Apogee Enterprises, Inc 10-K for FY2021

Apogee Enterprises, Inc. (APOG)

10-K 2021-04-22 For: 2021-02-27

Added on April 04, 2026

About this 10-K

Apogee Enterprises, Inc filed this 10-K on April 22, 2021, covering the fiscal year ended February 27, 2021 (FY2021).

Headline figures

Fiscal year ended February 27, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.23B; down 11.3% from $1.39B a year earlier
Net income: $15.44M; down 75.1% from net income of $61.91M a year earlier
Diluted EPS: $0.59; down 74.6% from $2.32 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


		Page
	PART I
Item 1.	Business	4

Item 1A.	Risk Factors	10
Item 1B.	Unresolved Staff Comments	14
Item 2.	Properties	14
Item 3.	Legal Proceedings	15
Item 4.	Mine Safety Disclosures	15
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	15
Item 6.	Selected Financial Data	17
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 8.	Financial Statements and Supplementary Data	27
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	59
Item 9A.	Controls and Procedures	60
Item 9B.	Other Information	60
	PART III
Item 10.	Directors, Executive Officers, Code of Ethics and Corporate Governance	60
Item 11.	Executive and Director Compensation	60
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	60
Item 13.	Certain Relationships and Related Transactions, and Director Independence	61
Item 14.	Principal Accountant Fees and Services	61
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	61
Item 16.	Form 10-K Summary	64
	Signatures	65


Fiscal Year	First		Second		Third		Fourth		Total
2021	$	0.1875	$	0.1875	$	0.1875	$	0.2000	$	0.7625
2020	0.1750		0.1750		0.1750		0.1875		0.7125
2019	0.1575		0.1575		0.1575		0.1750		0.6475


Period	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)	Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (b)
November 29, 2020 through December 26, 2020	—	$	—	—	1,443,059
December 27, 2020 through January 23, 2021	167,567	37.44		160,139	1,282,920
January 24, 2021 through February 27, 2021	197,680	37.08		165,536	1,117,384
Total	365,247	$	37.22	325,675	1,117,384


	2016		2017		2018		2019		2020		2021
Apogee	$	100.00	$	149.31	$	114.13	$	94.99	$	81.14	$	103.58
S&P Small Cap 600 Growth Index	100.00		131.15		147.36		158.24		147.84		217.10
Russell 2000 Index	100.00		136.51		151.95		159.67		150.44		227.16


	Fiscal Year
(In thousands, except per share data and percentages)	2021(1)			2020			2019			2018(2)			2017(3)(4)
Results of Operations Data
Net sales	$	1,230,774		$	1,387,439		$	1,402,637		$	1,326,173		$	1,114,533
Gross profit	275,689			318,959			293,565			333,518			292,023
Operating income	25,527			87,848			67,284			114,284			122,225
Net earnings	15,436			61,914			45,694			79,488			85,790
Earnings per share - basic	0.59			2.34			1.64			2.79			2.98
Earnings per share - diluted	0.59			2.32			1.63			2.76			2.97
Cash dividends per share	0.7625			0.7125			0.6475			0.5775			0.5150
Balance Sheet Data

Total assets	1,015,099			1,128,991			1,068,168			1,022,320			784,658

Long-term debt	165,000			217,900			245,724			215,860			65,400
Shareholders' equity	492,745			516,778			496,317			511,355			470,577









Other Data
Gross profit as a percentage of sales	22.4		%	23.0		%	20.9		%	25.1		%	26.2		%
Operating income as a percentage of sales	2.1		%	6.3		%	4.8		%	8.6		%	11		%
Return on average invested capital(5)	2.6		%	8.4		%	5.6		%	9.3		%	14.3		%


☒			ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Reconciliation of Non-GAAP Financial Information
Adjusted Operating Income and Adjusted Net Earnings per Diluted Common Share
(Unaudited)
					Diluted per share amounts
	Year-ended				Year-ended
(In thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Operating income	$	25,527	$	87,848	$	0.59	$	2.32
Impairment expense on goodwill and intangible assets	70,069		—		2.66		—
Restructuring	4,884		—		0.19		—
Gain on sale of building	(19,346)		—		(0.74)		—
COVID-19	4,988		—		0.19		—
Post-acquisition and acquired project matters	1,000		(635)		0.04		(0.02)
Cooperation agreement advisory costs	—		2,776		—		0.10
Income tax impact on above adjustments (1)	N/A		N/A		(0.53)		(0.02)
Adjusted operating income	$	87,122	$	89,989	$	2.40	$	2.38

(1) Income tax impact calculated using an estimated statutory tax rate of 25%, which reflects the estimated blended statutory tax rate for the jurisdiction in which the charge or income occurred. Income tax impact excludes the amount of each charge that is non-deductible in the applicable jurisdiction. In prior periods, tax impacts were calculated using an effective tax rate. All such periods were recalculated herein using the 25% estimated statutory tax rate for consistency and comparability with the current period presentation. This change did not have a significant impact on the income tax impact or the adjusted net earnings or adjusted earnings per diluted common share amounts that had been reported for the three months or twelve months ended February 29, 2020.


(Dollars in thousands)	2021		2020		2019		2021 vs. 2020		2020 vs. 2019
Net sales	$	1,230,774	$	1,387,439	$	1,402,637	(11.3)	%	(1.1)	%


(Percentage of net sales)	2021		2020		2019
Net sales	100.0	%	100.0	%	100.0	%
Cost of sales	77.6		77.0		79.1
Gross margin	22.4		23.0		20.9
Selling, general and administrative expenses	14.6		16.7		15.9
Impairment expense on goodwill and intangible assets	5.7		—		0.2
Operating income	2.1		6.3		4.8

Interest expense, net	0.4		0.7		0.6
Other income (expense), net	0.1		0.1		—
Earnings before income taxes	1.8		5.7		4.2
Income tax expense	0.6		1.3		0.9
Net earnings	1.3	%	4.5	%	3.3	%
Effective income tax rate	31.7	%	22.4	%	22.1	%


	Payments Due by Fiscal Period
(In thousands)	2022		2023		2024		2025		2026		Thereafter		Total
Debt obligations	$	2,000	$	1,000	$	—	$	150,000	$	—	$	12,000	$	165,000
Operating leases (undiscounted)	13,731		12,249		10,558		9,290		7,464		12,581		65,873
Purchase obligations	210,268		39,933		1,041		872		872		486		253,472
Total cash obligations	$	225,999	$	53,182	$	11,599	$	160,162	$	8,336	$	25,067	$	484,345


(In thousands, except per share data)	February 27, 2021		February 29, 2020
Assets
Current assets
Cash and cash equivalents	$	47,277	$	14,952

Receivables, net of allowance for doubtful accounts	175,917		196,806
Inventories	72,823		71,089
Costs and earnings on contracts in excess of billings	29,497		73,582
Other current assets	25,160		25,481
Total current assets	350,674		381,910
Property, plant and equipment, net	298,443		324,386
Operating lease right-of-use assets	58,864		52,892
Goodwill	130,098		185,516
Intangible assets	130,053		140,191
Other non-current assets	46,967		44,096
Total assets	$	1,015,099	$	1,128,991
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	76,204	$	69,056
Accrued payroll and related benefits	50,125		40,119

Billings in excess of costs and earnings on uncompleted contracts	22,789		32,696
Operating lease liabilities	13,251		11,272
Current portion long-term debt	2,000		5,400

Other current liabilities	53,183		118,314
Total current liabilities	217,552		276,857
Long-term debt	163,000		212,500
Non-current operating lease liabilities	48,439		43,163
Non-current self-insurance reserves	24,880		22,831
Other non-current liabilities	68,483		56,862
Commitments and contingent liabilities (Note 10)
Shareholders’ equity
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 25,713,688 and 26,443,166 shares, respectively	8,571		8,814
Additional paid-in capital	154,958		154,016
Retained earnings	357,243		388,010
Common stock held in trust	(186)		(685)
Deferred compensation obligations	186		685
Accumulated other comprehensive loss	(28,027)		(34,062)
Total shareholders’ equity	492,745		516,778
Total liabilities and shareholders’ equity	$	1,015,099	$	1,128,991


(In thousands, except per share data)	Common Shares Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Common Stock Held in Trust		Deferred Compensation Obligation		Accumulated Other Comprehensive (Loss) Income		Total Shareholders' Equity
Balance at March 3, 2018	28,158	$	9,386	$	152,763	$	373,259	$	(922)	$	922	$	(24,053)	$	511,355
Net earnings	—	—		—		45,694		—		—		—		45,694
Cumulative effect adjustment	—	—		—		2,999		—		—		—		2,999
Unrealized gain on marketable securities, net of $17 tax expense	—	—		—		—		—		—		64		64
Unrealized loss on foreign currency hedge, net of $172 tax benefit	—	—		—		—		—		—		(565)		(565)
Unrealized gain on pension obligation, net of $72 tax expense	—	—		—		—		—		—		229		229
Foreign currency translation adjustments	—	—		—		—		—		—		(7,065)		(7,065)
Reclassification of tax effects	—	—		—		737		—		—		(737)		—
Issuance of stock, net of cancellations	135	45		80		145		167		(167)		—		270
Share-based compensation	—	—		6,286		—		—		—		—		6,286
Exercise of stock options	19	6		177		—		—		—		—		183
Share repurchases	(1,258)	(419)		(7,204)		(35,703)		—		—		—		(43,326)
Other share retirements	(39)	(13)		(260)		(1,670)		—		—		—		(1,943)
Cash dividends ($0.6475 per share)	—	—		—		(17,864)		—		—		—		(17,864)
Balance at March 2, 2019	27,015	$	9,005	$	151,842	$	367,597	$	(755)	$	755	$	(32,127)	$	496,317
Net earnings	—	—		—		61,914		—		—		—		61,914
Unrealized gain on marketable securities, net of $67 tax expense	—	—		—		—		—		—		257		257
Unrealized loss on foreign currency hedge, net of $129 tax benefit	—	—		—		—		—		—		(423)		(423)
Unrealized loss on pension obligation, net of $124 tax benefit	—	—		—		—		—		—		(405)		(405)
Foreign currency translation adjustments	—	—		—		—		—		—		(1,364)		(1,364)
Issuance of stock, net of cancellations	174	57		(124)		225		70		(70)		—		158
Share-based compensation	—	—		6,607		—		—		—		—		6,607

Share repurchases	(687)	(229)		(3,963)		(20,948)		—		—		—		(25,140)
Other share retirements	(59)	(19)		(346)		(2,064)		—		—		—		(2,429)
Cash dividends ($0.7125 per share)	—	—		—		(18,714)		—		—		—		(18,714)
Balance at February 29, 2020	26,443	$	8,814	$	154,016	$	388,010	$	(685)	$	685	$	(34,062)	$	516,778
Net earnings	—	—		—		15,436		—		—		—		15,436
Unrealized gain on marketable securities, net of $22 tax expense	—	—		—		—		—		—		80		80
Unrealized gain on foreign currency hedge, net of $450 tax expense	—	—		—		—		—		—		1,475		1,475
Unrealized gain on pension obligation, net of $32 tax expense	—	—		—		—		—		—		105		105
Foreign currency translation adjustments	—	—		—		—		—		—		4,375		4,375
Issuance of stock, net of cancellations	432	145		(1,212)		1,174		499		(499)		—		107
Share-based compensation	—	—		8,573		—		—		—		—		8,573
Exercise of stock options	127	42		1,414		—		—		—		—		1,456
Share repurchases	(1,177)	(393)		(7,144)		(25,341)		—		—		—		(32,878)
Other share retirements	(111)	(37)		(689)		(2,435)		—		—		—		(3,161)
Cash dividends ($0.7625 per share)	—	—		—		(19,601)		—		—		—		(19,601)
Balance at February 27, 2021	25,714	$	8,571	$	154,958	$	357,243	$	(186)	$	186	$	(28,027)	$	492,745


(In thousands)	February 27, 2021
Within one year	$	472,728
Within two years	316,847
Beyond	67,946
Total	$	857,521


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
February 27, 2021	$	12,517	$	386	$	10	$	12,893




February 29, 2020	11,692		275		—		11,967


(In thousands)	2021		2020		2019
Operating Activities
Net cash provided by operating activities	$	141,863	$	107,262	$	96,423
Investing Activities
Capital expenditures	(26,165)		(51,428)		(60,717)

Proceeds on sale of property	25,108		5,307		12,333

Financing Activities
(Payments) borrowings on line of credit, net	(47,739)		(177,500)		30,000
(Repayment) borrowings on debt	(5,400)		150,000		—
Repurchase and retirement of common stock	(32,878)		(25,140)		(43,326)
Dividends paid	(19,601)		(18,714)		(17,864)


	Year-Ended
(In thousands)	February 27, 2021		February 29, 2020		March 2, 2019
Operating Activities
Net earnings	$	15,436	$	61,914	$	45,694
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	51,440		46,795		49,798
Share-based compensation	8,573		6,607		6,286
Deferred income taxes	(6,460)		10,463		(5,506)
Gain on disposal of assets	(18,644)		(2,197)		(2,475)
Impairment expense on goodwill and intangible assets	70,069		—		3,141
Proceeds from new markets tax credit transaction, net of deferred costs	—		—		8,850
Noncash lease expense	12,235		12,420		—
Other, net	(2,088)		(1,516)		(2,179)
Changes in operating assets and liabilities:
Receivables	21,630		(4,217)		18,164
Inventories	(1,440)		7,142		5,114
Costs and earnings on contracts in excess of billings	44,183		(18,468)		(48,712)
Accounts payable and accrued expenses	(32,591)		(375)		7,600
Billings in excess of costs and earnings on uncompleted contracts	(10,351)		11,314		9,026
Refundable and accrued income taxes	2,652		(8,726)		3,680
Operating lease liability	(11,513)		(10,829)		—
Other, net	(1,268)		(3,065)		(2,058)
Net cash provided by operating activities	141,863		107,262		96,423
Investing Activities
Capital expenditures	(26,165)		(51,428)		(60,717)
Proceeds from sales of property, plant and equipment	25,108		5,307		12,333
Purchases of marketable securities	(3,606)		(7,012)		(9,213)
Sales/maturities of marketable securities	2,657		7,768		6,110


Other, net	(141)		(1,673)		(2,209)
Net cash used by investing activities	(2,147)		(47,038)		(53,696)
Financing Activities
Borrowings on line of credit	198,601		229,000		363,000
(Repayment) borrowings on debt	(5,400)		150,000		—
Payments on line of credit	(246,340)		(406,500)		(333,000)


(In thousands)	2021		2020
Trade accounts	$	120,534	$	141,126
Construction contracts	12,163		20,808
Contract retainage	45,167		37,341

Total receivables	177,864		199,275
Less: allowance for credit losses	1,947		2,469
Receivables, net	$	175,917	$	196,806


(In thousands)	2021		2020
Beginning balance	$	2,469	$	4,372
Additions charged to costs and expenses	389		1,192
Deductions from allowance, net of recoveries	(887)		(3,085)
Other deductions	(24)		(10)
Ending balance	$	1,947	$	2,469


(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
February 27, 2021
Assets:
Money market funds	$	26,034	$	—	$	26,034

Municipal and corporate bonds	—		12,893		12,893
Cash surrender value of life insurance	—		18,632		18,632
Foreign currency forward/option contract	—		606		606
Aluminum hedging contract	—		363		363

Liabilities:
Deferred compensation	—		13,507		13,507

Interest rate swap contract	—		504		504
February 29, 2020
Assets:
Money market funds	$	2,689	$	—	$	2,689
Commercial paper	—		1,500		1,500
Municipal and corporate bonds	—		11,967		11,967
Cash surrender value of life insurance	—		16,560		16,560


Liabilities:
Deferred compensation	—		14,042		14,042
Foreign currency forward/option contract	—		340		340
Interest rate swap contract	—		561		561


(In thousands)	Architectural Framing		Other		Total
Balance at February 29, 2020	$	—	$	—	$	—
Restructuring expense	5,281		554		5,835
Payments	(716)		(163)		(879)
Other adjustments	(739)		—		(739)
Balance at February 27, 2021	$	3,826	$	391	$	4,217


(In thousands)	Architectural Framing Systems		Architectural Glass		Architectural Services		Large-Scale Optical		Total
Balance at March 2, 2019	$	148,446	$	25,709	$	1,120	$	10,557	$	185,832


Foreign currency translation	(263)		(53)		—		—		(316)
Balance at February 29, 2020	148,183		25,656		1,120		10,557		185,516
Adjustment (1)	6,315		—		—		—		6,315
Impairment expense	(63,769)		—		—		—		(63,769)
Foreign currency translation	2,370		(334)		—		—		2,036
Balance at February 27, 2021	$	93,099	$	25,322	$	1,120	$	10,557	$	130,098


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment Expense		Foreign Currency Translation		Net
February 27, 2021
Definite-lived intangible assets:
Customer relationships	$	119,647	$	(40,443)	$	—	$	3,315	$	82,519
Other intangibles	41,293		(34,234)		—		643		7,702
Total definite-lived intangible assets	160,940		(74,677)		—		3,958		90,221
Indefinite-lived intangible assets:
Trademarks	45,300		—		(6,300)		832		39,832
Total intangible assets	$	206,240	$	(74,677)	$	(6,300)	$	4,790	$	130,053
February 29, 2020
Definite-lived intangible assets:
Customer relationships	$	120,239	$	(33,121)	$	—	$	(592)	$	86,526
Other intangibles	41,069		(32,516)		—		(189)		8,364
Total definite-lived intangible assets	161,308		(65,637)		—		(781)		94,890
Indefinite-lived intangible assets:
Trademarks	45,421		—		—		(120)		45,301
Total intangible assets	$	206,729	$	(65,637)	$	—	$	(901)	$	140,191


(In thousands, except percentages)	2021			2020
Average daily borrowings during the year	$	187,397		$	241,036
Maximum borrowings outstanding during the year	235,232			282,000
Weighted average interest rate during the year	1.89		%	2.91		%


(In thousands)	2021
Fiscal 2022	$	13,731
Fiscal 2023	12,249
Fiscal 2024	10,558
Fiscal 2025	9,290
Fiscal 2026	7,464
Thereafter	12,581
Total lease payments	65,873
Less: Amounts representing interest	4,183
Present value of lease liabilities	$	61,690


		Pension Protection Act Zone Status		Contributions (In thousands)
Pension Fund	EIN/Pension Plan Number	2021	2020	2021		2020		2019		FIP/RP Status Pending/Implemented	Minimum Contribution	Surcharge Imposed	Expiration Date of Collective Bargaining Agreement(1)
Atlanta Ironworkers Local Union 387 Pension Plan	58-6051152	Green	Green	$	209	$	35	$	61	No	No	No	1/31/2017
Glazier's Union Local 27 Pension and Retirement Plan	36-6034076	Green	Green	290		165		58		No	No	No	5/31/2017
International Painters and Allied Trades Industry Pension Fund	52-6073909	Red	Red	932		525		544		Implemented	No	No	11/30/2017

Iron Workers Local Union No. 5 and Iron Workers Employers Assocation Employees Pension Trsut Fund	52-1075473	Green	Green	1,454		940		858		No	No	No	5/31/2017
Iron Workers Mid-America Pension Fund	36-6488227	Green	Green	431		767		446		No	No	No	5/31/2017

Iron Workers St. Louis District Council Pension Trust Fund	43-6052659	Green	Green	63		217		225		No	No	No

Western Glaziers Retirement Plan (Washington)	91-6123685	Green	Green	160		526		532		No	No	No	6/30/2017
Other funds				584		751		963
Total contributions				$	4,123	$	3,926	$	3,687
(1) Plans include contributions required by collective bargaining agreements which have expired, but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement.


Pension Fund						Year contributions to Plan Exceeded More Than 5 Percent of Total Contributions
Iron Workers Local Union No. 5 and Iron Workers Employers Assocation Employees Pension Trsut Fund						2021, 2020 and 2019
Iron Workers Mid-America Pension Fund						2021 and 2020
Iron Workers St. Louis District Council Pension Trust Fund						2020
Western Glaziers Retirement Plan (Washington)						2020


Benefit Obligation Weighted-Average Assumptions	2021		2020		2019
Discount rate	2.60	%	3.80	%	3.80	%


Net Periodic Benefit Expense Weighted-Average Assumptions	2021		2020		2019
Discount rate	2.50	%	2.50	%	3.85	%
Expected long-term rate of return on assets	4.50	%	4.50	%	4.50	%


Inception date	Termination date	Proceeds received		Deferred costs		Net benefit

June 2016	June 2023	$	6.0	$	1.2	$	4.8
August 2018	August 2025	6.6		1.3		5.3
September 2018	September 2025	3.2		1.0		2.2
Total		$	15.8	$	3.5	$	12.3


	2021
Dividend yield	3.3		%
Expected volatility	40.0		%
Risk-free interest rate	0.7		%
Maximum price	$	35.70



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value at Year-End
Outstanding at February 29, 2020	100,341	$	8.34
Awards granted	660,600	23.04
Awards exercised	(127,241)	11.45

Outstanding at February 27, 2021	633,700	$	23.04	9.3 years	$	9,099,932
Vested or expected to vest at February 27, 2021	633,700	$	23.04	9.3 years	$	9,099,932
Exercisable at February 27, 2021	215,600	$	23.04	9.3 years	$	3,096,016



	Number of Shares and Units	Weighted Average Grant Date Fair Value
February 29, 2020	309,259	$	40.58
Granted	387,858	21.66
Vested	(219,081)	35.51
Canceled	(2,809)	34.03
February 27, 2021	475,227	$	27.52


(In thousands)	Balance at Beginning of Period		Charged to Costs and Expenses		Deductions from Reserves(1)		Other Changes(2)		Balance at End of Period
Allowances for credit losses
For the year ended February 27, 2021	$	2,469	$	389	$	887	$	(24)	$	1,947
For the year ended February 29, 2020	4,372		1,192		3,085		(10)		2,469
For the year ended March 2, 2019	1,530		3,090		223		(25)		4,372


3.1						Restated Articles of Incorporation. Incorporated by reference to Exhibit 3.1 to Registrant's Annual Report on Form 10-K for the year-ended February 28, 2004.
3.2						Articles of Amendment to Restated Articles of Incorporation. Incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on January 16, 2020.


3.3						Amended and Restated Bylaws of Apogee Enterprises, Inc. Incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on July 3, 2018.
4.1						Specimen certificate for shares of common stock of Apogee Enterprises, Inc. Incorporated by reference to Exhibit 4.1 to Registrant's Annual Report on Form 10-K for the year ended March 3, 2012.
4.2						Description of Securities. Incorporated by reference to Exhibit 4.2 to Registrant's Annual Report on Form 10-K for the year ended February 29, 2020.
10.1*						Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement), First Amendment of Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement) and Second Amendment of Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on January 29, 2008.
10.2*						Third Amendment of Apogee Enterprises, Inc. Officers' Supplemental Executive Retirement Plan (2005 Restatement). Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on October 15, 2008.
10.3*						Apogee Enterprises, Inc. Deferred Compensation Plan for Non-Employee Directors (2014 Restatement). Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed on July 24, 2014.
10.4*#						Apogee Enterprises, Inc. 2000 Employee Stock Purchase Plan (Amended and Restated Effective as of April 21, 2021).
10.5*						Apogee Enterprises, Inc. Non-Employee Director Charitable Matching Contribution Program. Incorporated by reference to Exhibit 10.25 to Registrant's Annual Report on Form 10-K for the year-ended February 26, 2005.
10.6*						Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on October 17, 2006.
10.7*						First Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.4 to Registrant's Current Report on Form 8-K filed on October 15, 2008.
10.8*						Second Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on March 4, 2009.
10.9*						Third Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.5 to Registrant's Current Report on Form 8-K filed on October 12, 2010.
10.10*						Fourth Amendment of Apogee Enterprises, Inc. Deferred Incentive Compensation Plan (2005 Restatement). Incorporated by reference to Exhibit 10.3 to Registrant's Quarterly Report on Form 10-Q filed on January 6, 2011.
10.11*						Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.5 to Registrant's Current Report on Form 8-K filed on October 17, 2006.
10.12*						First Amendment of Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.6 to Registrant's Current Report on Form 8-K filed on October 15, 2008.
10.13*						Second Amendment of Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.8 to Registrant's Current Report on Form 8-K filed on March 4, 2009.
10.14*						Third Amendment of Apogee Enterprises, Inc. Partnership Plan (2005 Restatement). Incorporated by reference to Exhibit 10.4 to Registrant's Quarterly Report on Form 10-Q filed on January 6, 2011.
10.15*						Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended and restated (2011). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on June 28, 2011.
10.16*						Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan, as amended and restated (2014). Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed on July 24, 2014.
10.17*						Form of Restricted Stock Agreement under the Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on June 30, 2009.
10.18*						Restricted Stock Deferral Program under the Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan, as Amended and Restated (2014) (2015 Statement). Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on June 30, 2015.
10.19*						Form of Deferred Restricted Stock Unit Agreement under the Apogee Enterprises, Inc. 2009 Non-Employee Director Stock Incentive Plan, as Amended and Restated (2014) (2015 Statement). Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on June 30, 2015.
10.20*						Form of Restricted Stock Agreement under the Apogee Enterprises, Inc. 2009 Stock Incentive Plan for awards made on or after April 26, 2011. Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed on May 2, 2011.
10.21*						Apogee Enterprises, Inc. 2011 Deferred Compensation Plan, effective January 1, 2011. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on October 12, 2010.
10.22*						First Amendment to the Apogee Enterprises, Inc. 2011 Deferred Compensation Plan. Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed July 1, 2014.
10.23*						Second Amendment to the Apogee Enterprises, Inc. 2011 Deferred Compensation Plan. Incorporated herein by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed on June 29, 2016.


10.24*						Third Amendment to the Apogee Enterprises, Inc. 2011 Deferred Compensation Plan, dated October 5, 2017. Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on October 10, 2017.
10.25*						Fourth Amendment to the Apogee Enterprises, Inc. 2011 Deferred Compensation Plan, dated June 28, 2018. Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on July 3, 2018.
10.26						Stock Purchase Agreement, dated as of April 28, 2017, by and among Apogee Enterprises, Inc., EFCO Corporation, and Pella Corporation. Incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on May 2, 2017.
10.27*						Form of Change-in-Control Severance Agreement. Incorporated herein by reference to Exhibit 10.38 to Registrant's Annual Report on Form 10-K filed on April 30, 2018.
10.28*						Apogee Enterprises, Inc. 401(k) Retirement Plan, effective January 1, 2015. Incorporated by reference to Exhibit 4.4 to Registrant's Registration Statement on Form S-8 filed October 9, 2015.
10.29*						Apogee Enterprises, Inc. 2019 Stock Incentive Plan. Incorporated by reference to Exhibit 4.5 to Registrant's Registration Statement on Form S-8 filed on February 12, 2020.
10.30*						Form of Restricted Stock Agreement under the Apogee Enterprises, Inc. 2019 Stock Plan. Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on January 16, 2020.
10.31*						Form of Stock Option Agreement under the Apogee Enterprises, Inc. 2019 Stock Incentive Plan. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on July 7, 2020.
10.32*						Apogee Enterprises, Inc. 2019 Non-Employee Director Stock Plan. Incorporated by reference to Exhibit 4.6 to Registrant's Registration Statement on Form S-8 filed on February 12, 2020.
10.33*						Form of Restricted Stock Agreement under the Apogee Enterprises, Inc. 2019 Non-Employee Director Stock Plan. Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed on January 16, 2020.
10.34*						Form of Deferred Restricted Stock Unit Agreement under the Apogee Enterprises, Inc. 2019 Non-Employee Director Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed on January 16, 2020.
10.35*						Restricted Stock Deferral Program Under the Apogee Enterprises, Inc. 2019 Non-Employee Director Stock Incentive Plan. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on April 29, 2020.
10.36*						Form of Restricted Stock Unit Agreement under the Apogee Enterprises, Inc. 2019 Non-Employee Director Stock Plan. Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on April 29, 2020.
10.37*						Form of CEO Evaluation-Based Incentive Agreement. Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed on April 30, 2019.
10.38*						Offer Letter dated May 27, 2020 between Apogee Enterprises, Inc. and Nisheet Gupta. Incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 9, 2020.
10.39*						Form of Annual Cash Incentive Award Agreement. Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on July 7, 2020.
10.40*						Transition Agreement between Apogee Enterprises, Inc. and Joseph F. Puishys, dated September 15, 2020. Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on September 17, 2020.
10.41*						Employment Agreement between Apogee Enterprises, Inc. and Ty R. Silberhorn, dated December 15, 2020. Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on December 21, 2020.
10.42*						Form of Restricted Stock Award Agreement entered into by Apogee Enterprises, Inc. and Ty R. Silberhorn on January 4, 2021. Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed on December 21, 2020.
10.43						Third Amended and Restated Credit Agreement, dated as of June 25, 2019, by and among Apogee Enterprises, Inc., as the Borrower, the Lenders referred to therein, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, and U.S. Bank National Association, as Syndication Agent and Issuing Lender. Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on June 28, 2019.
10.44						Amendment No. 1 to Third Amended and Restated Credit Agreement dated as of June 25, 2019, by and among Apogee Enterprises, Inc., as the Borrower, the Lenders referred to therein, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, and U.S. Bank National Association, as Syndication Agent and Issuing Lender. Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on April 10, 2020.
10.45						Amendment No. 2 to Third Amended and Restated Credit Agreement dated as of November 6, 2020, by and among Apogee Enterprises, Inc., as the Borrower, the Lenders referred to therein, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, and U.S. Bank National Association, as Syndication Agent and Issuing Lender. Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 10, 2020.
21#						Subsidiaries of the Registrant.
23#						Consent of Deloitte & Touche LLP.
31.1#						Certification of Chief Executive Officer pursuant to rule 13a-14(a) under the Securities Exchange Act of 1934.


31.2#						Certification of Chief Financial Officer pursuant to rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1#						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2#						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following materials from Apogee Enterprises, Inc.'s Annual Report on Form 10-K for the year ended February 27, 2021 are furnished herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of February 27, 2021 and February 29, 2020, (ii) the Consolidated Results of Operations for the three years ended February 27, 2021, February 29, 2020 and March 2, 2019, (iii) the Consolidated Statements of Comprehensive Earnings for the three years February 27, 2021, February 29, 2020 and March 2, 2019, (iv) the Consolidated Statements of Cash Flows for the three years ended February 27, 2021, February 29, 2020 and March 2, 2019, (v) the Consolidated Statements of Shareholders' Equity for the three years ended February 27, 2021, February 29, 2020 and March 2, 2019 and (vi) the Notes to Consolidated Financial Statements.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


APOGEE ENTERPRISES, INC.

/s/ Ty R. Silberhorn
Ty R. Silberhorn
Chief Executive Officer