Restructuring and Related Activities

9 Months Ended

Nov. 27, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

On August 11, 2021, we announced plans to realign and simplify our business structure. For the three- and nine-month periods ended November 27, 2021, we incurred $3.4 million and $24.2 million, respectively, of pre-tax costs associated with the execution of these plans, of which $3.6 million and $22.1 million are included within cost of sales and $(0.2) million and $2.1 million are included within selling, general and administrative expenses within our consolidated statements of operations. These costs primarily related to asset impairment charges due to the closure of two facilities within the Architectural Glass segment, in Dallas, Texas and Statesboro, Georgia, which 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. We expect future pre-tax costs associated with the ongoing execution of these plans to be approximately $2 to $3 million, which we expect will be incurred during the fourth quarter of our fiscal year 2022. At the end of the third quarter of fiscal 2022, $9.3 million of assets were classified as held for sale on the consolidated balance sheets related to the building and related equipment of our Statesboro, Georgia facility within the Architectural Glass segment.

	Three Months Ended November 27, 2021
(In thousands)	Architectural Framing		Architectural Glass		Corporate and other		Total
Asset impairment charges	$	(32)	$	1,353	$	—	$	1,321
Termination benefits	(14)		1,638		(179)		1,445
Other restructuring charges	2		527		124		653
Total restructuring charges	$	(44)	$	3,518	$	(55)	$	3,419

	Nine Months Ended November 27, 2021
(In thousands)	Architectural Framing		Architectural Glass		Corporate and other		Total
Asset impairment charges	$	54	$	16,584	$	—	$	16,638
Termination benefits	1,809		3,215		760		5,784
Other restructuring charges	141		1,110		560		1,811
Total restructuring charges	$	2,004	$	20,909	$	1,320	$	24,233

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

(In thousands)	Architectural Framing		Architectural Glass		Corporate and other		Total
Balance at March 1, 2020	$	—	$	—	$	—	$	—
Restructuring expense	4,020		325		229		4,574
Payments	(1,148)		(95)		(68)		(1,311)
Balance at February 27, 2021	2,872		230		161		3,263
Restructuring expense	1,984		884		1,221		4,089
Payments	(2,852)		(354)		(592)		(3,798)
Other adjustments	(269)		—		—		(269)
Balance at November 27, 2021	$	1,735	$	760	$	790	$	3,285