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Restructuring | 12 Months Ended
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Mar. 02, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring During the fourth quarter of fiscal 2024, we announced strategic actions to further streamline our business operations, enable a more efficient cost model, and better position the Company for profitable growth (referred to as “Project Fortify”). Project Fortify will primarily impact the Architectural Framing Systems Segment and include: •Eliminating certain lower-margin product and service offerings, enabling consolidation into a single operating entity. •Transferring production operations from the Company’s facility in Walker, Michigan, to the Company’s facilities in Monett, Missouri and Wausau, Wisconsin. •Simplifying the segment’s brand portfolio and commercial model to improve flexibility, better leverage the Company’s capabilities, and enhance customer service. Additionally, the Company will implement actions to optimize processes and streamline resources in its Architectural Services and Corporate Segments. The Company expects these actions to be substantially complete by the third quarter of fiscal 2025. The Company expects to incur approximately $16 million to $18 million of pre-tax charges in connection with Project Fortify, including: •$7 million to $9 million of severance and employee related costs; •$2 million to $3 million of contract termination costs: and •$6 million to $7 million of other expenses. 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. During fiscal 2024, we incurred $12.4 million of pre-tax costs associated Project Fortify, of which $5.5 million is included within cost of sales and $6.9 million is included within selling, general and administrative expenses. During fiscal 2023, we incurred $0.1 million of additional pre-tax costs associated with the finalization of the restructuring plans that were announced in fiscal 2022. During fiscal 2022, we incurred $30.5 million of pre-tax costs associated with the execution of the restructuring plans that were announced in fiscal 2022, 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 |  | Architectural Services |  | Corporate & Other |  | Total
March 2, 2024 |  |  |  |  |  |  |  |  |  |
Asset impairment on property, plant and equipment |  | $ | 2,329 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 3,851 |  |  | $ | 6,229 |
Termination benefits |  | 3,348 |  |  | — |  |  | 2,475 |  |  | 56 |  |  | 5,879 |
Other restructuring charges |  | 293 |  |  | — |  |  | 2 |  |  | — |  |  | 295 |
Total restructuring charges |  | $ | 5,970 |  |  | $ | — |  |  | $ | 2,526 |  |  | $ | 3,907 |  |  | $ | 12,403 |
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 accrual balances are expected to be paid within fiscal 2025.
(In thousands) |  | Architectural Framing |  | Architectural Glass |  | Architectural Services |  | Corporate & Other |  | Total
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 |
Restructuring expense |  | 3,985 |  |  | — |  |  | 2,477 |  |  | 56 |  |  | 6,518 |
Payments |  | (1,233) |  |  | (23) |  |  | (410) |  |  | — |  |  | (1,666) |
Balance at March 2, 2024 |  | $ | 2,814 |  |  | $ | — |  |  | $ | 2,067 |  |  | $ | 56 |  |  | $ | 4,937 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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