APOGEE ENTERPRISES, INC.APOG
APOGEE ENTERPRISES, INC. Segments Disclosure
Business Segment Data
We have four operating segments which are also reportable segments. Each of our four segments have distinct economic characteristics, including products and services provided, production processes and varying ranges in performance and results:
•The Architectural Metals Segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems used primarily in non-residential construction.
•The Architectural Services Segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install architectural curtainwall and other façade-related systems primarily in non-residential construction.
•The Architectural Glass Segment cuts, treats, coats and fabricates high-performance glass used in custom window and wall systems primarily for non-residential buildings.
•The Performance Surfaces Segment develops and manufactures high-performance coated materials for a variety of applications, including wall decor, museums, graphic design, digital displays, architectural interiors, and industrial flooring.
The Company’s CEO is the chief operating decision maker (CODM). The CODM utilizes net sales and adjusted earnings before interest and taxes (EBIT) 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.
Net sales, adjusted cost of sales, adjusted SG&A, adjusted other income (expense), and the resulting adjusted EBIT for each of the Company’s four reportable segments are presented below. Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. We report net sales intersegment eliminations separately to exclude these sales from our consolidated total. Segment EBIT includes intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level. We report these unallocated corporate costs in Corporate and Other.
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Total | |||||||||||||||||||||||||||
| 52-Weeks Ended March 1, 2025 | ||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 524,617 | $ | 419,861 | $ | 294,385 | $ | 122,131 | $ | 1,360,994 | ||||||||||||||||||||||
Intersegment net sales | 92 | — | 27,812 | — | 27,904 | |||||||||||||||||||||||||||
| 524,709 | 419,861 | 322,197 | 122,131 | 1,388,898 | ||||||||||||||||||||||||||||
Adjusted cost of sales (1) | (373,902) | (344,702) | (220,636) | (76,487) | (1,015,727) | |||||||||||||||||||||||||||
Adjusted SG&A (2) | (96,687) | (45,604) | (42,287) | (21,505) | (206,083) | |||||||||||||||||||||||||||
Adjusted other income (expense), net (3) | — | — | 115 | — | 115 | |||||||||||||||||||||||||||
| Adjusted EBIT | $ | 54,120 | $ | 29,555 | $ | 59,389 | $ | 24,139 | $ | 167,203 | ||||||||||||||||||||||
53-Weeks Ended March 2, 2024 | ||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 598,248 | $ | 377,443 | $ | 342,028 | $ | 99,223 | $ | 1,416,942 | ||||||||||||||||||||||
Intersegment net sales | 3,488 | 979 | 36,421 | — | 40,888 | |||||||||||||||||||||||||||
| 601,736 | 378,422 | 378,449 | 99,223 | 1,457,830 | ||||||||||||||||||||||||||||
Adjusted cost of sales (1) | (425,424) | (323,761) | (267,469) | (60,636) | (1,077,290) | |||||||||||||||||||||||||||
Adjusted SG&A (2) | (105,509) | (40,295) | (42,934) | (14,354) | (203,092) | |||||||||||||||||||||||||||
Adjusted other income (expense), net (3) | — | — | (2,263) | — | (2,263) | |||||||||||||||||||||||||||
Adjusted EBIT | $ | 70,803 | $ | 14,366 | $ | 65,783 | $ | 24,233 | $ | 175,185 | ||||||||||||||||||||||
| 52-Weeks Ended February 25, 2023 | ||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 647,949 | $ | 408,566 | $ | 279,966 | $ | 104,215 | $ | 1,440,696 | ||||||||||||||||||||||
Intersegment net sales | 1,829 | 2,061 | 36,588 | — | 40,478 | |||||||||||||||||||||||||||
| 649,778 | 410,627 | 316,554 | 104,215 | 1,481,174 | ||||||||||||||||||||||||||||
Adjusted cost of sales (1) | (463,902) | (352,372) | (247,073) | (64,565) | (1,127,912) | |||||||||||||||||||||||||||
Adjusted SG&A (2) | (104,002) | (40,115) | (40,872) | (14,303) | (199,292) | |||||||||||||||||||||||||||
Adjusted other income (expense), net (3) | — | — | (47) | — | (47) | |||||||||||||||||||||||||||
Adjusted EBIT | $ | 81,874 | $ | 18,140 | $ | 28,562 | $ | 25,347 | $ | 153,923 | ||||||||||||||||||||||
(1) | Adjusted cost of sales excludes $4.2 million and $5.5 million of adjustments related to acquisition and restructuring costs as described in more detail within the reconciliation presented below, respectively, for the years ended March 1, 2025 and March 2, 2024. | ||||||||||||||||
| (2) | Adjusted SG&A expenses excludes $11.5 million and $3.0 million of adjustments related to acquisition and restructuring costs and impairment expense as described in more detail within the reconciliation presented below, respectively, for the years ended March 1, 2025 and March 2, 2024. | ||||||||||||||||
(3) | Adjusted Other (income) expense, net excludes $4.7 million of NMTC benefit recorded for the year ended March 2, 2024 as described in more detail within the reconciliation presented below. | ||||||||||||||||
The following table presents the reconciliation of adjusted EBIT to income before income taxes, the nearest measurement under GAAP:
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
Segment Adjusted EBIT | $ | 167,203 | $ | 175,185 | $ | 153,923 | ||||||||||||||
Corporate and Other expenses | (32,772) | (35,454) | (29,642) | |||||||||||||||||
Segment acquisition-related costs (1) | (4,529) | — | — | |||||||||||||||||
Segment restructuring costs (2) | (3,535) | (8,496) | — | |||||||||||||||||
Impairment expense (3) | (7,634) | — | — | |||||||||||||||||
NMTC settlement gain (4) | — | 4,687 | — | |||||||||||||||||
Interest expense, net | (6,159) | (6,669) | (7,660) | |||||||||||||||||
Earnings before income taxes | $ | 112,574 | $ | 129,253 | $ | 116,621 | ||||||||||||||
(1) | Segment acquisition-related costs include: •Transaction costs related to the UW Solutions acquisition. •Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition. •Backlog amortization is related the value attributed to contracting the backlog purchased in the UW Solutions acquisition. These costs were amortized in SG&A over the period that the contracted backlog was shipped. •Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value. These costs were expensed to cost of goods sold over the period the inventory was sold. | ||||||||||||||||
| (2) | Segment restructuring charges related to Project Fortify. Refer to Note 18. | ||||||||||||||||
(3) | Impairment expense on intangible assets in the Architectural Metals Segment. Refer to Note 6. | ||||||||||||||||
(4) | Realization of a NMTC benefit which was recorded in other income (expense), net. Refer to Note 10. | ||||||||||||||||
The following table presents the capital expenditures, depreciation and amortization and identifiable assets by reportable segments and the reconciliation to amounts reported for GAAP:
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Total | ||||||||||||||||||||||||||||||||
Fiscal 2025 | ||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 3,333 | $ | 7,522 | $ | 13,782 | $ | 9,479 | $ | 1,477 | $ | 35,593 | ||||||||||||||||||||||||||
| Depreciation and amortization | 16,471 | 3,978 | 12,274 | 9,085 | 2,800 | 44,608 | ||||||||||||||||||||||||||||||||
| Identifiable assets | 343,553 | 179,311 | 213,067 | 345,034 | 94,304 | 1,175,269 | ||||||||||||||||||||||||||||||||
Fiscal 2024 | ||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 4,733 | $ | 3,166 | $ | 12,142 | $ | 16,896 | $ | 6,243 | $ | 43,180 | ||||||||||||||||||||||||||
| Depreciation and amortization | 19,226 | 4,011 | 11,955 | 3,040 | 3,356 | 41,588 | ||||||||||||||||||||||||||||||||
| Identifiable assets | 363,512 | 131,651 | 208,651 | 83,731 | 96,519 | 884,064 | ||||||||||||||||||||||||||||||||
Fiscal 2023 | ||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 11,432 | $ | 3,683 | $ | 5,613 | $ | 13,474 | $ | 10,975 | $ | 45,177 | ||||||||||||||||||||||||||
| Depreciation and amortization | 19,386 | 3,953 | 11,964 | 3,088 | 4,012 | 42,403 | ||||||||||||||||||||||||||||||||
| Identifiable assets | 426,946 | 141,840 | 207,730 | 69,035 | 69,814 | 915,365 | ||||||||||||||||||||||||||||||||
The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region.
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net Sales | ||||||||||||||||||||
| United States | $ | 1,258,887 | $ | 1,295,436 | $ | 1,301,168 | ||||||||||||||
| Canada | 85,417 | 101,055 | 120,565 | |||||||||||||||||
| Brazil | 16,690 | 20,451 | 18,963 | |||||||||||||||||
| Total | $ | 1,360,994 | $ | 1,416,942 | $ | 1,440,696 | ||||||||||||||
| (In thousands) | March 1, 2025 | March 2, 2024 | February 25, 2023 | |||||||||||||||||
| Long-Lived Assets | ||||||||||||||||||||
| United States | $ | 261,457 | $ | 235,398 | $ | 239,847 | ||||||||||||||
| Canada | 4,984 | 6,345 | 6,330 | |||||||||||||||||
| Brazil | 1,698 | 2,473 | 2,690 | |||||||||||||||||
| Total | $ | 268,139 | $ | 244,216 | $ | 248,867 | ||||||||||||||
Our export net sales from U.S. operations were $54.1 million, $47.6 million and $56.2 million in fiscal 2025, 2024 and 2023, respectively, representing approximately 4%, 3% and 4% of consolidated net sales in each of these fiscal years, respectively. Due to the varying combinations and integration of individual window, storefront and curtainwall systems, it is impractical to report product revenues generated by class of product beyond the segment revenues currently reported.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 24, 2025 | Showing above |
| 2018 | Apr 30, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.