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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Nov. 30, 2019
Dec. 01, 2018
Operating Activities    
Net earnings $ 49,956 $ 57,778
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 34,681 38,378
Share-based compensation 4,617 4,724
Deferred income taxes 10,088 10,600
Gain on disposal of assets 623 2,499
Proceeds from New Markets Tax Credit transaction, net of deferred costs 0 8,850
Noncash lease expense 1,525 0
Other, net (2,007) (799)
Changes in operating assets and liabilities:    
Receivables (5,288) 9,291
Inventories 2,474 4,398
Costs and earnings on contracts in excess of billings (17,156) (54,569)
Accounts payable and accrued expenses (22,457) (20,072)
Billings on contracts in excess of costs and earnings 4,901 14,558
Refundable and accrued income taxes (6,159) 1,831
Other (951) (1,825)
Net cash provided by operating activities 53,601 70,644
Investing Activities    
Capital expenditures (41,176) (33,867)
Proceeds from sales of property, plant and equipment 591 12,332
Purchases of marketable securities (4,201) (9,006)
Sales/maturities of marketable securities 4,867 5,813
Other (1,523) (2,209)
Net cash used by investing activities (41,442) (26,937)
Financing Activities    
Borrowings on line of credit 108,000 294,500
Proceeds from issuance of term debt 150,000 0
Payments on line of credit 252,500 278,000
Repurchase and retirement of common stock 20,010 23,313
Dividends paid (13,808) (13,180)
Other (2,584) (1,178)
Net cash used by financing activities (30,902) (21,171)
(Decrease) increase in cash and cash equivalents (18,743) 22,536
Effect of exchange rates on cash 32 (498)
Cash, cash equivalents and restricted cash at beginning of year 29,241 19,359
Cash, cash equivalents and restricted cash at end of period 10,530 41,397
Noncash Activity    
Capital expenditures in accounts payable $ 1,205 $ 5,771