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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Feb. 27, 2021
Feb. 29, 2020
Mar. 02, 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 0 3,141
Proceeds from new markets tax credit transaction, net of deferred costs 0 0 8,850
Noncash lease expense 12,235 12,420 0
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) 0
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 0
Payments on line of credit (246,340) (406,500) (333,000)
Repurchase and retirement of common stock (32,878) (25,140) (43,326)
Dividends paid (19,601) (18,714) (17,864)
Other, net (2,258) (3,160) (1,136)
Net cash used by financing activities (107,876) (74,514) (32,326)
Increase (decrease) in cash, cash equivalents and restricted cash 31,840 (14,290) 10,401
Effect of exchange rates on cash 485 1 (519)
Cash, cash equivalents and restricted cash at beginning of year 14,952 29,241 19,359
Cash, cash equivalents and restricted cash at end of year 47,277 14,952 29,241
Noncash Activity      
Capital expenditures in accounts payable $ 1,101 $ 2,169 $ 1,703