Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 28, 2016 | Jul. 06, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | APOGEE ENTERPRISES, INC. | |
Entity Central Index Key | 6,845 | |
Document Type | 10-Q | |
Document Period End Date | May 28, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --03-04 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,796,293 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | May 28, 2016 | Feb. 27, 2016 |
Current assets | ||
Cash and cash equivalents | $ 36,967 | $ 60,470 |
Short-term available for sale securities | 30,502 | 30,173 |
Receivables, net of allowance for doubtful accounts | 186,606 | 172,832 |
Inventories | 69,530 | 63,386 |
Deferred tax assets | 0 | 1,820 |
Other current assets | 8,228 | 8,112 |
Total current assets | 331,833 | 336,793 |
Property, plant and equipment, net | 214,459 | 202,462 |
Available-for-sale Securities, Debt Securities, Noncurrent | 12,930 | 12,519 |
Goodwill | 74,686 | 73,996 |
Intangible assets | 20,108 | 19,862 |
Other assets | 13,713 | 11,808 |
Total assets | 667,729 | 657,440 |
Current liabilities | ||
Accounts payable | 60,118 | 64,762 |
Accrued payroll and related benefits | 27,088 | 39,946 |
Accrued self-insurance reserves | 6,178 | 7,818 |
Other current liabilities | 28,425 | 29,339 |
Billings in excess of costs and earnings on uncompleted contracts | 42,403 | 31,890 |
Accrued income taxes | 5,934 | 3,626 |
Total current liabilities | 170,146 | 177,381 |
Long-term debt | 22,305 | 20,400 |
Unrecognized tax benefits | 4,444 | 4,441 |
Long-term self-insurance reserves | 8,897 | 7,137 |
Deferred tax liabilities | 3,599 | 4,972 |
Other non-current liabilities | 34,722 | 36,914 |
Commitments and contingent liabilities (Note 13) | ||
Shareholders' equity | ||
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 28,996,209 and 28,958,119, respectively | 9,596 | 9,561 |
Additional paid-in capital | 147,010 | 145,528 |
Retained earnings | 295,502 | 282,477 |
Common stock held in trust | (843) | (837) |
Deferred compensation obligations | 843 | 837 |
Accumulated other comprehensive loss | (28,492) | (31,371) |
Total shareholders’ equity | 423,616 | 406,195 |
Total liabilities and shareholders' equity | $ 667,729 | $ 657,440 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | May 30, 2015 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.33 | $ 0.33 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 28,996,209 | 28,958,119 |
Common stock, shares outstanding | 28,996,209 | 28,958,119 |
Consolidated Results of Operati
Consolidated Results of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 247,880 | $ 239,962 |
Cost of sales | 183,452 | 184,374 |
Gross profit | 64,428 | 55,588 |
Selling, general and administrative expenses | 38,179 | 37,364 |
Operating income | 26,249 | 18,224 |
Interest income | 275 | 237 |
Interest expense | 157 | 167 |
Other income (expense), net | 256 | 48 |
Earnings before income taxes | 26,623 | 18,342 |
Income tax expense (benefit) | 8,901 | 6,216 |
Net earnings | $ 17,722 | $ 12,126 |
Earnings per share - basic | ||
Net earnings | $ 0.62 | $ 0.42 |
Earnings per share - diluted | ||
Net earnings | $ 0.61 | $ 0.41 |
Weighted average basic shares outstanding | 28,702 | 29,044 |
Weighted average diluted shares outstanding | 28,901 | 29,479 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 17,722 | $ 12,126 |
Other comprehensive earnings: | ||
Unrealized loss on marketable securities, net of $9 and $33 of tax benefit, respectively | (14) | (64) |
Foreign currency translation adjustments | 2,893 | (3,011) |
Other comprehensive earnings (loss) | 2,879 | (3,075) |
Total comprehensive earnings | $ 20,601 | $ 9,051 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Earnings (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Tax expense (benefit) on marketable securities | $ (9) | $ (33) |
Tax expense (benefit) on foreign currency hedge | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Operating Activities | ||
Net earnings | $ 17,722 | $ 12,126 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 7,720 | 7,741 |
Stock-based compensation | 1,390 | 1,040 |
Deferred income taxes | 377 | 358 |
Excess tax benefits from stock-based compensation | (374) | (3,619) |
Gain on disposal of assets | (154) | (102) |
Other, net | (221) | 39 |
Changes in operating assets and liabilities: | ||
Receivables | (13,225) | 10,820 |
Inventories | (5,883) | (1,240) |
Accounts payable and accrued expenses | (21,315) | (18,129) |
Billings in excess of costs and earnings on uncompleted contracts | 10,513 | 7,191 |
Refundable and accrued income taxes | 2,532 | 5,361 |
Other, net | 60 | (731) |
Net cash provided by (used in) operating activities | (858) | 20,855 |
Investing Activities | ||
Capital expenditures | (17,725) | (8,752) |
Purchases of marketable securities | (2,643) | (35,787) |
Sales/maturities of marketable securities | 1,892 | 1,696 |
Investments in corporate-owned life insurance policies | (1,842) | (823) |
Net cash provided by (used in) investing activities | (20,318) | (43,666) |
Financing Activities | ||
Proceeds from issuance of debt | 1,893 | 1,189 |
Shares withheld for taxes, net of stock issued to employees | (1,198) | (2,028) |
Excess tax benefits from stock-based compensation | 374 | 3,619 |
Dividends paid | (3,560) | (3,215) |
Net cash provided by (used in) financing activities | (2,491) | (435) |
Decrease in cash and cash equivalents | (23,667) | (23,246) |
Effect of exchange rates on cash | 164 | (735) |
Cash and cash equivalents at beginning of year | 60,470 | 52,185 |
Cash and cash equivalents at end of period | 36,967 | 28,204 |
Noncash Activity | ||
Capital expenditures in accounts payable | $ 3,455 | $ 1,363 |
Consolidated Statement of Share
Consolidated Statement of Shareholders Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Held In Trust [Member] | Deferred Compensation Obligation [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance (in shares) at Feb. 28, 2015 | 29,050 | ||||||
Beginning balance at Feb. 28, 2015 | $ 9,683 | $ 138,575 | $ 256,538 | $ (801) | $ 801 | $ (22,320) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 12,126 | 12,126 | |||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | $ (64) | (64) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 0 | (3,011) | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 83 | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 3,658 | ||||||
Outstanding shares awards exercised | 160 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 53 | 1,285 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 28 | (13) | (9) | 9 | |||
Stock Repurchased and Retired During Period, Shares | (65) | ||||||
Stock Repurchased and Retired During Period, Value | (21) | (316) | (3,122) | ||||
Dividends, Common Stock, Cash | (3,215) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 1,040 | ||||||
Ending balance at May. 30, 2015 | 9,743 | 144,229 | 262,327 | (810) | 810 | (25,395) | |
Ending balance (in shares) at May. 30, 2015 | 29,228 | ||||||
Beginning balance (in shares) at Feb. 27, 2016 | 28,684 | ||||||
Beginning balance at Feb. 27, 2016 | $ 406,195 | 9,561 | 145,528 | 282,477 | (837) | 837 | (31,371) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 17,722 | 17,722 | |||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | $ (14) | (14) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 0 | 2,893 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 126 | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 188 | ||||||
Outstanding shares awards exercised | 9 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 3 | 62 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 42 | (3) | (6) | 6 | |||
Stock Repurchased and Retired During Period, Shares | (30) | ||||||
Stock Repurchased and Retired During Period, Value | (10) | (155) | (1,137) | ||||
Dividends, Common Stock, Cash | (3,560) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 1,390 | ||||||
Ending balance at May. 28, 2016 | $ 423,616 | $ 9,596 | $ 147,010 | $ 295,502 | $ (843) | $ 843 | $ (28,492) |
Ending balance (in shares) at May. 28, 2016 | 28,789 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 28, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) have been prepared in accordance with accounting principles generally accepted in the United States. The information included in this Form 10-Q should be read in conjunction with the Company’s Form 10-K for the year ended February 27, 2016 . We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. The results of operations for the three -month period ended May 28, 2016 are not necessarily indicative of the results to be expected for the full year. In connection with preparing the unaudited consolidated financial statements for the three months ended May 28, 2016 , we evaluated subsequent events for potential recognition and disclosure through the date of this filing. In June 2016, we entered into an additional New Markets Tax Credit (NMTC) transaction related to our announced investment in plant and equipment to introduce oversize production capability within our Architectural Glass segment, whereby we received $5.2 million of cash in exchange for substantially all the benefits derived from the tax credits. This transaction will be reflected in our second quarter financial statements. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
May 28, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. We have early adopted this standard in the current period, and prior periods were not retrospectively adjusted. In March 2016, the FASB issued 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 comprehensive changes 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 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. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May 28, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Share-Based Compensation Total share-based compensation expense included in the results of operations was $1.4 million and $1.0 million for the three -month periods ended May 28, 2016 and May 30, 2015 , respectively. Stock Options and SARs There were no options or SARs issued in the first three months of either fiscal 2017 or 2016 . The following table summarizes the award transactions for the three months ended May 28, 2016 : Stock Options and SARs Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at February 27, 2016 403,714 $ 11.81 Awards exercised (12,315 ) 15.86 Outstanding and exercisable at May 28, 2016 391,399 $ 11.69 4.4 Years $ 13,406,598 Cash proceeds from the exercise of stock options were $0.1 million and $1.3 million for the three months ended May 28, 2016 and May 30, 2015 , 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 $0.3 million during the three months ended May 28, 2016 and $5.7 million during the prior-year period. Nonvested Shares and Share Units The following table summarizes nonvested share activity for the three months ended May 28, 2016 : Nonvested Shares and Units Number of Shares and Units Weighted Average Grant Date Fair Value Nonvested at February 27, 2016 275,457 $ 37.48 Granted 130,507 42.55 Vested (76,759 ) 34.32 Nonvested at May 28, 2016 329,205 $ 40.23 At May 28, 2016 , there was $10.4 million of total unrecognized compensation cost related to nonvested shares and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 26 months. The total fair value of shares vested during the three months ended May 28, 2016 was $3.2 million . |
Earnings per Share
Earnings per Share | 3 Months Ended |
May 28, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share: Three Months Ended (In thousands, except per share data) May 28, 2016 May 30, 2015 Basic earnings per share – weighted average common shares outstanding 28,702 29,044 Weighted average effect of nonvested share grants and assumed exercise of stock options 199 435 Diluted earnings per share – weighted average common shares and potential common shares outstanding 28,901 29,479 There were no anti-dilutive stock options excluded from the calculation of earnings per share for any of the periods presented, as the average market price exceeded the exercise price of options outstanding. |
Inventories
Inventories | 3 Months Ended |
May 28, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories (In thousands) May 28, 2016 February 27, 2016 Raw materials $ 24,553 $ 21,404 Work-in-process 12,723 9,958 Finished goods 26,352 25,486 Costs and earnings in excess of billings on uncompleted contracts 5,902 6,538 Total inventories $ 69,530 $ 63,386 |
Marketable Securities
Marketable Securities | 3 Months Ended |
May 28, 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 May 28, 2016 Mutual fund $ 30,233 $ — $ (56 ) $ 30,177 Municipal bonds 13,101 248 (94 ) 13,255 Total marketable securities $ 43,334 $ 248 $ (150 ) $ 43,432 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 We are invested in a mutual fund holding short-term government securities as a means of investing excess cash while preserving liquidity. We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds 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. As of May 28, 2016 , marketable securities with a fair value of $1.4 million have been in a continuous unrealized loss position for more than 12 months with unrea lized losses of $0.1 million . 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 asset 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 amortized cost and estimated fair values of municipal bonds at May 28, 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 Fair Value Due within one year $ 325 $ 324 Due after one year through five years 4,527 4,564 Due after five years through 10 years 6,013 6,184 Due after 10 years through 15 years 2,236 2,183 Total $ 13,101 $ 13,255 Gross realized gains and losses were not significant during the first three months of fiscal 2017 and fiscal 2016 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 28, 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. (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value May 28, 2016 Cash equivalents Money market funds $ 12,045 $ — $ 12,045 Commercial paper — 11,416 11,416 Total cash equivalents 12,045 11,416 23,461 Short-term securities Mutual funds 30,177 — 30,177 Municipal bonds — 325 325 Total short-term securities 30,177 325 30,502 Long-term securities Municipal bonds — 12,930 12,930 Total assets at fair value $ 42,222 $ 24,671 $ 66,893 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 funds 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 Cash equivalents Fair value of money market funds was determined based on quoted prices 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. |
Goodwill and Other Identifiable
Goodwill and Other Identifiable Intangible Assets | 3 Months Ended |
May 28, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets The carrying amount of goodwill attributable to each business segment is below: (In thousands) Architectural Glass Architectural Services Architectural Framing Systems Large-Scale Optical Total 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 Foreign currency translation 167 — 523 — 690 Balance at May 28, 2016 $ 25,806 $ 1,120 $ 37,203 $ 10,557 $ 74,686 The following table provides the gross carrying amount of other intangible assets and related accumulated amortization: (In thousands) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Net May 28, 2016 Definite-lived intangible assets: Debt issue costs on revolving credit facility $ 3,677 $ (2,807 ) $ — $ 870 Non-compete agreements 6,524 (6,296 ) — 228 Customer relationships 22,636 (12,586 ) 397 10,447 Purchased intellectual property 7,656 (3,253 ) 95 4,498 Total definite-lived intangible assets $ 40,493 $ (24,942 ) $ 492 $ 16,043 Indefinite-lived intangible assets: Trademarks 3,919 — 146 4,065 Total intangible assets $ 44,412 $ (24,942 ) $ 638 $ 20,108 February 27, 2016 Definite-lived intangible assets: Debt issue costs on revolving credit facility $ 3,677 $ (2,758 ) $ — $ 919 Non-compete agreements 6,673 (6,419 ) (16 ) 238 Customer relationships 24,174 (12,737 ) (1,162 ) 10,275 Purchased intellectual property 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 Amortization expense on the definite-lived intangible assets was $0.4 million for each of the three -month periods ended May 28, 2016 and May 30, 2015 . 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. At May 28, 2016 , the estimated future amortization expense for definite-lived intangible assets is as follows: (In thousands) Remainder of Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Estimated amortization expense $ 1,192 $ 1,523 $ 1,463 $ 1,352 $ 1,165 |
Debt
Debt | 3 Months Ended |
May 28, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt at May 28, 2016 consisted of $20.4 million of industrial revenue bonds and $1.9 million on the Canadian revolving credit facility. The industrial revenue bonds mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximates carrying value at May 28, 2016 , due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 7. We maintain a $125.0 million committed revolving credit facility that expires in December 2019 . No borrowings were outstanding under the facility as of May 28, 2016 or February 27, 2016 . At May 28, 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) $ 366.6 $ 423.6 We also maintain a $ 4.0 million Canadian dollar revolving demand facility available to our Canadian operation. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreement. Outstanding balances under this demand facility are classified as long-term debt, as they can be refinanced through our committed revolving credit facility. No borrowings were outstanding under this facility as of February 27, 2016 . Interest payments were $0.1 million for each of the three months ended May 28, 2016 and May 30, 2015 . |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
May 28, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension Plans The Company sponsors two defined-benefit pension plans: an unfunded Officers’ Supplemental Executive Retirement Plan and the Tubelite Inc. Hourly Employees’ Pension Plan. Components of net periodic benefit cost are: Three Months Ended (In thousands) May 28, May 30, Interest cost $ 139 $ 142 Expected return on assets (10 ) (34 ) Amortization of unrecognized net loss 56 62 Net periodic benefit cost $ 185 $ 170 |
Income Taxes
Income Taxes | 3 Months Ended |
May 28, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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 U.S. 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 year 2012, and there is very limited audit activity of the Company’s income tax returns in U.S. state jurisdictions or international jurisdictions. The total liability for unrecognized tax benefits was approximately $5.0 million at both May 28, 2016 and February 27, 2016 . Penalties and interest related to unrecognized tax benefits are recorded in income tax expense. The total liability for unrecognized tax benefits is expected to decrease by approximately $0.6 million during the next 12 months due to lapsing of statutes. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
May 28, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Operating lease commitments. As of May 28, 2016 , the Company was obligated under non-cancelable operating leases for buildings and equipment. Certain leases provide for increased rental payments based upon increases in real estate taxes or operating costs. Future minimum rental payments under non-cancelable operating leases are: (In thousands) Remainder of Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Thereafter Total Total minimum payments $ 6,384 $ 8,264 $ 7,492 $ 6,140 $ 3,670 $ 4,643 $ 36,593 Bond commitments. In the ordinary course of business, predominantly in our Architectural Services segment, we are required to provide surety or performance bonds that commit payments to our customers for any non-performance by us. At May 28, 2016 , $120.6 million of our backlog was bonded by performance bonds with a face value of $317.2 million . Performance bonds do not have stated expiration dates, as we are released from the bonds upon completion of the contract. We have never been required to make any payments related to these performance bonds with respect to any of our 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: Three Months Ended (In thousands) May 28, 2016 May 30, 2015 Balance at beginning of period $ 16,340 $ 11,275 Additional accruals 1,463 1,926 Claims paid (1,129 ) (1,173 ) Balance at end of period $ 16,674 $ 12,028 Letters of credit. At May 28, 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 May 28, 2016 was approximately $23.5 million , all of which have been issued under the credit facility. Our total availability under our $125.0 million credit facility is reduced by borrowings under the facility and also by letters of credit issued under the facility. Purchase obligations. We have purchase obligations for raw material commitments and capital expenditures that totaled $203.2 million as of May 28, 2016 . Litigation. We are a party to various legal proceedings incidental to our normal operating activities. In particular, like others in the construction supply and services industry, our 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. We are also subject to litigation arising out of employment practices, workers compensation, general liability and automobile claims. Although it is very difficult to accurately predict the outcome of such proceedings, facts currently available indicate that no such claims will result in losses that would have a material adverse effect on our results of operations, cash flows or financial condition. |
Segment Information
Segment Information | 3 Months Ended |
May 28, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has four reporting segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical (LSO). • 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. The Company has aggregated four operating segments into this reporting segment based on their similar products, customers, distribution methods, production processes and economic characteristics. • The LSO segment manufactures value-added glass and acrylic products for the custom picture framing and fine art markets. Three Months Ended (In thousands) May 28, May 30, Net sales from operations Architectural Glass $ 93,360 $ 101,175 Architectural Services 62,820 55,652 Architectural Framing Systems 81,132 71,900 Large-Scale Optical 20,028 20,219 Intersegment eliminations (9,460 ) (8,984 ) Net sales $ 247,880 $ 239,962 Operating income (loss) from operations Architectural Glass $ 9,531 $ 8,283 Architectural Services 3,181 942 Architectural Framing Systems 10,232 5,261 Large-Scale Optical 4,652 4,870 Corporate and other (1,347 ) (1,132 ) Operating income $ 26,249 $ 18,224 Due to the varying combinations and integration of individual window, storefront and curtainwall systems, it is impractical to report product revenues generated by class of product, beyond the segment revenues currently reported. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May 28, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Award transactions on stock options | The following table summarizes the award transactions for the three months ended May 28, 2016 : Stock Options and SARs Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at February 27, 2016 403,714 $ 11.81 Awards exercised (12,315 ) 15.86 Outstanding and exercisable at May 28, 2016 391,399 $ 11.69 4.4 Years $ 13,406,598 |
Nonvested share award transactions | The following table summarizes nonvested share activity for the three months ended May 28, 2016 : Nonvested Shares and Units Number of Shares and Units Weighted Average Grant Date Fair Value Nonvested at February 27, 2016 275,457 $ 37.48 Granted 130,507 42.55 Vested (76,759 ) 34.32 Nonvested at May 28, 2016 329,205 $ 40.23 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
May 28, 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: Three Months Ended (In thousands, except per share data) May 28, 2016 May 30, 2015 Basic earnings per share – weighted average common shares outstanding 28,702 29,044 Weighted average effect of nonvested share grants and assumed exercise of stock options 199 435 Diluted earnings per share – weighted average common shares and potential common shares outstanding 28,901 29,479 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
May 28, 2016 | |
Inventory Disclosure [Abstract] | |
Components of inventories | (In thousands) May 28, 2016 February 27, 2016 Raw materials $ 24,553 $ 21,404 Work-in-process 12,723 9,958 Finished goods 26,352 25,486 Costs and earnings in excess of billings on uncompleted contracts 5,902 6,538 Total inventories $ 69,530 $ 63,386 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
May 28, 2016 | |
Marketable Securities [Abstract] | |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | arketable securities, all classified as available for sale: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value May 28, 2016 Mutual fund $ 30,233 $ — $ (56 ) $ 30,177 Municipal bonds 13,101 248 (94 ) 13,255 Total marketable securities $ 43,334 $ 248 $ (150 ) $ 43,432 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 |
Schedule of amortized cost and estimated fair values of investments by contractual maturity | The amortized cost and estimated fair values of municipal bonds at May 28, 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 Fair Value Due within one year $ 325 $ 324 Due after one year through five years 4,527 4,564 Due after five years through 10 years 6,013 6,184 Due after 10 years through 15 years 2,236 2,183 Total $ 13,101 $ 13,255 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 28, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value | (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value May 28, 2016 Cash equivalents Money market funds $ 12,045 $ — $ 12,045 Commercial paper — 11,416 11,416 Total cash equivalents 12,045 11,416 23,461 Short-term securities Mutual funds 30,177 — 30,177 Municipal bonds — 325 325 Total short-term securities 30,177 325 30,502 Long-term securities Municipal bonds — 12,930 12,930 Total assets at fair value $ 42,222 $ 24,671 $ 66,893 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 funds 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 |
Goodwill and Other Identifiab27
Goodwill and Other Identifiable Intangible Assets (Tables) | 3 Months Ended |
May 28, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill attributable to each business segment | The carrying amount of goodwill attributable to each business segment is below: (In thousands) Architectural Glass Architectural Services Architectural Framing Systems Large-Scale Optical Total 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 Foreign currency translation 167 — 523 — 690 Balance at May 28, 2016 $ 25,806 $ 1,120 $ 37,203 $ 10,557 $ 74,686 |
Schedule of finite lived intangible assets | The following table provides the gross carrying amount of other intangible assets and related accumulated amortization: (In thousands) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Net May 28, 2016 Definite-lived intangible assets: Debt issue costs on revolving credit facility $ 3,677 $ (2,807 ) $ — $ 870 Non-compete agreements 6,524 (6,296 ) — 228 Customer relationships 22,636 (12,586 ) 397 10,447 Purchased intellectual property 7,656 (3,253 ) 95 4,498 Total definite-lived intangible assets $ 40,493 $ (24,942 ) $ 492 $ 16,043 Indefinite-lived intangible assets: Trademarks 3,919 — 146 4,065 Total intangible assets $ 44,412 $ (24,942 ) $ 638 $ 20,108 February 27, 2016 Definite-lived intangible assets: Debt issue costs on revolving credit facility $ 3,677 $ (2,758 ) $ — $ 919 Non-compete agreements 6,673 (6,419 ) (16 ) 238 Customer relationships 24,174 (12,737 ) (1,162 ) 10,275 Purchased intellectual property 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 |
Schedule of estimated future amortization expense for identifiable intangible assets | At May 28, 2016 , the estimated future amortization expense for definite-lived intangible assets is as follows: (In thousands) Remainder of Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Estimated amortization expense $ 1,192 $ 1,523 $ 1,463 $ 1,352 $ 1,165 |
Debt Debt (Tables)
Debt Debt (Tables) | 3 Months Ended |
May 28, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt Covenant Ratios | At May 28, 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) $ 366.6 $ 423.6 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
May 28, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of net periodic benefit cost | Components of net periodic benefit cost are: Three Months Ended (In thousands) May 28, May 30, Interest cost $ 139 $ 142 Expected return on assets (10 ) (34 ) Amortization of unrecognized net loss 56 62 Net periodic benefit cost $ 185 $ 170 |
Commitments and Contingent Li30
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
May 28, 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) Remainder of Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Thereafter Total Total minimum payments $ 6,384 $ 8,264 $ 7,492 $ 6,140 $ 3,670 $ 4,643 $ 36,593 |
Guarantees and warranties | Three Months Ended (In thousands) May 28, 2016 May 30, 2015 Balance at beginning of period $ 16,340 $ 11,275 Additional accruals 1,463 1,926 Claims paid (1,129 ) (1,173 ) Balance at end of period $ 16,674 $ 12,028 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
May 28, 2016 | |
Segment Reporting [Abstract] | |
Sales and operating income data | Three Months Ended (In thousands) May 28, May 30, Net sales from operations Architectural Glass $ 93,360 $ 101,175 Architectural Services 62,820 55,652 Architectural Framing Systems 81,132 71,900 Large-Scale Optical 20,028 20,219 Intersegment eliminations (9,460 ) (8,984 ) Net sales $ 247,880 $ 239,962 Operating income (loss) from operations Architectural Glass $ 9,531 $ 8,283 Architectural Services 3,181 942 Architectural Framing Systems 10,232 5,261 Large-Scale Optical 4,652 4,870 Corporate and other (1,347 ) (1,132 ) Operating income $ 26,249 $ 18,224 |
Basis of Presentation New Marke
Basis of Presentation New Market Tax Credit transaction (Details) $ in Thousands | Jun. 23, 2016USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Gross proceeds from new markets tax credit transaction | $ 5,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details 1) - USD ($) | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Award transactions on stock options | ||
Outstanding, Beginning | 403,714 | |
Outstanding shares awards exercised | (9,000) | (160,000) |
Outstanding, Ending | 391,399 | |
Award transactions on stock options, Weighted Average Exercise Price [Roll Forward] | ||
Weighted average exercise price, Beginning | $ 11.81 | |
Weighted average exercise price, Awards exercised | 15.86 | |
Weighted average exercise price, Ending | $ 11.69 | |
Weighted average remaining contractual life, Outstanding | 4 years 5 months | |
Aggregate intrinsic value, Outstanding | $ 13,406,598 | |
Deferred Compensation, Share-based Payments [Member] | ||
Award transactions on stock options | ||
Outstanding shares awards exercised | (12,315) |
Stock-Based Compensation (Det34
Stock-Based Compensation (Details 2) | 3 Months Ended |
May 28, 2016$ / sharesshares | |
Nonvested share award transactions | |
Nonvested Number, Beginning | shares | 275,457 |
Number of shares, Granted | shares | 130,507 |
Number of shares, Vested | shares | (76,759) |
Nonvested Number, Ending | shares | 329,205 |
Nonvested share award transactions, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, Beginning | $ / shares | $ 37.48 |
Weighted average grant date fair value, Granted | $ / shares | 42.55 |
Weighted average grant date fair value, Vested | $ / shares | 34.32 |
Weighted average grant date fair value, Ending | $ / shares | $ 40.23 |
Stock-Based Compensation (Det35
Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | $ 1,390 | $ 1,040 |
Cash proceeds from exercise of stock options | 100 | 1,300 |
Aggregate intrinsic value of securities | 300 | $ 5,700 |
Total unrecognized compensation cost related to nonvested share | $ 10,400 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average period, Nonvested | 26 months | |
Total fair value of shares vested | $ 3,200 |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Thousands | 3 Months Ended | ||
May 28, 2016 | May 30, 2015 | May 31, 2014 | |
Reconciliation of basic and diluted earnings per share | |||
Basic earnings per share - weighted common shares outstanding | 28,702 | 29,044 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 199 | 435 | |
Weighted Average Number of Shares Outstanding, Diluted | 28,901 | 29,479 | |
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 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | May 28, 2016 | Feb. 27, 2016 |
Components of inventories | ||
Raw materials | $ 24,553 | $ 21,404 |
Work-in-process | 12,723 | 9,958 |
Finished goods | 26,352 | 25,486 |
Costs and earnings in excess of billings on uncompleted contracts | 5,902 | 6,538 |
Total inventories | $ 69,530 | $ 63,386 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | May 28, 2016 | Feb. 27, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 13,101 | |
Amortized Cost | 43,334 | $ 42,571 |
Gross Unrealized Gains | 248 | 285 |
Gross Unrealized Losses | 150 | 164 |
Estimated Market Value, Total | 13,255 | |
Available-for-sale Securities | 43,432 | 42,692 |
Mutual Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,233 | 30,178 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (56) | (55) |
Estimated Market Value, Total | 30,177 | 30,123 |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,101 | 12,393 |
Gross Unrealized Gains | 248 | 285 |
Gross Unrealized Losses | 94 | 109 |
Estimated Market Value, Total | $ 13,255 | $ 12,569 |
Marketable Securities (Details
Marketable Securities (Details 2) $ in Thousands | May 28, 2016USD ($) |
Marketable Securities [Abstract] | |
Amortized Cost, Due within one year | $ 325 |
Amortized Cost, Due after one year through five years | 4,527 |
Amortized Cost, Due after five years through 10 years | 6,013 |
Amortized Cost, Due after 10 years through 15 years | 2,236 |
Amortized Cost, Total | 13,101 |
Estimated Market Value, Due within one year | 324 |
Estimated Market Value, Due after one year through five years | 4,564 |
Estimated Market Value, Due after five years through 10 years | 6,184 |
Estimated Market Value, Due after 10 years through 15 years | 2,183 |
Estimated Market Value, Total | $ 13,255 |
Marketable Securities (Detail40
Marketable Securities (Details Textual) $ in Thousands | May 28, 2016USD ($) |
Marketable Securities [Abstract] | |
Greater Than or Equal to 12 Months, Fair Value | $ 1,361 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 91 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | May 28, 2016 | Feb. 27, 2016 |
Cash equivalents | ||
Total cash equivalents | $ 23,461 | $ 52,973 |
Available-for-sale Securities, Current | 30,502 | 30,173 |
Available-for-sale Securities | 43,432 | 42,692 |
Total assets at fair value | 66,893 | 95,665 |
Commercial Paper [Member] | ||
Cash equivalents | ||
Total cash equivalents | 11,416 | 29,774 |
Money market funds [Member] | ||
Cash equivalents | ||
Total cash equivalents | 23,199 | |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Cash equivalents | ||
Total cash equivalents | 12,045 | 23,199 |
Available-for-sale Securities, Current | 30,177 | |
Available-for-sale Securities | 30,123 | |
Total assets at fair value | 42,222 | 53,322 |
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member] | ||
Cash equivalents | ||
Total cash equivalents | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Money market funds [Member] | ||
Cash equivalents | ||
Total cash equivalents | 23,199 | |
Quoted Prices in Active Markets (Level 1) [Member] | Municipal bonds [Member] | ||
Cash equivalents | ||
Available-for-sale Securities | 0 | |
Other Observable Inputs (Level 2) [Member] | ||
Cash equivalents | ||
Total cash equivalents | 11,416 | |
Available-for-sale Securities, Current | 325 | |
Available-for-sale Securities | 50 | |
Total assets at fair value | 24,671 | 42,343 |
Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Cash equivalents | ||
Total cash equivalents | 11,416 | 29,774 |
Other Observable Inputs (Level 2) [Member] | Money market funds [Member] | ||
Cash equivalents | ||
Total cash equivalents | 0 | |
Mutual Fund [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 30,123 | |
Mutual Fund [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 30,123 | |
Mutual Fund [Member] | Other Observable Inputs (Level 2) [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 0 | |
Mutual funds [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 30,177 | |
Mutual funds [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 30,177 | |
Mutual funds [Member] | Other Observable Inputs (Level 2) [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 0 | |
Money market funds [Member] | ||
Cash equivalents | ||
Total cash equivalents | 12,045 | |
Money market funds [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Cash equivalents | ||
Total cash equivalents | 12,045 | |
Money market funds [Member] | Other Observable Inputs (Level 2) [Member] | ||
Cash equivalents | ||
Total cash equivalents | 0 | |
Municipal bonds [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 325 | 50 |
Available-for-sale Securities, Noncurrent | 12,930 | 12,519 |
Municipal bonds [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 0 | |
Available-for-sale Securities, Noncurrent | 0 | 0 |
Municipal bonds [Member] | Other Observable Inputs (Level 2) [Member] | ||
Cash equivalents | ||
Available-for-sale Securities, Current | 325 | 50 |
Available-for-sale Securities, Noncurrent | $ 12,930 | $ 12,519 |
Goodwill and Other Identifiab42
Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
May 30, 2015 | Feb. 28, 2015 | |
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | $ 73,996 | $ 75,857 |
Foreign currency translation | 690 | (1,861) |
Goodwill, Ending | 74,686 | 73,996 |
Architectural Glass [Member] | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 25,639 | 26,355 |
Foreign currency translation | 167 | (716) |
Goodwill, Ending | 25,806 | 25,639 |
Architectural Services segment [Member] | ||
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 Segment [Member] | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 36,680 | 37,825 |
Foreign currency translation | 523 | (1,145) |
Goodwill, Ending | 37,203 | 36,680 |
Large-Scale Optical [Member] | ||
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 Identifiab43
Goodwill and Other Identifiable Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
May 28, 2016 | Feb. 27, 2016 | |
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | $ 40,493 | $ 42,737 |
Accumulated Amortization | (24,942) | (25,185) |
Foreign Currency Translation | 492 | (1,609) |
Net | 16,043 | 15,943 |
Intangible Assets, Gross (Excluding Goodwill) | 44,412 | 46,976 |
Intangible Assets Accumulated Amortization | (24,942) | (25,185) |
Intangible Assets Foreign Currency Translation | 638 | (1,929) |
Intangible Assets, Net (Excluding Goodwill) | 20,108 | 19,862 |
Debt issue costs [Member] | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 3,677 | 3,677 |
Accumulated Amortization | (2,807) | (2,758) |
Foreign Currency Translation | 0 | 0 |
Net | 870 | 919 |
Noncompete Agreements [Member] | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 6,524 | 6,673 |
Accumulated Amortization | (6,296) | (6,419) |
Foreign Currency Translation | 0 | (16) |
Net | 228 | 238 |
Customer Relationships [Member] | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 22,636 | 24,174 |
Accumulated Amortization | (12,586) | (12,737) |
Foreign Currency Translation | 397 | (1,162) |
Net | 10,447 | 10,275 |
Trademarks [Member] | ||
Schedule of finite lived identifiable intangible assets | ||
Gross Carrying Amount | 7,656 | 8,213 |
Accumulated Amortization | (3,253) | (3,271) |
Foreign Currency Translation | 95 | (431) |
Net | 4,498 | 4,511 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,919 | 4,239 |
Indefinite-lived Intangible Assets, Translation Adjustments | 146 | (320) |
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments | $ 4,065 | $ 3,919 |
Goodwill and Other Identifiab44
Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands | May 28, 2016USD ($) |
Schedule of estimated future amortization expense for identifiable intangible assets | |
Estimated amortization expense, Remainder of Fiscal 2017 | $ 1,192 |
Estimated amortization expense, Fiscal 2018 | 1,523 |
Estimated amortization expense, Fiscal 2019 | 1,463 |
Estimated amortization expense, Fiscal 2020 | 1,352 |
Estimated amortization expense, Fiscal 2021 | $ 1,165 |
Goodwill and Other Identifiab45
Goodwill and Other Identifiable Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended |
May 28, 2016USD ($) | |
Goodwill and Other Identifiable Intangible Assets (Textual) [Abstract] | |
Amortization expense on identifiable intangible assets | $ 400 |
Debt (Details)
Debt (Details) CAD in Thousands, $ in Thousands | 3 Months Ended | ||||
May 28, 2016USD ($) | May 31, 2014USD ($) | May 28, 2016CAD | May 28, 2016USD ($) | Feb. 28, 2015USD ($) | |
Debt (Textual) [Abstract] | |||||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | |||
Debt to Ebitda Ratio | 0.16 | ||||
Minimum net worth required | 366,600 | ||||
Net Worth | 423,600 | ||||
Interest payments | $ 100 | $ 100 | |||
Maximum [Member] | |||||
Debt (Textual) [Abstract] | |||||
Debt to Ebitda Ratio | 3 | ||||
Revolving Credit Facility [Member] | |||||
Debt (Textual) [Abstract] | |||||
Debt | 1,900 | ||||
Maximum borrowing capacity | CAD 4,000 | 125,000 | |||
Industrial Revenue Bonds [Member] | |||||
Debt (Textual) [Abstract] | |||||
Debt | $ 20,400 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Components of net periodic benefit cost | ||
Interest cost | $ 139 | $ 142 |
Expected return on assets | (10) | (34) |
Amortization of unrecognized net loss | 56 | 62 |
Net periodic benefit cost | $ 185 | $ 170 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | May 28, 2016 | Feb. 27, 2016 |
Income Tax Disclosure [Abstract] | ||
Liability for uncertain tax positions, current and noncurrent | $ 5,000 | $ 5,000 |
Liability for unrecognized tax benefit, expected decrease | $ 600 |
Commitments and Contingent Li49
Commitments and Contingent Liabilities (Details) $ in Thousands | May 28, 2016USD ($) |
Future minimum rental payments under noncancelable operating leases | |
Total minimum payments, Remainder of Fiscal 2017 | $ 6,384 |
Total minimum payments, Fiscal 2018 | 8,264 |
Total minimum payments, Fiscal 2019 | 7,492 |
Total minimum payments, Fiscal 2020 | 6,140 |
Total minimum payments, Fiscal 2021 | 3,670 |
Total minimum payments, Thereafter | 4,643 |
Total | $ 36,593 |
Commitments and Contingent Li50
Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Guarantees and warranties | ||
Balance at beginning of period | $ 16,340 | $ 11,275 |
Additional accruals | 1,463 | 1,926 |
Claims paid | (1,129) | (1,173) |
Balance at end of period | $ 16,674 | $ 12,028 |
Commitments and Contingent Li51
Commitments and Contingent Liabilities (Details Textual) - May 28, 2016 CAD in Thousands, $ in Thousands | CAD | USD ($) |
Line of Credit Facility [Line Items] | ||
Company's backlog bonded by performance bonds | $ 120,600 | |
Face value of performance bonds | 317,200 | |
Total value of letter of credit | 23,500 | |
Purchase obligations | 203,200 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | CAD 4,000 | $ 125,000 |
Segment Information Segment Inf
Segment Information Segment Information (Details Textual) | 3 Months Ended | |
May 28, 2016Segment | May 30, 2015Reportable_Segment | |
Segment Information [Abstract] | ||
Number of Reportable Segments | Segment | 4 | |
Number of Operating Segments | Reportable_Segment | 4 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 28, 2016 | May 30, 2015 | |
Sales and operating income data | ||
Net sales | $ 247,880 | $ 239,962 |
Operating income (loss) | 26,249 | 18,224 |
Architectural Glass [Member] | ||
Sales and operating income data | ||
Net sales | 93,360 | 101,175 |
Operating income (loss) | 9,531 | 8,283 |
Architectural Services segment [Member] | ||
Sales and operating income data | ||
Net sales | 62,820 | 55,652 |
Operating income (loss) | 3,181 | 942 |
Architectural Framing Systems Segment [Member] | ||
Sales and operating income data | ||
Net sales | 81,132 | 71,900 |
Operating income (loss) | 10,232 | 5,261 |
Large-Scale Optical [Member] | ||
Sales and operating income data | ||
Net sales | 20,028 | 20,219 |
Operating income (loss) | 4,652 | 4,870 |
Intersegment eliminations [Member] | ||
Sales and operating income data | ||
Net sales | (9,460) | (8,984) |
Corporate and other [Member] | ||
Sales and operating income data | ||
Operating income (loss) | $ (1,347) | $ (1,132) |