2 unchanged sentences
Financial Statements and Supplementary Data in this Form 10-K.
−Removed: Refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the fiscal year ended March 2, 2024, for discussion of the results of operations for the year ended March 2, 2024, compared to the year ended February 25, 2023, which is incorporated by reference herein.
−Removed: We have included in this report measures of financial performance that are not defined by GAAP.
−Removed: We believe that these measures provide useful information and include these measures in other communications to investors.
−Removed: For each of these non-GAAP financial measures, we provide a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, (see "Reconciliation of Non-GAAP Financial Measures" in this Item 7 below), and an explanation of why we believe the non-GAAP measure provides useful information to management and investors.
−Removed: These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure.
−Removed: Adjusted net earnings and adjusted earnings per diluted share (adjusted diluted EPS) are supplemental non-GAAP financial measures provided by the Company to assess performance on a more comparable basis from period-to-period by excluding amounts that management does not consider part of core operating results.
−Removed: Management uses these non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community.
+Added: Additional information about results of operations and financial condition for fiscal 2025 and 2024 (including the detailed discussion of the prior fiscal year 2025 to 2024 year-over-year changes) can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections in our Annual Report on Form 10-K for the year ended March 1, 2025.
We are a leading provider of architectural products and services for enclosing buildings, and high-performance coating products used in applications for preservation, protection and enhanced viewing.
−Removed: During the fourth quarter of fiscal 2025, we changed the names of two reportable segments to better reflect our product offerings and capabilities.
−Removed: The previously named Architectural Framing Systems Segment is now referred to as the Architectural Metals Segment.
−Removed: The previously named Large-Scale Optical Segment is now referred to as the Performance Surfaces Segment.
−Removed: The remaining two segments, Architectural Services Segment and Architectural Glass Segment remain unchanged.
−Removed: As part of these changes, there were no changes to the products or brands included within each of the reportable segments.
−Removed: In the fourth quarter of fiscal 2024, the Company announced strategic actions to streamline its business operations, enable a more efficient cost model, and better position the Company for profitable growth (referred to as “Project Fortify”).
−Removed: During the fourth quarter of fiscal 2024, the Company incurred $12.4 million of pre-tax charges related to Project Fortify, of which $5.5 million is included in cost of sales and $6.9 million is included in selling, general, and administrative (SG&A) expenses.
−Removed: During fiscal 2025, the Company incurred $4.3 million of pre-tax charges related to Project Fortify, of which $2.5 million is included in cost of sales and $1.8 million is included in SG&A expenses.
−Removed: The Company completed Project Fortify during the fourth quarter of fiscal 2025, incurring a total of $16.7 million and delivering estimated annualized cost savings of approximately $14 million.
−Removed: On April 23, 2025, we announced an extension of Project Fortify ("Project Fortify Phase 2" or "Phase 2") to drive further cost efficiencies, primarily in the Architectural Metals and Architectural Services Segments.
−Removed: Phase 2 will focus on further optimizing our operating footprint and aligning resources to enable a more effective operating model.
−Removed: 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.
−Removed: Phase 2 is expected to deliver annualized pre-tax cost savings of approximately $13 million to $15 million.
−Removed: We expect the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026.
−Removed: See Note 18 for additional information.
+Added: Our four reporting segments are:
+Added: Architectural Metals, Architectural Services, Architectural Glass, and Performance Surfaces.
+Added: On October 31, 2025, the Company announced the separation of its Chief Executive Officer.
+Added: In connection with this separation agreement, the Board of Directors approved the accelerated vesting of certain outstanding unvested restricted stock awards and performance share unit awards previously granted.
+Added: See Note 13 to our Consolidated Financial Statements for additional information.
+Added: In the first quarter of fiscal 2026, we announced Project Fortify Phase 2 to drive cost efficiencies, primarily in the Architectural Metals, Architectural Services and Corporate Segments.
+Added: An extension of Phase 2 was announced on January 7, 2026 to drive additional cost savings in Architectural Metals and Corporate.
+Added: Phase 2 focused on further optimizing our operating footprint and aligning resources to enable a more effective operating model.
+Added: The actions of Phase 2 resulted in $27.4 million of pre-tax charges and are expected to deliver annualized pre-tax cost savings of approximately $26 million.
+Added: The actions associated with Phase 2 were substantially completed in the fourth quarter of fiscal 2026.
+Added: See Note 18 to our Consolidated Financial Statements for additional information.
+Added: As a result of a March 2025 appellate court decision confirming a December 2022 arbitration award, the Company paid the arbitration award, including accrued post-judgment interest, in the amount of $24.7 million, on April 7, 2025.
+Added: As a result of the decision, we recorded expense of $9.4 million, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.
+Added: This impact was recorded in cost of goods sold in the fourth quarter of fiscal 2025.
+Added: See Note 10 to our Consolidated Financial Statements for additional information.
During the third quarter of fiscal 2025, we acquired UW Solutions for $240.9 million.
2 unchanged sentences
The business serves a broad range of customers in attractive end markets, including building products for distribution centers and manufacturing facilities, as well as premium products for the graphic arts market.
−Removed: See Note 17 for additional information.
−Removed: As a result of a March 2025 appellate court decision confirming a December 2022 arbitration award, the Company paid the arbitration award, including accrued post-judgment interest, in the amount of $24.7 million, on April 7, 2025.
−Removed: As a result of the decision, we recorded expense of $9.4 million, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.
−Removed: This impact was recorded in cost of goods sold in the fourth quarter of fiscal 2025.
+Added: See Note 17 to our Consolidated Financial Statements for additional information.
+Added: Non-GAAP Financial Measures
+Added: In addition to reporting financial results in accordance with U.S.
+Added: GAAP, we also provide certain non-GAAP financial measures.
+Added: These measures are not in accordance with, nor are they a substitute for U.S.
+Added: GAAP measures, and may not be comparable to similarly titled measures used by other companies.
+Added: For each of these non-GAAP measures, we provide a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, (see "Reconciliation of Non-GAAP Financial Measures" in this Item 7), and an explanation of why we believe the non-GAAP measure provides useful information to management and investors.
+Added: Non-GAAP measures include:
+Added: • Adjusted net earnings and adjusted earnings per diluted share (adjusted diluted EPS), used by the Company to assess performance on a more comparable basis from period-to-period by excluding amounts that management does not consider part of core operating results.
+Added: • Adjusted EBITDA, defined as adjusted net earnings before interest, taxes, depreciation, and amortization, and adjusted EBITDA margin, defined as adjusted EBITDA as a percentage of net sales.
+Added: We use adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.
+Added: Management uses these measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community.
Results of Operations
−Removed: The following tables provide various components of our operations for fiscal years 2025, 2024 and 2023, in U.S.
−Removed: dollar amounts and percentages reflecting annual changes in such amounts and as a percentage of net sales in each fiscal year.
+Added: The following tables provide various components of our operations for fiscal years 2026, 2025 and 2024 and percentages reflecting annual changes in such amounts and as a percentage of net sales in each fiscal year.
Our fiscal year ends on the Saturday closest to the last day of February.
24 unchanged sentences
Other (income) expense, net
+Added: (0.5) — (0.1)
Earnings before income taxes 5.5 8.3 9.1
3 unchanged sentences
30.1 % 24.4 % 22.9 %
−Removed: The following table summarizes the impact that different items had on our net sales for fiscal 2025.
−Removed: All net sales for fiscal 2024 were organic.
−Removed: (In thousands, except percentages)
−Removed: Architectural Metals
+Added: The following table summarizes the changes in net sales from fiscal 2025 to fiscal 2026.
+Added: (In thousands, except percentages) Architectural Metals
Architectural Services Architectural Glass
−Removed: Performance Surfaces Intersegment eliminations
+Added: Performance Surfaces Intersegment eliminations Consolidated
Fiscal 2025 net sales
2 unchanged sentences
(20,681) 19,371 (38,538) 10,564 7,752 (21,532)
−Removed: Impact of 53rd week (2)
−Removed: (10,914) (8,893) (7,128) (2,241) 472 (28,704)
Acquisition (2)
6 unchanged sentences
(3.9) % 4.6 % (12.0) % 8.6 % (27.8) % (1.6) %
−Removed: Impact of 53rd week (2)
−Removed: (1.8) % (2.4) % (1.9) % (2.3) % (1.2) % (2.0) %
Acquisition (2)
— % — % — % 53.4 % — % 4.8 %
−Removed: Organic business includes net sales associated with acquired product lines or businesses that occur after the first twelve months from the date the product line or business is acquired and net sales from internally developed product lines or businesses.
−Removed: Amount is estimated based on average weekly net sales of the final month of the period.
+Added: Organic business is defined as (declines) growth in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date.
(2) On November 4, 2024, we completed the acquisition of UW Solutions.
1 unchanged sentence
Comparison of Fiscal 2026 to Fiscal 2025
−Removed: • Consolidated net sales were $1.36 billion compared to $1.42 billion, a decrease of 3.9%, primarily reflecting the unfavorable impact of the additional week in the prior year of approximately $28.7 million or 2.0%, and lower volume, primarily in Architectural Metals and Architectural Glass.
−Removed: These items were partially offset by net sales growth in Architectural Services, and a $32.0 million inorganic sales contribution from the acquisition of UW Solutions.
−Removed: • Gross margin increased to 26.4% of net sales, compared to 25.9%.
−Removed: The gross margin improvement was primarily driven by a more favorable mix of projects and the net favorable impact of cumulative catch-up adjustments for changes in profitability estimates of long-term contracts in Architectural Services, and lower quality and insurance-related costs, as well as lower restructuring costs from Project Fortify.
−Removed: These items were partially offset by $9.4 million of expense related to an arbitration award, as well as unfavorable sales leverage impact of lower volume, higher lease costs, and $1.7 million of acquisition-related expenses.
−Removed: • SG&A expense increased $8.5 million to 17.8% of net sales, compared to 16.5% of net sales.
−Removed: The increase in SG&A as a percentage of net sales was primarily due to the impact of $8.6 million of acquisition-related expenses, impairment charges of $7.6 million, higher amortization expense and the unfavorable sales leverage impact of lower volume partially offset by lower restructuring charges, lower bad debt expense, and lower long-term incentive costs.
−Removed: • Operating income was $118.1 million and operating margin declined to 8.7%.
−Removed: The decline operating margin was primarily due to the unfavorable sales leverage impact of lower volume, $10.3 million of acquisition-related expenses, $9.4 million of expense related to an arbitration award, and $7.6 million impairment charges related to strategic rebranding.
−Removed: These items were partially offset by a more favorable mix of projects and the net favorable impact of cumulative catch-up adjustments for changes in profitability estimates of long-term contracts in Architectural Services, lower quality and insurance-related costs, lower bad debt expense, and lower restructuring charges from Project Fortify of $8.1 million.
−Removed: Adjusted operating income grew 2.4% to $149.8 million, and adjusted operating margin improved to 11.0%.
−Removed: • Interest expense, net was $6.2 million, compared to $6.7 million, primarily driven by increased interest income from higher average levels of invested cash, partially offset by the impact of the write-off of unamortized financing fees of $0.5 million related to our previous credit facility.
−Removed: • Other income was $0.6 million, compared to $2.1 million.
−Removed: The lower income in fiscal 2025 was primarily due pre-tax gain related to a New Markets Tax Credit of $4.7 million, partially offset by the unfavorable impact of an investment market valuation adjustment, both recognized in the prior year period.
+Added: • Consolidated net sales were $1.40 billion compared to $1.36 billion, an increase of 3.2%, primarily driven by $65.3 million of inorganic sales contribution from the acquisition of UW Solutions in the Performance Surfaces Segment.
+Added: This was partially offset by lower volume, primarily as a result of lower demand, primarily in the Architectural Glass and Metals Segments.
+Added: • Gross margin decreased to 22.7% of net sales, compared to 26.4%, primarily due to higher aluminum costs, impacts from lower volume, and higher health insurance costs, partially offset productivity improvements including savings from Project Fortify 2 and lower risk-based insurance and incentive compensation expense.
+Added: Additionally, fiscal 2025 gross margin was impacted by a non-recurring $9.4 million arbitration award expense.
+Added: • SG&A expense decreased $6.8 million to 16.7% of net sales, compared to 17.8% of net sales.
+Added: The decrease was primarily due to lower incentive compensation expense, lower acquisition related expenses, and benefits from cost savings of Fortify Phase 2, partially offset by increased amortization associated with the UW Solutions transaction.
+Added: • Operating income was $84.5 million and operating margin declined to 6.0%, compared to 8.7% in the prior year.
+Added: • Interest expense, net was $14.0 million, compared to $6.2 million, primarily driven by a higher average debt balance resulting from the acquisition of UW Solutions.
+Added: • Other income was $7.0 million, compared to $0.6 million, driven by a $6.7 million gain from settling a New Markets Tax Credit transaction.
• Income tax expense as a percentage of earnings before income tax was 30.1%, compared to 24.4% for fiscal 2025.
−Removed: The increase in the effective tax rate was primarily due to an increase in tax expense for discrete items.
−Removed: • Diluted EPS was $3.89, compared to $4.51 driven by lower operating income, lower other income, and a higher effective tax rate.
−Removed: Adjusted diluted EPS grew 4.2% to $4.97.
+Added: The increase in the effective tax rate was primarily due to an increase in tax expense on discrete items in fiscal year 2026.
+Added: • Diluted EPS was $2.52, compared to $3.89.
Segment Analysis
+Added: Disclosures related to our business segments are included in Note 16 of our Consolidated Financial Statements.
+Added: We manage our business in four reportable segments:
+Added: Architectural Metals, Architectural Services, Architectural Glass and Performance Surfaces.
+Added: The following table presents net sales, adjusted EBITDA and adjusted EBITDA margin by segment and the consolidated total.
(Dollars in thousands) 2026 2025 2024 2026 vs.
4 unchanged sentences
Performance Surfaces 197,966 122,131 99,223 62.1 % 23.1 %
+Added: Total segment sales 1,424,885 1,388,898 1,457,830 2.6 % (4.7) %
Intersegment eliminations (20,152) (27,904) (40,888) (27.8) % (31.8) %
Net sales $ 1,404,733 $ 1,360,994 $ 1,416,942 3.2 % (3.9) %
−Removed: Segment operating income (loss)
+Added: Segment adjusted EBITDA
Architectural Metals $ 54,109 $ 70,591 $ 90,029 (23.3) % (21.6) %
3 unchanged sentences
Corporate and Other (5,004) (14,021) (35,119) (64.3) % (60.1) %
−Removed: Operating income $ 118,110 $ 133,833 $ 125,788 (11.7) % 6.4 %
−Removed: Segment operating margin
+Added: Adjusted EBITDA $ 167,303 $ 192,653 $ 178,297 (13.2) % 8.1 %
+Added: Segment adjusted EBITDA margin
Architectural Metals 10.7 % 13.5 % 15.0 %
2 unchanged sentences
Performance Surfaces 21.0 % 25.3 % 27.5 %
−Removed: Corporate and other
−Removed: Operating margin
−Removed: 8.7 % 9.4 % 8.7 %
−Removed: Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions.
−Removed: We report net sales intersegment eliminations separately to exclude these sales from our consolidated total.
−Removed: Segment operating income is equal to net sales, less cost of goods sold, and SG&A.
−Removed: Segment operating income includes operating income related to intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level.
−Removed: We report these unallocated corporate costs separately in Corporate and other.
−Removed: Operating income does not include other income or expense, interest expense or a provision for income taxes.
+Added: Adjusted EBITDA margin 11.9 % 14.2 % 12.6 %
Architectural Metals
Comparison of Fiscal 2026 to Fiscal 2025
−Removed: • Net sales were $524.7 million, compared to $601.7 million.
−Removed: The decline in net sales was primarily driven by reduced volume due to exiting certain lower-margin product lines as part of Project Fortify and lower end market demand, the impact of one less week of net sales in the current year, and a less favorable product mix.
−Removed: • Operating income was $42.5 million, or 8.1% of net sales, compared to $64.8 million, or 10.8% of net sales.
−Removed: The decline in operating margin was primarily driven by $7.6 million of impairment charges, the unfavorable sales leverage impact of lower volume and a less favorable product mix, partially offset by favorable material costs, lower short-term incentive costs, lower bad debt expense, lower quality-related expense, and lower restructuring costs.
−Removed: Adjusted operating income was $54.1 million, or 10.3% of net sales, compared to $70.8 million, or 11.8% of net sales.
+Added: • Net sales were $504.0 million, compared to $524.7 million, due to lower volume, partially offset by favorable price.
+Added: • Adjusted EBITDA was $54.1 million, or 10.7% of net sales, compared to $70.6 million, or 13.5% of net sales.
+Added: The decline in Adjusted EBITDA margin was primarily driven by inflation, including higher aluminum costs, and the impact of lower volume, partially offset by pricing, cost savings from Project Fortify Phase 2 and lower incentive compensation costs.
Architectural Services
1 unchanged sentence
• Net sales were $439.2 million, compared to $419.9 million.
−Removed: The increase in net sales was primarily due to increased volume, a more favorable mix of projects and the net favorable impact of cumulative catch-up adjustments for changes in profitability estimates of long-term contracts, partially offset by the impact of one less week of net sales in the current year.
−Removed: • Operating income was $30.0 million, or 7.2% of net sales, compared to $11.8 million or 3.1% of net sales.
−Removed: The improvement in operating margin was primarily driven by a more favorable mix of projects, the favorable impact of cumulative catch-up adjustments on our longer-term contract estimates of $10.5 million, and lower restructuring charges, partially offset by higher short-term incentive compensation expense and higher lease costs.
−Removed: • For the years ended March 1, 2025 and March 2, 2024, gross favorable and unfavorable cumulative catch-up adjustments on our longer-term contracts for changes in estimates were as follows:
+Added: The increase in net sales was driven by increased volume, partially offset by unfavorable project mix and lower pricing.
+Added: • Adjusted EBITDA was $30.9 million, or 7.0% of net sales, compared to $33.5 million, or 8.0% of net sales.
+Added: The decline in Adjusted EBITDA margin was primarily due to the impact of unfavorable project mix, lower price, and direct tariff expenses, partially offset by the impact of increased volume and lower incentive compensation costs.
+Added: • For the years ended February 28, 2026 and March 1, 2025, gross favorable and unfavorable cumulative catch-up adjustments on our longer-term contracts for changes in estimates were as follows:
(in thousands)
8 unchanged sentences
• Net sales were $283.7 million, compared to $322.2 million.
−Removed: The decrease in net sales was primarily driven by lower volume due to lower end-market demand and the impact of one less week of net sales in the current year, partially offset by improved pricing.
−Removed: • Operating income decreased to $59.3 million, or 18.4% of net sales, compared to $68.0 million, or 18.0% of net sales.
−Removed: The improvement in operating margin was primarily driven by improved pricing, improved productivity, and lower quality-related costs, partially offset by the unfavorable sales leverage impact of lower volume.
+Added: The decrease in net sales was primarily driven by lower volume and price due to lower end-market demand.
+Added: • Adjusted EBITDA was $45.7 million, or 16.1% of net sales, compared to $71.7 million, or 22.2% of net sales.
+Added: The decline in Adjusted EBITDA margin was primarily driven by the impact from lower volume and price, and higher manufacturing costs, partially offset by lower incentive compensation costs.
Performance Surfaces
1 unchanged sentence
• Net sales were $198.0 million, compared to $122.1 million.
−Removed: The increase in net sales was primarily driven by $32.0 million of inorganic sales from UW Solutions, partially offset by lower volume in the retail channel and the impact of one less week of net sales in the current year.
−Removed: • Operating income was $19.6 million, or 16.1% of net sales, compared to $24.2 million, or 24.4% of net sales.
−Removed: The decline in operating margin was primarily driven by $4.5 million in acquisition-related costs and the sales leverage impact of lower organic volume.
+Added: The increase was driven by $65.3 million of inorganic sales contribution from the acquisition of UW Solutions, and higher volume and price.
+Added: • Adjusted EBITDA was $41.6 million, or 21.0% of net sales, compared to $30.9 million, or 25.3% of net sales.
+Added: The decline in Adjusted EBITDA margin was primarily driven by higher manufacturing costs and the dilutive effect of lower adjusted EBITDA margin from the UW Solutions acquisition, partially offset by favorable product mix and price.
Corporate and Other
Comparison of Fiscal 2026 to Fiscal 2025
−Removed: • Corporate and Other expense was $33.3 million, compared to $35.1 million.
−Removed: The decrease was primarily due to lower insurance-related costs, lower incentive compensation expense, and lower restructuring costs, partially offset by $9.4 million of expense related to an arbitration award, and $5.8 million in acquisition-related costs.
−Removed: Backlog is an operating measure used by management to assess future potential sales revenue.
+Added: • Corporate and Other Adjusted EBITDA expense was $5.0 million, compared to $14.0 million.
+Added: The decline in Corporate expense was primarily due to lower incentive compensation and risk-related insurance costs, partially offset by higher health insurance costs.
Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue.
−Removed: Backlog is not a term defined under U.S.
−Removed: GAAP and is not a measure of contract profitability.
+Added: Backlog is an operating measure used by management to assess future potential sales revenue.
+Added: Backlog is not a term defined under GAAP and is not a measure of contract profitability.
Backlog should not be used as the sole indicator of future revenue because we have a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog.
−Removed: Architectural Services
As of fiscal 2026 year-end, backlog in the Architectural Services Segment was $693.8 million, compared to $720.3 million at the end of the prior year.
Reconciliations of Non-GAAP Financial Measures
−Removed: Adjusted operating income, adjusted operating margin, adjusted net earnings, adjusted diluted earnings per share (adjusted diluted EPS), adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted EBITDA margin, and adjusted return on invested capital (ROIC) are supplemental non-GAAP financial measures provided by the Company to assess performance on a more comparable basis from period-to-period by excluding amounts that management does not consider part of core operating results.
−Removed: Management uses these non-GAAP measures as noted below:
−Removed: • We use adjusted operating income, adjusted operating margin, adjusted net earnings, and adjusted diluted EPS to provide meaningful supplemental information about our operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period.
−Removed: • Adjusted EBITDA and adjusted EBITDA margin metrics provide useful information to investors and analysts about our core operating performance.
−Removed: • Adjusted return on invested capital (ROIC) is defined as adjusted operating income net of tax, divided by average invested capital.
−Removed: We believe this measure is useful in understanding operational performance and capital allocation over time, and it is used as a factor in determining executive compensation.
−Removed: These non-GAAP measures should be viewed in addition to, and not as an alternative to, the reported financial results of the Company prepared in accordance with GAAP.
−Removed: Other companies may calculate these measures differently, thereby limiting the usefulness of the measures for comparison with other companies.
−Removed: Reconciliation of Non-GAAP Financial Measures
−Removed: Adjusted Operating Income and Adjusted Operating Margin
−Removed: Year Ended March 1, 2025 (52 weeks)
−Removed: (In thousands, except percentages)
−Removed: Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and other
−Removed: Operating income $ 42,466 $ 30,046 $ 59,274 $ 19,611 $ (33,287) $ 118,110
+Added: Adjusted EBITDA and Adjusted EBITDA Margin
+Added: Twelve Months Ended February 28, 2026
+Added: (In thousands) (Unaudited) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated
+Added: Net earnings (loss) $ 37,775 $ 12,193 $ 32,661 $ 24,659 $ (53,157) $ 54,131
+Added: Interest expense (income), net 1,733 (310) (699) — 13,252 13,976
+Added: Income tax (benefit) expense (43) (8) 295 — 23,081 23,325
+Added: Depreciation and amortization 14,813 3,593 13,442 15,153 2,997 49,998
+Added: EBITDA 54,278 15,468 45,699 39,812 (13,827) 141,430
Acquisition-related costs (1)
−Removed: Transaction — — — — 4,424 4,424
−Removed: Integration — — — 706 1,349 2,055
−Removed: Backlog amortization — — — 2,340 — 2,340
−Removed: Inventory step-up — — — 1,483 — 1,483
−Removed: Total Acquisition-related costs — — — 4,529 5,773 10,302
+Added: — — — 1,831 313 2,144
Restructuring costs (2)
6,571 15,388 — — 5,484 27,443
−Removed: Impairment expense (3)
+Added: CEO transition costs (3)
— — — — 3,026 3,026
−Removed: Arbitration award expense (4)
+Added: NMTC settlement gain (4)
(6,740) — — — — (6,740)
−Removed: Adjusted operating income $ 54,124 $ 29,557 $ 59,274 $ 24,140 $ (17,333) $ 149,762
−Removed: Operating margin
−Removed: 8.1 % 7.2 % 18.4 % 16.1 % N/M 8.7 %
+Added: Adjusted EBITDA $ 54,109 $ 30,856 $ 45,699 $ 41,643 $ (5,004) $ 167,303
+Added: EBITDA margin 10.8 % 3.5 % 16.1 % 20.1 % N/M 10.1 %
+Added: Adjusted EBITDA margin 10.7 % 7.0 % 16.1 % 21.0 % N/M 11.9 %
+Added: Twelve Months Ended March 01, 2025
+Added: (In thousands) (Unaudited) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated
+Added: Net earnings (loss) $ 40,345 $ 30,035 $ 60,451 $ 19,611 $ (65,390) $ 85,052
+Added: Interest expense (income), net 2,113 10 (408) — 4,444 6,159
+Added: Income tax expense (benefit) 7 — (653) — 28,168 27,522
+Added: Depreciation and amortization 16,471 3,978 12,274 9,086 2,799 44,608
+Added: EBITDA 58,936 34,023 71,664 28,697 (29,979) 163,341
Acquisition-related costs (1)
−Removed: Transaction — % — % — % — % N/M 0.3 %
−Removed: Integration — % — % — % 0.6 % N/M 0.2 %
−Removed: Backlog amortization — % — % — % 1.9 % N/M 0.2 %
−Removed: Inventory step-up — % — % — % 1.2 % N/M 0.1 %
−Removed: Total Acquisition-related costs — — — 3.7 % N/M 0.8 %
+Added: — — — 2,189 5,773 7,962
Restructuring costs (2)
−Removed: 0.8 % (0.1) % — % — % N/M 0.3 %
+Added: 4,021 (490) — — 792 4,323
Impairment expense (5)
−Removed: 1.5 % — % — % — % N/M 0.6 %
+Added: 7,634 — — — — 7,634
Arbitration award expense (6)
−Removed: — % — % — % — % N/M 0.7 %
−Removed: Adjusted operating margin
−Removed: 10.3 % 7.0 % 18.4 % 19.8 % N/M 11.0 %
−Removed: Year Ended March 2, 2024 (53 weeks)
−Removed: Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and other
−Removed: Operating income $ 64,833 $ 11,840 $ 68,046 $ 24,233 $ (35,119) $ 133,833
−Removed: Restructuring costs (2)
— — — — 9,393 9,393
−Removed: Adjusted operating income $ 70,803 $ 14,366 $ 68,046 $ 24,233 $ (31,212) $ 146,236
−Removed: Operating margin 10.8 % 3.1 % 18.0 % 24.4 % N/M 9.4 %
−Removed: Restructuring costs (2)
−Removed: 1.0 % 0.7 % — % — % N/M 0.9 %
−Removed: Adjusted operating margin
−Removed: 11.8 % 3.8 % 18.0 % 24.4 % N/M 10.3 %
−Removed: (1) Acquisition-related costs include:
−Removed: • Transaction costs related to the UW Solutions acquisition.
−Removed: • Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
−Removed: • Backlog amortization is related the value attributed to contracting the backlog purchased in the UW Solutions acquisition.
−Removed: These costs were amortized in SG&A over the period that the contracted backlog was shipped.
−Removed: • Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value.
−Removed: These costs were expensed to cost of goods sold over the period the inventory was sold.
−Removed: (2) Restructuring charges related to Project Fortify, including $1.1 million of employee termination costs and $3.2 million of other costs incurred in fiscal 2025.
−Removed: Restructuring charges related to Project Fortify, including $6.2 million of asset impairment charges, $5.9 million of employee termination costs and $0.3 million of other costs incurred in fiscal 2024.
−Removed: Impairment expense for intangible assets in the Architectural Metals Segment.
−Removed: Expense related to an arbitration award which represent the impact of the award amount net of existing reserves and estimated insurance proceeds.
−Removed: Reconciliation of Non-GAAP Financial Measures
+Added: Adjusted EBITDA $ 70,591 $ 33,533 $ 71,664 $ 30,886 $ (14,021) $ 192,653
+Added: EBITDA margin 11.2 % 8.1 % 22.2 % 23.5 % N/M 12.0 %
+Added: Adjusted EBITDA margin 13.5 % 8.0 % 22.2 % 25.3 % N/M 14.2 %
+Added: (1) Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition and excludes $2.3 million of backlog amortization added back as part of depreciation and amortization above.
+Added: (2) Restructuring costs related to Project Fortify.
+Added: Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2, including $11.5 million of asset impairment charges in fiscal 2026.
+Added: (3) Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.
+Added: (4) Gain related to the settlement of a New Markets Tax Credit transaction.
+Added: (5) Impairment expense on intangible assets in the Architectural Metals Segment.
+Added: (6) Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.
Adjusted net earnings and adjusted diluted earnings per share
−Removed: Diluted per share amounts
−Removed: March 1, 2025 March 2, 2024 March 1, 2025 March 2, 2024
−Removed: (In thousands, except per share amounts)
−Removed: (52 weeks) (53 weeks)
−Removed: (52 weeks) (53 weeks)
+Added: Twelve Months Ended
+Added: (In thousands) (Unaudited) February 28, 2026 March 1, 2025
Net earnings $ 54,131 $ 85,052
Acquisition-related costs (1)
−Removed: Transaction 4,424 — 0.20 —
−Removed: Integration 2,055 — 0.09 —
−Removed: Backlog amortization 2,340 — 0.11 —
−Removed: Inventory step-up 1,483 — 0.07 —
−Removed: Total Acquisition-related costs 10,302 — 0.47 —
Restructuring costs (2)
−Removed: 4,323 12,403 0.20 0.56
+Added: CEO transition costs (3)
+Added: NMTC settlement gain (4)
Impairment expense (5)
−Removed: 7,634 — 0.35 —
Arbitration award expense (6)
−Removed: 9,393 — 0.43 —
−Removed: NMTC Settlement Gain (5)
−Removed: — (4,687) — (0.21)
Income tax impact on above adjustments (7)
1 unchanged sentence
Adjusted net earnings $ 74,683 $ 108,872
−Removed: Shares outstanding for EPS 21,891 22,091
−Removed: (1) Acquisition-related costs include:
−Removed: • Transaction costs related to the UW Solutions acquisition.
−Removed: • Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
−Removed: • Backlog amortization is related the value attributed to contracting the backlog purchased in the UW Solutions acquisition.
−Removed: These costs were amortized in SG&A over the period that the contracted backlog was shipped.
−Removed: • Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value.
−Removed: These costs were expensed to cost of goods sold over the period the inventory was sold.
−Removed: (2) Restructuring charges related to Project Fortify, including $1.1 million of employee termination costs and $3.2 million of other costs incurred in fiscal 2025.
−Removed: Restructuring charges related to Project Fortify, including $6.2 million of asset impairment charges, $5.9 million of employee termination costs and $0.3 million of other costs incurred in fiscal 2024.
−Removed: (3) Impairment expense for intangible assets in the Architectural Metals Segment.
−Removed: (4) Expense related to an arbitration award which represent the impact of the award amount net of existing reserves and estimated insurance proceeds.
−Removed: (5) Realization of a New Markets Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other (income) expense, net.
−Removed: (6) Income tax impact reflects the estimated tax rate for the jurisdictions in which the charge or income occurred.
−Removed: Reconciliation of Non-GAAP Financial Measures
−Removed: Adjusted EBITDA and Adjusted EBITDA Margin
−Removed: (Earnings before interest, taxes, depreciation and amortization)
−Removed: March 1, 2025 March 2, 2024
−Removed: (In thousands) (52 weeks) (53 weeks)
−Removed: Net earnings $ 85,052 $ 99,613
−Removed: Income tax expense 27,522 29,640
−Removed: Interest expense, net 6,159 6,669
−Removed: Depreciation and amortization 44,608 41,588
−Removed: EBITDA $ 163,341 $ 177,510
+Added: Twelve Months Ended
+Added: (Shares in thousands) (Unaudited) February 28, 2026 March 1, 2025
+Added: Diluted earnings per share $ 2.52 $ 3.89
Acquisition-related costs (1)
−Removed: Transaction 4,424 —
−Removed: Integration 2,055 —
−Removed: Inventory step-up 1,483 —
−Removed: Total acquisition-related costs
Restructuring costs (2)
−Removed: Impairment expense (3)
−Removed: Arbitration award expense (4)
+Added: CEO transition costs (3)
NMTC settlement gain (4)
−Removed: Adjusted EBITDA $ 192,653 $ 185,226
−Removed: Adjusted EBITDA Margin 14.2 % 13.1 %
−Removed: (1) Acquisition-related costs include:
−Removed: • Transaction costs related to the UW Solutions acquisition.
−Removed: • Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
−Removed: • Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value.
−Removed: These costs were expensed to cost of goods sold over the period the inventory was sold.
−Removed: (2) Restructuring charges related to Project Fortify, including $1.1 million of employee termination costs and $3.2 million of other costs incurred in fiscal 2025.
−Removed: Restructuring charges related to Project Fortify, including $6.2 million of asset impairment charges, $5.9 million of employee termination costs and $0.3 million of other costs incurred in fiscal 2024.
−Removed: (3) Impairment expense for intangible assets in the Architectural Metals Segment.
−Removed: (4) Expense related to an arbitration award which represent the impact of the award amount net of existing reserves and estimated insurance proceeds.
−Removed: (5) Realization of a New Markets Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other income (expense), net.
−Removed: Reconciliation of Non-GAAP Financial Measures
−Removed: Adjusted Return on Invested Capital Reconciliation
−Removed: March 1, 2025 March 2, 2024
−Removed: (In thousands, except percentages) (52 weeks) (53 weeks)
−Removed: $ 85,052 $ 99,613
−Removed: Interest expense, net (after tax) 4,619 5,002
−Removed: Other income, net (after tax) (467) (1,567)
−Removed: Net operating income after taxes 89,204 103,048
−Removed: Acquisition-related costs (1)
−Removed: Restructuring costs (2)
Impairment expense (5)
Arbitration award expense (6)
−Removed: Total adjustments
−Removed: $ 31,652 $ 12,403
−Removed: Income tax impact on adjustments (5)
−Removed: Adjusted net operating income after taxes
−Removed: $ 113,024 $ 112,350
−Removed: Average invested capital (6)
−Removed: $ 757,178 $ 668,555
−Removed: Return on invested capital (ROIC) (7)
−Removed: 11.8 % 15.4 %
−Removed: Adjusted ROIC (8)
+Added: Income tax impact on above adjustments (7)
(0.25) (0.36)
−Removed: (1) Acquisition-related costs include:
−Removed: • Transaction costs related to the UW Solutions acquisition.
−Removed: • Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
−Removed: • Backlog amortization is related the value attributed to contracting the backlog purchased in the UW Solutions acquisition.
−Removed: These costs were amortized in SG&A over the period that the contracted backlog was shipped.
−Removed: • Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value.
−Removed: These costs were expensed to cost of goods sold over the period the inventory was sold.
−Removed: (2) Restructuring charges related to Project Fortify, including $1.1 million of employee termination costs and $3.2 million of other costs incurred in fiscal 2025.
−Removed: Restructuring charges related to Project Fortify, including $6.2 million of asset impairment charges, $5.9 million of employee termination costs and $0.3 million of other costs incurred in fiscal 2024.
−Removed: (3) Impairment expense for intangible assets in the Architectural Metals Segment.
−Removed: (4) Expense related to an arbitration award which represent the impact of the award amount net of existing reserves and estimated insurance proceeds.
−Removed: (5) Income tax impact reflects the estimated tax rate for the jurisdictions in which the charge or income occurred.
−Removed: (6) Average invested capital represents a trailing five quarter average of total assets less average current liabilities (excluding current portion long-term debt).
−Removed: (7) ROIC is calculated by dividing net operating income after taxes by average invested capital.
−Removed: (8) Adjusted ROIC is calculated by dividing adjusted net operating income after taxes by average invested capital.
+Added: Adjusted diluted earnings per share $ 3.47 $ 4.97
+Added: Weighted average diluted shares outstanding 21,517 21,891
+Added: (1) Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition.
+Added: (2) Restructuring costs related to Project Fortify.
+Added: Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2, including $11.5 million of asset impairment charges in fiscal 2026.
+Added: (3) Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.
+Added: (4) Gain related to the settlement of a New Market Tax Credit transaction.
+Added: (5) Impairment expense on intangible assets in the Architectural Metals Segment.
+Added: (6) Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.
+Added: (7) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.
Liquidity and Capital Resources
2 unchanged sentences
Net cash provided by operating activities was $122.5 million, compared to $125.2 million.
−Removed: The decrease in net cash provided by operating activities was primarily driven by cash used for working capital.
+Added: The decline in cash provided by operating activities was driven by reduced net earnings, partially offset by a reduction in cash used for working capital.
Investing Activities.
Net cash used by investing activities was $30.5 million, compared to $265.9 million.
−Removed: The increase in net cash used by investing activities was primarily related to $232.2 million of cash used for the acquisition of UW Solutions.
+Added: In fiscal 2026, cash was primarily used to fund capital expenditures of $27.3 million, while in fiscal 2025, cash was primarily used to fund the acquisition of UW Solutions for $232.2 million, in addition to funding capital expenditures of $35.6 million.
Financing Activities.
−Removed: Net cash provided by financing activities was $146.0 million, compared to $144.6 million of net cash used by financing activities.
−Removed: The increase in net cash provided by financing activities was primarily driven by the proceeds of
−Removed: $250.0 million from the delayed draw term loan utilized to finance the UW Solutions acquisition.
−Removed: We returned $67.1 million of cash to shareholders through share repurchases and dividends, compared to $33.0 million in the prior year.
+Added: Net cash used by financing activities was $96.2 million in fiscal 2026, compared to $146.0 million of net cash provided by financing activities in fiscal 2025.
+Added: The use of cash in fiscal 2026 was primarily for net repayment of debt compared to obtaining debt funding in fiscal 2025 to support the acquisition of UW Solutions.
+Added: Net cash used to repurchase common stock was $15.0 million and $45.4 million for fiscal 2026 and fiscal 2025, respectively.
Additional Liquidity Considerations.
6 unchanged sentences
The Credit Agreement replaces the previous revolving credit facility with Wells Fargo Bank, N.A., as administrative agent, and other lenders, with maximum borrowings up to $385.0 million, and the two Canadian credit facilities with Bank of Montreal totaling $25.0 million USD.
−Removed: As a result of the execution of the Credit Agreement, in fiscal 2025, we recognized a loss, within interest expense of $0.5 million for the write-off of unamortized financing fees related to the previous revolving credit facility.
−Removed: Additionally, we capitalized $3.0 million of lender fees and $0.8 million of third-party fees incurred in connection with the Credit Agreement, which were recorded as other non-current assets and will be amortized over the term of the Credit Agreement as interest expense.
The Credit Agreement contains two maintenance financial covenants that require our Consolidated Leverage Ratio (as defined in the Credit Agreement) to be less than 3.50 and our Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) to exceed 3.00.
−Removed: At March 1, 2025, we were in compliance with all covenants as defined under the terms of the Credit Agreement.
+Added: At February 28, 2026, we were in compliance with all covenants as defined under the terms of the Credit Agreement.
The Credit Agreement also contains 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 Consolidated Leverage Ratio (as defined in the Credit Agreement) to 4.00 for a period of four consecutive fiscal quarters, commencing with the fiscal quarter in which a qualifying acquisition occurs.
6 unchanged sentences
Any lender may elect or decline to participate in the requested increase at their sole discretion.
−Removed: On November 4, 2024, as part of the acquisition of UW Solutions, and for working capital and general corporate purposes, we executed a drawdown against the delayed draw term loan facility for $250.0 million.
−Removed: Outstanding borrowings under the term loan facility were $215.0 million as of March 1, 2025.
−Removed: Outstanding borrowings under the revolving credit facility were $70.0 million as of March 1, 2025.
+Added: As of February 28, 2026, outstanding borrowings under the term loan facility were $212.3 million and outstanding borrowings under the revolving credit facility were $20.0 million.
+Added: As of March 1, 2025, outstanding borrowings under the term loan and credit facility were $215.0 million and $70.0 million, respectively.
Outstanding borrowings under the previous revolving credit facility were $50.0 million as of March 2, 2024.
1 unchanged sentence
At March 2, 2024, debt included $12.0 million of industrial revenue bonds.
−Removed: We had no outstanding industrial revenue bonds as of March 1, 2025 as in the fourth quarter of fiscal 2025 we paid the remaining balance of these bonds, including principal and interest outstanding, without penalty.
−Removed: At March 1, 2025, we had a total of $15.0 million of ongoing letters of credit that expire in fiscal year 2026 and reduce borrowing capacity under the revolving credit facility.
−Removed: As of March 1, 2025, the amount available for revolving borrowings was $365.0 million.
+Added: We had no outstanding industrial revenue bonds as of February 28, 2026, or March 1, 2025, as in the fourth quarter of fiscal 2025 we paid the remaining balance of these bonds, including principal and interest outstanding, without penalty.
+Added: At February 28, 2026, we had a total of $2.6 million of ongoing letters of credit that expire in fiscal year 2027 and reduce borrowing capacity under the revolving credit facility.
+Added: As of February 28, 2026, the amount available for revolving borrowings was $427.4 million.
We acquire the use of certain assets through operating leases, such as property, manufacturing equipment, vehicles and other equipment.
−Removed: Future payments for such leases, excluding leases with initial terms of one year or less, were $76.9 million at March 1, 2025, with $17.7 million payable within the next 12 months.
−Removed: See Note 8 for further detail surrounding our lease obligations and the timing of expected future payments.
−Removed: As of March 1, 2025, we had $10.2 million of open purchase obligations, of which payments totaling $7.3 million are expected to become due within the next 12 months.
−Removed: These purchase obligations primarily relate to raw material commitments.
−Removed: We expect to make contributions of approximately $0.4 million to our defined-benefit pension plans in fiscal 2026, which will equal or exceed our minimum funding requirements.
−Removed: As of March 1, 2025, we had reserves of $6.0 million and $0.1 million for long-term unrecognized tax benefits and environmental liabilities, respectively.
+Added: Future payments for such leases, excluding leases with initial terms of one year or less, were $60.8 million at February 28, 2026, with $15.8 million payable within the next 12 months.
+Added: See Note 8 to our Consolidated Financial Statements for further detail surrounding our lease obligations and the timing of expected future payments.
+Added: As of February 28, 2026, we had $15.1 million of open purchase obligations, primarily related to raw material commitments, of which payments totaling $9.3 million are expected to become due within the next 12 months.
+Added: As of February 28, 2026, we had reserves of $4.1 million for long-term unrecognized tax benefits.
We are unable to reasonably estimate in which future periods the remaining unrecognized tax benefits will ultimately be settled.
We are required, in the ordinary course of business, to provide surety or performance bonds that commit payments to our customers for any non-performance.
−Removed: At March 1, 2025, $394.1 million of our backlog was bonded by performance bonds with a face value of $1.2 billion.
+Added: At February 28, 2026, $267.5 million of our backlog was bonded by performance bonds with a face value of $1.3 billion.
These bonds have expiration dates that align with completion of the purchase order or contract.
6 unchanged sentences
Recently Issued Accounting Pronouncements
−Removed: See Note 1 for information pertaining to recently issued accounting pronouncements, incorporated herein by reference.
+Added: See Note 1 to our Consolidated Financial Statements in Item 8 of this Form 10-K for information pertaining to recently issued accounting pronouncements, incorporated herein by reference.
Critical Accounting Policies and Estimates
−Removed: Our analysis of operations and financial condition is based on our consolidated financial statements prepared in accordance with U.S.
+Added: Our analysis of operations and financial condition is based on our consolidated financial statements prepared in accordance with GAAP.
Preparation of these consolidated financial statements requires us to make estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the consolidated financial statements, reported amounts of revenues and expenses during the reporting period and related disclosures of contingent assets and liabilities.
7 unchanged sentences
We believe the most significant areas of estimation and judgment are related to our businesses that recognize revenue using the over-time input method.
−Removed: Approximately 36% of our total revenue in fiscal 2025 was from longer-term, fixed-price contracts, of which the longer term and most significant contracts are in our Architectural Services Segment.
−Removed: The contracts for this business have a single, bundled performance obligation, as this business generally provides interrelated products and services and integrate these products and services into a combined output specified by the customer.
−Removed: The customer obtains control of this combined output, generally integrated window systems or installed window and curtainwall systems, over time.
+Added: Approximately 35% of our total revenue in fiscal 2026 was from longer-term, fixed-price contracts, which are primarily in our Architectural Services Segment.
+Added: The contracts in this segment have a single, bundled performance obligation, as this business generally provides interrelated products and services and integrates these products and services into a combined output specified by the customer.
+Added: The customer obtains control of this combined output over time.
We measure progress on these contracts following an input method, by comparing total costs incurred to-date to the total estimated costs for the contract, and record that proportion of the total contract price as revenue in the period.
1 unchanged sentence
We believe this method of recognizing revenue is consistent with our progress in satisfying our contract obligations.
−Removed: Due to the nature of the work required under these long-term contracts, the estimation of total revenue and costs incurred and remaining to complete on a project is subject to many variables and requires significant judgment.
+Added: Due to the nature of the work required under these long-term contracts, the estimation of total costs remaining to complete on a project is subject to many variables and requires significant judgment.
It is common for these contracts to contain potential bonuses or penalties which are generally awarded or charged upon certain project milestones or cost or timing targets, and can be based on customer discretion.
7 unchanged sentences
The effect of a contract modification on the transaction price and our measure of progress is recognized as an adjustment to revenue, generally on a cumulative catch-up basis.
−Removed: Due to the significant judgments utilized in our revenue recognition on long-term contracts, if subsequent actual results and/or updated assumptions, estimates, or projections were to change from those utilized at March 1, 2025, our results of operations in the future could be materially impacted.
−Removed: Impairment of goodwill and indefinite-lived intangible assets
+Added: Due to the significant judgments utilized in our revenue recognition on long-term contracts, if subsequent actual results and/or updated assumptions, estimates, or projections were to materially change from those utilized at February 28, 2026, our results of operations in the future could be materially impacted.
+Added: Goodwill and indefinite-lived intangible asset valuation
We evaluate goodwill for impairment annually on the first day in our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of the goodwill may not be recoverable.
Evaluating goodwill for impairment involves the determination of the fair value of each reporting unit in which goodwill is recorded using a qualitative or quantitative analysis.
−Removed: A reporting unit is an operating segment, or a component of an operating segment, for which discrete financial information is available and is reviewed by segment management on a regular basis.
−Removed: The reporting units for our fiscal
−Removed: 2025 annual impairment test align with our Architectural Metals, Architectural Services, and Architectural Glass reporting segments.
−Removed: The Performance Surfaces reporting segment consists of the Tru Vue and UW Solutions reporting units.
−Removed: For our fiscal 2025 annual impairment test, we elected to bypass the qualitative assessment process and proceed directly to comparing the fair value of each of our reporting units to carrying value, including goodwill.
+Added: A reporting unit is an operating segment, or a component of an operating segment, for which discrete financial information is available and reviewed by segment management on a regular basis.
+Added: The reporting units for our fiscal 2026 annual impairment test align with our Architectural Metals, Architectural Services, Architectural Glass, and Performance Surfaces Segments.
+Added: For the fiscal 2026 impairment test, we elected to bypass the qualitative assessment process and proceeded directly to comparing the estimated fair value of each of our reporting units to carrying value, including goodwill.
If fair value exceeds the carrying value, goodwill impairment is not indicated.
24 unchanged sentences
The assessment of fair value involves significant judgment and projections about future performance.
−Removed: In the fair value analysis, we assumed a discount rate of 12.5%, a royalty rate of 1.5%, and long-term growth rates ranging from 0.0% to 1.5%.
−Removed: Based on our annual analysis, the carrying amount for certain of our trade names exceeded the fair value, indicating impairment of $7.6 million.
−Removed: We continue to conclude that the useful lives of our remaining indefinite-lived intangible assets are appropriate.
+Added: In the fair value analysis, we assumed a discount rate of 13%, a royalty rate of 1.5%, and a long-term growth rate of 1.0%.
+Added: Based on our annual analysis, the fair value of our indefinite-lived intangible assets exceeded carrying value.
+Added: We continue to conclude that the useful lives of our indefinite-lived intangible assets are appropriate.
If future revenue were to fall below forecasted levels or if market conditions were to decline in a material or sustained manner, impairment could be indicated on these indefinite-lived intangible assets.
2 unchanged sentences
We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products.
−Removed: We also 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 Metals businesses.
+Added: We also 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.
The time period from when a claim is asserted to when it is resolved, either by negotiation, settlement or litigation, can be several years.
While we maintain various types of product liability insurance, the insurance policies include significant self-retention of risk in the form of policy deductibles.
−Removed: In addition, certain claims could be determined to be uninsured.
+Added: In addition, certain claims could be
+Added: determined to be uninsured.
We also actively manage the risk of these exposures through contract negotiations and proactive project management.
3 unchanged sentences
These tax obligations include income, real estate, franchise and sales/use taxes.
−Removed: Judgments related to income taxes require the recognition in our financial statements that a tax position is more-likely-than-not to be sustained on audit.
−Removed: Judgment and estimation is required in developing the provision for income taxes and the reporting of tax-related assets and liabilities and, if necessary, any valuation allowances.
+Added: Judgments related to income taxes require the evaluation and recognition in our financial statements that a tax position is more-likely-than-not to be sustained on audit.
+Added: Judgment and estimation is required in developing a provision for income taxes and recognizing tax-related assets and liabilities and, if necessary, any valuation allowances.
The interpretation of tax laws can involve uncertainty, since tax authorities may interpret such laws differently.
1 unchanged sentence
In addition, the effective tax rate may be affected by other changes, including the allocation of property, payroll and revenues between states.
−Removed: We assess the deferred tax assets for recoverability taking into consideration historical and anticipated earnings levels;
+Added: We assess deferred tax assets for recoverability taking into consideration historical and anticipated earnings levels;
the reversal of other existing temporary differences;
1 unchanged sentence
and available tax planning strategies that could be implemented to realize the deferred tax assets.
−Removed: Based on this assessment, management must evaluate the need for, and amount of, a valuation allowance against the deferred tax assets.
+Added: Based on this assessment, management must evaluate the need for, and amount of, a valuation allowance against deferred tax assets.
As facts and circumstances change, adjustment to the valuation allowance may be required.
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.