Restructuring and Related Activities

12 Months Ended

Feb. 25, 2023

Restructuring and Related Activities [Abstract]

Restructuring, Impairment, and Other Activities Disclosure

Restructuring

During the second quarter of fiscal 2022, we announced plans to realign and simplify our business structure which resulted in the closure of two facilities within the Architectural Glass segment, in Dallas, Texas and Statesboro, Georgia. These closures were made in order to concentrate this segment on premium, high-performance products. Additionally, employee termination costs were incurred related to these facility closures, realignment of the Architectural Framing Systems segment, and within the Corporate office. During the fourth quarter of fiscal 2022, as a result of the announced restructuring plan, we sold a building in Statesboro, Georgia within our Architectural Glass segment for $29.1 million. The carrying value of the building was $9.4 million, and we recognized a gain on this sale of approximately $19.5 million, net of associated transaction costs, which is included as a reduction of cost of sales within our consolidated statements of operations.

During the first quarter of fiscal 2023, we completed the execution of these plans with the sale of the remaining manufacturing assets at our Architectural Glass location, in Dallas, Texas, for $4.1 million. The remaining assets had a carrying value of $3.4 million, and we recognized a gain on the sale of approximately $0.6 million, net of associated transaction costs, which is included as a reduction of cost of sales within our consolidated statements of operations.

For the year ended February 25, 2023, we incurred $0.1 million of additional pre-tax costs associated with the finalization of these restructuring plans. For the year ended February 26, 2022, we incurred $30.5 million of pre-tax costs associated with the execution of these restructuring plans, of which $28.2 million is included within cost of sales and $2.3 million is included within selling, general and administrative expenses, excluding the gain on sale mentioned above, within our consolidated statements of operations.

(In thousands)	Architectural Framing		Architectural Glass		Corporate & Other		Total
February 25, 2023
Termination benefits	—		116		—		116
Total restructuring charges	$	—	$	116	$	—	$	116
February 26, 2022
Asset impairment on property, plant and equipment	$	54	$	21,443	$	—	$	21,497
Termination benefits	1,435		3,718		1,039		6,192
Other restructuring charges	244		1,935		644		2,823
Total restructuring charges	$	1,733	$	27,096	$	1,683	$	30,512

The following table summarizes our restructuring related accrual balances included within accrued payroll and related benefits and other current liabilities in the consolidated balance sheets. All remaining balances are expected to be paid within fiscal 2024.

(In thousands)	Architectural Framing		Architectural Glass		Corporate & Other		Total
Balance at February 27, 2021	$	2,872	$	230	$	161	$	3,263
Restructuring expense	2,000		1,036		1,039		4,075
Payments	(3,567)		(529)		(972)		(5,068)
Other adjustments	(865)		—		—		(865)
Balance at February 26, 2022	$	440	$	737	$	228	$	1,405
Restructuring expense	—		116		—		116
Payments	(227)		(813)		(214)		(1,254)
Other adjustments	(151)		(17)		(14)		(182)
Balance at February 25, 2023	62		23		—		85