XML 37 R2.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
 12 Months Ended 19 Months Ended 29 Months Ended
Feb. 23, 2024
Feb. 24, 2023
Feb. 25, 2022
Feb. 26, 2021
Sep. 30, 2021
Feb. 23, 2024
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table
Summary Compensation Table Total for PEO 1
Compensation Actually Paid to PEO 2
Value of Initial Fixed $100 Investment Based On:
Fiscal YearSara E. ArmbrusterJames P. KeaneSara E. ArmbrusterJames P. Keane
Average Summary Compensation Table Total for Non-PEO Named Executive Officers
1
Average Compensation Actually Paid to Non-PEO Named Executive Officers
2
Total Shareholder Return
3
Peer
Group Total Shareholder Return
3
Net Income
($ in millions)
Operating Income, as adjusted
($ in millions) 4
(a)(b)(b)(c)(c)(d)(e)(f)(g)(h)(i)
2024$6,151,938 $— $12,287,968 $— $2,196,231 $3,623,994 $90 $97 $81.1 $130.8 
2023$4,150,404 $— $1,987,633 $— $1,737,005 $1,205,713 $57 $81 $35.3 $89.9 
2022$5,420,546 $6,324,983 $4,795,416 $2,788,222 $1,212,915 $822,301 $82 $113 $4.0 $19.3 
2021$— $7,407,174 $— $6,841,476 $1,574,431 $1,445,052 $88 $107 $26.1 $89.2 
          
Company Selected Measure Name operating income          
Named Executive Officers, Footnote The amounts reported in columns (b) reflect total compensation reported in the Summary Compensation Table for Sara Armbruster and James Keane for the fiscal years in which they served as our PEO. For the fiscal years reported in the table, James Keane was our PEO from the beginning of fiscal year 2021 to October 2021, and Sara Armbruster was our PEO from October 2021 to the end of fiscal year 2024.
The amounts reported in column (d) reflect the average total compensation reported in the Summary Compensation Table for the Non-PEO Named Executive Officers for the applicable fiscal years as listed below:
2024202320222021
David C. SylvesterDavid C. SylvesterDavid C. SylvesterDavid C. Sylvester
Allan W. Smith, Jr.Allan W. Smith, Jr.Allan W. Smith, Jr.Lizbeth S. O’Shaughnessy
Lizbeth S. O’ShaughnessyLizbeth S. O’ShaughnessyLizbeth S. O’ShaughnessySara E. Armbruster
Robert G. KrestakosRobert G. KrestakosRobert G. KrestakosAllan W. Smith, Jr.
James N. Ludwig
Eddy F. Schmitt
          
Peer Group Issuers, Footnote The dollar amounts in columns (f) and (g) represent TSR, calculated as the value at the end of the applicable fiscal year of an assumed $100 investment in our Class A Common Stock and a peer group, respectively, on the last trading day of fiscal year 2020. The peer group consists of HNI Corporation and MillerKnoll, Inc. Prior to their merger on July 19, 2021, the peer group included both Herman Miller, Inc. and Knoll, Inc. and prior to HNI Corporation’s acquisition of Kimball International, Inc. on June 1, 2023, the peer group included both HNI Corporation and Kimball International, Inc. The returns of each company in the peer group are weighted by their relative market capitalization at the beginning of each fiscal year.          
Adjustment To PEO Compensation, Footnote
The following table reconciles Compensation Actually Paid to the Summary Compensation Table Total for Sara Armbruster and James Keane.
2024202320222021
PEOsSara E. ArmbrusterSara E. ArmbrusterSara E. ArmbrusterJames P. KeaneJames P. Keane
Summary Compensation Table Total (column b)$6,151,938 $4,150,404 $5,420,546 $6,324,983 $7,407,174 
–Reported value of equity-based awards$(3,009,609)$(2,347,280)$(4,462,068)$(5,057,410)$(4,808,704)
+Fiscal year-end fair value of outstanding and unvested equity-based awards granted in applicable fiscal year$6,322,413 $1,382,154 $3,723,104 $2,139,814 $4,434,838 
+Change in fair value of outstanding and unvested equity-based awards granted in prior fiscal years$1,625,793 $(1,132,864)$(53,677)$(516,320)$(413,500)
+Fair value as of vesting date of equity-based awards granted and vested in the applicable fiscal year$434,573 $47,312 $12,786 $111,510 $1,336,846 
+Change in fair value of equity-based awards granted in prior fiscal years that vested in the applicable fiscal year$502,522 $(413,320)$(66,910)$(583,160)$(1,352,650)
+Value of dividends or other earnings paid on equity-based awards not otherwise reflected in total compensation$274,759 $208,857 $118,563 $368,805 $255,437 
–Aggregate change in the actuarial present value of accumulated benefits under defined benefit and actuarial pension plans$(85,641)$— $— $— $(17,965)
+Service cost of actuarial present value of benefits under defined benefit and actuarial pension plans$71,220 $92,370 $103,072 $— $— 
Total adjustments$6,136,030 $(2,162,771)$(625,130)$(3,536,761)$(565,698)
Equals: Compensation Actually Paid (column c)$12,287,968 $1,987,633 $4,795,416 $2,788,222 $6,841,476 
          
Non-PEO NEO Average Total Compensation Amount $ 2,196,231 $ 1,737,005 $ 1,212,915 $ 1,574,431    
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,623,994 1,205,713 822,301 1,445,052    
Adjustment to Non-PEO NEO Compensation Footnote
The following table reconciles Compensation Actually Paid to the Summary Compensation Table Total for the average of the Non-PEO Named Executive Officers:
Average for Non-PEO Named Executive Officers2024202320222021
Summary Compensation Table Total (column d)$2,196,231 $1,737,005 $1,212,915 $1,574,431 
–
Reported value of equity-based awards
$(753,626)$(825,775)$(611,901)$(760,192)
+
Fiscal year-end fair value of outstanding and unvested equity-based awards granted in applicable fiscal year
$1,525,941 $450,729 $278,335 $641,759 
+
Change in fair value of outstanding and unvested equity-based awards granted in prior fiscal years
$226,313 $(108,729)$(60,239)$(66,718)
+
Fair value as of vesting date of equity-based awards granted and vested in the applicable fiscal year
$169,511 $61,160 $14,050 $250,223 
+
Change in fair value of equity-based awards granted in prior fiscal years that vested in the applicable fiscal year
$195,312 $(173,205)$(75,576)$(222,513)
+
Value of dividends or other earnings paid on equity-based awards not otherwise reflected in total compensation
$69,737 $64,528 $46,577 $42,306 
–
Aggregate change in the actuarial prevent value of accumulated benefits under defined benefit and actuarial pension plans
$(5,425)$— $— $(38,770)
+
Service cost of actuarial present value of benefits under defined benefit and actuarial pension plans
$— $— $18,140 $24,526 
Total adjustments$1,427,763 $(531,292)$(390,614)$(129,379)
Equals: Compensation Actually Paid (column e)$3,623,994 $1,205,713 $822,301 $1,445,052 
          
Compensation Actually Paid vs. Total Shareholder Return
Slide4.jpg
          
Compensation Actually Paid vs. Net Income
Slide3.jpg
          
Compensation Actually Paid vs. Company Selected Measure
Slide5.jpg
          
Total Shareholder Return Vs Peer Group
Slide4.jpg
          
Tabular List, Table
Tabular List of Financial Performance Measures
Net Income *
Operating Income *
Revenue *
Relative Total Shareholder Return
Return on Invested Capital *
          
Total Shareholder Return Amount $ 90 57 82 88    
Peer Group Total Shareholder Return Amount 97 81 113 107    
Net Income (Loss) $ 81,100,000 $ 35,300,000 $ 4,000,000.0 $ 26,100,000    
Company Selected Measure Amount 130,800,000 89,900,000 19,300,000 89,200,000    
Additional 402(v) Disclosure The amounts reported in columns (c) and (e) represent Compensation Actually Paid to each of the PEOs and the average Compensation Actually Paid to the Non-PEO Named Executive Officers, respectively, calculated in accordance with Item 402(v) of Regulation S-K. Total compensation reported in the Summary Compensation Table is the starting point to determine Compensation Actually Paid, and then certain adjustments are made to those amounts with respect to equity-based and other compensation, as detailed below.
For equity-based awards granted during the fiscal year, the amount reported in the Stock Awards column of the Summary Compensation Table is replaced with the fair value of the awards at the end of the fiscal year or on the vesting date, if earlier. For equity-based awards made in prior fiscal years which vested during the fiscal year, the change in fair value from the end of the prior fiscal year to the vesting date is added, and for equity-based awards made in prior fiscal years that remained unvested at fiscal year end, the change in fair value from the end of the prior fiscal year to the end of the fiscal year is added. For any equity-based awards granted in a prior fiscal year that failed to meet the applicable vesting requirements during the fiscal year, the fair value at the end of the prior year is deducted. Finally, the dollar value of any dividends or other earnings paid on any equity-based awards in the fiscal year prior to the vesting date that are not otherwise included in total compensation are added.
For defined benefit and actuarial pension plans, the aggregate change in the actuarial present value of the NEO’s accumulated benefits under all such plans is replaced with the (i) service cost, calculated as the actuarial present value of the NEO’s benefits under all such plans attributable to services rendered during the fiscal year, and (ii) prior service cost, calculated as the entire cost of benefits granted (or credit for benefits reduced) in a plan amendment (or initiation) during the fiscal year that are attributed by the benefit formula to services rendered in periods prior to the amendment.
In accordance with Item 402(v) of Regulation S-K, we determined operating income, as adjusted by the Compensation Committee, as the most important financial performance measure (that is not otherwise disclosed in this table) we used to link Compensation Actually Paid to our NEOs for fiscal year 2024 to our performance, given its impact on the determination of the change in fair value of performance shares granted to the NEOs. For fiscal year 2024, the Committee approved adjustments to operating income for (1) restructuring costs and (2) a decrease in the valuation of a contingent earnout liability. For fiscal year 2023, the Committee approved adjustments to operating income for (1) restructuring costs and (2) an increase in the valuation of a contingent earnout liability. For fiscal year 2022, the Committee approved adjustments to operating income for (1) a gain from a cost-method investment and (2) the incremental increase in CEO compensation during our CEO transition period. For fiscal year 2021, operating income was not used as a financial performance measure for incentive compensation purposes, so the Committee did not approve any adjustments, but we have presented fiscal year 2021 operating income, as adjusted to exclude (1) restructuring costs and (2) a goodwill impairment charge, consistent with adjustments historically approved by the Committee. 		         
Measure:: 1            
Pay vs Performance Disclosure            
Name Net Income *          
Measure:: 2            
Pay vs Performance Disclosure            
Name Operating Income *          
Measure:: 3            
Pay vs Performance Disclosure            
Name Revenue *          
Measure:: 4            
Pay vs Performance Disclosure            
Name Relative Total Shareholder Return          
Measure:: 5            
Pay vs Performance Disclosure            
Name Return on Invested Capital *          
Sara E. Armbruster [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount $ 6,151,938 $ 4,150,404 $ 5,420,546      
PEO Actually Paid Compensation Amount 12,287,968 1,987,633 4,795,416      
PEO Name           Sara Armbruster
James P. Keane [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     6,324,983 $ 7,407,174    
PEO Actually Paid Compensation Amount     2,788,222 6,841,476    
PEO Name         James Keane  
PEO | Sara E. Armbruster [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 6,136,030 (2,162,771) (625,130)      
PEO | Sara E. Armbruster [Member] | Equity Awards Reported Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (3,009,609) (2,347,280) (4,462,068)      
PEO | Sara E. Armbruster [Member] | Awards Granted During the Year, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 6,322,413 1,382,154 3,723,104      
PEO | Sara E. Armbruster [Member] | Equity Awards Granted in Prior Years, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 1,625,793 (1,132,864) (53,677)      
PEO | Sara E. Armbruster [Member] | Awards Granted During the Year, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 434,573 47,312 12,786      
PEO | Sara E. Armbruster [Member] | Equity Awards Granted in Prior Years, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 502,522 (413,320) (66,910)      
PEO | Sara E. Armbruster [Member] | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 274,759 208,857 118,563      
PEO | Sara E. Armbruster [Member] | Change in Pension Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (85,641) 0 0      
PEO | Sara E. Armbruster [Member] | Pension Adjustments, Service Cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 71,220 92,370 103,072      
PEO | James P. Keane [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (3,536,761) (565,698)    
PEO | James P. Keane [Member] | Equity Awards Reported Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (5,057,410) (4,808,704)    
PEO | James P. Keane [Member] | Awards Granted During the Year, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     2,139,814 4,434,838    
PEO | James P. Keane [Member] | Equity Awards Granted in Prior Years, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (516,320) (413,500)    
PEO | James P. Keane [Member] | Awards Granted During the Year, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     111,510 1,336,846    
PEO | James P. Keane [Member] | Equity Awards Granted in Prior Years, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (583,160) (1,352,650)    
PEO | James P. Keane [Member] | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     368,805 255,437    
PEO | James P. Keane [Member] | Change in Pension Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 (17,965)    
PEO | James P. Keane [Member] | Pension Adjustments, Service Cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 0    
Non-PEO NEO            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 1,427,763 (531,292) (390,614) (129,379)    
Non-PEO NEO | Equity Awards Reported Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (753,626) (825,775) (611,901) (760,192)    
Non-PEO NEO | Awards Granted During the Year, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 1,525,941 450,729 278,335 641,759    
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 226,313 (108,729) (60,239) (66,718)    
Non-PEO NEO | Awards Granted During the Year, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 169,511 61,160 14,050 250,223    
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 195,312 (173,205) (75,576) (222,513)    
Non-PEO NEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 69,737 64,528 46,577 42,306    
Non-PEO NEO | Change in Pension Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (5,425) 0 0 (38,770)    
Non-PEO NEO | Pension Adjustments, Service Cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount $ 0 $ 0 $ 18,140 $ 24,526