Apogee Enterprises (APOG) 10-Q 1 Jul 21 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 29, 2021	Jun. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 29, 2021
Document Transition Report	false
Entity File Number	0-6365
Entity Registrant Name	APOGEE ENTERPRISES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0919654
Entity Address, Address Line One	4400 West 78th Street, Suite 520
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55435
City Area Code	952
Local Phone Number	835-1874
Title of 12(b) Security	Common stock, par value $0.33 1/3 per share
Trading Symbol	APOG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,526,814
Entity Central Index Key	0000006845
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-26
Entity Filer Category	Accelerated Filer

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Current assets
Cash and cash equivalents	$ 36,469	$ 47,277
Receivables, net	172,433	175,917
Inventories	70,867	72,823
Costs and earnings on contracts in excess of billings	28,390	29,497
Other current assets	23,973	25,160
Total current assets	332,132	350,674
Property, plant and equipment, net	292,296	298,443
Operating lease right-of-use assets	56,277	58,864
Goodwill	131,461	130,098
Intangible assets	131,980	130,053
Other non-current assets	46,557	46,967
Total assets	990,703	1,015,099
Current liabilities
Accounts payable	74,312	76,204
Accrued payroll and related benefits	37,041	50,125
Billings on contracts in excess of costs and earnings	16,873	22,789
Operating lease liabilities	12,438	13,251
Current portion of debt	3,000	2,000
Other current liabilities	44,541	53,183
Total current liabilities	188,205	217,552
Long-term debt	162,000	163,000
Non-current operating lease liabilities	47,184	48,439
Non-current self-insurance reserves	25,784	24,880
Other non-current liabilities	69,979	68,483
Shareholders' equity
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 25,605,924 and 25,713,688 respectively	8,535	8,571
Additional paid-in capital	158,341	154,958
Retained earnings	352,130	357,243
Accumulated other comprehensive loss	(21,455)	(28,027)
Total shareholders’ equity	497,551	492,745
Total liabilities and shareholders’ equity	$ 990,703	$ 1,015,099
Common Stock, Par or Stated Value Per Share	$ 0.33	$ 0.33
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Outstanding	25,605,924	25,713,688
Common Stock, Shares, Issued	25,605,924	25,713,688

Consolidated Results of Operati

Consolidated Results of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Income Statement [Abstract]
Net sales	$ 326,006	$ 289,095
Cost of sales	258,296	228,844
Gross profit	67,710	60,251
Selling, general and administrative expenses	51,668	53,782
Operating income	16,042	6,469
Interest expense, net	1,238	1,414
Other expense, net	315	1,049
Earnings before income taxes	14,489	4,006
Income tax expense	3,672	1,130
Net earnings	$ 10,817	$ 2,876
Earnings per share - basic
Earnings per share - basic	$ 0.43	$ 0.11
Earnings per share - diluted
Earnings per share - diluted	$ 0.42	$ 0.11
Weighted average basic shares outstanding	25,402	26,168
Weighted average diluted shares outstanding	25,822	26,418

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 10,817	$ 2,876
Other comprehensive earnings (loss):
Unrealized gain on marketable securities, net of $— and $26 of tax expense, respectively	0	97
Unrealized gain (loss) on derivative instruments, net of $211 and $(189) of tax expense (benefit), respectively	692	(617)
Foreign currency translation adjustments	5,880	(6,151)
Other comprehensive earnings (loss)	6,572	(6,671)
Total comprehensive earnings (loss)	17,389	(3,795)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	0	26
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ 211	$ (189)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Operating Activities
Net earnings	$ 10,817	$ 2,876
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	12,980	12,540
Share-based compensation	1,674	1,406
Deferred income taxes	941	(738)
Noncash lease expense	3,098	2,945
Other, net	58	1,039
Changes in operating assets and liabilities:
Receivables	4,455	39,650
Inventories	2,252	(4,700)
Costs and earnings on contracts in excess of billings	(1,205)	(7,558)
Accounts payable and accrued expenses	(22,449)	(22,334)
Billings on contracts in excess of costs and earnings	(6,434)	(17,181)
Refundable and accrued income taxes	1,410	2,847
Operating lease liability	(3,113)	(2,781)
Other	(11)	849
Net cash provided by operating activities	6,883	23,976
Investing Activities
Capital expenditures	(4,705)	(8,606)
Other	557	(1,082)
Net cash used by investing activities	(4,148)	(9,688)
Financing Activities
Borrowings on line of credit	0	139,500
Payments on line of credit	0	146,500
Repurchase and retirement of common stock	12,625	4,731
Dividends paid	(5,035)	(4,872)
Other	(712)	(731)
Net cash used by financing activities	(14,257)	(17,334)
Decrease in cash and cash equivalents	(11,522)	(3,046)
Effect of exchange rates on cash	714	(270)
Cash, cash equivalents and restricted cash at beginning of year	47,277	14,952
Cash, cash equivalents and restricted cash at end of period	36,469	11,636
Noncash Activity
Capital expenditures in accounts payable	1,058	1,458
Proceeds from Issuance or Sale of Equity	$ 4,115	$ 0

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. 29, 2020	26,443
Beginning balance at Feb. 29, 2020	$ 516,778	$ 8,814	$ 154,016	$ 388,010	$ (685)	$ 685	$ (34,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,876			2,876
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	97						97
Tax expense (benefit) on marketable securities	26
Unrealized gain (loss) on foreign currency hedge, net of tax expense (benefit)	(617)						(617)
Tax expense (benefit) on foreign currency hedge	(189)
Foreign currency translation adjustments	$ (6,151)						(6,151)
Issuance of stock, net of cancellations (Shares)	183
Issuance of stock, net of cancellations	$ (23)	(62)	(39)		(11)	(11)
Share-based compensation	$ 1,406		1,406
Share repurchases, Shares	(231)
Share repurchases	$ (4,731)	(77)	(1,370)	(3,284)
Other share retirements, Shares	(26)
Other share retirements	$ (665)	(9)	(151)	(505)
Dividends, Common Stock, Cash	$ (4,872)			(4,872)
Ending balance (in shares) at May. 30, 2020	26,369
Ending balance at May. 30, 2020	$ 504,144	8,790	153,862	382,225	(696)	696	(40,733)
Beginning balance (in shares) at Feb. 27, 2021	25,714
Beginning balance at Feb. 27, 2021	$ 492,745	8,571	154,958	357,243	(186)	186	(28,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	10,817			10,817
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	0
Tax expense (benefit) on marketable securities	0
Unrealized gain (loss) on foreign currency hedge, net of tax expense (benefit)	692						692
Tax expense (benefit) on foreign currency hedge	211
Foreign currency translation adjustments	$ 5,880						5,880
Issuance of stock, net of cancellations (Shares)	90
Issuance of stock, net of cancellations	$ (23)	(30)	(7)		(3)	(3)
Share-based compensation	$ 1,674		1,674
Exercise of stock options (shares)	179
Exercise of stock options	$ 4,115	60	4,055
Share repurchases, Shares	(357)
Share repurchases	$ (12,625)	(119)	(2,218)	(10,288)
Other share retirements, Shares	(20)
Other share retirements	$ (735)	(7)	(121)	(607)
Dividends, Common Stock, Cash	$ (5,035)			(5,035)
Ending balance (in shares) at May. 29, 2021	25,606
Ending balance at May. 29, 2021	$ 497,551	$ 8,535	$ 158,341	$ 352,130	$ (189)	$ 189	$ (21,455)

Income Taxes

Income Taxes	3 Months Ended
	May 29, 2021
Statement of Financial Position [Abstract]
Income Tax Disclosure [Text Block]	Income TaxesThe 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 2018, or state and local income tax examinations for years prior to fiscal 2013. The Company is not currently under U.S. federal examination for years subsequent to fiscal year 2017, and there is 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 $3.8 million at May 29, 2021 and February 27, 2021, respectively. Penalties and interest related to unrecognized tax benefits are recorded in income tax expense.

Income Taxes (Textual)

Income Taxes (Textual) $ in Millions	May 29, 2021USD ($)
Statement of Financial Position [Abstract]
Liability for uncertain tax positions, current and noncurrent	$ 3.8

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 29, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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, 2021. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein and are of a normal, recurring nature. The results of operations for the three-month period ended May 29, 2021 are not necessarily indicative of the results to be expected for the full year. COVID-19 update During fiscal 2021, as a result of the global COVID-19 pandemic, we experienced some delays in commercial construction projects and orders and other disruptions to our business, including various physical distancing and health-related precautions, and we were required to close operations at two facilities in our Large-Scale Optical (LSO) segment for a portion of fiscal 2021 due to governmental orders. We were also impacted by quarantine-related absenteeism among our production workforce, resulting in labor constraints at some of our facilities. In the first quarter of fiscal 2022, the negative impacts on our business due to the COVID-19 pandemic have moderated. The extent to which COVID-19 will continue to impact our business in the future will depend in part on the effectiveness of ongoing public health initiatives, which have been boosted by vaccine production and distribution. Adoption of new accounting standards In the current quarter, we adopted the guidance in ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this ASU removed exceptions on intra-period tax allocations and reporting and provided simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The adoption of this ASU did not have a significant impact on the consolidated financial statements. In the current quarter, we adopted the guidance in ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The adoption of this ASU did not have a significant impact on the consolidated financial statements. Subsequent events We have evaluated subsequent events for potential recognition and disclosure through the date of this filing. Subsequent to the end of the quarter, we purchased 86,933 shares of stock under our authorized share repurchase program, at a total cost of $3.4 million.

Revenue, Receivables and Contra

Revenue, Receivables and Contract Assets and Liabilities	3 Months Ended
	May 29, 2021
Revenue from Contract with Customer [Abstract]
Revenue, Receivables and Contract Assets and Liabilities	Revenue, Receivables and Contract Assets and Liabilities Revenue The following table disaggregates total revenue by timing of recognition (see Note 12 for disclosure of revenue by segment): Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Recognized at shipment $ 140,283 $ 116,163 Recognized over time 185,723 172,932 Total $ 326,006 $ 289,095 Receivables Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecast economic conditions and other relevant factors. Upon billing, aging of receivables is monitored until collection. An account is considered current when it is within agreed upon payment terms. An account is written off when it is determined that the asset is no longer collectible. Retainage on construction contracts represents amounts withheld by our customers on long-term projects until the project reaches a level of completion where amounts are released. (In thousands) May 29, 2021 February 27, 2021 Trade accounts $ 123,501 $ 120,534 Construction contracts 2,181 12,163 Contract retainage 49,006 45,167 Total receivables 174,688 177,864 Less: allowance for credit losses 2,255 1,947 Net receivables $ 172,433 $ 175,917 The following table summarizes the activity in the allowance for credit losses: (In thousands) May 29, 2021 February 27, 2021 Beginning balance $ 1,947 $ 2,469 Additions charged to costs and expenses 332 389 Deductions from allowance, net of recoveries (69) (887) Other changes (1) 45 (24) Ending balance $ 2,255 $ 1,947 (1) Result of foreign currency effects Contract assets and liabilities Contract assets consist of retainage, costs and earnings in excess of billings and other unbilled amounts typically generated when revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of billings in excess of costs and earnings and other deferred revenue on contracts. Retainage is classified within receivables and deferred revenue is classified within other current liabilities on our consolidated balance sheets. The time period between when performance obligations are complete and when payment is due is not significant. In certain of our businesses that recognize revenue over time, progress billings follow an agreed-upon schedule of values, and retainage is withheld by the customer until the project reaches a level of completion where amounts are released. (In thousands) May 29, 2021 February 27, 2021 Contract assets $ 77,396 $ 74,664 Contract liabilities 18,955 25,000 The change in contract assets and contract liabilities was mainly due to timing of project activity within our businesses that operate under long-term contracts. Other contract-related disclosures Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Revenue recognized related to contract liabilities from prior year-end $ 14,100 $ 13,011 Revenue recognized related to prior satisfaction of performance obligations 2,164 2,877 Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that timeframe. Generally, these contracts are in our businesses with long-term contracts which recognize revenue over time. As of May 29, 2021, the transaction price associated with unsatisfied performance obligations was approximately $855.0 million. The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: (In thousands) May 29, 2021 Within one year $ 464,123 Within two years 306,360 Beyond 84,478 Total $ 854,961

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	3 Months Ended
	May 29, 2021
Inventory Disclosure [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Inventories (In thousands) May 29, 2021 February 27, 2021 Raw materials $ 36,751 $ 36,681 Work-in-process 19,210 18,932 Finished goods 14,906 17,210 Total inventories $ 70,867 $ 72,823 Other current liabilities (In thousands) May 29, 2021 February 27, 2021 Warranties $ 12,023 $ 12,298 Accrued project losses 1,697 4,572 Property and other taxes 7,265 7,459 Accrued self-insurance reserves 2,620 6,482 Other 20,936 22,372 Total other current liabilities $ 44,541 $ 53,183 Other non-current liabilities (In thousands) May 29, 2021 February 27, 2021 Deferred benefit from New Market Tax Credit transactions $ 15,717 $ 15,717 Retirement plan obligations 7,706 7,730 Deferred compensation plan 13,429 13,507 Deferred tax liabilities 9,851 8,310 Deferred payroll taxes 6,789 6,789 Other 16,487 16,430 Total other non-current liabilities $ 69,979 $ 68,483

Financial Instruments

Financial Instruments	3 Months Ended
	May 29, 2021
Marketable Securities [Abstract]
Financial Instruments	Financial Instruments Marketable securities Through our wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), we hold the following available-for-sale marketable securities, made up of municipal and corporate bonds: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated May 29, 2021 $ 12,372 $ 384 $ 7 $ 12,749 February 27, 2021 12,517 386 10 12,893 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 for the purpose of providing collateral for Prism’s obligations under the reinsurance agreements. The amortized cost and estimated fair values of these bonds at May 29, 2021, 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 $ 713 $ 717 Due after one year through five years 8,507 8,812 Due after five years through 10 years 2,352 2,392 Due beyond 15 years 800 828 Total $ 12,372 $ 12,749 Derivative instruments We use interest rate swaps, foreign exchange forward contracts, commodity swaps and forward purchase contracts to manage risks generally associated with foreign exchange rate, interest rate and commodity price fluctuations. The information that follows explains the various types of derivatives and financial instruments we use, how such instruments are accounted for, and how such instruments impact our financial position and performance. In fiscal 2020, we entered into an interest rate swap to hedge exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility and term loan. As of May 29, 2021, the interest rate swap contract had a notional value of $40 million. We periodically enter into forward purchase contracts and/or fixed/floating swaps to manage the risk associated with fluctuations in aluminum prices and fluctuations in foreign exchange rates (primarily related to the Canadian dollar). These contracts generally have an original maturity date of less than one year. As of May 29, 2021, we held foreign exchange forward contracts and aluminum fixed/floating swaps with U.S. dollar notional values of $10.5 million and $5.8 million, respectively. These derivative instruments are recorded within our consolidated balance sheets within other current assets and liabilities. Gains or losses associated with these instruments are recorded as a component of accumulated other comprehensive income. 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 financial assets or liabilities. (In thousands) Quoted Prices in Other Observable Inputs (Level 2) Total Fair Value May 29, 2021 Assets: Money market funds $ 13,991 $ — $ 13,991 Municipal and corporate bonds — 12,749 12,749 Cash surrender value of life insurance — 18,474 18,474 Foreign currency forward/option contracts — 577 577 Aluminum hedge contracts — 872 872 Liabilities: Deferred compensation — 14,888 14,888 Interest rate swap contract — 361 361 February 27, 2021 Assets: Money market funds $ 26,034 $ — $ 26,034 Municipal and corporate bonds — 12,893 12,893 Cash surrender value of life insurance — 18,632 18,632 Foreign currency forward/option contracts — 606 606 Aluminum hedge contracts — 363 363 Liabilities: Deferred compensation — 13,507 13,507 Interest rate swap contract — 504 504 Money market funds and commercial paper 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. These assets are included within cash and cash equivalents on our consolidated balance sheets. Municipal and corporate bonds Municipal and corporate bonds were measured at fair value based on market prices from recent trades of similar securities and are classified within our consolidated balance sheets as other current or other non-current assets based on maturity date. Cash surrender value of life insurance and deferred compensation Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. Changes in cash surrender value are recorded in other expense. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds. Derivative instruments

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	3 Months Ended
	May 29, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Identifiable Intangible Assets	Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. We evaluate goodwill for impairment annually as of the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Based on the impairment analysis performed in the fourth quarter of fiscal 2021, estimated fair value was in excess of carrying value at six of our eight reporting units. However, estimated fair value did not exceed carrying value for two reporting units within the Architectural Framing Systems segment, EFCO and Sotawall. As a result, as of February 27, 2021, we incurred goodwill impairment expense of $46.7 million and $17.1 million in our EFCO and Sotawall reporting units, respectively. The goodwill impairment expense recorded during the year ended February 27, 2021, as reflected in the table below, represents the total accumulated goodwill impairment expenses recorded. The carrying amount of goodwill attributable to each reporting segment was: (In thousands) Architectural Framing Systems Architectural Glass Architectural Services Large-Scale Total Balance at February 29, 2020 $ 148,183 $ 25,656 $ 1,120 $ 10,557 $ 185,516 Adjustment (1) 6,315 — — — 6,315 Impairment expense (63,769) — — — (63,769) Foreign currency translation 2,370 (334) — — 2,036 Balance at February 27, 2021 93,099 25,322 1,120 10,557 130,098 Foreign currency translation 1,457 (94) — — 1,363 Balance at May 29, 2021 $ 94,556 $ 25,228 $ 1,120 $ 10,557 $ 131,461 (1) During the first quarter of fiscal 2021, we recorded a $6.3 million increase to goodwill and corresponding increase to deferred tax liabilities to correct an immaterial error related to prior periods. The error was not material to any previously reported annual or interim consolidated financial statements. Other intangible assets We have intangible assets for certain acquired trade names and trademarks which are determined to have indefinite useful lives. We test indefinite-lived intangible assets for impairment annually at the same measurement date as goodwill, the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Based on our analysis, the fair value of each of our trade names and trademarks exceeded carrying amount, except for the EFCO tradename, within our Architectural Framing Systems segment. The fair value determined for the EFCO tradename was less than its carrying value by $6.3 million; this amount was recognized as impairment expense in the fourth quarter ended February 27, 2021, as reflected in the table below. The gross carrying amount of other intangible assets and related accumulated amortization was: (In thousands) Gross Accumulated Impairment Expense Foreign Net May 29, 2021 Definite-lived intangible assets: Customer relationships $ 122,961 $ (43,192) $ — $ 3,973 $ 83,742 Other intangibles 41,936 (35,426) — 976 7,486 Total definite-lived intangible assets 164,897 (78,618) — 4,949 91,228 Indefinite-lived intangible assets: Trademarks 39,832 — — 920 40,752 Total intangible assets $ 204,729 $ (78,618) $ — $ 5,869 $ 131,980 February 27, 2021 Definite-lived intangible assets: Customer relationships $ 119,647 $ (40,443) $ — $ 3,315 $ 82,519 Other intangibles 41,293 (34,234) — 643 7,702 Total definite-lived intangible assets 160,940 (74,677) — 3,958 90,221 Indefinite-lived intangible assets: Trademarks 45,300 — (6,300) 832 39,832 Total intangible assets $ 206,240 $ (74,677) $ (6,300) $ 4,790 $ 130,053 Amortization expense on definite-lived intangible assets was $2.0 million and $1.8 million for the three-month periods ended May 29, 2021 and May 30, 2020, respectively. Amortization expense of other identifiable intangible assets is included in selling, general and administrative expenses. At May 29, 2021, the estimated future amortization expense for definite-lived intangible assets was: (In thousands) Remainder of Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025 Fiscal 2026 Estimated amortization expense $ 6,257 $ 8,302 $ 8,041 $ 7,651 $ 7,635

Debt

Debt	3 Months Ended
	May 29, 2021
Debt Disclosure [Abstract]
Debt	Debt As of May 29, 2021, we had a committed revolving credit facility with maximum borrowings of up to $235 million with a maturity of June 2024. There were no outstanding borrowings under the revolving credit facility as of May 29, 2021 and February 27, 2021. At May 29, 2021 and February 27, 2021, we also had a $150 million term loan with a maturity date of June 2024. Our revolving credit facility and term loan contain two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of interest expense-to-EBITDA. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. At May 29, 2021, we were in compliance with both financial covenants. Additionally, at May 29, 2021, we had a total of $18.7 million of ongoing letters of credit related to industrial revenue bonds, construction contracts and insurance collateral that expire in fiscal years 2022 to 2023 and reduce borrowing capacity under the revolving credit facility. At May 29, 2021, debt included $15.0 million of industrial revenue bonds that mature in fiscal years 2022 through 2043. The fair value of the industrial revenue bonds approximated carrying value at May 29, 2021, due to the variable interest rates on these instruments. All debt would be classified as Level 2 within the fair value hierarchy described in Note 4. We also maintain two Canadian committed, revolving credit facilities totaling $25.0 million (USD). As of May 29, 2021 and February 27, 2021, there were no borrowings outstanding under the facilities.

Leases Leases

Leases Leases	3 Months Ended
	May 29, 2021
Leases [Abstract]
Leases	7. Leases We lease certain of the buildings and equipment used in our operations. We determine if an arrangement contains a lease at inception. Currently, all of our lease arrangements are classified as operating leases. We elected the package of practical expedients permitted under the transition guidance in adopting ASC 842, which among other things, allowed us to carry forward our historical lease classification. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and lease expense is recognized on a straight-line basis over the lease term. Our leases have remaining lease terms of one to ten years, some of which include renewal options that can extend the lease for up to an additional ten years at our sole discretion. We have made an accounting policy election not to record leases with an original term of 12 months or less on our consolidated balance sheet and such leases are expensed on a straight-line basis over the lease term. In determining lease asset value, we consider fixed or variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. We use a discount rate for each lease based upon an estimated incremental borrowing rate over a similar term. We have elected the practical expedient to account for lease and non lease components (e.g., common-area maintenance costs) as a single lease component. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We are not a lessor in any transactions. The components of lease expense were as follows: Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Operating lease cost $ 3,381 $ 3,561 Short-term lease cost 225 470 Variable lease cost 723 747 Total lease cost $ 4,329 $ 4,778 Other supplemental information related to leases was as follows: Three Months Ended (In thousands except weighted-average data) May 29, 2021 May 30, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,602 $ 3,327 Lease assets obtained in exchange for new operating lease liabilities $ 465 $ 158 Weighted-average remaining lease term - operating leases 5.8 years 5.8 years Weighted-average discount rate - operating leases 2.96 % 3.60 % Future maturities of lease liabilities are as follows: (In thousands) May 29, 2021 Remainder of Fiscal 2022 $ 10,459 Fiscal 2023 12,689 Fiscal 2024 10,736 Fiscal 2025 9,458 Fiscal 2026 7,583 Fiscal 2027 6,097 Thereafter 6,590 Total lease payments 63,612 Less: Amounts representing interest (3,990) Present value of lease liabilities $ 59,622

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	May 29, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Bond commitments In the ordinary course of business, predominantly in our Architectural Services and Architectural Framing Systems segments, we are required to provide surety or performance bonds that commit payments to our customers for any non-performance. At May 29, 2021, $1.2 billion of these types of bonds were outstanding, of which $527.3 million is in our backlog. These bonds do not have stated expiration dates. We have never been required to make payments under surety or performance bonds with respect to our existing businesses. Warranty and project-related contingencies We reserve estimated exposures on known claims, as well as on a portion of anticipated claims, for product warranty and rework cost, based on historical product liability claims as a ratio of sales. 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, changes in product mix and any significant changes in sales volume. A warranty rollforward follows: Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Balance at beginning of period $ 14,999 $ 15,629 Additional accruals 2,478 511 Claims paid (2,930) (939) Balance at end of period $ 14,547 $ 15,201 Additionally, we are subject to project management and installation-related contingencies as a result of our fixed-price material supply and installation service contracts, primarily in our Architectural Services segment and certain of our Architectural Framing Systems businesses. We manage the risk of these exposures through contract negotiations, proactive project management and insurance coverages. The liability for these types of project-related contingencies was $1.7 million and $4.6 million as of May 29, 2021 and February 27, 2021, respectively. Letters of credit At May 29, 2021, we had $18.7 million of ongoing letters of credit, all of which have been issued under our committed revolving credit facility, as discussed in Note 6. We also have a $6.9 million letter of credit which has been issued outside our committed revolving credit facility, with no impact on our borrowing capacity and debt covenants. Purchase obligations Purchase obligations for raw material commitments and capital expenditures totaled $235.9 million as of May 29, 2021. New Markets Tax Credit (NMTC) transactions We have three outstanding NMTC arrangements which help to support operational expansion. Proceeds received from investors on these transactions are included within other non-current liabilities on our consolidated balance sheets. The NMTC arrangements are subject to 100 percent tax credit recapture for a period of seven years from the date of each respective transaction. Upon the termination of each arrangement, these proceeds will be recognized in earnings in exchange for the transfer of tax credits. The direct and incremental costs incurred in structuring these arrangements have been deferred and are included in other non-current assets on our consolidated balance sheets. These costs will be recognized in conjunction with the recognition of the related proceeds on each arrangement. During the construction phase for each project, we are required to hold cash dedicated to fund each capital project which is classified as restricted cash on our consolidated balance sheets. Variable-interest entities, which have been included within our consolidated financial statements, have been created as a result of the structure of these transactions, as investors in the programs do not have a material interest in their underlying economics. The table below provides a summary of our outstanding NMTC transactions (in millions): Inception date Termination date Proceeds received Deferred costs Net benefit June 2016 June 2023 $ 6.0 $ 1.2 $ 4.8 August 2018 August 2025 6.6 1.3 5.3 September 2018 September 2025 3.2 1.0 2.2 Total $ 15.8 $ 3.5 $ 12.3 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 is routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products. The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters. Although it is very difficult to accurately predict the outcome of any such proceedings, facts currently available indicate that no matters will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	May 29, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Total share-based compensation expense included in the results of operations was $1.7 million for the three-month period ended May 29, 2021 and $1.4 million for the three-month period ended May 30, 2020. Stock options and SARs Stock option and SAR activity for the current three-month period is summarized as follows: Stock options and SARs Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at February 27, 2021 633,700 $ 23.04 Awards exercised (178,564) 23.04 Awards canceled (37,036) 23.04 Outstanding at May 29, 2021 418,100 $ 23.04 9.1 years $ 6,258,957 Vested or expected to vest at May 29, 2021 418,100 $ 23.04 9.1 years $ 6,258,957 For the three-months ended May 29, 2021, cash proceeds from the exercise of stock options were $4.1 million and 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 $2.7 million. No awards were issued or exercised during the three-months ended May 30, 2020. Executive Compensation Program In fiscal 2022, the Compensation Committee of the Board of Directors implemented an executive compensation program for certain key employees. In the first quarter of fiscal 2022, we issued performance shares in the form of nonvested share unit awards, which give the recipient the right to receive shares earned at the vesting date. The number of share units issued at grant is equal to the target number of performance shares and allows for the right to receive an additional number of shares dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period. Nonvested share awards and units Nonvested share activity, including performance share units, for the current three-month period is summarized as follows: Nonvested shares and units Number of Shares and Units Weighted Average Grant Date Fair Value Nonvested at February 27, 2021 475,227 $ 27.52 Granted (1) 141,956 34.71 Vested (52,892) 24.82 Nonvested at May 29, 2021 (1) 564,291 $ 29.58 (1) Includes a total of 52,023 nonvested share units granted and outstanding at target level for the fiscal 2022-2024 performance period. At May 29, 2021, there was $11.3 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 31 months. The total fair value of shares vested during the three months ended May 29, 2021 was $1.9 million.

Earnings per Share

Earnings per Share	3 Months Ended
	May 29, 2021
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) May 29, 2021 May 30, 2020 Basic earnings per share – weighted average common shares outstanding 25,402 26,168 Weighted average effect of nonvested share grants and assumed exercise of stock options 420 250 Diluted earnings per share – weighted average common shares and potential common shares outstanding 25,822 26,418 Stock awards excluded from the calculation of earnings per share because the effect was anti-dilutive (award price greater than average market price of the shares) 8 150

Segment Information

Segment Information	3 Months Ended
	May 29, 2021
Segment Reporting [Abstract]
Segment Information	Business Segment Data We have four reporting segments: • 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 Architectural Glass segment fabricates coated, high-performance glass used globally in customized window and wall systems comprising the outside skin of commercial, institutional and high-end multi-family residential buildings. • The Architectural Services segment provides full-service installation of the walls of glass, windows and other curtainwall products making up the outside skin of commercial and institutional buildings. • The Large-Scale Optical (LSO) segment manufactures value-added glass and acrylic products primarily for framing and display applications. Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Net sales Architectural Framing Systems $ 151,840 $ 150,164 Architectural Glass 83,031 76,911 Architectural Services 75,656 63,551 Large-Scale Optical 24,228 6,312 Intersegment eliminations (8,749) (7,843) Net sales $ 326,006 $ 289,095 Operating income (loss) Architectural Framing Systems $ 8,060 $ 7,296 Architectural Glass 2,128 (494) Architectural Services 4,537 5,343 Large-Scale Optical 5,847 (3,132) Corporate and other (4,530) (2,544) Operating income $ 16,042 $ 6,469 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	1 Months Ended	3 Months Ended
	Jul. 01, 2021	May 29, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impact of new accounting guidance		Adoption of new accounting standards In the current quarter, we adopted the guidance in ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this ASU removed exceptions on intra-period tax allocations and reporting and provided simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The adoption of this ASU did not have a significant impact on the consolidated financial statements. In the current quarter, we adopted the guidance in ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The adoption of this ASU did not have a significant impact on the consolidated financial statements.
Subsequent Events	Subsequent events We have evaluated subsequent events for potential recognition and disclosure through the date of this filing. Subsequent to the end of the quarter, we purchased 86,933 shares of stock under our authorized share repurchase program, at a total cost of $3.4 million.

Revenue, Receivables and Cont_2

Revenue, Receivables and Contract Assets and Liabilities (Tables)	3 Months Ended
	May 29, 2021
Revenue from Contract with Customer [Abstract]
Disaggregated revenue data	The following table disaggregates total revenue by timing of recognition (see Note 12 for disclosure of revenue by segment): Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Recognized at shipment $ 140,283 $ 116,163 Recognized over time 185,723 172,932 Total $ 326,006 $ 289,095
Net receivables	(In thousands) May 29, 2021 February 27, 2021 Trade accounts $ 123,501 $ 120,534 Construction contracts 2,181 12,163 Contract retainage 49,006 45,167 Total receivables 174,688 177,864 Less: allowance for credit losses 2,255 1,947 Net receivables $ 172,433 $ 175,917
Allowance for Credit Losses	The following table summarizes the activity in the allowance for credit losses: (In thousands) May 29, 2021 February 27, 2021 Beginning balance $ 1,947 $ 2,469 Additions charged to costs and expenses 332 389 Deductions from allowance, net of recoveries (69) (887) Other changes (1) 45 (24) Ending balance $ 2,255 $ 1,947 (1) Result of foreign currency effects
Contract assets and liabilities	(In thousands) May 29, 2021 February 27, 2021 Contract assets $ 77,396 $ 74,664 Contract liabilities 18,955 25,000
Performance obligations expected to be satisfied	The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: (In thousands) May 29, 2021 Within one year $ 464,123 Within two years 306,360 Beyond 84,478 Total $ 854,961

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	3 Months Ended
	May 29, 2021
Inventory Disclosure [Abstract]
Components of inventories	Inventories (In thousands) May 29, 2021 February 27, 2021 Raw materials $ 36,751 $ 36,681 Work-in-process 19,210 18,932 Finished goods 14,906 17,210 Total inventories $ 70,867 $ 72,823
Other current liabilities	Other current liabilities (In thousands) May 29, 2021 February 27, 2021 Warranties $ 12,023 $ 12,298 Accrued project losses 1,697 4,572 Property and other taxes 7,265 7,459 Accrued self-insurance reserves 2,620 6,482 Other 20,936 22,372 Total other current liabilities $ 44,541 $ 53,183
Other non-current liabilities	Other non-current liabilities (In thousands) May 29, 2021 February 27, 2021 Deferred benefit from New Market Tax Credit transactions $ 15,717 $ 15,717 Retirement plan obligations 7,706 7,730 Deferred compensation plan 13,429 13,507 Deferred tax liabilities 9,851 8,310 Deferred payroll taxes 6,789 6,789 Other 16,487 16,430 Total other non-current liabilities $ 69,979 $ 68,483

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	May 29, 2021
Marketable Securities [Abstract]
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale	e hold the following available-for-sale marketable securities, made up of municipal and corporate bonds: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated May 29, 2021 $ 12,372 $ 384 $ 7 $ 12,749 February 27, 2021 12,517 386 10 12,893
Schedule of amortized cost and estimated fair values of investments by contractual maturity	The amortized cost and estimated fair values of these bonds at May 29, 2021, 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 $ 713 $ 717 Due after one year through five years 8,507 8,812 Due after five years through 10 years 2,352 2,392 Due beyond 15 years 800 828 Total $ 12,372 $ 12,749
Fair value measurements	(In thousands) Quoted Prices in Other Observable Inputs (Level 2) Total Fair Value May 29, 2021 Assets: Money market funds $ 13,991 $ — $ 13,991 Municipal and corporate bonds — 12,749 12,749 Cash surrender value of life insurance — 18,474 18,474 Foreign currency forward/option contracts — 577 577 Aluminum hedge contracts — 872 872 Liabilities: Deferred compensation — 14,888 14,888 Interest rate swap contract — 361 361 February 27, 2021 Assets: Money market funds $ 26,034 $ — $ 26,034 Municipal and corporate bonds — 12,893 12,893 Cash surrender value of life insurance — 18,632 18,632 Foreign currency forward/option contracts — 606 606 Aluminum hedge contracts — 363 363 Liabilities: Deferred compensation — 13,507 13,507 Interest rate swap contract — 504 504

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	3 Months Ended
	May 29, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill attributable to each business segment	The carrying amount of goodwill attributable to each reporting segment was: (In thousands) Architectural Framing Systems Architectural Glass Architectural Services Large-Scale Total Balance at February 29, 2020 $ 148,183 $ 25,656 $ 1,120 $ 10,557 $ 185,516 Adjustment (1) 6,315 — — — 6,315 Impairment expense (63,769) — — — (63,769) Foreign currency translation 2,370 (334) — — 2,036 Balance at February 27, 2021 93,099 25,322 1,120 10,557 130,098 Foreign currency translation 1,457 (94) — — 1,363 Balance at May 29, 2021 $ 94,556 $ 25,228 $ 1,120 $ 10,557 $ 131,461 (1) During the first quarter of fiscal 2021, we recorded a $6.3 million increase to goodwill and corresponding increase to deferred tax liabilities to correct an immaterial error related to prior periods. The error was not material to any previously reported annual or interim consolidated financial statements.
Schedule of finite lived intangible assets	The gross carrying amount of other intangible assets and related accumulated amortization was: (In thousands) Gross Accumulated Impairment Expense Foreign Net May 29, 2021 Definite-lived intangible assets: Customer relationships $ 122,961 $ (43,192) $ — $ 3,973 $ 83,742 Other intangibles 41,936 (35,426) — 976 7,486 Total definite-lived intangible assets 164,897 (78,618) — 4,949 91,228 Indefinite-lived intangible assets: Trademarks 39,832 — — 920 40,752 Total intangible assets $ 204,729 $ (78,618) $ — $ 5,869 $ 131,980 February 27, 2021 Definite-lived intangible assets: Customer relationships $ 119,647 $ (40,443) $ — $ 3,315 $ 82,519 Other intangibles 41,293 (34,234) — 643 7,702 Total definite-lived intangible assets 160,940 (74,677) — 3,958 90,221 Indefinite-lived intangible assets: Trademarks 45,300 — (6,300) 832 39,832 Total intangible assets $ 206,240 $ (74,677) $ (6,300) $ 4,790 $ 130,053
Schedule of estimated future amortization expense for identifiable intangible assets	At May 29, 2021, the estimated future amortization expense for definite-lived intangible assets was: (In thousands) Remainder of Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025 Fiscal 2026 Estimated amortization expense $ 6,257 $ 8,302 $ 8,041 $ 7,651 $ 7,635

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 29, 2021
Leases [Abstract]
Schedule of lease cost	The components of lease expense were as follows: Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Operating lease cost $ 3,381 $ 3,561 Short-term lease cost 225 470 Variable lease cost 723 747 Total lease cost $ 4,329 $ 4,778 Other supplemental information related to leases was as follows: Three Months Ended (In thousands except weighted-average data) May 29, 2021 May 30, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,602 $ 3,327 Lease assets obtained in exchange for new operating lease liabilities $ 465 $ 158 Weighted-average remaining lease term - operating leases 5.8 years 5.8 years Weighted-average discount rate - operating leases 2.96 % 3.60 %
Schedule of operating lease liability	Future maturities of lease liabilities are as follows: (In thousands) May 29, 2021 Remainder of Fiscal 2022 $ 10,459 Fiscal 2023 12,689 Fiscal 2024 10,736 Fiscal 2025 9,458 Fiscal 2026 7,583 Fiscal 2027 6,097 Thereafter 6,590 Total lease payments 63,612 Less: Amounts representing interest (3,990) Present value of lease liabilities $ 59,622

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	May 29, 2021
Commitments and Contingencies Disclosure [Abstract]
Guarantees and warranties	A warranty rollforward follows: Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Balance at beginning of period $ 14,999 $ 15,629 Additional accruals 2,478 511 Claims paid (2,930) (939) Balance at end of period $ 14,547 $ 15,201

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 29, 2021
Share-based Payment Arrangement [Abstract]
Award transactions on stock options	Stock option and SAR activity for the current three-month period is summarized as follows: Stock options and SARs Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at February 27, 2021 633,700 $ 23.04 Awards exercised (178,564) 23.04 Awards canceled (37,036) 23.04 Outstanding at May 29, 2021 418,100 $ 23.04 9.1 years $ 6,258,957 Vested or expected to vest at May 29, 2021 418,100 $ 23.04 9.1 years $ 6,258,957
Nonvested share award transactions	Nonvested share activity, including performance share units, for the current three-month period is summarized as follows: Nonvested shares and units Number of Shares and Units Weighted Average Grant Date Fair Value Nonvested at February 27, 2021 475,227 $ 27.52 Granted (1) 141,956 34.71 Vested (52,892) 24.82 Nonvested at May 29, 2021 (1) 564,291 $ 29.58

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	May 29, 2021
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) May 29, 2021 May 30, 2020 Basic earnings per share – weighted average common shares outstanding 25,402 26,168 Weighted average effect of nonvested share grants and assumed exercise of stock options 420 250 Diluted earnings per share – weighted average common shares and potential common shares outstanding 25,822 26,418 Stock awards excluded from the calculation of earnings per share because the effect was anti-dilutive (award price greater than average market price of the shares) 8 150

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	May 29, 2021
Segment Reporting [Abstract]
Sales and operating income data	Three Months Ended (In thousands) May 29, 2021 May 30, 2020 Net sales Architectural Framing Systems $ 151,840 $ 150,164 Architectural Glass 83,031 76,911 Architectural Services 75,656 63,551 Large-Scale Optical 24,228 6,312 Intersegment eliminations (8,749) (7,843) Net sales $ 326,006 $ 289,095 Operating income (loss) Architectural Framing Systems $ 8,060 $ 7,296 Architectural Glass 2,128 (494) Architectural Services 4,537 5,343 Large-Scale Optical 5,847 (3,132) Corporate and other (4,530) (2,544) Operating income $ 16,042 $ 6,469

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 01, 2021	May 29, 2021	May 30, 2020
Subsequent Event [Line Items]
Stock Repurchased and Retired During Period, Value		$ 12,625	$ 4,731
Stock Repurchased and Retired During Period, Shares		357,000	231,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchased and Retired During Period, Value	$ 3,400
Stock Repurchased and Retired During Period, Shares	86,933

Revenue, Receivables and Cont_3

Revenue, Receivables and Contract Assets and Liabilities Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Disaggregation of Revenue [Line Items]
Total	$ 326,006	$ 289,095
Recognized at shipment
Disaggregation of Revenue [Line Items]
Total	140,283	116,163
Recognized over time
Disaggregation of Revenue [Line Items]
Total	$ 185,723	$ 172,932

Revenue, Receivables and Cont_4

Revenue, Receivables and Contract Assets and Liabilities Accounts Receivable (Details) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021	Feb. 29, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 174,688	$ 177,864
Accounts Receivable, Allowance for Credit Loss	2,255	1,947	$ 2,469
Net receivables	172,433	175,917
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	123,501	120,534
Construction contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	2,181	12,163
Contract retainage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 49,006	$ 45,167

Revenue, Receivables and Cont_5

Revenue, Receivables and Contract Assets and Liabilities Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 29, 2021	Feb. 27, 2021	Feb. 29, 2020
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 2,255	$ 1,947	$ 2,469
Additions charged to costs and expenses	332	389
Deductions from allowance, net of recoveries	(69)	(887)
Other changes (1)	$ 45	$ (24)

Revenue, Receivables and Cont_6

Revenue, Receivables and Contract Assets and Liabilities Contract Assets & Liabilities (Details) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 77,396	$ 74,664
Contract liabilities	$ 18,955	$ 25,000

Revenue, Receivables and Cont_7

Revenue, Receivables and Contract Assets and Liabilities (Details 4) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities from prior year-end	$ 14,100	$ 13,011
Revenue recognized related to prior satisfaction of performance obligations	$ 2,164	$ 2,877

Revenue, Receivables and Cont_8

Revenue, Receivables and Contract Assets and Liabilities (Details 5) $ in Thousands	May 29, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 854,961
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-05-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 464,123
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 306,360
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 84,478

Revenue, Receivables and Cont_9

Revenue, Receivables and Contract Assets and Liabilities (Details Textual) $ in Thousands	May 29, 2021USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 854,961

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Components of inventories (Details) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 36,751	$ 36,681
Work-in-process	19,210	18,932
Finished goods	14,906	17,210
Total inventories	$ 70,867	$ 72,823

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Other current liabilities (Details) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Inventory Disclosure [Abstract]
Warranties	$ 12,023	$ 12,298
Accrued project losses	1,697	4,572
Property and other taxes	7,265	7,459
Accrued self-insurance reserves	2,620	6,482
Other	20,936	22,372
Total other current liabilities	$ 44,541	$ 53,183

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Other non-current liabilities (Details) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Inventory Disclosure [Abstract]
Deferred benefit from New Market Tax Credit transactions	$ 15,717	$ 15,717
Retirement plan obligations	7,706	7,730
Deferred compensation plan	13,429	13,507
Deferred tax liabilities	9,851	8,310
DeferredPayrollTaxesLongTermCARESAct	6,789	6,789
Other	16,487	16,430
Total other non-current liabilities	$ 69,979	$ 68,483

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 12,372
Estimated Fair Value	12,749
Municipal and Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,372	$ 12,517
Gross Unrealized Gains	384	386
Gross Unrealized Losses	7	10
Estimated Fair Value	$ 12,749	$ 12,893

Financial Instruments (Details

Financial Instruments (Details 2) $ in Thousands	May 29, 2021USD ($)
Amortized Cost
Due within one year	$ 713
Due after one year through five years	8,507
Due after five years through 10 years	2,352
Due beyond 15 years	800
Total	12,372
Estimated Fair Value
Due within one year	717
Due after one year through five years	8,812
Due after five years through 10 years	2,392
Due beyond 15 years	828
Total	$ 12,749

Financial Instruments (Detail_2

Financial Instruments (Details 3) - USD ($) $ in Thousands	May 29, 2021	Feb. 27, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 13,991	$ 26,034
Municipal and corporate bonds	12,749	12,893
Cash surrender value of life insurance	18,474	18,632
Deferred compensation	14,888	13,507
Interest rate swap contract	361	504
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contracts	577	606
Commodity Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contracts	872	363
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	13,991	26,034
Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Municipal and corporate bonds	12,749	12,893
Cash surrender value of life insurance	18,474	18,632
Deferred compensation	14,888	13,507
Interest rate swap contract	361	504
Other Observable Inputs (Level 2) | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contracts	577	606
Other Observable Inputs (Level 2) | Commodity Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contracts	$ 872	$ 363

Financial Instruments (Detail_3

Financial Instruments (Details Textual) - Designated as Hedging Instrument $ in Millions	May 29, 2021USD ($)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 40
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	10.5
Commodity Option [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 5.8

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 29, 2021	Feb. 27, 2021
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	$ 130,098	$ 185,516
Adjustment (1)		6,315
Impairment expense		(63,769)
Foreign currency translation	1,363	2,036
Goodwill, Ending	131,461	130,098
EFCO
Schedule of goodwill attributable to each business segment
Impairment expense		(46,700)
Sotawall
Schedule of goodwill attributable to each business segment
Impairment expense		(17,100)
Architectural Framing Systems
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	93,099	148,183
Adjustment (1)		6,315
Impairment expense		(63,769)
Foreign currency translation	1,457	2,370
Goodwill, Ending	94,556	93,099
Architectural Glass
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	25,322	25,656
Foreign currency translation	(94)	(334)
Goodwill, Ending	25,228	25,322
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
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 Identifiab_4

Goodwill and Other Identifiable Intangible Assets (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Feb. 27, 2021	May 29, 2021
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount	$ 160,940	$ 164,897
Accumulated Amortization	(74,677)	(78,618)
Foreign Currency Translation	3,958	4,949
Net	90,221	91,228
Impairment Expense	(6,300)
Intangible Assets, Gross (Excluding Goodwill)	206,240	204,729
Intangible Assets Accumulated Amortization	(74,677)	(78,618)
Impairment Expense	(6,300)
Intangible Assets Foreign Currency Translation	4,790	5,869
Intangible Assets, Net (Excluding Goodwill)	130,053	131,980
Customer Relationships
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount	119,647	122,961
Accumulated Amortization	(40,443)	(43,192)
Foreign Currency Translation	3,315	3,973
Net	82,519	83,742
Other intangibles
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount	41,293	41,936
Accumulated Amortization	(34,234)	(35,426)
Foreign Currency Translation	643	976
Net	7,702	7,486
Indefinite-lived Intangible Assets (Excluding Goodwill)	45,300	39,832
Impairment Expense	(6,300)
Indefinite Lived Identifiable Intangible Assets, Foreign Currency Translation Adjustments	832	920
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments	$ 39,832	$ 40,752

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands	May 29, 2021USD ($)
Schedule of estimated future amortization expense for identifiable intangible assets
Remainder of Fiscal 2022	$ 6,257
Fiscal 2023	8,302
Fiscal 2024	8,041
Fiscal 2025	7,651
Fiscal 2026	$ 7,635

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	May 29, 2021	May 30, 2020	Feb. 27, 2021
Goodwill and Other Identifiable Intangible Assets (Textual) [Abstract]
Amortization expense on identifiable intangible assets	$ 2,000	$ 1,800
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 6,300
Impairment expense			$ 63,769

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended
	May 29, 2021USD ($)	May 30, 2020USD ($)	May 29, 2021CAD ($)	Feb. 27, 2021USD ($)
Line of Credit Facility [Line Items]
Term Loan	$ 150,000,000
Interest payments	1,100,000	$ 1,400,000
Letter of credit
Line of Credit Facility [Line Items]
Debt	18,700,000
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	235,000,000
Outstanding borrowings	0
Industrial Revenue Bonds
Line of Credit Facility [Line Items]
Debt	$ 15,000,000
Canada | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 25
Outstanding borrowings				$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Leases [Abstract]
Operating lease cost	$ 3,381	$ 3,561
Short-term lease cost	225	470
Variable lease cost	723	747
Total lease cost	$ 4,329	$ 4,778

Leases (Details 1)

Leases (Details 1) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,602	$ 3,327
Lease assets obtained in exchange for new operating lease liabilities	$ 465	$ 158
Weighted-average remaining lease term - operating leases	5 years 9 months 18 days	5 years 9 months 18 days
Weighted-average discount rate - operating leases	2.96%	3.60%

Leases (Details 2)

Leases (Details 2) $ in Thousands	May 29, 2021USD ($)
Leases [Abstract]
Remainder of Fiscal 2022	$ 10,459
Fiscal 2023	12,689
Fiscal 2024	10,736
Fiscal 2025	9,458
Fiscal 2026	7,583
Fiscal 2027	6,097
Thereafter	6,590
Total lease payments	63,612
Less: Amounts representing interest	(3,990)
Present value of lease liabilities	$ 59,622

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Guarantees and warranties
Balance at beginning of period	$ 14,999	$ 15,629
Additional accruals	2,478	511
Claims paid	(2,930)	(939)
Balance at end of period	$ 14,547	$ 15,201

Commitments and Contingent Li_4

Commitments and Contingent Liabilities (Details 2)	3 Months Ended
	May 29, 2021USD ($)
Income Tax Contingency [Line Items]
Proceeds received	$ 15,800
Deferred costs	3,500
Net benefit	12,300
June 2023
Income Tax Contingency [Line Items]
Proceeds received	6,000
Deferred costs	1,200
Net benefit	4,800
August 2025
Income Tax Contingency [Line Items]
Proceeds received	6,600
Deferred costs	1,300
Net benefit	5,300
September 2025
Income Tax Contingency [Line Items]
Proceeds received	3,200
Deferred costs	1,000
Net benefit	$ 2,200

Commitments and Contingent Li_5

Commitments and Contingent Liabilities (Details Textual) - USD ($)	3 Months Ended
	May 29, 2021	Feb. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Face value of performance bonds	$ 1,200,000,000
Companies Backlog Related to Sales	527,300,000
Purchase obligations	235,900,000
Net benefit	12,300
Project related liability	$ 1,700,000	$ 4,600,000

Share-Based Compensation (Detai

Share-Based Compensation (Details 1)	3 Months Ended
	May 29, 2021USD ($)$ / sharesshares
Award transactions on stock options
Outstanding, Beginning	633,700
Awards exercised	(179,000)
Awards canceled	37,036
Outstanding, Ending	418,100
Outstanding, Vested or expected to vest	418,100
Award transactions on stock options, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Beginning | $ / shares	$ 23.04
Weighted average exercise price, Awards exercised | $ / shares	23.04
Weighted Average Exercise Price, Awards canceled | $ / shares	23.04
Weighted average exercise price, Ending | $ / shares	23.04
Weighted average exercise price, Vested or expected to vest | $ / shares	$ 23.04
Weighted average remaining contractual life, Outstanding	9 years 1 month 6 days
Weighted average remaining contractual term, Vested or expected to vest	9 years 1 month 6 days
Aggregate intrinsic value, Outstanding | $	$ 6,258,957
Aggregate intrinsic value, Vested or expected to vest | $	$ 6,258,957
Deferred Compensation, Share-based Payments [Member]
Award transactions on stock options
Awards exercised	(178,564)

Share-Based Compensation (Det_2

Share-Based Compensation (Details 2)	3 Months Ended
	May 29, 2021$ / sharesshares
Nonvested share award transactions
Nonvested Number, Beginning | shares	475,227
Number of shares, Granted | shares	141,956
Number of shares, Vested | shares	(52,892)
Nonvested Number, Ending | shares	564,291
Nonvested share award transactions, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, Beginning | $ / shares	$ 27.52
Weighted average grant date fair value, Granted | $ / shares	34.71
Weighted average grant date fair value, Vested | $ / shares	24.82
Weighted average grant date fair value, Ending | $ / shares	$ 29.58

Share-Based Compensation (Det_3

Share-Based Compensation (Details Textual) - USD ($)	3 Months Ended
	May 29, 2021	May 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 1,674,000	$ 1,406,000
Cash proceeds from exercise of stock options	4,100,000	0
Aggregate Intrinsic Value, Exercisable	2,700,000
Total unrecognized compensation cost related to nonvested share	$ 11,300,000
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised		$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, Nonvested	31 months
Total fair value of shares vested	$ 1,900,000

Earnings per Share Earnings per

Earnings per Share Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Earnings Per Share [Abstract]
Basic earnings per share – weighted average common shares outstanding	25,402	26,168
Weighted average effect of nonvested share grants and assumed exercise of stock options	420	250
Diluted earnings per share – weighted average common shares and potential common shares outstanding	25,822	26,418
Stock awards excluded from the calculation of earnings per share because the effect was anti-dilutive (award price greater than average market price of the shares)	8	150

Segment Information Segment Inf

Segment Information Segment Information (Details Textual)	3 Months Ended
	May 29, 2021Segment
Segment Reporting [Abstract]
Number of Reportable Segments	4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 29, 2021	May 30, 2020
Sales and operating income data
Net sales	$ 326,006	$ 289,095
Operating income (loss)	16,042	6,469
Intersegment eliminations
Sales and operating income data
Net sales	(8,749)	(7,843)
Architectural Framing Systems
Sales and operating income data
Net sales	151,840	150,164
Operating income (loss)	8,060	7,296
Architectural Glass
Sales and operating income data
Net sales	83,031	76,911
Operating income (loss)	2,128	(494)
Architectural Services
Sales and operating income data
Net sales	75,656	63,551
Operating income (loss)	4,537	5,343
Large-Scale Optical
Sales and operating income data
Net sales	24,228	6,312
Operating income (loss)	5,847	(3,132)
Corporate and other
Sales and operating income data
Operating income (loss)	$ (4,530)	$ (2,544)