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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Feb. 29, 2020
Mar. 02, 2019
Mar. 03, 2018
Operating Activities      
Net earnings $ 61,914 $ 45,694 $ 79,488
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 46,795 49,798 54,843
Share-based compensation 6,607 6,286 6,205
Deferred income taxes 10,463 (5,506) 3,195
(Gain) loss on disposal of assets (2,197) (2,475) 1,037
Impairment on intangible assets 0 3,141 0
Proceeds from new markets tax credit transaction, net of deferred costs 0 8,850 0
Noncash lease expense 12,420 0 0
Other, net (1,516) (2,179) (1,431)
Changes in operating assets and liabilities:      
Receivables (4,217) 18,164 18,172
Inventories 7,142 5,114 10,387
Costs and earnings on contracts in excess of billings (18,468) (48,712) 1,134
Accounts payable and accrued expenses (375) 7,600 (25,627)
Billings in excess of costs and earnings on uncompleted contracts 11,314 9,026 (16,541)
Refundable and accrued income taxes (8,726) 3,680 315
Operating lease liability (10,829) 0 0
Other, net (3,065) (2,058) (3,714)
Net cash provided by operating activities 107,262 96,423 127,463
Investing Activities      
Capital expenditures (51,428) (60,717) (53,196)
Proceeds from sales of property, plant and equipment 5,307 12,333 1,394
Purchases of marketable securities (7,012) (9,213) (10,244)
Sales/maturities of marketable securities 7,768 6,110 10,476
Acquisition of business and intangibles 0 0 (182,849)
Other, net (1,673) (2,209) 851
Net cash used by investing activities (47,038) (53,696) (233,568)
Financing Activities      
Borrowings on line of credit 229,000 363,000 385,700
Proceeds from issuance of term debt 150,000 0 0
Payments on line of credit (406,500) (333,000) (235,740)
Repurchase and retirement of common stock (25,140) (43,326) (33,676)
Dividends paid (18,714) (17,864) (16,393)
Other, net (3,160) (1,136) (1,557)
Net cash (used) provided by financing activities (74,514) (32,326) 98,334
(Decrease) increase in cash, cash equivalents and restricted cash (14,290) 10,401 (7,771)
Effect of exchange rates on cash 1 (519) (167)
Cash, cash equivalents and restricted cash at beginning of year 29,241 19,359 27,297
Cash, cash equivalents and restricted cash at end of year 14,952 29,241 19,359
Noncash Activity      
Capital expenditures in accounts payable 2,169 1,703 1,784
Deferred payments on acquisition of business $ 0 $ 0 $ 7,500