Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 02, 2019 | Apr. 24, 2019 | Sep. 01, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | APOGEE ENTERPRISES, INC. | ||
Trading Symbol | APOG | ||
Entity Central Index Key | 0000006845 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 2, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-02 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 26,599,456 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,391,000,000 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Current assets | ||
Cash and cash equivalents | $ 17,087 | $ 19,359 |
Restricted cash | 12,154 | 0 |
Receivables, net of allowance for doubtful accounts | 192,767 | 211,852 |
Inventories | 78,344 | 80,908 |
Costs and earnings on contracts in excess of billings | 55,095 | 4,120 |
Other current assets | 16,451 | 20,039 |
Total current assets | 371,898 | 336,278 |
Property, plant and equipment, net | 315,823 | 304,063 |
Goodwill | 185,832 | 180,956 |
Intangible assets | 148,235 | 167,349 |
Other non-current assets | 46,380 | 33,674 |
Total assets | 1,068,168 | 1,022,320 |
Current liabilities | ||
Accounts payable | 72,219 | 68,416 |
Accrued payroll and related benefits | 41,119 | 36,646 |
Accrued self-insurance reserves | 9,537 | 10,933 |
Billings in excess of costs and earnings on uncompleted contracts | 21,478 | 12,461 |
Other current liabilities | 83,159 | 79,696 |
Total current liabilities | 227,512 | 208,152 |
Long-term debt | 245,724 | 215,860 |
Long-term self-insurance reserves | 21,433 | 16,307 |
Other non-current liabilities | 77,182 | 70,646 |
Commitments and contingent liabilities (Note 10) | ||
Shareholders’ equity | ||
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 27,015,127 and 28,158,042 shares, respectively | 9,005 | 9,386 |
Additional paid-in capital | 151,842 | 152,763 |
Retained earnings | 367,597 | 373,259 |
Common stock held in trust | (755) | (922) |
Deferred compensation obligations | 755 | 922 |
Accumulated other comprehensive loss | (32,127) | (24,053) |
Total shareholders’ equity | 496,317 | 511,355 |
Total liabilities and shareholders’ equity | $ 1,068,168 | $ 1,022,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 02, 2019 | Mar. 03, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.3333 | $ 0.3333 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 27,015,127 | 28,158,042 |
Common stock, shares outstanding | 27,015,127 | 28,158,042 |
Consolidated Results of Operati
Consolidated Results of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 1,402,637 | $ 1,326,173 | $ 1,114,533 |
Cost of sales | 1,109,072 | 992,655 | 822,510 |
Gross profit | 293,565 | 333,518 | 292,023 |
Selling, general and administrative expenses | 226,281 | 219,234 | 169,798 |
Operating income | 67,284 | 114,284 | 122,225 |
Interest income | 355 | 538 | 1,008 |
Interest expense | 8,449 | 5,508 | 971 |
Other (expense) income, net | (528) | 566 | 543 |
Earnings before income taxes | 58,662 | 109,880 | 122,805 |
Income tax expense | 12,968 | 30,392 | 37,015 |
Net earnings | $ 45,694 | $ 79,488 | $ 85,790 |
Earnings per share - basic (USD per share) | $ 1.64 | $ 2.79 | $ 2.98 |
Earnings per share - diluted (USD per share) | $ 1.63 | $ 2.76 | $ 2.97 |
Weighted average basic shares outstanding | 27,802 | 28,534 | 28,781 |
Weighted average diluted shares outstanding | 28,082 | 28,804 | 28,893 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 45,694 | $ 79,488 | $ 85,790 |
Other comprehensive (loss) earnings: | |||
Unrealized gain (loss) on marketable securities, net of $17, $(29) and $(45) of tax expense (benefit), respectively | 64 | (95) | (83) |
Unrealized (loss) gain on foreign currency hedge, net of $(172), $47 and $- of tax (benefit) expense, respectively | (565) | 156 | 0 |
Unrealized gain on pension obligation, net of $72, $87 and $74 of tax expense, respectively | 229 | 284 | 130 |
Foreign currency translation adjustments | (7,065) | 6,692 | 234 |
Other comprehensive (loss) earnings | (7,337) | 7,037 | 281 |
Total comprehensive earnings | $ 38,357 | $ 86,525 | $ 86,071 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $ 17 | $ (29) | $ (45) |
Unrealized gain (loss) on foreign currency hedge, tax | (172) | 47 | 0 |
Unrealized gain (loss) on pension obligation, tax | $ 72 | $ 87 | $ 74 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Operating Activities | |||
Net earnings | $ 45,694 | $ 79,488 | $ 85,790 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 49,798 | 54,843 | 35,607 |
Share-based compensation | 6,286 | 6,205 | 5,986 |
Deferred income taxes | (5,506) | 3,195 | (1,065) |
(Loss) gain on disposal of assets | (2,475) | 1,037 | (371) |
Impairment on intangible assets | 3,141 | 0 | 0 |
Proceeds from new markets tax credit transaction, net of deferred costs | 8,850 | 0 | 5,109 |
Other, net | (2,179) | (1,431) | (2,331) |
Changes in operating assets and liabilities: | |||
Receivables | 18,164 | 18,172 | 3,460 |
Inventories | 5,114 | 10,387 | (10,318) |
Costs and earnings on contracts in excess of billings | (48,712) | 1,134 | 3,931 |
Accounts payable and accrued expenses | 7,600 | (25,627) | 17,449 |
Billings in excess of costs and earnings on uncompleted contracts | 9,026 | (16,541) | (9,991) |
Refundable and accrued income taxes | 3,680 | 315 | (9,647) |
Other, net | (2,058) | (3,714) | 392 |
Net cash provided by operating activities | 96,423 | 127,463 | 124,001 |
Investing Activities | |||
Capital expenditures | (60,717) | (53,196) | (68,061) |
Purchases of marketable securities | (9,213) | (10,244) | (3,705) |
Sales/maturities of marketable securities | 6,110 | 10,476 | 36,433 |
Proceeds from sales of property, plant and equipment | 12,333 | 1,394 | 1,729 |
Acquisition of business and intangibles | 0 | (182,849) | (137,932) |
Other, net | (2,209) | 851 | (4,388) |
Net cash used in investing activities | (53,696) | (233,568) | (175,924) |
Financing Activities | |||
Borrowings on line of credit | 363,000 | 385,700 | 121,000 |
Payments on line of credit | (333,000) | (235,740) | (76,012) |
Shares withheld for taxes, net of stock issued to employees | (1,531) | (1,712) | (446) |
Repurchase and retirement of common stock | (43,326) | (33,676) | (10,817) |
Dividends paid | (17,864) | (16,393) | (14,667) |
Other, net | 395 | 155 | (396) |
Net cash (used in) provided by financing activities | (32,326) | 98,334 | 18,662 |
Increase (decrease) in cash and cash equivalents | 10,401 | (7,771) | (33,261) |
Effect of exchange rates on cash | (519) | (167) | 88 |
Cash, cash equivalents and restricted cash at beginning of year | 19,359 | 27,297 | 60,470 |
Cash, cash equivalents and restricted cash at end of period | 29,241 | 19,359 | 27,297 |
Noncash Activity | |||
Capital expenditures in accounts payable | 1,703 | 1,784 | 3,254 |
Deferred payments on acquisition of business | $ 0 | $ 7,500 | $ 0 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Common Stock Held in Trust | Deferred Compensation Obligation | Accumulated Other Comprehensive (Loss) Income |
Balance at Feb. 27, 2016 | $ 9,561 | $ 145,528 | $ 282,477 | $ (837) | $ 837 | $ (31,371) | |
Balance, shares at Feb. 27, 2016 | 28,684 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 85,790 | 85,790 | |||||
Unrealized gain (loss) on marketable securities, net of tax | (83) | (83) | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | 0 | ||||||
Unrealized gain (loss) on pension obligation, net of tax | 130 | 130 | |||||
Foreign currency translation adjustments | $ 234 | 0 | 234 | ||||
Issuance of stock, net of cancellations | 47 | 105 | 36 | (38) | 38 | ||
Issuance of stock, net of cancellations, shares | 140 | ||||||
Share-based compensation | 5,986 | ||||||
Tax benefit (deficit) associated with stock plans | (1,745) | ||||||
Exercise of stock options | 54 | 1,893 | |||||
Exercise of stock options, shares | 163 | ||||||
Share repurchases | (83) | (1,357) | (9,377) | ||||
Share repurchases, shares | (250) | ||||||
Other share retirements | (19) | (299) | (2,263) | ||||
Other share retirements, shares | (57) | ||||||
Cash dividends | (14,667) | ||||||
Balance at Mar. 04, 2017 | 9,560 | 150,111 | 341,996 | (875) | 875 | (31,090) | |
Balance, shares at Mar. 04, 2017 | 28,680 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 79,488 | 79,488 | |||||
Unrealized gain (loss) on marketable securities, net of tax | (95) | (95) | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | 156 | 156 | |||||
Unrealized gain (loss) on pension obligation, net of tax | 284 | 284 | |||||
Foreign currency translation adjustments | 6,692 | 6,692 | |||||
Reclassification of tax effects (see Note 1) | $ 0 | ||||||
Issuance of stock, net of cancellations | 43 | (186) | 208 | (47) | 47 | ||
Issuance of stock, net of cancellations, shares | 128 | ||||||
Share-based compensation | 6,205 | ||||||
Exercise of stock options | 34 | 800 | |||||
Exercise of stock options, shares | 102 | ||||||
Share repurchases | (234) | (3,886) | (29,556) | ||||
Share repurchases, shares | (702) | ||||||
Other share retirements | (17) | (281) | (2,484) | ||||
Other share retirements, shares | (50) | ||||||
Cash dividends | (16,393) | ||||||
Balance at Mar. 03, 2018 | $ 511,355 | 9,386 | 152,763 | 373,259 | (922) | 922 | (24,053) |
Balance, shares at Mar. 03, 2018 | 28,158 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 45,694 | 45,694 | |||||
Unrealized gain (loss) on marketable securities, net of tax | 64 | 64 | |||||
Unrealized gain (loss) on foreign currency hedge, net of tax | (565) | (565) | |||||
Unrealized gain (loss) on pension obligation, net of tax | 229 | 229 | |||||
Foreign currency translation adjustments | (7,065) | (7,065) | |||||
Reclassification of tax effects (see Note 1) | 737 | (737) | |||||
Issuance of stock, net of cancellations | 45 | 80 | 145 | 167 | (167) | ||
Issuance of stock, net of cancellations, shares | 135 | ||||||
Share-based compensation | 6,286 | ||||||
Exercise of stock options | 6 | 177 | |||||
Exercise of stock options, shares | 19 | ||||||
Share repurchases | 419 | 7,204 | 35,703 | 0 | 0 | 0 | |
Share repurchases, shares | (1,258) | ||||||
Other share retirements | (13) | (260) | (1,670) | ||||
Other share retirements, shares | (39) | ||||||
Cash dividends | (17,864) | ||||||
Balance at Mar. 02, 2019 | $ 496,317 | $ 9,005 | $ 151,842 | $ 367,597 | $ (755) | $ 755 | $ (32,127) |
Balance, shares at Mar. 02, 2019 | 27,015 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $ 17 | $ (29) | $ (45) |
Unrealized gain (loss) on foreign currency hedge, tax | (172) | 47 | 0 |
Unrealized gain (loss) on pension obligation, tax | $ 72 | $ 87 | $ 74 |
Cash dividends per share | $ 0.6475 | $ 0.5775 | $ 0.515 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Related Data | 12 Months Ended |
Mar. 02, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Related Data | Summary of Significant Accounting Policies and Related Data Basis of consolidation The consolidated financial statements include the balances of Apogee Enterprises, Inc. and its subsidiaries (Apogee, we, us, our or the Company) after elimination of intercompany balances and transactions. We consolidate variable interest entities related to our New Market Tax Credit transactions as it has been determined that the Company is the primary beneficiary of those entities' operations (refer to Note 10 for more information). Fiscal year Our fiscal year ends on the Saturday closest to the last day of February, or as determined by the Board of Directors. Fiscal 2019 and 2018 each consisted of 52 weeks, while fiscal 2017 consisted of 53 weeks. Accounting estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Cash equivalents Highly liquid investments with an original maturity of three months or less are included in cash equivalents and are stated at cost, which approximates fair value. Marketable securities Our marketable securities are classified as available for sale, and we test for other-than-temporary losses on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of a security may not be recoverable. We consider all unrealized losses to be temporary in nature. We intend to hold our securities until the full principal amount can be recovered, and we have the ability to do so based on other sources of liquidity. Marketable securities are included in other current and non-current assets on the consolidated balance sheets and gross realized gains and losses are included in other income (expense) in our consolidated results of operations. Inventories Inventories, which consist primarily of purchased glass and aluminum, are valued at lower of cost or market using the first-in, first-out (FIFO) method. Property, plant and equipment Property, plant and equipment (PP&E) is recorded at cost. Significant improvements and renewals that extend the useful life of the asset are capitalized. Repairs and maintenance are charged to expense as incurred. When an asset is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in selling, general and administrative expenses. Long-lived assets to be held and used, such as PP&E, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 to 25 years for buildings and improvements; 3 to 15 years for machinery and equipment; and 3 to 7 years for office equipment and furniture. Goodwill and intangible assets Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. We evaluate goodwill for impairment annually at our year-end, or more frequently if impairment indicators exist. This year we elected to bypass the qualitative assessment process and to proceed directly to comparing the fair value of each of our reporting units to carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill impairment is not indicated. Each of our nine business units represents a reporting unit for the goodwill impairment analysis. We have followed a consistent discounted cash flow methodology to evaluate goodwill in all periods presented. We base our determination of fair value on a discounted cash flow methodology that involves significant judgment and projections of future performance. Assumptions about future revenues and expenses, capital expenditures and changes in working capital are based on the annual operating plan and long-term business plan for each reporting unit. These plans take into consideration numerous factors, including historical experience, anticipated future economic conditions and growth expectations for the industries and end markets in which we participate. Growth rates for revenues and operating profits vary for each reporting unit. The discount rate assumption for each reporting unit takes into consideration our assessment of risks inherent in the future cash flows of our business and an estimated weighted-average cost of capital. Intangible assets with indefinite useful lives are tested for impairment annually at our year-end, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Fair value is measured using the relief-from-royalty method. This method assumes the trade name or mark has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue from the related asset, the appropriate royalty rate, and the weighted average cost of capital. The assessment of fair value involves significant judgment and projections about future performance. Definite-lived intangible assets are amortized based on estimated useful lives ranging from 18 months to 20 years and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The estimated useful lives of all intangible assets are reviewed annually, and we have determined that the remaining lives were appropriate. Self-Insurance We obtain commercial insurance to provide coverage for potential losses in areas such as employment practices, workers' compensation, directors and officers, automobile, architect's and engineer's errors and omissions, product rework and general liability. A substantial portion of this risk is retained on a self-insured basis through our wholly-owned insurance subsidiary. We establish a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections. Reserves are classified within accrued or long-term self-insurance reserves based on expectations of when the estimated loss will be paid. Additionally, we maintain a self-insurance reserve for health insurance programs offered to eligible employees, included within accrued self-insurance reserves. The reserve includes an estimate for losses on reported claims as well as for amounts incurred but not yet reported, based on historical trends. Warranty and project-related contingencies We are subject to claims associated with our products and services, principally as a result of disputes with our customers involving the performance or aesthetics of our architectural products and services. We reserve estimated exposures on known claims, as well as on a portion of anticipated claims for product warranty and rework costs, based on historical product liability claims as a ratio of sales. We also reserve for estimated exposures on other claims as they are known and reasonably estimable. Reserves are included in other current and non-current liabilities based on the estimated timing of dispute resolution. Foreign currency Local currencies are considered the functional currencies for our subsidiaries outside of the United States. Assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items are translated using average monthly exchange rates. Translation adjustments are included in accumulated other comprehensive loss in the consolidated balance sheets. Derivatives and hedging activities We periodically enter into forward purchase foreign currency contracts, generally with an original maturity date of less than one year, to hedge foreign currency exchange rate risk. All derivative instruments within the scope of ASC 815, Derivatives and Hedging , are recorded on the consolidated balance sheets at fair value. All hedging instruments that qualify for hedge accounting are designated and effective as hedges. Instruments that do not qualify for hedge accounting are marked to market with changes recognized in current earnings. Cash flows from derivative instruments are classified in the statements of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships.We do not hold or issue derivative financial instruments for trading purposes and are not a party to leveraged derivatives. Revenue recognition On March 4, 2018, we adopted ASC 606, Revenue from Contracts with Customers , and as a result, made updates to our significant accounting policy for revenue recognition. We generate revenue from the design, engineering and fabrication of architectural glass, curtainwall, window, storefront and entrance systems, and from installing those products on commercial buildings. We also manufacture value-added glass and acrylic products. Due to the diverse nature of our operations and various types of contracts with customers, we have businesses that recognize revenue over time and businesses that recognize revenue at a point in time. During fiscal 2019 , approximately 44 percent of our total revenue is recognized at the time products are shipped from our manufacturing facilities, which is when control is transferred to our customer, consistent with past practices. These businesses do not generate contract-related assets or liabilities. Variable consideration associated with these contracts and orders, generally related to early pay discounts or volume rebates, is not considered significant. We also have three businesses which operate under long-term, fixed-price contracts, representing approximately 34 percent of our total revenue in the current year. This includes one business which changed revenue recognition practices due to the adoption of the new guidance, moving from recognizing revenue at shipment to an over-time method of revenue recognition. The contracts for these businesses have a single, bundled performance obligation, as these businesses generally provide interrelated products and services and integrate these products and services into a combined output specified by the customer. The customer obtains control of this combined output, generally integrated window systems or installed window and curtainwall systems, over time. We measure progress on these contracts following an input method, by comparing total costs incurred to-date to the total estimated costs for the contract, and record that proport ion of the total contract price as revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe this method of recognizing revenue is consistent with our progress in satisfying our contract obligations. Due to the nature of the work required under these long-term contracts, the estimation of total revenue and costs incurred throughout a project is subject to many variables and requires significant judgment. It is common for these contracts to contain potential bonuses or penalties which are generally awarded or charged upon certain project milestones or cost or timing targets, and can be based on customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on our assessments of anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Long-term contracts are often modified to account for changes in contract specifications and requirements of work to be performed. We consider contract modifications to exist when the modification, generally through a change order, either creates new or changes existing enforceable rights and obligations, and we evaluate these types of modifications to determine whether they may be considered distinct performance obligations. In many cases, these contract modifications are for goods or services that are not distinct from the existing contract, due to the significant integration service provided in the context of the contract. Therefore, these modifications are accounted for as part of the existing contract. The effect of a contract modification on the transaction price and our measure of progress is recognized as an adjustment to revenue, generally on a cumulative catch-up basis. Typically, under these fixed-price contracts, we bill our customers following an agreed-upon schedule based on work performed. Because the progress billings do not generally correspond to our measurement of revenue on a contract, we generate contract assets when we have recognized revenue in excess of the amount billed to the customer. We generate contract liabilities when we have billed the customer in excess of revenue recognized on a contract. Finally, we h ave one business, making up approximately 22 percent of our to tal revenue in the current year, that recognizes revenue following an over-time output method based upon units produced. The customer is considered to have control over the products at the time of production, as the products are highly customized with no alternative use, and we have an enforceable right to payment for performance completed over the production p eriod. We believe this over-time output method of recognizing revenue reasonably depicts the fulfillment of our performance obligations under our contracts. Previo usly, this business recognized revenue at the time of shipment. Billings still occur upon shipment. Therefore, contract assets are generated for the unbilled amounts on contracts when production is complete. Variable consideration associated with these orders, generally related to early pay discounts, is not considered significant. As outlined within the new accounting guidance, we elected several practical expedients in our transition to ASC 606: • We have made an accounting policy election to account for shipping and handling activities that occur after control of the related goods transfers to the customer as fulfillment activities, instead of assessing such activities as performance obligations. • We have made an accounting policy election to exclude from the transaction price all sales taxes related to revenue-producing transactions that are collected from the customer for a government authority. • We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are included in selling, general and administrative expenses. • We have not adjusted contract price for a significant financing component, as we expect the period between when our goods and services are transferred to the customer and when the customer pays for those goods and services to be less than a year. Revenue excludes sales taxes as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Shipping and handling Amounts billed to a customer in a sales transaction related to shipping and handling are reported as revenue. Costs incurred by the Company for shipping and handling are reported as cost of sales. Research and development Research and development costs are expensed as incurred and were $19.5 million , $14.0 million and $8.6 million for fiscal 2019 , 2018 and 2017 , respectively. Of these amounts, $6.5 million , $1.5 million and $2.2 million , respectively, were focused primarily upon design of custom window and curtainwall systems in accordance with customer specifications and are included in cost of sales. The remainder of the expense is included within selling, general and administrative expenses. Advertising Advertising costs are expensed as incurred within selling, general and administrative expenses, and were $1.5 million in fiscal 2019 , $1.4 million in fiscal 2018 and $1.1 million in fiscal 2017 . Income taxes The Company recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. See Note 13 for additional information regarding income taxes. Subsequent events We have evaluated subsequent events for potential recognition and disclosure through the date of this filing. Subsequent to the end of the year, we purchased 437,671 shares of stock under our authorized share repurchase program, at a total cost of $16.2 million . Adoption of new accounting standards We adopted the new guidance in ASC 606, Revenue from Contracts with Customers , using the modified retrospective transition method applied to those contracts which were not complete as of March 4, 2018, the beginning of our fiscal year 2019. Prior period amounts were not adjusted and therefore continue to be reported in accordance with the accounting guidance and our accounting policies in effect for those periods. Representing the cumulative effect of adopting ASC 606, we recorded a $3.0 million increase to the opening balance of retained earnings as of March 4, 2018. For the three- and twelve-month periods ending March 2, 2019 , the application of the new accounting guidance had the following impact on our consolidated financial statements: Three Months Ended March 2, 2019 Twelve Months Ended March 2, 2019 In thousands As reported Without adoption of ASC 606 As reported Without adoption of ASC 606 Net sales $ 346,255 $ 339,673 $ 1,402,637 $ 1,382,274 Cost of sales 301,976 297,945 1,109,072 1,094,747 Gross profit 44,279 41,728 293,565 287,527 Selling, general and administrative expenses 59,057 58,726 226,281 225,286 Operating income (loss) $ (14,778 ) $ (16,998 ) $ 67,284 $ 62,241 Income tax expense (benefit) $ (5,062 ) $ (5,713 ) $ 12,968 $ 11,850 Net earnings (loss) (12,083 ) (13,653 ) 45,694 41,769 March 2, 2019 As reported Without adoption of ASC 606 Inventories $ 78,344 $ 89,676 Costs and earnings on contracts in excess of billings 55,095 19,515 Billings on contracts in excess of costs and earnings 21,478 21,022 Other current liabilities 83,159 81,467 Retained earnings 367,597 363,672 These changes are primarily a result of the transition of certain of our businesses from recognizing revenue at the time of shipment to over-time methods of revenue recognition. In the first quarter of fiscal 2019, we also adopted ASU 2016-15, Statement of Cash Flows , and ASU 2016-18, Restricted Cash. Both standards provide guidance for presentation of certain topics within the statement of cash flows, including presenting restricted cash within cash and cash equivalents, and they have been applied retrospectively for comparability across all periods. The adoption of these standards did not have a significant impact on our consolidated statements of cash flows. In the first quarter of fiscal 2019, we elected to early adopt ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This standard permits a company to reclassify the disproportionate income tax effects of the 2017 Tax Cuts and Jobs Act on items within accumulated other comprehensive income ("AOCI") to retained earnings. The FASB refers to these amounts as “stranded tax effects.” As a result of this adoption, we reclassified income tax effects of $0.7 million resulting from tax reform from AOCI to retained earnings following a portfolio approach. These stranded tax effects are derived from the deferred tax balances on our pension obligations as a result of the lower U.S. federal corporate tax rate. In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . Among other areas, the new guidance changes the current accounting related to the classification and measurement of certain equity investments and changes certain disclosures associated with the fair value of financial instruments. Most notably, ASU 2016-01 requires that equity investments be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. For equity investments considered to be without a readily determinable fair value (and which do not qualify for the net asset value practical expedient), entities will be permitted to elect a measurement alternative and measure the investment at cost less impairment plus or minus observable price changes (in orderly transactions). We adopted ASU 2016-01 in our fiscal year 2019, which did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as we have historically held limited amounts of equity investments, and we have not elected the fair value option with respect to material financial liabilities. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU changes how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under the new standard, only the service cost component of net periodic benefit cost would be included in operating expenses while all other net periodic benefit costs components would be reported outside of operating income. We adopted this standard in fiscal 2019 and as a result, costs of $0.5 million were included within other expense in our consolidated results of operations. The components of our net periodic defined benefit pension costs are presented in Note 9. Accounting standards not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases , which provides for comprehensive changes to lease accounting. The standard requires that a lessee recognize a lease obligation liability and a right-to-use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. We adopted this standard in the first quarter of fiscal 2020, following the modified retrospective application approach. We are substantially complete with our implementation efforts, which have included identification and analysis of our lease portfolio, analysis and evaluation of the new reporting and disclosure requirements of the new guidance, and an evaluation of our lease-related processes and internal controls. The adoption of this standard will result in reflecting a right-of-use asset and lease liability on our consolidated balance sheet in the first quarter of fiscal 2020 of approximately $50 million . In adopting the new standard, we elected the package of practical expedients, as well as the practical expedient not to separate nonlease components from lease components. We do not expect this standard to have a significant impact on our consolidated results of operations, consolidated statements of cash flows, our liquidity, or on our debt covenant compliance under our current agreements. We have identified new and updated existing internal controls and process to support measurement, recognition and disclosure under this new standard, but such changes were not deemed to be material to our overall system of internal controls. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This ASU is effective for our fiscal year 2021. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are currently assessing this ASU’s impact on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 02, 2019 | |
Business Combinations [Abstract] | |
Acquisition | Acquisitions EFCO On June 12, 2017, we acquired 100 percent of the stock of EFCO Corporation, a privately-held U.S. manufacturer of architectural aluminum window, curtainwall, storefront and entrance systems for commercial construction projects, for approximately $190 million . Purchase accounting related to this acquisition was completed during the first quarter of fiscal 2019, with final purchase price allocation as follows: (In thousands) Net working capital $ 1,422 Property, plant and equipment 44,641 Goodwill 90,429 Other intangible assets 71,500 Less: Long-term liabilities acquired, net 17,643 Net assets acquired $ 190,349 Other intangible assets reflect the following: (In thousands) Estimated fair value Estimated useful life (in years) Customer relationships $ 34,800 16 Tradename 32,400 Indefinite Backlog 4,300 1.5 $ 71,500 Sotawall On December 14, 2016, we acquired substantially all the assets of Sotawall, Inc. ("Sotawall"), for approximately $138 million . Purchase accounting related to this acquisition was completed during the first quarter of fiscal 2018, with final purchase price allocation as follows: (In thousands) Net working capital $ 10,682 Property, plant and equipment 7,993 Goodwill 21,380 Other intangible assets 94,630 Net assets acquired $ 134,685 The following table provides certain unaudited pro forma consolidated information for the combined company for the fourth quarters and fiscal years 2018 and 2017, as if the EFCO and Sotawall acquisitions were consummated pursuant to each of their respective same terms at the beginning of the fiscal year preceding their respective acquisition dates. Three Months Ended Twelve Months Ended (In thousands, except per share data) March 3, 2018 March 4, 2017 March 3, 2018 March 4, 2017 Net sales $ 353,453 $ 390,669 $ 1,398,733 $ 1,474,021 Net earnings 23,157 26,624 81,653 98,795 Earnings per share Basic 0.82 0.93 2.86 3.44 Diluted 0.81 0.92 2.83 3.43 Unaudited pro forma information has been provided for comparative purposes only and the information does not necessarily reflect what the combined results of operations actually would have been had the acquisitions occurred at the beginning of fiscal year 2017. The information does not reflect the effect of any synergies or integration costs that we expect to result from the acquisitions. |
Revenue, Receivables and Contra
Revenue, Receivables and Contract Assets and Liabilities | 12 Months Ended |
Mar. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Receivables and Contract Assets and Liabilities | Revenue, Receivables and Contract Assets and Liabilities Revenue The following table disaggregates total revenue by timing of recognition (see Note 15 for disclosure of revenue by segment): Three Months Ended Twelve Months Ended (In thousands) March 2, 2019 March 2, 2019 Recognized at shipment $ 141,793 $ 623,357 Recognized over time 204,462 779,280 Total $ 346,255 $ 1,402,637 Receivables Trade and construction accounts receivable consist of amounts billed and due from customers. The amounts due are stated at their estimated net realizable value. We maintain an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. This allowance is based on an assessment of customer creditworthiness, historical payment experience and the age of outstanding receivables. Retainage on construction contracts represents amounts withheld by our customers on long-term projects until the project reaches a level of completion at which amounts are released. (In thousands) 2019 2018 Trade accounts $ 145,693 $ 157,562 Construction contracts 19,050 26,545 Contract retainage 32,396 26,388 Other receivables — 2,887 Total receivables 197,139 213,382 Less: allowance for doubtful accounts (4,372 ) (1,530 ) Net receivables $ 192,767 $ 211,852 Contract assets and liabilities Contract assets consist of retainage, costs and earnings in excess of billings and other unbilled amounts typically generated when revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of billings in excess of costs and earnings and other deferred revenue on contracts. Retainage is classified within receivables and deferred revenue is classified within other current liabilities on our consolidated balance sheets. The time period between when performance obligations are complete and when payment is due is not significant. In certain of our businesses that recognize revenue over time, progress billings follow an agreed-upon schedule of values, and retainage is withheld by the customer until the project reaches a level of completion where amounts are released. (In thousands) March 2, 2019 March 3, 2018 Contract assets $ 87,491 $ 30,508 Contract liabilities 24,083 20,120 The increase in contract assets was primarily due to additional businesses recognizing revenue in advance of billings, as a result of changing accounting policies for revenue recognition upon adoption of ASC 606 and the timing of costs incurred in advance of billing on a large project. The increase in contract liabilities was due to timing of project activity within our businesses that operate under long-term contracts. During fiscal 2019, we recognized revenue of $10.4 million related to contract liabilities at March 4, 2018, and revenue of $5.9 million related to performance obligations satisfied in previous periods due to changes in contract estimates. For the fourth quarter of fiscal 2019, we did not recognize any revenue related to contract liabilities at March 4, 2018, and recognized revenue of $2.1 million related to performance obligations satisfied in previous periods due to changes in contract estimates. Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that timeframe. Generally these contracts are in our businesses with long-term contracts which recognize revenue over time. As of March 2, 2019 , the transaction price associated with unsatisfied performance obligations was approximately $734.1 million . The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: (In thousands) March 2, 2019 Within one year $ 376,027 Within two years 264,390 Beyond 93,660 Total $ 734,077 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Mar. 02, 2019 | |
Working Capital [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Inventories (In thousands) 2019 2018 Raw materials $ 43,890 $ 35,049 Work-in-process 15,533 17,406 Finished goods 18,921 28,453 Total inventories $ 78,344 $ 80,908 Other current liabilities (In thousands) 2019 2018 Warranties $ 12,475 $ 18,110 Accrued project losses 37,085 26,422 Taxes 8,026 5,342 Other 25,573 29,822 Total other current liabilities $ 83,159 $ 79,696 Other non-current liabilities (In thousands) 2019 2018 Deferred benefit from New Markets Tax Credit transactions $ 26,458 $ 16,708 Retirement plan obligations 7,633 8,997 Deferred compensation plan 10,408 10,730 Other 32,683 34,211 Total other non-current liabilities $ 77,182 $ 70,646 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 02, 2019 | |
Marketable Securities [Abstract] | |
Financial Instruments | Marketable Securities 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 March 2, 2019 $ 12,481 $ 59 $ (108 ) $ 12,432 March 3, 2018 9,183 8 (138 ) 9,053 We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds these bonds. Prism insures a portion of our general liability, workers' compensation and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments, which are generally high-quality municipal and corporate bonds, for the purpose of providing collateral for Prism's obligations under the reinsurance agreements. The amortized cost and estimated fair values of our municipal and corporate bonds at March 2, 2019 , 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. Gross realized gains and losses were insignificant for all periods presented. (In thousands) Amortized Cost Estimated Market Value Due within one year $ 405 $ 402 Due after one year through five years 9,479 9,439 Due after five years through 10 years 1,834 1,834 Due after 10 years through 15 years — — Due beyond 15 years 763 757 Total $ 12,481 $ 12,432 Fair value measurements Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). We do not have any Level 3 assets or liabilities. Financial assets and liabilities measured at fair value on a recurring basis were: (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value March 2, 2019 Cash equivalents Money market funds $ 2,015 $ — $ 2,015 Commercial paper — 300 300 Total cash equivalents 2,015 300 2,315 Short-term securities Municipal and corporate bonds — 402 402 Long-term securities Municipal and corporate bonds — 12,030 12,030 Total assets at fair value $ 2,015 $ 12,732 $ 14,747 March 3, 2018 Cash equivalents Money market funds $ 2,901 $ — $ 2,901 Commercial paper — 400 400 Total cash equivalents 2,901 400 3,301 Short-term securities Municipal and corporate bonds — 423 423 Long-term securities Municipal and corporate bonds — 8,630 8,630 Total assets at fair value $ 2,901 $ 9,453 $ 12,354 Cash equivalents Fair value of money market funds was determined based on quoted prices for identical assets in active markets. Commercial paper was measured at fair value using inputs based on quoted prices for similar securities in active markets. Short- and long-term securities Municipal bonds were measured at fair value based on market prices from recent trades of similar securities and are classified as short-term or long-term based on maturity date. Mutual funds were measured at fair value based on quoted prices for identical assets in active markets. Foreign currency instruments We periodically enter into forward purchase foreign currency contracts, generally with an original maturity date of less than one year, to hedge foreign currency exchange rate risk. At March 2, 2019 , we held foreign exchange forward contracts with a U.S. dollar notional value of $17.5 million , with the objective of reducing the exposure to fluctuations in the Canadian dollar and the Euro. The fair value of these contracts at year-end was a net liability of $0.5 million . These forward contracts are measured at fair value using unobservable market inputs, such as quotations on forward foreign exchange points and foreign currency exchange rates, and would be classified as Level 2 within the fair value hierarchy above. Nonrecurring fair value measurements Certain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances. These include certain long-lived assets that are written down to estimated fair value when they are determined to be impaired, utilizing a valuation approach incorporating Level 3 inputs. See Note 7 for information regarding this impairment. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (In thousands) 2019 2018 Land $ 7,101 $ 7,251 Buildings and improvements 196,057 172,468 Machinery and equipment 375,700 380,952 Office equipment and furniture 56,366 56,752 Construction in progress 40,846 44,095 Total property, plant and equipment 676,070 661,518 Less accumulated depreciation (360,247 ) (357,455 ) Net property, plant and equipment $ 315,823 $ 304,063 Depreciation expense was $37.1 million in each of fiscal 2019 and 2018 and $31.6 million in 2017 . The land and building associated with the closure of our St. George, UT Architectural Glass segment manufacturing facility was carried at estimated fair value and classified as available-for-sale at the end of fiscal 2018. This property was sold in fiscal 2019 for $11.4 million . |
Goodwill and Other Identifiable
Goodwill and Other Identifiable Intangible Assets | 12 Months Ended |
Mar. 02, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill attributable to each reporting segment was: (In thousands) Architectural Framing Systems Architectural Glass Architectural Services Large-Scale Optical Total Balance at March 4, 2017 $ 63,701 $ 25,956 $ 1,120 $ 10,557 $ 101,334 Goodwill acquired 84,162 — — — 84,162 Goodwill adjustments for purchase accounting (5,859 ) — — — (5,859 ) Foreign currency translation 1,304 15 — — 1,319 Balance at March 3, 2018 143,308 25,971 1,120 10,557 180,956 Goodwill adjustments for purchase accounting 6,267 — — — 6,267 Foreign currency translation (1,129 ) (262 ) — — (1,391 ) Balance at March 2, 2019 $ 148,446 $ 25,709 $ 1,120 $ 10,557 $ 185,832 No goodwill impairment has been recorded in any period presented. The gross carrying amount of other intangible assets and related accumulated amortization was: (In thousands) Gross Carrying Amount Accumulated Amortization Impairment Foreign Currency Translation Net March 2, 2019 Definite-lived intangible assets: Customer relationships $ 122,816 $ (26,637 ) $ — $ (2,578 ) $ 93,601 Other intangibles 41,697 (31,634 ) — (850 ) 9,213 Total definite-lived intangible assets 164,513 (58,271 ) — (3,428 ) 102,814 Indefinite-lived intangible assets: Trademarks 49,078 — (3,141 ) (516 ) 45,421 Total intangible assets $ 213,591 $ (58,271 ) $ (3,141 ) $ (3,944 ) $ 148,235 March 3, 2018 Definite-lived intangible assets: Customer relationships $ 122,816 $ (20,277 ) $ — $ (56 ) $ 102,483 Other intangibles 41,697 (25,879 ) — (30 ) 15,788 Total definite-lived intangible assets 164,513 (46,156 ) — (86 ) 118,271 Indefinite-lived intangible assets: Trademarks 48,461 — — 617 49,078 Total intangible assets $ 212,974 $ (46,156 ) $ — $ 531 $ 167,349 In fiscal 2019, we tested indefinite-lived intangible assets for impairment and determined that the fair value of one of our tradenames, with a carrying value of $32.4 million , was below its carrying amount by $3.1 million and therefore we recorded this impairment charge within selling, general and administrative expenses. We continue to conclude that the useful life of our indefinite-lived intangible assets is appropriate. Amortization expense on definite-lived intangible assets was $12.7 million , $17.8 million and $4.0 million in fiscal 2019 , 2018 and 2017 , respectively. Amortization expense is included within selling, general and administrative expenses for all intangible assets other than that of debt issuance costs, which is included in interest expense. Estimated future amortization expense for definite-lived intangible assets is: (In thousands) 2020 2021 2022 2023 2024 Estimated amortization expense $ 8,059 $ 8,053 $ 7,896 $ 7,508 $ 7,476 |
Debt
Debt | 12 Months Ended |
Mar. 02, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt We maintain a committed revolving credit facility with maximum borrowings of up to $335.0 million , maturing in November 2021 . Outstanding borrowings under our committed revolving credit facility were $225.0 million, as of March 2, 2019 and $195.0 million outstanding as of March 3, 2018 . Under this facility, we are subject to two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of interest expense-to-EBITDA. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. If the Company is not in compliance with either of these covenants, our credit facility may be terminated and/or any amounts then outstanding may be declared immediately due and payable. At March 2, 2019 , we were in compliance with both financial covenants. We have the ability to issue letters of credit of up to $70.0 million under this credit facility, the outstanding amounts of which decrease the available commitment. At March 2, 2019 , $84.9 million was available under this credit facility. Debt at March 2, 2019 also included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043 and $0.4 million of long-term debt in Canada that matures in August 2022. The fair value of the industrial revenue bonds approximated carrying value at March 2, 2019 , due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 5. We also maintain two Canadian demand revolving credit facilities totaling $12.0 million Canadian dollars. No borrowings were outstanding under the facilities as of March 2, 2019 or March 3, 2018 . Borrowings under the facilities are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreements for the demand facilities. Debt maturities and other selected information follows: (In thousands) 2020 2021 2022 2023 2024 Thereafter Total Maturities $121 $5,521 $227,121 $1,082 $— $12,000 $ 245,845 (In thousands, except percentages) 2019 2018 Average daily borrowings during the year $ 207,358 $ 195,400 Maximum borrowings outstanding during the year 249,000 276,100 Weighted average interest rate during the year 3.61 % 2.61 % (In thousands) 2019 2018 2017 Interest on debt $ 8,114 $ 5,208 $ 971 Other interest expense 335 300 — Interest expense $ 8,449 $ 5,508 $ 971 Interest payments were $8.1 million in fiscal 2019 , $5.3 million in fiscal 2018 and $0.8 million in fiscal 2017 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 02, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) Retirement Plan The Company sponsors a single 401(k) retirement plan covering substantially all full-time, non-union employees, as well as union employees at two of its manufacturing facilities. Under the plan, employees are allowed to contribute up to 60 percent of eligible earnings to the plan, up to statutory limits. The Company contributes a match of 100 percent of the first one percent contributed and 50 percent of the next five percent contributed on eligible compensation that non-union employees contribute and according to contract terms for union employees. The Company match was $8.0 million in fiscal 2019 , $7.5 million in fiscal 2018 and $6.2 million in fiscal 2017 . Deferred Compensation Plan The Company maintains a plan that allows participants to defer compensation. The deferred compensation liability was $12.1 million and $10.7 million at March 2, 2019 and March 3, 2018 , respectively. The Company has investments in corporate-owned life insurance policies (COLI) of $13.2 million and money market funds (classified as cash equivalents) of $0.6 million with the intention of utilizing them as long-term funding sources for this plan. The COLI assets are recorded at their net cash surrender values and are included in other non-current assets in the consolidated balance sheet. Plans under Collective Bargaining Agreements We contribute to various multi-employer union retirement plans, which provide retirement benefits to the majority of our union employees; none of the plans are considered significant. The total contribution to these plans in fiscal 2019 , 2018 and 2017 was $4.9 million , $2.9 million and $3.9 million , respectively. Pension Plan The Company sponsors the Tubelite Inc. Hourly Employees' Pension Plan, a defined-benefit pension plan that was frozen to new entrants in fiscal 2004, with no additional benefits accruing to plan participants after such time. Officers' Supplemental Executive Retirement Plan (SERP) The Company sponsors an unfunded SERP, a defined-benefit pension plan that was frozen to new entrants in fiscal 2009, with no additional benefits accruing to plan participants after such time. Obligations and Funded Status of Defined-Benefit Pension Plans The following tables present reconciliations of the benefit obligation of the defined-benefit pension plans and the funded status of the defined-benefit pension plans. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end. (In thousands) 2019 2018 Change in projected benefit obligation Benefit obligation beginning of period $ 13,834 $ 14,492 Interest cost 506 531 Actuarial (gain) (19 ) (175 ) Benefits paid (1,011 ) (1,014 ) Benefit obligation at measurement date 13,310 13,834 Change in plan assets Fair value of plan assets beginning of period $ 4,169 $ 4,185 Actual return on plan assets 97 10 Company contributions 2,075 988 Benefits paid (1,011 ) (1,014 ) Fair value of plan assets at measurement date 5,330 4,169 Underfunded status $ (7,980 ) $ (9,665 ) The funded status was recognized in the consolidated balance sheets as follows, as one of our plans was in an overfunded position: (In thousands) 2019 2018 Other non-current assets $ 337 $ — Current liabilities (684 ) (668 ) Other non-current liabilities (7,633 ) (8,997 ) Total $ (7,980 ) $ (9,665 ) The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost: (In thousands) 2019 2018 Net actuarial loss $ 5,025 $ 5,325 The amount recognized in comprehensive earnings, net of tax expense, was: (In thousands) 2019 2018 Net actuarial gain $ 229 $ 284 Components of the defined-benefit pension plans' net periodic benefit cost: (In thousands) 2019 2018 2017 Interest cost $ 506 $ 531 $ 555 Expected return on assets (40 ) (41 ) (41 ) Amortization of unrecognized net loss 226 228 225 Net periodic benefit cost $ 692 $ 718 $ 739 Total net periodic pension benefit cost is expected to be approximately $0.5 million in fiscal 2020 . The estimated net actuarial loss for the defined-benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost for fiscal 2020 is $0.1 million , net of tax benefit. Additional Information Assumptions Benefit Obligation Weighted-Average Assumptions 2019 2018 2017 Discount rate 3.80 % 3.80 % 3.80 % Net Periodic Benefit Expense Weighted-Average Assumptions 2019 2018 2017 Discount rate 3.85 % 3.80 % 3.85 % Expected long-term rate of return on assets 4.50 % 2.00 % 2.00 % Discount rate. The discount rate reflects the current rate at which the defined-benefit plans' pension liabilities could be effectively settled at the end of the year based on the measurement date. The discount rate was determined by matching the expected benefit payments to payments from the Principal Discount Yield Curve. There are no known or anticipated changes in the discount rate assumption that will have a significant impact on pension expense in fiscal 2020 . Expected return on assets. To develop the expected long-term rate of return on assets, we considered historical long-term rates of return achieved by the plan investments, the plan's investment strategy, and current and projected market conditions. During fiscal 2019, the assets of the Tubelite plan were moved from investment in a short-term bond fund to various duration fixed income funds. The investments are carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the valuation hierarchy. We do not maintain assets intended for the future use of the SERP. Contributions Company contributions to the plans for fiscal 2019 were $2.1 million and for fiscal 2018 were $1.0 million , which equaled or exceeded the minimum funding requirements. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, are expected to be paid by the plans: (In thousands) 2020 2021 2022 2023 2024 2025-2029 Estimated future benefit payments $ 1,054 $ 1,035 $ 1,008 $ 977 $ 946 $ 4,405 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Mar. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Operating lease commitments As of March 2, 2019 , the Company was obligated under non-cancelable operating leases for buildings and equipment. Certain leases provide for increased rental payments based upon increases in real estate taxes or operating costs. Future minimum rental payments under non-cancelable operating leases are: (In thousands) 2020 2021 2022 2023 2024 Thereafter Total Total minimum payments $ 14,888 $ 11,787 $ 9,669 $ 8,772 $ 6,735 $ 16,806 $ 68,657 Total rental expense, including operating leases and short-term equipment rentals, was $25.1 million , $21.8 million and $16.9 million in fiscal 2019 , 2018 and 2017 , respectively. We lease the property that holds Sotawall's principal facilities from a company owned by an officer of Sotawall. Total rent paid for this facility was approximately $3.2 million in fiscal 2019 , and the future minimum lease commitment is $12.7 million . At March 2, 2019 , we had one sale-leaseback agreement for equipment that provides an option to purchase the equipment at projected future fair market value upon expiration of the lease in 2021 . The lease is classified as an operating lease in accordance with applicable financial accounting standards. The Company has a deferred gain of $0.8 million under the sale and leaseback transaction, which is included in the balance sheet as other current and non-current liabilities. The average annual lease payment over the remaining life of the lease is $1.0 million . Bond commitments In the ordinary course of business, predominantly in the 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 March 2, 2019 , $313.2 million of our backlog was bonded by these types of bonds with a face value of $570.6 million . These bonds do not have stated expiration dates, as we are released from the bonds upon completion of the contract. We have not been required to make any payments under these 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 costs based on historical product liability claims as a ratio of sales. Claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, changes in product mix and any significant changes in sales volume. A warranty rollforward follows: (In thousands) 2019 2018 Balance at beginning of period $ 22,517 $ 21,933 Additional accruals 5,552 4,643 Acquired reserves — 5,663 Claims paid (11,332 ) (9,722 ) Balance at end of period $ 16,737 $ 22,517 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, including those taken on with our acquisition of EFCO. We actively manage the risk of these exposures through contract negotiations, proactive project management and insurance coverages. The liability for these types of project-related contingencies was $42.1 million and $26.4 million as of March 2, 2019 and March 3, 2018 , respectively. Letters of credit At March 2, 2019 , we had $25.1 million of ongoing letters of credit, all of which have been issued under our revolving credit facility, as discussed in Note 8. Purchase obligations Purchase obligations for raw material commitments and capital expenditures totaled $132.2 million as of March 2, 2019 . Environmental liability In fiscal 2008, we acquired one manufacturing facility which has certain historical environmental conditions. Remediation of these conditions is ongoing without significant disruption to our operations. The liability for these remediation activities was $1.2 million and $1.3 million at March 2, 2019 and March 3, 2018 , respectively. New Markets Tax Credit (NMTC) transactions We have entered into four separate NMTC programs to support our operational expansion, including two transactions completed in the current fiscal year. Proceeds received from investors on these transactions are included within other non-current liabilities on our consolidated balance sheets. The NMTC arrangements are subject to 100 percent tax credit recapture for a period of seven years from the date of each respective transaction. Therefore, upon the termination of each arrangement, these proceeds will be recognized in earnings in exchange for the transfer of tax credits. The direct and incremental costs incurred in structuring these arrangements have been deferred and are included in other non-current assets on our consolidated balance sheets. These costs will be recognized in conjunction with the recognition of the related proceeds on each arrangement. During the construction phase, we are required to hold cash dedicated to fund each capital project which is classified as restricted cash on our consolidated balance sheets. Variable-interest entities, which have been included within our consolidated financial statements, have been created as a result of the structure of these transactions, as investors in the programs do not have a material interest in their underlying economics. The table below provides a summary of our outstanding NMTC transactions (in millions): Inception date Termination date Proceeds received Deferred costs Net benefit November 2013 October 2020 $ 10.7 $ 3.0 $ 7.7 June 2016 May 2023 6.0 0.9 5.1 August 2018 July 2025 6.6 0.9 5.7 September 2018 August 2025 3.2 0.8 2.4 Total $ 26.5 $ 5.6 $ 20.9 Litigation In November 2018, a purported class action lawsuit was filed claiming the Company and certain named executive officers made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business and operations during the period June 28, 2018 to September 17, 2018. In December 2018, a derivative lawsuit was filed, based on substantially similar allegations, against certain of our executive officers and directors claiming breach of fiduciary duty, waste of corporate assets and unjust enrichment. We intend to vigorously defend against both of these matters. Due to the preliminary nature of these matters, we are unable to estimate any potential loss at this time. In addition to the foregoing, the Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company’s construction supply and services businesses are routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. The Company is subject to litigation arising out of general liability, employment practices, workers' compensation and automobile claims. Although it is very difficult to accurately predict the outcome of such proceedings, facts currently available indicate that no such claims will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Mar. 02, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity A class of 200,000 shares of junior preferred stock with a par value of $1.00 is authorized, but unissued. Share Repurchases During fiscal 2004, the Board of Directors authorized a share repurchase program, with subsequent increases in authorization, including an increase in authorization by 2,000,000 shares in fiscal 2019 . We repurchased 1,257,983 shares under the program during fiscal 2019 , for a total cost of $43.3 million . We repurchased 702,299 shares under the program, for a total cost of $33.7 million , in fiscal 2018 , and 250,001 shares under the program, for a total cost of $10.8 million , in fiscal 2017 . The Company has repurchased a total of 5,267,915 shares, at a total cost of $149.3 million , since the inception of this program. We have remaining authority to repurchase 1,982,085 shares under this program, which has no expiration date. In addition to the shares repurchased under this repurchase plan, during fiscal 2019 , 2018 and 2017 , the Company also withheld $2.0 million , $3.0 million and $2.6 million , respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or tax obligations related to stock-based compensation, pursuant to terms of board and shareholder-approved compensation plans. Accumulated Other Comprehensive Loss The following summarizes the accumulated other comprehensive loss, net of tax, at March 2, 2019 and March 3, 2018 : (In thousands) 2019 2018 Net unrealized loss on marketable securities $ (35 ) $ (99 ) Foreign currency hedge (409 ) 156 Pension liability adjustments (3,852 ) (3,344 ) Foreign currency translation adjustments (27,831 ) (20,766 ) Total accumulated other comprehensive loss $ (32,127 ) $ (24,053 ) |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Share-Based Compensation We have a 2009 Stock Incentive Plan and a 2009 Non-Employee Director Stock Incentive Plan (the Plans) that provide for the issuance of 1,888,000 and 350,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans may be in the form of incentive stock options (to employees only), nonstatutory options or stock-settled stock appreciation rights (SARs), all of which are granted with an exercise price equal to the fair market value of the Company’s stock at the date of award. We are also authorized to issue nonvested share awards and nonvested share unit awards under the Plans. Issued SARs vest over a three -year period and options issued to non-employee directors vest at the end of six months, both with a 10 -year term. Nonvested share awards and nonvested share unit awards generally vest over a two , three or four -year period. Total stock-based compensation expense under all Plans included in the results of operations was $6.3 million for fiscal 2019 , $6.2 million for fiscal 2018 and $6.0 million for 2017 . We elect to account for any forfeitures as they occur. Stock Options and SARs There were no stock options or SARs issued in any fiscal year presented. Activity for the current year is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value at Year-End Outstanding at March 3, 2018 129,901 $ 11.10 Awards exercised (29,560 ) 20.43 Outstanding and exercisable at March 2, 2019 100,341 $ 8.34 2.5 Years $ 2,778,442 Cash proceeds from the exercise of stock options were $0.2 million , $0.8 million and $1.9 million for fiscal 2019 , 2018 and 2017 , respectively. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $0.6 million , $4.8 million and $6.0 million in fiscal 2019 , 2018 and 2017 , respectively. Nonvested Share Awards and Units The following table summarizes nonvested share activity for fiscal 2019 : Number of Shares and Units Weighted Average Grant Date Fair Value March 3, 2018 266,180 $ 49.22 Granted 163,987 43.00 Vested (124,112 ) 46.09 Canceled (19,442 ) 48.93 March 2, 2019 286,613 $ 47.00 At March 2, 2019 , there was $6.7 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 19 months. The total fair value of shares vested during fiscal 2019 was $5.1 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings before income taxes consisted of the following: (In thousands) 2019 2018 2017 United States $ 60,042 $ 111,980 $ 123,229 International (1,380 ) (2,100 ) (424 ) Earnings before income taxes $ 58,662 $ 109,880 $ 122,805 The components of income tax expense (benefit) for each of the last three fiscal years was: (In thousands) 2019 2018 2017 Current Federal $ 22,746 $ 22,074 $ 35,610 State and local (4,437 ) 3,106 2,929 International (459 ) 1,578 (147 ) Total current 17,850 26,758 38,392 Deferred Federal (12,409 ) 4,049 (945 ) State and local 6,275 351 (78 ) International 628 (1,205 ) (42 ) Total deferred (5,506 ) 3,195 (1,065 ) Total non-current tax expense (benefit) 624 439 (312 ) Total income tax expense $ 12,968 $ 30,392 $ 37,015 Income tax payments, net of refunds, were $16.5 million , $25.7 million and $47.8 million in fiscal 2019 , 2018 and 2017 , respectively. The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates: 2019 2018 2017 Statutory federal income tax rate 21.0 % 32.7 % 35.0 % Tax rate change revaluation — (3.7 ) — Manufacturing deduction — (2.2 ) (3.3 ) State and local income taxes, net of federal tax benefit 2.7 1.8 1.6 Foreign tax rate differential 0.8 (0.7 ) (1.6 ) Tax credits - research & development (2.7 ) (0.9 ) (0.7 ) Other, net 0.3 0.7 (0.9 ) Consolidated effective income tax rate 22.1 % 27.7 % 30.1 % The estimated effective tax rate for fiscal 2019 declined 5.6 percentage points from fiscal 2018 primarily due to the reduced Federal rate under the U.S. Tax Cuts and Jobs Act ("the Act"), which was enacted in December 2017. Another factor was the impact of the favorable permanent items in relation to lower earnings before income taxes in fiscal 2019. The estimated effective tax rate for fiscal 2018 declined 2.4 percentage points from fiscal 2017 primarily due to the federal tax rate reduction under the Act, as well as the revalution of deferred taxes required by the tax rate reduction. Also in fiscal 2017, we recorded a net tax benefit of $1.9 million on a distribution from our Brazilian operation. In fiscal 2019, we completed our analysis of the Act and made an accounting policy election to recognize the tax expense on future U.S. inclusions of foreign sourced earnings under the Global Intangible Low-Taxed Income (“GILTI”) provision, if any, as a current period expense when incurred. Upon finalizing our analysis, no significant adjustments were recorded. Deferred tax assets and deferred tax liabilities at March 2, 2019 and March 3, 2018 were: (In thousands) 2019 2018 Other accruals $ 13,530 $ 3,428 Deferred compensation 9,007 8,926 Goodwill and other intangibles (5,151 ) (4,655 ) Depreciation (24,289 ) (19,523 ) Liability for unrecognized tax benefits 2,547 2,850 Net operating losses and tax credits 9,913 6,272 Valuation allowance on net operating losses (8,546 ) (4,296 ) Unearned income 4,557 2,628 Other 1,550 1,067 Deferred tax assets (liabilities) $ 3,118 $ (3,303 ) The Company has U.S. federal tax credits as well as state net operating loss carryforwards with a tax effect of $9.9 million . A valuation allowance of $8.5 million has been established for these net operating loss carryforwards due to the uncertainty of the use of the tax benefits in future periods. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, Canada, Brazil and other international jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years prior to fiscal 2016, 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 2015, and there is very limited audit activity of the Company’s income tax returns in U.S. state jurisdictions or international jurisdictions. The Company considers the earnings of its non-U.S. subsidiaries to be indefinitely invested outside of the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and specific plans for reinvestment of those subsidiary earnings. Should the Company decide to repatriate the foreign earnings, it would need to adjust the income tax provision in the period it was determined that the earnings will no longer be indefinitely invested outside the U.S. If we were to prevail on all unrecognized tax benefits recorded, $3.1 million , $2.4 million and $2.1 million for fiscal 2019 , 2018 and 2017 , respectively, would benefit the effective tax rate. Also included in the balance of unrecognized tax benefits for fiscal 2019 , 2018 and 2017 , are $2.0 million , $2.3 million and $2.0 million , respectively, of tax benefits that, if recognized, would result in adjustments to deferred taxes. Penalties and interest related to unrecognized tax benefits are recorded in income tax expense. For fiscal 2019 , we accrued penalties and interest related to unrecognized tax benefits of $0.3 million . For fiscal 2018 and 2017 , the accrual was $0.4 million and $0.4 million , respectively. The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits: (In thousands) 2019 2018 2017 Gross unrecognized tax benefits at beginning of year $ 4,705 $ 4,075 $ 4,512 Gross increases in tax positions for prior years 500 614 54 Gross decreases in tax positions for prior years (377 ) (122 ) (233 ) Gross increases based on tax positions related to the current year 1,067 639 508 Settlements (303 ) — (23 ) Statute of limitations expiration (481 ) (519 ) (743 ) Revaluation impact — 18 — Gross unrecognized tax benefits at end of year $ 5,111 $ 4,705 $ 4,075 The total liability for unrecognized tax benefits is expected to decrease by approximately $0.5 million during fiscal 2020 due to lapsing of statutes. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Mar. 02, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding, including the dilutive effects of stock options, SARs and nonvested shares. The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share: (In thousands) 2019 2018 2017 Basic earnings per share - weighted average common shares outstanding 27,802 28,534 28,781 Weighted average effect of nonvested share grants and assumed exercise of stock options 280 270 112 Diluted earnings per share - weighted average common shares and potential common shares outstanding 28,082 28,804 28,893 Stock awards excluded from the calculation of earnings per share because the award price was greater than the average market price of the common shares 134 141 — |
Business Segment Data
Business Segment Data | 12 Months Ended |
Mar. 02, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Data | Business Segment Data We have four reporting segments: • The Architectural Framing Systems segment designs, engineers, fabricates and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront and entrance systems comprising the outside skin and entrances of commercial, institutional and high-end multi-family residential buildings. We have aggregated six operating segments into this reporting segment based on their similar products, customers, distribution methods, production processes and economic characteristics. • The Architectural Glass segment fabricates coated, high-performance glass used globally in customized window and wall systems comprising the outside skin of commercial, institutional and high-end multi-family residential buildings. • The Architectural Services segment provides full-service installation of the walls of glass, windows and other curtainwall products making up the outside skin of commercial and institutional buildings. • The Large-Scale Optical Technologies (LSO) segment manufactures value-added glass and acrylic products for framing and display applications. (In thousands) 2019 2018 2017 Net Sales Architectural Framing Systems $ 720,829 $ 677,198 $ 385,978 Architectural Glass 367,203 384,137 411,881 Architectural Services 286,314 213,757 270,937 Large-Scale Optical 88,493 88,303 89,710 Intersegment elimination (60,202 ) (37,222 ) (43,973 ) Total $ 1,402,637 $ 1,326,173 $ 1,114,533 Operating Income (Loss) Architectural Framing Systems $ 49,660 $ 59,031 $ 44,768 Architectural Glass 16,503 32,764 44,656 Architectural Services 30,509 10,420 18,494 Large-Scale Optical 23,003 22,000 22,467 Corporate and other (52,391 ) (9,931 ) (8,160 ) Total $ 67,284 $ 114,284 $ 122,225 Depreciation and Amortization Architectural Framing Systems $ 28,937 $ 31,764 $ 12,404 Architectural Glass 13,009 14,525 15,912 Architectural Services 1,234 1,325 1,364 Large-Scale Optical 3,692 4,556 4,785 Corporate and other 2,926 2,673 1,142 Total $ 49,798 $ 54,843 $ 35,607 Capital Expenditures Architectural Framing Systems $ 19,098 $ 15,273 $ 14,070 Architectural Glass 27,722 26,228 44,439 Architectural Services 1,433 2,510 1,981 Large-Scale Optical 6,989 3,307 1,510 Corporate and other 5,475 5,878 6,061 Total $ 60,717 $ 53,196 $ 68,061 Identifiable Assets Architectural Framing Systems $ 617,001 $ 618,455 $ 359,633 Architectural Glass 281,817 250,407 254,840 Architectural Services 59,227 53,424 70,875 Large-Scale Optical 61,031 58,523 58,198 Corporate and other 49,092 41,511 41,112 Total $ 1,068,168 $ 1,022,320 $ 784,658 Due to the varying combinations and integration of individual window, storefront and curtainwall systems, the Company has determined that it is impractical to report product revenues generated by class of product beyond the segment revenues currently reported. Segment operating income is equal to net sales less cost of sales and operating expenses. Operating income does not include interest expense or a provision for income taxes. Corporate and other includes miscellaneous corporate activity not allocable to our segments and, in fiscal 2019, also includes $40.9 million of project-related charges on acquired contracts. Identifiable assets for Corporate and other include all short- and long-term available-for-sale securities. The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region. (In thousands) 2019 2018 2017 Net Sales United States $ 1,259,319 $ 1,187,922 $ 1,031,214 Canada 128,735 122,981 65,958 Brazil 14,583 15,270 17,361 Total $ 1,402,637 $ 1,326,173 $ 1,114,533 Long-Lived Assets United States $ 297,072 $ 283,432 $ 227,145 Canada 12,563 13,384 13,303 Brazil 6,188 7,247 6,300 Total $ 315,823 $ 304,063 $ 246,748 Apogee's export net sales from U.S. operations of $56.3 million for fiscal 2019 were approximately 4 percent of consolidated net sales; export net sales of $49.1 million for fiscal 2018 were approximately 4 percent of consolidated net sales; and export sales of $76.2 million for fiscal 2017 were approximately 7 percent of consolidated net sales. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Mar. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) Quarter (In thousands, except per share data) First Second (1) Third Fourth Total 2019 Net sales $ 336,531 $ 362,133 $ 357,718 $ 346,255 $ 1,402,637 Gross profit 80,730 84,466 84,090 44,279 293,565 Net earnings (loss) 15,373 20,513 21,891 (12,083 ) (2) 45,694 Earnings (loss) per share - basic 0.55 0.73 0.79 (0.45 ) 1.64 Earnings (loss) per share - diluted 0.54 0.72 0.78 (0.45 ) 1.63 2018 Net sales $ 272,307 $ 343,907 $ 356,506 $ 353,453 $ 1,326,173 Gross profit 70,294 86,001 91,559 85,664 333,518 Net earnings 16,104 17,409 23,646 22,329 79,488 Earnings per share - basic 0.56 0.60 0.82 0.79 $ 2.79 Earnings per share - diluted 0.56 0.60 0.82 0.78 $ 2.76 Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding, and all other quarterly amounts may not equal the total year due to rounding. (1) We acquired EFCO in the second quarter of fiscal 2018; refer to Note 2 for additional information. (2) Fiscal 2019 fourth quarter net loss includes $42.6 million of project-related charges on contracts that were acquired with the purchase of EFCO. |
Schedule - Valuation and Qualif
Schedule - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 02, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Financial Statement Schedules - Valuation and Qualifying Accounts | Financial Statement Schedules - Valuation and Qualifying Accounts (In thousands) Balance at Beginning of Period Acquisitions Charged to Costs and Expenses Deductions from Reserves (1) Other Changes (2) Balance at End of Period Allowances for doubtful receivables For the year ended March 2, 2019 $ 1,530 $ — $ 3,090 $ 223 $ (25 ) $ 4,372 For the year ended March 3, 2018 1,495 252 1,345 1,559 (3 ) 1,530 For the year ended March 4, 2017 2,497 25 (416 ) 579 (32 ) 1,495 (1) Net of recoveries (2) Result of foreign currency effects All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Related Data (Policies) | 12 Months Ended |
Mar. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the balances of Apogee Enterprises, Inc. and its subsidiaries (Apogee, we, us, our or the Company) after elimination of intercompany balances and transactions. We consolidate variable interest entities related to our New Market Tax Credit transactions as it has been determined that the Company is the primary beneficiary of those entities' operations (refer to Note 10 for more information). |
Fiscal Year | Fiscal year Our fiscal year ends on the Saturday closest to the last day of February, or as determined by the Board of Directors. Fiscal 2019 and 2018 each consisted of 52 weeks, while fiscal 2017 consisted of 53 weeks. |
Accounting Estimates | Accounting estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Cash Equivalents | Cash equivalents Highly liquid investments with an original maturity of three months or less are included in cash equivalents and are stated at cost, which approximates fair value |
Inventories | Inventories Inventories, which consist primarily of purchased glass and aluminum, are valued at lower of cost or market using the first-in, first-out (FIFO) method. |
Property, Plant and Equipment | Property, plant and equipment Property, plant and equipment (PP&E) is recorded at cost. Significant improvements and renewals that extend the useful life of the asset are capitalized. Repairs and maintenance are charged to expense as incurred. When an asset is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in selling, general and administrative expenses. Long-lived assets to be held and used, such as PP&E, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 to 25 years for buildings and improvements; 3 to 15 years for machinery and equipment; and 3 to 7 years for office equipment and furniture. |
Goodwill and Other Intangible Assets | Goodwill and intangible assets Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. We evaluate goodwill for impairment annually at our year-end, or more frequently if impairment indicators exist. This year we elected to bypass the qualitative assessment process and to proceed directly to comparing the fair value of each of our reporting units to carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill impairment is not indicated. Each of our nine business units represents a reporting unit for the goodwill impairment analysis. We have followed a consistent discounted cash flow methodology to evaluate goodwill in all periods presented. We base our determination of fair value on a discounted cash flow methodology that involves significant judgment and projections of future performance. Assumptions about future revenues and expenses, capital expenditures and changes in working capital are based on the annual operating plan and long-term business plan for each reporting unit. These plans take into consideration numerous factors, including historical experience, anticipated future economic conditions and growth expectations for the industries and end markets in which we participate. Growth rates for revenues and operating profits vary for each reporting unit. The discount rate assumption for each reporting unit takes into consideration our assessment of risks inherent in the future cash flows of our business and an estimated weighted-average cost of capital. Intangible assets with indefinite useful lives are tested for impairment annually at our year-end, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Fair value is measured using the relief-from-royalty method. This method assumes the trade name or mark has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue from the related asset, the appropriate royalty rate, and the weighted average cost of capital. The assessment of fair value involves significant judgment and projections about future performance. Definite-lived intangible assets are amortized based on estimated useful lives ranging from 18 months to 20 years and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Self-Insurance | Self-Insurance We obtain commercial insurance to provide coverage for potential losses in areas such as employment practices, workers' compensation, directors and officers, automobile, architect's and engineer's errors and omissions, product rework and general liability. A substantial portion of this risk is retained on a self-insured basis through our wholly-owned insurance subsidiary. We establish a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections. Reserves are classified within accrued or long-term self-insurance reserves based on expectations of when the estimated loss will be paid. Additionally, we maintain a self-insurance reserve for health insurance programs offered to eligible employees, included within accrued self-insurance reserves. The reserve includes an estimate for losses on reported claims as well as for amounts incurred but not yet reported, based on historical trends. |
Warranty | Warranty and project-related contingencies We are subject to claims associated with our products and services, principally as a result of disputes with our customers involving the performance or aesthetics of our architectural products and services. We reserve estimated exposures on known claims, as well as on a portion of anticipated claims for product warranty and rework costs, based on historical product liability claims as a ratio of sales. We also reserve for estimated exposures on other claims as they are known and reasonably estimable. Reserves are included in other current and non-current liabilities based on the estimated timing of dispute resolution. |
Foreign Currency | Foreign currency Local currencies are considered the functional currencies for our subsidiaries outside of the United States. Assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items are translated using average monthly exchange rates. Translation adjustments are included in accumulated other comprehensive loss in the consolidated balance sheets. Derivatives and hedging activities We periodically enter into forward purchase foreign currency contracts, generally with an original maturity date of less than one year, to hedge foreign currency exchange rate risk. All derivative instruments within the scope of ASC 815, Derivatives and Hedging , are recorded on the consolidated balance sheets at fair value. All hedging instruments that qualify for hedge accounting are designated and effective as hedges. Instruments that do not qualify for hedge accounting are marked to market with changes recognized in current earnings. Cash flows from derivative instruments are classified in the statements of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships.We do not hold or issue derivative financial instruments for trading purposes and are not a party to leveraged derivatives. |
Revenue Recognition | Revenue recognition On March 4, 2018, we adopted ASC 606, Revenue from Contracts with Customers , and as a result, made updates to our significant accounting policy for revenue recognition. We generate revenue from the design, engineering and fabrication of architectural glass, curtainwall, window, storefront and entrance systems, and from installing those products on commercial buildings. We also manufacture value-added glass and acrylic products. Due to the diverse nature of our operations and various types of contracts with customers, we have businesses that recognize revenue over time and businesses that recognize revenue at a point in time. During fiscal 2019 , approximately 44 percent of our total revenue is recognized at the time products are shipped from our manufacturing facilities, which is when control is transferred to our customer, consistent with past practices. These businesses do not generate contract-related assets or liabilities. Variable consideration associated with these contracts and orders, generally related to early pay discounts or volume rebates, is not considered significant. We also have three businesses which operate under long-term, fixed-price contracts, representing approximately 34 percent of our total revenue in the current year. This includes one business which changed revenue recognition practices due to the adoption of the new guidance, moving from recognizing revenue at shipment to an over-time method of revenue recognition. The contracts for these businesses have a single, bundled performance obligation, as these businesses generally provide interrelated products and services and integrate these products and services into a combined output specified by the customer. The customer obtains control of this combined output, generally integrated window systems or installed window and curtainwall systems, over time. We measure progress on these contracts following an input method, by comparing total costs incurred to-date to the total estimated costs for the contract, and record that proport ion of the total contract price as revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe this method of recognizing revenue is consistent with our progress in satisfying our contract obligations. Due to the nature of the work required under these long-term contracts, the estimation of total revenue and costs incurred throughout a project is subject to many variables and requires significant judgment. It is common for these contracts to contain potential bonuses or penalties which are generally awarded or charged upon certain project milestones or cost or timing targets, and can be based on customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on our assessments of anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Long-term contracts are often modified to account for changes in contract specifications and requirements of work to be performed. We consider contract modifications to exist when the modification, generally through a change order, either creates new or changes existing enforceable rights and obligations, and we evaluate these types of modifications to determine whether they may be considered distinct performance obligations. In many cases, these contract modifications are for goods or services that are not distinct from the existing contract, due to the significant integration service provided in the context of the contract. Therefore, these modifications are accounted for as part of the existing contract. The effect of a contract modification on the transaction price and our measure of progress is recognized as an adjustment to revenue, generally on a cumulative catch-up basis. Typically, under these fixed-price contracts, we bill our customers following an agreed-upon schedule based on work performed. Because the progress billings do not generally correspond to our measurement of revenue on a contract, we generate contract assets when we have recognized revenue in excess of the amount billed to the customer. We generate contract liabilities when we have billed the customer in excess of revenue recognized on a contract. Finally, we h ave one business, making up approximately 22 percent of our to tal revenue in the current year, that recognizes revenue following an over-time output method based upon units produced. The customer is considered to have control over the products at the time of production, as the products are highly customized with no alternative use, and we have an enforceable right to payment for performance completed over the production p eriod. We believe this over-time output method of recognizing revenue reasonably depicts the fulfillment of our performance obligations under our contracts. Previo usly, this business recognized revenue at the time of shipment. Billings still occur upon shipment. Therefore, contract assets are generated for the unbilled amounts on contracts when production is complete. Variable consideration associated with these orders, generally related to early pay discounts, is not considered significant. As outlined within the new accounting guidance, we elected several practical expedients in our transition to ASC 606: • We have made an accounting policy election to account for shipping and handling activities that occur after control of the related goods transfers to the customer as fulfillment activities, instead of assessing such activities as performance obligations. • We have made an accounting policy election to exclude from the transaction price all sales taxes related to revenue-producing transactions that are collected from the customer for a government authority. • We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are included in selling, general and administrative expenses. • We have not adjusted contract price for a significant financing component, as we expect the period between when our goods and services are transferred to the customer and when the customer pays for those goods and services to be less than a year. Revenue excludes sales taxes as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. |
Shipping and Handling | Shipping and handling Amounts billed to a customer in a sales transaction related to shipping and handling are reported as revenue. Costs incurred by the Company for shipping and handling are reported as cost of sales. |
Research and Development | Research and development Research and development costs are expensed as incurred and were $19.5 million , $14.0 million and $8.6 million for fiscal 2019 , 2018 and 2017 , respectively. Of these amounts, $6.5 million , $1.5 million and $2.2 million , respectively, were focused primarily upon design of custom window and curtainwall systems in accordance with customer specifications and are included in cost of sales. |
Advertising | Advertising Advertising costs are expensed as incurred within selling, general and administrative expenses, and were $1.5 million in fiscal 2019 , $1.4 million in fiscal 2018 and $1.1 million in fiscal 2017 . |
Income Taxes | Income taxes The Company recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. See Note 13 for additional information regarding income taxes. |
Subsequent Events | Subsequent events We have evaluated subsequent events for potential recognition and disclosure through the date of this filing. Subsequent to the end of the year, we purchased 437,671 shares of stock under our authorized share repurchase program, at a total cost of $16.2 million . |
New Accounting Standards | Adoption of new accounting standards We adopted the new guidance in ASC 606, Revenue from Contracts with Customers , using the modified retrospective transition method applied to those contracts which were not complete as of March 4, 2018, the beginning of our fiscal year 2019. Prior period amounts were not adjusted and therefore continue to be reported in accordance with the accounting guidance and our accounting policies in effect for those periods. Representing the cumulative effect of adopting ASC 606, we recorded a $3.0 million increase to the opening balance of retained earnings as of March 4, 2018. For the three- and twelve-month periods ending March 2, 2019 , the application of the new accounting guidance had the following impact on our consolidated financial statements: Three Months Ended March 2, 2019 Twelve Months Ended March 2, 2019 In thousands As reported Without adoption of ASC 606 As reported Without adoption of ASC 606 Net sales $ 346,255 $ 339,673 $ 1,402,637 $ 1,382,274 Cost of sales 301,976 297,945 1,109,072 1,094,747 Gross profit 44,279 41,728 293,565 287,527 Selling, general and administrative expenses 59,057 58,726 226,281 225,286 Operating income (loss) $ (14,778 ) $ (16,998 ) $ 67,284 $ 62,241 Income tax expense (benefit) $ (5,062 ) $ (5,713 ) $ 12,968 $ 11,850 Net earnings (loss) (12,083 ) (13,653 ) 45,694 41,769 March 2, 2019 As reported Without adoption of ASC 606 Inventories $ 78,344 $ 89,676 Costs and earnings on contracts in excess of billings 55,095 19,515 Billings on contracts in excess of costs and earnings 21,478 21,022 Other current liabilities 83,159 81,467 Retained earnings 367,597 363,672 These changes are primarily a result of the transition of certain of our businesses from recognizing revenue at the time of shipment to over-time methods of revenue recognition. In the first quarter of fiscal 2019, we also adopted ASU 2016-15, Statement of Cash Flows , and ASU 2016-18, Restricted Cash. Both standards provide guidance for presentation of certain topics within the statement of cash flows, including presenting restricted cash within cash and cash equivalents, and they have been applied retrospectively for comparability across all periods. The adoption of these standards did not have a significant impact on our consolidated statements of cash flows. In the first quarter of fiscal 2019, we elected to early adopt ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This standard permits a company to reclassify the disproportionate income tax effects of the 2017 Tax Cuts and Jobs Act on items within accumulated other comprehensive income ("AOCI") to retained earnings. The FASB refers to these amounts as “stranded tax effects.” As a result of this adoption, we reclassified income tax effects of $0.7 million resulting from tax reform from AOCI to retained earnings following a portfolio approach. These stranded tax effects are derived from the deferred tax balances on our pension obligations as a result of the lower U.S. federal corporate tax rate. In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . Among other areas, the new guidance changes the current accounting related to the classification and measurement of certain equity investments and changes certain disclosures associated with the fair value of financial instruments. Most notably, ASU 2016-01 requires that equity investments be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. For equity investments considered to be without a readily determinable fair value (and which do not qualify for the net asset value practical expedient), entities will be permitted to elect a measurement alternative and measure the investment at cost less impairment plus or minus observable price changes (in orderly transactions). We adopted ASU 2016-01 in our fiscal year 2019, which did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as we have historically held limited amounts of equity investments, and we have not elected the fair value option with respect to material financial liabilities. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU changes how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under the new standard, only the service cost component of net periodic benefit cost would be included in operating expenses while all other net periodic benefit costs components would be reported outside of operating income. We adopted this standard in fiscal 2019 and as a result, costs of $0.5 million were included within other expense in our consolidated results of operations. The components of our net periodic defined benefit pension costs are presented in Note 9. Accounting standards not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases , which provides for comprehensive changes to lease accounting. The standard requires that a lessee recognize a lease obligation liability and a right-to-use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. We adopted this standard in the first quarter of fiscal 2020, following the modified retrospective application approach. We are substantially complete with our implementation efforts, which have included identification and analysis of our lease portfolio, analysis and evaluation of the new reporting and disclosure requirements of the new guidance, and an evaluation of our lease-related processes and internal controls. The adoption of this standard will result in reflecting a right-of-use asset and lease liability on our consolidated balance sheet in the first quarter of fiscal 2020 of approximately $50 million . In adopting the new standard, we elected the package of practical expedients, as well as the practical expedient not to separate nonlease components from lease components. We do not expect this standard to have a significant impact on our consolidated results of operations, consolidated statements of cash flows, our liquidity, or on our debt covenant compliance under our current agreements. We have identified new and updated existing internal controls and process to support measurement, recognition and disclosure under this new standard, but such changes were not deemed to be material to our overall system of internal controls. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This ASU is effective for our fiscal year 2021. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are currently assessing this ASU’s impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Related Data (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Accounting Policies [Abstract] | |
Impact of new accounting guidance | For the three- and twelve-month periods ending March 2, 2019 , the application of the new accounting guidance had the following impact on our consolidated financial statements: Three Months Ended March 2, 2019 Twelve Months Ended March 2, 2019 In thousands As reported Without adoption of ASC 606 As reported Without adoption of ASC 606 Net sales $ 346,255 $ 339,673 $ 1,402,637 $ 1,382,274 Cost of sales 301,976 297,945 1,109,072 1,094,747 Gross profit 44,279 41,728 293,565 287,527 Selling, general and administrative expenses 59,057 58,726 226,281 225,286 Operating income (loss) $ (14,778 ) $ (16,998 ) $ 67,284 $ 62,241 Income tax expense (benefit) $ (5,062 ) $ (5,713 ) $ 12,968 $ 11,850 Net earnings (loss) (12,083 ) (13,653 ) 45,694 41,769 March 2, 2019 As reported Without adoption of ASC 606 Inventories $ 78,344 $ 89,676 Costs and earnings on contracts in excess of billings 55,095 19,515 Billings on contracts in excess of costs and earnings 21,478 21,022 Other current liabilities 83,159 81,467 Retained earnings 367,597 363,672 |
Property, Plant and Equipment | Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 to 25 years for buildings and improvements; 3 to 15 years for machinery and equipment; and 3 to 7 years for office equipment and furniture. (In thousands) 2019 2018 Land $ 7,101 $ 7,251 Buildings and improvements 196,057 172,468 Machinery and equipment 375,700 380,952 Office equipment and furniture 56,366 56,752 Construction in progress 40,846 44,095 Total property, plant and equipment 676,070 661,518 Less accumulated depreciation (360,247 ) (357,455 ) Net property, plant and equipment $ 315,823 $ 304,063 |
Acquisitions Acquisition (Table
Acquisitions Acquisition (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired | e accounting related to this acquisition was completed during the first quarter of fiscal 2018, with final purchase price allocation as follows: (In thousands) Net working capital $ 10,682 Property, plant and equipment 7,993 Goodwill 21,380 Other intangible assets 94,630 Net assets acquired $ 134,685 (In thousands) Net working capital $ 1,422 Property, plant and equipment 44,641 Goodwill 90,429 Other intangible assets 71,500 Less: Long-term liabilities acquired, net 17,643 Net assets acquired $ 190,349 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Other intangible assets reflect the following: (In thousands) Estimated fair value Estimated useful life (in years) Customer relationships $ 34,800 16 Tradename 32,400 Indefinite Backlog 4,300 1.5 $ 71,500 |
Business Acquisition, Pro Forma Information | The following table provides certain unaudited pro forma consolidated information for the combined company for the fourth quarters and fiscal years 2018 and 2017, as if the EFCO and Sotawall acquisitions were consummated pursuant to each of their respective same terms at the beginning of the fiscal year preceding their respective acquisition dates. Three Months Ended Twelve Months Ended (In thousands, except per share data) March 3, 2018 March 4, 2017 March 3, 2018 March 4, 2017 Net sales $ 353,453 $ 390,669 $ 1,398,733 $ 1,474,021 Net earnings 23,157 26,624 81,653 98,795 Earnings per share Basic 0.82 0.93 2.86 3.44 Diluted 0.81 0.92 2.83 3.43 |
Revenue, Receivables and Cont_2
Revenue, Receivables and Contract Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated revenue data | The following table disaggregates total revenue by timing of recognition (see Note 15 for disclosure of revenue by segment): Three Months Ended Twelve Months Ended (In thousands) March 2, 2019 March 2, 2019 Recognized at shipment $ 141,793 $ 623,357 Recognized over time 204,462 779,280 Total $ 346,255 $ 1,402,637 |
Net receivables | (In thousands) 2019 2018 Trade accounts $ 145,693 $ 157,562 Construction contracts 19,050 26,545 Contract retainage 32,396 26,388 Other receivables — 2,887 Total receivables 197,139 213,382 Less: allowance for doubtful accounts (4,372 ) (1,530 ) Net receivables $ 192,767 $ 211,852 |
Contract assets and liabilities | (In thousands) March 2, 2019 March 3, 2018 Contract assets $ 87,491 $ 30,508 Contract liabilities 24,083 20,120 |
Performance obligations expected to be satisfied | The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: (In thousands) March 2, 2019 Within one year $ 376,027 Within two years 264,390 Beyond 93,660 Total $ 734,077 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Working Capital [Abstract] | |
Inventories | Inventories (In thousands) 2019 2018 Raw materials $ 43,890 $ 35,049 Work-in-process 15,533 17,406 Finished goods 18,921 28,453 Total inventories $ 78,344 $ 80,908 |
Other Current Liabilities | Other current liabilities (In thousands) 2019 2018 Warranties $ 12,475 $ 18,110 Accrued project losses 37,085 26,422 Taxes 8,026 5,342 Other 25,573 29,822 Total other current liabilities $ 83,159 $ 79,696 |
Other non-current liabilities | Other non-current liabilities (In thousands) 2019 2018 Deferred benefit from New Markets Tax Credit transactions $ 26,458 $ 16,708 Retirement plan obligations 7,633 8,997 Deferred compensation plan 10,408 10,730 Other 32,683 34,211 Total other non-current liabilities $ 77,182 $ 70,646 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Marketable Securities [Abstract] | |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 2, 2019 $ 12,481 $ 59 $ (108 ) $ 12,432 March 3, 2018 9,183 8 (138 ) 9,053 |
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | Financial assets and liabilities measured at fair value on a recurring basis were: (In thousands) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair Value March 2, 2019 Cash equivalents Money market funds $ 2,015 $ — $ 2,015 Commercial paper — 300 300 Total cash equivalents 2,015 300 2,315 Short-term securities Municipal and corporate bonds — 402 402 Long-term securities Municipal and corporate bonds — 12,030 12,030 Total assets at fair value $ 2,015 $ 12,732 $ 14,747 March 3, 2018 Cash equivalents Money market funds $ 2,901 $ — $ 2,901 Commercial paper — 400 400 Total cash equivalents 2,901 400 3,301 Short-term securities Municipal and corporate bonds — 423 423 Long-term securities Municipal and corporate bonds — 8,630 8,630 Total assets at fair value $ 2,901 $ 9,453 $ 12,354 |
Schedule of amortized cost and estimated fair values of investments by contractual maturity | The amortized cost and estimated fair values of our municipal and corporate bonds at March 2, 2019 , 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. Gross realized gains and losses were insignificant for all periods presented. (In thousands) Amortized Cost Estimated Market Value Due within one year $ 405 $ 402 Due after one year through five years 9,479 9,439 Due after five years through 10 years 1,834 1,834 Due after 10 years through 15 years — — Due beyond 15 years 763 757 Total $ 12,481 $ 12,432 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 to 25 years for buildings and improvements; 3 to 15 years for machinery and equipment; and 3 to 7 years for office equipment and furniture. (In thousands) 2019 2018 Land $ 7,101 $ 7,251 Buildings and improvements 196,057 172,468 Machinery and equipment 375,700 380,952 Office equipment and furniture 56,366 56,752 Construction in progress 40,846 44,095 Total property, plant and equipment 676,070 661,518 Less accumulated depreciation (360,247 ) (357,455 ) Net property, plant and equipment $ 315,823 $ 304,063 |
Goodwill and Other Identifiab_2
Goodwill and Other Identifiable Intangible Assets (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill attributable to each business segment | The carrying amount of goodwill attributable to each reporting segment was: (In thousands) Architectural Framing Systems Architectural Glass Architectural Services Large-Scale Optical Total Balance at March 4, 2017 $ 63,701 $ 25,956 $ 1,120 $ 10,557 $ 101,334 Goodwill acquired 84,162 — — — 84,162 Goodwill adjustments for purchase accounting (5,859 ) — — — (5,859 ) Foreign currency translation 1,304 15 — — 1,319 Balance at March 3, 2018 143,308 25,971 1,120 10,557 180,956 Goodwill adjustments for purchase accounting 6,267 — — — 6,267 Foreign currency translation (1,129 ) (262 ) — — (1,391 ) Balance at March 2, 2019 $ 148,446 $ 25,709 $ 1,120 $ 10,557 $ 185,832 |
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 Foreign Currency Translation Net March 2, 2019 Definite-lived intangible assets: Customer relationships $ 122,816 $ (26,637 ) $ — $ (2,578 ) $ 93,601 Other intangibles 41,697 (31,634 ) — (850 ) 9,213 Total definite-lived intangible assets 164,513 (58,271 ) — (3,428 ) 102,814 Indefinite-lived intangible assets: Trademarks 49,078 — (3,141 ) (516 ) 45,421 Total intangible assets $ 213,591 $ (58,271 ) $ (3,141 ) $ (3,944 ) $ 148,235 March 3, 2018 Definite-lived intangible assets: Customer relationships $ 122,816 $ (20,277 ) $ — $ (56 ) $ 102,483 Other intangibles 41,697 (25,879 ) — (30 ) 15,788 Total definite-lived intangible assets 164,513 (46,156 ) — (86 ) 118,271 Indefinite-lived intangible assets: Trademarks 48,461 — — 617 49,078 Total intangible assets $ 212,974 $ (46,156 ) $ — $ 531 $ 167,349 |
Schedule of estimated future amortization expense for identifiable intangible assets | Estimated future amortization expense for definite-lived intangible assets is: (In thousands) 2020 2021 2022 2023 2024 Estimated amortization expense $ 8,059 $ 8,053 $ 7,896 $ 7,508 $ 7,476 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Debt maturities and other selected information follows: (In thousands) 2020 2021 2022 2023 2024 Thereafter Total Maturities $121 $5,521 $227,121 $1,082 $— $12,000 $ 245,845 |
Selected Information Related to Long-term Debt | (In thousands, except percentages) 2019 2018 Average daily borrowings during the year $ 207,358 $ 195,400 Maximum borrowings outstanding during the year 249,000 276,100 Weighted average interest rate during the year 3.61 % 2.61 % |
Schedule of Interest Expense | (In thousands) 2019 2018 2017 Interest on debt $ 8,114 $ 5,208 $ 971 Other interest expense 335 300 — Interest expense $ 8,449 $ 5,508 $ 971 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The following tables present reconciliations of the benefit obligation of the defined-benefit pension plans and the funded status of the defined-benefit pension plans. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end. (In thousands) 2019 2018 Change in projected benefit obligation Benefit obligation beginning of period $ 13,834 $ 14,492 Interest cost 506 531 Actuarial (gain) (19 ) (175 ) Benefits paid (1,011 ) (1,014 ) Benefit obligation at measurement date 13,310 13,834 Change in plan assets Fair value of plan assets beginning of period $ 4,169 $ 4,185 Actual return on plan assets 97 10 Company contributions 2,075 988 Benefits paid (1,011 ) (1,014 ) Fair value of plan assets at measurement date 5,330 4,169 Underfunded status $ (7,980 ) $ (9,665 ) |
Schedule of Amounts Recognized in Balance Sheet | The funded status was recognized in the consolidated balance sheets as follows, as one of our plans was in an overfunded position: (In thousands) 2019 2018 Other non-current assets $ 337 $ — Current liabilities (684 ) (668 ) Other non-current liabilities (7,633 ) (8,997 ) Total $ (7,980 ) $ (9,665 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized as Components of Net Periodic Benefit Cost | The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost: (In thousands) 2019 2018 Net actuarial loss $ 5,025 $ 5,325 |
Schedule of Amounts Recognized in Comprehensive Earnings | The amount recognized in comprehensive earnings, net of tax expense, was: (In thousands) 2019 2018 Net actuarial gain $ 229 $ 284 |
Schedule of Net Benefit Costs | Components of the defined-benefit pension plans' net periodic benefit cost: (In thousands) 2019 2018 2017 Interest cost $ 506 $ 531 $ 555 Expected return on assets (40 ) (41 ) (41 ) Amortization of unrecognized net loss 226 228 225 Net periodic benefit cost $ 692 $ 718 $ 739 |
Schedule of Assumptions Used | Benefit Obligation Weighted-Average Assumptions 2019 2018 2017 Discount rate 3.80 % 3.80 % 3.80 % Net Periodic Benefit Expense Weighted-Average Assumptions 2019 2018 2017 Discount rate 3.85 % 3.80 % 3.85 % Expected long-term rate of return on assets 4.50 % 2.00 % 2.00 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the plans: (In thousands) 2020 2021 2022 2023 2024 2025-2029 Estimated future benefit payments $ 1,054 $ 1,035 $ 1,008 $ 977 $ 946 $ 4,405 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments under noncancelable operating leases | Future minimum rental payments under non-cancelable operating leases are: (In thousands) 2020 2021 2022 2023 2024 Thereafter Total Total minimum payments $ 14,888 $ 11,787 $ 9,669 $ 8,772 $ 6,735 $ 16,806 $ 68,657 |
Guarantees and warranties | A warranty rollforward follows: (In thousands) 2019 2018 Balance at beginning of period $ 22,517 $ 21,933 Additional accruals 5,552 4,643 Acquired reserves — 5,663 Claims paid (11,332 ) (9,722 ) Balance at end of period $ 16,737 $ 22,517 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following summarizes the accumulated other comprehensive loss, net of tax, at March 2, 2019 and March 3, 2018 : (In thousands) 2019 2018 Net unrealized loss on marketable securities $ (35 ) $ (99 ) Foreign currency hedge (409 ) 156 Pension liability adjustments (3,852 ) (3,344 ) Foreign currency translation adjustments (27,831 ) (20,766 ) Total accumulated other comprehensive loss $ (32,127 ) $ (24,053 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Award transactions on stock options | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value at Year-End Outstanding at March 3, 2018 129,901 $ 11.10 Awards exercised (29,560 ) 20.43 Outstanding and exercisable at March 2, 2019 100,341 $ 8.34 2.5 Years $ 2,778,442 |
Nonvested share award transactions | The following table summarizes nonvested share activity for fiscal 2019 : Number of Shares and Units Weighted Average Grant Date Fair Value March 3, 2018 266,180 $ 49.22 Granted 163,987 43.00 Vested (124,112 ) 46.09 Canceled (19,442 ) 48.93 March 2, 2019 286,613 $ 47.00 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings before income taxes consisted of the following: (In thousands) 2019 2018 2017 United States $ 60,042 $ 111,980 $ 123,229 International (1,380 ) (2,100 ) (424 ) Earnings before income taxes $ 58,662 $ 109,880 $ 122,805 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for each of the last three fiscal years was: (In thousands) 2019 2018 2017 Current Federal $ 22,746 $ 22,074 $ 35,610 State and local (4,437 ) 3,106 2,929 International (459 ) 1,578 (147 ) Total current 17,850 26,758 38,392 Deferred Federal (12,409 ) 4,049 (945 ) State and local 6,275 351 (78 ) International 628 (1,205 ) (42 ) Total deferred (5,506 ) 3,195 (1,065 ) Total non-current tax expense (benefit) 624 439 (312 ) Total income tax expense $ 12,968 $ 30,392 $ 37,015 |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates: 2019 2018 2017 Statutory federal income tax rate 21.0 % 32.7 % 35.0 % Tax rate change revaluation — (3.7 ) — Manufacturing deduction — (2.2 ) (3.3 ) State and local income taxes, net of federal tax benefit 2.7 1.8 1.6 Foreign tax rate differential 0.8 (0.7 ) (1.6 ) Tax credits - research & development (2.7 ) (0.9 ) (0.7 ) Other, net 0.3 0.7 (0.9 ) Consolidated effective income tax rate 22.1 % 27.7 % 30.1 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and deferred tax liabilities at March 2, 2019 and March 3, 2018 were: (In thousands) 2019 2018 Other accruals $ 13,530 $ 3,428 Deferred compensation 9,007 8,926 Goodwill and other intangibles (5,151 ) (4,655 ) Depreciation (24,289 ) (19,523 ) Liability for unrecognized tax benefits 2,547 2,850 Net operating losses and tax credits 9,913 6,272 Valuation allowance on net operating losses (8,546 ) (4,296 ) Unearned income 4,557 2,628 Other 1,550 1,067 Deferred tax assets (liabilities) $ 3,118 $ (3,303 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits: (In thousands) 2019 2018 2017 Gross unrecognized tax benefits at beginning of year $ 4,705 $ 4,075 $ 4,512 Gross increases in tax positions for prior years 500 614 54 Gross decreases in tax positions for prior years (377 ) (122 ) (233 ) Gross increases based on tax positions related to the current year 1,067 639 508 Settlements (303 ) — (23 ) Statute of limitations expiration (481 ) (519 ) (743 ) Revaluation impact — 18 — Gross unrecognized tax benefits at end of year $ 5,111 $ 4,705 $ 4,075 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted earnings per share | The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share: (In thousands) 2019 2018 2017 Basic earnings per share - weighted average common shares outstanding 27,802 28,534 28,781 Weighted average effect of nonvested share grants and assumed exercise of stock options 280 270 112 Diluted earnings per share - weighted average common shares and potential common shares outstanding 28,082 28,804 28,893 Stock awards excluded from the calculation of earnings per share because the award price was greater than the average market price of the common shares 134 141 — |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (In thousands) 2019 2018 2017 Net Sales Architectural Framing Systems $ 720,829 $ 677,198 $ 385,978 Architectural Glass 367,203 384,137 411,881 Architectural Services 286,314 213,757 270,937 Large-Scale Optical 88,493 88,303 89,710 Intersegment elimination (60,202 ) (37,222 ) (43,973 ) Total $ 1,402,637 $ 1,326,173 $ 1,114,533 Operating Income (Loss) Architectural Framing Systems $ 49,660 $ 59,031 $ 44,768 Architectural Glass 16,503 32,764 44,656 Architectural Services 30,509 10,420 18,494 Large-Scale Optical 23,003 22,000 22,467 Corporate and other (52,391 ) (9,931 ) (8,160 ) Total $ 67,284 $ 114,284 $ 122,225 Depreciation and Amortization Architectural Framing Systems $ 28,937 $ 31,764 $ 12,404 Architectural Glass 13,009 14,525 15,912 Architectural Services 1,234 1,325 1,364 Large-Scale Optical 3,692 4,556 4,785 Corporate and other 2,926 2,673 1,142 Total $ 49,798 $ 54,843 $ 35,607 Capital Expenditures Architectural Framing Systems $ 19,098 $ 15,273 $ 14,070 Architectural Glass 27,722 26,228 44,439 Architectural Services 1,433 2,510 1,981 Large-Scale Optical 6,989 3,307 1,510 Corporate and other 5,475 5,878 6,061 Total $ 60,717 $ 53,196 $ 68,061 Identifiable Assets Architectural Framing Systems $ 617,001 $ 618,455 $ 359,633 Architectural Glass 281,817 250,407 254,840 Architectural Services 59,227 53,424 70,875 Large-Scale Optical 61,031 58,523 58,198 Corporate and other 49,092 41,511 41,112 Total $ 1,068,168 $ 1,022,320 $ 784,658 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region. (In thousands) 2019 2018 2017 Net Sales United States $ 1,259,319 $ 1,187,922 $ 1,031,214 Canada 128,735 122,981 65,958 Brazil 14,583 15,270 17,361 Total $ 1,402,637 $ 1,326,173 $ 1,114,533 Long-Lived Assets United States $ 297,072 $ 283,432 $ 227,145 Canada 12,563 13,384 13,303 Brazil 6,188 7,247 6,300 Total $ 315,823 $ 304,063 $ 246,748 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter (In thousands, except per share data) First Second (1) Third Fourth Total 2019 Net sales $ 336,531 $ 362,133 $ 357,718 $ 346,255 $ 1,402,637 Gross profit 80,730 84,466 84,090 44,279 293,565 Net earnings (loss) 15,373 20,513 21,891 (12,083 ) (2) 45,694 Earnings (loss) per share - basic 0.55 0.73 0.79 (0.45 ) 1.64 Earnings (loss) per share - diluted 0.54 0.72 0.78 (0.45 ) 1.63 2018 Net sales $ 272,307 $ 343,907 $ 356,506 $ 353,453 $ 1,326,173 Gross profit 70,294 86,001 91,559 85,664 333,518 Net earnings 16,104 17,409 23,646 22,329 79,488 Earnings per share - basic 0.56 0.60 0.82 0.79 $ 2.79 Earnings per share - diluted 0.56 0.60 0.82 0.78 $ 2.76 Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding, and all other quarterly amounts may not equal the total year due to rounding. (1) We acquired EFCO in the second quarter of fiscal 2018; refer to Note 2 for additional information. (2) Fiscal 2019 fourth quarter net loss includes $42.6 million of project-related charges on contracts that were acquired with the purchase of EFCO. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Related Data (Details Textual) $ in Thousands | Apr. 26, 2019USD ($)shares | Jun. 02, 2018USD ($) | Dec. 01, 2018business | Feb. 29, 2020USD ($) | Mar. 02, 2019USD ($)businessshares | Mar. 03, 2018USD ($)shares | Mar. 04, 2017USD ($)shares | Jun. 01, 2019USD ($) |
Accounting Policies [Line Items] | ||||||||
Fiscal time period | P52W | P52W | P53W | |||||
Fixed-price contracts, number of businesses | business | 3 | |||||||
Fixed-price contracts, percentage of total revenue | 34.00% | |||||||
Number of business which changed revenue recognition practices due to adoption | business | 1 | |||||||
Number of businesses | business | 1 | |||||||
Percentage of total revenue | 22.00% | |||||||
Research and development expense | $ 19,500 | $ 14,000 | $ 8,600 | |||||
Share repurchases, shares | shares | 1,258,000 | 702,000 | 250,000 | |||||
Retained earnings | $ 367,597 | $ 373,259 | ||||||
Income tax effects | 0 | |||||||
Net periodic benefit cost | 692 | 718 | $ 739 | |||||
Scenario, Forecast | ||||||||
Accounting Policies [Line Items] | ||||||||
Net periodic benefit cost | $ 500 | |||||||
ASU 2017-07 | ||||||||
Accounting Policies [Line Items] | ||||||||
Net periodic benefit cost | 500 | |||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | ||||||||
Accounting Policies [Line Items] | ||||||||
Retained earnings | 3,000 | |||||||
Cost of Sales | ||||||||
Accounting Policies [Line Items] | ||||||||
Research and development expense | 6,500 | 1,500 | 2,200 | |||||
Selling, general and administrative expenses | ||||||||
Accounting Policies [Line Items] | ||||||||
Advertising expense | $ 1,500 | $ 1,400 | $ 1,100 | |||||
Subsequent Event | ||||||||
Accounting Policies [Line Items] | ||||||||
Share repurchases, shares | shares | 437,671 | |||||||
Share repurchases, value | $ 16,200 | |||||||
Subsequent Event | ASU 2016-02 | Scenario, Forecast | ||||||||
Accounting Policies [Line Items] | ||||||||
Right-of-use asset | $ 50,000 | |||||||
Lease liability | $ 50,000 | |||||||
Minimum | ||||||||
Accounting Policies [Line Items] | ||||||||
Performance Period For Percentage Of Completion Contracts | 12 months | |||||||
Maximum | ||||||||
Accounting Policies [Line Items] | ||||||||
Performance Period For Percentage Of Completion Contracts | 18 months | |||||||
Recognized at shipment | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of total revenue | 44.00% | |||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||
Accounting Policies [Line Items] | ||||||||
Share repurchases, value | $ 0 | |||||||
Income tax effects | $ 737 | |||||||
Accumulated Other Comprehensive (Loss) Income | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02 | ||||||||
Accounting Policies [Line Items] | ||||||||
Income tax effects | $ (700) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Related Data (Schedule of Property Plant and Equipment Useful Lives) (Details) | 12 Months Ended |
Mar. 02, 2019 | |
Property, Plant and Equipment [Line Items] | |
Intangible Asset Life Minimum | 18 months |
Intangible Asset Life Maximum | 20 years |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Performance Period For Percentage Of Completion Contracts | 12 months |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Performance Period For Percentage Of Completion Contracts | 18 months |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Office equipment and furniture | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Office equipment and furniture | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Related Data (Adoption of ASC 606) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 02, 2019 | Dec. 01, 2018 | Sep. 01, 2018 | Jun. 02, 2018 | Mar. 03, 2018 | Dec. 02, 2017 | Sep. 02, 2017 | Jun. 03, 2017 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net sales | $ 346,255 | $ 1,402,637 | $ 1,326,173 | $ 1,114,533 | |||||||
Cost of sales | 301,976 | 1,109,072 | 992,655 | 822,510 | |||||||
Gross profit | 44,279 | $ 84,090 | $ 84,466 | $ 80,730 | $ 85,664 | $ 91,559 | $ 86,001 | $ 70,294 | 293,565 | 333,518 | 292,023 |
Selling, general and administrative expenses | 59,057 | 226,281 | 219,234 | 169,798 | |||||||
Operating income | (14,778) | 67,284 | 114,284 | 122,225 | |||||||
Tax expense (benefit) | (5,062) | 12,968 | 30,392 | 37,015 | |||||||
Net earnings | (12,083) | $ 21,891 | $ 20,513 | $ 15,373 | 22,329 | $ 23,646 | $ 17,409 | $ 16,104 | 45,694 | 79,488 | $ 85,790 |
Inventories | 78,344 | 80,908 | 78,344 | 80,908 | |||||||
Costs and earnings on contracts in excess of billings | 55,095 | 4,120 | 55,095 | 4,120 | |||||||
Billings in excess of costs and earnings on uncompleted contracts | 21,478 | 12,461 | 21,478 | 12,461 | |||||||
Other current liabilities | 83,159 | 79,696 | 83,159 | 79,696 | |||||||
Retained earnings | 367,597 | $ 373,259 | 367,597 | $ 373,259 | |||||||
Without adoption of ASC 606 | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net sales | 339,673 | 1,382,274 | |||||||||
Cost of sales | 297,945 | 1,094,747 | |||||||||
Gross profit | 41,728 | 287,527 | |||||||||
Selling, general and administrative expenses | 58,726 | 225,286 | |||||||||
Operating income | (16,998) | 62,241 | |||||||||
Tax expense (benefit) | (5,713) | 11,850 | |||||||||
Net earnings | (13,653) | 41,769 | |||||||||
Inventories | 89,676 | 89,676 | |||||||||
Costs and earnings on contracts in excess of billings | 19,515 | 19,515 | |||||||||
Billings in excess of costs and earnings on uncompleted contracts | 21,022 | 21,022 | |||||||||
Other current liabilities | 81,467 | 81,467 | |||||||||
Retained earnings | $ 363,672 | $ 363,672 |
Acquisitions Acquisition (Narra
Acquisitions Acquisition (Narrative) (Details) - USD ($) | Jun. 12, 2017 | Dec. 14, 2016 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 02, 2019 | Mar. 03, 2018 |
Business Acquisition | ||||||
Net sales | $ 353,453,000 | $ 390,669,000 | $ 1,398,733,000 | $ 1,474,021,000 | ||
EFCO Corporation | ||||||
Business Acquisition | ||||||
Ownership percentage acquired | 100.00% | |||||
Payments to acquire business | $ 190,000,000 | |||||
Net working capital | $ 1,422,000 | |||||
Sotawall | ||||||
Business Acquisition | ||||||
Payments to acquire business | $ 138,000,000 | |||||
Net working capital | $ 10,682 |
Acquisitions Acquisition (Detai
Acquisitions Acquisition (Details 1) - USD ($) | Mar. 02, 2019 | Mar. 03, 2018 | Jun. 12, 2017 | Mar. 04, 2017 | Dec. 14, 2016 |
Business Acquisition | |||||
Goodwill | $ 185,832,000 | $ 180,956,000 | $ 101,334,000 | ||
EFCO Corporation | |||||
Business Acquisition | |||||
Net working capital | $ 1,422,000 | ||||
Property, plant and equipment | 44,641,000 | ||||
Goodwill | 90,429,000 | ||||
Other intangible assets | 71,500,000 | ||||
Less: Long-term liabilities acquired, net | 17,643,000 | ||||
Net assets acquired | $ 190,349,000 | ||||
Sotawall | |||||
Business Acquisition | |||||
Net working capital | $ 10,682 | ||||
Property, plant and equipment | 7,993 | ||||
Goodwill | 21,380 | ||||
Other intangible assets | 94,630 | ||||
Net assets acquired | $ 134,685 |
Acquisitions Acquisition (Det_2
Acquisitions Acquisition (Details 2) - USD ($) | Jun. 12, 2017 | Dec. 14, 2016 |
EFCO Corporation | ||
Business Acquisition | ||
Total other intangible assets | $ 71,500,000 | |
Sotawall | ||
Business Acquisition | ||
Total other intangible assets | $ 94,630 | |
Tradename | EFCO Corporation | ||
Business Acquisition | ||
Total other intangible assets | 32,400,000 | |
Customer relationships | EFCO Corporation | ||
Business Acquisition | ||
Total other intangible assets | $ 34,800,000 | |
Estimated useful life (in years) | 16 years | |
Backlog | EFCO Corporation | ||
Business Acquisition | ||
Total other intangible assets | $ 4,300,000 | |
Estimated useful life (in years) | 1 year 6 months |
Acquisitions (Details 3)
Acquisitions (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 02, 2019 | Mar. 03, 2018 | |
Business Combinations [Abstract] | ||||
Net sales | $ 353,453 | $ 390,669 | $ 1,398,733 | $ 1,474,021 |
Net earnings | $ 23,157 | $ 26,624 | $ 81,653 | $ 98,795 |
Basic (USD per share) | $ 0.82 | $ 0.93 | $ 2.86 | $ 3.44 |
Diluted (USD per share) | $ 0.81 | $ 0.92 | $ 2.83 | $ 3.43 |
Revenue, Receivables and Cont_3
Revenue, Receivables and Contract Assets and Liabilities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 346,255 | $ 1,402,637 | $ 1,326,173 | $ 1,114,533 |
Recognized at shipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 141,793 | 623,357 | ||
Recognized over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 204,462 | $ 779,280 |
Revenue, Receivables and Cont_4
Revenue, Receivables and Contract Assets and Liabilities (Details 2) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 197,139 | $ 213,382 |
Less: allowance for doubtful accounts | (4,372) | (1,530) |
Net receivables | 192,767 | 211,852 |
Trade accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 145,693 | 157,562 |
Construction contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 19,050 | 26,545 |
Contract retainage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 32,396 | 26,388 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 0 | $ 2,887 |
Revenue, Receivables and Cont_5
Revenue, Receivables and Contract Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 87,491 | $ 30,508 |
Contract liabilities | $ 24,083 | $ 20,120 |
Revenue, Receivables and Cont_6
Revenue, Receivables and Contract Assets and Liabilities (Details 4) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 02, 2019 | Mar. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized related to contract liabilities at Marc 4, 2018 | $ 10.4 | |
Revenue related to performance obligations satisfied in previous periods due to changes in contract estimates | $ 2.1 | $ 5.9 |
Revenue, Receivables and Cont_7
Revenue, Receivables and Contract Assets and Liabilities (Details 5) $ in Thousands | Mar. 02, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | $ 376,027 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | 264,390 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | 93,660 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | $ 734,077 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Working Capital [Abstract] | ||
Raw materials | $ 43,890 | $ 35,049 |
Work-in-process | 15,533 | 17,406 |
Finished goods | 18,921 | 28,453 |
Total inventories | $ 78,344 | $ 80,908 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information (Schedule of Other Current Liabilities) (Details) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Working Capital [Abstract] | ||
Warranties | $ 12,475 | $ 18,110 |
Accrued project losses | 37,085 | 26,422 |
Taxes | 8,026 | 5,342 |
Other | 25,573 | 29,822 |
Total other current liabilities | $ 83,159 | $ 79,696 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information (Schedule of Other Non-current Liabilities) (Details) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Working Capital [Abstract] | ||
Deferred benefit from New Markets Tax Credit transactions | $ 26,458 | $ 16,708 |
Retirement plan obligations | 7,633 | 8,997 |
Deferred compensation plan | 10,408 | 10,730 |
Other | 32,683 | 34,211 |
Total other non-current liabilities | $ 77,182 | $ 70,646 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | $ 12,481 | $ 9,183 |
Gross Unrealized Gains | 59 | 8 |
Gross Unrealized Losses | (108) | (138) |
Estimated Fair Value | 12,432 | $ 9,053 |
Municipal bonds | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | 12,481 | |
Estimated Fair Value | $ 12,432 |
Financial Instruments (Details
Financial Instruments (Details 2) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 12,481 | $ 9,183 |
Estimated Fair Value | 12,432 | $ 9,053 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Due within one year | 405 | |
Amortized Cost, Due after one year through five years | 9,479 | |
Amortized Cost, Due after five years through 10 years | 1,834 | |
Amortized Cost, Due after 10 years through 15 years | 0 | |
Amortized Cost, Due beyond 15 years | 763 | |
Amortized Cost | 12,481 | |
Estimated Market Value, Due within one year | 402 | |
Estimated Market Value, Due after one year through five years | 9,439 | |
Estimated Market Value, Due after five years through 10 years | 1,834 | |
Estimated Market Value, Due after 10 years through 15 years | 0 | |
Estimated Market Value, Due beyond 15 years | 757 | |
Estimated Fair Value | $ 12,432 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Details 3) - USD ($) $ in Thousands | Mar. 02, 2019 | Dec. 01, 2018 | Mar. 03, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | $ 2,015 | $ 2,901 | |
Commercial paper | 300 | 400 | |
Total cash equivalents | 2,315 | 3,301 | |
Municipal and corporate bonds | 402 | 423 | |
Municipal and corporate bonds | $ 12,030 | 8,630 | |
Total assets at fair value | 14,747 | 12,354 | |
Quoted Prices in Active Markets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 2,015 | 2,901 | |
Commercial paper | 0 | 0 | |
Total cash equivalents | 2,015 | 2,901 | |
Municipal and corporate bonds | 0 | 0 | |
Municipal and corporate bonds | 0 | 0 | |
Total assets at fair value | 2,015 | 2,901 | |
Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Commercial paper | 300 | 400 | |
Total cash equivalents | 300 | 400 | |
Municipal and corporate bonds | $ 402 | 423 | |
Municipal and corporate bonds | 12,030 | 8,630 | |
Total assets at fair value | $ 12,732 | $ 9,453 |
Financial Instruments (Detail_2
Financial Instruments (Details Textual) - Designated as Hedging Instrument - Foreign Exchange Forward $ in Millions | Mar. 02, 2019USD ($) |
Notional value | $ 17.5 |
Net liability | $ (0.5) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 04, 2017 | Mar. 03, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 676,070 | $ 661,518 | |
Less accumulated depreciation | (360,247) | (357,455) | |
Net property, plant and equipment | 315,823 | $ 246,748 | 304,063 |
Depreciation expense | 37,100 | $ 31,600 | |
Proceeds from sale of property | 11,400 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 7,101 | 7,251 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 196,057 | 172,468 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 375,700 | 380,952 | |
Office equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 56,366 | 56,752 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 40,846 | $ 44,095 |
Goodwill and Other Identifiab_3
Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 02, 2019 | Mar. 03, 2018 | |
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | $ 180,956 | $ 101,334 |
Goodwill acquired | 84,162 | |
Goodwill adjustments for purchase accounting | 6,267 | (5,859) |
Foreign currency translation | (1,391) | 1,319 |
Goodwill, Ending | 185,832 | 180,956 |
Architectural Framing Systems | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 143,308 | 63,701 |
Goodwill acquired | 84,162 | |
Goodwill adjustments for purchase accounting | 6,267 | (5,859) |
Foreign currency translation | (1,129) | 1,304 |
Goodwill, Ending | 148,446 | 143,308 |
Architectural Glass | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 25,971 | 25,956 |
Goodwill acquired | 0 | |
Goodwill adjustments for purchase accounting | 0 | 0 |
Foreign currency translation | (262) | 15 |
Goodwill, Ending | 25,709 | 25,971 |
Architectural Services | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 1,120 | 1,120 |
Goodwill acquired | 0 | |
Goodwill adjustments for purchase accounting | 0 | 0 |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | 1,120 | 1,120 |
Large-Scale Optical | ||
Schedule of goodwill attributable to each business segment | ||
Goodwill, Beginning | 10,557 | 10,557 |
Goodwill acquired | 0 | |
Goodwill adjustments for purchase accounting | 0 | 0 |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | $ 10,557 | $ 10,557 |
Goodwill and Other Identifiab_4
Goodwill and Other Identifiable Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Schedule of finite lived identifiable intangible assets | |||
Gross Carrying Amount | $ 164,513 | $ 164,513 | |
Accumulated Amortization | (58,271) | (46,156) | |
Foreign Currency Translation | (3,428) | (86) | |
Net | 102,814 | 118,271 | |
Impairment | (3,141) | 0 | $ 0 |
Intangible Assets Gross Excluding Goodwill | 213,591 | 212,974 | |
Intangible Assets Accumulated Amortization | (58,271) | (46,156) | |
Intangible Assets Foreign Currency Translation | (3,944) | 531 | |
Intangible Assets, Net (Excluding Goodwill) | 148,235 | 167,349 | |
Customer relationships | |||
Schedule of finite lived identifiable intangible assets | |||
Gross Carrying Amount | 122,816 | 122,816 | |
Accumulated Amortization | (26,637) | (20,277) | |
Foreign Currency Translation | (2,578) | (56) | |
Net | 93,601 | 102,483 | |
Other intangibles | |||
Schedule of finite lived identifiable intangible assets | |||
Gross Carrying Amount | 41,697 | 41,697 | |
Accumulated Amortization | (31,634) | (25,879) | |
Foreign Currency Translation | (850) | (30) | |
Net | 9,213 | 15,788 | |
Trademarks | |||
Schedule of finite lived identifiable intangible assets | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 49,078 | 48,461 | |
Impairment | (3,141) | ||
Indefinite-lived Intangible Assets, Translation Adjustments | (516) | 617 | |
Indefinite-lived Intangible Assets (Excluding Goodwill), Net of translation adjustments | $ 45,421 | $ 49,078 |
Goodwill and Other Identifiab_5
Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands | Mar. 02, 2019USD ($) |
Schedule of estimated future amortization expense for identifiable intangible assets | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 8,059 |
Estimated amortization expense, Fiscal 2017 | 8,053 |
Estimated amortization expense, Fiscal 2018 | 7,896 |
Estimated amortization expense, Fiscal 2019 | 7,508 |
Estimated amortization expense, Fiscal 2020 | $ 7,476 |
Goodwill and Other Identifiab_6
Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Finite Lived Intangible Assets [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Impairment on intangible assets | 3,141,000 | 0 | 0 |
Amortization of Intangible Assets | 12,700,000 | $ 17,800,000 | $ 4,000,000 |
One Trademark | |||
Finite Lived Intangible Assets [Line Items] | |||
Carrying value | 32,400,000 | ||
Impairment on intangible assets | $ 3,100,000 |
Debt (Details Textual)
Debt (Details Textual) $ in Thousands, $ in Millions | 12 Months Ended | |||
Mar. 02, 2019USD ($) | Mar. 03, 2018USD ($) | Mar. 04, 2017USD ($) | Mar. 02, 2019CAD ($) | |
Debt (Textual) [Abstract] | ||||
Revolving credit facility expiration date | Nov. 1, 2021 | |||
Amount of available commitment | $ 84,900 | |||
Debt | 245,845 | |||
Interest payments | 8,100 | $ 5,300 | $ 800 | |
CANADA | ||||
Debt (Textual) [Abstract] | ||||
Debt | 400 | |||
Letter of Credit [Member] | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000 | |||
Borrowings under revolving credit agreement | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 335,000 | |||
Line of Credit Facility, Amount Outstanding | 225,000 | $ 195,000 | ||
Line of Credit [Member] | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12 | |||
Line of Credit Facility, Amount Outstanding | 0 | |||
Industrial Revenue Bonds [Member] | ||||
Debt (Textual) [Abstract] | ||||
Debt | $ 20,400 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Thousands | Mar. 02, 2019USD ($) |
Debt Disclosure [Abstract] | |
2016 | $ 121 |
2017 | 5,521 |
2018 | 227,121 |
2019 | 1,082 |
2020 | 0 |
Thereafter | 12,000 |
Total long-term debt | $ 245,845 |
Debt (Schedule of Selected Info
Debt (Schedule of Selected Information Related to Long Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 02, 2019 | Mar. 03, 2018 | |
Debt Disclosure [Abstract] | ||
Average daily borrowings during the year | $ 207,358 | $ 195,400 |
Maximum borrowings outstanding during the year | $ 249,000 | $ 276,100 |
Weighted average interest rate during the year | 3.61% | 2.61% |
Debt (Schedule of Interest Expe
Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Debt Disclosure [Abstract] | |||
Interest on debt | $ 8,114 | $ 5,208 | $ 971 |
Other interest expense | 335 | 300 | 0 |
Interest expense | $ 8,449 | $ 5,508 | $ 971 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Changes in Plan Assets, Changes in Projected Benefit Obligation, and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Change in projected benefit obligation | |||
Benefit obligation beginning of period | $ 13,834 | $ 14,492 | |
Interest cost | 506 | 531 | $ 555 |
Actuarial (gain) | (19) | (175) | |
Benefit obligation at measurement date | 13,310 | 13,834 | 14,492 |
Change in plan assets | |||
Fair value of plan assets beginning of period | 4,169 | 4,185 | |
Actual return on plan assets | 97 | 10 | |
Company contributions | 2,075 | 988 | |
Fair value of plan assets at measurement date | 5,330 | 4,169 | $ 4,185 |
Estimated future benefit payments | 1,011 | 1,014 | |
Underfunded status | $ (7,980) | $ (9,665) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Retirement Benefits [Abstract] | ||
Other non-current assets | $ 337 | $ 0 |
Current liabilities | (684) | (668) |
Other non-current liabilities | (7,633) | (8,997) |
Total | $ (7,980) | $ (9,665) |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ (5,025) | $ (5,325) | |
Net periodic pension expense, Expected return on plan assets | 4.50% | 2.00% | 2.00% |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Recognized in Comprehensive Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 02, 2019 | Mar. 03, 2018 | |
Retirement Benefits [Abstract] | ||
Net actuarial gain | $ 229 | $ 284 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Components of Defined Benefit Pension Plans Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Components of net periodic benefit cost | |||
Interest cost | $ 506 | $ 531 | $ 555 |
Expected return on assets | (40) | (41) | (41) |
Amortization of unrecognized net loss | 226 | 228 | 225 |
Net periodic benefit cost | $ 692 | $ 718 | $ 739 |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.85% | 3.80% | 3.85% |
Discount rate | 3.80% | 3.80% | 3.80% |
Net periodic pension expense, Expected return on plan assets | 4.50% | 2.00% | 2.00% |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Mar. 02, 2019USD ($) |
Retirement Benefits [Abstract] | |
Estimated future benefit payments | $ 1,054 |
2019 | 1,035 |
2020 | 1,008 |
2021 | 977 |
2022 | 946 |
2023-2027 | $ 4,405 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | |||
Feb. 29, 2020USD ($) | Mar. 02, 2019USD ($)Facility | Mar. 03, 2018USD ($) | Mar. 04, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of manufacturing facilities | Facility | 2 | |||
Percentage employees are allowed to contribute (up to 60 percent) | 60.00% | |||
Annual company match amount | $ 8,000 | $ 7,500 | $ 6,200 | |
Deferred compensation obligations | 755 | 922 | ||
Investments in corporate-owned life insurance policies | 13,200 | |||
Mutual funds | 600 | |||
Total contribution to multi-employer union retirement plans | 4,900 | 2,900 | 3,900 | |
Estimated amortization from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year | (226) | (228) | (225) | |
Net periodic benefit cost | 692 | 718 | $ 739 | |
Company contributions | 2,075 | 988 | ||
Scenario, Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated amortization from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year | $ 100 | |||
Net periodic benefit cost | $ 500 | |||
Other current and non-current liabilities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred compensation obligations | $ 12,100 | $ 10,700 | ||
First one percent contributed | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company matching contribution percentage | 100.00% | |||
Percentage of eligible compensation contributed | 1.00% | |||
Two through six percent | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company matching contribution percentage | 50.00% | |||
Percentage of eligible compensation contributed | 5.00% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) $ in Thousands | Mar. 02, 2019USD ($) |
Future minimum rental payments under noncancelable operating leases | |
Total minimum payments, Fiscal 2016 | $ 14,888 |
Total minimum payments, Fiscal 2017 | 11,787 |
Total minimum payments, Fiscal 2018 | 9,669 |
Total minimum payments, Fiscal 2019 | 8,772 |
Total minimum payments, Fiscal 2020 | 6,735 |
Total minimum payments, Thereafter | 16,806 |
Total | $ 68,657 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 02, 2019 | Mar. 03, 2018 | |
Guarantees and warranties | ||
Balance at beginning of period | $ 22,517 | $ 21,933 |
Additional accruals | 5,552 | 4,643 |
Acquired reserves | 0 | 5,663 |
Claims paid | (11,332) | (9,722) |
Balance at end of period | $ 16,737 | $ 22,517 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities (Details 2) | 12 Months Ended |
Mar. 02, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Proceeds received | $ 26,500 |
Deferred costs | 5,600 |
Net benefit | 20,900 |
October 2020 | |
Loss Contingencies [Line Items] | |
Proceeds received | 10,700 |
Deferred costs | 3,000 |
Net benefit | 7,700 |
May 2023 | |
Loss Contingencies [Line Items] | |
Proceeds received | 6,000 |
Deferred costs | 900 |
Net benefit | 5,100 |
July 2025 | |
Loss Contingencies [Line Items] | |
Proceeds received | 6,600 |
Deferred costs | 900 |
Net benefit | 5,700 |
August 2025 | |
Loss Contingencies [Line Items] | |
Proceeds received | 3,200 |
Deferred costs | 800 |
Net benefit | $ 2,400 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities (Details Textual) | 12 Months Ended | ||
Mar. 02, 2019USD ($)Sale_And_Leaseback_AgreementFacility | Mar. 03, 2018USD ($) | Mar. 04, 2017USD ($) | |
Long-term Purchase Commitment [Line Items] | |||
Total rental expense | $ 25,100,000 | $ 21,800,000 | $ 16,900,000 |
Future minimum lease payments | $ 68,657,000 | ||
Number of sale and leaseback agreements | Sale_And_Leaseback_Agreement | 1 | ||
Average annual lease payment | $ 1,000,000 | ||
Company's backlog bonded by performance bonds | 313,200,000 | ||
Face value of performance bonds | 570,600,000 | ||
Project related liability | 42,100,000 | 26,400,000 | |
Total value of letter of credit | 25,100,000 | ||
Purchase obligations | $ 132,200,000 | ||
Number of properties acquired with historical environmental conditions | Facility | 1 | ||
Proceeds received | $ 26,500 | ||
Deferred costs | 5,600 | ||
Other current and non-current liabilities | |||
Long-term Purchase Commitment [Line Items] | |||
Deferred gain on sale leaseback arrangements | 800,000 | ||
Current Liabilities and Other Non Current Liabilities | |||
Long-term Purchase Commitment [Line Items] | |||
Reserve for environmental liabilities | 1,200,000 | $ 1,300,000 | |
Sotawall | |||
Long-term Purchase Commitment [Line Items] | |||
Total rental expense | 3,200,000 | ||
Future minimum lease payments | $ 12,700,000 |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | 182 Months Ended | ||
Oct. 31, 2008 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | Mar. 02, 2019 | |
Class of Stock [Line Items] | |||||
Junior preferred stock, shares | 200,000 | 200,000 | |||
Junior preferred stock par value | $ 1 | $ 1 | |||
Share repurchases, shares | 1,258,000 | 702,000 | 250,000 | ||
Stock Based Compensation Plans | |||||
Class of Stock [Line Items] | |||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 2 | $ 3 | $ 2.6 | ||
Share Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Increase in authorized shares under the share repurchase program | 2,000,000 | ||||
Share repurchases, shares | 1,257,983 | 702,299 | 250,001 | 5,267,915 | |
Share repurchases, value | $ 43.3 | $ 33.7 | $ 10.8 | $ 149.3 | |
Remaining shares authorized to be repurchased | 1,982,085,000 | 1,982,085,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss Net of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 02, 2019 | Mar. 03, 2018 | |
Equity [Abstract] | ||
Net unrealized loss on marketable securities | $ (35) | $ (99) |
Foreign currency hedge | (409) | 156 |
Pension liability adjustments | (3,852) | (3,344) |
Foreign currency translation adjustments | (27,831) | (20,766) |
Reclassification of tax effects | 0 | |
Total accumulated other comprehensive loss | $ (32,127) | $ (24,053) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Award transactions on stock options | |||
Outstanding shares awards exercised | (19,000) | (102,000) | (163,000) |
Award transactions on stock options, Weighted Average Exercise Price | |||
Weighted average exercise price, Beginning | $ 11.10 | ||
Weighted average exercise price, Awards exercised | 20.43 | ||
Weighted average exercise price, Ending | 8.34 | $ 11.10 | |
Weighted average exercise price, Exercisable | $ 8.34 | ||
Weighted average remaining contractual life, Outstanding | 2 years 6 months | ||
Weighted average remaining contractual life, Exercisable | 2 years 6 months | ||
Aggregate intrinsic value, Outstanding | $ 2,778,442 | ||
Aggregate intrinsic value, Exercisable | $ 2,778,442 | ||
Options/SARs Outstanding | |||
Award transactions on stock options | |||
Outstanding, Beginning | 129,901 | ||
Outstanding shares awards exercised | (29,560) | ||
Outstanding, Ending | 100,341 | 129,901 | |
Outstanding shares exercisable | 100,341 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 1) | 12 Months Ended | |
Mar. 02, 2019$ / sharesshares | ||
Nonvested share award transactions | ||
Nonvested Number, Beginning | shares | 266,180 | |
Number of shares, Granted | shares | 163,987 | [1] |
Number of shares, Vested | shares | (124,112) | |
Number of shares, Canceled | shares | (19,442) | |
Nonvested Number, Ending | shares | 286,613 | |
Nonvested share award transactions, Wieghted Average Grant Date Fair Value | ||
Weighted average grant date fair value, Beginning | $ / shares | $ 49.22 | |
Weighted average grant date fair value, Granted | $ / shares | 43 | |
Weighted average grant date fair value, Vested | $ / shares | 46.09 | |
Weighted average grant date fair value, Canceled | $ / shares | 48.93 | |
Weighted average grant date fair value, Ending | $ / shares | $ 47 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjgzNGU2NGI2YWFjMjQzMzBiN2ZiZTVkM2I1OGFhNTQ3fFRleHRTZWxlY3Rpb246M0UwQzJDNjMzMUE3QkE5N0M1NzAyQzY1RjNFQ0UwREUM} |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of outstanding options and SARs | 10 years | |||
Share-based Compensation | $ 6,286 | $ 6,205 | $ 5,986 | |
Number of shares, Granted | [1] | 163,987 | ||
Cash proceeds from exercise of stock options | $ 200 | 800 | 1,900 | |
Aggregate intrinsic value of securities | 600 | $ 4,800 | $ 6,000 | |
Total unrecognized compensation cost related to nonvested share | $ 6,700 | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Weighted average period, Nonvested | 19 months | |||
Total fair value of shares vested | $ 5,100 | |||
2009 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for issuance | 1,888,000 | |||
2009 Non-Employee Director Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for issuance | 350,000 | |||
Minimum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Maximum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjgzNGU2NGI2YWFjMjQzMzBiN2ZiZTVkM2I1OGFhNTQ3fFRleHRTZWxlY3Rpb246M0UwQzJDNjMzMUE3QkE5N0M1NzAyQzY1RjNFQ0UwREUM} |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax payments, net of refunds | $ 16,500 | $ 25,700 | $ 47,800 | |
Effective income tax rate, change related to new tax laws | 5.60% | |||
Tax expense (benefit) | $ (5,062) | $ 12,968 | 30,392 | 37,015 |
Tax Cuts And Jobs Act Of 2017, impact on deferred tax assets | 0 | |||
Tax benefits that if recognized would decrease the effective tax rate | 3,100 | 3,100 | 2,400 | 2,100 |
Tax benefits that if recognized would result in adjustments to deferred taxes | 2,000 | 2,000 | 2,300 | 2,000 |
Reserve for interest and penalties | (300) | (300) | $ (400) | $ (400) |
Decrease in total liability for unrecognized tax benefits due to audit settlements and lapsing of statutes | 500 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax expense (benefit) | (1,900) | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 9,900 | 9,900 | ||
Valuation allowance of net operating loss carryforwards | $ 8,500 | $ 8,500 |
Income Taxes (Schedule of Earni
Income Taxes (Schedule of Earnings (loss) before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 60,042 | $ 111,980 | $ 123,229 |
International | (1,380) | (2,100) | (424) |
Earnings before income taxes | $ 58,662 | $ 109,880 | $ 122,805 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Current | ||||
Federal | $ 22,746 | $ 22,074 | $ 35,610 | |
State and local | (4,437) | 3,106 | 2,929 | |
International | (459) | 1,578 | (147) | |
Total current | 17,850 | 26,758 | 38,392 | |
Deferred | ||||
Federal | (12,409) | 4,049 | (945) | |
State and local | 6,275 | 351 | (78) | |
International | 628 | (1,205) | (42) | |
Total deferred | (5,506) | 3,195 | (1,065) | |
Total non-current tax expense (benefit) | 624 | 439 | (312) | |
Total income tax expense | $ (5,062) | $ 12,968 | $ 30,392 | $ 37,015 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 32.70% | 35.00% |
Tax rate change revaluation | 0.00% | (3.70%) | 0.00% |
Manufacturing deduction | (0.00%) | (2.20%) | (3.30%) |
State and local income taxes, net of federal tax benefit | 2.70% | 1.80% | 1.60% |
Foreign tax rate differential | 0.80% | (0.70%) | (1.60%) |
Tax credits - research & development | (2.70%) | (0.90%) | (0.70%) |
Other, net | 0.30% | 0.70% | (0.90%) |
Consolidated effective income tax rate | 22.10% | 27.70% | 30.10% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 02, 2019 | Mar. 03, 2018 |
Income Tax Disclosure [Abstract] | ||
Other accruals | $ 13,530 | $ 3,428 |
Deferred compensation | 9,007 | 8,926 |
Goodwill and other intangibles | (5,151) | (4,655) |
Depreciation | (24,289) | (19,523) |
Liability for unrecognized tax benefits | 2,547 | 2,850 |
Net operating losses and tax credits | 9,913 | 6,272 |
Valuation allowance on net operating losses | (8,546) | (4,296) |
Unearned income | 4,557 | 2,628 |
Other | 1,550 | 1,067 |
Deferred tax assets (liabilities) | $ 3,118 | $ (3,303) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 4,705 | $ 4,075 | $ 4,512 |
Gross increases in tax positions for prior years | 500 | 614 | 54 |
Gross decreases in tax positions for prior years | (377) | (122) | (233) |
Gross increases based on tax positions related to the current year | 1,067 | 639 | 508 |
Settlements | (303) | 0 | (23) |
Statute of limitations expiration | (481) | (519) | (743) |
Unrecognized Tax Benefits, Increase Resulting from Revaluation | 0 | 18 | 0 |
Gross unrecognized tax benefits at end of year | $ 5,111 | $ 4,705 | $ 4,075 |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Reconciliation of basic and diluted earnings per share | |||
Basic earnings per share - weighted average common shares outstanding | 27,802 | 28,534 | 28,781 |
Weighted average effect of nonvested share grants and assumed exercise of stock options | 280 | 270 | 112 |
Diluted earnings per share - weighted average common shares and potential common shares outstanding | 28,082 | 28,804 | 28,893 |
Stock awards excluded from the calculation of earnings per share because the award price was greater than the average market price of the common shares | 134 | 141 | 0 |
Business Segment Data (Details
Business Segment Data (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 02, 2019USD ($) | Dec. 01, 2018USD ($) | Sep. 01, 2018USD ($) | Jun. 02, 2018USD ($) | Mar. 03, 2018USD ($) | Dec. 02, 2017USD ($) | Sep. 02, 2017USD ($) | Jun. 03, 2017USD ($) | Mar. 02, 2019USD ($)operating_segment | Mar. 03, 2018USD ($) | Mar. 04, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | 4 | ||||||||||
Number of operating segments | operating_segment | 6 | ||||||||||
Project related charges | $ 40,900 | ||||||||||
Revenues | $ 346,255 | $ 357,718 | $ 362,133 | $ 336,531 | $ 353,453 | $ 356,506 | $ 343,907 | $ 272,307 | 1,402,637 | $ 1,326,173 | $ 1,114,533 |
Geographic Concentration Risk | Net export sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 56,300 | $ 49,100 | $ 76,200 | ||||||||
Export net sales as a percentage of consolidated net sales (percentage) | 4.00% | 4.00% | 7.00% |
Business Segment Data (Schedule
Business Segment Data (Schedule of Certain Segment Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 02, 2019 | Dec. 01, 2018 | Sep. 01, 2018 | Jun. 02, 2018 | Mar. 03, 2018 | Dec. 02, 2017 | Sep. 02, 2017 | Jun. 03, 2017 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 346,255 | $ 357,718 | $ 362,133 | $ 336,531 | $ 353,453 | $ 356,506 | $ 343,907 | $ 272,307 | $ 1,402,637 | $ 1,326,173 | $ 1,114,533 |
Operating Income (Loss) | (14,778) | 67,284 | 114,284 | 122,225 | |||||||
Depreciation and Amortization | 49,798 | 54,843 | 35,607 | ||||||||
Capital Expenditures | 60,717 | 53,196 | 68,061 | ||||||||
Identifiable Assets | 1,068,168 | 1,022,320 | 1,068,168 | 1,022,320 | 784,658 | ||||||
Architectural Glass | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 367,203 | 384,137 | 411,881 | ||||||||
Operating Income (Loss) | 16,503 | 32,764 | 44,656 | ||||||||
Depreciation and Amortization | 13,009 | 14,525 | 15,912 | ||||||||
Capital Expenditures | 27,722 | 26,228 | 44,439 | ||||||||
Identifiable Assets | 281,817 | 250,407 | 281,817 | 250,407 | 254,840 | ||||||
Architectural Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 286,314 | 213,757 | 270,937 | ||||||||
Operating Income (Loss) | 30,509 | 10,420 | 18,494 | ||||||||
Depreciation and Amortization | 1,234 | 1,325 | 1,364 | ||||||||
Capital Expenditures | 1,433 | 2,510 | 1,981 | ||||||||
Identifiable Assets | 59,227 | 53,424 | 59,227 | 53,424 | 70,875 | ||||||
Architectural Framing Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 720,829 | 677,198 | 385,978 | ||||||||
Operating Income (Loss) | 49,660 | 59,031 | 44,768 | ||||||||
Depreciation and Amortization | 28,937 | 31,764 | 12,404 | ||||||||
Capital Expenditures | 19,098 | 15,273 | 14,070 | ||||||||
Identifiable Assets | 617,001 | 618,455 | 617,001 | 618,455 | 359,633 | ||||||
Large-Scale Optical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 88,493 | 88,303 | 89,710 | ||||||||
Operating Income (Loss) | 23,003 | 22,000 | 22,467 | ||||||||
Depreciation and Amortization | 3,692 | 4,556 | 4,785 | ||||||||
Capital Expenditures | 6,989 | 3,307 | 1,510 | ||||||||
Identifiable Assets | 61,031 | 58,523 | 61,031 | 58,523 | 58,198 | ||||||
Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (60,202) | (37,222) | (43,973) | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | (52,391) | (9,931) | (8,160) | ||||||||
Depreciation and Amortization | 2,926 | 2,673 | 1,142 | ||||||||
Capital Expenditures | 5,475 | 5,878 | 6,061 | ||||||||
Identifiable Assets | $ 49,092 | $ 41,511 | $ 49,092 | $ 41,511 | $ 41,112 |
Business Segment Data (Schedu_2
Business Segment Data (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 02, 2019 | Dec. 01, 2018 | Sep. 01, 2018 | Jun. 02, 2018 | Mar. 03, 2018 | Dec. 02, 2017 | Sep. 02, 2017 | Jun. 03, 2017 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 346,255 | $ 357,718 | $ 362,133 | $ 336,531 | $ 353,453 | $ 356,506 | $ 343,907 | $ 272,307 | $ 1,402,637 | $ 1,326,173 | $ 1,114,533 |
Long-Lived Assets | 315,823 | 304,063 | 315,823 | 304,063 | 246,748 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,259,319 | 1,187,922 | 1,031,214 | ||||||||
Long-Lived Assets | 297,072 | 283,432 | 297,072 | 283,432 | 227,145 | ||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 128,735 | 122,981 | 65,958 | ||||||||
Long-Lived Assets | 12,563 | 13,384 | 12,563 | 13,384 | 13,303 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 14,583 | 15,270 | 17,361 | ||||||||
Long-Lived Assets | $ 6,188 | $ 7,247 | $ 6,188 | $ 7,247 | $ 6,300 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 02, 2019 | Dec. 01, 2018 | Sep. 01, 2018 | Jun. 02, 2018 | Mar. 03, 2018 | Dec. 02, 2017 | Sep. 02, 2017 | Jun. 03, 2017 | Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 346,255 | $ 357,718 | $ 362,133 | $ 336,531 | $ 353,453 | $ 356,506 | $ 343,907 | $ 272,307 | $ 1,402,637 | $ 1,326,173 | $ 1,114,533 |
Gross profit | 44,279 | 84,090 | 84,466 | 80,730 | 85,664 | 91,559 | 86,001 | 70,294 | 293,565 | 333,518 | 292,023 |
Net earnings | $ (12,083) | $ 21,891 | $ 20,513 | $ 15,373 | $ 22,329 | $ 23,646 | $ 17,409 | $ 16,104 | $ 45,694 | $ 79,488 | $ 85,790 |
Earnings per share - basic | |||||||||||
Earnings per share - basic (USD per share) | $ (0.45) | $ 0.79 | $ 0.73 | $ 0.55 | $ 0.79 | $ 0.82 | $ 0.60 | $ 0.56 | $ 1.64 | $ 2.79 | $ 2.98 |
Earnings per share - diluted | |||||||||||
Earnings per share - diluted (USD per share) | $ (0.45) | $ 0.78 | $ 0.72 | $ 0.54 | $ 0.78 | $ 0.82 | $ 0.60 | $ 0.56 | $ 1.63 | $ 2.76 | $ 2.97 |
Schedule - Valuation and Qual_2
Schedule - Valuation and Qualifying Accounts (Details) - Allowances for doubtful receivables - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 02, 2019 | Mar. 03, 2018 | Mar. 04, 2017 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 1,530 | $ 1,495 | $ 2,497 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 252 | 25 | |
Charged to Costs and Expenses | 3,090 | 1,345 | (416) | |
Deductions from Reserves | [1] | 223 | 1,559 | 579 |
Other changes add (deduct) | [2] | (25) | (3) | (32) |
Balance at End of Period | $ 4,372 | $ 1,530 | $ 1,495 | |
[1] | Net of recoveries | |||
[2] | Result of foreign currency effects |
Uncategorized Items - apog-2019
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,999,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |