Revenue, Receivables and Contract Assets and Liabilities (Tables)

12 Months Ended

Feb. 27, 2021

Revenue from Contract with Customer [Abstract]

Disaggregated revenue data

The following table disaggregates total revenue by timing of recognition (see Note 15 for disclosure of revenue by segment):

(In thousands)	February 27, 2021		February 29, 2020		March 2, 2019
Recognized at shipment	$	504,583	$	610,049	$	623,357
Recognized over time	726,191		777,390		779,280
Total	$	1,230,774	$	1,387,439	$	1,402,637

Net receivables

(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

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses:

(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

Contract assets and liabilities

(In thousands)	February 27, 2021		February 29, 2020
Contract assets	$	74,664	$	110,923
Contract liabilities	25,000		35,954

The decrease in contract assets was due to a reduction in costs and earnings in excess of billings, which is driven by the settlement of matters related to a legacy EFCO project, as well as the timing of projects. The change in contract liabilities was due to timing of project activity from businesses that operate under long-term contracts.

Performance obligations expected to be satisfied

The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:

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