What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-01-03 compared with 2023-10-04 · 92 added, 75 removed, 392 unchanged (30% of the section changed)

1 unchanged sentence

CONSOLIDATED BALANCE SHEETS

(In thousands, except stock data) August 26, 2023 February 25, 2023

(In thousands, except stock data) November 25, 2023 February 25, 2023

Current assets

38 unchanged sentences

CONSOLIDATED RESULTS OF OPERATIONS

Three Months Ended Six Months Ended

(In thousands, except per share data) August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022

Three Months Ended Nine Months Ended

(In thousands, except per share data) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022

Net sales $ 339,714 $ 367,847 $ 1,055,102 $ 1,096,591

4 unchanged sentences

Interest expense, net 1,454 2,590 5,720 5,494

Other (income) expense, net ( 4,900 ) 173 ( 4,612 ) 1,483

Other expense (income), net 890 552 ( 3,722 ) 2,035

Earnings before income taxes 35,303 31,619 109,969 92,520

Income tax expense (benefit) 9,896 ( 7,188 ) 17,763 781

Income tax expense 8,329 7,854 26,092 8,635

Net earnings $ 26,974 $ 23,765 $ 83,877 $ 83,885

5 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

Three Months Ended Six Months Ended

(In thousands) August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022

Three Months Ended Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022

Net earnings $ 26,974 $ 23,765 $ 83,877 $ 83,885

Other comprehensive earnings (loss):

Other comprehensive (loss) earnings:

Unrealized (loss) gain on marketable securities, net of $( 2 ), $( 24 ), $ 23 and $( 127 ) of tax (benefit) expense, respectively

3 unchanged sentences

Foreign currency translation adjustments ( 604 ) ( 1,295 ) 340 ( 2,340 )

Other comprehensive earnings (loss) 697 ( 3,383 ) 856 ( 6,243 )

Other comprehensive (loss) earnings ( 425 ) ( 478 ) 432 ( 6,721 )

Total comprehensive earnings $ 26,549 $ 23,287 $ 84,309 $ 77,164

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

(In thousands) August 26, 2023 August 27, 2022

Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022

Operating Activities

13 unchanged sentences

Contract assets 11,194 ( 8,314 )

Accounts payable and accrued expenses ( 21,096 ) ( 11,793 )

Accounts payable ( 1,902 ) ( 19,780 )

Accrued expenses ( 7,015 ) 7,281

Contract liabilities 7,635 24,702

2 unchanged sentences

Prepaid expenses and other current assets 1,714 ( 2,724 )

Net cash provided (used) by operating activities 62,564 ( 2,643 )

Net cash provided by operating activities 129,252 51,112

Investing Activities

8 unchanged sentences

Payments on line of credit ( 265,000 ) ( 239,000 )

Payments on debt issue costs — ( 687 )

Payments on debt issuance costs — ( 790 )

Repurchase and retirement of common stock ( 11,821 ) ( 74,312 )

1 unchanged sentence

Other, net ( 3,781 ) ( 2,959 )

Net cash (used) provided by financing activities ( 50,140 ) 464

Decrease in cash, cash equivalents and restricted cash ( 2,645 ) ( 6,862 )

Net cash used by financing activities ( 100,441 ) ( 51,597 )

Increase (decrease) in cash, cash equivalents and restricted cash 2,503 ( 12,469 )

Effect of exchange rates on cash ( 569 ) 350

25 unchanged sentences

Balance at August 26, 2023 22,072 $ 7,357 $ 147,413 $ 308,248 $ ( 30,700 ) $ 432,318

Net earnings — — — 26,974 — 26,974

Other comprehensive income, net of tax — — — — ( 424 ) ( 424 )

Issuance of stock, net of cancellations 15 6 ( 5 ) — — 1

Share-based compensation — — 2,161 — — 2,161

Other share retirements ( 2 ) ( 1 ) ( 12 ) ( 64 ) — ( 77 )

Cash dividends — — — ( 5,222 ) — ( 5,222 )

Balance at November 25, 2023 22,085 $ 7,362 $ 149,557 $ 329,936 $ ( 31,124 ) $ 455,731

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In thousands) Common Shares Outstanding Common Stock at Par Value

17 unchanged sentences

Balance at August 27, 2022 22,209 $ 7,403 $ 141,575 $ 240,245 $ ( 32,483 ) $ 356,740

Net earnings — — — 23,765 — 23,765

Other comprehensive loss, net of tax — — — — ( 478 ) ( 478 )

Issuance of stock, net of cancellations 9 3 250 ( 196 ) — 57

Share-based compensation — — 2,567 — — 2,567

Other share retirements ( 4 ) ( 1 ) ( 34 ) ( 165 ) — ( 200 )

Cash dividends — — — ( 4,813 ) — ( 4,813 )

Balance at November 26, 2022 22,214 $ 7,405 $ 144,358 $ 258,836 $ ( 32,961 ) $ 377,638

See accompanying notes to consolidated financial statements.

7 unchanged sentences

All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein and are of a normal, recurring nature.

The results of operations for the three- and six-month periods ended August 26, 2023 are not necessarily indicative of the results to be expected for the full year.

The results of operations for the three- and nine-month periods ended November 25, 2023 are not necessarily indicative of the results to be expected for the full year.

Reclassifications

5 unchanged sentences

Beginning in the first quarter, we implemented a supplier financing arrangement with U.S.

Bank that enables our suppliers, at their sole discretion, to sell their Apogee receivables (i.e., our payment obligations to the suppliers) to U.S.

Bank that enables our suppliers, at their sole discretion, to sell the Company's receivables (i.e., our payment obligations to the suppliers) to U.S.

Bank on a non-recourse basis in order to be paid earlier than our payment terms provide.

1 unchanged sentence

We have no economic interest in a supplier’s decision to participate in the supplier financing program, and we do not provide any guarantees in connection with it.

As of August 26, 2023, $ 4.9 million of obligations remained outstanding that we have confirmed as valid to the administrators of our program with U.S.

As of November 25, 2023, $ 7.8 million of obligations remained outstanding that we have confirmed as valid to the administrators of our program with U.S.

These balances are reflected in accounts payable in the consolidated balance sheets and are reflected in net cash provided (used by) operating activities in our consolidated statements of cash flows when settled.

1 unchanged sentence

The following table disaggregates total revenue by timing of recognition (see Note 11 for disclosure of revenue by segment):

Three Months Ended Six Months Ended

(In thousands) August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022

Three Months Ended Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022

Recognized at shipment $ 144,910 $ 168,593 $ 449,805 $ 504,450

7 unchanged sentences

An account is written off when it is determined that the asset is no longer collectible.

(In thousands) August 26, 2023 February 25, 2023

(In thousands) November 25, 2023 February 25, 2023

Trade accounts $ 113,016 $ 140,732

3 unchanged sentences

Receivables, net $ 198,249 $ 197,267

The following table summarizes the activity in the allowance for credit losses for the six-month period ended:

(In thousands) August 26, 2023

The following table summarizes the activity in the allowance for credit losses for the nine-month period ended:

(In thousands) November 25, 2023

Beginning balance $ 1,796

10 unchanged sentences

The changes in contract assets and contract liabilities were mainly due to timing of project activity within our businesses that operate under long-term contracts.

Other contract-related disclosures Three Months Ended Six Months Ended

(In thousands) August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022

Other contract-related disclosures Three Months Ended Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022

Revenue recognized related to contract liabilities from prior year-end $ 191 $ 3,473 $ 25,147 $ 36,630

2 unchanged sentences

Generally, these contracts are found in our businesses that typically operate with long-term contracts, which recognize revenue over time.

The transaction prices associated with unsatisfied performance obligations at August 26, 2023 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:

(In thousands) August 26, 2023

The transaction prices associated with unsatisfied performance obligations at November 25, 2023 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:

(In thousands) November 25, 2023

Within one year

Within two years

Between one and two years

Beyond two years

Total $ 847,717

(In thousands) August 26, 2023 February 25, 2023

(In thousands) November 25, 2023 February 25, 2023

Raw materials $ 34,535 $ 36,869

7 unchanged sentences

(In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated

August 26, 2023 $ 10,778 $ 2 $ 588 $ 10,192

November 25, 2023 $ 10,168 $ 3 $ 597 $ 9,574

February 25, 2023 10,647 — 702 9,945

1 unchanged sentence

The reinsurance carrier requires Prism to maintain fixed-maturity investments for the purpose of providing collateral for Prism’s obligations under the reinsurance agreements.

The amortized cost and estimated fair values of these investments at August 26, 2023, by contractual maturity, are shown below.

The amortized cost and estimated fair values of these investments at November 25, 2023, by contractual maturity, are shown below.

Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without penalty.

7 unchanged sentences

In fiscal 2020, we entered into an interest rate swap to hedge exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility.

As of August 26, 2023, the interest rate swap contract had a notional value of $ 30.0 million and has a maturity date of February 5, 2026.

As of November 25, 2023, the interest rate swap contract had a notional value of $ 30.0 million and has a maturity date of February 5, 2026.

We periodically enter into forward purchase contracts and/or fixed/floating swaps to manage the risk associated with fluctuations in aluminum prices and fluctuations in foreign exchange rates.

These contracts generally have an original maturity date of less than one year.

As of August 26, 2023, we held aluminum fixed/floating swaps and foreign exchange contracts with U.S.

As of November 25, 2023, we held aluminum fixed/floating swaps and foreign exchange contracts with U.S.

dollar notional values of $ 14.9 million and $ 0.8 million, respectively.

10 unchanged sentences

(Level 1) Other Observable Inputs (Level 2) Total Fair Value

August 26, 2023

November 25, 2023

Money market funds $ 13,262 $ — $ 13,262

7 unchanged sentences

Interest rate swap contract — 1,817 1,817

Foreign currency forward/option contract — 206 206

Foreign currency option contract — 206 206

Aluminum hedging contract — 1,075 1,075

5 unchanged sentences

Concurrent with the move of Sotawall from the Architectural Framing Systems segment to the Architectural Services segment effective at the start of our first quarter of fiscal 2023, goodwill was reallocated to the affected reporting units within each segment, using a relative fair value approach as outlined in ASC 350, Intangibles - Goodwill and Other .

During the second quarter of fiscal 2024, we did not identify any qualitative indicators of impairment at any of our reporting units, and therefore, no interim quantitative goodwill impairment evaluation was performed.

During the third quarter of fiscal 2024, we did not identify any qualitative indicators of impairment at any of our reporting units, and therefore, no interim quantitative goodwill impairment evaluation was performed.

The following table presents the carrying amount of goodwill attributable to each reporting segment including the amount of goodwill that was reallocated from the Architectural Framing Systems segment to the Architectural Services segment using the relative fair value approach during the first quarter of fiscal 2023:

7 unchanged sentences

Foreign currency translation ( 28 ) 59 ( 4 ) — 27

Balance at August 26, 2023 $ 90,143 $ 25,412 $ 3,031 $ 10,557 $ 129,143

Balance at November 25, 2023 $ 90,109 $ 25,360 $ 3,027 $ 10,557 $ 129,053

(1) Represents the reallocation of goodwill as a result of transitioning Sotawall from the Architectural Framing Systems segment to the Architectural Services segment as of the start of the first quarter of fiscal 2023.

3 unchanged sentences

We test indefinite-lived intangible assets for impairment annually at the same measurement date as goodwill, the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

During the second quarter of fiscal 2024, we did not identify any qualitative indicators of impairment at any of our reporting units, and therefore, no interim quantitative intangible impairment evaluation was performed.

Finite-lived intangible assets

During the third quarter of fiscal 2024, we did not identify any qualitative indicators of impairment at any of our reporting units, and therefore, no interim quantitative intangible impairment evaluation was performed.

Definite-lived intangible assets

Long-lived assets or asset groups, including intangible assets subject to amortization and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable.

5 unchanged sentences

Translation Net

August 26, 2023

November 25, 2023

Definite-lived intangible assets:

13 unchanged sentences

Total intangible assets $ 156,028 $ ( 84,633 ) $ ( 4,020 ) $ 67,375

Amortization expense on definite-lived intangible assets was $ 2.0 million and $ 2.1 million for the six-month periods ended August 26, 2023 and August 27, 2022, respectively.

Amortization expense on definite-lived intangible assets was $ 3.0 million and $ 3.1 million for the nine-month periods ended November 25, 2023 and November 26, 2022, respectively.

Amortization expense of other identifiable intangible assets is included in selling, general and administrative expenses.

At August 26, 2023, the estimated future amortization expense for definite-lived intangible assets was:

At November 25, 2023, the estimated future amortization expense for definite-lived intangible assets was:

(In thousands) Remainder of 2024 2025 2026 2027 2028

Estimated amortization expense $ 1,058 $ 4,240 $ 4,223 $ 4,391 $ 3,936

As of August 26, 2023, we had a committed revolving credit facility with Wells Fargo Bank, N.A.

As of November 25, 2023, we had a committed revolving credit facility with Wells Fargo Bank, N.A.

as administrative agent, and other lenders (U.S.

credit facility) with maximum borrowings of up to $ 385 million and a maturity date of August 5, 2027.

Outstanding borrowings under the revolving credit facility were $ 130.0 million and $ 156.0 million as of August 26, 2023 and February 25, 2023, respectively.

Outstanding borrowings under the revolving credit facility were $ 85.0 million and $ 156.0 million as of November 25, 2023 and February 25, 2023, respectively.

We also maintain two Canadian committed, revolving credit facilities with the Bank of Montreal totaling $ 25.0 million USD (Canadian facilities).

1 unchanged sentence

Therefore, we have classified all outstanding amounts under these facilities as long-term debt within our consolidated balance sheets.

At August 26, 2023 and February 25, 2023, outstanding borrowings under these Canadian facilities were $ 3.7 million and $ 1.8 million, respectively.

At November 25, 2023 and February 25, 2023, outstanding borrowings under these Canadian facilities were $ 3.7 million and $ 1.8 million, respectively.

Our revolving credit facilities contain two maintenance financial covenants that require us to stay below a maximum debt-to-EBITDA ratio of 3.25 and maintain a minimum ratio of EBITDA-to-interest expense of 3.00.

Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis.

At August 26, 2023, we were in compliance with both financial covenants.

credit facility also contains an acquisition holiday.

At November 25, 2023, we were in compliance with both financial covenants.

The revolving credit facilities also contain an acquisition holiday.

In the event we make an acquisition for which the purchase price is greater than $75 million, we can elect to increase the maximum debt-to-EBITDA ratio to 3.75 for a period of four consecutive fiscal quarters, commencing with the fiscal quarter in which a qualifying acquisition occurs.

No more than two acquisition "holidays" can occur during the term of the facility, and at least two fiscal quarters must separate qualifying acquisitions.

Borrowings under the credit facilities bear floating interest at either the Base Rate or Term SOFR, plus a margin based on the Leverage Ratio (as defined in the Credit Agreement).

Borrowings under the credit facilities bear floating interest at either the Base Rate or Term SOFR, plus a margin based on the Leverage Ratio (as defined in the Credit Agreements).

For Base Rate borrowings, the margin ranges from 0.125% to 0.75%.

For Term SOFR borrowings, the margin ranges from 1.135% to 1.85%.

For Term SOFR borrowings, the margin ranges from 1.125% to 1.75% and an incremental Term SOFR adjustment of 0.10%.

credit facility also contains an "accordion" provision.

Under this provision, we can request that the facility be increased by as much $200.0 million.

Under this provision, we can request that the facility be increased by as much as $200.0 million.

Any Lender may elect or decline to participate in the requested increase at the Lender’s sole discretion.

At August 26, 2023, we had a total of $ 15.2 million of ongoing letters of credit related to industrial revenue bonds, construction contracts and insurance collateral that expire in fiscal year 2025 and reduce borrowing capacity under the revolving credit facility.

As of August 26, 2023, the amount available for revolving borrowings was $ 239.8 million and $ 21.3 million under the Wells Fargo credit facility and Bank of Montreal credit facilities, respectively.

At August 26, 2023, debt included $ 12.0 million of industrial revenue bonds that mature in fiscal years 2036 through 2043.

At November 25, 2023, we had a total of $ 15.0 million of ongoing letters of credit related to industrial revenue bonds, construction contracts and insurance collateral that expire in fiscal year 2025 and reduce borrowing capacity under the revolving credit facility.

As of November 25, 2023, the amount available for revolving borrowings was $ 285.0 million and $ 21.3 million under the U.S.

credit facility and Canadian facilities, respectively.

At November 25, 2023, debt included $ 12.0 million of industrial revenue bonds that mature in fiscal years 2036 through 2043.

The fair value of our U.S.

credit facility, Canadian credit facilities and industrial revenue bonds approximated carrying value at August 26, 2023, and would be classified as Level 2 within the fair value hierarchy described in Note 4, due to the variable interest rates on these instruments..

credit facility, Canadian credit facilities and industrial revenue bonds approximated carrying value at November 25, 2023, and would be classified as Level 2 within the fair value hierarchy described in Note 4, due to the variable interest rates on these instruments..

Interest payments under the U.S.

and Canadian credit facilities were $ 5.4 million and $ 2.8 million for the six months ended August 26, 2023 and August 27, 2022, respectively.

and Canadian credit facilities were $ 7.5 million and $ 5.3 million for the nine months ended November 25, 2023 and November 26, 2022, respectively.

Commitments and Contingent Liabilities

1 unchanged sentence

In the ordinary course of business, predominantly in our Architectural Services and Architectural Framing Systems segments, we are required to provide surety or performance bonds that commit payments to our customers for any non-performance.

At August 26, 2023, $ 1.3 billion of these types of bonds were outstanding, of which $ 452.4 million is in our backlog.

At November 25, 2023, $ 1.3 billion of these types of bonds were outstanding, of which $ 398.4 million is in our backlog.

These bonds do not have stated expiration dates.

5 unchanged sentences

changes in manufacturing quality, changes in product mix, and any significant changes in sales volume.

Six Months Ended

(In thousands) August 26, 2023 August 27, 2022

Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022

Balance at beginning of period $ 17,893 $ 13,923

2 unchanged sentences

Balance at end of period $ 22,992 $ 17,369

Additionally, we are subject to project management and installation-related contingencies as a result of our fixed-price material supply and installation service contracts, primarily in our Architectural Services segment and certain of our Architectural Framing Systems businesses.

Additionally, we are subject to project management and installation-related contingencies as a result of our fixed-price material supply and installation service contracts, primarily in our Architectural Services segment and in certain parts of our Architectural Framing Systems businesses.

We manage the risk of these exposures through contract negotiations, proactive project management and insurance coverages.

Letters of credit

At August 26, 2023, we had $ 15.2 million of ongoing letters of credit, all of which have been issued under our committed revolving credit facility, as discussed in Note 6.

We also have a $3.4 million letter of credit which has been issued outside our committed revolving credit facility, with no impact on our borrowing capacity and debt covenants.

At November 25, 2023, we had $ 15.0 million of ongoing letters of credit, all of which have been issued under our committed revolving credit facility, as discussed in Note 6.

Purchase obligations

Purchase obligations for raw material commitments and capital expenditures totaled $ 30.4 million as of August 26, 2023.

Purchase obligations for raw material commitments and capital expenditures totaled $ 45.0 million as of November 25, 2023.

New Markets Tax Credit (NMTC) transactions

7 unchanged sentences

Variable-interest entities, which have been included within our consolidated financial statements, have been created as a result of the structure of these transactions, as investors in the programs do not have a material interest in their underlying economics.

During the second quarter ended August 26, 2023, one NMTC transaction was settled as expected and as a result, a $4.7 million benefit was recorded in other (income) expense, net.

During the second quarter of fiscal 2024, one NMTC transaction was settled as expected and as a result, a $4.7 million benefit was recorded in other (income) expense, net.

The table below provides a summary of estimated benefits related to our outstanding NMTC transactions (in thousands):

13 unchanged sentences

As part of our compensation structure, we grant stock-based compensation awards to certain employees and non-employee directors during the fiscal year.

These awards may be in the form of incentive stock options (to employees only), nonstatutory options, or nonvested share awards and units, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award unless the date of the award is on a day the Nasdaq Global Select market is not open for trading, then the exercise price shall equal the fair market value on the most recent preceding date when such market is open.

Refer to our Form 10-K for further information on our share-based compensation plans.

The table below sets forth the number of stock-based compensation awards granted during the six-months ended August 26, 2023, along with the weighted average grant date fair value:

The table below sets forth the number of stock-based compensation awards granted during the nine-months ended November 25, 2023, along with the weighted average grant date fair value:

Awards Number of Awards Weighted Average Exercise Price

6 unchanged sentences

These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period.

Total share-based compensation expense included in the results of operations was $ 4.5 million for the six-month period ended August 26, 2023, and $ 3.4 million for the six-month period ended August 27, 2022.

At August 26, 2023, there was $ 11.0 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 22 months.

The total fair value of shares vested during the six months ended August 26, 2023 was $ 5.5 million.

Total share-based compensation expense included in the results of operations was $ 6.6 million for the nine-month period ended November 25, 2023, and $ 6.0 million for the nine-month period ended November 26, 2022.

At November 25, 2023, there was $ 11.6 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 21 months.

The total fair value of shares vested during the nine months ended November 25, 2023 was $ 5.8 million.

We file income tax returns in the U.S.

4 unchanged sentences

We are not currently under U.S.

federal examination for years subsequent to fiscal year 2019, and there is very limited audit activity of our income tax returns in U.S.

federal examination for years subsequent to fiscal year 2019, and there is very limited examination activity of our income tax returns in U.S.

state jurisdictions or international jurisdictions.

The total liability for unrecognized tax benefits was $ 5.3 million at August 26, 2023 and at February 25, 2023, respectively.

The total liability for unrecognized tax benefits was $ 5.3 million at November 25, 2023 and February 25, 2023, respectively.

Penalties and interest related to unrecognized tax benefits are recorded in income tax expense.

1 unchanged sentence

The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share (diluted EPS):

Three Months Ended Six Months Ended

(In thousands) August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022

Three Months Ended Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022

Basic earnings per share – weighted average common shares outstanding

12 unchanged sentences

• The Large-Scale Optical (LSO) segment manufactures high-performance glass and acrylic products for custom framing, museum, and technical glass markets.

Three Months Ended Six Months Ended

(In thousands) August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022

Three Months Ended Nine Months Ended

(In thousands) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022

Segment net sales

15 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements