0000006845-22-000029 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Aug. 27, 2022	Sep. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 27, 2022
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		22,208,074
Entity Central Index Key	0000006845
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--02-25

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Current assets
Cash and cash equivalents	$ 22,065	$ 37,583
Restricted cash	8,684	0
Receivables, net	231,853	168,592
Inventories	98,046	80,494
Costs and earnings on contracts in excess of billings	29,522	30,403
Other current assets	34,048	20,820
Total current assets	424,218	337,892
Property, plant and equipment, net	232,766	249,995
Operating lease right-of-use assets	42,505	47,912
Goodwill	129,476	130,102
Intangible assets	70,377	72,481
Other non-current assets	49,632	49,481
Total assets	948,974	887,863
Current liabilities
Accounts payable	86,871	92,104
Accrued payroll and related benefits	41,338	50,977
Billings in excess of costs and earnings on uncompleted contracts	29,616	8,659
Operating lease liabilities	11,498	12,744
Current portion long-term debt	0	1,000
Other current liabilities	64,060	67,462
Total current liabilities	233,383	232,946
Long-term debt	250,834	162,000
Non-current operating lease liabilities	34,625	39,591
Non-current self-insurance reserves	23,038	22,544
Other non-current liabilities	50,354	44,583
Shareholders' equity
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 22,209,925 and 23,701,491 respectively	7,403	7,901
Additional paid-in capital	141,575	149,713
Retained earnings	240,245	254,825
Accumulated other comprehensive loss	(32,483)	(26,240)
Total shareholders’ equity	356,740	386,199
Total liabilities and shareholders’ equity	$ 948,974	$ 887,863
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	22,209,925	23,701,491
Common Stock, Shares, Outstanding	22,209,925	23,701,491

Consolidated Results of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Income Statement [Abstract]
Net sales	$ 372,109	$ 325,797	$ 728,744	$ 651,803
Cost of sales	287,173	277,795	558,191	536,091
Gross profit	84,936	48,002	170,553	115,712
Selling, general and administrative expenses	52,864	51,070	105,265	102,739
Operating income (loss)	32,072	(3,068)	65,288	12,973
Interest expense, net	1,698	1,072	2,904	2,310
Other expense (income), net	173	(105)	1,483	209
Earnings (loss) before income taxes	30,201	(4,035)	60,901	10,454
Income tax (benefit) expense	(7,188)	(1,919)	781	1,753
Net earnings (loss)	$ 37,389	$ (2,116)	$ 60,120	$ 8,701
Earnings per share - basic
Earnings (loss) per share - basic	$ 1.71	$ (0.08)	$ 2.72	$ 0.34
Earnings per share - diluted
Earnings (loss) per share - diluted	$ 1.68	$ (0.08)	$ 2.66	$ 0.34
Weighted average basic shares outstanding	21,860	25,140	22,129	25,271
Weighted average diluted shares outstanding	22,245	25,140	22,563	25,637

Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 37,389	$ (2,116)	$ 60,120	$ 8,701
Other comprehensive (loss) earnings:
Unrealized (loss) gain on marketable securities, net of $(28), $2, $(102) and $1 of tax (benefit) expense, respectively	(106)	4	(382)	4
Unrealized (loss) gain on derivative instruments, net of $(152), $(203), $(1,469) and $8 of tax (benefit) expense, respectively	(500)	(666)	(4,816)	26
Foreign currency translation adjustments	(2,777)	(4,300)	(1,045)	1,580
Other comprehensive (loss) earnings	(3,383)	(4,962)	(6,243)	1,610
Total comprehensive earnings (loss)	34,006	(7,078)	53,877	10,311
Supplemental Income Statement Elements [Abstract]
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	(28)	2	(102)	1
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ (152)	$ (203)	$ (1,469)	$ 8

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Operating Activities
Net earnings	$ 60,120	$ 8,701
Adjustments to reconcile net earnings to net cash (used) provided by operating activities:
Depreciation and amortization	21,448	25,808
Share-based compensation	3,394	3,261
Deferred income taxes	6,858	(4,560)
Asset impairment	0	15,403
Gain on disposal of assets	(695)	(1,355)
Proceeds from New Markets Tax Credit transaction, net of deferred costs	18,390	0
Settlement of New Markets Tax Credit transaction	(19,523)	0
Noncash lease expense	6,160	6,216
Other, net	2,653	578
Changes in operating assets and liabilities:
Receivables	(65,760)	15,520
Inventories	(17,636)	(3,607)
Costs and earnings on contracts in excess of billings	840	3,212
Accounts payable and accrued expenses	(8,226)	(10,895)
Billings in excess of costs and earnings on uncompleted contracts	21,051	(2,144)
Refundable and accrued income taxes	(20,486)	1,981
Operating lease liability	(6,684)	(6,240)
Other, net	(4,547)	3,028
Net cash (used) provided by operating activities	(2,643)	54,907
Investing Activities
Capital expenditures	(9,255)	(10,121)
Proceeds from sales of property, plant and equipment	4,122	1,292
Other, net	450	66
Net cash used by investing activities	(4,683)	(8,763)
Financing Activities
Borrowings on line of credit	409,880	0
Repayment on debt	(151,000)	(2,000)
Payments on line of credit	(171,000)	0
Payments on debt issue costs	(687)	0
Proceeds from exercise of stock options	0	4,115
Repurchase and retirement of common stock	(74,312)	(22,419)
Dividends paid	(9,602)	(10,060)
Other, net	(2,815)	(1,853)
Net cash provided (used) by financing activities	464	(32,217)
(Decrease) increase in cash, cash equivalents and restricted cash	(6,862)	13,927
Effect of exchange rates on cash	28	617
Cash, cash equivalents and restricted cash at beginning of year	37,583	47,277
Cash, cash equivalents and restricted cash at end of period	30,749	61,821
Noncash Activity
Capital expenditures in accounts payable	$ 2,019	$ 374

Consolidated Statement of Shareholders Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance (in shares) at Feb. 27, 2021	25,714,000
Beginning balance at Feb. 27, 2021	$ 492,745	$ 8,571	$ 154,958	$ 357,243	$ (28,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	10,817			10,817
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	0				0
Tax expense (benefit) on marketable securities	0
Unrealized gain (loss) on derivatives, net of tax expense (benefit)	692				692
Tax expense (benefit) on derivatives	211
Foreign currency translation adjustments	$ 5,880				5,880
Issuance of stock, net of cancellations (Shares)	(90,000)
Issuance of stock, net of cancellations	$ (23)	(30)	(7)
Share-based compensation	$ 1,674		1,674
Exercise of stock options (shares)	179,000
Exercise of stock options	$ (4,115)	(60)	(4,055)
Share repurchases, Shares	(357,000)
Share repurchases	$ (12,625)	(119)	(2,218)	(10,288)
Other share retirements, Shares	(20,000)
Other share retirements	$ (735)	(7)	(121)	(607)
Cash dividends	$ (5,035)			(5,035)
Ending balance (in shares) at May. 29, 2021	25,606,000
Ending balance at May. 29, 2021	$ 497,551	8,535	158,341	352,130	(21,455)
Beginning balance (in shares) at Feb. 27, 2021	25,714,000
Beginning balance at Feb. 27, 2021	$ 492,745	8,571	154,958	357,243	(28,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	8,701
Tax expense (benefit) on marketable securities	1
Tax expense (benefit) on derivatives	$ 8
Ending balance (in shares) at Aug. 28, 2021	25,394,000
Ending balance at Aug. 28, 2021	$ 476,561	8,465	158,115	336,398	(26,417)
Beginning balance (in shares) at May. 29, 2021	25,606,000
Beginning balance at May. 29, 2021	$ 497,551	8,535	158,341	352,130	(21,455)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(2,116)			(2,116)
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	4				4
Tax expense (benefit) on marketable securities	2
Unrealized gain (loss) on derivatives, net of tax expense (benefit)	(666)				(666)
Tax expense (benefit) on derivatives	(203)
Foreign currency translation adjustments	$ (4,300)				(4,300)
Issuance of stock, net of cancellations (Shares)	(67,000)
Issuance of stock, net of cancellations	$ (22)	(22)
Share-based compensation	$ 1,587		1,587
Share repurchases, Shares	(249,000)
Share repurchases	$ (9,794)	(83)	(1,616)	(8,095)
Other share retirements, Shares	(30,000)
Other share retirements	$ (702)	(9)	(197)	(496)
Cash dividends	$ (5,025)			(5,025)
Ending balance (in shares) at Aug. 28, 2021	25,394,000
Ending balance at Aug. 28, 2021	$ 476,561	8,465	158,115	336,398	(26,417)
Beginning balance (in shares) at Feb. 26, 2022	23,701,000
Beginning balance at Feb. 26, 2022	$ 386,199	7,901	149,713	254,825	(26,240)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	22,731			22,731
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	(276)				(276)
Tax expense (benefit) on marketable securities	(74)
Unrealized gain (loss) on derivatives, net of tax expense (benefit)	(4,316)				(4,316)
Tax expense (benefit) on derivatives	(1,317)
Foreign currency translation adjustments	$ 1,732				1,732
Issuance of stock, net of cancellations (Shares)	(100,000)
Issuance of stock, net of cancellations	$ (56)	(33)	(23)
Share-based compensation	$ 1,597		1,597
Share repurchases, Shares	(1,571,000)
Share repurchases	$ (74,312)	(524)	(10,350)	(63,438)
Other share retirements	(1,328)	(10)	(198)	(1,120)
Cash dividends	$ (4,793)			(4,793)
Ending balance (in shares) at May. 28, 2022	22,200,000
Ending balance at May. 28, 2022	$ 327,290	7,400	140,785	208,205	(29,100)
Beginning balance (in shares) at Feb. 26, 2022	23,701,000
Beginning balance at Feb. 26, 2022	$ 386,199	7,901	149,713	254,825	(26,240)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	60,120
Tax expense (benefit) on marketable securities	(102)
Tax expense (benefit) on derivatives	$ (1,469)
Exercise of stock options (shares)	145,060
Other share retirements, Shares	(30,000)
Ending balance (in shares) at Aug. 27, 2022	22,209,000
Ending balance at Aug. 27, 2022	$ 356,740	7,403	141,575	240,245	(32,483)
Beginning balance (in shares) at May. 28, 2022	22,200,000
Beginning balance at May. 28, 2022	$ 327,290	7,400	140,785	208,205	(29,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	37,389			37,389
Unrealized gain (loss) on marketable securities, net of tax expense (benefit)	(106)				(106)
Tax expense (benefit) on marketable securities	(28)
Unrealized gain (loss) on derivatives, net of tax expense (benefit)	(500)				(500)
Tax expense (benefit) on derivatives	(152)
Foreign currency translation adjustments	$ (2,777)				(2,777)
Issuance of stock, net of cancellations (Shares)	(14,000)
Issuance of stock, net of cancellations	$ (56)	(5)	(61)
Share-based compensation	$ 1,797		1,797
Exercise of stock options (shares)	36,000
Exercise of stock options	$ (942)	(12)	(954)
Other share retirements, Shares	(13,000)
Other share retirements	$ (658)	(4)	(114)	(540)
Cash dividends	$ (4,809)			(4,809)
Ending balance (in shares) at Aug. 27, 2022	22,209,000
Ending balance at Aug. 27, 2022	$ 356,740	$ 7,403	$ 141,575	$ 240,245	$ (32,483)

Income Taxes	6 Months Ended
Income Taxes	Aug. 27, 2022
Statement of Financial Position [Abstract]
Income Taxes	Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, Canada, Brazil and other international jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years prior to fiscal 2019, 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 2018, and there is very limited audit activity of the Company’s income tax returns in U.S. state jurisdictions or international jurisdictions. In the second quarter of fiscal 2023, the Company claimed certain tax deductions, including a worthless stock loss deduction, related to its investment in Sotawall Limited, a Canadian subsidiary. These deductions generated a net tax benefit of $13.7 million. The total liability for unrecognized tax benefits was $5.3 million at August 27, 2022, compared to $3.3 million at February 26, 2022. The increase was primarily related to the tax deductions claimed during the second quarter of fiscal 2023 associated with the Company's investment in Sotawall Limited, a Canadian subsidiary. Penalties and interest related to unrecognized tax benefits are recorded in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Income Taxes (Textual) - USD ($) $ in Thousands	6 Months Ended
Income Taxes (Textual) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Income Tax Uncertainties [Abstract]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5,300	$ 3,300
Worthless Stock Loss Deduction	$ (13,700)

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Aug. 27, 2022
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 26, 2022. 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- and six-month periods ended August 27, 2022 are not necessarily indicative of the results to be expected for the full year. 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. The comparative fiscal 2022 segment results for the Architectural Framing Systems and Architectural Services segments have been recast to reflect the move of the Sotawall business into the Architectural Services segment from the Architectural Framing Systems segment, effective at the start of the first quarter of fiscal 2023.

Revenue, Receivables and Contract Assets and Liabilities

6 Months Ended

Aug. 27, 2022

Revenue from Contract with Customer [Abstract]

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				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Recognized at shipment	$	174,693	$	137,783	$	335,857	$	278,066
Recognized over time	197,416		188,014		392,887		373,737
Total	$	372,109	$	325,797	$	728,744	$	651,803

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 to us from the customer.


(In thousands)	August 27, 2022		February 26, 2022
Trade accounts	$	146,035	$	129,085
Construction contracts	65,482		12,857
Contract retainage	22,267		28,782
Total receivables	233,784		170,724
Less: allowance for credit losses	1,931		2,132
Receivables, net	$	231,853	$	168,592

The following table summarizes the activity in the allowance for credit losses:


(In thousands)	August 27, 2022		February 26, 2022
Beginning balance	$	2,132	$	1,947
Additions charged to costs and expenses	45		729
Deductions from allowance, net of recoveries	(244)		(514)
Other changes (1)	(2)		(30)
Ending balance	$	1,931	$	2,132
(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 to us from the customer.


(In thousands)	August 27, 2022		February 26, 2022
Contract assets	$	51,789	$	59,185
Contract liabilities	32,022		11,373

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				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Revenue recognized related to contract liabilities from prior year-end	$	4,978	$	2,479	$	33,157	$	16,579
Revenue recognized related to prior satisfaction of performance obligations	4,770		5,354		4,946		7,518

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 August 27, 2022 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:


(In thousands)	August 27, 2022
Within one year	$	501,856
Within two years	293,561
Beyond two years	117,867
Total	$	913,284

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Section 50
-Paragraph 15
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Supplemental Balance Sheet Information

6 Months Ended

Aug. 27, 2022

Inventory Disclosure [Abstract]

Supplemental Balance Sheet Information

Inventories


(In thousands)	August 27, 2022		February 26, 2022
Raw materials	$	51,284	$	42,541
Work-in-process	17,121		18,144
Finished goods	29,641		19,809
Total inventories	$	98,046	$	80,494

Other current liabilities


(In thousands)	August 27, 2022		February 26, 2022
Warranties	$	13,482	$	11,786

Income and other taxes	6,519		15,770
Accrued self-insurance reserves	12,471		8,796
Accrued freight	2,410		2,078
Deferred revenue	2,405		2,714
Other	26,773		26,318
Total other current liabilities	$	64,060	$	67,462

Other non-current liabilities


(In thousands)	August 27, 2022		February 26, 2022
Deferred benefit from New Markets Tax Credit transactions	$	9,250	$	9,165
Retirement plan obligations	6,857		7,041
Deferred compensation plan	7,290		9,483
Deferred tax liabilities	7,611		2,296

Other	19,346		16,598
Total other non-current liabilities	$	50,354	$	44,583

Financial Instruments

6 Months Ended

Aug. 27, 2022

Marketable Securities [Abstract]

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 Fair Value
August 27, 2022	$	11,344	$	3	$	565	$	10,782
February 26, 2022	11,862		45		123		11,784

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 August 27, 2022, 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	$	1,430	$	1,419
Due after one year through five years	9,578		9,069
Due after five years through 10 years	336		294


Total	$	11,344	$	10,782

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 August 27, 2022, the interest rate swap contract had a notional value of $30.0 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 August 27, 2022, we held foreign exchange forward contracts and aluminum fixed/floating swaps with U.S. dollar notional values of $3.2 million and $12.2 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 Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
August 27, 2022
Assets:
Money market funds	$	15,034	$	—	$	15,034

Municipal and corporate bonds	—		10,782		10,782
Cash surrender value of life insurance	—		16,625		16,625


Interest rate swap contract	—		1,584		1,584
Liabilities:
Deferred compensation	—		10,299		10,299
Foreign currency forward/option contract	—		82		82
Aluminum hedging contract	—		3,515		3,515


February 26, 2022
Assets:
Money market funds	$	19,288	$	—	$	19,288

Municipal and corporate bonds	—		11,784		11,784
Cash surrender value of life insurance	—		17,831		17,831

Aluminum hedging contract	—		2,133		2,133
Interest rate swap contract	—		718		718
Liabilities:
Deferred compensation	—		12,491		12,491
Foreign currency forward/option contract	—		161		161

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 Intangible Assets

6 Months Ended

Aug. 27, 2022

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. In addition, for all reporting units, no qualitative indicators of impairment were identified during the first quarter, 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 Optical		Total
Balance at February 27, 2021	$	93,099	$	1,120	$	25,322	$	10,557	$	130,098


Foreign currency translation	82		—		(78)		—		4
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	(644)		(53)		71		—		(626)
Balance at August 27, 2022	$	90,489	$	3,115	$	25,315	$	10,557	$	129,476

(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. Based on the impairment analysis performed in the fourth quarter of fiscal 2022, the fair value of each of our trade names and trademarks exceeded the carrying amount. However, due to triggering events identified in the fourth quarter of fiscal 2022, resulting from the finalization of our plans for integrating the Sotawall business into the Architectural Services segment, beginning in fiscal 2023, we determined that the carrying value of the Sotawall trade name exceeded fair value by $12.7 million. We determined that Sotawall had an immaterial fair value, resulting in the trade name being fully impaired as of fiscal 2022 year-end. We recognized this amount as impairment expense in the fourth quarter ended February 26, 2022.

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. Due to triggering events identified during the fourth quarter of fiscal 2022, as a result of finalization of our plans for integrating the Sotawall business into the Architectural Services segment, beginning in fiscal 2023, we determined that the finite-lived intangible assets of Sotawall were impaired as of February 26, 2022. As such, we recognized a long-lived asset impairment charge of $36.7 million in finite-lived intangible assets in the fourth quarter of fiscal year 2022, within the Architectural Framing Systems segment.

The gross carrying amount of other intangible assets and related accumulated amortization was:


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment Expense		Foreign Currency Translation		Net
August 27, 2022
Definite-lived intangible assets:
Customer relationships	$	89,495	$	(48,556)	$	—	$	(997)	$	39,942
Other intangibles	39,347		(35,572)		—		(361)		3,414
Total	128,842		(84,128)		—		(1,358)		43,356
Indefinite-lived intangible assets:
Trademarks	27,129		—		—		(108)		27,021
Total intangible assets	$	155,971	$	(84,128)	$	—	$	(1,466)	$	70,377
February 26, 2022
Definite-lived intangible assets:
Customer relationships	$	122,961	$	(47,226)	$	(33,608)	$	141	$	42,268
Other intangibles	41,838		(35,613)		(3,127)		(14)		3,084
Total	164,799		(82,839)		(36,735)		127		45,352
Indefinite-lived intangible assets:
Trademarks	39,832		—		(12,738)		35		27,129
Total intangible assets	$	204,631	$	(82,839)	$	(49,473)	$	162	$	72,481

Amortization expense on definite-lived intangible assets was $2.1 million and $3.9 million for the six-month periods ended August 27, 2022 and August 28, 2021, respectively. Amortization expense of other identifiable intangible assets is included in selling, general and administrative expenses. At August 27, 2022, the estimated future amortization expense for definite-lived intangible assets was:


(In thousands)	Remainder of 2023		2024		2025		2026		2027
Estimated amortization expense	$	2,258	$	4,362	$	4,332	$	4,315	$	4,313

Debt	6 Months Ended
Debt	Aug. 27, 2022
Debt Disclosure [Abstract]
Debt	Debt During the second quarter ended August 27, 2022, we amended and extended our committed revolving credit facility to include maximum borrowings of up to $385 million with a maturity of August 2027. As part of the amendment, we repaid the $150 million term loan with borrowings under the revolving credit facility. As of August 27, 2022, outstanding borrowings under our revolving credit facility were $235.0 million, while there were no outstanding borrowings under the revolving credit facility as of February 26, 2022. Our revolving credit facility contains two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of EBITDA-to-interest expense. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. At August 27, 2022, we were in compliance with both financial covenants. Additionally, at August 27, 2022, 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 2023 to 2032 and reduce borrowing capacity under the revolving credit facility. At August 27, 2022, debt included $12.0 million of industrial revenue bonds that mature in fiscal years 2036 through 2043. In March 2022, a $1.0 million industrial revenue bond matured and was repaid. The fair value of all industrial revenue bonds approximated carrying value at August 27, 2022, due to the variable interest rates on these instruments. Our credit facility, term loan and industrial revenue bonds 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). At August 27, 2022, outstanding borrowings under our Canadian committed, revolving credit facilities were $3.8 million, while there were no outstanding borrowings under the Canadian facilities as of February 26, 2022. Interest payments were $2.8 million and $1.9 million for the six months ended August 27, 2022 and August 28, 2021, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases Leases

6 Months Ended

Aug. 27, 2022

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. 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				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Operating lease cost	$	2,954	$	3,518	$	6,005	$	6,899
Short-term lease cost	346		240		660		464
Variable lease cost	857		734		1,763		1,457

Total lease cost	$	4,157	$	4,492	$	8,428	$	8,820

Other supplemental information related to leases was as follows:


	Six Months Ended
(In thousands except weighted-average data)	August 27, 2022			August 28, 2021

Cash paid for amounts included in the measurement of operating lease liabilities	$	7,069		$	7,186
Lease assets obtained in exchange for new operating lease liabilities	$	701		$	1,281
Weighted-average remaining lease term - operating leases	5.0 years			5.7 years
Weighted-average discount rate - operating leases	2.86		%	2.95		%

Future maturities of lease liabilities are as follows:


(In thousands)	August 27, 2022
Remainder of Fiscal 2023	$	6,676
Fiscal 2024	11,426
Fiscal 2025	10,018
Fiscal 2026	7,975
Fiscal 2027	6,479
Fiscal 2028	2,973
Thereafter	3,786
Total lease payments	49,333
Less: Amounts representing interest	3,210
Present value of lease liabilities	$	46,123

Commitments and Contingent Liabilities

6 Months Ended

Aug. 27, 2022

Commitments and Contingencies Disclosure [Abstract]

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 August 27, 2022, $1.1 billion of these types of bonds were outstanding, of which $361.1 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.


	Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021
Balance at beginning of period	$	13,923	$	14,999
Additional accruals	6,918		4,400

Claims paid	(4,201)		(5,871)
Balance at end of period	$	16,640	$	13,528

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 August 27, 2022, 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 $225.2 million as of August 27, 2022.

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 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 capital 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	August 2025	6.1		1.6		4.5
Total		$	15.3	$	3.8	$	11.5

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

6 Months Ended

Aug. 27, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Total share-based compensation expense included in the results of operations was $3.4 million for the six-month period ended August 27, 2022 and $3.3 million for the six-month period ended August 28, 2021.

Stock options and SARs

Stock option and SAR activity for the current six-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 beginning of year	370,800	$	23.04

Awards exercised	(145,060)	23.04
Awards canceled/expired	(67,740)	23.04
Outstanding at end of period	158,000	$	23.04	0.9 years	$	2,000,280
Vested or expected to vest at end of period	158,000	$	23.04	0.9 years	$	2,000,280

For the six-months ended August 27, 2022, there were no cash proceeds from the exercise of stock options as all stock options were exercised on a stock for stock basis. 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. For the six-months ended August 28, 2021, cash proceeds from the exercise of stock options was $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 $2.3 million.

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 each of the first quarters of fiscal 2023 and 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 end of the respective performance periods. The number of share units issued at grant is equal to the target number of performance shares and allows for the right to receive a variable 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 six-month period is summarized as follows:


Nonvested shares and units	Number of Shares and Units	Weighted Average Grant Date Fair Value
Nonvested at February 26, 2022 (1)	488,944	$	30.14
Granted (2)	174,393	46.45
Vested	(134,499)	27.94
Canceled (3)	(44,232)	36.00
Nonvested at August 27, 2022(4)	484,606	$	36.09

(1) Includes a total of 50,825 nonvested share units granted and outstanding at target level for the fiscal 2022-2024 performance period.

(2) Includes a total of 38,564 nonvested share units granted and outstanding at target level for the fiscal 2023-2025 performance period.

(3) Includes a total of 9,690 nonvested share units cancelled for the fiscal 2022-2024 and fiscal 2023-2025 performance periods.

(4) Includes a total of 45,207 and 34,492 nonvested share units granted and outstanding at target level for the 2022-2024 and 2023-2025 performance periods, respectively.

At August 27, 2022, there was $12.8 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 27 months. The total fair value of shares vested during the six months ended August 27, 2022 was $3.8 million.

Earnings per Share

6 Months Ended

Aug. 27, 2022

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		Six Months Ended
(In thousands)	August 27, 2022	August 28, 2021	August 27, 2022	August 28, 2021
Basic earnings per share – weighted average common shares outstanding	21,860	25,140	22,129	25,271
Weighted average effect of nonvested share grants and assumed exercise of stock options	385	—	434	366
Diluted earnings per share – weighted average common shares and potential common shares outstanding	22,245	25,140	22,563	25,637
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)	120	4	120	8

Segment Information

6 Months Ended

Aug. 27, 2022

Segment Reporting [Abstract]

Segment Information

Business Segment DataWe 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				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Net sales
Architectural Framing Systems	$	172,867	$	136,973	$	336,159	$	273,741
Architectural Services	106,732		96,370		210,120		187,102
Architectural Glass	77,352		79,373		153,617		162,404
Large-Scale Optical	25,166		23,543		50,328		47,771
Intersegment eliminations	(10,008)		(10,462)		(21,480)		(19,215)
Net sales	$	372,109	$	325,797	$	728,744	$	651,803
Operating income (loss)
Architectural Framing Systems	$	20,512	$	8,381	$	44,177	$	16,752
Architectural Services	5,490		7,139		8,417		11,365
Architectural Glass	6,457		(16,995)		11,626		(14,867)
Large-Scale Optical	5,991		5,483		12,489		11,330
Corporate and other	(6,378)		(7,076)		(11,421)		(11,607)
Operating income (loss)	$	32,072	$	(3,068)	$	65,288	$	12,973

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring and Related Activities

6 Months Ended

Aug. 27, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

On August 11, 2021, we announced plans to realign and simplify our business structure. During the first quarter of fiscal 2023, we completed the execution of these plans 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.

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 are expected to be paid within the current fiscal year.


(In thousands)	Architectural Framing		Architectural Glass		Corporate & Other		Total
Balance at February 27, 2021	$	2,872	$	230	$	161	$	3,263
Restructuring expense	2,000		1,036		1,039		4,075
Payments	(3,567)		(529)		(972)		(5,068)
Other adjustments	(865)		—		—		(865)
Balance at February 26, 2022	440		737		228		1,405
Restructuring expense	—		62		—		62
Payments	(171)		(531)		(136)		(838)
Other adjustments	(151)		(17)		—		(168)
Balance at August 27, 2022	$	118	$	251	$	92	$	461

Subsequent Events	1 Months Ended
Subsequent Events	Sep. 29, 2022
Subsequent Events [Abstract]
Subsequent Events	We have evaluated subsequent events for potential recognition and disclosure through the date of this filing and determined that there were no subsequent events that required recognition or disclosure in the consolidated financial statements.

Revenue, Receivables and Contract Assets and Liabilities (Tables)

6 Months Ended

Aug. 27, 2022

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				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Recognized at shipment	$	174,693	$	137,783	$	335,857	$	278,066
Recognized over time	197,416		188,014		392,887		373,737
Total	$	372,109	$	325,797	$	728,744	$	651,803

Net receivables


(In thousands)	August 27, 2022		February 26, 2022
Trade accounts	$	146,035	$	129,085
Construction contracts	65,482		12,857
Contract retainage	22,267		28,782
Total receivables	233,784		170,724
Less: allowance for credit losses	1,931		2,132
Receivables, net	$	231,853	$	168,592

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses:


(In thousands)	August 27, 2022		February 26, 2022
Beginning balance	$	2,132	$	1,947
Additions charged to costs and expenses	45		729
Deductions from allowance, net of recoveries	(244)		(514)
Other changes (1)	(2)		(30)
Ending balance	$	1,931	$	2,132
(1) Result of foreign currency effects

Contract assets and liabilities


(In thousands)	August 27, 2022		February 26, 2022
Contract assets	$	51,789	$	59,185
Contract liabilities	32,022		11,373

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)	August 27, 2022
Within one year	$	501,856
Within two years	293,561
Beyond two years	117,867
Total	$	913,284

Supplemental Balance Sheet Information (Tables)

6 Months Ended

Aug. 27, 2022

Inventory Disclosure [Abstract]

Components of inventories

Inventories


(In thousands)	August 27, 2022		February 26, 2022
Raw materials	$	51,284	$	42,541
Work-in-process	17,121		18,144
Finished goods	29,641		19,809
Total inventories	$	98,046	$	80,494

Other current liabilities


(In thousands)	August 27, 2022		February 26, 2022
Warranties	$	13,482	$	11,786

Income and other taxes	6,519		15,770
Accrued self-insurance reserves	12,471		8,796
Accrued freight	2,410		2,078
Deferred revenue	2,405		2,714
Other	26,773		26,318
Total other current liabilities	$	64,060	$	67,462

Other non-current liabilities


(In thousands)	August 27, 2022		February 26, 2022
Deferred benefit from New Markets Tax Credit transactions	$	9,250	$	9,165
Retirement plan obligations	6,857		7,041
Deferred compensation plan	7,290		9,483
Deferred tax liabilities	7,611		2,296

Other	19,346		16,598
Total other non-current liabilities	$	50,354	$	44,583

Financial Instruments (Tables)

6 Months Ended

Aug. 27, 2022

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 Fair Value
August 27, 2022	$	11,344	$	3	$	565	$	10,782
February 26, 2022	11,862		45		123		11,784

Schedule of amortized cost and estimated fair values of investments by contractual maturity


(In thousands)	Amortized Cost		Estimated Fair Value
Due within one year	$	1,430	$	1,419
Due after one year through five years	9,578		9,069
Due after five years through 10 years	336		294


Total	$	11,344	$	10,782

Fair value measurements


(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
August 27, 2022
Assets:
Money market funds	$	15,034	$	—	$	15,034

Municipal and corporate bonds	—		10,782		10,782
Cash surrender value of life insurance	—		16,625		16,625


Interest rate swap contract	—		1,584		1,584
Liabilities:
Deferred compensation	—		10,299		10,299
Foreign currency forward/option contract	—		82		82
Aluminum hedging contract	—		3,515		3,515


February 26, 2022
Assets:
Money market funds	$	19,288	$	—	$	19,288

Municipal and corporate bonds	—		11,784		11,784
Cash surrender value of life insurance	—		17,831		17,831

Aluminum hedging contract	—		2,133		2,133
Interest rate swap contract	—		718		718
Liabilities:
Deferred compensation	—		12,491		12,491
Foreign currency forward/option contract	—		161		161

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Goodwill and Other Identifiable Intangible Assets (Tables)

6 Months Ended

Aug. 27, 2022

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 Optical		Total
Balance at February 27, 2021	$	93,099	$	1,120	$	25,322	$	10,557	$	130,098


Foreign currency translation	82		—		(78)		—		4
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	(644)		(53)		71		—		(626)
Balance at August 27, 2022	$	90,489	$	3,115	$	25,315	$	10,557	$	129,476

(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 Carrying Amount		Accumulated Amortization		Impairment Expense		Foreign Currency Translation		Net
August 27, 2022
Definite-lived intangible assets:
Customer relationships	$	89,495	$	(48,556)	$	—	$	(997)	$	39,942
Other intangibles	39,347		(35,572)		—		(361)		3,414
Total	128,842		(84,128)		—		(1,358)		43,356
Indefinite-lived intangible assets:
Trademarks	27,129		—		—		(108)		27,021
Total intangible assets	$	155,971	$	(84,128)	$	—	$	(1,466)	$	70,377
February 26, 2022
Definite-lived intangible assets:
Customer relationships	$	122,961	$	(47,226)	$	(33,608)	$	141	$	42,268
Other intangibles	41,838		(35,613)		(3,127)		(14)		3,084
Total	164,799		(82,839)		(36,735)		127		45,352
Indefinite-lived intangible assets:
Trademarks	39,832		—		(12,738)		35		27,129
Total intangible assets	$	204,631	$	(82,839)	$	(49,473)	$	162	$	72,481

Schedule of estimated future amortization expense for identifiable intangible assets

At August 27, 2022, the estimated future amortization expense for definite-lived intangible assets was:


(In thousands)	Remainder of 2023		2024		2025		2026		2027
Estimated amortization expense	$	2,258	$	4,362	$	4,332	$	4,315	$	4,313

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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+ Details

Leases (Tables)

6 Months Ended

Aug. 27, 2022

Leases [Abstract]

Schedule of lease cost

The components of lease expense were as follows:


	Three Months Ended				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Operating lease cost	$	2,954	$	3,518	$	6,005	$	6,899
Short-term lease cost	346		240		660		464
Variable lease cost	857		734		1,763		1,457

Total lease cost	$	4,157	$	4,492	$	8,428	$	8,820

Other supplemental information related to leases was as follows:


	Six Months Ended
(In thousands except weighted-average data)	August 27, 2022			August 28, 2021

Cash paid for amounts included in the measurement of operating lease liabilities	$	7,069		$	7,186
Lease assets obtained in exchange for new operating lease liabilities	$	701		$	1,281
Weighted-average remaining lease term - operating leases	5.0 years			5.7 years
Weighted-average discount rate - operating leases	2.86		%	2.95		%

Schedule of operating lease liability

Future maturities of lease liabilities are as follows:


(In thousands)	August 27, 2022
Remainder of Fiscal 2023	$	6,676
Fiscal 2024	11,426
Fiscal 2025	10,018
Fiscal 2026	7,975
Fiscal 2027	6,479
Fiscal 2028	2,973
Thereafter	3,786
Total lease payments	49,333
Less: Amounts representing interest	3,210
Present value of lease liabilities	$	46,123

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Aug. 27, 2022

Commitments and Contingencies Disclosure [Abstract]

Guarantees and warranties


	Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021
Balance at beginning of period	$	13,923	$	14,999
Additional accruals	6,918		4,400

Claims paid	(4,201)		(5,871)
Balance at end of period	$	16,640	$	13,528

Share-Based Compensation (Tables)

6 Months Ended

Aug. 27, 2022

Share-Based Payment Arrangement [Abstract]

Award transactions on stock options

Stock option and SAR activity for the current six-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 beginning of year	370,800	$	23.04

Awards exercised	(145,060)	23.04
Awards canceled/expired	(67,740)	23.04
Outstanding at end of period	158,000	$	23.04	0.9 years	$	2,000,280
Vested or expected to vest at end of period	158,000	$	23.04	0.9 years	$	2,000,280

Nonvested share award transactions

Nonvested share activity, including performance share units, for the current six-month period is summarized as follows:


Nonvested shares and units	Number of Shares and Units	Weighted Average Grant Date Fair Value
Nonvested at February 26, 2022 (1)	488,944	$	30.14
Granted (2)	174,393	46.45
Vested	(134,499)	27.94
Canceled (3)	(44,232)	36.00
Nonvested at August 27, 2022(4)	484,606	$	36.09

Earnings per Share (Tables)

6 Months Ended

Aug. 27, 2022

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		Six Months Ended
(In thousands)	August 27, 2022	August 28, 2021	August 27, 2022	August 28, 2021
Basic earnings per share – weighted average common shares outstanding	21,860	25,140	22,129	25,271
Weighted average effect of nonvested share grants and assumed exercise of stock options	385	—	434	366
Diluted earnings per share – weighted average common shares and potential common shares outstanding	22,245	25,140	22,563	25,637
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)	120	4	120	8

Segment Information (Tables)

6 Months Ended

Aug. 27, 2022

Segment Reporting [Abstract]

Sales and operating income data


	Three Months Ended				Six Months Ended
(In thousands)	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Net sales
Architectural Framing Systems	$	172,867	$	136,973	$	336,159	$	273,741
Architectural Services	106,732		96,370		210,120		187,102
Architectural Glass	77,352		79,373		153,617		162,404
Large-Scale Optical	25,166		23,543		50,328		47,771
Intersegment eliminations	(10,008)		(10,462)		(21,480)		(19,215)
Net sales	$	372,109	$	325,797	$	728,744	$	651,803
Operating income (loss)
Architectural Framing Systems	$	20,512	$	8,381	$	44,177	$	16,752
Architectural Services	5,490		7,139		8,417		11,365
Architectural Glass	6,457		(16,995)		11,626		(14,867)
Large-Scale Optical	5,991		5,483		12,489		11,330
Corporate and other	(6,378)		(7,076)		(11,421)		(11,607)
Operating income (loss)	$	32,072	$	(3,068)	$	65,288	$	12,973

Restructuring and Related Activities (Tables)

6 Months Ended

Aug. 27, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost


(In thousands)	Architectural Framing		Architectural Glass		Corporate & Other		Total
Balance at February 27, 2021	$	2,872	$	230	$	161	$	3,263
Restructuring expense	2,000		1,036		1,039		4,075
Payments	(3,567)		(529)		(972)		(5,068)
Other adjustments	(865)		—		—		(865)
Balance at February 26, 2022	440		737		228		1,405
Restructuring expense	—		62		—		62
Payments	(171)		(531)		(136)		(838)
Other adjustments	(151)		(17)		—		(168)
Balance at August 27, 2022	$	118	$	251	$	92	$	461

Revenue, Receivables and Contract Assets and Liabilities Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Disaggregation of Revenue [Line Items]
Total	$ 372,109	$ 325,797	$ 728,744	$ 651,803
Revenue from Contract with Customer, Including Assessed Tax	372,109	325,797	728,744	651,803
Recognized at shipment
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	174,693	137,783	335,857	278,066
Recognized over time
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 197,416	$ 188,014	$ 392,887	$ 373,737

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Revenue, Receivables and Contract Assets and Liabilities Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022	Feb. 27, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 233,784	$ 170,724
Beginning balance	1,931	2,132	$ 1,947
Receivables, net	231,853	168,592
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	146,035	129,085
Construction contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	65,482	12,857
Contract retainage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 22,267	$ 28,782

Revenue, Receivables and Contract Assets and Liabilities Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 27, 2022	Feb. 26, 2022	Feb. 27, 2021
Credit Loss [Abstract]
Beginning balance	$ 1,931	$ 2,132	$ 1,947
Additions charged to costs and expenses	45	729
Deductions from allowance, net of recoveries	(244)	(514)
Other changes (1)	(2)	(30)
Ending balance	$ 1,931	$ 2,132	$ 1,947

Revenue, Receivables and Contract Assets and Liabilities Contract Assets & Liabilities (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 51,789	$ 59,185
Contract liabilities	$ 32,022	$ 11,373

Revenue, Receivables and Contract Assets and Liabilities (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities from prior year-end	$ 4,978	$ 2,479	$ 33,157	$ 16,579
Revenue recognized related to prior satisfaction of performance obligations	$ 4,770	$ 5,354	$ 4,946	$ 7,518

Revenue, Receivables and Contract Assets and Liabilities (Details 5) $ in Thousands	Aug. 27, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 913,284
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 501,856
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 293,561
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 117,867
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years

Supplemental Balance Sheet Information - Components of inventories (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 51,284	$ 42,541
Work-in-process	17,121	18,144
Finished goods	29,641	19,809
Total inventories	$ 98,046	$ 80,494

Supplemental Balance Sheet Information - Other current liabilities (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Inventory Disclosure [Abstract]
Warranties	$ 13,482	$ 11,786
Income and other taxes	6,519	15,770
Accrued self-insurance reserves	12,471	8,796
Accrued freight	2,410	2,078
Deferred revenue	2,405	2,714
Other	26,773	26,318
Total other current liabilities	$ 64,060	$ 67,462

Supplemental Balance Sheet Information - Other non-current liabilities (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Inventory Disclosure [Abstract]
Deferred benefit from New Markets Tax Credit transactions	$ 9,250	$ 9,165
Retirement plan obligations	6,857	7,041
Deferred compensation plan	7,290	9,483
Deferred tax liabilities	7,611	2,296
Other	19,346	16,598
Total other non-current liabilities	$ 50,354	$ 44,583

Financial Instruments (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,344
Estimated Fair Value	10,782
Municipal and Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,344	$ 11,862
Gross Unrealized Gains	3	45
Gross Unrealized Losses	565	123
Estimated Fair Value	$ 10,782	$ 11,784

Financial Instruments (Details 2) $ in Thousands	Aug. 27, 2022 USD ($)
Amortized Cost
Due within one year	$ 1,430
Due after one year through five years	9,578
Due after five years through 10 years	336
Total	11,344
Estimated Fair Value
Due within one year	1,419
Due after one year through five years	9,069
Due after five years through 10 years	294
Total	$ 10,782

Financial Instruments (Details 3) - USD ($) $ in Thousands	Aug. 27, 2022	Feb. 26, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 15,034	$ 19,288
Municipal and corporate bonds	10,782	11,784
Cash surrender value of life insurance	16,625	17,831
Deferred compensation	10,299	12,491
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward/option contract	82	161
Commodity Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aluminum hedging contract		2,133
Foreign currency forward/option contract	3,515
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap contract	1,584	718
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	15,034	19,288
Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Municipal and corporate bonds	10,782	11,784
Cash surrender value of life insurance	16,625	17,831
Deferred compensation	10,299	12,491
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	82	161
Other Observable Inputs (Level 2) \| Commodity Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aluminum hedging contract		2,133
Foreign currency forward/option contract	3,515
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	$ 1,584	$ 718

Financial Instruments (Details Textual) - Designated as Hedging Instrument $ in Thousands	Aug. 27, 2022 USD ($)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 30,000
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,200
Commodity Option [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 12,200

Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 27, 2022	Feb. 26, 2022
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	$ 130,102	$ 130,098
Foreign currency translation	(626)	4
Reallocation among reporting units (1)	0
Goodwill, Ending	129,476	130,102
Architectural Framing Systems
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	93,181	93,099
Foreign currency translation	(644)	82
Reallocation among reporting units (1)	(2,048)
Goodwill, Ending	90,489	93,181
Architectural Services
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	1,120	1,120
Foreign currency translation	(53)	0
Reallocation among reporting units (1)	2,048
Goodwill, Ending	3,115	1,120
Architectural Glass
Schedule of goodwill attributable to each business segment
Goodwill, Beginning	25,244	25,322
Foreign currency translation	71	(78)
Reallocation among reporting units (1)	0
Goodwill, Ending	25,315	25,244
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	$ 10,557

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Identifiable Intangible Assets (Details 1) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	May 28, 2022	Aug. 27, 2022	Feb. 26, 2022
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount		$ 128,842	$ 164,799
Accumulated Amortization		(84,128)	(82,839)
Impairment Expense		0	(36,735)
Foreign Currency Translation	$ 127	(1,358)
Net		43,356	45,352
Impairment Expense			(12,700)
Intangible Assets, Gross (Excluding Goodwill)		155,971	204,631
Intangible Assets Accumulated Amortization		(84,128)	(82,839)
Impairment Expense		0	(49,473)
Intangible Assets Foreign Currency Translation		(1,466)	162
Intangible assets		70,377	72,481
Trademarks and Trade Names
Schedule of finite lived identifiable intangible assets
Indefinite-lived Intangible Assets (Excluding Goodwill)		27,129	39,832
Impairment Expense		0	(12,738)
Indefinite Lived Identifiable Intangible Assets, Foreign Currency Translation Adjustments	35	(108)
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments		27,021	27,129
Customer relationships
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount		89,495	122,961
Accumulated Amortization		(48,556)	(47,226)
Impairment Expense		0	(33,608)
Foreign Currency Translation	141	(997)
Net		39,942	42,268
Other intangibles
Schedule of finite lived identifiable intangible assets
Gross Carrying Amount		39,347	41,838
Accumulated Amortization		(35,572)	(35,613)
Impairment Expense		0	(3,127)
Foreign Currency Translation	$ (14)	(361)
Net		$ 3,414	$ 3,084

Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands	Aug. 27, 2022 USD ($)
Schedule of estimated future amortization expense for identifiable intangible assets
Remainder of 2023	$ 2,258
2024	4,362
2025	4,332
2026	4,315
2027	$ 4,313

Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Feb. 26, 2022
Goodwill and Other Identifiable Intangible Assets (Textual) [Abstract]
Amortization expense on identifiable intangible assets	$ 2,100	$ 3,900
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 12,700
Impairment of Intangible Assets, Finite-Lived	$ 0		$ 36,735

Debt (Details) - USD ($) $ in Thousands	6 Months Ended
Debt (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021	Feb. 26, 2022
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 385,000
Interest payments	2,800	$ 1,900
Repayment Recovery Zone Facility Bonds	1,000
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings	235,000		$ 0
Industrial Revenue Bonds
Line of Credit Facility [Line Items]
Debt	12,000
Term Loan
Line of Credit Facility [Line Items]
Debt	150,000		150,000
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	$ 3,800		$ 0

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Leases [Abstract]
Operating lease cost	$ 2,954	$ 3,518	$ 6,005	$ 6,899
Short-term lease cost	346	240	660	464
Variable lease cost	857	734	1,763	1,457
Total lease cost	$ 4,157	$ 4,492	$ 8,428	$ 8,820

Leases (Details 1) - USD ($) $ in Thousands	6 Months Ended
Leases (Details 1) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 7,069	$ 7,186
Lease assets obtained in exchange for new operating lease liabilities	$ 701	$ 1,281
Weighted-average remaining lease term - operating leases	5 years	5 years 8 months 12 days
Weighted-average discount rate - operating leases	2.86%	2.95%

Leases (Details 2) $ in Thousands	Aug. 27, 2022 USD ($)
Leases [Abstract]
Remainder of Fiscal 2023	$ 6,676
Fiscal 2024	11,426
Fiscal 2025	10,018
Fiscal 2026	7,975
Fiscal 2027	6,479
Fiscal 2028	2,973
Thereafter	3,786
Total lease payments	49,333
Less: Amounts representing interest	3,210
Present value of lease liabilities	$ 46,123

Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Guarantees and warranties
Balance at beginning of period	$ 13,923	$ 14,999
Additional accruals	6,918	4,400
Claims paid	(4,201)	(5,871)
Balance at end of period	$ 16,640	$ 13,528

Commitments and Contingent Liabilities (Details 2) $ in Thousands	6 Months Ended
	Aug. 27, 2022 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 Liabilities (Details Textual) $ in Thousands	6 Months Ended
	Aug. 27, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Face value of performance bonds	$ 1,100,000
Companies Backlog Related to Sales	361,100
Purchase obligations	225,200
Net benefit	$ 11,500

Share-Based Compensation (Details 1) - USD ($)	3 Months Ended		6 Months Ended
Share-Based Compensation (Details 1) - USD ($)	Aug. 27, 2022	May 29, 2021	Aug. 27, 2022
Award transactions on stock options
Outstanding, Beginning			370,800
Awards exercised	(36,000)	(179,000)	(145,060)
Awards canceled/expired			(67,740)
Outstanding, Ending	158,000		158,000
Outstanding, Vested or expected to vest	158,000		158,000
Award transactions on stock options, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Beginning			$ 23.04
Weighted average exercise price, Awards exercised			23.04
Weighted Average Exercise Price, Awards canceled			23.04
Weighted average exercise price, Ending	$ 23.04		23.04
Weighted average exercise price, Vested or expected to vest	$ 23.04		$ 23.04
Weighted average remaining contractual life, Outstanding			10 months 24 days
Weighted average remaining contractual term, Vested or expected to vest			10 months 24 days
Aggregate intrinsic value, Outstanding	$ 2,000,280		$ 2,000,280
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 2,000,280		$ 2,000,280

Share-Based Compensation (Details 2)	6 Months Ended
Share-Based Compensation (Details 2)	Aug. 27, 2022 $ / shares shares
Nonvested share award transactions
Nonvested Number, Beginning \| shares	488,944
Number of shares, Granted \| shares	174,393
Number of shares, Vested \| shares	(134,499)
Number of shares, Canceled \| shares	(44,232)
Nonvested Number, Ending \| shares	484,606
Nonvested share award transactions, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, Beginning \| $ / shares	$ 30.14
Weighted average grant date fair value, Granted \| $ / shares	46.45
Weighted average grant date fair value, Vested \| $ / shares	27.94
Weighted average grant date fair value, Canceled \| $ / shares	36.00
Weighted average grant date fair value, Ending \| $ / shares	$ 36.09

Share-Based Compensation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 3,394	$ 3,261
Cash proceeds from exercise of stock options	0	4,100
Aggregate Intrinsic Value, Exercisable	2,700	$ 2,300
Total unrecognized compensation cost related to nonvested share	$ 12,800
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, Nonvested	27 months
Total fair value of shares vested	$ 3,800

Earnings per Share Earnings per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Earnings Per Share [Abstract]
Basic earnings per share – weighted average common shares outstanding	21,860	25,140	22,129	25,271
Weighted average effect of nonvested share grants and assumed exercise of stock options	385	0	434	366
Diluted earnings per share – weighted average common shares and potential common shares outstanding	22,245	25,140	22,563	25,637
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)	120	4	120	8

Segment Information Segment Information (Details Textual)	6 Months Ended
	Aug. 27, 2022 Reportable_segment
Segment Reporting [Abstract]
Number of Reportable Segments	4

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Sales and operating income data
Net sales	$ 372,109	$ 325,797	$ 728,744	$ 651,803
Operating income (loss)	32,072	(3,068)	65,288	12,973
Intersegment eliminations
Sales and operating income data
Net sales	(10,008)	(10,462)	(21,480)	(19,215)
Architectural Framing Systems
Sales and operating income data
Net sales	172,867	136,973	336,159	273,741
Operating income (loss)	20,512	8,381	44,177	16,752
Architectural Services
Sales and operating income data
Net sales	106,732	96,370	210,120	187,102
Operating income (loss)	5,490	7,139	8,417	11,365
Architectural Glass
Sales and operating income data
Net sales	77,352	79,373	153,617	162,404
Operating income (loss)	6,457	(16,995)	11,626	(14,867)
Large-Scale Optical
Sales and operating income data
Net sales	25,166	23,543	50,328	47,771
Operating income (loss)	5,991	5,483	12,489	11,330
Corporate and other
Sales and operating income data
Operating income (loss)	$ (6,378)	$ (7,076)	$ (11,421)	$ (11,607)

- Definition

+ References

+ Details

Restructuring and Related Activities (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Restructuring Cost and Reserve [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 4,100
Gain (Loss) on Disposition of Property Plant Equipment	695	$ 1,355
CarryingValuePropertyHeldForSale	3,400
Machinery and Equipment
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment	$ 600

Restructuring and Related Activities (Details 1) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 27, 2022	Feb. 26, 2022	Feb. 27, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 461	$ 1,405	$ 3,263
Restructuring expense	62	4,075
Payments	(838)	(5,068)
Other adjustments	(168)	(865)
Restructuring Reserve, Ending Balance	461	1,405	3,263
Architectural Framing Systems
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	118	440	2,872
Restructuring expense	0	2,000
Payments	(171)	(3,567)
Other adjustments	(151)	(865)
Restructuring Reserve, Ending Balance	118	440	2,872
Architectural Glass
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	251	737	230
Restructuring expense	62	1,036
Payments	(531)	(529)
Other adjustments	(17)	0
Restructuring Reserve, Ending Balance	251	737	230
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	92	228	161
Restructuring expense	0	1,039
Payments	(136)	(972)
Other adjustments	0	0
Restructuring Reserve, Ending Balance	$ 92	$ 228	$ 161