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Restructuring | 12 Months Ended
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Mar. 01, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring During the fourth quarter of fiscal 2024, we announced strategic actions to 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 primarily impacted the Architectural Metals Segment and included: •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 implemented actions to optimize processes and streamline resources in its Architectural Services and Corporate and Other. During fiscal 2025, we incurred $4.3 million of pre-tax costs associated with Project Fortify, of which $2.5 million is included in cost of sales and $1.8 million is included within SG&A expenses. During fiscal 2024, we incurred $12.4 million of pre-tax costs associated with Project Fortify, of which $5.5 million is included within cost of sales and $6.9 million is included within SG&A expenses. The Company completed Project Fortify during the fourth quarter of fiscal 2025 and incurred at total of $16.7 million of restructuring changes, which included: • $7.0 million of severance and employee related costs; • $1.7 million contract termination costs: and • $8.0 million of other expenses. These actions have led to estimated annualized pre-tax cost savings of approximately $14 million.
(In thousands) |  | Architectural Metals |  | Architectural Services |  | Architectural Glass |  | Corporate & Other |  | Total
March 1, 2025 |  |  |  |  |  |  |  |  |  |
Termination benefits |  | $ | 928 |  |  | $ | (640) |  |  | $ | — |  |  | $ | 788 |  |  | $ | 1,076 |
Contract termination costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other restructuring charges |  | 3,096 |  |  | 151 |  |  | — |  |  | — |  |  | 3,247 |
Total restructuring charges |  | $ | 4,024 |  |  | $ | (489) |  |  | $ | — |  |  | $ | 788 |  |  | $ | 4,323 |
March 2, 2024 |  |  |  |  |  |  |  |  |  |
Termination benefits |  | 3,348 |  |  | 2,475 |  |  | — |  |  | 56 |  |  | 5,879 |
Contract termination costs |  | 1,568 |  |  | 49 |  |  | — |  |  | — |  |  | 1,617 |
Other restructuring charges |  | 1,054 |  |  | 2 |  |  | — |  |  | 3,851 |  |  | 4,907 |
Total restructuring charges |  | $ | 5,970 |  |  | $ | 2,526 |  |  | $ | — |  |  | $ | 3,907 |  |  | $ | 12,403 |
February 25, 2023 |  |  |  |  |  |  |  |  |  |
Termination benefits |  | — |  |  | — |  |  | 116 |  |  | — |  |  | 116 |
Total restructuring charges |  | $ | — |  |  | $ | — |  |  | $ | 116 |  |  | $ | — |  |  | $ | 116 |
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 2026.
(In thousands) |  | Architectural Metals |  | Architectural Services |  | Architectural Glass |  | Corporate & Other |  | Total
Balance at February 25, 2023 |  | $ | 62 |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |  |  | $ | 85 |
Restructuring expense |  | 3,985 |  |  | 2,477 |  |  | — |  |  | 56 |  |  | 6,518 |
Payments |  | (1,233) |  |  | (410) |  |  | (23) |  |  | — |  |  | (1,666) |
Balance at March 2, 2024 |  | $ | 2,814 |  |  | $ | 2,067 |  |  | $ | — |  |  | $ | 56 |  |  | $ | 4,937 |
Restructuring expense |  | 1,931 |  |  | (812) |  |  | — |  |  | 778 |  |  | 1,897 |
Payments |  | (4,256) |  |  | (605) |  |  | — |  |  | (323) |  |  | (5,184) |
Other adjustments |  | 797 |  |  | — |  |  | — |  |  | — |  |  | 797 |
Balance at March 1, 2025 |  | $ | 1,286 |  |  | $ | 650 |  |  | $ | — |  |  | $ | 511 |  |  | $ | 2,447 |
The charges presented in the rollforward of our restructuring accruals do not include items charged directly to expense as incurred, as those items are not reflected in accrued payroll and related benefits and other current liabilities in the consolidated balance sheets. On April 23, 2025, we announced a second phase of Project Fortify to drive further cost efficiencies, primarily in the Architectural Metals and Architectural Services Segments. Phase 2 will focus on further optimizing our operating footprint and aligning resources to enable a more effective operating model. We expect the actions of Phase 2 to incur approximately $24 million to $26 million of pre-tax charges, of which approximately $8 million are expected to be non-cash charges. The charges include the following: •$9 million to $10 million of severance and employee related costs; •$2 million to $3 million of contract termination costs; and •$12 million to $13 million of other expenses. The Company expects the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026 and expects them to deliver annualized pre-tax cost savings from Phase 2 of approximately $13 million to $15 million. During 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 Metals Segment, and within the Corporate office. 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.

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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