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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Feb. 25, 2023
Feb. 26, 2022
Feb. 27, 2021
Operating Activities      
Net earnings $ 104,107 $ 3,486 $ 15,436
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 42,403 49,993 51,440
Share-based compensation 8,656 6,293 8,573
Deferred income taxes (7,185) (7,956) (6,460)
Asset impairment 0 21,497 1,400
Gain on disposal of assets (3,815) (20,987) (20,044)
Impairment expense on goodwill and intangible assets 0 49,473 70,069
Proceeds from New Markets Tax Credit transaction, net of deferred costs 18,390 0 0
Settlement of New Markets Tax Credit transaction (19,523) 0 0
Noncash lease expense 11,878 12,418 12,235
Other, net 5,399 (1,272) (2,088)
Changes in operating assets and liabilities:      
Receivables (58,839) 7,521 21,630
Inventories 1,731 (7,706) (1,440)
Costs and earnings on contracts in excess of billings (3,212) (897) 44,183
Accounts payable and accrued expenses 10,206 3,348 (32,591)
Billings in excess of costs and earnings on uncompleted contracts 17,467 (14,288) (10,351)
Refundable and accrued income taxes (6,976) 11,017 2,652
Operating lease liability (12,149) (12,720) (11,513)
Other, net (5,842) 1,251 (1,268)
Net cash provided by operating activities 102,696 100,471 141,863
Investing Activities      
Capital expenditures (45,177) (21,841) (26,165)
Proceeds from sales of property, plant and equipment 7,755 30,599 25,108
Purchases of marketable securities 0 (1,038) (3,747)
Sales/maturities of marketable securities 9,712 1,563 2,657
Net cash (used) provided by investing activities (27,710) 9,283 (2,147)
Financing Activities      
Borrowings on line of credit 485,879 0 198,601
Repayment on debt (151,000) (2,000) (5,400)
Payments on line of credit (327,865) 0 (246,340)
Proceeds from exercise of stock options 0 4,115 1,456
Repurchase and retirement of common stock (74,312) (100,414) (32,878)
Dividends paid (19,670) (20,266) (19,601)
Other, net (4,055) (2,007) (3,714)
Net cash used by financing activities (91,023) (120,572) (107,876)
(Decrease) increase in cash, cash equivalents and restricted cash (16,037) (10,818) 31,840
Effect of exchange rates on cash (73) 1,124 485
Cash, cash equivalents and restricted cash at beginning of year 37,583 47,277 14,952
Cash, cash equivalents and restricted cash at end of period 21,473 37,583 47,277
Noncash Activity      
Capital expenditures in accounts payable $ 2,909 $ 2,326 $ 1,101