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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 27, 2023
May 28, 2022
Operating Activities    
Net earnings $ 23,576 $ 22,731
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 10,282 10,849
Share-based compensation 2,178 1,597
Deferred income taxes (165) 4,400
Gain on disposal of assets (27) (660)
Proceeds from New Markets Tax Credit transaction, net of deferred costs 0 18,390
Settlement of New Markets Tax Credit transaction 0 (19,523)
Noncash lease expense 2,714 3,088
Other, net (432) 952
Changes in operating assets and liabilities:    
Receivables (13,476) (18,468)
Inventories (2,068) (17,744)
Contract assets 14,368 (13,528)
Accounts payable and accrued expenses (21,702) (18,576)
Contract liabilities 8,158 (1,907)
Refundable and accrued income taxes 7,590 4,238
Operating lease liability (3,101) (3,333)
Prepaid expenses and other current assets (6,608) (2,968)
Net cash provided (used) by operating activities 21,287 (30,462)
Investing Activities    
Capital expenditures (7,398) (5,125)
Proceeds from sales of property, plant and equipment 66 4,087
Sales/maturities of marketable securities 400 100
Net cash used by investing activities (6,932) (938)
Financing Activities    
Borrowings on line of credit 105,852 161,000
Repayment on debt 0 (1,000)
Payments on line of credit (105,000) (62,000)
Repurchase and retirement of common stock (5,193) (74,312)
Dividends paid (5,245) (4,793)
Other, net (1,677) (1,271)
Net cash (used) provided by financing activities (11,263) 17,624
Increase (decrease) in cash, cash equivalents and restricted cash 3,092 (13,776)
Effect of exchange rates on cash 77 64
Cash, cash equivalents and restricted cash at beginning of year 21,473 37,583
Cash, cash equivalents and restricted cash at end of period 24,642 23,871
Noncash Activity    
Capital expenditures in accounts payable $ 2,115 $ 766