x | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Minnesota | 41-0919654 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
4400 West 78th Street – Suite 520, Minneapolis, MN | 55435 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |||
Common Stock, $0.33 1/3 Par Value | The NASDAQ Stock Market LLC |
Large accelerated filer | x | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Page | ||
• | The Architectural Glass segment fabricates coated, high-performance glass used globally in customized window and wall systems. For fiscal 2017, the Architectural Glass segment accounted for approximately 33 percent of our net sales. |
• | The Architectural Framing Systems segment designs, engineers, fabricates and finishes the aluminum frames used in customized window, curtainwall, storefront and entrance systems comprising the outside skin of buildings. For fiscal 2017, the Architectural Framing Systems segment accounted for approximately 35 percent of our net sales. |
• | The Architectural Services segment provides full-service installation of the walls of glass, windows and other curtainwall products making up the outside skin of buildings. For fiscal 2017, the Architectural Services segment accounted for approximately 24 percent of our net sales. |
• | The Large-Scale Optical Technologies (LSO) segment manufactures value-added glass and acrylic products for framing and display applications. For fiscal 2017, this segment accounted for approximately 8 percent of our net sales. |
Name | Age | Positions with Apogee Enterprises and Employment History | ||
Joseph F. Puishys | 58 | Chief Executive Officer and President of the Company since 2011. President of Honeywell's Environmental and Combustion Controls division from 2008 through 2011, President of Honeywell's Building Solutions from 2005 through 2008, and President of Honeywell Building Solutions, America from 2004 to 2005. | ||
James S. Porter | 56 | Chief Financial Officer since 2005 and Executive Vice President since 2015. Vice President of Strategy and Planning from 2002 through 2005. Various management positions within the Company since 1997. | ||
Patricia A. Beithon | 63 | General Counsel and Secretary since 1999. | ||
Gary R. Johnson | 55 | Vice President, Treasurer since 2001. Various management positions within the Company since 1995. | ||
John A. Klein | 60 | Senior Vice President, Operations and Supply Chain Management of the Company since 2012. Director of Operations at Cooper Industries' Power Systems Division from 2008 through 2012, and Vice President of Operations at Rexnord Industries' Bearing Division from 2005 through 2007. |
• | diversion of management’s attention from existing business activities; |
• | difficulties or delays in integrating and assimilating information and financial systems, operations, and products of an acquired business or other business venture or in realizing projected efficiencies, growth prospects, cost savings, and synergies; |
• | potential loss of key employees and customers of the acquired businesses or adverse effects on relationships with existing customers and suppliers; |
• | adverse impact on overall profitability if the acquired business does not achieve the return on investment projected at the time of acquisition; and |
• | inaccurate assessment of additional post-acquisition capital investments, undisclosed, contingent or other liabilities, problems executing backlog of material supply or installation projects underway at time of acquisition, unanticipated costs, and an inability to recover or manage such liabilities and costs. |
Property Location | Owned/ Leased | Function | ||
Architectural Glass segment | ||||
Owatonna, MN | Owned | Manufacturing/Administrative | ||
Owatonna, MN | Leased | Warehouse | ||
Statesboro, GA | Owned | Manufacturing/Warehouse | ||
St. George, UT | Owned | Manufacturing/Warehouse | ||
Nazaré Paulista, Brazil | Owned(1) | Manufacturing/Administrative | ||
Architectural Framing Systems segment | ||||
Wausau, WI | Owned | Manufacturing/Administrative | ||
Stratford, WI | Owned | Manufacturing | ||
Reed City, MI | Owned | Manufacturing | ||
Walker, MI | Leased | Manufacturing/Administrative | ||
Dallas, TX | Leased | Manufacturing | ||
Toronto, ON Canada | Leased | Manufacturing/Warehouse/Administrative | ||
Toronto, ON Canada | Owned | Manufacturing | ||
Brampton, ON Canada | Leased | Manufacturing/Warehouse/Administrative | ||
Architectural Services segment | ||||
Minneapolis, MN | Leased | Administrative | ||
West Chester, OH | Leased | Manufacturing | ||
Garland, TX | Leased | Manufacturing | ||
Glen Burnie, MD | Leased | Manufacturing | ||
Orlando, FL | Leased | Manufacturing | ||
LSO segment | ||||
McCook, IL | Owned | Manufacturing/Warehouse/Administrative | ||
Faribault, MN | Owned | Manufacturing/Administrative | ||
Other | ||||
Minneapolis, MN | Leased | Administrative |
(1) | This is an owned facility; however, the land is leased from the city. |
First | Second | Third | Fourth | Year-end | ||||||||||||||||||||||||||||
Low | High | Low | High | Low | High | Low | High | Close | ||||||||||||||||||||||||
2017 | $ | 39.93 | $ | 45.94 | $ | 41.50 | $ | 48.88 | $ | 39.96 | $ | 49.17 | $ | 47.64 | $ | 59.38 | $ | 58.19 | ||||||||||||||
2016 | 42.35 | 56.27 | 49.60 | 60.16 | 43.90 | 57.86 | 34.52 | 50.53 | 39.41 | |||||||||||||||||||||||
2015 | 28.28 | 35.64 | 29.21 | 36.68 | 35.07 | 47.02 | 37.83 | 48.03 | 45.85 |
First | Second | Third | Fourth | Total | ||||||||||||||||
2017 | $ | 0.1250 | $ | 0.1250 | $ | 0.1250 | $ | 0.1400 | $ | 0.5150 | ||||||||||
2016 | 0.1100 | 0.1100 | 0.1100 | 0.1250 | 0.4550 | |||||||||||||||
2015 | 0.1000 | 0.1000 | 0.1000 | 0.1100 | 0.4100 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (b) | ||||||||
November 27, 2016 through December 31, 2016 | 180 | $ | 50.04 | — | 942,367 | |||||||
January 1, 2017 through January 28, 2017 | 3,185 | 55.55 | — | 942,367 | ||||||||
January 29, 2017 through March 4, 2017 | 1,625 | 57.98 | — | 942,367 | ||||||||
Total | 4,990 | $ | 56.15 | — | 942,367 |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
Apogee | $ | 100.00 | $ | 212.10 | $ | 280.52 | $ | 379.99 | $ | 329.79 | $ | 492.41 | |||||||||||
S&P Small Cap 600 Growth Index | 100.00 | 114.19 | 149.83 | 160.72 | 147.48 | 193.42 | |||||||||||||||||
Russell 2000 Index | 100.00 | 115.68 | 151.59 | 160.12 | 136.57 | 186.43 |
Fiscal Year | |||||||||||||||||||
(In thousands, except per share data and percentages) | 2017(1, 2) | 2016 | 2015 | 2014(3) | 2013 | ||||||||||||||
Results of Operations Data | |||||||||||||||||||
Net sales | $ | 1,114,533 | $ | 981,189 | $ | 933,936 | $ | 771,445 | $ | 700,224 | |||||||||
Gross profit | 292,023 | 243,570 | 208,544 | 165,252 | 145,733 | ||||||||||||||
Operating income | 122,225 | 97,393 | 63,585 | 40,285 | 27,419 | ||||||||||||||
Net earnings | 85,790 | 65,342 | 50,516 | 27,986 | 19,111 | ||||||||||||||
Earnings per share - basic | 2.98 | 2.25 | 1.76 | 0.98 | 0.68 | ||||||||||||||
Earnings per share - diluted | 2.97 | 2.22 | 1.72 | 0.95 | 0.67 | ||||||||||||||
Cash dividends per share | 0.515 | 0.455 | 0.410 | 0.370 | 0.360 | ||||||||||||||
Balance Sheet Data | |||||||||||||||||||
Total assets | 784,658 | 657,440 | 612,057 | 569,995 | 524,779 | ||||||||||||||
Long-term debt | 65,400 | 20,400 | 20,587 | 20,659 | 20,756 | ||||||||||||||
Shareholders' equity | 470,577 | 406,195 | 382,476 | 356,104 | 336,792 | ||||||||||||||
Other Data | |||||||||||||||||||
Gross profit as a percentage of sales | 26.2 | % | 24.8 | % | 22.3 | % | 21.4 | % | 20.8 | % | |||||||||
Operating income as a percentage of sales | 11.0 | % | 9.9 | % | 6.8 | % | 5.2 | % | 3.9 | % | |||||||||
Return on average invested capital(4) | 14.3 | % | 12.7 | % | 8.8 | % | 6.0 | % | 4.3 | % |
(1) | Fiscal 2017 included 53 weeks. Each of the other periods presented included 52 weeks. |
(2) | Includes the acquisition of Sotawall in December 2016. |
(3) | Includes the acquisition of Alumicor in November 2013. |
(4) | Return on average invested capital is a non-GAAP measure that we define as [operating income x .65]/average invested capital. We believe this measure is useful in understanding operational performance over time. This non-GAAP measure should be viewed in addition to, and not as an alternative to, the reported financial results of the company prepared in accordance with GAAP. Other companies may calculate this measure differently from us, limiting the usefulness of the measure for comparison with others. |
• | Consolidated net sales increased to $1.1 billion, or 14 percent over fiscal 2016. |
• | Operating income increased to $122 million, or 25 percent over the prior year. |
• | Diluted EPS was $2.97, compared to $2.22 in the prior year, for growth of 34 percent. |
• | We acquired the assets of Sotawall, Inc., a Canadian privately-held designer and fabricator of high-performance, unitized curtainwall systems for commercial construction projects, for approximately $138 million on December 14, 2016. Sotawall's results since the date of acquisition have been included in the consolidated financial statements and within the Architectural Framing Systems segment. |
(Dollars in thousands) | 2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | ||||||||||||
Net sales | $ | 1,114,533 | $ | 981,189 | $ | 933,936 | 13.6 | % | 5.1 | % |
(Percentage of net sales) | 2017 | 2016 | 2015 | |||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | ||
Cost of sales | 73.8 | 75.2 | 77.7 | |||||
Gross profit | 26.2 | 24.8 | 22.3 | |||||
Selling, general and administrative expenses | 15.2 | 14.9 | 15.5 | |||||
Operating income | 11.0 | 9.9 | 6.8 | |||||
Other income, net | — | — | 0.2 | |||||
Earnings before income taxes | 11.0 | 9.9 | 7.0 | |||||
Income tax expense | 3.3 | 3.3 | 1.6 | |||||
Net earnings | 7.7 | % | 6.7 | % | 5.4 | % | ||
Effective income tax rate | 30.1 | % | 32.9 | % | 22.3 | % |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Net sales | $ | 411,881 | $ | 377,713 | $ | 346,471 | |||||
Operating income | 44,656 | 35,504 | 16,431 | ||||||||
Operating margin | 10.8 | % | 9.4 | % | 4.7 | % |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Net sales | $ | 385,978 | $ | 308,593 | $ | 298,395 | |||||
Operating income | 44,768 | 31,911 | 21,808 | ||||||||
Operating margin | 11.6 | % | 10.3 | % | 7.3 | % |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Net sales | $ | 270,937 | $ | 245,935 | $ | 230,650 | |||||
Operating income | 18,494 | 11,687 | 7,442 | ||||||||
Operating margin | 6.8 | % | 4.8 | % | 3.2 | % |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Net sales | $ | 89,710 | $ | 88,541 | $ | 87,693 | |||||
Operating income | 22,467 | 22,963 | 21,954 | ||||||||
Operating margin | 25.0 | % | 25.9 | % | 25.0 | % |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Operating Activities | |||||||||||
Net cash provided by operating activities | $ | 124,001 | $ | 128,943 | $ | 71,799 | |||||
Investing Activities | |||||||||||
Capital expenditures | (68,061 | ) | (42,037 | ) | (27,220 | ) | |||||
Net sales (purchases) of marketable securities | 32,728 | (31,767 | ) | 804 | |||||||
Acquisition of business and intangibles | (137,932 | ) | — | — | |||||||
Financing Activities | |||||||||||
Borrowings on line of credit, net | 44,988 | — | — | ||||||||
Repurchase and retirement of common stock | (10,817 | ) | (24,911 | ) | (6,894 | ) | |||||
Dividends paid | (14,667 | ) | (13,184 | ) | (12,071 | ) |
Payments Due by Fiscal Period | |||||||||||||||||||||||||||
(In thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||
Long-term debt obligations | $ | — | $ | — | $ | — | $ | 5,400 | $ | 47,000 | $ | 13,000 | $ | 65,400 | |||||||||||||
Operating leases (undiscounted) | 11,419 | 10,796 | 9,286 | 6,342 | 5,605 | 9,002 | 52,450 | ||||||||||||||||||||
Purchase obligations | 106,839 | 4,693 | 1,800 | 1,230 | 1,230 | — | 115,792 | ||||||||||||||||||||
Total cash obligations | $ | 118,258 | $ | 15,489 | $ | 11,086 | $ | 12,972 | $ | 53,835 | $ | 22,002 | $ | 233,642 |
• | Revenue growth of approximately 10 percent over fiscal 2017. |
• | Gross margin of approximately 28 percent and operating margin of approximately 12.5 percent. |
• | Earnings per diluted share of $3.35 to $3.55. |
• | Capital expenditures of approximately $50 to $60 million. |
(In thousands, except per share data) | March 4, 2017 | February 27, 2016 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 19,463 | $ | 60,470 | ||||
Short-term available for sale securities | 548 | 30,173 | ||||||
Restricted cash | 7,834 | — | ||||||
Receivables, net of allowance for doubtful accounts | 185,740 | 172,832 | ||||||
Inventories | 73,409 | 63,386 | ||||||
Refundable income taxes | 1,743 | — | ||||||
Deferred tax assets | — | 1,820 | ||||||
Other current assets | 8,724 | 8,112 | ||||||
Total current assets | 297,461 | 336,793 | ||||||
Property, plant and equipment, net | 246,748 | 202,462 | ||||||
Available for sale securities | 9,041 | 12,519 | ||||||
Deferred tax assets | 4,025 | — | ||||||
Goodwill | 101,334 | 73,996 | ||||||
Intangible assets | 106,686 | 19,862 | ||||||
Other non-current assets | 19,363 | 11,808 | ||||||
Total assets | $ | 784,658 | $ | 657,440 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 63,182 | $ | 64,762 | ||||
Accrued payroll and related benefits | 51,244 | 39,946 | ||||||
Accrued self-insurance reserves | 8,575 | 7,818 | ||||||
Other current liabilities | 34,200 | 29,339 | ||||||
Billings in excess of costs and earnings on uncompleted contracts | 28,857 | 31,890 | ||||||
Accrued income taxes | — | 3,626 | ||||||
Total current liabilities | 186,058 | 177,381 | ||||||
Long-term debt | 65,400 | 20,400 | ||||||
Unrecognized tax benefits | 3,980 | 4,441 | ||||||
Long-term self-insurance reserves | 8,831 | 7,137 | ||||||
Deferred tax liabilities | 4,025 | 4,972 | ||||||
Other non-current liabilities | 45,787 | 36,914 | ||||||
Commitments and contingent liabilities (Note 11) | ||||||||
Shareholders’ equity | ||||||||
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 28,680,841 and 28,683,948 shares, respectively | 9,560 | 9,561 | ||||||
Additional paid-in capital | 150,111 | 145,528 | ||||||
Retained earnings | 341,996 | 282,477 | ||||||
Common stock held in trust | (875 | ) | (837 | ) | ||||
Deferred compensation obligations | 875 | 837 | ||||||
Accumulated other comprehensive loss | (31,090 | ) | (31,371 | ) | ||||
Total shareholders’ equity | 470,577 | 406,195 | ||||||
Total liabilities and shareholders’ equity | $ | 784,658 | $ | 657,440 |
Year-Ended | ||||||||||||
March 4, 2017 | February 27, 2016 | February 28, 2015 | ||||||||||
(In thousands, except per share data) | (53 weeks) | (52 weeks) | (52 weeks) | |||||||||
Net sales | $ | 1,114,533 | $ | 981,189 | $ | 933,936 | ||||||
Cost of sales | 822,510 | 737,619 | 725,392 | |||||||||
Gross profit | 292,023 | 243,570 | 208,544 | |||||||||
Selling, general and administrative expenses | 169,798 | 146,177 | 144,959 | |||||||||
Operating income | 122,225 | 97,393 | 63,585 | |||||||||
Interest income | 1,008 | 981 | 954 | |||||||||
Interest expense | 971 | 593 | 924 | |||||||||
Other income (expense), net | 543 | (457 | ) | 1,384 | ||||||||
Earnings before income taxes | 122,805 | 97,324 | 64,999 | |||||||||
Income tax expense | 37,015 | 31,982 | 14,483 | |||||||||
Net earnings | $ | 85,790 | $ | 65,342 | $ | 50,516 | ||||||
Earnings per share - basic | $ | 2.98 | $ | 2.25 | $ | 1.76 | ||||||
Earnings per share - diluted | $ | 2.97 | $ | 2.22 | $ | 1.72 | ||||||
Weighted average basic shares outstanding | 28,781 | 29,058 | 28,763 | |||||||||
Weighted average diluted shares outstanding | 28,893 | 29,375 | 29,374 |
Year-Ended | ||||||||||||
(In thousands) | March 4, 2017 | February 27, 2016 | February 28, 2015 | |||||||||
Net earnings | $ | 85,790 | $ | 65,342 | $ | 50,516 | ||||||
Other comprehensive earnings (loss): | ||||||||||||
Unrealized (loss) gain on marketable securities, net of $(45), $38 and $88 of tax (benefit) expense, respectively | (83 | ) | 73 | 163 | ||||||||
Unrealized loss on foreign currency hedge, net of $-, $- and $(36) of tax benefit, respectively | — | — | (62 | ) | ||||||||
Unrealized gain (loss) on pension obligation, net of $74, $347 and $(830) of tax expense (benefit), respectively | 130 | 610 | (1,458 | ) | ||||||||
Foreign currency translation adjustments | 234 | (9,734 | ) | (8,003 | ) | |||||||
Other comprehensive earnings (loss) | 281 | (9,051 | ) | (9,360 | ) | |||||||
Total comprehensive earnings | $ | 86,071 | $ | 56,291 | $ | 41,156 |
Year-Ended | ||||||||||||
March 4, 2017 | February 27, 2016 | February 28, 2015 | ||||||||||
(In thousands) | (53 weeks) | (52 weeks) | (52 weeks) | |||||||||
Operating Activities | ||||||||||||
Net earnings | $ | 85,790 | $ | 65,342 | $ | 50,516 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 35,607 | 31,248 | 29,423 | |||||||||
Share-based compensation | 5,986 | 4,923 | 4,793 | |||||||||
Deferred income taxes | (1,065 | ) | (6,139 | ) | 4,274 | |||||||
Gain on disposal of assets | (371 | ) | (198 | ) | (933 | ) | ||||||
Proceeds from new markets tax credit transaction, net of deferred costs | 5,109 | — | — | |||||||||
Other, net | (2,331 | ) | 1,017 | 229 | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Receivables | 3,460 | (2,918 | ) | (18,588 | ) | |||||||
Inventories | (6,387 | ) | (2,798 | ) | (8,660 | ) | ||||||
Accounts payable and accrued expenses | 17,449 | 17,265 | 12,871 | |||||||||
Billings in excess of costs and earnings on uncompleted contracts | (9,991 | ) | 9,657 | (324 | ) | |||||||
Refundable and accrued income taxes | (9,647 | ) | 12,589 | (1,091 | ) | |||||||
Other, net | 392 | (1,045 | ) | (711 | ) | |||||||
Net cash provided by operating activities | 124,001 | 128,943 | 71,799 | |||||||||
Investing Activities | ||||||||||||
Capital expenditures | (68,061 | ) | (42,037 | ) | (27,220 | ) | ||||||
Purchases of marketable securities | (3,705 | ) | (35,814 | ) | (6,142 | ) | ||||||
Sales/maturities of marketable securities | 36,433 | 4,047 | 6,946 | |||||||||
Acquisition of business and intangibles | (137,932 | ) | — | — | ||||||||
Change in restricted cash | (7,834 | ) | — | — | ||||||||
Other, net | (2,659 | ) | (4,052 | ) | 1,941 | |||||||
Net cash used in investing activities | (183,758 | ) | (77,856 | ) | (24,475 | ) | ||||||
Financing Activities | ||||||||||||
Borrowings on line of credit | 121,000 | — | — | |||||||||
Payments on line of credit | (76,012 | ) | — | — | ||||||||
Payments on debt, net | (396 | ) | (56 | ) | (139 | ) | ||||||
Shares withheld for taxes, net of stock issued to employees | (446 | ) | (3,254 | ) | (3,905 | ) | ||||||
Repurchase and retirement of common stock | (10,817 | ) | (24,911 | ) | (6,894 | ) | ||||||
Dividends paid | (14,667 | ) | (13,184 | ) | (12,071 | ) | ||||||
Net cash provided by (used in) financing activities | 18,662 | (41,405 | ) | (23,009 | ) | |||||||
(Decrease) increase in cash and cash equivalents | (41,095 | ) | 9,682 | 24,315 | ||||||||
Effect of exchange rates on cash | 88 | (1,397 | ) | (595 | ) | |||||||
Cash and cash equivalents at beginning of year | 60,470 | 52,185 | 28,465 | |||||||||
Cash and cash equivalents at end of period | $ | 19,463 | $ | 60,470 | $ | 52,185 | ||||||
Noncash Activity | ||||||||||||
Capital expenditures in accounts payable | $ | 3,254 | $ | 2,737 | $ | 2,656 |
(In thousands, except per share data) | Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Common Stock Held in Trust | Deferred Compensation Obligation | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||
Balance at March 1, 2014 | 28,958 | $ | 9,653 | $ | 130,570 | $ | 228,841 | $ | (791 | ) | $ | 791 | $ | (12,960 | ) | ||||||||||||
Net earnings | — | — | — | 50,516 | — | — | — | ||||||||||||||||||||
Unrealized gain on marketable securities, net of $88 tax expense | — | — | — | — | — | — | 163 | ||||||||||||||||||||
Unrealized loss on foreign currency hedge, net of $36 tax benefit | — | — | — | — | — | — | (62 | ) | |||||||||||||||||||
Unrealized loss on pension obligation, net of $830 tax benefit | — | — | — | — | — | — | (1,458 | ) | |||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | (8,003 | ) | |||||||||||||||||||
Issuance of stock, net of cancellations | 304 | 101 | (47 | ) | 28 | (10 | ) | 10 | — | ||||||||||||||||||
Share-based compensation | — | — | 4,793 | — | — | — | — | ||||||||||||||||||||
Tax benefit associated with stock plans | — | — | 3,293 | — | — | — | — | ||||||||||||||||||||
Exercise of stock options | 146 | 49 | 1,190 | — | — | — | — | ||||||||||||||||||||
Share repurchases | (203 | ) | (68 | ) | (965 | ) | (5,861 | ) | — | — | — | ||||||||||||||||
Other share retirements | (155 | ) | (52 | ) | (259 | ) | (4,915 | ) | — | — | — | ||||||||||||||||
Cash dividends ($0.41 per share) | — | — | — | (12,071 | ) | — | — | — | |||||||||||||||||||
Balance at February 28, 2015 | 29,050 | $ | 9,683 | $ | 138,575 | $ | 256,538 | $ | (801 | ) | $ | 801 | $ | (22,320 | ) | ||||||||||||
Net earnings | — | — | — | 65,342 | — | — | — | ||||||||||||||||||||
Unrealized gain on marketable securities, net of $38 tax expense | — | — | — | — | — | — | 73 | ||||||||||||||||||||
Unrealized gain on pension obligation, net of $347 tax expense | — | — | — | — | — | — | 610 | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | (9,734 | ) | |||||||||||||||||||
Issuance of stock, net of cancellations | 102 | 34 | 114 | — | (36 | ) | 36 | — | |||||||||||||||||||
Share-based compensation | — | — | 4,923 | — | — | — | — | ||||||||||||||||||||
Tax benefit associated with stock plans | — | — | 3,856 | — | — | — | — | ||||||||||||||||||||
Exercise of stock options | 200 | 67 | 1,539 | — | — | — | — | ||||||||||||||||||||
Share repurchases | (575 | ) | (192 | ) | (2,996 | ) | (21,723 | ) | — | — | — | ||||||||||||||||
Other share retirements | (93 | ) | (31 | ) | (483 | ) | (4,496 | ) | — | — | — | ||||||||||||||||
Cash dividends ($0.455 per share) | — | — | — | (13,184 | ) | — | — | — | |||||||||||||||||||
Balance at February 27, 2016 | 28,684 | $ | 9,561 | $ | 145,528 | $ | 282,477 | $ | (837 | ) | $ | 837 | $ | (31,371 | ) | ||||||||||||
Net earnings | — | — | — | 85,790 | — | — | — | ||||||||||||||||||||
Unrealized loss on marketable securities, net of $45 tax benefit | — | — | — | — | — | — | (83 | ) | |||||||||||||||||||
Unrealized gain on pension obligation, net of $74 tax expense | — | — | — | — | — | — | 130 | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | 234 | ||||||||||||||||||||
Issuance of stock, net of cancellations | 140 | 47 | 105 | 36 | (38 | ) | 38 | — | |||||||||||||||||||
Share-based compensation | — | — | 5,986 | — | — | — | — | ||||||||||||||||||||
Tax deficit associated with stock plans | — | — | (1,745 | ) | — | — | — | — | |||||||||||||||||||
Exercise of stock options | 163 | 54 | 1,893 | — | — | — | — | ||||||||||||||||||||
Share repurchases | (250 | ) | (83 | ) | (1,357 | ) | (9,377 | ) | — | — | — | ||||||||||||||||
Other share retirements | (57 | ) | (19 | ) | (299 | ) | (2,263 | ) | — | — | — | ||||||||||||||||
Cash dividends ($0.515 per share) | — | — | — | (14,667 | ) | — | — | — | |||||||||||||||||||
Balance at March 4, 2017 | 28,680 | $ | 9,560 | $ | 150,111 | $ | 341,996 | $ | (875 | ) | $ | 875 | $ | (31,090 | ) |
1. | Summary of Significant Accounting Policies and Related Data |
Years | |
Buildings and improvements | 15 to 25 |
Machinery and equipment | 3 to 15 |
Office equipment and furniture | 3 to 10 |
• | Differences between the accounting expense and the tax deduction for share-based compensation (excess tax benefits or deficits) are now recognized in the income statement within income taxes upon vesting or settlement of the award and are treated as discrete tax items impacting our effective tax rate in the period of settlement. Previously, these differences were recognized within additional paid-in capital. Net tax benefits related to share-based compensation awards of $0.9 million for the year were recognized in the fourth quarter as a reduction of income tax expense in the consolidated statements of operations. The impact of this change to prior interim reporting periods in fiscal 2017 was not material. |
• | The excess tax benefits from share-based compensation are included within the income taxes line as part of operating activities in the statement of cash flows, and are no longer included as a financing activity. This change is applied retrospectively. |
• | The standard allows a full retrospective or modified retrospective transition method. We plan to adopt the new guidance following the full retrospective method. |
• | We expect to have business units that will continue to recognize revenue at the point in time when goods are shipped, as that represents when control is transferred, and business units that will continue to recognize revenue over time, following a cost-to-cost percentage of completion method of revenue recognition. Additionally, we expect that one of our business units in the Architectural Framing Systems segment will change from recognizing revenue at a point in time to recognizing revenue over time to better reflect transfer of control to the customer in line with the new guidance. This business unit will follow a similar cost-to-cost percentage of completion method of revenue recognition, consistent with our other business units using percentage of completion. |
• | In the coming months, we will undertake a process to quantify the impact of the new accounting guidance on each of the relevant fiscal years and will provide further analysis and discussion as we progress in the evaluation process. |
(In thousands) | December 14, 2016 | |||
Net working capital | $ | 10,682 | ||
Property, plant and equipment | 7,993 | |||
Goodwill | 27,444 | |||
Other intangible assets | 91,813 | |||
Net assets acquired | $ | 137,932 |
(In thousands) | Estimated fair value | Estimated useful life (in years) | |||
Technology | $ | 6,319 | 10.0 | ||
Tradename | 12,333 | Indefinite | |||
Backlog | 12,638 | 1.5 | |||
Customer relationships | 60,523 | 17.0 | |||
Total other intangible assets | $ | 91,813 |
Pro Forma | ||||||||
(In thousands, except per share data) | 2017 | 2016 | ||||||
Net sales | $ | 1,196,504 | $ | 1,054,281 | ||||
Net earnings | 100,124 | 66,203 | ||||||
Earnings per share | ||||||||
Basic | $ | 3.48 | $ | 2.28 | ||||
Diluted | $ | 3.47 | $ | 2.25 |
3. | Working Capital |
(In thousands) | 2017 | 2016 | |||||
Trade accounts | $ | 122,149 | $ | 102,627 | |||
Construction contracts | 31,923 | 41,631 | |||||
Contract retainage | 29,191 | 28,249 | |||||
Other receivables | 3,972 | 2,822 | |||||
Total receivables | 187,235 | 175,329 | |||||
Less allowance for doubtful accounts | (1,495 | ) | (2,497 | ) | |||
Net receivables | $ | 185,740 | $ | 172,832 |
(In thousands) | 2017 | 2016 | |||||
Raw materials | $ | 22,761 | $ | 21,404 | |||
Work-in-process | 16,154 | 9,958 | |||||
Finished goods | 29,372 | 25,486 | |||||
Costs and earnings in excess of billings on uncompleted contracts | 5,122 | 6,538 | |||||
Total inventories | $ | 73,409 | $ | 63,386 |
(In thousands) | 2017 | 2016 | |||||
Warranties | $ | 21,100 | $ | 14,666 | |||
Taxes, other than income taxes | 4,452 | 5,058 | |||||
Other | 8,648 | 9,615 | |||||
Total other current liabilities | $ | 34,200 | $ | 29,339 |
4. | Marketable Securities |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
March 4, 2017 | |||||||||||||||
Municipal bonds | $ | 9,595 | $ | 91 | $ | (97 | ) | $ | 9,589 | ||||||
Total marketable securities | $ | 9,595 | $ | 91 | $ | (97 | ) | $ | 9,589 | ||||||
February 27, 2016 | |||||||||||||||
Mutual fund | $ | 30,178 | $ | — | $ | (55 | ) | $ | 30,123 | ||||||
Municipal bonds | 12,393 | 285 | (109 | ) | 12,569 | ||||||||||
Total marketable securities | $ | 42,571 | $ | 285 | $ | (164 | ) | $ | 42,692 |
Less Than 12 Months | Greater Than or Equal to 12 Months | Total | |||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Municipal bonds | $ | 1,413 | $ | (14 | ) | $ | 1,167 | $ | (83 | ) | $ | 2,580 | $ | (97 | ) |
(In thousands) | Amortized Cost | Estimated Market Value | |||||
Due within one year | $ | 548 | $ | 548 | |||
Due after one year through five years | 3,003 | 3,028 | |||||
Due after five years through 10 years | 4,553 | 4,605 | |||||
Due after 10 years through 15 years | 1,491 | 1,408 | |||||
Total | $ | 9,595 | $ | 9,589 |
5. | Fair Value Measurements |
(In thousands) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Total Fair Value | ||||||||
March 4, 2017 | |||||||||||
Cash equivalents | |||||||||||
Money market funds | $ | 4,423 | $ | — | $ | 4,423 | |||||
Commercial paper | — | 5,500 | 5,500 | ||||||||
Total cash equivalents | 4,423 | 5,500 | 9,923 | ||||||||
Short-term securities | |||||||||||
Municipal bonds | — | 548 | 548 | ||||||||
Long-term securities | |||||||||||
Municipal bonds | — | $ | 9,041 | 9,041 | |||||||
Total assets at fair value | $ | 4,423 | $ | 15,089 | $ | 19,512 | |||||
February 27, 2016 | |||||||||||
Cash equivalents | |||||||||||
Money market funds | $ | 23,199 | $ | — | $ | 23,199 | |||||
Commercial paper | — | 29,774 | 29,774 | ||||||||
Total cash equivalents | 23,199 | 29,774 | 52,973 | ||||||||
Short-term securities | |||||||||||
Mutual fund | 30,123 | — | 30,123 | ||||||||
Municipal bonds | — | 50 | 50 | ||||||||
Total short-term securities | 30,123 | 50 | 30,173 | ||||||||
Long-term securities | |||||||||||
Municipal bonds | — | 12,519 | 12,519 | ||||||||
Total assets at fair value | $ | 53,322 | $ | 42,343 | $ | 95,665 |
6. | Property, Plant and Equipment |
(In thousands) | 2017 | 2016 | |||||
Land | $ | 8,400 | $ | 8,827 | |||
Buildings and improvements | 162,184 | 149,685 | |||||
Machinery and equipment | 316,406 | 296,388 | |||||
Office equipment and furniture | 49,720 | 48,805 | |||||
Construction in progress | 46,544 | 18,384 | |||||
Total property, plant and equipment | 583,254 | 522,089 | |||||
Less accumulated depreciation | (336,506 | ) | (319,627 | ) | |||
Net property, plant and equipment | $ | 246,748 | $ | 202,462 |
7. | Goodwill and Other Intangible Assets |
(In thousands) | Architectural Glass | Architectural Services | Architectural Framing Systems | Large-Scale Optical | Total | ||||||||||||||
Balance at February 28, 2015 | $ | 26,355 | $ | 1,120 | $ | 37,825 | $ | 10,557 | $ | 75,857 | |||||||||
Foreign currency translation | (716 | ) | — | (1,145 | ) | — | (1,861 | ) | |||||||||||
Balance at February 27, 2016 | 25,639 | 1,120 | 36,680 | 10,557 | 73,996 | ||||||||||||||
Goodwill acquired | — | — | 27,444 | — | 27,444 | ||||||||||||||
Foreign currency translation | 317 | — | (423 | ) | — | (106 | ) | ||||||||||||
Balance at March 4, 2017 | $ | 25,956 | $ | 1,120 | $ | 63,701 | $ | 10,557 | $ | 101,334 |
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation | Net | |||||||||||
March 4, 2017 | |||||||||||||||
Definite-lived intangible assets | |||||||||||||||
Debt issue costs | $ | 4,066 | $ | (2,960 | ) | $ | — | $ | 1,106 | ||||||
Non-compete agreements | 6,286 | (6,025 | ) | (65 | ) | 196 | |||||||||
Customer relationships | 82,479 | (14,013 | ) | (145 | ) | 68,321 | |||||||||
Trademarks and other intangibles | 25,950 | (4,917 | ) | (31 | ) | 21,002 | |||||||||
Total definite-lived intangible assets | 118,781 | (27,915 | ) | (241 | ) | 90,625 | |||||||||
Indefinite-lived intangible assets | |||||||||||||||
Trademarks | 16,022 | — | 39 | 16,061 | |||||||||||
Total intangible assets | $ | 134,803 | $ | (27,915 | ) | $ | (202 | ) | $ | 106,686 | |||||
February 27, 2016 | |||||||||||||||
Definite-lived intangible assets | |||||||||||||||
Debt issue costs | $ | 3,677 | $ | (2,758 | ) | $ | — | $ | 919 | ||||||
Non-compete agreements | 6,673 | (6,419 | ) | (16 | ) | 238 | |||||||||
Customer relationships | 24,174 | (12,737 | ) | (1,162 | ) | 10,275 | |||||||||
Trademarks and other intangibles | 8,213 | (3,271 | ) | (431 | ) | 4,511 | |||||||||
Total definite-lived intangible assets | 42,737 | (25,185 | ) | (1,609 | ) | 15,943 | |||||||||
Indefinite-lived intangible assets | |||||||||||||||
Trademarks | 4,239 | — | (320 | ) | 3,919 | ||||||||||
Total intangible assets | $ | 46,976 | $ | (25,185 | ) | $ | (1,929 | ) | $ | 19,862 |
(In thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||
Estimated amortization expense | $ | 14,157 | $ | 7,918 | $ | 5,592 | $ | 5,479 | $ | 5,372 |
8. | Debt |
(In thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||
Maturities | $— | $— | $— | $5,400 | $47,000 | $13,000 | $ | 65,400 |
(In thousands, except percentages) | 2017 | 2016 | |||||
Average daily borrowings during the year | $ | 34,320 | $ | 21,730 | |||
Maximum borrowings outstanding during the year | 91,400 | 22,480 | |||||
Weighted average interest rate during the year | 2.22 | % | 0.29 | % |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Interest on debt | $ | 971 | $ | 544 | $ | 581 | |||||
Other interest expense | — | 49 | 343 | ||||||||
Interest expense | $ | 971 | $ | 593 | $ | 924 |
9. | Other Non-Current Liabilities |
(In thousands) | 2017 | 2016 | |||||
Deferred benefit from New Markets Tax Credit transactions | $ | 16,708 | $ | 10,741 | |||
Retirement plan obligations | 9,635 | 9,992 | |||||
Deferred compensation plan | 7,463 | 4,814 | |||||
Other | 11,981 | 11,367 | |||||
Total other non-current liabilities | $ | 45,787 | $ | 36,914 |
10. | Employee Benefit Plans |
(In thousands) | 2017 | 2016 | |||||
Change in projected benefit obligation | |||||||
Benefit obligation beginning of period | $ | 14,900 | $ | 16,253 | |||
Interest cost | 555 | 566 | |||||
Actuarial loss (gain) | 54 | (907 | ) | ||||
Benefits paid | (1,017 | ) | (1,012 | ) | |||
Benefit obligation at measurement date | 14,492 | 14,900 | |||||
Change in plan assets | |||||||
Fair value of plan assets beginning of period | $ | 4,261 | $ | 4,419 | |||
Actual return on plan assets | 73 | (62 | ) | ||||
Company contributions | 868 | 916 | |||||
Benefits paid | (1,017 | ) | (1,012 | ) | |||
Fair value of plan assets at measurement date | 4,185 | 4,261 | |||||
Underfunded status | $ | (10,307 | ) | $ | (10,639 | ) |
(In thousands) | 2017 | 2016 | |||||
Current liabilities | $ | (672 | ) | $ | (647 | ) | |
Other non-current liabilities | (9,635 | ) | (9,992 | ) | |||
Total | $ | (10,307 | ) | $ | (10,639 | ) |
(In thousands) | 2017 | 2016 | |||||
Net actuarial loss | $ | 5,696 | $ | 5,899 | |||
Accumulated other comprehensive loss | $ | 5,696 | $ | 5,899 |
(In thousands) | 2017 | 2016 | |||||
Net actuarial gain | $ | (130 | ) | $ | (610 | ) | |
Total | $ | (130 | ) | $ | (610 | ) |
(In thousands) | 2017 | 2016 | 2015 | |||||||||
Interest cost | $ | 555 | $ | 566 | $ | 550 | ||||||
Expected return on assets | (41 | ) | (137 | ) | (171 | ) | ||||||
Amortization of unrecognized net loss | 225 | 249 | 172 | |||||||||
Net periodic benefit cost | $ | 739 | $ | 678 | $ | 551 |
Benefit Obligation Weighted-Average Assumptions | 2017 | 2016 | 2015 | |||||
Discount rate | 3.80 | % | 3.85 | % | 3.60 | % |
Net Periodic Benefit Expense Weighted-Average Assumptions | 2017 | 2016 | 2015 | |||||
Discount rate | 3.85 | % | 3.60 | % | 4.00 | % | ||
Expected long-term rate of return on assets | 2.00 | % | 2.00 | % | 4.50 | % |
(In thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023-2027 | |||||||||||||||||
Estimated future benefit payments | $ | 1,016 | $ | 1,052 | $ | 1,026 | $ | 1,009 | $ | 984 | $ | 4,602 |
(In thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||
Total minimum payments | $ | 11,419 | $ | 10,796 | $ | 9,286 | $ | 6,342 | $ | 5,605 | $ | 9,002 | $ | 52,450 |
(In thousands) | 2017 | 2016 | |||||
Balance at beginning of period | $ | 16,340 | $ | 11,275 | |||
Additional accruals | 11,499 | 8,214 | |||||
Claims paid | (5,906 | ) | (3,149 | ) | |||
Balance at end of period | $ | 21,933 | $ | 16,340 |
12. | Shareholders' Equity |
(In thousands) | 2017 | 2016 | ||||||
Net unrealized (loss) gain on marketable securities | $ | (4 | ) | $ | 79 | |||
Pension liability adjustments | (3,628 | ) | (3,758 | ) | ||||
Foreign currency translation adjustments | (27,458 | ) | (27,692 | ) | ||||
Total accumulated other comprehensive loss | $ | (31,090 | ) | $ | (31,371 | ) |
13. | Share-Based Compensation |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value at Year-End | |||||||||
Outstanding at February 27, 2016 | 403,714 | $ | 11.81 | |||||||||
Awards exercised | (173,813 | ) | 14.34 | |||||||||
Outstanding and exercisable at March 4, 2017 | 229,901 | $ | 9.90 | 4.0 Years | $ | 11,101,695 |
Number of Shares and Units | Weighted Average Grant Date Fair Value | |||||
February 27, 2016 | 275,457 | $ | 37.48 | |||
Granted | 148,672 | 42.90 | ||||
Vested | (143,875 | ) | 28.81 | |||
Canceled | (1,050 | ) | 44.55 | |||
March 4, 2017 | 279,204 | $ | 44.80 |
14. | Income Taxes |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
U.S. | $ | 123,229 | $ | 100,859 | $ | 59,898 | |||||
International | (424 | ) | (3,535 | ) | 5,101 | ||||||
Earnings before income taxes | $ | 122,805 | $ | 97,324 | $ | 64,999 |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Current | |||||||||||
Federal | $ | 35,610 | $ | 35,888 | $ | 7,328 | |||||
State and local | 2,929 | 2,866 | 1,198 | ||||||||
International | (147 | ) | (636 | ) | 1,790 | ||||||
Total current | 38,392 | 38,118 | 10,316 | ||||||||
Deferred | |||||||||||
Federal | (945 | ) | (5,403 | ) | 4,738 | ||||||
State and local | (78 | ) | (512 | ) | (363 | ) | |||||
International | (42 | ) | (224 | ) | (101 | ) | |||||
Total deferred | (1,065 | ) | (6,139 | ) | 4,274 | ||||||
Total non-current tax (benefit) expense | (312 | ) | 3 | (107 | ) | ||||||
Total income tax expense | $ | 37,015 | $ | 31,982 | $ | 14,483 |
2017 | 2016 | 2015 | ||||||
Federal income tax expense at statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Manufacturing deduction | (3.3 | ) | (3.4 | ) | (2.3 | ) | ||
State and local income taxes, net of federal tax benefit | 1.6 | 1.6 | 1.2 | |||||
Foreign tax rate differential | (1.6 | ) | — | — | ||||
Tax credits - research & development | (0.7 | ) | (0.8 | ) | (1.1 | ) | ||
Tax credits - 48C | — | — | (9.9 | ) | ||||
Other, net | (0.9 | ) | 0.5 | (0.6 | ) | |||
Income tax expense | 30.1 | % | 32.9 | % | 22.3 | % |
2017 | 2016 | ||||||||||
(In thousands) | Noncurrent | Current | Noncurrent | ||||||||
Accounts receivable | $ | 408 | $ | 825 | $ | — | |||||
Other accruals | 4,254 | 2,968 | 1,281 | ||||||||
Deferred compensation | 15,189 | 554 | 12,594 | ||||||||
Goodwill and other intangibles | (7,601 | ) | 18 | (7,615 | ) | ||||||
Depreciation | (18,714 | ) | — | (17,354 | ) | ||||||
Liability for unrecognized tax benefits | 2,623 | — | 2,797 | ||||||||
Net operating losses | 5,790 | — | 2,945 | ||||||||
Valuation allowance on net operating losses | (2,352 | ) | (2,194 | ) | (306 | ) | |||||
Other | 403 | (351 | ) | 686 | |||||||
Deferred tax (liabilities) assets | $ | — | $ | 1,820 | $ | (4,972 | ) |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Gross unrecognized tax benefits at beginning of year | $ | 4,512 | $ | 4,491 | $ | 4,431 | |||||
Gross increases in tax positions for prior years | 54 | 60 | 261 | ||||||||
Gross decreases in tax positions for prior years | (233 | ) | (158 | ) | (276 | ) | |||||
Gross increases based on tax positions related to the current year | 508 | 526 | 508 | ||||||||
Gross decreases based on tax positions related to the current year | — | (33 | ) | (21 | ) | ||||||
Settlements | (23 | ) | — | (93 | ) | ||||||
Statute of limitations expiration | (743 | ) | (374 | ) | (319 | ) | |||||
Gross unrecognized tax benefits at end of year | $ | 4,075 | $ | 4,512 | $ | 4,491 |
15. | Earnings per Share |
(In thousands) | 2017 | 2016 | 2015 | |||||
Basic earnings per share - weighted average common shares outstanding | 28,781 | 29,058 | 28,763 | |||||
Weighted average effect of nonvested share grants and assumed exercise of stock options | 112 | 317 | 611 | |||||
Diluted earnings per share - weighted average common shares and potential common shares outstanding | 28,893 | 29,375 | 29,374 | |||||
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | — | — | — |
• | 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 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 five operating segments into this reporting segment based on their similar products, customers, distribution methods, production processes and economic characteristics. |
• | 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) | 2017 | 2016 | 2015 | ||||||||
Net Sales | |||||||||||
Architectural Glass | $ | 411,881 | $ | 377,713 | $ | 346,471 | |||||
Architectural Framing Systems | 385,978 | 308,593 | 298,395 | ||||||||
Architectural Services | 270,937 | 245,935 | 230,650 | ||||||||
Large-Scale Optical | 89,710 | 88,541 | 87,693 | ||||||||
Intersegment elimination | (43,973 | ) | (39,593 | ) | (29,273 | ) | |||||
Total | $ | 1,114,533 | $ | 981,189 | $ | 933,936 | |||||
Operating Income (Loss) | |||||||||||
Architectural Glass | $ | 44,656 | $ | 35,504 | $ | 16,431 | |||||
Architectural Framing Systems | 44,768 | 31,911 | 21,808 | ||||||||
Architectural Services | 18,494 | 11,687 | 7,442 | ||||||||
Large-Scale Optical | 22,467 | 22,963 | 21,954 | ||||||||
Corporate and other | (8,160 | ) | (4,672 | ) | (4,050 | ) | |||||
Total | $ | 122,225 | $ | 97,393 | $ | 63,585 | |||||
Depreciation and Amortization | |||||||||||
Architectural Glass | $ | 15,912 | $ | 14,397 | $ | 12,897 | |||||
Architectural Framing Systems | 12,404 | 8,019 | 8,001 | ||||||||
Architectural Services | 1,364 | 1,274 | 1,375 | ||||||||
Large-Scale Optical | 4,785 | 4,998 | 4,817 | ||||||||
Corporate and other | 1,142 | 2,560 | 2,333 | ||||||||
Total | $ | 35,607 | $ | 31,248 | $ | 29,423 | |||||
Capital Expenditures | |||||||||||
Architectural Glass | $ | 44,439 | $ | 17,701 | $ | 12,307 | |||||
Architectural Framing Systems | 14,070 | 19,166 | 9,238 | ||||||||
Architectural Services | 1,981 | 929 | 595 | ||||||||
Large-Scale Optical | 1,510 | 1,962 | 3,500 | ||||||||
Corporate and other | 6,061 | 2,279 | 1,580 | ||||||||
Total | $ | 68,061 | $ | 42,037 | $ | 27,220 | |||||
Identifiable Assets | |||||||||||
Architectural Glass | $ | 254,840 | $ | 215,571 | $ | 223,525 | |||||
Architectural Framing Systems | 359,633 | 193,823 | 190,106 | ||||||||
Architectural Services | 70,875 | 81,574 | 68,930 | ||||||||
Large-Scale Optical | 58,198 | 57,369 | 60,356 | ||||||||
Corporate and other | 41,112 | 109,103 | 69,140 | ||||||||
Total | $ | 784,658 | $ | 657,440 | $ | 612,057 |
(In thousands) | 2017 | 2016 | 2015 | ||||||||
Net Sales | |||||||||||
United States | $ | 1,031,214 | $ | 923,018 | $ | 847,887 | |||||
Canada | 65,958 | 39,324 | 50,807 | ||||||||
Brazil | 17,361 | 18,847 | 35,242 | ||||||||
Total | $ | 1,114,533 | $ | 981,189 | $ | 933,936 | |||||
Long-Lived Assets | |||||||||||
United States | $ | 227,145 | $ | 189,624 | $ | 178,048 | |||||
Canada | 13,303 | 7,162 | 8,214 | ||||||||
Brazil | 6,300 | 5,676 | 7,278 | ||||||||
Total | $ | 246,748 | $ | 202,462 | $ | 193,540 |
17. | Quarterly Data (Unaudited) |
Quarter | |||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth (1) | Total | ||||||||||||||
2017 | |||||||||||||||||||
Net sales | $ | 247,880 | $ | 278,455 | $ | 274,072 | $ | 314,126 | $ | 1,114,533 | |||||||||
Gross profit | 64,428 | 72,531 | 72,868 | 82,196 | 292,023 | ||||||||||||||
Net earnings | 17,722 | 22,397 | 22,552 | 23,119 | 85,790 | ||||||||||||||
Earnings per share - basic | 0.62 | 0.78 | 0.78 | 0.81 | 2.98 | ||||||||||||||
Earnings per share - diluted | 0.61 | 0.77 | 0.78 | 0.80 | 2.97 | ||||||||||||||
2016 | |||||||||||||||||||
Net sales | $ | 239,962 | $ | 240,754 | $ | 238,324 | $ | 262,149 | $ | 981,189 | |||||||||
Gross profit | 55,588 | 56,699 | 62,426 | 68,857 | 243,570 | ||||||||||||||
Net earnings | 12,126 | 14,760 | 18,521 | 19,935 | 65,342 | ||||||||||||||
Earnings per share - basic | 0.42 | 0.51 | 0.64 | 0.69 | $ | 2.25 | |||||||||||||
Earnings per share - diluted | 0.41 | 0.50 | 0.63 | 0.69 | $ | 2.22 |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in the First Column) | ||||||||
Equity compensation plans approved by security holders | 29,560 | (1) (2) | $ | 20.48 | (3) | 1,042,458 | (4) | ||||
Equity compensation plans not approved by security holders | 200,341 | (5) | 8.34 | None | |||||||
Total | 229,901 | $ | 9.90 | 1,042,458 |
(1) | Includes options and SARs granted under our Amended and Restated 2002 Omnibus Stock Incentive Plan and restricted stock unit awards granted under our Stock Incentive Plan and Director Stock Plan. None of the outstanding stock options or SARs has dividends rights attached, nor are they transferable. Certain outstanding restricted stock units have dividend rights attached, but none of the restricted stock units are transferable. |
(2) | Pursuant to SEC rules and the reporting requirements for this table, we have not included in this column 255,914 shares of restricted stock that are issued and outstanding. All shares of restricted stock outstanding have dividend rights attached, but none of the shares of restricted stock are transferable. |
(3) | In calculating the weighted-average exercise price of outstanding options, warrants and rights, only the exercise prices of outstanding options and SARs are included, as the restricted stock units do not have an exercise price. |
(4) | Pursuant to SEC Rules and the reporting requirements for this table, of these shares, 56,539 are available for issuance under our Legacy Partnership Plan, 680,642 are available for grant under our Stock Incentive Plan, 102,912 are available for grant under our Director Stock Incentive Plan; no shares are available for grant under our 2002 Omnibus Stock Incentive Plan, and 202,365 are available for grant under our Director Deferred Compensation Plan. |
(5) | Reflects stock options granted to Mr. Puishys on August 22, 2011 as inducement awards pursuant to the terms of his employment agreement with our Company effective as of August 22, 2011, that became fully vested on August 22, 2014. The options vested in equal annual installments over a three-year period beginning on August 22, 2012. |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
a) | List of documents filed as a part of this report: |
1. | Financial Statements - The consolidated financial statements listed below are set forth in Item 8 of Part II of this report. |
2. | 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 4, 2017 | $ | 2,497 | $ | 25 | $ | (416 | ) | $ | 579 | $ | (32 | ) | $ | 1,495 | |||||||||
For the year ended February 27, 2016 | 3,242 | — | (197 | ) | 493 | (55 | ) | 2,497 | |||||||||||||||
For the year ended February 28, 2015 | 2,934 | — | 1,322 | 969 | (45 | ) | 3,242 |
3. | Exhibits - Exhibits marked with an asterisk (*) identify each management contract or compensatory plan or arrangement. Exhibits marked with a pound sign (#) are filed herewith. The remainder of the exhibits have heretofore been filed with the Securities and Exchange Commission and are incorporated herein by reference. |
3.1 | Restated Articles of Incorporation. Incorporated by reference to Exhibit 3.1 to Registrant's Annual Report on Form 10-K for the year-ended February 28, 2004. | |
3.2 | Amended and Restated Bylaws of Apogee Enterprises, Inc., as amended through January 24, 2006. Incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on January 30, 2006. | |
4.1 | Specimen certificate for shares of common stock of Apogee Enterprises, Inc. Incorporated by reference to Exhibit 4.1 to Registrant's Annual Report on Form 10-K for the year ended March 3, 2012. | |
10.1* | Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement), First Amendment of Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement) and Second Amendment of Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on January 29, 2008. | |
10.2* | Third Amendment of Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement). Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on October 15, 2008. | |
10.3* | Apogee Enterprises, Inc. Deferred Compensation Plan for Non-Employee Directors (2014 Restatement). Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed on July 24, 2014. | |
10.4* | Apogee Enterprises, Inc. Amended and Restated 2002 Omnibus Stock Incentive Plan. Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 30, 2006. | |
10.5* | Apogee Enterprises, Inc. 2000 Employee Stock Purchase Plan (Amended and Restated Effective as of May 1, 2003). Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed on October 9, 2015. | |
10.6* | First Amendment of Apogee Enterprises, Inc. 2000 Employee Stock Purchase Plan (Amended and Restated Effective as of May 1, 2003) dated February 27, 2009. Incorporated by reference to Exhibit 4.5 to Registrant's Registration Statement on Form S-8 filed on October 9, 2015. | |
10.7* | Form of Stock Appreciation Rights Agreement under the Apogee Enterprises, Inc. 2002 Omnibus Stock Incentive Plan. Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on April 19, 2005. | |
10.8* | Apogee Enterprises, Inc. Non-Employee Director Charitable Matching Contribution Program. Incorporated by reference to Exhibit 10.25 to Registrant's Annual Report on Form 10-K for the year-ended February 26, 2005. | |
10.9* | Form of Non-Employee Director Stock Option Agreement under the Apogee Enterprises, Inc. 2002 Omnibus Stock Incentive Plan. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on June 16, 2005. | |
10.10* | Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on October 17, 2006. | |
10.11* | First Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.4 to Registrant's Current Report on Form 8-K filed on October 15, 2008. | |
10.12* | Second Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on March 4, 2009. | |
10.13* | Third Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.5 to Registrant's Current Report on Form 8-K filed on October 12, 2010. | |
10.14* | Fourth Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.3 to Registrant's Quarterly Report on Form 10-Q filed on January 6, 2011. | |
10.15* | Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.5 to Registrant's Current Report on Form 8-K filed on October 17, 2006. | |
10.16* | First Amendment of Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.6 to Registrant's Current Report on Form 8-K filed on October 15, 2008. | |
10.17* | Second Amendment of Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.8 to Registrant's Current Report on Form 8-K filed on March 4, 2009. |
10.18* | Third Amendment of Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.4 to Registrant's Quarterly Report on Form 10-Q filed on January 6, 2011. | |
10.19* | Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended and restated (2011). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on June 28, 2011. | |
10.20* | Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan, as amended and restated (2014). Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed on July 24, 2014. | |
10.21* | Form of Restricted Stock Agreement under the Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on June 30, 2009. | |
10.22* | Restricted Stock Deferral Program under the Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan, as Amended and Restated (2014) (2015 Statement). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on June 30, 2015. | |
10.23* | Form of Deferred Restricted Stock Unit Agreement under the Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan, as Amended and Restated (2014) (2015 Statement). Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on June 30, 2015. | |
10.24* | Form of Restricted Stock Agreement under the Apogee Enterprises, Inc. 2009 Stock Incentive Plan for awards made on or after April 26, 2011. Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on May 2, 2011. | |
10.25* | Form of Performance Award Agreement under the Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended and restated (2011). Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on May 5, 2014. | |
10.26* | Apogee Enterprises, Inc. 2011 Deferred Compensation Plan, effective January 1, 2011. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on October 12, 2010. | |
10.27* | First Amendment to the Apogee Enterprises, Inc. 2011 Deferred Compensation Plan. Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed July 1, 2014. | |
10.28* | Second Amendment to the Apogee Enterprises, Inc. 2011 Deferred Compensation Plan. Incorporated herein by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed on June 29, 2016. | |
10.29* | Form of Change in Control Severance Agreement. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on March 3, 2011. | |
10.30* | Employment Agreement between Apogee Enterprises, Inc. and Joseph F. Puishys, made and entered into as of August 5, 2011, to be effective as of August 22, 2011. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on August 8, 2011. | |
10.31* | Form of Restricted Stock Agreement to be entered into by Apogee Enterprises, Inc. and Joseph F. Puishys on August 22, 2011. Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on August 8, 2011. | |
10.32* | Form of Option Agreement to be entered into by Apogee Enterprises, Inc. and Joseph F. Puishys on August 22, 2011. Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on August 8, 2011. | |
10.33* | Form of Bonus Pool Award Agreement under the Apogee Enterprises, Inc. 2012 Executive Management Incentive Plan. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on May 5, 2014. | |
10.34* | Form of Performance Award Agreement under the Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended and restated (2011). Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on May 2, 2012. | |
10.35* | Apogee Enterprises, Inc. 2012 Executive Management Incentive Plan. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on June 27, 2012. | |
10.36* | Form of Retention Incentive Agreement under the Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended and restated (2011). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed July 1, 2014. | |
10.37* | Form of CEO Performance-Based Retention Incentive Agreement under the Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended and restated (2011). Incorporated herein by reference to Exhibit 10.5 to Registrant’s Current Report on Form 8-K filed on April 27, 2016. | |
10.38* | Form of Evaluation-Based Retention Agreement under the Apogee Enterprises, Inc. 2012 Executive Management Incentive Plan. Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed July 1, 2014. | |
10.39* | Form of CEO Evaluation-Based Retention Incentive Agreement under the Apogee Enterprises, Inc. 2012 Executive Management Incentive Plan. Incorporated herein by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed on May 6, 2015. |
10.40* | Apogee Enterprises, Inc. 2016 Executive Management Incentive Plan. Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on June 29, 2016. | |
10.41* | First Amendment to Apogee Enterprises, Inc. 2016 Executive Management Incentive Plan. Incorporated herein by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K/A filed on August 10, 2016. | |
10.42 | Share Purchase Agreement, dated November 5, 2013, between 2393514 Ontario Inc., Apogee Enterprises, Inc., PEF 2005 Alumicor Investment Limited Partnership, on behalf of itself and as Sellers’ Agent, Andre Belanger, Ken Rowson, John Castelhano, Anthony Kerwin, Lawrence Maker, Paul Antoniadis, and Alumicor Limited. Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed on November 5, 2013. | |
10.43 | Second Amended and Restated Credit Agreement, dated November 2, 2016, by and among Apogee Enterprises, Inc., as the Borrower, the Lenders referred to therein, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and Issuing Lender, and U.S. Bank National Association, as Syndication Agent and Issuing Lender. Incorporated herein by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on November 4, 2016. | |
10.44 | Asset Purchase Agreement between Sotawall, Inc., Juan A. Speck and WPP Acquisition Corporation, dated December 14, 2016. Incorporated herein by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on December 20, 2016. | |
10.45* | Apogee Enterprises, Inc. 401(k) Retirement Plan, effective January 1, 2015. Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed October 9, 2015. | |
21# | Subsidiaries of the Registrant. | |
23# | Consent of Deloitte & Touche LLP. | |
31.1# | Certification of Chief Executive Officer pursuant to rule 13a-14(a) under the Securities Exchange Act of 1934. | |
31.2# | Certification of Chief Financial Officer pursuant to rule 13a-14(a) under the Securities Exchange Act of 1934. | |
32.1# | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2# | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | The following materials from Apogee Enterprises, Inc.'s Annual Report on Form 10-K for the year ended March 4, 2017 are furnished herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of March 4, 2017 and February 27, 2016, (ii) the Consolidated Results of Operations for the three years ended March 4, 2017, February 27, 2016 and February 28, 2015, (iii) the Consolidated Statements of Comprehensive Earnings for the three years ended March 4, 2017, February 27, 2016 and February 28, 2015, (iv) the Consolidated Statements of Cash Flows for the three years ended March 4, 2017, February 27, 2016 and February 28, 2015, (v) the Consolidated Statements of Shareholders' Equity for the years ended March 4, 2017, February 27, 2016 and February 28, 2015 and (vi) the Notes to Consolidated Financial Statements. |
APOGEE ENTERPRISES, INC. | |
/s/ Joseph F. Puishys | |
Joseph F. Puishys | |
President and Chief Executive Officer |
Signature | Title | Signature | Title | |||||
/s/ Joseph F. Puishys | President, CEO and | /s/ James S. Porter | Executive Vice | |||||
Joseph F. Puishys | Director (Principal Executive Officer) | James S. Porter | President and CFO (Principal Financial and Accounting Officer) | |||||
/s/ Bernard P. Aldrich | Chairman | /s/ Robert J. Marzec | Director | |||||
Bernard P. Aldrich | Robert J. Marzec | |||||||
/s/ Jerome L. Davis | Director | /s/ Donald A. Nolan | Director | |||||
Jerome L. Davis | Donald A. Nolan | |||||||
/s/ Sara L. Hays | Director | /s/ Richard V. Reynolds | Director | |||||
Sara L. Hays | Richard V. Reynolds | |||||||
/s/ John T. Manning | Director | /s/ Patricia K. Wagner | Director | |||||
John T. Manning | Patricia K. Wagner | |||||||
/s/ David E. Weiss | Director | |||||||
David E. Weiss |
Name of Subsidiary | State or Country of Incorporation | |
Prism Assurance, Ltd. | Vermont | |
Harmon, Inc. | Minnesota | |
Harmon Contract, Inc. | Minnesota | |
Viracon, Inc. | Minnesota | |
Viracon Georgia, Inc. (1) | Minnesota | |
Viracon Singapore Pte. Ltd (1) | Singapore | |
Glassec Vidros de Seguranca Ltda. (2) | Brazil | |
Tru Vue, Inc. | Illinois | |
Tru Vue Netherlands, B.V. (3) | Netherlands | |
Apogee Services, Inc. (4) | Minnesota | |
Apogee Wausau Group, Inc. | Wisconsin | |
Tubelite Inc. | Michigan | |
Alumicor Limited | Canada | |
Sotawall Limited | Canada |
1. | I have reviewed this annual report on Form 10-K of Apogee Enterprises, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Joseph F. Puishys | |
Joseph F. Puishys President and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Apogee Enterprises, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ James S. Porter | |
James S. Porter Executive Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Joseph F. Puishys | |
Joseph F. Puishys President and Chief Executive Officer | |
April 28, 2017 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ James S. Porter | |
James S. Porter Executive Vice President and Chief Financial Officer | |
April 28, 2017 |
B_P#RYK 98W('<(W<8KT_1] O_"WX+?"[X*:=XETGX6>"]'\$Z;XQ\9>)/B)XHLM$
M6ZBM]=\=^,;]]5\7>,-3CN+JY%UXE\4ZI+)J?B/67_T[6]1=K[4IKFZ8S5ZC
M10!XO)^SQ\%Y/&%WX\;X?:%_PDVH^+[/X@ZK=J+Y+/6/'VF:=I.DZ1XYUG1$
MO5T#6/&6AZ=H&AVF@^*-4TN[US08M&TL:/?V+6%JT7")^Q5^RK'H!\+)\#/
M"^'#\.?B=\(6T0:7/_9K_##XT^(X_%_Q:\!R6IO#%)X6^(_B>*'7?&>CN&M/
M$&IPQ7>HI-)%&5^HZ* /E/5OV'OV3M>U?6]=UGX%> M3U;Q'/K%UK5[>:?>3
M2:C=>)/A.?@7XJN;A6O_ "C<>,/A&(?A_P",IHXTE\7^&[2PL_$SZLVG6,UO
MZMX ^!WPF^%NMZ]XC^'W@/0/">N>*/#W@/PIXBU/2+:6"[UGP[\,-&N/#WP]
MT?4)'GE^T6/@[0[N[TKP_"Z_\2ZRNKF"%@D\N_U:B@#R'3_@+\(M(^(?B#XJ
M:/X&TC1O'/BZ]T[5?&&LZ.U_I$7C#7-'L;/2](\1^+M&TV]M?#_BCQ1I6EZ;
MIFEZ;XHU_2=1\0V.F:9INGVNIQ6=A9PP_)/QU_X)I?L\_%#P3>^'? /@SP/\
M)/$NI?$+P9XROO&6F>$;O6;IM%T?]I[X;?M6^./!-GI\'BCP\NE:#\2OB7\-
M;#4=6M],O;33]$U;6=;\3Z+I,>M7UW)=?HI10!Q7AGX=>"?!_AR]\)>'_#FF
MV?A_4[K7+_6+":)]2_MW4/$UU
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Apr. 26, 2017 |
Aug. 27, 2016 |
|
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. 04, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-04 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,679,636 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,386,000,000 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
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 | 28,680,841 | 28,683,948 |
Common stock, shares outstanding | 28,680,841 | 28,683,948 |
Consolidated Results of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Income Statement [Abstract] | |||
Net sales | $ 1,114,533 | $ 981,189 | $ 933,936 |
Cost of sales | 822,510 | 737,619 | 725,392 |
Gross profit | 292,023 | 243,570 | 208,544 |
Selling, general and administrative expenses | 169,798 | 146,177 | 144,959 |
Operating income | 122,225 | 97,393 | 63,585 |
Interest income | 1,008 | 981 | 954 |
Interest expense | 971 | 593 | 924 |
Other income (expense), net | 543 | (457) | 1,384 |
Earnings before income taxes | 122,805 | 97,324 | 64,999 |
Income tax expense | 37,015 | 31,982 | 14,483 |
Net earnings | $ 85,790 | $ 65,342 | $ 50,516 |
Earnings per share - basic (USD per share) | $ 2.98 | $ 2.25 | $ 1.76 |
Earnings per share - diluted (USD per share) | $ 2.97 | $ 2.22 | $ 1.72 |
Weighted average basic shares outstanding | 28,781 | 29,058 | 28,763 |
Weighted average diluted shares outstanding | 28,893 | 29,375 | 29,374 |
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 85,790 | $ 65,342 | $ 50,516 |
Other comprehensive earnings (loss): | |||
Unrealized (loss) gain on marketable securities, net of $(45), $38 and $88 of tax (benefit) expense, respectively | (83) | 73 | 163 |
Unrealized loss on foreign currency hedge, net of $-, $- and $(36) of tax benefit, respectively | 0 | 0 | (62) |
Unrealized gain (loss) on pension obligation, net of $74, $347 and $(830) of tax expense (benefit), respectively | 130 | 610 | (1,458) |
Foreign currency translation adjustments | 234 | (9,734) | (8,003) |
Other comprehensive earnings (loss) | 281 | (9,051) | (9,360) |
Total comprehensive earnings | $ 86,071 | $ 56,291 | $ 41,156 |
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $ (45) | $ 38 | $ 88 |
Unrealized gain (loss) on foreign currency hedge, tax | 0 | 0 | (36) |
Unrealized gain (loss) on pension obligation, tax | $ 74 | $ 347 | $ (830) |
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) on marketable securities, tax | $ (45) | $ 38 | $ 88 |
Unrealized gain (loss) on foreign currency hedge, tax | 0 | 0 | (36) |
Unrealized gain (loss) on pension obligation, tax | $ 74 | $ 347 | $ (830) |
Cash dividends per share | $ 0.515 | $ 0.455 | $ 0.41 |
Summary of Significant Accounting Policies and Related Data |
12 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||
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, the Company or we) after elimination of intercompany balances and transactions. We consolidate variable interest entities where it has been determined that the Company is the primary beneficiary of those entities' operations. 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 2017 consisted of 53 weeks, while 2016 and 2015 each consisted of 52 weeks. Our Brazilian subsidiary follows a calendar year-end and is consolidated on a two-month lag. 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. We hold marketable securities 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. Gross realized gains and losses are included in other income (expense), net 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 the following estimated useful lives:
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. We have eight business units, each of which represents a reporting unit for the goodwill impairment analysis. This year we elected first to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount (commonly referred to as “step 0”). For certain of our reporting units, we also completed step 1 of the goodwill assessment process, which compares 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. In all periods presented, we have followed a consistent discounted cash flow methodology in our step one evaluation of goodwill for impairment. Based on our analysis, we concluded that it was not more likely than not that the fair value of any reporting unit was less than carrying amount. Intangible assets with defined useful lives 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. Intangible assets with an indefinite useful life 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. 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 for potential losses for general liability, employment practices, workers' compensation, automobile liability, architect's and engineer's errors and omissions risk, product rework and other miscellaneous coverages. 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. 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. Our warranty reserves are included in other current and non-current liabilities, based on the estimated timing of dispute resolution. Environmental Liability. We recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated based on estimates by specialists and applicable law. Such estimates are based primarily on the estimated cost of investigation and remediation required, and the likelihood that, where applicable, other potentially responsible parties will not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. The reserve for environmental liabilities is included in other current and non-current liabilities in the consolidated balance sheets. Foreign Currency. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is local currency. 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. Revenue Recognition. We recognize revenue when title has transferred, except within our Architectural Services segment and for one business within our Architectural Framing Systems segment, which enter into fixed-price contracts for projects typically performed over a 12- to 24-month timeframe. We record revenue for these contracts on a percentage-of-completion basis as we are able to reasonably estimate total contract revenue and total contract costs. We compare the total costs incurred to date to the total estimated costs for the contract, and record that proportion of the total contract revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe utilizing the cost-to-cost method for revenue recognition provides the greatest degree of accuracy in measuring revenue throughout the contract period. Provisions are established for estimated losses, if any, on uncompleted contracts in the period in which such losses are determined. Amounts representing contract change orders, claims or other items are included in contract revenue only upon customer approval. Approximately 26 percent of our consolidated net sales in fiscal 2017, and 25 percent in each of fiscal 2016 and 2015, were recorded on a percentage-of-completion basis. Revenue excludes sales taxes as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Pricing and Sales Incentives. The Company records estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives, at the later of the date revenue is recognized or the incentive is offered. Sales incentives given to customers are recorded as a reduction to net sales unless (1) the Company receives an identifiable benefit for goods or services in exchange for the consideration, and (2) the Company can reasonably estimate the fair value of the benefit received. Shipping and Handling. All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and 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 within selling, general and administrative expenses, and were $8.6 million, $8.0 million and $6.5 million for fiscal 2017, 2016 and 2015, respectively. Of these amounts, $2.2 million, $2.4 million and $2.4 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 costs are expensed as incurred and were $1.1 million in fiscal 2017, $1.2 million in fiscal 2016, and $1.1 million in fiscal 2015, and they are included in selling, general and administrative expenses. 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 14 for additional information regarding income taxes. Subsequent Events. We have evaluated subsequent events for potential recognition and disclosure through the date of this filing and determined that there were no subsequent events that required recognition or disclosure in the consolidated financial statements. New Accounting Standards. In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting and reporting for employee share-based payment transactions. The new standard requires excess tax benefits and tax deficiencies to be recorded in the statements of income as a component of the provision for income taxes when stock awards vest or are settled. In addition, it eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the consolidated statements of cash flows. We elected to early adopt the new guidance in the fourth quarter of fiscal 2017, with the following impacts to our consolidated financial statements:
The standard allows for an accounting policy election to continue to account for forfeitures as an estimate or to account for forfeitures as they occur. We elect to recognize forfeitures of any share-based awards as they occur. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires all deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent on the balance sheet. We early adopted this standard in the first quarter of the current fiscal year, and prior periods were not retrospectively adjusted. The adoption of this standard did not have a significant impact to our consolidated financial statements in any period presented. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test process. The new guidance eliminates the current requirement to calculate a goodwill impairment charge using step 2. The standard is applicable to impairment tests performed in periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating early adoption of this guidance for our future annual goodwill impairment review process. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, and in November 2016, it issued 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 are intended to improve consistency in presentation. The new classification guidance is effective for fiscal years beginning after December 15, 2017, our fiscal year 2019, and is to be applied retrospectively for comparability across all periods. These standards may be adopted early, and we are considering the timing of adoption but we do not expect this guidance to have a significant impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which provides for a comprehensive change to lease accounting. The new 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. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. We are currently evaluating whether we will early adopt this standard in our fiscal year 2019 to align with the adoption of the new revenue recognition standard discussed below. The adoption of this standard will result in reflecting assets and liabilities for the value of our leased property and equipment on our consolidated balance sheet but it is not expected to have a significant impact on our consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new standard, an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017, our fiscal 2019. We are in the process of fully evaluating the impact this standard will have on our financial statements. However, at this time we have determined the following:
|
Acquisitions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition On December 14, 2016, we acquired substantially all the assets of Sotawall, Inc. (now operating under the name Sotawall Limited or "Sotawall") a privately-held company based in the Toronto, Canada area, for approximately $138 million, funded by existing cash and short-term investments of approximately $73 million and by approximately $65 million from our committed revolving line of credit. Sotawall specializes in the design, engineering, fabrication, assembly and installation of unitized curtainwall systems for industrial, commercial and institutional buildings, primarily serving the Canadian and northeastern U.S. geographic regions. Sotawall's results of operations have been included in the consolidated financial statements and within the Architectural Framing Systems segment since the date of acquisition. Those results include $17.8 million of sales, $0.7 million of operating income and de minimis net earnings. The assets and liabilities of Sotawall were recorded in the consolidated balance sheet and within the Architectural Framing Systems segment as of the acquisition date, at their respective fair values. Fair value is estimated based on one or a combination of income, cost and/or market approaches, as determined based on the nature of the asset or liability, and the level of inputs available. With respect to assets and liabilities, the determination of fair value requires management to make subjective judgments as to projections of future operating performance, the appropriate discount rate to apply, long-term growth rates, etc. (i.e. - unobservable inputs classified as Level 3 inputs under the fair value hierarchy described in Note 5) which affect the amounts recorded in the purchase price allocation. The excess of the consideration transferred over the fair value of the identifiable assets, net of liabilities, is recorded as goodwill, which is indicative of the expected continued growth and development of Sotawall. The purchase price allocation is based on these estimated fair value of assets acquired and liabilities assumed, as follows:
Other intangible assets reflect the following:
These fair values are based on preliminary estimates and are subject to change based on finalization of net working capital values, intangible asset valuation and other purchase price adjustments expected to be completed in the first quarter of fiscal 2018. Up to 75 percent of the goodwill is tax deductible. Refer to Note 7 for more information on goodwill and intangible assets. The following unaudited pro forma information provides the results of operations for the fiscal years ended March 4, 2017 and February 27, 2016, as if the acquisition had been completed at the beginning of fiscal year 2016:
Unaudited pro forma information has been provided for comparative purposes only and the information does not necessarily reflect what the combined company's results of operations would have been had the acquisition occurred at the beginning of fiscal year 2016. It also may not be useful in predicting the future results of operations of the combined company. The pro forma information includes the impact of intangible asset amortization of approximately $12.7 million in 2016 and $8.2 million in 2017 (based on historical average exchange rates), which is expected to be recognized in Apogee's results for fiscal 2018 and fiscal 2019, respectively. The information also reflects the pro forma cost of required debt financing but does not reflect the effect of any synergies or integration costs that may result from the acquisition. |
Working Capital |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital | Working Capital Receivables
Inventories
Other Current Liabilities
|
Marketable Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities We hold the following marketable securities, all classified as available for sale:
In the prior year, we were invested in a mutual fund holding short-term government securities as a means of deploying excess cash from operations while preserving liquidity. We sold this security in fiscal 2017 to partially finance the Sotawall acquisition. We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds our municipal 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 bonds, for the purpose of providing collateral for Prism's obligations under the reinsurance agreement. The following table presents the length of time that our securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of March 4, 2017:
The amortized cost and estimated fair values of our municipal bonds at March 4, 2017, 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.
|
Fair Value Measurements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 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:
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. |
Property, Plant and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment
Depreciation expense was $31.6 million, $29.8 million and $27.5 million in fiscal 2017, 2016 and 2015, respectively. |
Goodwill and Other Identifiable Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
No goodwill impairment has been recorded in any period presented. The gross carrying amount of other intangible assets and related accumulated amortization was:
Amortization expense on definite-lived intangible assets was $4.0 million, $1.6 million and $2.1 million in fiscal 2017, 2016 and 2015, respectively. The amortization expense associated with the debt issue costs is included in interest expense while the remainder is in selling, general and administrative expenses in the consolidated results of operations. Estimated future amortization expense for definite-lived intangible assets is as follows:
|
Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt In December 2016, we amended and restated the credit agreement governing our credit facility to, among other changes, increase the amount of the revolving credit facility to $175.0 million, extend the maturity date to November 2021 and to modify the financial covenants under the credit agreement. We had $45.0 million outstanding on our revolving credit facility as of March 4, 2017 and no borrowings outstanding as of February 27, 2016. As defined within our facility, we have 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 4, 2017, 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 4, 2017, $106.5 million was available under this credit facility. Debt at March 4, 2017 also included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximated carrying value at March 4, 2017, 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 a $4.0 million Canadian dollar revolving demand facility. No borrowings were outstanding under the facility as of March 4, 2017 or February 27, 2016. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreement for the demand facility. Debt maturities and other selected information follows:
Interest payments were $0.8 million in fiscal 2017, $0.5 million in fiscal 2016 and $0.8 million in fiscal 2015. |
Other Non-Current Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Current Liabilities | Other Non-Current Liabilities
|
Employee Benefit Plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [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 $6.2 million in fiscal 2017, $5.4 million in fiscal 2016 and $4.7 million in fiscal 2015. Deferred Compensation Plan The Company maintains a plan that allows participants to defer compensation. The deferred compensation liability was $7.7 million and $5.0 million at March 4, 2017 and February 27, 2016, respectively. The Company has investments in corporate-owned life insurance policies (COLI) of $7.7 million and money market funds (classified as cash equivalents) of $0.3 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 2017, 2016 and 2015 was $3.9 million, $3.6 million and $4.3 million, respectively. Pension Plan The Company sponsors the Tubelite Inc. Hourly Employees' Pension Plan (Tubelite 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 for the benefit of certain executives, 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.
The underfunded status of our plans was recognized in the consolidated balance sheets:
The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost:
The amount recognized in comprehensive earnings, net of tax expense, was:
Components of the defined-benefit pension plans' net periodic benefit cost:
Total net periodic pension benefit cost is expected to be approximately $0.7 million in fiscal 2018. 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 2018 is $0.2 million, net of tax benefit. Additional Information Assumptions
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 2018. 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. In accordance with its policy, during fiscal 2016, the assets of the Tubelite plan were invested in a short-term bond fund and carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the valuation hierarchy. Prior to this strategy change, the assets were invested in a long-term bond fund. We do not maintain assets intended for the future use of the SERP. Contributions Contributions to the plans for each of fiscal 2017 and 2016 totaled $0.9 million, which equaled or exceeded the minimum funding requirement. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, are expected to be paid by the plans:
|
Commitments and Contingent Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Operating lease commitments. As of March 4, 2017, the Company was obligated under non-cancelable operating leases for buildings and equipment. Certain leases provide for increased rentals based upon increases in real estate taxes or operating costs. As part of our acquisition of Sotawall, we acquired leases to two properties which hold Sotawall's current principal facilities. The lessor under these leases is a company owned by the President of Sotawall. Future minimum rental payments under non-cancelable operating leases are:
Total rental expense, including operating leases and short-term equipment rentals, was $16.9 million, $15.5 million and $18.7 million in fiscal 2017, 2016 and 2015, respectively. At March 4, 2017, we had one sale and 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 $1.8 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 Company’s Architectural Services segment, the Company is required to provide surety or performance bonds that commit payments to its customers for any non-performance. At March 4, 2017, $96.2 million of the Company’s backlog was bonded by performance bonds with a face value of $343.7 million. Performance bonds do not have stated expiration dates, as the Company is released from the bonds upon completion of the contract. The Company has never been required to make any payments related to these performance-based bonds with respect to any of its current portfolio of businesses. Warranties. 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. Claims 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, shifts in product mix and any significant changes in sales volume. A warranty rollforward follows:
Letters of credit. At March 4, 2017, we had ongoing letters of credit related to construction contracts and certain industrial revenue bonds. The total value of letters of credit under which we were obligated as of March 4, 2017 was approximately $23.5 million, all of which have been issued under our credit facility. Our total availability under our $175.0 million credit facility is reduced by borrowings under the credit facility and also by letters of credit issued under the credit facility. Purchase obligations. Purchase obligations for raw material commitments and capital expenditures totaled $115.8 million as of March 4, 2017. Environmental liability. In fiscal 2008, we acquired one manufacturing facility which has certain historical environmental conditions. We are working to remediate these conditions; remediation has been conducted without significant disruption to our operations. Our liability for these remediation activities was $1.4 million and $1.6 million at March 4, 2017 and February 27, 2016, respectively. New Markets Tax Credit transactions. In June 2016, we entered into a transaction with a subsidiary of Wells Fargo (WF) under a qualified New Markets Tax Credit (NMTC) program related to an investment in plant and equipment within our Architectural Glass segment. Previously, in fiscal 2014, we entered into a NMTC transaction with JP Morgan Chase (JPM) related to a separate investment in plant and equipment within the Architectural Glass segment. Each NMTC transaction is subject to 100 percent tax credit recapture for a period of seven years. Therefore, proceeds received in exchange for the transfer of the tax credits will be recognized as earnings in fiscal 2021 and 2024, if the expected tax benefits are delivered without risk of recapture to each bank and our performance obligations are relieved. In exchange for substantially all the benefits derived from tax credits, WF contributed $6.0 million and JPM contributed $10.7 million into each respective project. These amounts are included within other non-current liabilities on our consolidated balance sheets. Direct and incremental costs incurred in structuring these arrangements have been deferred and will be recognized in proportion to the recognition of the related profits. These costs amounted to $4.5 million and are included in other non-current assets on our consolidated balance sheets. Variable-interest entities were created as a result of the structure of these transactions, which have been included within our consolidated financial statements as the banks do not have a material interest in the underlying economics of the projects. Litigation. The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company’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 |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 of 1,500,000 shares of common stock. The Board of Directors subsequently increased this authorization by 750,000 shares in fiscal 2008; by 1,000,000 shares in fiscal 2009; and by another 1,000,000 shares in fiscal 2016. We repurchased 250,001 shares under the program during fiscal 2017, for a total cost of $10.8 million. We repurchased 575,000 shares under the program, for a total cost of $24.9 million, in fiscal 2016 and 203,509 shares under the program, for a total cost of $6.9 million, in fiscal 2015. The Company has repurchased a total of 3,307,633 shares, at a total cost of $72.3 million, since the inception of this program. We have remaining authority to repurchase 942,367 shares under this program, which has no expiration date. In addition to the shares repurchased under this repurchase plan, during fiscal 2017, 2016 and 2015, the Company also withheld $2.6 million, $5.1 million and $5.2 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 4, 2017 and February 27, 2016:
|
Stock-Based Compensation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) which 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) and are granted with an exercise price equal to the fair market value of the Company’s stock at the date of award. We also 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. We had a 2002 Omnibus Stock Incentive Plan, which was terminated in June 2009; no new grants may be made under this plan, although exercises of SARs and options previously granted thereunder will still occur in accordance with the terms of the various grants. Total stock-based compensation expense under all Plans included in the results of operations was $6.0 million for fiscal 2017, $4.9 million for fiscal 2016 and $4.8 million for 2015. 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:
Cash proceeds from the exercise of stock options were $1.9 million, $1.6 million and $1.2 million for fiscal 2017, 2016 and 2015, 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 $6.0 million, $7.5 million and $4.6 million in fiscal 2017, 2016 and 2015, respectively. Nonvested Share Awards and Units The following table summarizes nonvested share activity for fiscal 2017:
At March 4, 2017, there was $6.6 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 20 months. The total fair value of shares vested during fiscal 2017 was $6.3 million. |
Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Earnings before income taxes consisted of the following:
The components of income tax expense (benefit) for each of the last three fiscal years was:
Income tax payments, net of refunds were $47.8 million, $25.9 million and $11.3 million in fiscal 2017, 2016 and 2015, respectively. The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates:
In the current year, we recorded a net tax benefit of $1.9 million on a distribution from our Brazilian operation. Additionally, in the fourth quarter, as a result of the adoption of ASU 2016-09 (see additional discussion in Note 1), we recognized tax benefits of $0.9 million within income tax expense. In fiscal 2016 and 2015, tax benefits associated with stock-based incentive plans were $3.9 million and $3.3 million, respectively. These benefits impacted additional paid-in capital and were not reflected in the determination of income tax expense or benefit. In fiscal 2015, the Company recognized approximately $6.4 million of tax benefit from an energy-efficient investment credit under Section 48C of the U.S. Internal Revenue Code, upon successful start-up and commercial production of coatings on our new architectural glass coater. The tax credit was awarded in 2011 by the U.S. Internal Revenue Service (IRS) in cooperation with the Department of Energy as part of the American Reinvestment and Recovery Act to incent energy-efficient investments. In the first quarter of fiscal 2017, the Company adopted ASU 2015-17, which requires deferred tax assets and liabilities to be classified as noncurrent in the financial statements. We have not elected to apply this change in accounting principle retroactively. Deferred tax assets and deferred tax liabilities at March 4, 2017 and February 27, 2016 were:
The Company has U.S. federal tax credits as well as state net operating loss carryforwards with a tax effect of $5.5 million. A valuation allowance of $2.4 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 2014, or state and local income tax examinations for years prior to fiscal 2010. The Company is not currently under U.S. federal examination for years subsequent to fiscal 2013, 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 U.S. 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 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, $2.1 million, $2.7 million and $2.6 million for fiscal 2017, 2016 and 2015, respectively, would benefit the effective tax rate. Also included in the balance of unrecognized tax benefits for fiscal 2017, 2016 and 2015, are $2.0 million, $1.8 million and $1.9 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 2017, we accrued penalties and interest related to unrecognized tax benefits of $0.4 million. For each of fiscal 2016 and 2015, the accrual was $0.5 million. The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits:
The total liability for unrecognized tax benefits is expected to decrease by approximately $0.4 million during fiscal 2018 due to lapsing of statutes. |
Quarterly Data (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | Quarterly Data (Unaudited)
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 Sotawall in the fourth quarter of fiscal 2017; refer to Note 2 for additional information. |
Earnings per Share |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Business Segment Data |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Data | Business Segment Data We have four reporting segments:
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. 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.
Apogee's export net sales from U.S. operations of $76.2 million for fiscal 2017 were approximately 7 percent of consolidated net sales; export net sales of $79.5 million for fiscal 2016 were approximately 8 percent of consolidated net sales; and export sales of $72.7 million for fiscal 2015 were approximately 8 percent of consolidated net sales. |
Schedule - Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Schedules - Valuation and Qualifying Accounts | Financial Statement Schedules - Valuation and Qualifying Accounts
(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 Accounting Policies and Related Data (Policies) |
12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the balances of Apogee Enterprises, Inc. and its subsidiaries (Apogee, the Company or we) after elimination of intercompany balances and transactions. We consolidate variable interest entities where it has been determined that the Company is the primary beneficiary of those entities' operations. |
||||||||||||||||||||
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 2017 consisted of 53 weeks, while 2016 and 2015 each consisted of 52 weeks. Our Brazilian subsidiary follows a calendar year-end and is consolidated on a two-month lag. |
||||||||||||||||||||
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 the following estimated useful lives:
|
||||||||||||||||||||
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. We have eight business units, each of which represents a reporting unit for the goodwill impairment analysis. This year we elected first to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount (commonly referred to as “step 0”). For certain of our reporting units, we also completed step 1 of the goodwill assessment process, which compares 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. In all periods presented, we have followed a consistent discounted cash flow methodology in our step one evaluation of goodwill for impairment. Based on our analysis, we concluded that it was not more likely than not that the fair value of any reporting unit was less than carrying amount. Intangible assets with defined useful lives 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. Intangible assets with an indefinite useful life 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. The estimated useful lives of all intangible assets are reviewed annually, and we have determined that the remaining lives were appropriate. |
||||||||||||||||||||
Self-Insurance | Self-Insurance. We obtain commercial insurance for potential losses for general liability, employment practices, workers' compensation, automobile liability, architect's and engineer's errors and omissions risk, product rework and other miscellaneous coverages. 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. 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. Our warranty reserves are included in other current and non-current liabilities, based on the estimated timing of dispute resolution. |
||||||||||||||||||||
Environmental Liability | Environmental Liability. We recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated based on estimates by specialists and applicable law. Such estimates are based primarily on the estimated cost of investigation and remediation required, and the likelihood that, where applicable, other potentially responsible parties will not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. The reserve for environmental liabilities is included in other current and non-current liabilities in the consolidated balance sheets. |
||||||||||||||||||||
Foreign Currency | Foreign Currency. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is local currency. 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. |
||||||||||||||||||||
Revenue Recognition | Revenue Recognition. We recognize revenue when title has transferred, except within our Architectural Services segment and for one business within our Architectural Framing Systems segment, which enter into fixed-price contracts for projects typically performed over a 12- to 24-month timeframe. We record revenue for these contracts on a percentage-of-completion basis as we are able to reasonably estimate total contract revenue and total contract costs. We compare the total costs incurred to date to the total estimated costs for the contract, and record that proportion of the total contract revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe utilizing the cost-to-cost method for revenue recognition provides the greatest degree of accuracy in measuring revenue throughout the contract period. Provisions are established for estimated losses, if any, on uncompleted contracts in the period in which such losses are determined. Amounts representing contract change orders, claims or other items are included in contract revenue only upon customer approval. Approximately 26 percent of our consolidated net sales in fiscal 2017, and 25 percent in each of fiscal 2016 and 2015, were recorded on a percentage-of-completion basis. Revenue excludes sales taxes as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. |
||||||||||||||||||||
Pricing and Sales Incentives | Pricing and Sales Incentives. The Company records estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives, at the later of the date revenue is recognized or the incentive is offered. Sales incentives given to customers are recorded as a reduction to net sales unless (1) the Company receives an identifiable benefit for goods or services in exchange for the consideration, and (2) the Company can reasonably estimate the fair value of the benefit received. |
||||||||||||||||||||
Shipping and Handling | Shipping and Handling. All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and 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 within selling, general and administrative expenses, and were $8.6 million, $8.0 million and $6.5 million for fiscal 2017, 2016 and 2015, respectively. Of these amounts, $2.2 million, $2.4 million and $2.4 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 and were $1.1 million in fiscal 2017, $1.2 million in fiscal 2016, and $1.1 million in fiscal 2015, and they are included in selling, general and administrative expenses. |
||||||||||||||||||||
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 14 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 and determined that there were no subsequent events that required recognition or disclosure in the consolidated financial statements. |
||||||||||||||||||||
New Accounting Standards | New Accounting Standards. In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting and reporting for employee share-based payment transactions. The new standard requires excess tax benefits and tax deficiencies to be recorded in the statements of income as a component of the provision for income taxes when stock awards vest or are settled. In addition, it eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the consolidated statements of cash flows. We elected to early adopt the new guidance in the fourth quarter of fiscal 2017, with the following impacts to our consolidated financial statements:
The standard allows for an accounting policy election to continue to account for forfeitures as an estimate or to account for forfeitures as they occur. We elect to recognize forfeitures of any share-based awards as they occur. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires all deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent on the balance sheet. We early adopted this standard in the first quarter of the current fiscal year, and prior periods were not retrospectively adjusted. The adoption of this standard did not have a significant impact to our consolidated financial statements in any period presented. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test process. The new guidance eliminates the current requirement to calculate a goodwill impairment charge using step 2. The standard is applicable to impairment tests performed in periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating early adoption of this guidance for our future annual goodwill impairment review process. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, and in November 2016, it issued 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 are intended to improve consistency in presentation. The new classification guidance is effective for fiscal years beginning after December 15, 2017, our fiscal year 2019, and is to be applied retrospectively for comparability across all periods. These standards may be adopted early, and we are considering the timing of adoption but we do not expect this guidance to have a significant impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which provides for a comprehensive change to lease accounting. The new 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. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. We are currently evaluating whether we will early adopt this standard in our fiscal year 2019 to align with the adoption of the new revenue recognition standard discussed below. The adoption of this standard will result in reflecting assets and liabilities for the value of our leased property and equipment on our consolidated balance sheet but it is not expected to have a significant impact on our consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new standard, an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017, our fiscal 2019. We are in the process of fully evaluating the impact this standard will have on our financial statements. However, at this time we have determined the following:
|
Summary of Significant Accounting Policies and Related Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Depreciation is computed on a straight-line basis, based on the following estimated useful lives:
|
Acquisitions Acquisition (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired | The purchase price allocation is based on these estimated fair value of assets acquired and liabilities assumed, as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Other intangible assets reflect the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | The following unaudited pro forma information provides the results of operations for the fiscal years ended March 4, 2017 and February 27, 2016, as if the acquisition had been completed at the beginning of fiscal year 2016:
|
Working Capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current Liabilities
|
Marketable Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | The following table presents the length of time that our securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of March 4, 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and estimated fair values of investments by contractual maturity | The amortized cost and estimated fair values of our municipal bonds at March 4, 2017, 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.
|
Fair Value Measurements (Tables) |
12 Months Ended |
---|---|
Mar. 04, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value | Financial assets and liabilities are classified in the fair value |
Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Depreciation is computed on a straight-line basis, based on the following estimated useful lives:
|
Goodwill and Other Identifiable Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of finite lived intangible assets | The gross carrying amount of other intangible assets and related accumulated amortization was:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated future amortization expense for identifiable intangible assets | Estimated future amortization expense for definite-lived intangible assets is as follows:
|
Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Debt maturities and other selected information follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Information Related to Long-term Debt |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense |
|
Other Non-Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities |
|
Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | The underfunded status of our plans was recognized in the consolidated balance sheets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Comprehensive Earnings | The amount recognized in comprehensive earnings, net of tax expense, was:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Components of the defined-benefit pension plans' net periodic benefit cost:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the plans:
|
Commitments and Contingent Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum rental payments under noncancelable operating leases | Future minimum rental payments under non-cancelable operating leases are:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and warranties | A warranty rollforward follows:
|
Shareholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following summarizes the accumulated other comprehensive loss, net of tax, at March 4, 2017 and February 27, 2016:
|
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Award transactions on stock options |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonvested share award transactions | The following table summarizes nonvested share activity for fiscal 2017:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Earnings before income taxes consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for each of the last three fiscal years was:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and deferred tax liabilities at March 4, 2017 and February 27, 2016 were:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits:
|
Quarterly Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
|
Earnings per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Business Segment Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Summary of Significant Accounting Policies and Related Data (Details Textual) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Accounting Policies [Line Items] | |||
Reporting period monthly lag | 2 months | ||
Fiscal time period | P53W | P52W | P52W |
Percentage of net sales recorded on a percentage of completion basis | 26.00% | 25.00% | |
Research and development expense | $ 8.6 | $ 8.0 | $ 6.5 |
Cost of Sales | |||
Accounting Policies [Line Items] | |||
Research and development expense | 2.2 | 2.4 | 2.4 |
Selling, general and administrative expenses | |||
Accounting Policies [Line Items] | |||
Advertising expense | $ 1.1 | $ 1.2 | $ 1.1 |
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 |
Acquisitions Acquisition (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 14, 2016 |
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 137,932 | $ 0 | $ 0 | |
Revenues | 76,200 | 79,500 | 72,700 | |
Operating income | $ 122,225 | 97,393 | 63,585 | |
Deductible portion of goodwill | 75.00% | |||
Amortization of intangible assets | $ 4,000 | 1,600 | $ 2,100 | |
Sotawall | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 138,000 | |||
Cash | 73,000 | |||
Line of credit | $ 65,000 | |||
Revenues | 17,800 | |||
Operating income | 700 | |||
Amortization of intangible assets | $ 8,200 | $ 12,700 |
Acquisitions Acquisition (Details 1) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Dec. 14, 2016 |
Feb. 27, 2016 |
Feb. 28, 2015 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,334 | $ 73,996 | $ 75,857 | |
Sotawall | ||||
Business Acquisition [Line Items] | ||||
Net working capital | $ 10,682 | |||
Property, plant and equipment | 7,993 | |||
Goodwill | 27,444 | |||
Net assets acquired | 91,813 | |||
Net assets acquired | $ 137,932 |
Acquisitions Acquisition (Details 2) - Sotawall $ in Thousands |
Dec. 14, 2016
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Total other intangible assets | $ 91,813 |
Technology | |
Business Acquisition [Line Items] | |
Finite lived intangibles | $ 6,319 |
Estimated useful life (in years) | 10 years |
Backlog | |
Business Acquisition [Line Items] | |
Finite lived intangibles | $ 12,638 |
Estimated useful life (in years) | 1 year 6 months |
Customer relationships | |
Business Acquisition [Line Items] | |
Finite lived intangibles | $ 60,523 |
Estimated useful life (in years) | 17 years |
Tradename | |
Business Acquisition [Line Items] | |
Indefinite lived intangibles | $ 12,333 |
Acquisitions (Details 3) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
|
Business Combinations [Abstract] | ||
Net sales | $ 1,196,504 | $ 1,054,281 |
Net earnings | $ 100,124 | $ 66,203 |
Basic (USD per share) | $ 3.48 | $ 2.28 |
Diluted (USD per share) | $ 3.47 | $ 2.25 |
Working Capital (Schedule of Receivables) (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 187,235 | $ 175,329 |
Less allowance for doubtful accounts | (1,495) | (2,497) |
Net receivables | 185,740 | 172,832 |
Trade accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 122,149 | 102,627 |
Construction contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 31,923 | 41,631 |
Contract retainage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 29,191 | 28,249 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 3,972 | $ 2,822 |
Working Capital (Schedule of Inventory) (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Working Capital [Abstract] | ||
Raw materials | $ 22,761 | $ 21,404 |
Work-in-process | 16,154 | 9,958 |
Finished goods | 29,372 | 25,486 |
Costs and earnings in excess of billings on uncompleted contracts | 5,122 | 6,538 |
Total inventories | $ 73,409 | $ 63,386 |
Working Capital (Schedule of Other Current Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Working Capital [Abstract] | ||
Warranties | $ 21,100 | $ 14,666 |
Taxes, other than income taxes | 4,452 | 5,058 |
Other | 8,648 | 9,615 |
Total other current liabilities | $ 34,200 | $ 29,339 |
Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | $ 9,595 | $ 42,571 |
Gross Unrealized Gains | 91 | 285 |
Gross Unrealized Losses | (97) | (164) |
Estimated Fair Value | 9,589 | 42,692 |
Municipal bonds | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | 9,595 | 12,393 |
Gross Unrealized Gains | 91 | 285 |
Gross Unrealized Losses | (97) | (109) |
Estimated Fair Value | $ 9,589 | 12,569 |
Mutual fund | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ||
Amortized Cost | 30,178 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (55) | |
Estimated Fair Value | $ 30,123 |
Marketable Securities (Details 1) - Municipal bonds $ in Thousands |
Mar. 04, 2017
USD ($)
|
---|---|
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | |
Less Than 12 Months, Fair Value | $ 1,413 |
Less Than 12 Months, Unrealized Losses | (14) |
Greater Than or Equal to 12 Months, Fair Value | 1,167 |
Greater Than or Equal to 12 Months, Unrealized Losses | (83) |
Total Fair Value | 2,580 |
Total Unrealized Losses | $ (97) |
Marketable Securities (Details 2) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 9,595 | $ 42,571 |
Estimated Fair Value | 9,589 | 42,692 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Due within one year | 548 | |
Amortized Cost, Due after one year through five years | 3,003 | |
Amortized Cost, Due after five years through 10 years | 4,553 | |
Amortized Cost, Due after 10 years through 15 years | 1,491 | |
Amortized Cost | 9,595 | 12,393 |
Estimated Market Value, Due within one year | 548 | |
Estimated Market Value, Due after one year through five years | 3,028 | |
Estimated Market Value, Due after five years through 10 years | 4,605 | |
Estimated Market Value, Due after 10 years through 15 years | 1,408 | |
Estimated Fair Value | $ 9,589 | $ 12,569 |
Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 583,254 | $ 522,089 | |
Less accumulated depreciation | (336,506) | (319,627) | |
Net property, plant and equipment | 246,748 | 202,462 | $ 193,540 |
Depreciation expense | 31,600 | 29,800 | $ 27,500 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 8,400 | 8,827 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 162,184 | 149,685 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 316,406 | 296,388 | |
Office equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 49,720 | 48,805 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 46,544 | $ 18,384 |
Goodwill and Other Identifiable Intangible Assets (Details 2) $ in Thousands |
Mar. 04, 2017
USD ($)
|
---|---|
Schedule of estimated future amortization expense for identifiable intangible assets | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 14,157 |
Estimated amortization expense, Fiscal 2017 | 7,918 |
Estimated amortization expense, Fiscal 2018 | 5,592 |
Estimated amortization expense, Fiscal 2019 | 5,479 |
Estimated amortization expense, Fiscal 2020 | $ 5,372 |
Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 4.0 | $ 1.6 | $ 2.1 |
Debt (Details Textual) $ in Thousands, CAD in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 04, 2017
USD ($)
|
Feb. 27, 2016
USD ($)
|
Feb. 28, 2015
USD ($)
|
Mar. 04, 2017
CAD
|
|
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000 | |||
Revolving credit facility expiration date | Nov. 01, 2021 | |||
Amount of available commitment | $ 106,500 | |||
Debt | 65,400 | |||
Interest payments | 800 | $ 500 | $ 800 | |
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 | 175,000 | |||
Line of Credit Facility, Amount Outstanding | 45,000 | $ 0 | ||
Line of Credit [Member] | ||||
Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | CAD | CAD 4.0 | |||
Line of Credit Facility, Amount Outstanding | 0 | |||
Industrial Revenue Bonds [Member] | ||||
Debt (Textual) [Abstract] | ||||
Debt | $ 20,400 |
Debt (Schedule of Debt Maturities) (Details) $ in Thousands |
Mar. 04, 2017
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2016 | $ 0 |
2017 | 0 |
2018 | 0 |
2019 | 5,400 |
2020 | 47,000 |
Thereafter | 13,000 |
Total long-term debt | $ 65,400 |
Debt (Schedule of Selected Information Related to Long Term Debt) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
|
Debt Disclosure [Abstract] | ||
Average daily borrowings during the year | $ 34,320 | $ 21,730 |
Maximum borrowings outstanding during the year | $ 91,400 | $ 22,480 |
Weighted average interest rate during the year | 2.22% | 0.29% |
Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Debt Disclosure [Abstract] | |||
Interest on debt | $ 971 | $ 544 | $ 581 |
Other interest expense | 0 | 49 | 343 |
Interest expense | $ 971 | $ 593 | $ 924 |
Other Non-Current Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
|
Other Liabilities Disclosure [Abstract] | ||
Deferred benefit from New Markets Tax Credit transactions | $ 16,708 | $ 10,741 |
Retirement plan obligations | 9,635 | 9,992 |
Deferred compensation plan | 7,463 | 4,814 |
Other | 11,981 | 11,367 |
Total other non-current liabilities | $ 45,787 | $ 36,914 |
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. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Change in projected benefit obligation | |||
Benefit obligation beginning of period | $ 14,900 | $ 16,253 | |
Interest cost | 555 | 566 | $ 550 |
Actuarial loss (gain) | 54 | (907) | |
Benefits paid | (1,017) | (1,012) | |
Benefit obligation at measurement date | 14,492 | 14,900 | 16,253 |
Change in plan assets | |||
Fair value of plan assets beginning of period | 4,261 | 4,419 | |
Actual return on plan assets | 73 | (62) | |
Company contributions | 868 | 916 | |
Fair value of plan assets at measurement date | 4,185 | 4,261 | $ 4,419 |
Underfunded status | $ (10,307) | $ (10,639) |
Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Compensation and Retirement Disclosure [Abstract] | ||
Current liabilities | $ (672) | $ (647) |
Other non-current liabilities | (9,635) | (9,992) |
Total | $ (10,307) | $ (10,639) |
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. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ (5,696) | $ (5,899) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 5,696 | $ 5,899 | |
Net periodic pension expense, Expected return on plan assets | 2.00% | 2.00% | 4.50% |
Employee Benefit Plans (Amounts Recognized in Comprehensive Earnings) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
|
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial gain | $ (130) | $ (610) |
Total | $ (130) | $ (610) |
Employee Benefit Plans (Schedule of Components of Defined Benefit Pension Plans Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Components of net periodic benefit cost | |||
Interest cost | $ 555 | $ 566 | $ 550 |
Expected return on assets | (41) | (137) | (171) |
Amortization of unrecognized net loss | 225 | 249 | 172 |
Net periodic benefit cost | $ 739 | $ 678 | $ 551 |
Employee Benefit Plans (Schedule of Assumptions Used) (Details) |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.85% | 3.60% | 4.00% |
Discount rate | 3.80% | 3.85% | 3.60% |
Net periodic pension expense, Expected return on plan assets | 2.00% | 2.00% | 4.50% |
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands |
12 Months Ended |
---|---|
Mar. 04, 2017
USD ($)
| |
Compensation and Retirement Disclosure [Abstract] | |
Estimated future benefit payments | $ 1,016 |
2019 | 1,052 |
2020 | 1,026 |
2021 | 1,009 |
2022 | 984 |
2023-2027 | $ 4,602 |
Commitments and Contingent Liabilities (Details) $ in Thousands |
Mar. 04, 2017
USD ($)
|
---|---|
Future minimum rental payments under noncancelable operating leases | |
Total minimum payments, Fiscal 2016 | $ 11,419 |
Total minimum payments, Fiscal 2017 | 10,796 |
Total minimum payments, Fiscal 2018 | 9,286 |
Total minimum payments, Fiscal 2019 | 6,342 |
Total minimum payments, Fiscal 2020 | 5,605 |
Total minimum payments, Thereafter | 9,002 |
Total | $ 52,450 |
Commitments and Contingent Liabilities (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
|
Guarantees and warranties | ||
Balance at beginning of period | $ 16,340 | $ 11,275 |
Additional accruals | 11,499 | 8,214 |
Claims paid | (5,906) | (3,149) |
Balance at end of period | $ 21,933 | $ 16,340 |
Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | 158 Months Ended | ||||
---|---|---|---|---|---|---|---|
Oct. 31, 2008 |
Jan. 31, 2008 |
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
Mar. 04, 2017 |
Feb. 28, 2004 |
|
Class of Stock [Line Items] | |||||||
Junior preferred stock, shares | 200,000 | 200,000 | |||||
Junior preferred stock par value | $ 1.00 | $ 1.00 | |||||
Share repurchases, shares | (250,000) | 575,000 | 203,000 | ||||
Stock Based Compensation Plans | |||||||
Class of Stock [Line Items] | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 2.6 | $ 5.1 | $ 5.2 | ||||
Share Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Number of shares authorized under share repurchase program | 1,500,000 | ||||||
Increase in authorized shares under the share repurchase program | 1,000,000 | 750,000 | 1,000,000 | ||||
Share repurchases, shares | 250,001 | 575,000 | 203,509 | 3,307,633 | |||
Share repurchases, value | $ 10.8 | $ 24.9 | $ 6.9 | $ 72.3 | |||
Remaining shares authorized to be repurchased | 942,367,000 | 942,367,000 |
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss Net of Tax) (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Equity [Abstract] | ||
Net unrealized (loss) gain on marketable securities | $ (4) | $ 79 |
Pension liability adjustments | (3,628) | (3,758) |
Foreign currency translation adjustments | (27,458) | (27,692) |
Total accumulated other comprehensive loss | $ (31,090) | $ (31,371) |
Stock-Based Compensation (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Award transactions on stock options | |||
Outstanding shares awards exercised | (163,000) | (200,000) | (146,000) |
Award transactions on stock options, Weighted Average Exercise Price | |||
Weighted average exercise price, Beginning | $ 11.81 | ||
Weighted average exercise price, Awards exercised | 14.34 | ||
Weighted average exercise price, Ending | 9.90 | $ 11.81 | |
Weighted average exercise price, Exercisable | $ 9.90 | ||
Weighted average remaining contractual life, Outstanding | 4 years | ||
Weighted average remaining contractual life, Exercisable | 4 years | ||
Aggregate intrinsic value, Outstanding | $ 11,101,695 | ||
Aggregate intrinsic value, Exercisable | $ 11,101,695 | ||
Options/SARs Outstanding | |||
Award transactions on stock options | |||
Outstanding, Beginning | 403,714 | ||
Outstanding shares awards exercised | (173,813) | ||
Outstanding, Ending | 229,901 | 403,714 | |
Outstanding shares exercisable | 229,901 |
Stock-Based Compensation (Details 1) |
12 Months Ended | |||
---|---|---|---|---|
Mar. 04, 2017
$ / shares
shares
| ||||
Nonvested share award transactions | ||||
Nonvested Number, Beginning | shares | 275,457 | |||
Number of shares, Granted | shares | 148,672 | [1] | ||
Number of shares, Vested | shares | (143,875) | |||
Number of shares, Canceled | shares | (1,050) | |||
Nonvested Number, Ending | shares | 279,204 | |||
Nonvested share award transactions, Wieghted Average Grant Date Fair Value | ||||
Weighted average grant date fair value, Beginning | $ / shares | $ 37.48 | |||
Weighted average grant date fair value, Granted | $ / shares | 42.90 | |||
Weighted average grant date fair value, Vested | $ / shares | 28.81 | |||
Weighted average grant date fair value, Canceled | $ / shares | 44.55 | |||
Weighted average grant date fair value, Ending | $ / shares | $ 44.80 | |||
|
Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 04, 2017 |
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Operating Loss Carryforwards [Line Items] | ||||
Tax expense (benefit) | $ 37,015 | $ 31,982 | $ 14,483 | |
Income tax payments, net of refunds | 47,800 | 25,900 | 11,300 | |
Tax benefit due to adoption of ASU 2016-09 | $ 900 | |||
Tax benefits associated with stock-based incentive plans | 3,900 | 3,300 | ||
Income Tax Credits and Adjustments | 6,400 | |||
Total liability for unrecognized tax benefits | 3,980 | 3,980 | 4,441 | |
Tax benefits that if recognized would decrease the effective tax rate | 2,100 | 2,100 | 2,700 | 2,600 |
Tax benefits that if recognized would result in adjustments to deferred taxes | 2,000 | 2,000 | 1,800 | $ 1,900 |
Reserve for interest and penalties | (400) | (400) | $ (500) | |
Decrease in total liability for unrecognized tax benefits due to audit settlements and lapsing of statutes | 400 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax expense (benefit) | (1,900) | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 5,500 | 5,500 | ||
Valuation allowance of net operating loss carryforwards | $ 2,400 | $ 2,400 |
Income Taxes (Schedule of Earnings (loss) before Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Income Tax Disclosure [Abstract] | |||
U.S. | $ 123,229 | $ 100,859 | $ 59,898 |
International | (424) | (3,535) | 5,101 |
Earnings before income taxes | $ 122,805 | $ 97,324 | $ 64,999 |
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Current | |||
Federal | $ 35,610 | $ 35,888 | $ 7,328 |
State and local | 2,929 | 2,866 | 1,198 |
International | (147) | (636) | 1,790 |
Total current | 38,392 | 38,118 | 10,316 |
Deferred | |||
Federal | (945) | (5,403) | 4,738 |
State and local | (78) | (512) | (363) |
International | (42) | (224) | (101) |
Total deferred | (1,065) | (6,139) | 4,274 |
Total non-current tax (benefit) expense | (312) | 3 | (107) |
Total income tax expense | $ 37,015 | $ 31,982 | $ 14,483 |
Income Taxes (Income Tax Reconciliation) (Details) |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at statutory rate | 35.00% | 35.00% | 35.00% |
Manufacturing deduction | (3.30%) | (3.40%) | (2.30%) |
State and local income taxes, net of federal tax benefit | 1.60% | 1.60% | 1.20% |
Foreign tax rate differential | (1.60%) | 0.00% | 0.00% |
Tax credits - research & development | (0.70%) | (0.80%) | (1.10%) |
Tax credits - 48C | (0.00%) | (0.00%) | (9.90%) |
Other, net | (0.90%) | 0.50% | (0.60%) |
Income tax expense | 30.10% | 32.90% | 22.30% |
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 04, 2017 |
Feb. 27, 2016 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Accounts receivable, Current | $ 825 | |
Accounts receivable, Noncurrent | $ 408 | 0 |
Other accruals, Current | 2,968 | |
Other accruals, Noncurrent | 4,254 | 1,281 |
Deferred compensation, Current | 554 | |
Deferred compensation, Noncurrent | 15,189 | 12,594 |
Goodwill and other intangibles, Current | 18 | |
Goodwill and other intangibles, Noncurrent | (7,601) | (7,615) |
Depreciation, Current | 0 | |
Depreciation, Noncurrent | (18,714) | (17,354) |
Liability for unrecognized tax benefits, Current | 0 | |
Liability for unrecognized tax benefits, Noncurrent | 2,623 | 2,797 |
Net operating losses, Current | 0 | |
Net operating losses, Noncurrent | 5,790 | 2,945 |
Valuation allowance on net operating losses, Current | (2,194) | |
Valuation allowance on net operating losses, Noncurrent | (2,352) | (306) |
Other, Current | (351) | |
Other, Noncurrent | 403 | 686 |
Deferred Tax Assets (Liabilities) Current | 1,820 | |
Deferred Tax Assets (Liabilities), Noncurrent | $ 0 | $ (4,972) |
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 4,512 | $ 4,491 | $ 4,431 |
Gross increases in tax positions for prior years | 54 | 60 | 261 |
Gross decreases in tax positions for prior years | (233) | (158) | (276) |
Gross increases based on tax positions related to the current year | 508 | 526 | 508 |
Gross decreases based on tax positions related to the current year | 0 | (33) | (21) |
Settlements | (23) | 0 | (93) |
Statute of limitations expiration | (743) | (374) | (319) |
Gross unrecognized tax benefits at end of year | $ 4,075 | $ 4,512 | $ 4,491 |
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 |
Nov. 26, 2016 |
Aug. 27, 2016 |
May 28, 2016 |
Feb. 27, 2016 |
Nov. 28, 2015 |
Aug. 29, 2015 |
May 30, 2015 |
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 314,126 | $ 274,072 | $ 278,455 | $ 247,880 | $ 262,149 | $ 238,324 | $ 240,754 | $ 239,962 | $ 1,114,533 | $ 981,189 | $ 933,936 |
Gross profit | 82,196 | 72,868 | 72,531 | 64,428 | 68,857 | 62,426 | 56,699 | 55,588 | 292,023 | 243,570 | 208,544 |
Net earnings | $ 23,119 | $ 22,552 | $ 22,397 | $ 17,722 | $ 19,935 | $ 18,521 | $ 14,760 | $ 12,126 | $ 85,790 | $ 65,342 | $ 50,516 |
Earnings per share - basic | |||||||||||
Earnings per share - basic (USD per share) | $ 0.81 | $ 0.78 | $ 0.78 | $ 0.62 | $ 0.69 | $ 0.64 | $ 0.51 | $ 0.42 | $ 2.98 | $ 2.25 | $ 1.76 |
Earnings per share - diluted | |||||||||||
Earnings per share - diluted (USD per share) | $ 0.80 | $ 0.78 | $ 0.77 | $ 0.61 | $ 0.69 | $ 0.63 | $ 0.50 | $ 0.41 | $ 2.97 | $ 2.22 | $ 1.72 |
Earnings per Share (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Reconciliation of basic and diluted earnings per share | |||
Basic earnings per share - weighted average common shares outstanding | 28,781 | 29,058 | 28,763 |
Weighted average effect of nonvested share grants and assumed exercise of stock options | 112 | 317 | 611 |
Diluted earnings per share - weighted average common shares and potential common shares outstanding | 28,893 | 29,375 | 29,374 |
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | 0 | 0 | 0 |
Business Segment Data (Details Textual) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 04, 2017
USD ($)
operating_segment
|
Feb. 27, 2016
USD ($)
|
Feb. 28, 2015
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 4 | ||
Number of operating segments | operating_segment | 5 | ||
Revenues | $ | $ 76.2 | $ 79.5 | $ 72.7 |
Geographic Concentration Risk | Net export sales | |||
Segment Reporting Information [Line Items] | |||
Export net sales as a percentage of consolidated net sales (percentage) | 7.00% | 8.00% | 8.00% |
Business Segment Data (Schedule of Certain Segment Data) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 |
Nov. 26, 2016 |
Aug. 27, 2016 |
May 28, 2016 |
Feb. 27, 2016 |
Nov. 28, 2015 |
Aug. 29, 2015 |
May 30, 2015 |
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 314,126 | $ 274,072 | $ 278,455 | $ 247,880 | $ 262,149 | $ 238,324 | $ 240,754 | $ 239,962 | $ 1,114,533 | $ 981,189 | $ 933,936 |
Operating Income (Loss) | 122,225 | 97,393 | 63,585 | ||||||||
Depreciation and Amortization | 35,607 | 31,248 | 29,423 | ||||||||
Capital Expenditures | 68,061 | 42,037 | 27,220 | ||||||||
Identifiable Assets | 784,658 | 657,440 | 784,658 | 657,440 | 612,057 | ||||||
Architectural Glass | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 411,881 | 377,713 | 346,471 | ||||||||
Operating Income (Loss) | 44,656 | 35,504 | 16,431 | ||||||||
Depreciation and Amortization | 15,912 | 14,397 | 12,897 | ||||||||
Capital Expenditures | 44,439 | 17,701 | 12,307 | ||||||||
Identifiable Assets | 254,840 | 215,571 | 254,840 | 215,571 | 223,525 | ||||||
Architectural Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 270,937 | 245,935 | 230,650 | ||||||||
Operating Income (Loss) | 18,494 | 11,687 | 7,442 | ||||||||
Depreciation and Amortization | 1,364 | 1,274 | 1,375 | ||||||||
Capital Expenditures | 1,981 | 929 | 595 | ||||||||
Identifiable Assets | 70,875 | 81,574 | 70,875 | 81,574 | 68,930 | ||||||
Architectural Framing Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 385,978 | 308,593 | 298,395 | ||||||||
Operating Income (Loss) | 44,768 | 31,911 | 21,808 | ||||||||
Depreciation and Amortization | 12,404 | 8,019 | 8,001 | ||||||||
Capital Expenditures | 14,070 | 19,166 | 9,238 | ||||||||
Identifiable Assets | 359,633 | 193,823 | 359,633 | 193,823 | 190,106 | ||||||
Large-Scale Optical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 89,710 | 88,541 | 87,693 | ||||||||
Operating Income (Loss) | 22,467 | 22,963 | 21,954 | ||||||||
Depreciation and Amortization | 4,785 | 4,998 | 4,817 | ||||||||
Capital Expenditures | 1,510 | 1,962 | 3,500 | ||||||||
Identifiable Assets | 58,198 | 57,369 | 58,198 | 57,369 | 60,356 | ||||||
Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (43,973) | (39,593) | (29,273) | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | (8,160) | (4,672) | (4,050) | ||||||||
Depreciation and Amortization | 1,142 | 2,560 | 2,333 | ||||||||
Capital Expenditures | 6,061 | 2,279 | 1,580 | ||||||||
Identifiable Assets | $ 41,112 | $ 109,103 | $ 41,112 | $ 109,103 | $ 69,140 |
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. 04, 2017 |
Nov. 26, 2016 |
Aug. 27, 2016 |
May 28, 2016 |
Feb. 27, 2016 |
Nov. 28, 2015 |
Aug. 29, 2015 |
May 30, 2015 |
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 314,126 | $ 274,072 | $ 278,455 | $ 247,880 | $ 262,149 | $ 238,324 | $ 240,754 | $ 239,962 | $ 1,114,533 | $ 981,189 | $ 933,936 |
Long-Lived Assets | 246,748 | 202,462 | 246,748 | 202,462 | 193,540 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,031,214 | 923,018 | 847,887 | ||||||||
Long-Lived Assets | 227,145 | 189,624 | 227,145 | 189,624 | 178,048 | ||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 65,958 | 39,324 | 50,807 | ||||||||
Long-Lived Assets | 13,303 | 7,162 | 13,303 | 7,162 | 8,214 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 17,361 | 18,847 | 35,242 | ||||||||
Long-Lived Assets | $ 6,300 | $ 5,676 | $ 6,300 | $ 5,676 | $ 7,278 |
Schedule - Valuation and Qualifying Accounts (Details) - Allowances for doubtful receivables - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 04, 2017 |
Feb. 27, 2016 |
Feb. 28, 2015 |
||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||
Balance at Beginning of Period | $ 2,497 | $ 3,242 | $ 2,934 | |||||
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 25 | 0 | 0 | |||||
Charged to Costs and Expenses | (416) | (197) | 1,322 | |||||
Deductions from Reserves | [1] | 579 | 493 | 969 | ||||
Other changes add (deduct) | [2] | (32) | (55) | (45) | ||||
Balance at End of Period | $ 1,495 | $ 2,497 | $ 3,242 | |||||
|
I19*/9&!>_TZ.I X#&I]:FSI'27+4<6Z1!.2G($H"594DA4Y1
MDA1UG%LD^:B8441)+SI#23+4"VI).GXBR N1S:J.?"*?C ACBACYN)@W&LY%X%F:R
MUYRO?V/^/3\D-!+0H2S,)W*6# @MS*21A![Q2WYU110F@S%ND+/E%[R1Y(T-
M&4/7(-/*[:0!Y\F:V\DKHC 9#&8#P"SL9"\*'H8(,VDD F>D@IJWDO_;(9'F.KY
M0,E4_%>X@,3PH 1SE$:ZN)*R=]ZHB06E*/XV[D+'?1AO;J^P=4 Z =(9L(\
M-B:*RC]QSXO,FH'8L?<=#T^\.:38FS(X8ROB'8IWZ+T4F[M]QBZ!:(HYCC'I
M,F:.8,@^ITC74AS3?^#I.GR[JG ;X=L_%'Y<)]BM$NPBP>Z_):[$[)._DK!%
M3Q78)DZ3(Z7I=9SDA7<>V/LTOLGO\'':G[AMA';D;#R^;.Q_;8P'E)+ \*>D=)#0T?I'\VXV>8Z[FF9"[^$2X@,3PHP1R5D2ZN
MI!J<-VIF02F*OTZ[T'$?IYLLF6';@'0&I O@+N9A4Z*H_"/WO,RM&8F=>M_S
M\,3)(<7>5,$96Q'O4+Q#[Z5,/F0YNP2B.>8XQ:3KF"6"(?N2(MU*<4S_@:?;
M\/VFPGV$[_]0>+U-D&T29)$@^V^)6S$W?R5AJYXJL&V<)D S;[;=%?AOMG#:[M[W;!9MB+7
MCFC ;'L,N\/0$4$L^RC!D,26>>$,A\_@"6POR)D%QNXOH'[:(2T;Y">
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M4IA("A)A5_4D%4%&CLW<5&K8UIY=5A"=.#AQ[4P9G;$6\0_$.O9>")SQCET T
MQQRG&+Z*298(ANQ+"KZ5XLC_@_-M^'Y3X3["]Q\4[K<)TDV"-!*D'PC23R5N
MQ5Q_2L)6/=5@FSA-CI1FZ.(DK[S+P-[Q^";OX=.T_Q"VD9TC9^/Q96/_:V,\
MH)3=%8Y0BQ]L,134/AR_X-E.8S89WO3S#V++-R[^ 5!+ P04 " E=9Q*
M\\ZL/+4! #2 P &0 'AL+W=O
>6 ?>'R3]_!QVG\(4\O6D@LZ_[*Q_Q6B
M R]E<^-'J/$?;#845"X<]_YLQC$;#8?=](/8_(WS_U!+ P04 " E=9Q*
MT(#45L\! "^Q*X\_-R
M1SCB7JHW70$8]"%XHQ-<&=,>"=%9!8+I.]E"8[\44@EF;*A*HEL%+/
1TT\63KB?']3?_*]VUXN3,.#Y+_JW%0)/F"40\$Z;EYE
M_PQC/SN,QN:_P16XA;M*K$
"YS@#\];"#W _^[/Q%EE4:BY!6:X5
M,M 4^#8YGK* CX!?'$:[.J-0R47KEV \U@7>A81 0.6" O/;%>Y B"#DTWB=
M-?$2,A#7YP_UAUB[K^7"+-QI\9O7KBOP :,:&C8(]ZS';S#7L\=H+OX[7$%X
M>,C$QZBTL'%%U6"=EK.*3T6RMVGG*N[C=+,_S+1M IT)="$<8APR!8J9WS/'
MRMSH$9FI]ST+3YPMY.(MQ@@U*L D$F_]*
M9(L2,
;J8+99^G.[C)+H9
M S)Q^P2((F*EP93R:/F\QS%8'("5.(/U<1+=3&J19$X^0,6X8@2EG%@].?##
MB!"84BZ6@\XQ6!R Y8$^B3Z8_H!J9OKCF%*^G%*.*>5+*.5W4;A>Q]H
MTJQ=UHY%41VNC7+@AUL2+6G.X[6'.%(MR#@H-00WMU-PB/Q0@&B(8 T5T
MQ^1JU.A!4XVS(-,DE&PO=V]R:W-H965T
M