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Restructuring | 3 Months Ended
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May 31, 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. The Company completed Project Fortify during the fourth quarter of fiscal 2025 and incurred a total of $16.7 million of restructuring charges, which led to an annualized pre-tax cost savings of approximately $14 million. On April 23, 2025, we announced a second phase of Project Fortify (referred to as "Project Fortify Phase 2" or "Phase 2") to drive further cost efficiencies, primarily in the Architectural Metals and Architectural Services Segments. Phase 2 focuses on further optimizing our operating footprint and aligning resources to enable a more effective operating model. We expect to incur approximately $24 million to $26 million of pre-tax charges associated with Phase 2. The total charges are expected to 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. We expect the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026 and expect them to deliver annualized pre-tax cost savings of approximately $13 million to $15 million. During the first quarter of fiscal 2026, we incurred $15.3 million of pre-tax costs associated with Phase 2, of which $6.9 million is included in cost of sales and $8.4 million is included within SG&A. The SG&A charges include a $5.0 million non-cash intangible asset impairment charge in the Architectural Services segment and $2.6 million of a non-cash asset write-off and other charges in Corporate and Other. The table below reflects the pretax impact of Project Fortify for the quarters ended May 31, 2025 and June 1, 2024, respectively.
(In thousands) |  | Architectural Metals |  | Architectural Services |  |  |  | Corporate and Other |  | Total |  |
May 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Termination benefits |  | $ | 805 |  |  | $ | 5,947 |  |  |  |  | $ | — |  |  | $ | 6,752 |  |  |
Other restructuring charges |  | 665 |  |  | 5,300 |  |  |  |  | 2,630 |  |  | 8,595 |  |  |
Total restructuring charges |  | $ | 1,470 |  |  | $ | 11,247 |  |  |  |  | $ | 2,630 |  |  | $ | 15,347 |  |  |
June 1, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Termination benefits |  | $ | 302 |  |  | $ | — |  |  |  |  | $ | 124 |  |  | $ | 426 |  |  |
Other restructuring charges |  | 696 |  |  | — |  |  |  |  | — |  |  | 696 |  |  |
Total restructuring charges |  | $ | 998 |  |  | $ | — |  |  |  |  | $ | 124 |  |  | $ | 1,122 |  |  |
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 |  |  |  | Corporate and Other |  | Total
Balance at March 1, 2025 |  | $ | 1,286 |  |  | $ | 650 |  |  |  |  | $ | 511 |  |  | $ | 2,447 |
Restructuring expense |  | 1,088 |  |  | 5,947 |  |  |  |  | 2,630 |  |  | 9,665 |
Payments |  | (259) |  |  | (966) |  |  |  |  | (182) |  |  | (1,407) |
Balance at May 31, 2025 |  | $ | 2,115 |  |  | $ | 5,631 |  |  |  |  | $ | 2,959 |  |  | $ | 10,705 |
The charges presented in the roll forward 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.

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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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