Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 27, 2016 | Apr. 25, 2016 | Aug. 29, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | APOGEE ENTERPRISES, INC. | ||
Trading Symbol | APOG | ||
Entity Central Index Key | 6,845 | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 27, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --02-27 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,686,035 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,486 | ||
Preferred Stock, Redemption Price Per Share | $ 50.82 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Current assets | ||
Cash and cash equivalents | $ 60,470 | $ 52,185 |
Short-term available for sale securities | 30,173 | 327 |
Receivables, net of allowance for doubtful accounts | 172,832 | 171,623 |
Inventories | 63,386 | 61,408 |
Refundable income taxes | 0 | 5,115 |
Deferred tax assets | 1,820 | 1,359 |
Other current assets | 8,112 | 6,958 |
Total current assets | 336,793 | 298,975 |
Property, plant and equipment, net | 202,462 | 193,540 |
Available for sale securities | 12,519 | 10,655 |
Goodwill | 73,996 | 75,857 |
Intangible assets | 19,862 | 23,280 |
Other non-current assets | 11,808 | 9,750 |
Total assets | 657,440 | 612,057 |
Current liabilities | ||
Accounts payable | 64,762 | 56,516 |
Accrued payroll and related benefits | 39,946 | 36,620 |
Accrued self-insurance reserves | 7,818 | 8,058 |
Other current liabilities | 29,339 | 25,601 |
Billings in excess of costs and earnings on uncompleted contracts | 31,890 | 22,233 |
Accrued income taxes | 3,626 | 0 |
Total current liabilities | 177,381 | 149,028 |
Long-term debt | 20,400 | 20,587 |
Unrecognized tax benefits | 4,441 | 4,477 |
Long-term self-insurance reserves | 7,137 | 6,185 |
Deferred tax liabilities | 4,972 | 10,652 |
Other non-current liabilities | $ 36,914 | $ 38,652 |
Commitments and contingent liabilities (Note 10) | ||
Shareholders’ equity | ||
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 28,683,948 and 29,049,531 shares, respectively | $ 9,561 | $ 9,683 |
Additional paid-in capital | 145,528 | 138,575 |
Retained earnings | 282,477 | 256,538 |
Common stock held in trust | (837) | (801) |
Deferred compensation obligations | 837 | 801 |
Accumulated other comprehensive loss | (31,371) | (22,320) |
Total shareholders’ equity | 406,195 | 382,476 |
Total liabilities and shareholders’ equity | $ 657,440 | $ 612,057 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 27, 2016 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.3333 | $ 0.3333 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 28,683,948 | 29,049,531 |
Common stock, shares outstanding | 28,683,948 | 29,049,531 |
Consolidated Results of Operati
Consolidated Results of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 981,189 | $ 933,936 | $ 771,445 |
Cost of sales | 737,619 | 725,392 | 606,193 |
Gross profit | 243,570 | 208,544 | 165,252 |
Selling, general and administrative expenses | 146,177 | 144,959 | 124,967 |
Operating income | 97,393 | 63,585 | 40,285 |
Interest income | 981 | 954 | 827 |
Interest expense | 593 | 924 | 1,259 |
Other (expense) income, net | (457) | 1,384 | (87) |
Earnings before income taxes | 97,324 | 64,999 | 39,766 |
Income tax expense | 31,982 | 14,483 | 11,780 |
Net earnings | $ 65,342 | $ 50,516 | $ 27,986 |
Earnings per share - basic | $ 2.25 | $ 1.76 | $ 0.98 |
Earnings per share - diluted | $ 2.22 | $ 1.72 | $ 0.95 |
Weighted average basic shares outstanding | 29,058 | 28,763 | 28,483 |
Weighted average diluted shares outstanding | 29,375 | 29,374 | 29,374 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 65,342 | $ 50,516 | $ 27,986 |
Other comprehensive (loss) earnings: | |||
Unrealized gain (loss) on marketable securities, net of $38, $88 and $(46) of tax expense (benefit), respectively | 73 | 163 | (83) |
Unrealized (loss) gain on foreign currency hedge, net of $-, $(36) and $183 of tax (benefit) expense, respectively | 0 | (62) | 320 |
Unrealized gain (loss) on pension obligation, net of $347, $(830) and $10 of tax expense (benefit), respectively | 610 | (1,458) | 19 |
Foreign currency translation adjustments | (9,734) | (8,003) | (6,135) |
Other comprehensive loss | (9,051) | (9,360) | (5,879) |
Total comprehensive earnings | $ 56,291 | $ 41,156 | $ 22,107 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $ 38 | $ 88 | $ (46) |
Unrealized gain (loss) on foreign currency hedge, tax | 0 | (36) | 183 |
Unrealized gain (loss) on pension obligation, tax | $ 347 | $ (830) | $ 10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Operating Activities | |||
Net earnings | $ 65,342 | $ 50,516 | $ 27,986 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 31,248 | 29,423 | 26,550 |
Share-based compensation | 4,923 | 4,793 | 4,661 |
Deferred income taxes | (6,139) | 4,274 | (5,280) |
Excess tax benefits from share-based compensation | (4,992) | (3,236) | (2,725) |
Gain on disposal of assets | (198) | (933) | (1,629) |
Proceeds from new markets tax credit transaction, net of deferred costs | 0 | 0 | 7,471 |
Other, net | 1,017 | 229 | 51 |
Changes in operating assets and liabilities: | |||
Receivables | (2,918) | (18,588) | (19,229) |
Inventories | (2,798) | (8,660) | (6,130) |
Accounts payable and accrued expenses | 17,265 | 12,871 | 18,282 |
Billings in excess of costs and earnings on uncompleted contracts | 9,657 | (324) | 1,202 |
Refundable and accrued income taxes | 12,589 | (1,091) | 3,449 |
Other, net | (1,045) | (711) | (1,738) |
Net cash provided by operating activities | 123,951 | 68,563 | 52,921 |
Investing Activities | |||
Capital expenditures | (42,037) | (27,220) | (41,852) |
Purchases of marketable securities | (35,814) | (6,142) | (14,562) |
Sales/maturities of marketable securities | 4,047 | 6,946 | 41,020 |
Acquisition of businesses and intangibles, net of cash acquired | 0 | 0 | (53,301) |
Purchases of restricted investments | 0 | 0 | (36,200) |
Sales/maturities of restricted investments | 0 | 2,532 | 60,115 |
Other, net | (4,052) | (591) | 806 |
Net cash used in investing activities | (77,856) | (24,475) | (43,974) |
Financing Activities | |||
Payments on debt, net | (56) | (139) | (10,247) |
Shares withheld for taxes, net of stock issued to employees | (3,254) | (3,905) | 710 |
Excess tax benefits from share-based compensation | 4,992 | 3,236 | 2,725 |
Repurchase and retirement of common stock | (24,911) | (6,894) | 0 |
Dividends paid | (13,184) | (12,071) | (10,764) |
Net cash used in financing activities | (36,413) | (19,773) | (17,576) |
Increase (decrease) in cash and cash equivalents | 9,682 | 24,315 | (8,629) |
Effect of exchange rates on cash | (1,397) | (595) | (673) |
Cash and cash equivalents at beginning of year | 52,185 | 28,465 | 37,767 |
Cash and cash equivalents at end of period | 60,470 | 52,185 | 28,465 |
Noncash Activity | |||
Capital expenditures in accounts payable | $ 2,737 | $ 2,656 | $ 761 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Common Stock Held in Trust | Deferred Compensation Obligation | Accumulated Other Comprehensive (Loss) Income |
Balance at Mar. 02, 2013 | $ 9,505 | $ 119,759 | $ 214,609 | $ (761) | $ 761 | $ (7,081) | |
Balance, shares at Mar. 02, 2013 | 28,514 | ||||||
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) | 0 | (6,135) | ||||
Issuance of stock, net of cancellations | 82 | (54) | 17 | (30) | 30 | ||
Issuance of stock, net of cancellations, shares | 245 | ||||||
Share-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 | ||||||
Other share retirements | (43) | (544) | (3,007) | ||||
Other share retirements, shares | (129) | ||||||
Cash dividends | (10,764) | ||||||
Balance at Mar. 01, 2014 | 9,653 | 130,570 | 228,841 | (791) | 791 | (12,960) | |
Balance, shares at Mar. 01, 2014 | 28,958 | ||||||
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) | 0 | 0 | 0 | 0 | 0 | (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 | ||||||
Share-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 | ||||||
Share repurchases | 68 | 965 | 5,861 | ||||
Share repurchases, shares | 203 | ||||||
Other share retirements | (52) | (259) | (4,915) | ||||
Other share retirements, shares | (155) | ||||||
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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 65,342 | 65,342 | |||||
Unrealized gain (loss) on marketable securities, net of tax | 73 | 73 | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | 0 | ||||||
Unrealized gain (loss) on pension obligation, net of tax | 610 | 610 | |||||
Foreign currency translation adjustments | $ (9,734) | (9,734) | |||||
Issuance of stock, net of cancellations | 34 | 114 | (36) | 36 | |||
Issuance of stock, net of cancellations, shares | 102 | ||||||
Share-based compensation | 4,923 | ||||||
Tax benefit (deficit) associated with stock plans | 3,856 | ||||||
Exercise of stock options | 67 | 1,539 | |||||
Exercise of stock options, shares | 200 | ||||||
Share repurchases | 192 | 2,996 | 21,723 | 0 | 0 | 0 | |
Share repurchases, shares | 575 | ||||||
Other share retirements | (31) | (483) | (4,496) | ||||
Other share retirements, shares | (93) | ||||||
Cash dividends | (13,184) | ||||||
Balance at Feb. 27, 2016 | $ 406,195 | $ 9,561 | $ 145,528 | $ 282,477 | $ (837) | $ 837 | $ (31,371) |
Balance, shares at Feb. 27, 2016 | 28,684 |
Consolidated Statements Of Sha9
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $ 38 | $ 88 | $ (46) |
Unrealized gain (loss) on foreign currency hedge, tax | 0 | (36) | 183 |
Unrealized gain (loss) on pension obligation, tax | $ 347 | $ (830) | $ 10 |
Cash dividends per share | $ 0.455 | $ 0.41 | $ 0.37 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Related Data | 12 Months Ended |
Feb. 27, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Related Data | Summary of Significant Accounting Policies and Related Data Basis of Consolidation. The consolidated financial statements include the balances of Apogee Enterprises, Inc. and its subsidiaries (Apogee, the Company or we) after elimination of intercompany balances and transactions. We consolidate variable interest entities where it has been determined that the Company is the primary beneficiary of those entities' operations. Fiscal Year. Our fiscal year ends on the Saturday closest to the last day of February, or as determined by the Board of Directors. Fiscal 2016 , 2015 and 2014 each consisted of 52 weeks. Our Brazilian subsidiary follows a calendar year-end and is consolidated on a two -month lag. Accounting Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Cash Equivalents. Highly liquid investments with an original maturity of three months or less are included in cash equivalents and are stated at cost, which approximates fair value. 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. 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 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. We evaluate goodwill for impairment annually at our year-end, or more frequently if impairment indicators exist. Step one of the process compares the fair value of each of our reporting units to carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill impairment is not indicated. We have seven business units which each represent a reporting unit for the goodwill impairment analysis. Based on our analysis, the estimated fair value of each reporting unit exceeded its carrying value and, therefore, goodwill impairment was not indicated. In all periods presented, we have followed a consistent discounted cash flow methodology in order to evaluate goodwill for impairment. Intangible assets with defined useful lives are amortized based on estimated useful lives ranging from three to 20 years. The remaining useful lives of all intangible assets are reviewed annually, and we have determined that the remaining lives were appropriate. Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If impairment indicators are present and the estimated undiscounted future cash flows are less than the carrying value of the assets, the carrying values would be reduced to the estimated fair value. Fair value is measured using discounted cash flows or independent opinions of value, as appropriate. Self-Insurance. We obtain commercial insurance for potential losses for general liability, employment practices, workers' compensation, automobile liability, architect's and engineer's errors and omissions risk, product rework and other miscellaneous coverages. A substantial portion of this risk is retained on a self-insured basis through our wholly-owned insurance subsidiary. We establish a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections. Reserves are classified within accrued or long-term self-insurance reserves based on expectations of when the estimated loss will be paid. Additionally, we maintain a self-insurance reserve for health insurance programs offered to eligible employees, included within accrued self-insurance reserves. The reserve includes an estimate for losses on reported claims as well as for amounts incurred but not yet reported, based on historical trends. Warranty. We are subject to claims associated with our products and services, principally as a result of disputes with our customers involving the performance or aesthetics of our architectural products and services. We reserve estimated exposures on known claims, as well as on a portion of anticipated claims for product warranty and rework costs based on historical product liability claims as a ratio of sales. Our warranty reserves are included in other current and non-current liabilities based on the estimated timing of dispute resolution. Environmental Liability. We recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated based upon estimates by specialists and applicable 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. The reserve for environmental liabilities is included in other current and non-current liabilities in the consolidated balance sheets. Foreign Currency. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is local currency. Assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items are translated using average monthly exchange rates. Translation adjustments are included in accumulated other comprehensive loss in the consolidated balance sheets. Revenue Recognition. We recognize revenue when title has transferred, except within our Architectural Services segment, which enters into fixed-price installation 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. We compare the total costs incurred to date to the total estimated costs for the contract, and record that proportion of the total contract revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe utilizing the cost-to-cost method for revenue recognition provides the greatest degree of accuracy in measuring revenue throughout the contract period. 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 upon customer approval. Approximately 25 percent of our consolidated net sales in fiscal 2016 and 2015 , and 26 percent in 2014 , were recorded on a percentage-of-completion basis. 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 revenue. Costs incurred by the Company for shipping and handling are reported as cost of sales. Research and Development. Research and development costs are expensed as incurred within selling, general and administrative expenses, and were $8.0 million , $6.5 million and $7.8 million for fiscal 2016 , 2015 and 2014 , respectively. Of these amounts, $2.4 million , $2.4 million and $2.1 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 costs are expensed as incurred and were $1.2 million in fiscal 2016 , $1.1 million in fiscal 2015 , and $1.2 million in fiscal 2014 , and they are included in selling, general and administrative expenses. Income Taxes. The Company recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. See Note 13 for additional information regarding income taxes. Subsequent Events. 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. New Accounting Standards . In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016. We are currently evaluating the impact this standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which provides for a comprehensive change to lease accounting. The new standard requires that a lessee recognize a lease obligation liability and a right to use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. We are currently evaluating the impact this standard will have on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which requires all deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent on the balance sheet. The new standard is effective for fiscal years beginning after December 15, 2016, and may be applied prospectively or retrospectively, with early adoption permitted. We plan to adopt this standard in the first quarter of our fiscal 2017 and do not expect this to have a significant impact on our consolidated balance sheet. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new standard, 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, 2017, Apogee's fiscal 2019. We are currently evaluating the impact this standard will have on our consolidated financial statements. |
Working Capital
Working Capital | 12 Months Ended |
Feb. 27, 2016 | |
Working Capital [Abstract] | |
Working Capital | Working Capital Receivables (In thousands) 2016 2015 Trade accounts $ 102,627 $ 111,494 Construction contracts 41,631 33,582 Contract retainage 28,249 24,547 Other receivables 2,822 5,242 Total receivables 175,329 174,865 Less allowance for doubtful accounts (2,497 ) (3,242 ) Net receivables $ 172,832 $ 171,623 Inventories (In thousands) 2016 2015 Raw materials $ 21,404 $ 19,761 Work-in-process 9,958 14,385 Finished goods 25,486 23,076 Costs and earnings in excess of billings on uncompleted contracts 6,538 4,186 Total inventories $ 63,386 $ 61,408 Other Current Liabilities (In thousands) 2016 2015 Warranties $ 14,666 $ 10,022 Taxes, other than income taxes 5,058 5,203 Unearned revenue 533 1,266 Volume discounts 837 1,145 Current portion of deferred gain on sale leaseback 507 1,015 Current portion of long-term compensation plans 840 841 Other 6,898 6,109 Total other current liabilities $ 29,339 $ 25,601 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Feb. 27, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities We hold the following marketable securities, all classified as available for sale: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value February 27, 2016 Mutual fund $ 30,178 $ — $ (55 ) $ 30,123 Municipal bonds 12,393 285 (109 ) 12,569 Total marketable securities $ 42,571 $ 285 $ (164 ) $ 42,692 February 28, 2015 Municipal bonds $ 10,973 $ 127 $ (118 ) $ 10,982 Total marketable securities $ 10,973 $ 127 $ (118 ) $ 10,982 We are invested in a mutual fund holding short-term government securities as a means of deploying excess cash generated from operations while preserving liquidity. We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds our municipal bonds. Prism insures a portion of our general liability, workers' compensation 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. We test for other-than-temporary losses on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We consider the unrealized losses indicated above to be temporary in nature. We intend to hold our investments until the full principal amount can be recovered, and we have the ability to do so based on other sources of liquidity. The following table presents the length of time that our securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of February 27, 2016 : Less Than 12 Months Greater Than or Equal to 12 Months Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipal bonds $ — $ — $ 1,345 $ (109 ) $ 1,345 $ (109 ) The amortized cost and estimated fair values of our municipal bonds at February 27, 2016 , 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 penalty. (In thousands) Amortized Cost Estimated Market Value Due within one year $ 50 $ 50 Due after one year through five years 3,853 3,903 Due after five years through 10 years 7,198 7,428 Due after 10 years through 15 years 1,292 1,188 Total $ 12,393 $ 12,569 Gross realized gains and losses were insignificant for all periods presented and are included in other income (expense), net in our consolidated results of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 27, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). We do not have any Level 3 assets or liabilities. Financial assets and liabilities measured at fair value are summarized below: (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value February 27, 2016 Cash equivalents Money market funds $ 23,199 $ — $ 23,199 Commercial paper — 29,774 29,774 Total cash equivalents 23,199 29,774 52,973 Short-term securities Mutual fund 30,123 — 30,123 Municipal bonds — 50 50 Total short-term securities 30,123 50 30,173 Long-term securities Municipal bonds — $ 12,519 12,519 Total assets at fair value $ 53,322 $ 42,343 $ 95,665 (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value February 28, 2015 Cash equivalents Money market funds $ 34,386 $ — $ 34,386 Short-term securities Municipal bonds — 327 327 Long-term securities Mutual funds 305 — 305 Municipal bonds — 10,655 10,655 Total assets at fair value $ 34,691 $ 10,982 $ 45,673 Cash equivalents Fair value of money market funds was determined based on quoted prices for identical assets in active markets. Commercial paper was measured at fair value using inputs based on quoted prices for similar securities in active markets. Short- and long-term securities Mutual funds were measured at fair value based on quoted prices for identical assets in active markets. Municipal bonds were measured at fair value based on market prices from recent trades of similar securities and are classified as short-term or long-term based on maturity date. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Feb. 27, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (In thousands) 2016 2015 Land $ 8,827 $ 9,054 Buildings and improvements 149,685 142,833 Machinery and equipment 296,388 279,172 Office equipment and furniture 48,805 49,849 Construction in progress 18,384 11,695 Total property, plant and equipment 522,089 492,603 Less accumulated depreciation (319,627 ) (299,063 ) Net property, plant and equipment $ 202,462 $ 193,540 Depreciation expense was $29.8 million , $27.5 million and $24.8 million in fiscal 2016 , 2015 and 2014 , respectively. |
Goodwill and Other Identifiable
Goodwill and Other Identifiable Intangible Assets | 12 Months Ended |
Feb. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill attributable to each reporting segment is as follows: (In thousands) Architectural Glass Architectural Services Architectural Framing Systems Large-Scale Optical Total 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 Foreign currency translation (716 ) — (1,145 ) — (1,861 ) Balance at February 27, 2016 $ 25,639 1,120 36,680 $ 10,557 $ 73,996 No goodwill impairment has been recorded in fiscal 2016, 2015 or 2014. The following tables provide the gross carrying amount of other intangible assets and related accumulated amortization: February 27, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Net Definite-lived intangible assets: Debt issue costs $ 3,677 $ (2,758 ) $ — $ 919 Non-compete agreements 6,673 (6,419 ) (16 ) 238 Customer relationships 24,174 (12,737 ) (1,162 ) 10,275 Trademarks and other intangibles 8,213 (3,271 ) (431 ) 4,511 Total definite-lived intangible assets $ 42,737 $ (25,185 ) $ (1,609 ) $ 15,943 Indefinite-lived intangible assets: Trademarks $ 4,239 $ — $ (320 ) $ 3,919 Total intangible assets $ 46,976 $ (25,185 ) $ (1,929 ) $ 19,862 February 28, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Net 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 Amortization expense on definite-lived intangible assets was $1.6 million , $2.1 million and $1.9 million in fiscal 2016 , 2015 and 2014 , respectively. 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. Estimated future amortization expense for definite-lived intangible assets is as follows: (In thousands) 2017 2018 2019 2020 2021 Estimated amortization expense $ 1,589 $ 1,525 $ 1,465 $ 1,354 $ 1,168 |
Debt
Debt | 12 Months Ended |
Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of $20.4 million of industrial revenue bonds, which mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximates carrying value at February 27, 2016 , due to the variable interest rates on these instruments. The bonds would be considered classified as Level 2 within the fair value hierarchy described in Note 4. We maintain a $125.0 million committed revolving credit facility that expires in December 2019 . No borrowings were outstanding under the credit facility as of February 27, 2016 or February 28, 2015 . At February 27, 2016 , the Company was in compliance with all financial covenants as provided below: Debt covenant financial ratios Maximum Company's ratio Debt-to-EBITDA ratio 3.00 0.16 Minimum Company's net worth Net worth calculation (in millions) $ 356.7 406.2 Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. If the Company is not in compliance with either of these covenants, our credit facility may be terminated and/or any amounts then outstanding may be declared immediately due and payable. We have the ability to issue letters of credit of up to $40.0 million under this credit facility, the outstanding amounts of which decrease the available commitment. At both February 27, 2016 and February 28, 2015 , $101.5 million was available under this credit facility. We also maintain a $4.0 million Canadian dollar revolving demand facility available to our Canadian operation. No borrowings were outstanding under the facility as of February 27, 2016 or February 28, 2015 . Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreement for the demand facility. Debt maturities and other selected information are as follows: (In thousands) 2017 2018 2019 2020 2021 Thereafter Total Maturities $— $— $— $— $5,400 $15,000 $ 20,400 (In thousands, except percentages) 2016 2015 Average daily borrowings during the year $ 21,730 $ 21,260 Maximum borrowings outstanding during the year 22,480 22,600 Weighted average interest rate during the year 0.29 % 0.30 % (In thousands) 2016 2015 2014 Interest on debt $ 544 $ 581 $ 895 Other interest expense 49 343 364 Interest expense $ 593 $ 924 $ 1,259 Interest payments were $0.5 million in fiscal 2016 , $0.8 million in fiscal 2015 and $0.7 million in fiscal 2014 . |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Feb. 27, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other Non-Current Liabilities (In thousands) February 27, 2016 February 28, 2015 Retirement plan obligations $ 9,992 $ 11,186 Deferred benefit from New Markets Tax Credit 10,741 10,741 Deferred compensation plan 4,814 4,052 Deferred gain on sale leaseback arrangements 1,818 1,818 Other 9,549 10,855 Total other non-current liabilities $ 36,914 $ 38,652 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 27, 2016 | |
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 eligible earnings to the 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 $5.4 million in fiscal 2016 , $4.7 million in fiscal 2015 and $4.2 million in fiscal 2014 . Deferred Compensation Plan The Company maintains a plan that allows participants to defer compensation. The deferred compensation liability was $5.0 million and $4.2 million at February 27, 2016 and February 28, 2015 , respectively. The Company has investments in corporate-owned life insurance policies (COLI) of $4.8 million and mutual funds of $0.3 million with the intention of utilizing them as a long-term funding source for this 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. Plans under Collective Bargaining Agreements We contribute to various multi-employer union retirement plans, which provide retirement benefits to the majority of our union employees; none of the plans are considered significant. The total contribution to these plans in fiscal 2016 , 2015 and 2014 was $3.6 million , $4.3 million and $3.7 million , respectively. Pension Plan The Company sponsors the Tubelite Inc. Hourly Employees' Pension Plan (Tubelite Plan), a defined-benefit pension plan that was frozen to new entrants in fiscal 2004, with no additional benefits accruing to plan participants after such time. Officers' Supplemental Executive Retirement Plan (SERP) The Company sponsors an unfunded SERP for the benefit of certain executives, a defined-benefit pension plan that was frozen to new entrants in fiscal 2009, with no additional benefits accruing to plan participants after such time. Obligations and Funded Status of Defined-Benefit Pension 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. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end. (In thousands) 2016 2015 Change in projected benefit obligation Benefit obligation beginning of period $ 16,253 $ 14,274 Interest cost 566 550 Actuarial (gain) loss (907 ) 2,424 Benefits paid (1,012 ) (995 ) Benefit obligation at measurement date $ 14,900 $ 16,253 Change in plan assets Fair value of plan assets beginning of period $ 4,419 $ 4,430 Actual return on plan assets (62 ) 134 Company contributions 916 850 Benefits paid (1,012 ) (995 ) Fair value of plan assets at measurement date $ 4,261 $ 4,419 Underfunded status $ (10,639 ) $ (11,834 ) The underfunded status of our plans is recognized in the consolidated balance sheets as: (In thousands) 2016 2015 Current liabilities $ (647 ) $ (648 ) Other non-current liabilities (9,992 ) (11,186 ) Total $ (10,639 ) $ (11,834 ) The following is included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost: (In thousands) 2016 2015 Net actuarial loss $ 5,899 $ 6,857 Accumulated other comprehensive loss $ 5,899 $ 6,857 The amount recognized in comprehensive earnings, net of tax expense, is as follows: (In thousands) 2016 2015 Net actuarial (gain) loss $ (610 ) $ 1,458 Total $ (610 ) $ 1,458 Components of the defined-benefit pension plans' net periodic benefit cost are as follows: (In thousands) 2016 2015 2014 Interest cost $ 566 $ 550 $ 538 Expected return on assets (137 ) (171 ) (183 ) Amortization of unrecognized net loss 249 172 163 Net periodic benefit cost $ 678 $ 551 $ 518 Total net periodic pension benefit cost is expected to be approximately $0.7 million in fiscal 2017 . 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 2017 is $0.2 million , net of tax benefit. Additional Information Assumptions Benefit Obligation Weighted-Average Assumptions 2016 2015 2014 Discount rate 3.85 % 3.60 % 4.00 % Net Periodic Benefit Expense Weighted-Average Assumptions 2016 2015 2014 Discount rate 3.60 % 4.00 % 3.75 % Expected long-term rate of return on assets 2.00 % 4.50 % 4.50 % 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. There are no known or anticipated changes in the discount rate assumption that will have a significant impact on pension expense in fiscal 2017 . Expected return on assets. To develop the expected long-term rate of return on assets, we considered historical long-term rates of return achieved by the plan investments, the plan's investment strategy, and current and projected market conditions. In accordance with its policy, during fiscal 2016, the assets of the Tubelite plan were invested in a short-term bond fund and carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the valuation hierarchy. Prior to this strategy change, the assets were invested in a long-term bond fund. We do not maintain assets intended for the future use of the SERP. Contributions Pension contributions to the plans for each of fiscal 2016 and 2015 totaled $0.9 million , which equaled or exceeded the minimum funding requirement. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: (In thousands) Fiscal 2017 $ 1,017 Fiscal 2018 1,004 Fiscal 2019 1,031 Fiscal 2020 1,016 Fiscal 2021 1,001 Fiscal 2022-2026 4,676 Employee Stock Purchase Plan The Company also sponsors an employee stock purchase plan into which 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 matching 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 2016 , 2015 and 2014 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Feb. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Operating lease commitments. As of February 27, 2016 , the Company was obligated under non-cancelable 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 non-cancelable operating leases are: (In thousands) Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Thereafter Total Total minimum payments $ 8,329 $ 7,773 $ 7,068 $ 5,775 $ 3,319 $ 2,663 $ 34,927 Total rental expense, including operating leases and short-term equipment rentals, was $15.5 million , $18.7 million and $15.4 million in fiscal 2016 , 2015 and 2014 , respectively. At February 27, 2016 , we 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 $2.3 million under the sale and leaseback transaction, which is included in the balance sheet as other current and non-current liabilities. The average annual lease payment over the remaining life of the lease is $1.0 million . Bond commitments. In the ordinary course of business, predominantly in the Company’s Architectural Services segment, the Company is required to provide surety or performance bonds that commit payments to its customers for any non-performance. At February 27, 2016 , $134.5 million of the Company’s backlog was bonded by performance bonds with a face value of $328.6 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 its current portfolio of businesses. Warranties. We accrue 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. A warranty rollforward is provided below: (In thousands) 2016 2015 Balance at beginning of period $ 11,275 $ 11,978 Additional accruals 8,214 6,482 Claims paid (3,149 ) (7,185 ) Balance at end of period $ 16,340 $ 11,275 Letters of credit. At February 27, 2016 , we had ongoing letters of credit related to construction contracts and certain industrial revenue bonds. The total value of letters of credit under which we were obligated as of February 27, 2016 was approximately $23.5 million , all of which have been issued under our credit facility. Our total availability under our $125.0 million credit facility is reduced by borrowings under the credit facility and also by letters of credit issued under the credit facility. Purchase obligations. Purchase obligations for raw material commitments and capital expenditures totaled $245.0 million as of February 27, 2016 . Environmental liability . In fiscal 2008, we acquired one manufacturing facility which has certain historical environmental conditions. We are working to remediate these conditions, which are being conducted without significant disruption to our operations. Our liability for these remediation activities was $1.6 million and $1.8 million at February 27, 2016 and February 28, 2015 , respectively. New Markets Tax Credit transaction. In fiscal 2014, we entered into a transaction with JP Morgan Chase (JPM) related to an investment in plant and equipment within the Architectural Glass segment (the Project) whereby we received $7.8 million of cash from a qualified New Markets Tax Credit transaction (NMTC). The NMTC is intended to induce investment in underserved and impoverished areas of the U.S. 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 entities created under this transaction were determined to be variable-interest entities and have been consolidated. Based on our contractual obligation to deliver tax benefits to JPM, we have included the value of JPM’s contribution in other non-current liabilities within our 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 our 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 general liability, employment practices, workers' compensation 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 27, 2016 | |
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 subsequently increased this authorization by 750,000 shares in fiscal 2008; by 1,000,000 shares in fiscal 2009; and by another 1,000,000 shares in fiscal 2016. The Company repurchased 575,000 shares under the program during fiscal 2016 , for a total cost of $24.9 million . During fiscal 2015, the Company repurchased 203,509 shares under the program, for a total cost of $6.9 million . There were no share repurchases during fiscal 2014 . The Company has repurchased a total of 3,057,632 shares, at a total cost of $61.5 million , since the inception of this program and has remaining authority to repurchase 1,192,368 shares under this program, which has no expiration date. In addition to the shares repurchased according to this repurchase plan, during fiscal 2016 , 2015 and 2014 , the Company also withheld $5.1 million , $5.2 million and $3.6 million , respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or tax obligations related to stock-based compensation, pursuant to terms of board and shareholder-approved compensation plans. Accumulated Other Comprehensive Loss The following summarizes the accumulated other comprehensive loss, net of tax at February 27, 2016 and February 28, 2015 : (In thousands) 2016 2015 Net unrealized gain on marketable securities $ 79 $ 6 Pension liability adjustments (3,758 ) (4,368 ) Foreign currency translation adjustments (27,692 ) (17,958 ) Total accumulated other comprehensive loss $ (31,371 ) $ (22,320 ) |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Feb. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Share-Based Compensation We have a 2009 Stock Incentive Plan and a 2009 Non-Employee Director Stock Incentive Plan (the Plans) which provide for the issuance of 1,888,000 and 350,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans may be in the form of incentive stock options, nonstatutory options or stock-settled stock appreciation rights (SARs) and are granted with an exercise price equal to the fair market value of the Company’s stock at the date of award. We also issue nonvested share awards and nonvested share unit awards under the Plans. Issued SARs vest over a three -year period and options issued to non-employee directors vest at the end of six months, both with a 10 -year term. Nonvested share awards and nonvested share unit awards generally vest over a two , three or four -year period. We had a 2002 Omnibus Stock Incentive Plan, which 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 $4.9 million for fiscal 2016 , $4.8 million for fiscal 2015 and $4.7 million for 2014 . Stock Options and SARs There were no stock options or SARs issued in any fiscal year presented. The following table summarizes activity for the year ended February 27, 2016 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at February 28, 2015 624,095 $ 11.92 Awards exercised (220,381 ) 12.10 Outstanding and exercisable at February 27, 2016 403,714 $ 11.81 4.5 Years $ 11,140,783 Cash proceeds from the exercise of stock options were $1.6 million , $1.2 million and $4.2 million for fiscal 2016 , 2015 and 2014 , respectively. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $7.5 million in fiscal 2016 , $4.6 million in fiscal 2015 and $6.2 million in fiscal 2014 . The tax benefit realized for tax deductions from option exercises totaled $3.9 million , $3.3 million and $2.6 million for fiscal 2016 , 2015 and 2014 , respectively. Nonvested Share Awards and Units The following table summarizes nonvested share activity for fiscal 2016 : Number of Shares and Units Weighted Average Grant Date Fair Value February 28, 2015 400,708 $ 23.49 Granted 118,563 52.80 Vested (237,457 ) 21.49 Canceled (6,357 ) 38.94 February 27, 2016 275,457 $ 37.48 At February 27, 2016 , there was $6.3 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 21 months. The total fair value of shares vested during fiscal 2016 was $12.3 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings before income taxes consisted of the following: (In thousands) 2016 2015 2014 U.S. $ 100,859 $ 59,898 $ 36,700 International (3,535 ) 5,101 3,066 Earnings before income taxes $ 97,324 $ 64,999 $ 39,766 The components of income tax expense (benefit) for each of the last three fiscal years are as follows: (In thousands) 2016 2015 2014 Current: Federal $ 35,888 $ 7,328 $ 15,711 State and local 2,866 1,198 1,440 International (636 ) 1,790 1,437 Total current $ 38,118 $ 10,316 $ 18,588 Deferred: Federal $ (5,403 ) $ 4,738 $ (4,549 ) State and local (512 ) (363 ) (378 ) International (224 ) (101 ) (353 ) Total deferred $ (6,139 ) $ 4,274 $ (5,280 ) Total non-current tax benefit $ 3 $ (107 ) $ (1,528 ) Total income tax expense $ 31,982 $ 14,483 $ 11,780 Income tax payments, net of refunds were $25.9 million , $11.3 million and $12.9 million in fiscal 2016 , 2015 and 2014 , respectively. The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates: 2016 2015 2014 Federal income tax expense at statutory rate 35.0% 35.0% 35.0% Manufacturing deduction (3.4) (2.3) (3.5) State and local income taxes, net of federal tax benefit 1.6 1.2 0.9 Tax credits - research & development (0.8) (1.1) (1.6) Tax credits - 48C — (9.9) — Nondeductible acquisition costs — — 0.3 Tax reserve adjustments - statute expirations and benefits recognized — (0.2) (2.2) Change in valuation allowance — 0.1 0.4 Other, net 0.5 (0.5) 0.3 Income tax expense 32.9% 22.3% 29.6% In fiscal 2015, the Company recognized approximately $6.4 million of tax benefit from an energy-efficient 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 U.S. In fiscal 2016 , 2015 and 2014 , tax benefits associated with stock-based incentive plans were $3.9 million , $3.3 million and $2.6 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 27, 2016 and February 28, 2015 are as follows: 2016 2015 (In thousands) Current Noncurrent Current Noncurrent Accounts receivable $ 825 $ — $ 1,022 $ — Other accruals 2,968 1,281 2,872 1,212 Deferred compensation 554 12,594 419 11,250 Goodwill and other intangibles 18 (7,615 ) 21 (7,994 ) Depreciation — (17,354 ) (853 ) (20,544 ) Liability for unrecognized tax benefits — 2,797 — 2,784 Net operating losses — 2,945 — 3,084 Valuation allowance on net operating losses (2,194 ) (306 ) (2,149 ) (442 ) Other (351 ) 686 27 (2 ) Deferred tax assets (liabilities) $ 1,820 $ (4,972 ) $ 1,359 $ (10,652 ) The Company has net operating loss carryforwards in certain U.S. state jurisdictions with a tax effect of $3.5 million . A valuation allowance of $2.5 million has been established for these net operating loss carryforwards due to the uncertainty of our ability to use 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 2013, or state and local income tax examinations for years prior to fiscal 2009. The Company is not currently under U.S. federal examination for years subsequent to fiscal 2012, 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 U.S. 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 during which it was determined that the earnings will no longer be indefinitely invested outside the U.S. If we were to prevail on all unrecognized tax benefits recorded, $2.7 million for fiscal 2016 and $2.6 million for each of fiscal 2015 and fiscal 2014 would benefit the effective tax rate. Also included in the balance of unrecognized tax benefits for fiscal 2016 , 2015 and 2014 , are $1.8 million , $1.9 million and $1.8 million , respectively, 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. During fiscal 2016, our accrual of $0.5 million for penalties and interest related to unrecognized tax benefits was consistent with the prior year. During fiscal 2015 and 2014, respectively, we reduced our accrual for penalties and interest by $0.3 million and $0.5 million , resulting in reserve balances of $0.5 million and $0.8 million at the end of fiscal 2015 and fiscal 2014 , respectively. The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits: (In thousands) 2016 2015 2014 Gross unrecognized tax benefits at beginning of year $ 4,491 $ 4,431 $ 5,516 Gross increases in tax positions for prior years 60 261 44 Gross decreases in tax positions for prior years (158 ) (276 ) (616 ) Gross increases based on tax positions related to the current year 526 508 326 Gross decreases based on tax positions related to the current year (33 ) (21 ) (40 ) Settlements — (93 ) (84 ) Statute of limitations expiration (374 ) (319 ) (809 ) Unrecognized tax benefits acquired — — 94 Gross unrecognized tax benefits at end of year $ 4,512 $ 4,491 $ 4,431 The total liability for unrecognized tax benefits is expected to decrease by approximately $0.9 million during fiscal 2017 due to audit settlements and lapsing of statutes. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Feb. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) Quarter (In thousands, except per share data) First Second Third Fourth Total Fiscal 2016 Net sales $ 239,962 $ 240,754 $ 238,324 $ 262,149 $ 981,189 Gross profit 55,588 56,699 62,426 68,857 243,570 Net earnings 12,126 14,760 18,521 19,935 65,342 Earnings per share - basic 0.42 0.51 0.64 0.69 2.25 Earnings per share - diluted 0.41 0.50 0.63 0.69 2.22 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 Note: Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding, and all other quarterly amounts may not equal the total year due to rounding. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Feb. 27, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of 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) 2016 2015 2014 Basic earnings per share - weighted average common shares outstanding 29,058 28,763 28,483 Weighted average effect of nonvested share grants and assumed exercise of stock options 317 611 891 Diluted earnings per share - weighted average common shares and potential common shares outstanding 29,375 29,374 29,374 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 — — — |
Business Segment Data
Business Segment Data | 12 Months Ended |
Feb. 27, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Data | Business Segment Data We have four reporting segments: • The Architectural Glass segment fabricates coated, high-performance glass used in customized window and wall systems comprising the outside skin of commercial, institutional and high-end multi-family residential buildings. • The Architectural Services segment designs, engineers, fabricates and installs the walls of glass, windows and other curtainwall products making up the outside skin of commercial and institutional buildings. • 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, institutional and high-end multi-family residential buildings. We have aggregated four operating segments into this reporting segment based on their similar products, customers, distribution methods, production processes and economic characteristics. • The Large-Scale Optical Technologies (LSO) segment manufactures value-added glass and acrylic products for the custom picture framing and fine art markets. (In thousands) 2016 2015 2014 Net Sales Architectural glass $ 377,713 $ 346,471 $ 293,810 Architectural services 245,935 230,650 203,351 Architectural framing systems 308,593 298,395 216,059 Large-scale optical 88,541 87,693 81,127 Intersegment elimination (39,593 ) (29,273 ) (22,902 ) Total $ 981,189 $ 933,936 $ 771,445 Operating Income (Loss) Architectural glass $ 35,504 $ 16,431 $ 3,861 Architectural services 11,687 7,442 4,479 Architectural framing systems 31,911 21,808 14,930 Large-scale optical 22,963 21,954 21,252 Corporate and other (4,672 ) (4,050 ) (4,237 ) Total $ 97,393 $ 63,585 $ 40,285 Depreciation and Amortization Architectural glass $ 14,397 $ 12,897 $ 11,624 Architectural services 1,274 1,375 1,421 Architectural framing systems 8,019 8,001 6,436 Large-scale optical 4,998 4,817 4,861 Corporate and other 2,560 2,333 2,208 Total $ 31,248 $ 29,423 $ 26,550 Capital Expenditures Architectural glass $ 17,701 $ 12,307 $ 31,568 Architectural services 929 595 1,195 Architectural framing systems 19,166 9,238 7,008 Large-scale optical 1,962 3,500 546 Corporate and other 2,279 1,580 1,535 Total $ 42,037 $ 27,220 $ 41,852 Identifiable Assets Architectural glass $ 215,571 $ 223,525 $ 209,102 Architectural services 81,574 68,930 66,567 Architectural framing systems 193,823 190,106 186,520 Large-scale optical 57,369 60,356 58,102 Corporate and other 109,103 69,140 49,704 Total $ 657,440 $ 612,057 $ 569,995 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. Segment operating income is equal to net sales less cost of sales and operating expenses. Operating income does not include interest expense or a provision for income taxes. Corporate and other includes miscellaneous corporate activity not allocable to our segments. Identifiable assets for Corporate and other include all short- and long-term available-for-sale securities. 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) 2016 2015 2014 Net Sales United States $ 923,018 $ 847,887 $ 718,881 Canada 39,324 50,807 15,850 Brazil 18,847 35,242 36,714 Total $ 981,189 $ 933,936 $ 771,445 Long-Lived Assets United States $ 189,624 $ 178,048 $ 177,378 Canada 7,162 8,214 9,031 Brazil 5,676 7,278 7,537 Total $ 202,462 $ 193,540 $ 193,946 Apogee's export net sales from U.S. operations of $79.5 million for fiscal 2016 were approximately 8 percent of consolidated net sales; export net sales of $72.7 million for fiscal 2015 were approximately 8 percent of consolidated net sales; and export sales of $52.5 million for fiscal 2014 were approximately 7 percent of consolidated net sales. All sales from Canada and Brazil were to customers outside the U.S. |
Schedule - Valuation and Qualif
Schedule - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 27, 2016 | |
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 (2) Balance at End of Period Allowances for doubtful receivables For the year ended February 27, 2016 $ 3,242 $ — $ (197 ) $ 493 $ (55 ) $ 2,497 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 (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 Accoun27
Summary of Significant Accounting Policies and Related Data (Policies) | 12 Months Ended |
Feb. 27, 2016 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the balances of Apogee Enterprises, Inc. and its subsidiaries (Apogee, the Company or we) after elimination of intercompany balances and transactions. We consolidate variable interest entities where it has been determined that the Company is the primary beneficiary of those entities' operations. |
Fiscal Year | Fiscal Year. Our fiscal year ends on the Saturday closest to the last day of February, or as determined by the Board of Directors. Fiscal 2016 , 2015 and 2014 each consisted of 52 weeks. Our Brazilian subsidiary follows a calendar year-end and is consolidated on a two -month lag. |
Accounting Estimates | Accounting Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Cash Equivalents | Cash Equivalents. Highly liquid investments with an original maturity of three months or less are included in cash equivalents and are stated at cost, which approximates fair value |
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. |
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 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. We evaluate goodwill for impairment annually at our year-end, or more frequently if impairment indicators exist. Step one of the process compares the fair value of each of our reporting units to carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill impairment is not indicated. We have seven business units which each represent a reporting unit for the goodwill impairment analysis. Based on our analysis, the estimated fair value of each reporting unit exceeded its carrying value and, therefore, goodwill impairment was not indicated. In all periods presented, we have followed a consistent discounted cash flow methodology in order to evaluate goodwill for impairment. Intangible assets with defined useful lives are amortized based on estimated useful lives ranging from three to 20 years. The remaining useful lives of all intangible assets are reviewed annually, and we have determined that the remaining lives were appropriate. |
Long-Lived Assets | Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If impairment indicators are present and the estimated undiscounted future cash flows are less than the carrying value of the assets, the carrying values would be reduced to the estimated fair value. Fair value is measured using discounted cash flows or independent opinions of value, as appropriate. |
Self-Insurance | Self-Insurance. We obtain commercial insurance for potential losses for general liability, employment practices, workers' compensation, automobile liability, architect's and engineer's errors and omissions risk, product rework and other miscellaneous coverages. A substantial portion of this risk is retained on a self-insured basis through our wholly-owned insurance subsidiary. We establish a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections. Reserves are classified within accrued or long-term self-insurance reserves based on expectations of when the estimated loss will be paid. Additionally, we maintain a self-insurance reserve for health insurance programs offered to eligible employees, included within accrued self-insurance reserves. The reserve includes an estimate for losses on reported claims as well as for amounts incurred but not yet reported, based on historical trends. |
Warranty | Warranty. We are subject to claims associated with our products and services, principally as a result of disputes with our customers involving the performance or aesthetics of our architectural products and services. We reserve estimated exposures on known claims, as well as on a portion of anticipated claims for product warranty and rework costs based on historical product liability claims as a ratio of sales. Our warranty reserves are included in other current and non-current liabilities based on the estimated timing of dispute resolution. |
Environmental Liability | Environmental Liability. We recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated based upon estimates by specialists and applicable 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. The reserve for environmental liabilities is included in other current and non-current liabilities in the consolidated balance sheets. |
Foreign Currency | Foreign Currency. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is local currency. Assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items are translated using average monthly exchange rates. Translation adjustments are included in accumulated other comprehensive loss in the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition. We recognize revenue when title has transferred, except within our Architectural Services segment, which enters into fixed-price installation 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. We compare the total costs incurred to date to the total estimated costs for the contract, and record that proportion of the total contract revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe utilizing the cost-to-cost method for revenue recognition provides the greatest degree of accuracy in measuring revenue throughout the contract period. 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 upon customer approval. Approximately 25 percent of our consolidated net sales in fiscal 2016 and 2015 , and 26 percent in 2014 , were recorded on a percentage-of-completion basis. 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 revenue. Costs incurred by the Company for shipping and handling are reported as cost of sales. |
Research and Development | Research and Development. Research and development costs are expensed as incurred within selling, general and administrative expenses, and were $8.0 million , $6.5 million and $7.8 million for fiscal 2016 , 2015 and 2014 , respectively. Of these amounts, $2.4 million , $2.4 million and $2.1 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 costs are expensed as incurred and were $1.2 million in fiscal 2016 , $1.1 million in fiscal 2015 , and $1.2 million in fiscal 2014 , and they are included in selling, general and administrative expenses. |
Income Taxes | Income Taxes. The Company recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. See Note 13 for additional information regarding income taxes. |
Subsequent Events | Subsequent Events. 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. |
New Accounting Standards | New Accounting Standards . In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016. We are currently evaluating the impact this standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which provides for a comprehensive change to lease accounting. The new standard requires that a lessee recognize a lease obligation liability and a right to use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. We are currently evaluating the impact this standard will have on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which requires all deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent on the balance sheet. The new standard is effective for fiscal years beginning after December 15, 2016, and may be applied prospectively or retrospectively, with early adoption permitted. We plan to adopt this standard in the first quarter of our fiscal 2017 and do not expect this to have a significant impact on our consolidated balance sheet. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new standard, 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, 2017, Apogee's fiscal 2019. We are currently evaluating the impact this standard will have on our consolidated financial statements. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies and Related Data (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Accounting Policies [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) 2016 2015 Land $ 8,827 $ 9,054 Buildings and improvements 149,685 142,833 Machinery and equipment 296,388 279,172 Office equipment and furniture 48,805 49,849 Construction in progress 18,384 11,695 Total property, plant and equipment 522,089 492,603 Less accumulated depreciation (319,627 ) (299,063 ) Net property, plant and equipment $ 202,462 $ 193,540 |
Working Capital (Tables)
Working Capital (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Working Capital [Abstract] | |
Receivables | Receivables (In thousands) 2016 2015 Trade accounts $ 102,627 $ 111,494 Construction contracts 41,631 33,582 Contract retainage 28,249 24,547 Other receivables 2,822 5,242 Total receivables 175,329 174,865 Less allowance for doubtful accounts (2,497 ) (3,242 ) Net receivables $ 172,832 $ 171,623 |
Inventories | Inventories (In thousands) 2016 2015 Raw materials $ 21,404 $ 19,761 Work-in-process 9,958 14,385 Finished goods 25,486 23,076 Costs and earnings in excess of billings on uncompleted contracts 6,538 4,186 Total inventories $ 63,386 $ 61,408 |
Other Current Liabilities | Other Current Liabilities (In thousands) 2016 2015 Warranties $ 14,666 $ 10,022 Taxes, other than income taxes 5,058 5,203 Unearned revenue 533 1,266 Volume discounts 837 1,145 Current portion of deferred gain on sale leaseback 507 1,015 Current portion of long-term compensation plans 840 841 Other 6,898 6,109 Total other current liabilities $ 29,339 $ 25,601 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Marketable Securities [Abstract] | |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value February 27, 2016 Mutual fund $ 30,178 $ — $ (55 ) $ 30,123 Municipal bonds 12,393 285 (109 ) 12,569 Total marketable securities $ 42,571 $ 285 $ (164 ) $ 42,692 February 28, 2015 Municipal bonds $ 10,973 $ 127 $ (118 ) $ 10,982 Total marketable securities $ 10,973 $ 127 $ (118 ) $ 10,982 |
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 our securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of February 27, 2016 : Less Than 12 Months Greater Than or Equal to 12 Months Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipal bonds $ — $ — $ 1,345 $ (109 ) $ 1,345 $ (109 ) |
Schedule of amortized cost and estimated fair values of investments by contractual maturity | The amortized cost and estimated fair values of our municipal bonds at February 27, 2016 , 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 penalty. (In thousands) Amortized Cost Estimated Market Value Due within one year $ 50 $ 50 Due after one year through five years 3,853 3,903 Due after five years through 10 years 7,198 7,428 Due after 10 years through 15 years 1,292 1,188 Total $ 12,393 $ 12,569 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value | Financial assets and liabilities measured at fair value are summarized below: (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value February 27, 2016 Cash equivalents Money market funds $ 23,199 $ — $ 23,199 Commercial paper — 29,774 29,774 Total cash equivalents 23,199 29,774 52,973 Short-term securities Mutual fund 30,123 — 30,123 Municipal bonds — 50 50 Total short-term securities 30,123 50 30,173 Long-term securities Municipal bonds — $ 12,519 12,519 Total assets at fair value $ 53,322 $ 42,343 $ 95,665 (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value February 28, 2015 Cash equivalents Money market funds $ 34,386 $ — $ 34,386 Short-term securities Municipal bonds — 327 327 Long-term securities Mutual funds 305 — 305 Municipal bonds — 10,655 10,655 Total assets at fair value $ 34,691 $ 10,982 $ 45,673 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
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) 2016 2015 Land $ 8,827 $ 9,054 Buildings and improvements 149,685 142,833 Machinery and equipment 296,388 279,172 Office equipment and furniture 48,805 49,849 Construction in progress 18,384 11,695 Total property, plant and equipment 522,089 492,603 Less accumulated depreciation (319,627 ) (299,063 ) Net property, plant and equipment $ 202,462 $ 193,540 |
Goodwill and Other Identifiab33
Goodwill and Other Identifiable Intangible Assets (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill attributable to each business segment | The carrying amount of goodwill attributable to each reporting segment is as follows: (In thousands) Architectural Glass Architectural Services Architectural Framing Systems Large-Scale Optical Total 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 Foreign currency translation (716 ) — (1,145 ) — (1,861 ) Balance at February 27, 2016 $ 25,639 1,120 36,680 $ 10,557 $ 73,996 |
Schedule of finite lived intangible assets | The following tables provide the gross carrying amount of other intangible assets and related accumulated amortization: February 27, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Net Definite-lived intangible assets: Debt issue costs $ 3,677 $ (2,758 ) $ — $ 919 Non-compete agreements 6,673 (6,419 ) (16 ) 238 Customer relationships 24,174 (12,737 ) (1,162 ) 10,275 Trademarks and other intangibles 8,213 (3,271 ) (431 ) 4,511 Total definite-lived intangible assets $ 42,737 $ (25,185 ) $ (1,609 ) $ 15,943 Indefinite-lived intangible assets: Trademarks $ 4,239 $ — $ (320 ) $ 3,919 Total intangible assets $ 46,976 $ (25,185 ) $ (1,929 ) $ 19,862 February 28, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Net 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 |
Schedule of estimated future amortization expense for identifiable intangible assets | Estimated future amortization expense for definite-lived intangible assets is as follows: (In thousands) 2017 2018 2019 2020 2021 Estimated amortization expense $ 1,589 $ 1,525 $ 1,465 $ 1,354 $ 1,168 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Debt maturities and other selected information are as follows: (In thousands) 2017 2018 2019 2020 2021 Thereafter Total Maturities $— $— $— $— $5,400 $15,000 $ 20,400 |
Selected Information Related to Long-term Debt | (In thousands, except percentages) 2016 2015 Average daily borrowings during the year $ 21,730 $ 21,260 Maximum borrowings outstanding during the year 22,480 22,600 Weighted average interest rate during the year 0.29 % 0.30 % |
Schedule of Interest Expense | (In thousands) 2016 2015 2014 Interest on debt $ 544 $ 581 $ 895 Other interest expense 49 343 364 Interest expense $ 593 $ 924 $ 1,259 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | (In thousands) February 27, 2016 February 28, 2015 Retirement plan obligations $ 9,992 $ 11,186 Deferred benefit from New Markets Tax Credit 10,741 10,741 Deferred compensation plan 4,814 4,052 Deferred gain on sale leaseback arrangements 1,818 1,818 Other 9,549 10,855 Total other non-current liabilities $ 36,914 $ 38,652 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
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. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end. (In thousands) 2016 2015 Change in projected benefit obligation Benefit obligation beginning of period $ 16,253 $ 14,274 Interest cost 566 550 Actuarial (gain) loss (907 ) 2,424 Benefits paid (1,012 ) (995 ) Benefit obligation at measurement date $ 14,900 $ 16,253 Change in plan assets Fair value of plan assets beginning of period $ 4,419 $ 4,430 Actual return on plan assets (62 ) 134 Company contributions 916 850 Benefits paid (1,012 ) (995 ) Fair value of plan assets at measurement date $ 4,261 $ 4,419 Underfunded status $ (10,639 ) $ (11,834 ) |
Schedule of Amounts Recognized in Balance Sheet | The underfunded status of our plans is recognized in the consolidated balance sheets as: (In thousands) 2016 2015 Current liabilities $ (647 ) $ (648 ) Other non-current liabilities (9,992 ) (11,186 ) Total $ (10,639 ) $ (11,834 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized as Components of Net Periodic Benefit Cost | The following is included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost: (In thousands) 2016 2015 Net actuarial loss $ 5,899 $ 6,857 Accumulated other comprehensive loss $ 5,899 $ 6,857 |
Schedule of Amounts Recognized in Comprehensive Earnings | The amount recognized in comprehensive earnings, net of tax expense, is as follows: (In thousands) 2016 2015 Net actuarial (gain) loss $ (610 ) $ 1,458 Total $ (610 ) $ 1,458 |
Schedule of Net Benefit Costs | Components of the defined-benefit pension plans' net periodic benefit cost are as follows: (In thousands) 2016 2015 2014 Interest cost $ 566 $ 550 $ 538 Expected return on assets (137 ) (171 ) (183 ) Amortization of unrecognized net loss 249 172 163 Net periodic benefit cost $ 678 $ 551 $ 518 |
Schedule of Assumptions Used | Benefit Obligation Weighted-Average Assumptions 2016 2015 2014 Discount rate 3.85 % 3.60 % 4.00 % Net Periodic Benefit Expense Weighted-Average Assumptions 2016 2015 2014 Discount rate 3.60 % 4.00 % 3.75 % Expected long-term rate of return on assets 2.00 % 4.50 % 4.50 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: (In thousands) Fiscal 2017 $ 1,017 Fiscal 2018 1,004 Fiscal 2019 1,031 Fiscal 2020 1,016 Fiscal 2021 1,001 Fiscal 2022-2026 4,676 |
Commitments and Contingent Li37
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments under noncancelable operating leases | Future minimum rental payments under non-cancelable operating leases are: (In thousands) Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Thereafter Total Total minimum payments $ 8,329 $ 7,773 $ 7,068 $ 5,775 $ 3,319 $ 2,663 $ 34,927 |
Guarantees and warranties | A warranty rollforward is provided below: (In thousands) 2016 2015 Balance at beginning of period $ 11,275 $ 11,978 Additional accruals 8,214 6,482 Claims paid (3,149 ) (7,185 ) Balance at end of period $ 16,340 $ 11,275 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following summarizes the accumulated other comprehensive loss, net of tax at February 27, 2016 and February 28, 2015 : (In thousands) 2016 2015 Net unrealized gain on marketable securities $ 79 $ 6 Pension liability adjustments (3,758 ) (4,368 ) Foreign currency translation adjustments (27,692 ) (17,958 ) Total accumulated other comprehensive loss $ (31,371 ) $ (22,320 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Award transactions on stock options | The following table summarizes activity for the year ended February 27, 2016 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at February 28, 2015 624,095 $ 11.92 Awards exercised (220,381 ) 12.10 Outstanding and exercisable at February 27, 2016 403,714 $ 11.81 4.5 Years $ 11,140,783 |
Nonvested share award transactions | The following table summarizes nonvested share activity for fiscal 2016 : Number of Shares and Units Weighted Average Grant Date Fair Value February 28, 2015 400,708 $ 23.49 Granted 118,563 52.80 Vested (237,457 ) 21.49 Canceled (6,357 ) 38.94 February 27, 2016 275,457 $ 37.48 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings before income taxes consisted of the following: (In thousands) 2016 2015 2014 U.S. $ 100,859 $ 59,898 $ 36,700 International (3,535 ) 5,101 3,066 Earnings before income taxes $ 97,324 $ 64,999 $ 39,766 |
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) 2016 2015 2014 Current: Federal $ 35,888 $ 7,328 $ 15,711 State and local 2,866 1,198 1,440 International (636 ) 1,790 1,437 Total current $ 38,118 $ 10,316 $ 18,588 Deferred: Federal $ (5,403 ) $ 4,738 $ (4,549 ) State and local (512 ) (363 ) (378 ) International (224 ) (101 ) (353 ) Total deferred $ (6,139 ) $ 4,274 $ (5,280 ) Total non-current tax benefit $ 3 $ (107 ) $ (1,528 ) Total income tax expense $ 31,982 $ 14,483 $ 11,780 |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates: 2016 2015 2014 Federal income tax expense at statutory rate 35.0% 35.0% 35.0% Manufacturing deduction (3.4) (2.3) (3.5) State and local income taxes, net of federal tax benefit 1.6 1.2 0.9 Tax credits - research & development (0.8) (1.1) (1.6) Tax credits - 48C — (9.9) — Nondeductible acquisition costs — — 0.3 Tax reserve adjustments - statute expirations and benefits recognized — (0.2) (2.2) Change in valuation allowance — 0.1 0.4 Other, net 0.5 (0.5) 0.3 Income tax expense 32.9% 22.3% 29.6% |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and deferred tax liabilities at February 27, 2016 and February 28, 2015 are as follows: 2016 2015 (In thousands) Current Noncurrent Current Noncurrent Accounts receivable $ 825 $ — $ 1,022 $ — Other accruals 2,968 1,281 2,872 1,212 Deferred compensation 554 12,594 419 11,250 Goodwill and other intangibles 18 (7,615 ) 21 (7,994 ) Depreciation — (17,354 ) (853 ) (20,544 ) Liability for unrecognized tax benefits — 2,797 — 2,784 Net operating losses — 2,945 — 3,084 Valuation allowance on net operating losses (2,194 ) (306 ) (2,149 ) (442 ) Other (351 ) 686 27 (2 ) Deferred tax assets (liabilities) $ 1,820 $ (4,972 ) $ 1,359 $ (10,652 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits: (In thousands) 2016 2015 2014 Gross unrecognized tax benefits at beginning of year $ 4,491 $ 4,431 $ 5,516 Gross increases in tax positions for prior years 60 261 44 Gross decreases in tax positions for prior years (158 ) (276 ) (616 ) Gross increases based on tax positions related to the current year 526 508 326 Gross decreases based on tax positions related to the current year (33 ) (21 ) (40 ) Settlements — (93 ) (84 ) Statute of limitations expiration (374 ) (319 ) (809 ) Unrecognized tax benefits acquired — — 94 Gross unrecognized tax benefits at end of year $ 4,512 $ 4,491 $ 4,431 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter (In thousands, except per share data) First Second Third Fourth Total Fiscal 2016 Net sales $ 239,962 $ 240,754 $ 238,324 $ 262,149 $ 981,189 Gross profit 55,588 56,699 62,426 68,857 243,570 Net earnings 12,126 14,760 18,521 19,935 65,342 Earnings per share - basic 0.42 0.51 0.64 0.69 2.25 Earnings per share - diluted 0.41 0.50 0.63 0.69 2.22 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 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
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) 2016 2015 2014 Basic earnings per share - weighted average common shares outstanding 29,058 28,763 28,483 Weighted average effect of nonvested share grants and assumed exercise of stock options 317 611 891 Diluted earnings per share - weighted average common shares and potential common shares outstanding 29,375 29,374 29,374 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 — — — |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (In thousands) 2016 2015 2014 Net Sales Architectural glass $ 377,713 $ 346,471 $ 293,810 Architectural services 245,935 230,650 203,351 Architectural framing systems 308,593 298,395 216,059 Large-scale optical 88,541 87,693 81,127 Intersegment elimination (39,593 ) (29,273 ) (22,902 ) Total $ 981,189 $ 933,936 $ 771,445 Operating Income (Loss) Architectural glass $ 35,504 $ 16,431 $ 3,861 Architectural services 11,687 7,442 4,479 Architectural framing systems 31,911 21,808 14,930 Large-scale optical 22,963 21,954 21,252 Corporate and other (4,672 ) (4,050 ) (4,237 ) Total $ 97,393 $ 63,585 $ 40,285 Depreciation and Amortization Architectural glass $ 14,397 $ 12,897 $ 11,624 Architectural services 1,274 1,375 1,421 Architectural framing systems 8,019 8,001 6,436 Large-scale optical 4,998 4,817 4,861 Corporate and other 2,560 2,333 2,208 Total $ 31,248 $ 29,423 $ 26,550 Capital Expenditures Architectural glass $ 17,701 $ 12,307 $ 31,568 Architectural services 929 595 1,195 Architectural framing systems 19,166 9,238 7,008 Large-scale optical 1,962 3,500 546 Corporate and other 2,279 1,580 1,535 Total $ 42,037 $ 27,220 $ 41,852 Identifiable Assets Architectural glass $ 215,571 $ 223,525 $ 209,102 Architectural services 81,574 68,930 66,567 Architectural framing systems 193,823 190,106 186,520 Large-scale optical 57,369 60,356 58,102 Corporate and other 109,103 69,140 49,704 Total $ 657,440 $ 612,057 $ 569,995 |
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) 2016 2015 2014 Net Sales United States $ 923,018 $ 847,887 $ 718,881 Canada 39,324 50,807 15,850 Brazil 18,847 35,242 36,714 Total $ 981,189 $ 933,936 $ 771,445 Long-Lived Assets United States $ 189,624 $ 178,048 $ 177,378 Canada 7,162 8,214 9,031 Brazil 5,676 7,278 7,537 Total $ 202,462 $ 193,540 $ 193,946 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies and Related Data (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Accounting Policies [Line Items] | |||
Reporting period monthly lag | 2 months | ||
Fiscal time period | P52W | P52W | P52W |
Percentage of net sales recorded on a percentage of completion basis | 25.00% | 25.00% | 26.00% |
Research and development expense | $ 8,000 | $ 6,500 | $ 7,800 |
Cost of Sales | |||
Accounting Policies [Line Items] | |||
Research and development expense | 2,400 | 2,400 | 2,100 |
Selling, general and administrative expenses | |||
Accounting Policies [Line Items] | |||
Advertising expense | $ 1,200 | 1,100 | $ 1,200 |
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 | $ 1,600 | $ 1,800 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies and Related Data (Inventory Adjustment) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Inventory, Net | $ 63,386 | $ 61,408 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 1,820 | 1,359 |
Deferred Tax Liabilities, Net, Noncurrent | 4,972 | 10,652 |
Retained Earnings (Accumulated Deficit) | $ 282,477 | $ 256,538 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies and Related Data (Schedule of Property Plant and Equipment Useful Lives) (Details) | 12 Months Ended |
Feb. 27, 2016 | |
Property, Plant and Equipment [Line Items] | |
Intangible Asset Life Minimum | 3 years |
Intangible Asset Life Maximum | 20 years |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Performance Period For Percentage Of Completion Contracts | 12 months |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Performance Period For Percentage Of Completion Contracts | 18 months |
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 ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 175,329 | $ 174,865 |
Less allowance for doubtful accounts | (2,497) | (3,242) |
Net receivables | 172,832 | 171,623 |
Trade accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 102,627 | 111,494 |
Construction contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 41,631 | 33,582 |
Contract retainage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 28,249 | 24,547 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 2,822 | $ 5,242 |
Working Capital (Schedule of In
Working Capital (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Working Capital [Abstract] | ||
Raw materials | $ 21,404 | $ 19,761 |
Work-in-process | 9,958 | 14,385 |
Finished goods | 25,486 | 23,076 |
Costs and earnings in excess of billings on uncompleted contracts | 6,538 | 4,186 |
Total inventories | $ 63,386 | $ 61,408 |
Working Capital (Schedule of Ot
Working Capital (Schedule of Other Current Liabilities) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Working Capital [Abstract] | ||
Warranties | $ 14,666 | $ 10,022 |
Taxes, other than income taxes | 5,058 | 5,203 |
Unearned revenue | 533 | 1,266 |
Volume discounts | 837 | 1,145 |
Current portion of deferred gain on sale leaseback | 507 | 1,015 |
Current portion of long-term compensation plans | 840 | 841 |
Other | 6,898 | 6,109 |
Total other current liabilities | $ 29,339 | $ 25,601 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | $ 42,571 | $ 10,973 |
Gross Unrealized Gains | 285 | 127 |
Gross Unrealized Losses | (164) | (118) |
Estimated Fair Value | 42,692 | 10,982 |
Mutual fund | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | 30,178 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (55) | |
Estimated Fair Value | 30,123 | |
Municipal bonds | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | 12,393 | 10,973 |
Gross Unrealized Gains | 285 | 127 |
Gross Unrealized Losses | (109) | (118) |
Estimated Fair Value | $ 12,569 | $ 10,982 |
Marketable Securities (Details
Marketable Securities (Details 1) - Municipal bonds $ in Thousands | Feb. 27, 2016USD ($) |
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | |
Less Than 12 Months, Fair Value | $ 0 |
Less Than 12 Months, Unrealized Losses | 0 |
Greater Than or Equal to 12 Months, Fair Value | 1,345 |
Greater Than or Equal to 12 Months, Unrealized Losses | (109) |
Total Fair Value | 1,345 |
Total Unrealized Losses | $ (109) |
Marketable Securities (Detail52
Marketable Securities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 4.00% | 3.75% |
Amortized Cost | $ 42,571 | $ 10,973 | |
Estimated Fair Value | 42,692 | 10,982 | |
Municipal bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost, Due within one year | 50 | ||
Amortized Cost, Due after one year through five years | 3,853 | ||
Amortized Cost, Due after five years through 10 years | 7,198 | ||
Amortized Cost, Due after 10 years through 15 years | 1,292 | ||
Amortized Cost | 12,393 | 10,973 | |
Estimated Market Value, Due within one year | 50 | ||
Estimated Market Value, Due after one year through five years | 3,903 | ||
Estimated Market Value, Due after five years through 10 years | 7,428 | ||
Estimated Market Value, Due after 10 years through 15 years | 1,188 | ||
Estimated Fair Value | $ 12,569 | $ 10,982 |
Marketable Securities (Detail53
Marketable Securities (Details Textual) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Marketable Securities (Textual) [Abstract] | ||
Short-term available for sale securities | $ 30,173 | $ 327 |
Available-for-sale securities, non-current | $ 12,519 | $ 10,655 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Cash equivalents | ||
Total cash equivalents | $ 52,973 | |
Available for sale securities | ||
Total available for sale securities | 30,173 | |
Long-term securities | ||
Total assets at fair value | 95,665 | $ 45,673 |
Money market funds | ||
Cash equivalents | ||
Total cash equivalents | 23,199 | 34,386 |
Commercial paper | ||
Cash equivalents | ||
Total cash equivalents | 29,774 | |
Mutual fund | ||
Available for sale securities | ||
Total available for sale securities | 30,123 | |
Long-term securities | ||
Total long-term securities | 305 | |
Municipal bonds | ||
Available for sale securities | ||
Total available for sale securities | 50 | 327 |
Long-term securities | ||
Total long-term securities | 12,519 | 10,655 |
Quoted Prices in Active Markets (Level 1) | ||
Cash equivalents | ||
Total cash equivalents | 23,199 | |
Available for sale securities | ||
Total available for sale securities | 30,123 | |
Long-term securities | ||
Total assets at fair value | 53,322 | 34,691 |
Quoted Prices in Active Markets (Level 1) | Money market funds | ||
Cash equivalents | ||
Total cash equivalents | 23,199 | 34,386 |
Quoted Prices in Active Markets (Level 1) | Commercial paper | ||
Cash equivalents | ||
Total cash equivalents | 0 | |
Quoted Prices in Active Markets (Level 1) | Mutual fund | ||
Available for sale securities | ||
Total available for sale securities | 30,123 | |
Long-term securities | ||
Total long-term securities | 305 | |
Quoted Prices in Active Markets (Level 1) | Municipal bonds | ||
Available for sale securities | ||
Total available for sale securities | 0 | 0 |
Long-term securities | ||
Total long-term securities | 0 | 0 |
Other Observable Inputs (Level 2) | ||
Cash equivalents | ||
Total cash equivalents | 29,774 | |
Available for sale securities | ||
Total available for sale securities | 50 | |
Long-term securities | ||
Total assets at fair value | 42,343 | 10,982 |
Other Observable Inputs (Level 2) | Money market funds | ||
Cash equivalents | ||
Total cash equivalents | 0 | 0 |
Other Observable Inputs (Level 2) | Commercial paper | ||
Cash equivalents | ||
Total cash equivalents | 29,774 | |
Other Observable Inputs (Level 2) | Mutual fund | ||
Available for sale securities | ||
Total available for sale securities | 0 | |
Long-term securities | ||
Total long-term securities | 0 | |
Other Observable Inputs (Level 2) | Municipal bonds | ||
Available for sale securities | ||
Total available for sale securities | 50 | 327 |
Long-term securities | ||
Total long-term securities | $ 12,519 | $ 10,655 |
Fair Value Measurements (Deta55
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Fair Value Disclosures [Abstract] | ||
Short-term available for sale securities | $ 30,173 | $ 327 |
Available-for-sale securities, non-current | $ 12,519 | $ 10,655 |
Property, Plant and Equipment56
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 522,089 | $ 492,603 | |
Less accumulated depreciation | (319,627) | (299,063) | |
Net property, plant and equipment | 202,462 | 193,540 | $ 193,946 |
Depreciation expense | 29,800 | 27,500 | $ 24,800 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 8,827 | 9,054 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 149,685 | 142,833 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 296,388 | 279,172 | |
Office equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 48,805 | 49,849 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 18,384 | $ 11,695 |
Acquisitions Acquisition (Detai
Acquisitions Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 0 | $ 53,301 |
Goodwill and Other Identifiab58
Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | $ 75,857 | $ 78,021 |
Foreign currency translation | (1,861) | (2,164) |
Goodwill, Ending | 73,996 | 75,857 |
Architectural Glass | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 26,355 | 26,628 |
Foreign currency translation | (716) | (273) |
Goodwill, Ending | 25,639 | 26,355 |
Architectural Services | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 1,120 | 1,120 |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | 1,120 | 1,120 |
Architectural Framing Systems | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 37,825 | 39,716 |
Foreign currency translation | (1,145) | (1,891) |
Goodwill, Ending | 36,680 | 37,825 |
Large-Scale Optical | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 10,557 | 10,557 |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | $ 10,557 | $ 10,557 |
Goodwill and Other Identifiab59
Goodwill and Other Identifiable Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | $ 42,737 | $ 44,310 |
Accumulated Amortization | (25,185) | (23,776) |
Foreign Currency Translation | (1,609) | (1,493) |
Net | 15,943 | 19,041 |
Intangible Assets Gross Excluding Goodwill | 46,976 | 49,078 |
Intangible Assets Accumulated Amortization | (25,185) | (23,776) |
Intangible Assets Foreign Currency Translation | (1,929) | (2,022) |
Intangible Assets, Net (Excluding Goodwill) | 19,862 | 23,280 |
Debt issue costs | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 3,677 | 3,668 |
Accumulated Amortization | (2,758) | (2,560) |
Foreign Currency Translation | 0 | 0 |
Net | 919 | 1,108 |
Non-compete agreements | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 6,673 | 6,690 |
Accumulated Amortization | (6,419) | (6,364) |
Foreign Currency Translation | (16) | (10) |
Net | 238 | 316 |
Customer relationships | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 24,174 | 25,677 |
Accumulated Amortization | (12,737) | (11,932) |
Foreign Currency Translation | (1,162) | (1,315) |
Net | 10,275 | 12,430 |
Trademarks [Member] | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 8,213 | 8,275 |
Accumulated Amortization | (3,271) | (2,920) |
Foreign Currency Translation | (431) | (168) |
Net | 4,511 | 5,187 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 4,239 | 4,768 |
Indefinite-lived Intangible Assets, Translation Adjustments | (320) | (529) |
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments | $ 3,919 | $ 4,239 |
Goodwill and Other Identifiab60
Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands | Feb. 27, 2016USD ($) |
Schedule of estimated future amortization expense for identifiable intangible assets | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 1,589 |
Estimated amortization expense, Fiscal 2017 | 1,525 |
Estimated amortization expense, Fiscal 2018 | 1,465 |
Estimated amortization expense, Fiscal 2019 | 1,354 |
Estimated amortization expense, Fiscal 2020 | $ 1,168 |
Goodwill and Other Identifiab61
Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 1,600 | $ 2,100 | $ 1,900 |
Debt (Details Textual)
Debt (Details Textual) CAD in Millions | 12 Months Ended | |||
Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | Mar. 01, 2014USD ($) | Feb. 27, 2016CAD | |
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | |||
Revolving credit facility expiration date | Dec. 17, 2019 | |||
Amount of available commitment | $ 101,500,000 | |||
Debt | 20,400,000 | |||
Interest payments | 500,000 | $ 800,000 | $ 700,000 | |
Letter of Credit [Member] | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000,000 | |||
Borrowings under revolving credit agreement | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | |||
Debt to Ebitda Ratio | 160 | |||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | ||
Net Worth | 356,700 | |||
Line of Credit [Member] | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | CAD | CAD 4 | |||
Line of Credit Facility, Amount Outstanding | 0 | |||
Industrial Revenue Bonds [Member] | ||||
Debt (Textual) [Abstract] | ||||
Debt | $ 20,400,000 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 20,400 | |
Net long-term debt | $ 20,400 | $ 20,587 |
Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | ||
Debt Instrument [Line Items] | ||
Interest rate |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Thousands | Feb. 27, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 5,400 |
Thereafter | 15,000 |
Total long-term debt | $ 20,400 |
Debt (Schedule of Selected Info
Debt (Schedule of Selected Information Related to Long Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Debt Disclosure [Abstract] | ||
Average daily borrowings during the year | $ 21,730 | $ 21,260 |
Maximum borrowings outstanding during the year | $ 22,480 | $ 22,600 |
Weighted average interest rate during the year | 0.29% | 0.30% |
Debt (Schedule of Interest Expe
Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Debt Disclosure [Abstract] | |||
Interest on debt | $ 544 | $ 581 | $ 895 |
Other interest expense | 49 | 343 | 364 |
Interest expense | $ 593 | $ 924 | $ 1,259 |
Debt (Covenant Financial Ratios
Debt (Covenant Financial Ratios) (Details) - Revolving Credit Facility [Member] | 12 Months Ended |
Feb. 27, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Debt to Ebitda Ratio | 3,000 |
Debt to Ebitda Ratio | 160 |
Minimum Net Worth Covenant | $ 356,700 |
Actual Net Worth Calculation | $ 406,200 |
Other Non-Current Liabilities68
Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Other Liabilities Disclosure [Abstract] | ||
Retirement plan obligations | $ 9,992 | $ 11,186 |
Deferred benefit from New Markets Tax Credit | 10,741 | 10,741 |
Deferred compensation plan | 4,814 | 4,052 |
Deferred gain on sale leaseback arrangements | 1,818 | 1,818 |
Other | 9,549 | 10,855 |
Total other non-current liabilities | $ 36,914 | $ 38,652 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Changes in Plan Assets, Changes in Projected Benefit Obligation, and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Change in projected benefit obligation | |||
Benefit obligation beginning of period | $ 16,253 | $ 14,274 | |
Interest cost | 566 | 550 | $ 538 |
Actuarial (gain) loss | (907) | 2,424 | |
Benefits paid | (1,012) | (995) | |
Benefit obligation at measurement date | 14,900 | 16,253 | 14,274 |
Change in plan assets | |||
Fair value of plan assets beginning of period | 4,419 | 4,430 | |
Actual return on plan assets | (62) | 134 | |
Company contributions | 916 | 850 | |
Fair value of plan assets at measurement date | 4,261 | 4,419 | $ 4,430 |
Underfunded status | $ (10,639) | $ (11,834) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Current liabilities | $ (647) | $ (648) |
Other non-current liabilities | (9,992) | (11,186) |
Total | $ (10,639) | $ (11,834) |
Employee Benefit Plans (Sched71
Employee Benefit Plans (Schedule of Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ (5,899) | $ (6,857) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 5,899 | $ 6,857 | |
Net periodic pension expense, Expected return on plan assets | 2.00% | 4.50% | 4.50% |
Employee Benefit Plans (Amoun72
Employee Benefit Plans (Amounts Recognized in Comprehensive Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial (gain) loss | $ (610) | $ 1,458 |
Total | $ (610) | $ 1,458 |
Employee Benefit Plans (Sched73
Employee Benefit Plans (Schedule of Components of Defined Benefit Pension Plans Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Components of net periodic benefit cost | |||
Interest cost | $ 566 | $ 550 | $ 538 |
Expected return on assets | (137) | (171) | (183) |
Amortization of unrecognized net loss | 249 | 172 | 163 |
Net periodic benefit cost | $ 678 | $ 551 | $ 518 |
Employee Benefit Plans (Sched74
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 4.00% | 3.75% |
Discount rate | 3.85% | 3.60% | 4.00% |
Net periodic pension expense, Expected return on plan assets | 2.00% | 4.50% | 4.50% |
Employee Benefit Plans (Sched75
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | 12 Months Ended |
Feb. 27, 2016USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Fiscal 2,017 | $ 1,017 |
Fiscal 2,018 | 1,004 |
Fiscal 2,019 | 1,031 |
Fiscal 2,020 | 1,016 |
Fiscal 2,021 | 1,001 |
Fiscal 2022-2026 | $ 4,676 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | |||
Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($)Facility | Feb. 28, 2015USD ($) | Mar. 01, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of manufacturing facilities | Facility | 2 | |||
Percentage employees are allowed to contribute (up to 60 percent) | 60.00% | |||
Annual company match amount | $ 5,400 | $ 4,700 | $ 4,200 | |
Investments in corporate-owned life insurance policies | 4,800 | |||
Mutual funds | 300 | |||
Total contribution to multi-employer union retirement plans | 3,600 | 4,300 | 3,700 | |
Net periodic benefit cost | 678 | 551 | 518 | |
Company contributions | 916 | 850 | ||
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] | ||||
Estimated amortization from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year | $ 225 | |||
Net periodic benefit cost | $ 739 | |||
Other current and non-current liabilities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 5,000 | $ 4,200 | ||
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% |
Commitments and Contingent Li77
Commitments and Contingent Liabilities (Details) $ in Thousands | Feb. 27, 2016USD ($) |
Future minimum rental payments under noncancelable operating leases | |
Total minimum payments, Fiscal 2016 | $ 8,329 |
Total minimum payments, Fiscal 2017 | 7,773 |
Total minimum payments, Fiscal 2018 | 7,068 |
Total minimum payments, Fiscal 2019 | 5,775 |
Total minimum payments, Fiscal 2020 | 3,319 |
Total minimum payments, Thereafter | 2,663 |
Total | $ 34,927 |
Commitments and Contingent Li78
Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Guarantees and warranties | ||
Balance at beginning of period | $ 11,275 | $ 11,978 |
Additional accruals | 8,214 | 6,482 |
Claims paid | (3,149) | (7,185) |
Balance at end of period | $ 16,340 | $ 11,275 |
Commitments and Contingent Li79
Commitments and Contingent Liabilities (Details Textual) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016USD ($)Sale_And_Leaseback_Agreement | Feb. 28, 2015USD ($) | Mar. 01, 2014USD ($) | |
Long-term Purchase Commitment [Line Items] | |||
Total rental expense | $ 15,500 | $ 18,700 | $ 15,400 |
Number of sale and leaseback agreements | Sale_And_Leaseback_Agreement | 1 | ||
Deferred gain on sale leaseback arrangements | $ 1,818 | 1,818 | |
Average annual lease payment | 1,000 | ||
Company's backlog bonded by performance bonds | 134,500 | ||
Face value of performance bonds | 328,600 | ||
Total value of letter of credit | 23,500 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | ||
Purchase obligations | 245,000 | ||
Proceeds from new markets tax credit transaction, net of deferred costs | 7,800 | ||
Deferred benefit from New Markets Tax Credit | 10,741 | 10,741 | |
Deferred Costs | 3,300 | ||
Other current and non-current liabilities | |||
Long-term Purchase Commitment [Line Items] | |||
Deferred gain on sale leaseback arrangements | 2,300 | ||
Current Liabilities and Other Non Current Liabilities | |||
Long-term Purchase Commitment [Line Items] | |||
Reserve for environmental liabilities | $ 1,600 | $ 1,800 |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 146 Months Ended | ||||
Oct. 31, 2008 | Jan. 31, 2008 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 27, 2016 | 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 | (575,000) | (203,000) | |||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
Stock Based Compensation Plans | |||||||
Class of Stock [Line Items] | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 5,100 | $ 5,200 | $ 3,600 | ||||
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 | 1,000,000 | ||||
Share repurchases, shares | 575,000 | 203,509 | 0 | 3,057,632 | |||
Share repurchases, value | $ 24,900 | $ 6,900 | $ 61,500 | ||||
Remaining shares authorized to be repurchased | 1,192,368,000 | 1,192,368,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss Net of Tax) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Equity [Abstract] | ||
Net unrealized gain on marketable securities | $ 79 | $ 6 |
Pension liability adjustments | (3,758) | (4,368) |
Foreign currency translation adjustments | (27,692) | (17,958) |
Total accumulated other comprehensive loss | $ (31,371) | $ (22,320) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Award transactions on stock options | |||
Outstanding shares awards exercised | (200,000) | (146,000) | (328,000) |
Award transactions on stock options, Weighted Average Exercise Price | |||
Weighted average exercise price, Beginning | $ 11.92 | ||
Weighted average exercise price, Awards exercised | 12.10 | ||
Weighted average exercise price, Ending | 11.81 | $ 11.92 | |
Weighted average exercise price, Exercisable | $ 11.81 | ||
Weighted average remaining contractual life, Outstanding | 4 years 6 months | ||
Weighted average remaining contractual life, Exercisable | 4 years 6 months | ||
Aggregate intrinsic value, Outstanding | $ 11,140,783 | ||
Aggregate intrinsic value, Exercisable | $ 11,140,783 | ||
Options/SARs Outstanding | |||
Award transactions on stock options | |||
Outstanding, Beginning | 624,095 | ||
Outstanding shares awards exercised | (220,381) | ||
Outstanding, Ending | 403,714 | 624,095 | |
Outstanding shares exercisable | 403,714 |
Stock-Based Compensation (Det83
Stock-Based Compensation (Details 1) | 12 Months Ended | |
Feb. 27, 2016$ / sharesshares | ||
Nonvested share award transactions | ||
Nonvested Number, Beginning | shares | 400,708 | |
Number of shares, Granted | shares | 118,563 | [1] |
Number of shares, Vested | shares | (237,457) | |
Number of shares, Canceled | shares | (6,357) | |
Nonvested Number, Ending | shares | 275,457 | |
Nonvested share award transactions, Wieghted Average Grant Date Fair Value | ||
Weighted average grant date fair value, Beginning | $ / shares | $ 23.49 | |
Weighted average grant date fair value, Granted | $ / shares | 52.80 | |
Weighted average grant date fair value, Vested | $ / shares | 21.49 | |
Weighted average grant date fair value, Canceled | $ / shares | 38.94 | |
Weighted average grant date fair value, Ending | $ / shares | $ 37.48 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ4OTJhNDk4ZjM1ZjRmYzZiMjEyZGYyMGNmNjcxYTI3fFRleHRTZWxlY3Rpb246MTFGQzM3QTk3QTE1MDg1RDczREJDQTEwQzAwMUJEN0YM} |
Stock-Based Compensation (Det84
Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of outstanding options and SARs | 10 years | |||
Share-based Compensation | $ 4,923 | $ 4,793 | $ 4,661 | |
Number of shares, Granted | [1] | 118,563 | ||
Cash proceeds from exercise of stock options | $ 1,600 | 1,200 | 4,200 | |
Aggregate intrinsic value of securities | 7,500 | 4,600 | 6,200 | |
Tax benefit realized for tax deductions from option exercises | 3,900 | $ 3,300 | $ 2,600 | |
Total unrecognized compensation cost related to nonvested share | $ 6,300 | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
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 | 0 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Weighted average period, Nonvested | 21 months | |||
Total fair value of shares vested | $ 12,300 | |||
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 | 350,000 | |||
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] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ4OTJhNDk4ZjM1ZjRmYzZiMjEyZGYyMGNmNjcxYTI3fFRleHRTZWxlY3Rpb246MTFGQzM3QTk3QTE1MDg1RDczREJDQTEwQzAwMUJEN0YM} |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax payments, net of refunds | $ 25,900 | $ 11,300 | $ 12,900 |
Income Tax Credits and Adjustments | 6,400 | ||
Tax benefits associated with stock-based incentive plans | 3,900 | 3,300 | 2,600 |
Total liability for unrecognized tax benefits | 4,441 | 4,477 | |
Tax benefits that if recognized would decrease the effective tax rate | 2,700 | 2,600 | 2,600 |
Tax benefits that if recognized would result in adjustments to deferred taxes | 1,800 | 1,900 | 1,800 |
Reduction to accrual for penalties and interest | (300) | (500) | |
Reserve for interest and penalties | (500) | $ (500) | $ (800) |
Decrease in total liability for unrecognized tax benefits due to audit settlements and lapsing of statutes | 900 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 3,500 | ||
Valuation allowance of net operating loss carryforwards | $ 2,500 |
Income Taxes (Schedule of Earni
Income Taxes (Schedule of Earnings (loss) before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 100,859 | $ 59,898 | $ 36,700 |
International | (3,535) | 5,101 | 3,066 |
Earnings before income taxes | $ 97,324 | $ 64,999 | $ 39,766 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Current: | |||
Federal | $ 35,888 | $ 7,328 | $ 15,711 |
State and local | 2,866 | 1,198 | 1,440 |
International | (636) | 1,790 | 1,437 |
Total current | 38,118 | 10,316 | 18,588 |
Deferred: | |||
Federal | (5,403) | 4,738 | (4,549) |
State and local | (512) | (363) | (378) |
International | (224) | (101) | (353) |
Total deferred | (6,139) | 4,274 | (5,280) |
Total non-current tax benefit | 3 | (107) | (1,528) |
Total income tax expense | $ 31,982 | $ 14,483 | $ 11,780 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at statutory rate | 35.00% | 35.00% | 35.00% |
Manufacturing deduction | (3.40%) | (2.30%) | (3.50%) |
State and local income taxes, net of federal tax benefit | 1.60% | 1.20% | 0.90% |
Tax credits - research & development | (0.80%) | (1.10%) | (1.60%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | 0.00% | (9.90%) | 0.00% |
Nondeductible acquisition costs | 0.00% | 0.00% | 0.30% |
Tax reserve adjustments - statute expirations and benefits recognized | 0.00% | (0.20%) | (2.20%) |
Change in valuation allowance | 0.00% | 0.10% | 0.40% |
Other, net | 0.50% | (0.50%) | 0.30% |
Income tax expense | 32.90% | 22.30% | 29.60% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Income Tax Disclosure [Abstract] | ||
Accounts receivable, Current | $ 825 | $ 1,022 |
Accounts receivable, Noncurrent | 0 | 0 |
Other accruals, Current | 2,968 | 2,872 |
Other accruals, Noncurrent | 1,281 | 1,212 |
Deferred compensation, Current | 554 | 419 |
Deferred compensation, Noncurrent | 12,594 | 11,250 |
Goodwill and other intangibles, Current | 18 | 21 |
Goodwill and other intangibles, Noncurrent | (7,615) | (7,994) |
Depreciation, Current | 0 | (853) |
Depreciation, Noncurrent | (17,354) | (20,544) |
Liability for unrecognized tax benefits, Current | 0 | 0 |
Liability for unrecognized tax benefits, Noncurrent | 2,797 | 2,784 |
Net operating losses, Current | 0 | 0 |
Net operating losses, Noncurrent | 2,945 | 3,084 |
Valuation allowance on net operating losses, Current | (2,194) | (2,149) |
Valuation allowance on net operating losses, Noncurrent | (306) | (442) |
Other, Current | (351) | 27 |
Other, Noncurrent | 686 | (2) |
Deferred Tax Assets (Liabilities) Current | 1,820 | 1,359 |
Deferred Tax Assets (Liabilities), Noncurrent | $ (4,972) | $ (10,652) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 4,491 | $ 4,431 | $ 5,516 |
Gross increases in tax positions for prior years | 60 | 261 | 44 |
Gross decreases in tax positions for prior years | (158) | (276) | (616) |
Gross increases based on tax positions related to the current year | 526 | 508 | 326 |
Gross decreases based on tax positions related to the current year | (33) | (21) | (40) |
Settlements | 0 | (93) | (84) |
Statute of limitations expiration | (374) | (319) | (809) |
Unrecognized tax benefits acquired | 0 | 0 | 94 |
Gross unrecognized tax benefits at end of year | $ 4,512 | $ 4,491 | $ 4,431 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 262,149 | $ 238,324 | $ 240,754 | $ 239,962 | $ 246,698 | $ 244,410 | $ 231,945 | $ 210,883 | $ 981,189 | $ 933,936 | $ 771,445 |
Gross profit | 68,857 | 62,426 | 56,699 | 55,588 | 61,132 | 56,653 | 49,321 | 41,438 | 243,570 | 208,544 | 165,252 |
Net earnings | $ 19,935 | $ 18,521 | $ 14,760 | $ 12,126 | $ 13,887 | $ 13,736 | $ 16,791 | $ 6,102 | $ 65,342 | $ 50,516 | $ 27,986 |
Earnings per share - basic | |||||||||||
Earnings per share - basic | $ 0.69 | $ 0.64 | $ 0.51 | $ 0.42 | $ 0.49 | $ 0.47 | $ 0.59 | $ 0.21 | $ 2.25 | $ 1.76 | $ 0.98 |
Earnings per share - diluted | |||||||||||
Earnings per share - diluted | $ 0.69 | $ 0.63 | $ 0.50 | $ 0.41 | $ 0.47 | $ 0.47 | $ 0.57 | $ 0.21 | $ 2.22 | $ 1.72 | $ 0.95 |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Reconciliation of basic and diluted earnings per share | |||
Basic earnings per share - weighted average common shares outstanding | 29,058 | 28,763 | 28,483 |
Weighted average effect of nonvested share grants and assumed exercise of stock options | 317 | 611 | 891 |
Diluted earnings per share - weighted average common shares and potential common shares outstanding | 29,375 | 29,374 | 29,374 |
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 | 0 |
Business Segment Data (Details
Business Segment Data (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 4 | ||
Export net sales | $ 79,517 | $ 72,730 | $ 52,544 |
Geographic Concentration Risk | Net export sales | |||
Segment Reporting Information [Line Items] | |||
Export net sales as a percentage of consolidated net sales (percentage) | 8.00% | 8.00% | 7.00% |
Business Segment Data (Schedule
Business Segment Data (Schedule of Certain Segment Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 262,149 | $ 238,324 | $ 240,754 | $ 239,962 | $ 246,698 | $ 244,410 | $ 231,945 | $ 210,883 | $ 981,189 | $ 933,936 | $ 771,445 |
Operating Income (Loss) | 97,393 | 63,585 | 40,285 | ||||||||
Depreciation and Amortization | 31,248 | 29,423 | 26,550 | ||||||||
Capital Expenditures | 42,037 | 27,220 | 41,852 | ||||||||
Identifiable Assets | 657,440 | 612,057 | 657,440 | 612,057 | 569,995 | ||||||
Architectural glass | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 377,713 | 346,471 | 293,810 | ||||||||
Operating Income (Loss) | 35,504 | 16,431 | 3,861 | ||||||||
Depreciation and Amortization | 14,397 | 12,897 | 11,624 | ||||||||
Capital Expenditures | 17,701 | 12,307 | 31,568 | ||||||||
Identifiable Assets | 215,571 | 223,525 | 215,571 | 223,525 | 209,102 | ||||||
Architectural Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 245,935 | 230,650 | 203,351 | ||||||||
Operating Income (Loss) | 11,687 | 7,442 | 4,479 | ||||||||
Depreciation and Amortization | 1,274 | 1,375 | 1,421 | ||||||||
Capital Expenditures | 929 | 595 | 1,195 | ||||||||
Identifiable Assets | 81,574 | 68,930 | 81,574 | 68,930 | 66,567 | ||||||
Architectural framing systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 308,593 | 298,395 | 216,059 | ||||||||
Operating Income (Loss) | 31,911 | 21,808 | 14,930 | ||||||||
Depreciation and Amortization | 8,019 | 8,001 | 6,436 | ||||||||
Capital Expenditures | 19,166 | 9,238 | 7,008 | ||||||||
Identifiable Assets | 193,823 | 190,106 | 193,823 | 190,106 | 186,520 | ||||||
Large-scale optical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 88,541 | 87,693 | 81,127 | ||||||||
Operating Income (Loss) | 22,963 | 21,954 | 21,252 | ||||||||
Depreciation and Amortization | 4,998 | 4,817 | 4,861 | ||||||||
Capital Expenditures | 1,962 | 3,500 | 546 | ||||||||
Identifiable Assets | 57,369 | 60,356 | 57,369 | 60,356 | 58,102 | ||||||
Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (39,593) | (29,273) | (22,902) | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | (4,672) | (4,050) | (4,237) | ||||||||
Depreciation and Amortization | 2,560 | 2,333 | 2,208 | ||||||||
Capital Expenditures | 2,279 | 1,580 | 1,535 | ||||||||
Identifiable Assets | $ 109,103 | $ 69,140 | $ 109,103 | $ 69,140 | $ 49,704 |
Business Segment Data (Schedu95
Business Segment Data (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 262,149 | $ 238,324 | $ 240,754 | $ 239,962 | $ 246,698 | $ 244,410 | $ 231,945 | $ 210,883 | $ 981,189 | $ 933,936 | $ 771,445 |
Long-Lived Assets | 202,462 | 193,540 | 202,462 | 193,540 | 193,946 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 923,018 | 847,887 | 718,881 | ||||||||
Long-Lived Assets | 189,624 | 178,048 | 189,624 | 178,048 | 177,378 | ||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 39,324 | 50,807 | 15,850 | ||||||||
Long-Lived Assets | 7,162 | 8,214 | 7,162 | 8,214 | 9,031 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 18,847 | 35,242 | 36,714 | ||||||||
Long-Lived Assets | $ 5,676 | $ 7,278 | $ 5,676 | $ 7,278 | $ 7,537 |
Schedule - Valuation and Qual96
Schedule - Valuation and Qualifying Accounts (Details) - Allowances for doubtful receivables - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 3,242 | $ 2,934 | $ 2,493 | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 0 | 0 | 832 | |
Charged to Costs and Expenses | (197) | 1,322 | 408 | |
Deductions from Reserves | [1] | 493 | 969 | 721 |
Other changes add (deduct) | [2] | (55) | (45) | (78) |
Balance at End of Period | $ 2,497 | $ 3,242 | $ 2,934 | |
[1] | Net of recoveries | |||
[2] | Result of foreign currency effects |