized cost and estimated fair values of investments by contractual maturity | ||
Amortized Cost, Due within one year | $322 | |
Amortized Cost, Due after one year through five years | 2,835 | |
Amortized Cost, Due after five years through 10 years | 6,566 | |
Amortized Cost, Due after 10 years through 15 years | 1,250 | |
Amortized Cost, Total | 10,973 | 11,719 |
Estimated Market Value, Due within one year | 327 | |
Estimated Market Value, Due after one year through five years | 2,848 | |
Estimated Market Value, Due after five years through 10 years | 6,668 | |
Estimated Market Value, Due after 10 years through 15 years | 1,139 | |
Estimated Fair Value | $10,982 | $11,477 |
Marketable_Securities_Details_2
Marketable Securities (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 02, 2013 | Mar. 01, 2014 |
Marketable Securities (Textual) [Abstract] | |||
Short-term available for sale securities | $327 | $204 | |
Available-for-sale securities, non-current | 10,655 | 11,273 | |
Available-for-sale Securities, gross realized gains | 100 | 300 | |
Prism Assurance Ltd | |||
Marketable Securities (Textual) [Abstract] | |||
Investments, Total | $11,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Cash equivalents | ||
Total cash equivalents | $34,386 | $12,788 |
Available for sale securities | ||
Total available for sale securities | 10,982 | 11,477 |
Restricted investments | ||
Total restricted investments | 2,540 | |
Mutual fund investments | ||
Total mutual fund investments | 305 | 409 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 98 | |
Total assets at fair value | 45,673 | 27,312 |
Money market funds | ||
Cash equivalents | ||
Total cash equivalents | 34,386 | 12,788 |
Restricted investments | ||
Total restricted investments | 2,540 | |
Municipal bonds | ||
Available for sale securities | ||
Total available for sale securities | 10,982 | 11,477 |
Mutual funds | ||
Mutual fund investments | ||
Total mutual fund investments | 305 | 409 |
Foreign Exchange Contract [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 98 | |
Quoted Prices in Active Markets (Level 1) | ||
Cash equivalents | ||
Total cash equivalents | 34,386 | 12,788 |
Available for sale securities | ||
Total available for sale securities | 0 | 0 |
Restricted investments | ||
Total restricted investments | 2,540 | |
Mutual fund investments | ||
Total mutual fund investments | 305 | 409 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Total assets at fair value | 34,691 | 15,737 |
Quoted Prices in Active Markets (Level 1) | Money market funds | ||
Cash equivalents | ||
Total cash equivalents | 34,386 | 12,788 |
Restricted investments | ||
Total restricted investments | 2,540 | |
Quoted Prices in Active Markets (Level 1) | Municipal bonds | ||
Available for sale securities | ||
Total available for sale securities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | Mutual funds | ||
Mutual fund investments | ||
Total mutual fund investments | 305 | 409 |
Quoted Prices in Active Markets (Level 1) | Foreign Exchange Contract [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Other Observable Inputs (Level 2) | ||
Cash equivalents | ||
Total cash equivalents | 0 | 0 |
Available for sale securities | ||
Total available for sale securities | 10,982 | 11,477 |
Restricted investments | ||
Total restricted investments | 0 | |
Mutual fund investments | ||
Total mutual fund investments | 0 | 0 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 98 | |
Total assets at fair value | 10,982 | 11,575 |
Other Observable Inputs (Level 2) | Money market funds | ||
Cash equivalents | ||
Total cash equivalents | 0 | 0 |
Restricted investments | ||
Total restricted investments | 0 | |
Other Observable Inputs (Level 2) | Municipal bonds | ||
Available for sale securities | ||
Total available for sale securities | 10,982 | 11,477 |
Other Observable Inputs (Level 2) | Mutual funds | ||
Mutual fund investments | ||
Total mutual fund investments | 0 | 0 |
Other Observable Inputs (Level 2) | Foreign Exchange Contract [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $98 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Short-term available for sale securities | $327 | $204 |
Available-for-sale securities, non-current | 10,655 | 11,273 |
Mutual fund investments | $300 |
Acquisitions_Acquisition_Detai
Acquisitions Acquisition (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | Nov. 05, 2013 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $0 | $53,301 | $15 | |
Alumicor Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Purchase Price Allocation, Current Assets | 17,168 | |||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 9,773 | |||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 16,611 | |||
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 18,254 | |||
Business Acquisition, Purchase Price Allocation, Current Liabilities | -10,505 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $51,301 |
Acquisitions_Acquisition_Detai1
Acquisitions Acquisition (Details 1) (Alumicor Limited [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Alumicor Limited [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $825,596 | $756,497 |
Business Acquisition, Pro Forma Net Income (Loss) | $30,487 | $21,064 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $1.07 | $0.75 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.04 | $0.74 |
Acquisitions_Acquisition_Detai2
Acquisitions Acquisition (Details Textual) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 01, 2014 |
Business Combinations [Abstract] | |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $52,900 |
Cash Acquired from Acquisition | $1,600 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years 0 months 0 days |
Goodwill_and_Other_Identifiabl2
Goodwill and Other Identifiable Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | $78,021 | $61,342 |
Goodwill, Acquired During Period | 18,254 | |
Foreign currency translation | -2,164 | -1,575 |
Goodwill, Ending | 75,857 | 78,021 |
Architectural Glass | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 26,628 | 27,002 |
Goodwill, Acquired During Period | 0 | |
Foreign currency translation | -273 | -374 |
Goodwill, Ending | 26,355 | 26,628 |
Architectural Services | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 1,120 | 1,120 |
Goodwill, Acquired During Period | 0 | |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | 1,120 | 1,120 |
Architectural Framing Systems | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 39,716 | 22,663 |
Goodwill, Acquired During Period | 18,254 | |
Foreign currency translation | -1,891 | -1,201 |
Goodwill, Ending | 37,825 | 39,716 |
Large-Scale Optical | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 10,557 | 10,557 |
Goodwill, Acquired During Period | 0 | |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | $10,557 | $10,557 |
Goodwill_and_Other_Identifiabl3
Goodwill and Other Identifiable Intangible Assets (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | $44,310 | $45,648 |
Accumulated Amortization | -23,776 | -21,855 |
Foreign Currency Translation | -1,493 | -1,363 |
Net | 19,041 | 22,430 |
Intangible Assets Gross Excluding Goodwill | 49,078 | 50,752 |
Intangible Assets Accumulated Amortization | -23,776 | -21,855 |
Intangible Assets Foreign Currency Translation | -2,022 | -1,699 |
Intangible Assets, Net (Excluding Goodwill) | 23,280 | 27,198 |
Debt issue costs | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 3,668 | 3,453 |
Accumulated Amortization | -2,560 | -2,370 |
Foreign Currency Translation | 0 | 0 |
Net | 1,108 | 1,083 |
Non-compete agreements | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 6,690 | 6,767 |
Accumulated Amortization | -6,364 | -6,266 |
Foreign Currency Translation | -10 | -35 |
Net | 316 | 466 |
Customer relationships | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 25,677 | 26,862 |
Accumulated Amortization | -11,932 | -10,673 |
Foreign Currency Translation | -1,315 | -1,077 |
Net | 12,430 | 15,112 |
Trademarks [Member] | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 8,275 | 8,566 |
Accumulated Amortization | -2,920 | -2,546 |
Foreign Currency Translation | -168 | -251 |
Net | 5,187 | 5,769 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 4,768 | 5,104 |
Indefinite-lived Intangible Assets, Translation Adjustments | -529 | -336 |
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments | $4,239 | $4,768 |
Goodwill_and_Other_Identifiabl4
Goodwill and Other Identifiable Intangible Assets (Details 2) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Schedule of estimated future amortization expense for identifiable intangible assets | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $1,757 |
Estimated amortization expense, Fiscal 2017 | 1,594 |
Estimated amortization expense, Fiscal 2018 | 1,563 |
Estimated amortization expense, Fiscal 2019 | 1,513 |
Estimated amortization expense, Fiscal 2020 | $1,430 |
Goodwill_and_Other_Identifiabl5
Goodwill and Other Identifiable Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Impairment Loss | $0 | ||
Amortization of Intangible Assets | $2,100 | $1,900 | $2,600 |
Debt_Details_Textual
Debt (Details Textual) | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | Feb. 28, 2015 | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 |
USD ($) | USD ($) | USD ($) | Letter of Credit [Member] | Borrowings under revolving credit agreement | Borrowings under revolving credit agreement | Line of Credit [Member] | Line of Credit [Member] | Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | Industrial Revenue Bonds [Member] | Other debt obligations | Maximum | |
USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Debt (Textual) [Abstract] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $125,000 | $40,000 | $125,000 | 4,000 | |||||||||
Line of Credit Facility Maximum Capacity under Previous Facility | 50,000 | 100,000 | |||||||||||
Debt to Ebitda Ratio | 0.22 | 3 | |||||||||||
Revolving credit facility expiration date | 17-Dec-19 | ||||||||||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | 0 | ||||||||||
Amount of available commitment | 101,500 | 76,500 | |||||||||||
Minimum net worth required | 318,800 | ||||||||||||
Net Worth | 382,500 | ||||||||||||
Debt | 20,631 | 20,708 | 0 | 0 | 20,631 | 20,708 | 20,400 | 200 | |||||
Current portion long-term debt | 44 | 49 | |||||||||||
Interest payments | $800 | $700 | $1,000 |
Debt_Debt_Schedule_of_Longterm
Debt Debt (Schedule of Long-term Debt) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $20,631 | $20,708 |
Less current installments | -44 | -49 |
Net long-term debt | 20,587 | 20,659 |
Borrowings under revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 0 | 0 |
Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $20,631 | $20,708 |
Interest rate | 0.20% | 0.30% |
Debt_Debt_Schedule_of_Debt_Mat
Debt Debt (Schedule of Debt Maturities) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2016 | $44 | |
2017 | 44 | |
2018 | 44 | |
2019 | 44 | |
2020 | 44 | |
Thereafter | 20,411 | |
Total long-term debt | $20,631 | $20,708 |
Debt_Debt_Schedule_of_Selected
Debt Debt (Schedule of Selected Information Related to Long Term Debt) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Debt Disclosure [Abstract] | ||
Average daily borrowings during the year | $21,260 | $21,800 |
Maximum borrowings outstanding during the year | $22,600 | $30,820 |
Weighted average interest rate during the year | 0.30% | 0.30% |
Debt_Debt_Schedule_of_Interest
Debt Debt (Schedule of Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Debt Disclosure [Abstract] | |||
Interest on debt | $581 | $895 | $895 |
Other interest expense | 343 | 364 | 599 |
Interest expense | $924 | $1,259 | $1,494 |
Other_NonCurrent_Liabilities_D
Other Non-Current Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $11,186 | $9,206 |
Deferred Compensation Liability, Classified, Noncurrent | 4,052 | 3,317 |
Gross proceeds from new markets tax credits | 10,741 | 10,741 |
Deferred gain under sale and leaseback transactions | 1,818 | 2,621 |
Other Accrued Liabilities, Noncurrent | 10,855 | 8,735 |
Other Liabilities, Noncurrent | $38,652 | $34,620 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Changes in Plan Assets, Changes in Projected Benefit Obligation, and Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Change in benefit obligation | |||
Benefit obligation beginning of period | $14,274 | $14,869 | |
Interest cost | 550 | 538 | 570 |
Actuarial loss (gain) | 2,424 | -113 | |
Benefits paid | -995 | -1,020 | |
Benefit obligation at measurement date | 16,253 | 14,274 | 14,869 |
Change in plan assets | |||
Fair value of plan assets beginning of period | 4,430 | 4,709 | |
Actual return on plan assets | 134 | -66 | |
Company contributions | 850 | 807 | |
Fair value of plan assets at measurement date | 4,419 | 4,430 | 4,709 |
Funded status - net amount recognized | ($11,834) | ($9,844) |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Current liabilities | ($648) | ($638) |
Other non-current liabilities | -11,186 | -9,206 |
Total | ($11,834) | ($9,844) |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans Employee Benefit plans (Schedule of Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $6,857 | $4,569 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | ($6,857) | ($4,569) |
Employee_Benefit_Plans_Employe2
Employee Benefit Plans Employee Benefit Plans (Amounts Recognized in Comprehensive Earnings) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss (gain) | $1,458 | ($19) |
Total | $1,458 | ($19) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Components of Defined Benefit Pension Plans Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Components of net periodic benefit cost | |||
Interest cost | $550 | $538 | $570 |
Expected return on assets | -171 | -183 | -177 |
Amortization of unrecognized net loss | 172 | 163 | 211 |
Net periodic benefit cost | $551 | $518 | $604 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 3.60% | 4.00% | 3.75% |
Net periodic pension expense, discount rate | 4.00% | 3.75% | 4.00% |
Net periodic pension expense, Expected return on plan assets | 4.50% | 4.50% | 4.50% |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
Fiscal 2016 | $1,028 |
Fiscal 2017 | 1,027 |
Fiscal 2018 | 1,016 |
Fiscal 2019 | 1,043 |
Fiscal 2020 | 1,030 |
Fiscal 2021-2025 | $4,860 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Facility | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of manufacturing facilities | 2 | ||
Percentage employees are allowed to contribute (up to 60 percent) | 60.00% | ||
Annual company match amount | $4,700 | $4,200 | $3,600 |
Investments in corporate-owned life insurance policies | 4,000 | ||
Mutual funds | 300 | ||
Total contribution to multi-employer union retirement plans | 4,300 | 3,700 | 4,800 |
Estimated amortization from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year | 249 | ||
Discount rate | 3.60% | 4.00% | 3.75% |
Net periodic pension expense, Expected return on plan assets | 4.50% | 4.50% | 4.50% |
Net periodic benefit cost | 551 | 518 | 604 |
Net periodic pension expense, discount rate | 4.00% | 3.75% | 4.00% |
Company contributions | 850 | 807 | |
Expected pension contributions next fiscal year | 993 | ||
Weekly employee contribution to the employee stock purchase plan (up to $500 per week) | 1 | ||
Company percentage match of employee contribution to the employee stock purchase plan | 15.00% | ||
Company match amount to the employee stock purchase plan | 100 | 100 | 100 |
Scenario, Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 679 | ||
Net periodic pension expense, discount rate | 3.60% | ||
Other current and non-current liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | $4,200 | $3,400 | |
First one percent contributed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company matching contribution percentage | 100.00% | ||
Percentage of eligible compensation contributed | 1.00% | ||
Two through six percent | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company matching contribution percentage | 50.00% | ||
Percentage of eligible compensation contributed | 5.00% |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 134 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2008 | Jan. 31, 2008 | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | Feb. 28, 2015 | Feb. 28, 2004 |
Class of Stock [Line Items] | |||||||
Junior preferred stock, shares | 200,000 | 200,000 | |||||
Junior preferred stock par value | $1 | $1 | |||||
Share repurchases, shares | -203,000 | ||||||
Stock Based Compensation Plans | |||||||
Class of Stock [Line Items] | |||||||
Share repurchases, value | $5,200 | 3,600 | 1,500 | ||||
Share Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Number of shares authorized under share repurchase program | 1,500,000 | ||||||
Increase in authorized shares under the share repurchase program | 1,000,000 | 750,000 | |||||
Share repurchases, shares | 203,509 | 0 | 0 | 2,482,632 | |||
Share repurchases, value | $6,900 | $36,500 | |||||
Remaining shares authorized to be repurchased | 767,368 | 767,368 |
Shareholders_Equity_Schedule_o
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss Net of Tax) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ||
Net unrealized gain (loss) on marketable securities | $6 | ($157) |
Foreign currency hedge | 0 | 62 |
Pension liability adjustments | -4,368 | -2,910 |
Foreign currency translation adjustments | -17,958 | -9,955 |
Total accumulated other comprehensive loss | ($22,320) | ($12,960) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | Feb. 28, 2015 | |
Award transactions on stock options | ||||
Outstanding shares awards exercised | -146,000 | -328,000 | -243,000 | |
Award transactions on stock options, Weighted Average Exercise Price | ||||
Weighted average exercise price, Beginning | $13.88 | |||
Weighted average exercise price, Awards exercised | $19.38 | |||
Weighted average exercise price, Awards canceled | $11.86 | |||
Weighted average exercise price, Ending | $11.92 | $13.88 | ||
Weighted average exercise price, Exercisable | $11.92 | |||
Weighted average remaining contractual life, Outstanding | 5 years 4 months 0 days | |||
Weighted average remaining contractual life, Exercisable | 5 years 4 months 0 days | |||
Aggregate intrinsic value, Outstanding | $21,178,150 | |||
Aggregate intrinsic value, Exercisable | $21,178,150 | |||
Options/SARs Outstanding | ||||
Award transactions on stock options | ||||
Outstanding, Beginning | 847,852 | |||
Outstanding shares awards exercised | -223,257 | |||
Outstanding shares awards canceled | -500 | |||
Outstanding, Ending | 624,095 | |||
Outstanding shares exercisable | 624,095 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 12 Months Ended | |
Feb. 28, 2015 | ||
Nonvested share award transactions | ||
Nonvested Number, Beginning | 575,064 | |
Number of shares, Granted | 186,468 | [1] |
Number of shares, Vested | -358,651 | |
Number of shares, Canceled | -2,173 | |
Nonvested Number, Ending | 400,708 | |
Nonvested share award transactions, Wieghted Average Grant Date Fair Value | ||
Weighted average grant date fair value, Beginning | $16.89 | |
Weighted average grant date fair value, Granted | $28.45 | |
Weighted average grant date fair value, Vested | $15.43 | |
Weighted average grant date fair value, Canceled | $32.72 | |
Weighted average grant date fair value, Ending | $23.49 | |
[1] | Includes 40,735 of shares granted and immediately vested for achievement above target for the fiscal 2012-2014 performance period. Nonvested share units of 117,765 (at target) were previously granted in fiscal 2012 for this performance period. |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance shares granted | 40,735 | |||
Term of outstanding options and SARs | 10 years | |||
Share-based Compensation | $4,793 | $4,661 | $4,395 | |
Number of shares, Granted | 186,468 | [1] | ||
Cash proceeds from exercise of stock options | 1,200 | 4,200 | 2,300 | |
Aggregate intrinsic value of securities | 4,600 | 6,200 | 2,500 | |
Tax benefit realized for tax deductions from option exercises | 3,300 | 2,600 | 400 | |
Number of performance share units granted | 117,765 | |||
Total unrecognized compensation cost related to nonvested share | 5,200 | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
Stock options issued (shares) | 0 | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Stock options issued (shares) | 0 | 0 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Weighted average period, Nonvested | 22 months | |||
Total fair value of shares vested | $11,600 | |||
2009 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for issuance | 1,888,000 | |||
2009 Non-Employee Director Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for issuance | 250,000 | |||
2002 Omnibus Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for issuance | 3,400,000 | |||
Minimum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Maximum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
[1] | Includes 40,735 of shares granted and immediately vested for achievement above target for the fiscal 2012-2014 performance period. Nonvested share units of 117,765 (at target) were previously granted in fiscal 2012 for this performance period. |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Operating Loss Carryforwards [Line Items] | |||
Income tax payments, net of refunds | $11,300 | $12,900 | $7,700 |
Income Tax Credits and Adjustments | 6,400 | ||
Tax benefits associated with stock-based incentive plans | 3,300 | 2,600 | 400 |
Unrecognized Tax Benefits | 5,000 | ||
Total liability for unrecognized tax benefits | 4,477 | 5,234 | 6,765 |
Tax benefits that if recognized would decrease the effective tax rate | 2,600 | 2,600 | 3,300 |
Tax benefits that if recognized would result in adjustments to deferred taxes | 1,900 | 1,800 | 2,200 |
Reduction to accrual for penalties and interest | -300 | -500 | -500 |
Reserve for interest and penalties | -500 | -800 | -1,300 |
Decrease in total liability for unrecognized tax benefits due to audit settlements and lapsing of statutes | 700 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 3,600 | ||
Valuation allowance of net operating loss carryforwards | $2,600 |
Income_Taxes_Schedule_of_Earni
Income Taxes (Schedule of Earnings (loss) before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
U.S. | $59,898 | $36,700 | $26,699 |
International | 5,101 | 3,066 | 208 |
Earnings before income taxes | $64,999 | $39,766 | $26,907 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Current: | |||
Federal | $7,328 | $15,711 | $5,036 |
State and local | 1,198 | 1,440 | 169 |
International | 1,790 | 1,437 | 409 |
Total current | 10,316 | 18,588 | 5,614 |
Deferred: | |||
Federal | 4,738 | -4,549 | 2,680 |
State and local | -363 | -378 | 1,015 |
International | -101 | -353 | -138 |
Total deferred | 4,274 | -5,280 | 3,557 |
Total non-current tax benefit | -107 | -1,528 | -1,375 |
Total income tax expense | $14,483 | $11,780 | $7,796 |
Income_Taxes_Income_Tax_Reconc
Income Taxes (Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at statutory rates | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal tax benefit | 1.20% | 0.90% | 0.90% |
Tax credits - research & development | -1.10% | -1.60% | -2.50% |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | -9.90% | 0.00% | 0.00% |
Tax credits - other | -0.10% | -0.20% | -0.40% |
Manufacturing deduction | -2.30% | -3.50% | -2.00% |
Meals and entertainment | 0.40% | 0.60% | 0.90% |
Permanent tax adjustment for officers compensation | 0.10% | 0.10% | 0.00% |
Nondeductible acquisition costs | 0.00% | 0.30% | 0.00% |
Tax-exempt interest | 0.00% | -0.20% | -0.40% |
Tax reserve adjustments - statute expirations and benefits recognized | -0.20% | -2.20% | -3.00% |
Change in valuation allowance | 0.10% | 0.40% | 0.80% |
Other, net | -0.90% | 0.00% | 0.00% |
Income tax expense | 22.30% | 29.60% | 29.30% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Accounts receivable, Current | $1,022 | $900 |
Accounts receivable, Noncurrent | 0 | 0 |
Accrued insurance, Current | 46 | 113 |
Accrued insurance, Noncurrent | 254 | 574 |
Other accruals, Current | 2,826 | 2,680 |
Other accruals, Noncurrent | 958 | 792 |
Deferred compensation, Current | 419 | -1 |
Deferred compensation, Noncurrent | 11,250 | 9,323 |
Goodwill and other intangibles, Current | 21 | 23 |
Goodwill and other intangibles, Noncurrent | -7,994 | -8,624 |
Inventory, Current | 90 | 720 |
Inventory, Noncurrent | -585 | -1,164 |
Depreciation, Current | -853 | -853 |
Depreciation, Noncurrent | -20,544 | -14,413 |
Liability for unrecognized tax benefits, Current | 0 | 0 |
Liability for unrecognized tax benefits, Noncurrent | 2,784 | 2,781 |
Prepaid expenses, Current | -731 | -634 |
Prepaid expenses, Noncurrent | 864 | 595 |
Net operating losses, Current | 0 | 0 |
Net operating losses, Noncurrent | 3,084 | 3,566 |
Valuation allowance on net operating losses, Current | -2,149 | -459 |
Valuation allowance on net operating losses, Noncurrent | -442 | -2,312 |
Other, Current | 668 | 225 |
Other, Noncurrent | -281 | 315 |
Deferred tax assets (liabilities), Current | 1,359 | 2,714 |
Deferred tax assets (liabilities), Noncurrent | ($10,652) | ($8,567) |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $4,431 | $5,516 | $7,125 |
Gross increases in tax positions for prior years | 261 | 44 | 236 |
Gross decreases in tax positions for prior years | -276 | -616 | -1,480 |
Gross increases based on tax positions related to the current year | 508 | 326 | 621 |
Gross decreases based on tax positions related to the current year | -21 | -40 | -56 |
Settlements | -93 | -84 | -682 |
Statute of limitations expiration | -319 | -809 | -248 |
Unrecognized tax benefits acquired in connection with Alumicor | 0 | 94 | 0 |
Gross unrecognized tax benefits at end of year | $4,491 | $4,431 | $5,516 |
Quarterly_Data_Details
Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $246,698 | $244,410 | $231,945 | $210,883 | $214,417 | $199,430 | $178,287 | $179,311 | $933,936 | $771,445 | $700,224 |
Gross profit | 61,132 | 56,653 | 49,321 | 41,438 | 46,943 | 43,388 | 38,535 | 36,386 | 208,544 | 165,252 | 145,733 |
Net earnings | $13,887 | $13,736 | $16,791 | $6,102 | $8,038 | $9,668 | $6,121 | $4,159 | $50,516 | $27,986 | $19,111 |
Earnings per share - basic | |||||||||||
Earnings per share - basic | $0.49 | $0.47 | $0.59 | $0.21 | $0.28 | $0.34 | $0.21 | $0.15 | $1.76 | $0.98 | $0.68 |
Earnings per share - diluted | |||||||||||
Earnings per share - diluted | $0.47 | $0.47 | $0.57 | $0.21 | $0.27 | $0.33 | $0.21 | $0.14 | $1.72 | $0.95 | $0.67 |
Earnings_per_Share_Details
Earnings per Share (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Reconciliation of basic and diluted earnings per share | |||
Basic earnings per share - weighted common shares outstanding | 28,763 | 28,483 | 27,954 |
Weighted average effect of nonvested share grants and assumed exercise of stock options | 611 | 891 | 687 |
Diluted earnings per share - weighted common shares and potential common shares outstanding | 29,374 | 29,374 | 28,641 |
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | 0 | 0 | 538 |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Reportable_Segment | |||
Customer | |||
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 4 | ||
Number of operating segments | 4 | ||
Export net sales | $72,730 | $52,544 | $63,500 |
Number of customers that account for 10% or more of consolidated net sales | 0 | ||
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Marketable securities | 11,000 | 11,500 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Restricted investments | $2,540 | ||
Geographic Concentration Risk | Net export sales | |||
Segment Reporting Information [Line Items] | |||
Export net sales as a percentage of consolidated net sales (percentage) | 8.00% | 7.00% | 9.00% |
Segment_Information_Schedule_o
Segment Information (Schedule of Certain Segment Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | $246,698 | $244,410 | $231,945 | $210,883 | $214,417 | $199,430 | $178,287 | $179,311 | $933,936 | $771,445 | $700,224 | |||||
Operating Income (Loss) | 63,585 | 40,285 | 27,419 | |||||||||||||
Depreciation and Amortization | 29,423 | 26,550 | 26,529 | |||||||||||||
Capital Expenditures | 27,220 | 41,852 | 34,664 | |||||||||||||
Identifiable Assets(1) | 612,057 | [1] | 569,995 | [1] | 612,057 | [1] | 569,995 | [1] | 524,779 | [1] | ||||||
Architectural glass | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 346,471 | 293,810 | 266,456 | |||||||||||||
Operating Income (Loss) | 16,431 | 3,861 | -4,391 | |||||||||||||
Depreciation and Amortization | 12,897 | 11,624 | 12,230 | |||||||||||||
Capital Expenditures | 12,307 | 31,568 | 17,373 | |||||||||||||
Identifiable Assets(1) | 223,525 | [1] | 209,102 | [1] | 223,525 | [1] | 209,102 | [1] | 183,794 | [1] | ||||||
Architectural Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 230,650 | 203,351 | 186,570 | |||||||||||||
Operating Income (Loss) | 7,442 | 4,479 | -1,008 | |||||||||||||
Depreciation and Amortization | 1,375 | 1,421 | 844 | |||||||||||||
Capital Expenditures | 595 | 1,195 | 3,939 | |||||||||||||
Identifiable Assets(1) | 68,930 | [1] | 66,567 | [1] | 68,930 | [1] | 66,567 | [1] | 54,696 | [1] | ||||||
Architectural framing systems | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 298,395 | 216,059 | 191,137 | |||||||||||||
Operating Income (Loss) | 21,808 | 14,930 | 14,584 | |||||||||||||
Depreciation and Amortization | 8,001 | 6,436 | 6,477 | |||||||||||||
Capital Expenditures | 9,238 | 7,008 | 8,151 | |||||||||||||
Identifiable Assets(1) | 190,106 | [1] | 186,520 | [1] | 190,106 | [1] | 186,520 | [1] | 113,943 | [1] | ||||||
Large-scale optical | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 87,693 | 81,127 | 79,947 | |||||||||||||
Operating Income (Loss) | 21,954 | 21,252 | 20,993 | |||||||||||||
Depreciation and Amortization | 4,817 | 4,861 | 4,634 | |||||||||||||
Capital Expenditures | 3,500 | 546 | 2,792 | |||||||||||||
Identifiable Assets(1) | 60,356 | [1] | 58,102 | [1] | 60,356 | [1] | 58,102 | [1] | 59,348 | [1] | ||||||
Intersegment elimination | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | -29,273 | -22,902 | -23,886 | |||||||||||||
Corporate and other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Income (Loss) | -4,050 | -4,237 | -2,759 | |||||||||||||
Depreciation and Amortization | 2,333 | 2,208 | 2,344 | |||||||||||||
Capital Expenditures | 1,580 | 1,535 | 2,409 | |||||||||||||
Identifiable Assets(1) | $69,140 | [1] | $49,704 | [1] | $69,140 | [1] | $49,704 | [1] | $112,998 | [1] | ||||||
[1] | During the fourth quarter of fiscal 2015, the Company changed its method of accounting for those inventories which were accounted for under the LIFO method to the FIFO method. See Note 1 for discussion of this accounting change and its related impact. |
Segment_Information_Schedule_o1
Segment Information (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $246,698 | $244,410 | $231,945 | $210,883 | $214,417 | $199,430 | $178,287 | $179,311 | $933,936 | $771,445 | $700,224 |
Long-Lived Assets | 193,540 | 193,946 | 193,540 | 193,946 | 168,948 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 847,887 | 718,881 | 668,243 | ||||||||
Long-Lived Assets | 178,048 | 177,378 | 178,048 | 177,378 | 160,337 | ||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 50,807 | 15,850 | 0 | ||||||||
Long-Lived Assets | 8,214 | 9,031 | 8,214 | 9,031 | 0 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 35,242 | 36,714 | 31,981 | ||||||||
Long-Lived Assets | $7,278 | $7,537 | $7,278 | $7,537 | $8,611 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Future minimum rental payments under noncancelable operating leases | |
Total minimum payments, Fiscal 2016 | $9,341 |
Total minimum payments, Fiscal 2017 | 7,423 |
Total minimum payments, Fiscal 2018 | 6,609 |
Total minimum payments, Fiscal 2019 | 5,932 |
Total minimum payments, Fiscal 2020 | 4,675 |
Total minimum payments, Thereafter | 3,658 |
Total | $37,638 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Guarantees and warranties | ||
Balance at beginning of period | $11,978 | $8,323 |
Additional accruals | 6,482 | 6,680 |
Claims paid | -7,185 | -3,025 |
Balance at end of period | $11,275 | $11,978 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 |
Sale_And_Leaseback_Agreement | |||
Long-term Purchase Commitment [Line Items] | |||
Total rental expense | $18,700 | $15,400 | $13,000 |
Number of sale and leaseback agreements | 1 | ||
Deferred gain under sale and leaseback transactions | 1,818 | 2,621 | |
Average annual lease payment | 1,000 | ||
Company's backlog bonded by performance bonds | 76,900 | ||
Face value of performance bonds | 274,000 | ||
Total value of letter of credit | 23,500 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | ||
Purchase obligations | 158,900 | ||
Proceeds from new markets tax credit transaction, net of deferred costs | 7,800 | ||
Gross proceeds from new markets tax credits | 10,741 | 10,741 | |
Deferred Costs | 3,300 | ||
Other current and non-current liabilities | |||
Long-term Purchase Commitment [Line Items] | |||
Deferred gain under sale and leaseback transactions | $2,800 |
Schedule_Valuation_and_Qualify1
Schedule - Valuation and Qualifying Accounts (Details) (Allowances for doubtful receivables, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | |||
Allowances for doubtful receivables | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $2,934 | $2,493 | $3,109 | |||
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 0 | 832 | 0 | |||
Charged to Costs and Expenses | 1,322 | 408 | -194 | |||
Deductions from Reserves | 969 | [1] | 721 | [1] | 383 | [1] |
Other changes add (deduct) | -45 | [2] | -78 | [2] | -39 | [2] |
Balance at End of Period | $3,242 | $2,934 | $2,493 | |||
[1] | Net of recoveries | |||||
[2] | Result of foreign currency effects |