Apogee Enterprises (APOG) 10-Q 28 Jun 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 27, 2023	Jun. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 27, 2023
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 Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,077,600
Entity Central Index Key	0000006845
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-02

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Current assets
Cash and cash equivalents	$ 24,642	$ 19,924
Restricted cash	0	1,549
Receivables, net	210,796	197,267
Inventories	80,579	78,441
Contract assets	45,086	59,403
Other current assets	32,622	26,517
Total current assets	393,725	383,101
Property, plant and equipment, net of accumulated depreciation of $439,930 and $431,710	246,343	248,867
Accumulated Depreciation Property, Plant, and Equipment	(439,930)	(431,710)
Operating lease right-of-use assets	40,213	41,354
Goodwill	129,054	129,026
Intangible assets, net	66,308	67,375
Other non-current assets	45,556	45,642
Total assets	921,199	915,365
Current liabilities
Accounts payable	77,638	86,549
Accrued payroll and related benefits	34,360	51,651
Contract liabilities	36,283	28,011
Operating lease liabilities	11,655	11,806
Other current liabilities	73,223	64,532
Total current liabilities	233,159	242,549
Long-term debt	170,669	169,837
Non-current operating lease liabilities	31,688	33,072
Non-current self-insurance reserves	32,403	29,316
Other non-current liabilities	43,074	44,183
Shareholders' equity
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 22,219,005 and 22,224,299 respectively	7,406	7,408
Additional paid-in capital	147,897	146,816
Retained earnings	286,300	273,740
Accumulated other comprehensive loss	(31,397)	(31,556)
Total shareholders’ equity	410,206	396,408
Total liabilities and shareholders’ equity	$ 921,199	$ 915,365
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, Issued	22,219,005	22,224,299
Common Stock, Shares, Outstanding	22,219,005	22,224,299

Consolidated Results of Operati

Consolidated Results of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Income Statement [Abstract]
Net sales	$ 361,713	$ 356,635
Cost of sales	268,727	271,018
Gross profit	92,986	85,617
Selling, general and administrative expenses	59,219	52,401
Operating income	33,767	33,216
Interest expense, net	2,036	1,206
Other expense, net	288	1,310
Earnings before income taxes	31,443	30,700
Income tax expense	7,867	7,969
Net earnings	$ 23,576	$ 22,731
Earnings per share - basic
Earnings per share - basic	$ 1.08	$ 1.01
Earnings per share - diluted
Earnings per share - diluted	$ 1.05	$ 1
Weighted average basic shares outstanding	21,883	22,399
Weighted average diluted shares outstanding	22,386	22,651

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 23,576	$ 22,731
Other comprehensive earnings (loss):
Unrealized gain (loss) on marketable securities, net of $33, $(74), of tax expense (benefit), respectively	121	(276)
Unrealized loss on derivative instruments, net of $(121), $(1,317), of tax benefit, respectively	(397)	(4,316)
Foreign currency translation adjustments	435	1,732
Other comprehensive earnings (loss)	159	(2,860)
Total comprehensive earnings	23,735	19,871
Supplemental Income Statement Elements [Abstract]
Tax expense (benefit) on marketable securities	33	(74)
Tax expense (benefit) on derivatives	$ (121)	$ (1,317)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Operating Activities
Net earnings	$ 23,576	$ 22,731
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	10,282	10,849
Share-based compensation	2,178	1,597
Deferred income taxes	(165)	4,400
Gain on disposal of assets	(27)	(660)
Proceeds from New Markets Tax Credit transaction, net of deferred costs	0	18,390
Settlement of New Markets Tax Credit transaction	0	(19,523)
Noncash lease expense	2,714	3,088
Other, net	(432)	952
Changes in operating assets and liabilities:
Receivables	(13,476)	(18,468)
Inventories	(2,068)	(17,744)
Contract assets	14,368	(13,528)
Accounts payable and accrued expenses	(21,702)	(18,576)
Contract liabilities	8,158	(1,907)
Refundable and accrued income taxes	7,590	4,238
Operating lease liability	(3,101)	(3,333)
Prepaid expenses and other current assets	(6,608)	(2,968)
Net cash provided (used) by operating activities	21,287	(30,462)
Investing Activities
Capital expenditures	(7,398)	(5,125)
Proceeds from sales of property, plant and equipment	66	4,087
Sales/maturities of marketable securities	400	100
Net cash used by investing activities	(6,932)	(938)
Financing Activities
Borrowings on line of credit	105,852	161,000
Repayment on debt	0	(1,000)
Payments on line of credit	(105,000)	(62,000)
Repurchase and retirement of common stock	(5,193)	(74,312)
Dividends paid	(5,245)	(4,793)
Other, net	(1,677)	(1,271)
Net cash (used) provided by financing activities	(11,263)	17,624
Increase (decrease) in cash, cash equivalents and restricted cash	3,092	(13,776)
Effect of exchange rates on cash	77	64
Cash, cash equivalents and restricted cash at beginning of year	21,473	37,583
Cash, cash equivalents and restricted cash at end of period	24,642	23,871
Noncash Activity
Capital expenditures in accounts payable	$ 2,115	$ 766

Consolidated Statement of Share

Consolidated Statement of Shareholders Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	22,224	23,701
Beginning balance	$ 396,408	$ 386,199
Net earnings	23,576	22,731
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	121	(276)
Tax expense (benefit) on marketable securities	33	(74)
Unrealized gain (loss) on derivatives, net of tax expense (benefit)	(397)	(4,316)
Tax expense (benefit) on derivatives	(121)	(1,317)
Foreign currency translation adjustments	$ 435	$ 1,732
Issuance of stock, net of cancellations (Shares)	155	100
Issuance of stock, net of cancellations	$ (56)	$ (56)
Share-based compensation	$ 2,178	$ 1,597
Share repurchases, Shares	(120)	(1,571)
Share repurchases	$ (5,193)	$ (74,312)
Other share retirements, Shares	(40)	(30)
Other share retirements	$ (1,733)	$ (1,328)
Cash dividends	$ (5,245)	$ (4,793)
Ending balance (in shares)	22,219	22,200
Ending balance	$ 410,206	$ 327,290
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	7,408	7,901
Issuance of stock, net of cancellations	(52)	(33)
Share repurchases	(40)	(524)
Other share retirements	(14)	(10)
Ending balance	7,406	7,400
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	146,816	149,713
Issuance of stock, net of cancellations	(13)	(23)
Share-based compensation	2,178	1,597
Share repurchases	(829)	(10,350)
Other share retirements	(281)	(198)
Ending balance	147,897	140,785
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	273,740	254,825
Net earnings	23,576	22,731
Issuance of stock, net of cancellations	(9)
Share repurchases	(4,324)	(63,438)
Other share retirements	(1,438)	(1,120)
Cash dividends	(5,245)	(4,793)
Ending balance	286,300	208,205
Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(31,556)	(26,240)
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	121	(276)
Unrealized gain (loss) on derivatives, net of tax expense (benefit)	(397)	(4,316)
Foreign currency translation adjustments	435	1,732
Ending balance	$ (31,397)	$ (29,100)

Income Taxes

Income Taxes	3 Months Ended
	May 27, 2023
Statement of Financial Position [Abstract]
Income Taxes	Income TaxesThe Company files income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, Canada, Brazil and other international jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years prior to fiscal 2020, or state and local income tax examinations for years prior to fiscal 2015. The Company is not currently under U.S. federal examination for years subsequent to fiscal year 2019, 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 $5.2 million at May 27, 2023, compared to $5.3 million at February 25, 2023. Penalties and interest related to unrecognized tax benefits are recorded in income tax expense.

Income Taxes (Textual)

Income Taxes (Textual) - USD ($) $ in Millions	May 27, 2023	Feb. 25, 2023
Income Tax Uncertainties [Abstract]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5.2	$ 5.3

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 27, 2023
Accounting Policies [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 25, 2023. 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 27, 2023 are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying consolidated balance sheets, consolidated statements of cash flows and notes to consolidated financial statements to conform to current year presentation of contract assets and liabilities. These reclassifications had no impact on reported cash flows or total assets and liabilities. Adoption of new accounting standards In the current quarter, we adopted the guidance in ASU 2022-04, Liabilities – Supplier Finance Programs, Disclosure of Supplier Finance Program Obligations. The guidance requires that entities that use supplier finance programs disclose information about the nature and potential magnitude of the programs, activity during the period, and changes from period to period. Beginning in the current quarter, we implemented a supplier financing arrangement with U.S. Bank that enables our suppliers, at their sole discretion, to sell their Apogee receivables (i.e., our payment obligations to the suppliers) to U.S. Bank on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the supplier financing arrangement has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the supplier financing program, and we do not provide any guarantees in connection with it. As of May 27, 2023, the amount outstanding that remains unpaid to the bank totaled $2.1 million, and is reflected in accounts payable in the consolidated balance sheets.

Revenue, Receivables and Contra

Revenue, Receivables and Contract Assets and Liabilities	3 Months Ended
	May 27, 2023
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 27, 2023 May 28, 2022 Recognized at shipment $ 152,655 $ 161,164 Recognized over time 209,058 195,471 Total $ 361,713 $ 356,635 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. (In thousands) May 27, 2023 February 25, 2023 Trade accounts $ 139,204 $ 140,732 Construction contracts 74,685 58,331 Total receivables 213,889 199,063 Less: allowance for credit losses 3,093 1,796 Receivables, net $ 210,796 $ 197,267 The following table summarizes the activity in the allowance for credit losses for the three-month period ended: (In thousands) May 27, 2023 Beginning balance $ 1,796 Additions charged to costs and expenses 1,376 Deductions from allowance, net of recoveries (82) Foreign currency effects 3 Ending balance $ 3,093 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. 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 to us from the customer. Contract liabilities consist of billings in excess of costs and earnings and other deferred revenue on contracts. The time period between when performance obligations are complete and when payment is due is not significant. In certain parts of our business 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 at which point amounts are released to us from the customer. The changes in contract assets and contract liabilities were 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 27, 2023 May 28, 2022 Revenue recognized related to contract liabilities from prior year-end $ 22,745 $ 35,926 Revenue recognized related to prior satisfaction of performance obligations 427 175 Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. Generally, these contracts are found in our businesses that typically operate with long-term contracts, which recognize revenue over time. The transaction prices associated with unsatisfied performance obligations at May 27, 2023 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: (In thousands) May 27, 2023 Within one year $ 459,780 Within two years 262,496 Beyond two years 81,710 Total $ 803,986

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	3 Months Ended
	May 27, 2023
Inventory Disclosure [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Inventories (In thousands) May 27, 2023 February 25, 2023 Raw materials $ 39,167 $ 36,869 Work-in-process 17,695 18,024 Finished goods 23,717 23,548 Total inventories $ 80,579 $ 78,441 Other current liabilities (In thousands) May 27, 2023 February 25, 2023 Warranties $ 17,124 $ 14,872 Accrued self-insurance reserves 14,823 14,447 Income and other taxes 13,552 7,129 Other 27,724 28,084 Total other current liabilities $ 73,223 $ 64,532 Other non-current liabilities (In thousands) May 27, 2023 February 25, 2023 Deferred benefit from New Markets Tax Credit transactions $ 9,250 $ 9,250 Deferred compensation plan 6,266 5,577 Retirement plan obligations 5,691 5,749 Deferred tax liabilities 1,433 1,417 Other 20,434 22,190 Total other non-current liabilities $ 43,074 $ 44,183

Financial Instruments

Financial Instruments	3 Months Ended
	May 27, 2023
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 27, 2023 $ 10,225 $ — $ 550 $ 9,675 February 25, 2023 10,647 — 702 9,945 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 27, 2023, 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 $ 2,906 $ 2,850 Due after one year through five years 7,319 6,825 Total $ 10,225 $ 9,675 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. As of May 27, 2023, the interest rate swap contract had a notional value of $30.0 million and has a maturity date of February 5, 2026. 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 27, 2023, we held foreign exchange forward contracts and aluminum fixed/floating swaps with U.S. dollar notional values of $5.1 million and $12.8 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 27, 2023 Assets: Money market funds $ 11,901 $ — $ 11,901 Municipal and corporate bonds — 9,675 9,675 Cash surrender value of life insurance — 8,188 8,188 Interest rate swap contract — 1,522 1,522 Liabilities: Deferred compensation — 10,204 10,204 Foreign currency forward/option contract — 147 147 Aluminum hedging contract — 881 881 February 25, 2023 Assets: Money market funds $ 8,062 $ — $ 8,062 Municipal and corporate bonds — 9,945 9,945 Cash surrender value of life insurance — 8,282 8,282 Interest rate swap contract — 1,817 1,817 Liabilities: Deferred compensation — 9,515 9,515 Foreign currency forward/option contract — 206 206 Aluminum hedging contract — 1,075 1,075 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 The interest rate swap is measured at fair value using other observable market inputs, based off of benchmark interest rates. Forward foreign exchange and fixed/floating aluminum contracts are measured at fair value using other observable market inputs, such as quotations on forward foreign exchange points, foreign currency exchange rates, and forward purchase aluminum prices. Derivative positions are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are our primary source for forward and spot rate information for both interest and currency rates and aluminum prices. Nonrecurring fair value measurements We measure certain financial instruments at fair value on a nonrecurring basis including goodwill, intangible assets, property and equipment and right-of-use lease assets. These assets were initially measured and recognized at amounts equal to the fair value determined as of the date of acquisition or purchase subject to changes in value only for foreign currency translation. Periodically, these assets are tested for impairment, by comparing their respective carrying values to the estimated fair value of the reporting unit or asset group in which they reside. In the event any of these assets were to become impaired, we would recognize an impairment expense equal to the amount by which the carrying value of the reporting unit, impaired asset or asset group exceeds its estimated fair value. Fair value measurements of reporting units are estimated using an income approach involving discounted cash flow models that contain certain Level 3 inputs requiring significant management judgment, including projections of economic conditions, customer demand and changes in competition, revenue growth rates, gross profit margins, operating margins, capital expenditures, working capital requirements, terminal growth rates and discount rates. Fair value measurements of the reporting units associated with our goodwill balances and our indefinite-lived intangible assets are estimated at least annually in the fourth quarter of each fiscal year for purposes of impairment testing if a quantitative analysis is performed.

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	3 Months Ended
	May 27, 2023
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 value of 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. At the beginning of the first quarter of fiscal 2023, we began management of the Sotawall and Harmon businesses under the Architectural Services segment in order to create a single, unified offering for larger custom curtainwall projects, which resulted in the combination of the Sotawall and Harmon reporting units into a single reporting unit. We evaluated goodwill on a qualitative basis prior to and subsequent to this change for these reporting units and concluded that no adjustment to the carrying value of goodwill was necessary. Concurrent with the move of Sotawall from the Architectural Framing Systems segment to the Architectural Services segment effective at the start of our first quarter of fiscal 2023, goodwill was reallocated to the affected reporting units within each segment, using a relative fair value approach as outlined in ASC 350, Intangibles - Goodwill and Other . During the first quarter of fiscal 2024, we did not identify any qualitative indicators of impairment at any of our reporting units, and therefore, no interim quantitative goodwill impairment evaluation was performed. The following table presents the carrying amount of goodwill attributable to each reporting segment including the amount of goodwill that was reallocated from the Architectural Framing Systems segment to the Architectural Services segment using the relative fair value approach during the first quarter of fiscal 2023: (In thousands) Architectural Framing Systems Architectural Services Architectural Glass Large-Scale Total Balance at February 26, 2022 $ 93,181 $ 1,120 $ 25,244 $ 10,557 $ 130,102 Reallocation among reporting units (1) (2,048) 2,048 — — — Foreign currency translation (996) (137) 57 — (1,076) Balance at February 25, 2023 90,137 3,031 25,301 10,557 129,026 Foreign currency translation (18) (2) 48 — 28 Balance at May 27, 2023 $ 90,119 $ 3,029 $ 25,349 $ 10,557 $ 129,054 (1) Represents the reallocation of goodwill as a result of transitioning Sotawall from the Architectural Framing Systems segment to the Architectural Services segment as of the start of the first quarter of fiscal 2023. Other intangible assets Indefinite-lived 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. During the first quarter of fiscal 2024, we did not identify any qualitative indicators of impairment at any of our reporting units, and therefore, no interim quantitative goodwill impairment evaluation was performed. Finite-lived intangible assets Long-lived assets or asset groups, including intangible assets subject to amortization and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows to determine the fair value of long-lived assets. The gross carrying amount of other intangible assets and related accumulated amortization was: (In thousands) Gross Accumulated Foreign Net May 27, 2023 Definite-lived intangible assets: Customer relationships $ 86,798 $ (50,319) $ 19 $ 36,498 Other intangibles 38,360 (35,409) 13 2,964 Total 125,158 (85,728) 32 39,462 Indefinite-lived intangible assets: Trademarks 26,851 — (5) 26,846 Total intangible assets $ 152,009 $ (85,728) $ 27 $ 66,308 February 25, 2023 Definite-lived intangible assets: Customer relationships $ 89,495 $ (49,404) $ (2,697) $ 37,394 Other intangibles 39,404 (35,229) (1,045) 3,130 Total 128,899 (84,633) (3,742) 40,524 Indefinite-lived intangible assets: Trademarks 27,129 — (278) 26,851 Total intangible assets $ 156,028 $ (84,633) $ (4,020) $ 67,375 Amortization expense on definite-lived intangible assets was $1.0 million and $4.2 million for the three-month periods ended May 27, 2023 and May 28, 2022, respectively. Amortization expense of other identifiable intangible assets is included in selling, general and administrative expenses. At May 27, 2023, the estimated future amortization expense for definite-lived intangible assets was: (In thousands) 2024 2025 2026 2027 2028 Estimated amortization expense $ 3,195 $ 4,239 $ 4,223 $ 4,392 $ 3,892

Debt

Debt	3 Months Ended
	May 27, 2023
Debt Disclosure [Abstract]
Debt	Debt As of May 27, 2023, we had a committed revolving credit facility with Wells Fargo Bank, N.A. as administrative agent, and other lenders with maximum borrowings of up to $385 million and a maturity date of August 5, 2027. Outstanding borrowings under the revolving credit facility were $155.0 million and $156.0 million as of May 27, 2023 and February 25, 2023, respectively. Our revolving credit facility contains two maintenance financial covenants that require us to stay below a maximum debt-to-EBITDA ratio of 3.25 and maintain a minimum ratio of EBITDA-to-interest expense of 3.00. In the event we make an acquisition for which the purchase price is greater than $75 million, we can elect to increase the maximum debt-to-EBITDA ratio to 3.75 for a period of four consecutive fiscal quarters, commencing with the fiscal quarter in which a qualifying acquisition occurs. No more than two acquisition "holidays" can occur during the term of the facility, and at least two fiscal quarters must separate qualifying acquisitions. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. At May 27, 2023, we were in compliance with both financial covenants. Borrowings under the credit facility bear floating interest at either the Base Rate or Term SOFR, plus a margin based on the Leverage Ratio (as defined in the Credit Agreement). For Base Rate borrowings, the margin ranges from 0.125% to 0.75%. For Term SOFR borrowings, the margin ranges from 1.135% to 1.85%. The facility also contains an "accordion" provision. Under this provision, we can request that the facility be increased by as much $200.0 million. Any Lender may elect or decline to participate in the requested increase at the Lender’s sole discretion. At May 27, 2023, we had a total of $12.3 million of ongoing letters of credit related to industrial revenue bonds, construction contracts and insurance collateral that expire in fiscal years 2024 to 2032 and reduce borrowing capacity under the revolving credit facility. As of May 27, 2023, the amount available for revolving borrowings under the Wells Fargo credit facility was $217.7 million. At May 27, 2023, debt included $12.0 million of industrial revenue bonds that mature in fiscal years 2036 through 2043. The fair value of all industrial revenue bonds approximated carrying value at May 27, 2023, due to the variable interest rates on these instruments. We also maintain two Canadian committed, revolving credit facilities with the Bank of Montreal totaling $25.0 million (USD). The Canadian committed revolving credit facilities expire annually in February, but can be renewed each year solely at our discretion until August 2027, therefore, we have classified all outstanding amounts under these facilities as long-term debt within our consolidated balance sheets. At May 27, 2023 and February 25, 2023, outstanding borrowings under these Canadian committed, revolving credit facilities were $3.7 million and $1.8 million, respectively. At May 27, 2023, the total amount available for revolving borrowings under the Bank of Montreal credit facilities was $21.3 million. The Bank of Montreal credit facilities have two maintenance financial covenants that are identical to those contained in the Wells Fargo credit facility. At May 27, 2023, we were in compliance with both financial covenants. Our Wells Fargo credit facility, Bank of Montreal credit facilities and industrial revenue bonds would be classified as Level 2 within the fair value hierarchy described in Note 4. Interest payments under the Wells Fargo and Bank of Montreal facilities were $2.4 million and $1.1 million for the three months ended May 27, 2023 and May 28, 2022, respectively.

Leases Leases

Leases Leases	3 Months Ended
	May 27, 2023
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. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. 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; 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 27, 2023 May 28, 2022 Operating lease cost $ 3,276 $ 3,051 Short-term lease cost 10 314 Variable lease cost 755 906 Total lease cost $ 4,041 $ 4,271 Other supplemental information related to leases was as follows: Three Months Ended (In thousands except weighted-average data) May 27, 2023 May 28, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,742 $ 3,537 Lease assets obtained in exchange for new operating lease liabilities $ 1,580 $ 168 Weighted-average remaining lease term - operating leases 4.4 years 5.2 years Weighted-average discount rate - operating leases 3.27 % 2.86 % Future maturities of lease liabilities are as follows: (In thousands) May 27, 2023 Remainder of Fiscal 2024 $ 9,477 Fiscal 2025 11,785 Fiscal 2026 9,379 Fiscal 2027 7,960 Fiscal 2028 4,324 Fiscal 2029 1,547 Thereafter 2,226 Total lease payments 46,698 Less: Amounts representing interest 3,355 Present value of lease liabilities $ 43,343

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	May 27, 2023
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 27, 2023, $1.3 billion of these types of bonds were outstanding, of which $503.4 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 these accruals in any given period include the following: changes in manufacturing quality, changes in product mix and any significant changes in sales volume. Three Months Ended (In thousands) May 27, 2023 May 28, 2022 Balance at beginning of period $ 17,893 $ 13,923 Additional accruals 4,353 4,069 Claims paid (2,148) (2,525) Balance at end of period $ 20,098 $ 15,467 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. Letters of credit At May 27, 2023, we had $12.3 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 $3.4 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 $31.6 million as of May 27, 2023. 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 current and other non-current liabilities in 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 current and other non-current assets in 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 or for working capital purposes for each project, we are required to hold cash dedicated to fund each project which is classified as restricted cash in 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. During the first quarter of fiscal 2023, one NMTC transaction was terminated, and a new NMTC transaction was established as a replacement. As a result of these transactions, $19.5 million in previous proceeds received were repaid and $19.5 million was contributed back to the Company as part of the newly established NMTC transaction. This NMTC transaction will be held for the remainder of the original seven-year term. The table below provides a summary of our outstanding NMTC transactions (in millions): Inception date Termination date Deferred Benefit Deferred costs Net benefit June 2016 June 2023 $ 6.0 $ 1.2 $ 4.8 September 2018 September 2025 3.2 1.0 2.2 May 2022 (1) August 2025 6.1 1.6 4.5 Total $ 15.3 $ 3.8 $ 11.5 (1) Continuation of the August 2018 NMTC financing transaction 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. In December 2022, the claimant in an arbitration of one such claim was awarded $20 million. The Company has appealed the award and believes, after taking into account all currently available information, including the advice of counsel and the likelihood of available insurance coverage, that this award will not have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. 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 27, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationAs part of our compensation structure, we grant stock-based compensation awards to certain employees and non-employee directors during the fiscal year. These awards may be in the form of incentive stock options (to employees only), nonstatutory options, or nonvested share awards and units, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award. Refer to our Form 10-K for further information on our share-based compensation plans. The table below sets forth the number of stock-based compensation awards granted during the three-months ended May 27, 2023, along with the weighted average grant date fair value: Awards Number of Awards Weighted Average Exercise Price Restricted stock awards and restricted stock units (1) 159,286 $ 42.77 Performance share units ("PSUs") (2) 47,402 $ 43.59 (1) Represent service condition awards which generally vest over a two- or three-year period. (2) Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period. Total share-based compensation expense included in the results of operations was $2.2 million for the three-month period ended May 27, 2023, and $1.6 million for the three-month period ended May 28, 2022. At May 27, 2023, there was $10.3 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 20 months. The total fair value of shares vested during the three months ended May 27, 2023 was $5.5 million.

Earnings per Share

Earnings per Share	3 Months Ended
	May 27, 2023
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 27, 2023 May 28, 2022 Basic earnings per share – weighted average common shares outstanding 21,883 22,399 Weighted average effect of nonvested share grants and assumed exercise of stock options 503 252 Diluted earnings per share – weighted average common shares and potential common shares outstanding 22,386 22,651 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) 229 106

Segment Information

Segment Information	3 Months Ended
	May 27, 2023
Segment Reporting [Abstract]
Segment Information	Business Segment Data We have four reporting segments: • The Architectural Framing Systems segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems for the exterior of buildings. • The Architectural Services segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install building glass and curtainwall systems. • The Architectural Glass segment coats and fabricates, high-performance glass used in custom window and wall systems on commercial buildings. • The Large-Scale Optical (LSO) segment manufactures high-performance glass and acrylic products for custom framing, museum, and technical glass markets. Three Months Ended (In thousands) May 27, 2023 May 28, 2022 Segment net sales Architectural Framing Systems $ 164,162 $ 163,292 Architectural Glass 97,202 76,265 Architectural Services 89,418 103,388 Large-Scale Optical 22,456 25,162 Intersegment eliminations (11,525) (11,472) Net sales $ 361,713 $ 356,635 Segment operating income (loss) Architectural Framing Systems $ 19,945 $ 23,665 Architectural Glass 16,521 5,169 Architectural Services (596) 2,927 Large-Scale Optical 5,525 6,498 Corporate and other (7,628) (5,043) Operating income $ 33,767 $ 33,216 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.

Restructuring and Related Activ

Restructuring and Related Activities	3 Months Ended
	May 27, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	During the second quarter of fiscal 2022, we announced plans to realign and simplify our business structure. The execution of these plans was completed during the first quarter of fiscal 2023, with the sale of the remaining manufacturing assets at our Architectural Glass location, in Dallas, Texas, for $4.1 million. The remaining assets had a carrying value of $3.4 million, and we recognized a gain on the sale of approximately $0.6 million, net of associated transaction costs, which is included as a reduction of cost of sales within our consolidated statements of operations for the prior-year period. The following table summarizes our restructuring related accrual balances included within accrued payroll and related costs and other current liabilities in the consolidated balance sheets. All balances have been paid as of the end of the first quarter of fiscal 2024. (In thousands) Architectural Framing Architectural Glass Corporate & Other Total Balance at February 26, 2022 $ 440 $ 737 $ 228 $ 1,405 Payments (124) (378) (68) (570) Other adjustments (14) (17) — (31) Balance at May 28, 2022 302 342 160 804 Balance at February 25, 2023 $ 62 $ 23 $ — $ 85 Payments (62) (23) — (85) Balance at May 27, 2023 $ — $ — $ — $ —

Revenue, Receivables and Cont_2

Revenue, Receivables and Contract Assets and Liabilities (Tables)	3 Months Ended
	May 27, 2023
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 27, 2023 May 28, 2022 Recognized at shipment $ 152,655 $ 161,164 Recognized over time 209,058 195,471 Total $ 361,713 $ 356,635
Net receivables	(In thousands) May 27, 2023 February 25, 2023 Trade accounts $ 139,204 $ 140,732 Construction contracts 74,685 58,331 Total receivables 213,889 199,063 Less: allowance for credit losses 3,093 1,796 Receivables, net $ 210,796 $ 197,267
Allowance for Credit Losses	The following table summarizes the activity in the allowance for credit losses for the three-month period ended: (In thousands) May 27, 2023 Beginning balance $ 1,796 Additions charged to costs and expenses 1,376 Deductions from allowance, net of recoveries (82) Foreign currency effects 3 Ending balance $ 3,093
Performance obligations expected to be satisfied	expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: (In thousands) May 27, 2023 Within one year $ 459,780 Within two years 262,496 Beyond two years 81,710 Total $ 803,986

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	3 Months Ended
	May 27, 2023
Inventory Disclosure [Abstract]
Components of inventories	Inventories (In thousands) May 27, 2023 February 25, 2023 Raw materials $ 39,167 $ 36,869 Work-in-process 17,695 18,024 Finished goods 23,717 23,548 Total inventories $ 80,579 $ 78,441
Other current liabilities	Other current liabilities (In thousands) May 27, 2023 February 25, 2023 Warranties $ 17,124 $ 14,872 Accrued self-insurance reserves 14,823 14,447 Income and other taxes 13,552 7,129 Other 27,724 28,084 Total other current liabilities $ 73,223 $ 64,532
Other non-current liabilities	Other non-current liabilities (In thousands) May 27, 2023 February 25, 2023 Deferred benefit from New Markets Tax Credit transactions $ 9,250 $ 9,250 Deferred compensation plan 6,266 5,577 Retirement plan obligations 5,691 5,749 Deferred tax liabilities 1,433 1,417 Other 20,434 22,190 Total other non-current liabilities $ 43,074 $ 44,183

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	May 27, 2023
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 27, 2023 $ 10,225 $ — $ 550 $ 9,675 February 25, 2023 10,647 — 702 9,945
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 27, 2023, 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 $ 2,906 $ 2,850 Due after one year through five years 7,319 6,825 Total $ 10,225 $ 9,675
Fair value measurements	(In thousands) Quoted Prices in Other Observable Inputs (Level 2) Total Fair Value May 27, 2023 Assets: Money market funds $ 11,901 $ — $ 11,901 Municipal and corporate bonds — 9,675 9,675 Cash surrender value of life insurance — 8,188 8,188 Interest rate swap contract — 1,522 1,522 Liabilities: Deferred compensation — 10,204 10,204 Foreign currency forward/option contract — 147 147 Aluminum hedging contract — 881 881 February 25, 2023 Assets: Money market funds $ 8,062 $ — $ 8,062 Municipal and corporate bonds — 9,945 9,945 Cash surrender value of life insurance — 8,282 8,282 Interest rate swap contract — 1,817 1,817 Liabilities: Deferred compensation — 9,515 9,515 Foreign currency forward/option contract — 206 206 Aluminum hedging contract — 1,075 1,075

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	3 Months Ended
	May 27, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill attributable to each business segment	(In thousands) Architectural Framing Systems Architectural Services Architectural Glass Large-Scale Total Balance at February 26, 2022 $ 93,181 $ 1,120 $ 25,244 $ 10,557 $ 130,102 Reallocation among reporting units (1) (2,048) 2,048 — — — Foreign currency translation (996) (137) 57 — (1,076) Balance at February 25, 2023 90,137 3,031 25,301 10,557 129,026 Foreign currency translation (18) (2) 48 — 28 Balance at May 27, 2023 $ 90,119 $ 3,029 $ 25,349 $ 10,557 $ 129,054 (1) Represents the reallocation of goodwill as a result of transitioning Sotawall from the Architectural Framing Systems segment to the Architectural Services segment as of the start of the first quarter of fiscal 2023.
Schedule of finite lived intangible assets	The gross carrying amount of other intangible assets and related accumulated amortization was: (In thousands) Gross Accumulated Foreign Net May 27, 2023 Definite-lived intangible assets: Customer relationships $ 86,798 $ (50,319) $ 19 $ 36,498 Other intangibles 38,360 (35,409) 13 2,964 Total 125,158 (85,728) 32 39,462 Indefinite-lived intangible assets: Trademarks 26,851 — (5) 26,846 Total intangible assets $ 152,009 $ (85,728) $ 27 $ 66,308 February 25, 2023 Definite-lived intangible assets: Customer relationships $ 89,495 $ (49,404) $ (2,697) $ 37,394 Other intangibles 39,404 (35,229) (1,045) 3,130 Total 128,899 (84,633) (3,742) 40,524 Indefinite-lived intangible assets: Trademarks 27,129 — (278) 26,851 Total intangible assets $ 156,028 $ (84,633) $ (4,020) $ 67,375
Schedule of estimated future amortization expense for identifiable intangible assets	At May 27, 2023, the estimated future amortization expense for definite-lived intangible assets was: (In thousands) 2024 2025 2026 2027 2028 Estimated amortization expense $ 3,195 $ 4,239 $ 4,223 $ 4,392 $ 3,892

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 27, 2023
Leases [Abstract]
Schedule of lease cost	The components of lease expense were as follows: Three Months Ended (In thousands) May 27, 2023 May 28, 2022 Operating lease cost $ 3,276 $ 3,051 Short-term lease cost 10 314 Variable lease cost 755 906 Total lease cost $ 4,041 $ 4,271 Other supplemental information related to leases was as follows: Three Months Ended (In thousands except weighted-average data) May 27, 2023 May 28, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,742 $ 3,537 Lease assets obtained in exchange for new operating lease liabilities $ 1,580 $ 168 Weighted-average remaining lease term - operating leases 4.4 years 5.2 years Weighted-average discount rate - operating leases 3.27 % 2.86 %
Schedule of operating lease liability	Future maturities of lease liabilities are as follows: (In thousands) May 27, 2023 Remainder of Fiscal 2024 $ 9,477 Fiscal 2025 11,785 Fiscal 2026 9,379 Fiscal 2027 7,960 Fiscal 2028 4,324 Fiscal 2029 1,547 Thereafter 2,226 Total lease payments 46,698 Less: Amounts representing interest 3,355 Present value of lease liabilities $ 43,343

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	May 27, 2023
Commitments and Contingencies Disclosure [Abstract]
Guarantees and warranties	Three Months Ended (In thousands) May 27, 2023 May 28, 2022 Balance at beginning of period $ 17,893 $ 13,923 Additional accruals 4,353 4,069 Claims paid (2,148) (2,525) Balance at end of period $ 20,098 $ 15,467

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 27, 2023
Share-Based Payment Arrangement [Abstract]
Share Grants in Period and Weighted Average Grant Date Fair Value	The table below sets forth the number of stock-based compensation awards granted during the three-months ended May 27, 2023, along with the weighted average grant date fair value: Awards Number of Awards Weighted Average Exercise Price Restricted stock awards and restricted stock units (1) 159,286 $ 42.77 Performance share units ("PSUs") (2) 47,402 $ 43.59 (1) Represent service condition awards which generally vest over a two- or three-year period. (2) Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	May 27, 2023
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 27, 2023 May 28, 2022 Basic earnings per share – weighted average common shares outstanding 21,883 22,399 Weighted average effect of nonvested share grants and assumed exercise of stock options 503 252 Diluted earnings per share – weighted average common shares and potential common shares outstanding 22,386 22,651 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) 229 106

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	May 27, 2023
Segment Reporting [Abstract]
Sales and operating income data	Three Months Ended (In thousands) May 27, 2023 May 28, 2022 Segment net sales Architectural Framing Systems $ 164,162 $ 163,292 Architectural Glass 97,202 76,265 Architectural Services 89,418 103,388 Large-Scale Optical 22,456 25,162 Intersegment eliminations (11,525) (11,472) Net sales $ 361,713 $ 356,635 Segment operating income (loss) Architectural Framing Systems $ 19,945 $ 23,665 Architectural Glass 16,521 5,169 Architectural Services (596) 2,927 Large-Scale Optical 5,525 6,498 Corporate and other (7,628) (5,043) Operating income $ 33,767 $ 33,216

Restructuring and Related Act_2

Restructuring and Related Activities (Tables)	3 Months Ended
	May 27, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes our restructuring related accrual balances included within accrued payroll and related costs and other current liabilities in the consolidated balance sheets. All balances have been paid as of the end of the first quarter of fiscal 2024. (In thousands) Architectural Framing Architectural Glass Corporate & Other Total Balance at February 26, 2022 $ 440 $ 737 $ 228 $ 1,405 Payments (124) (378) (68) (570) Other adjustments (14) (17) — (31) Balance at May 28, 2022 302 342 160 804 Balance at February 25, 2023 $ 62 $ 23 $ — $ 85 Payments (62) (23) — (85) Balance at May 27, 2023 $ — $ — $ — $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) $ in Thousands	May 27, 2023 USD ($)
Accounting Policies [Abstract]
Supplier Finance Program, Obligation	$ 2,100

Revenue, Receivables and Cont_3

Revenue, Receivables and Contract Assets and Liabilities Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Disaggregation of Revenue [Line Items]
Total	$ 361,713	$ 356,635
Recognized at shipment
Disaggregation of Revenue [Line Items]
Total	152,655	161,164
Recognized over time
Disaggregation of Revenue [Line Items]
Total	$ 209,058	$ 195,471

Revenue, Receivables and Cont_4

Revenue, Receivables and Contract Assets and Liabilities Accounts Receivable (Details) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 213,889	$ 199,063
Less: allowance for credit losses	3,093	1,796
Receivables, net	210,796	197,267
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	139,204	140,732
Construction contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 74,685	$ 58,331

Revenue, Receivables and Cont_5

Revenue, Receivables and Contract Assets and Liabilities Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended
	May 27, 2023 USD ($)
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss, Beginning Balance	$ 1,796
Additions charged to costs and expenses	1,376
Deductions from allowance, net of recoveries	(82)
Foreign currency effects	3
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 3,093

Revenue, Receivables and Cont_6

Revenue, Receivables and Contract Assets and Liabilities (Details 4) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities from prior year-end	$ 22,745	$ 35,926
Revenue recognized related to prior satisfaction of performance obligations	$ 427	$ 175

Revenue, Receivables and Cont_7

Revenue, Receivables and Contract Assets and Liabilities (Details 5) $ in Thousands	May 27, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 803,986
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 459,780
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 262,496
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 81,710
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Components of inventories (Details) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 39,167	$ 36,869
Work-in-process	17,695	18,024
Finished goods	23,717	23,548
Total inventories	$ 80,579	$ 78,441

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Other current liabilities (Details) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Inventory Disclosure [Abstract]
Warranties	$ 17,124	$ 14,872
Accrued self-insurance reserves	14,823	14,447
Income and other taxes	13,552	7,129
Other	27,724	28,084
Total other current liabilities	$ 73,223	$ 64,532

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Other non-current liabilities (Details) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Inventory Disclosure [Abstract]
Deferred benefit from New Markets Tax Credit transactions	$ 9,250	$ 9,250
Retirement plan obligations	5,691	5,749
Deferred compensation plan	6,266	5,577
Deferred tax liabilities	1,433	1,417
Other	20,434	22,190
Total other non-current liabilities	$ 43,074	$ 44,183

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 10,225
Estimated Fair Value	9,675
Municipal and Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,225	$ 10,647
Gross Unrealized Gains	0	0
Gross Unrealized Losses	550	702
Estimated Fair Value	$ 9,675	$ 9,945

Financial Instruments (Details

Financial Instruments (Details 2) $ in Thousands	May 27, 2023 USD ($)
Amortized Cost
Due within one year	$ 2,906
Due after one year through five years	7,319
Total	10,225
Estimated Fair Value
Due within one year	2,850
Due after one year through five years	6,825
Total	$ 9,675

Financial Instruments (Detail_2

Financial Instruments (Details 3) - USD ($) $ in Thousands	May 27, 2023	Feb. 25, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 11,901	$ 8,062
Municipal and corporate bonds	9,675	9,945
Cash surrender value of life insurance	8,188	8,282
Deferred compensation	10,204	9,515
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contract	147	206
Commodity Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contract	881	1,075
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap contract	1,522	1,817
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	11,901	8,062
Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Municipal and corporate bonds	9,675	9,945
Cash surrender value of life insurance	8,188	8,282
Deferred compensation	10,204	9,515
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 contract	147	206
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 contract	881	1,075
Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap contract	$ 1,522	$ 1,817

Financial Instruments (Detail_3

Financial Instruments (Details Textual) - Designated as Hedging Instrument $ in Millions	May 27, 2023 USD ($)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 30
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5.1
Commodity Option [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 12.8

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	$ 129,026	$ 130,102
Foreign currency translation	28	(1,076)
Reallocation among reporting units (1)		0
Goodwill, Ending	129,054
Architectural Framing Systems
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	90,137	93,181
Foreign currency translation	(18)	(996)
Reallocation among reporting units (1)		2,048
Goodwill, Ending	90,119
Architectural Services
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	3,031	1,120
Foreign currency translation	(2)	(137)
Reallocation among reporting units (1)		(2,048)
Goodwill, Ending	3,029
Architectural Glass
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	25,301	25,244
Foreign currency translation	48	57
Reallocation among reporting units (1)		0
Goodwill, Ending	25,349
Large-Scale Optical
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	10,557	10,557
Foreign currency translation	0	0
Reallocation among reporting units (1)		$ 0
Goodwill, Ending	$ 10,557

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets (Details 1) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022	Feb. 25, 2023
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount	$ 125,158		$ 128,899
Accumulated Amortization	(85,728)		(84,633)
Foreign Currency Translation	32	$ (3,742)
Net	39,462		40,524
Intangible Assets, Gross (Excluding Goodwill)	152,009		156,028
Intangible Assets Accumulated Amortization	(85,728)		(84,633)
Intangible Assets Foreign Currency Translation	27		(4,020)
Intangible assets, net	66,308		67,375
Trademarks and Trade Names
Schedule of finite lived identifiable intangible assets
Indefinite-lived Intangible Assets (Excluding Goodwill)	26,851		27,129
Indefinite Lived Identifiable Intangible Assets, Foreign Currency Translation Adjustments	(5)	(278)
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments	26,846		26,851
Customer relationships
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount	86,798		89,495
Accumulated Amortization	(50,319)		(49,404)
Foreign Currency Translation	19	(2,697)
Net	36,498		37,394
Other intangibles
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount	38,360		39,404
Accumulated Amortization	(35,409)		(35,229)
Foreign Currency Translation	13	$ (1,045)
Net	$ 2,964		$ 3,130

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands	May 27, 2023 USD ($)
Schedule of estimated future amortization expense for identifiable intangible assets
2024	$ 3,195
2025	4,239
2026	4,223
2027	4,392
2028	$ 3,892

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	May 27, 2023	May 28, 2022
Goodwill and Other Identifiable Intangible Assets (Textual) [Abstract]
Amortization expense on identifiable intangible assets	$ 1	$ 4.2

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022	Feb. 25, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 385,000
Interest payments	2,400	$ 1,100
Line of Credit Facility, Remaining Borrowing Capacity	217,700
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings	155,000		$ 156,000
Industrial Revenue Bonds
Line of Credit Facility [Line Items]
Debt	12,000
Letter of credit
Line of Credit Facility [Line Items]
Debt	12,300
Canada | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000
Outstanding borrowings	3,700		$ 1,800
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,300

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Leases [Abstract]
Operating lease cost	$ 3,276	$ 3,051
Short-term lease cost	10	314
Variable lease cost	755	906
Total lease cost	$ 4,041	$ 4,271

Leases (Details 1)

Leases (Details 1) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,742	$ 3,537
Lease assets obtained in exchange for new operating lease liabilities	$ 1,580	$ 168
Weighted-average remaining lease term - operating leases	4 years 4 months 24 days	5 years 2 months 12 days
Weighted-average discount rate - operating leases	3.27%	2.86%

Leases (Details 2)

Leases (Details 2) $ in Thousands	May 27, 2023 USD ($)
Leases [Abstract]
Remainder of Fiscal 2024	$ 9,477
Fiscal 2025	11,785
Fiscal 2026	9,379
Fiscal 2027	7,960
Fiscal 2028	4,324
Fiscal 2029	1,547
Thereafter	2,226
Total lease payments	46,698
Less: Amounts representing interest	3,355
Present value of lease liabilities	$ 43,343

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Guarantees and warranties
Balance at beginning of period	$ 17,893	$ 13,923
Additional accruals	4,353	4,069
Claims paid	(2,148)	(2,525)
Balance at end of period	$ 20,098	$ 15,467

Commitments and Contingent Li_4

Commitments and Contingent Liabilities (Details 2) $ in Thousands	3 Months Ended
	May 27, 2023 USD ($)
Income Tax Contingency [Line Items]
Proceeds received	$ 15,300
Deferred costs	3,800
Net benefit	11,500
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	6,100
Deferred costs	1,600
Net benefit	4,500
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) $ in Millions	May 27, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Face value of performance bonds	$ 1,300
Companies Backlog Related to Sales	503.4
Purchase obligations	$ 31.6

Share-Based Compensation (Detai

Share-Based Compensation (Details)	3 Months Ended
	May 27, 2023 $ / shares shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Grants in Period | shares	159,286
Share Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 42.77
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Grants in Period | shares	47,402
Share Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 43.59

Share-Based Compensation (Det_2

Share-Based Compensation (Details Textual) - USD ($)	3 Months Ended
	May 27, 2023	May 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 2,178,000	$ 1,597,000
Total unrecognized compensation cost related to nonvested share	$ 10,300,000
Options Outstanding	158,000
Weighted Average Exercise Price Options Outstanding	$ 23.04
Aggregate intrinsic value, Outstanding	$ 2,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, Nonvested	20 months
Total fair value of shares vested	$ 5,500,000

Earnings per Share Earnings per

Earnings per Share Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Earnings Per Share [Abstract]
Basic earnings per share – weighted average common shares outstanding	21,883	22,399
Weighted average effect of nonvested share grants and assumed exercise of stock options	503	252
Diluted earnings per share – weighted average common shares and potential common shares outstanding	22,386	22,651
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)	229	106

Segment Information Segment Inf

Segment Information Segment Information (Details Textual)	3 Months Ended
	May 27, 2023 Reportable_segment
Segment Reporting [Abstract]
Number of Reportable Segments	4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Sales and operating income data
Segment net sales	$ 361,713	$ 356,635
Segment operating income (loss)	33,767	33,216
Intersegment eliminations
Sales and operating income data
Segment net sales	(11,525)	(11,472)
Architectural Framing Systems
Sales and operating income data
Segment net sales	164,162	163,292
Segment operating income (loss)	19,945	23,665
Architectural Glass
Sales and operating income data
Segment net sales	97,202	76,265
Segment operating income (loss)	16,521	5,169
Architectural Services
Sales and operating income data
Segment net sales	89,418	103,388
Segment operating income (loss)	(596)	2,927
Large-Scale Optical
Sales and operating income data
Segment net sales	22,456	25,162
Segment operating income (loss)	5,525	6,498
Corporate and other
Sales and operating income data
Segment operating income (loss)	$ (7,628)	$ (5,043)

Restructuring and Related Act_3

Restructuring and Related Activities (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022
Restructuring Cost and Reserve [Line Items]
Proceeds from Sale of Property Held-for-sale		$ 4,100
Gain (Loss) on Disposition of Property Plant Equipment	$ 27	660
CarryingValuePropertyHeldForSale		3,400
Machinery and Equipment
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment		$ 600

Restructuring and Related Act_4

Restructuring and Related Activities (Details 1) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2023	May 28, 2022	Feb. 25, 2023	Feb. 26, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 0	$ 804	$ 85	$ 1,405
Payments	(85)	(570)
Other adjustments		(31)
Restructuring Reserve, Ending Balance	0	804	85	1,405
Architectural Framing Systems
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0	302	62	440
Payments	(62)	(124)
Other adjustments		(14)
Restructuring Reserve, Ending Balance	0	302	62	440
Architectural Glass
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0	342	23	737
Payments	(23)	(378)
Other adjustments		(17)
Restructuring Reserve, Ending Balance	0	342	23	737
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0	160	0	228
Payments	0	(68)
Other adjustments		0
Restructuring Reserve, Ending Balance	$ 0	$ 160	$ 0	$ 228