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Revenue, Receivables and Contract Assets and Liabilities
 12 Months Ended
Mar. 02, 2024
Revenue from Contract with Customer [Abstract]  
Revenue, Receivables and Contract Assets and Liabilities Revenue, Receivables and Contract Assets and Liabilities
Revenue
The following table disaggregates total revenue by timing of recognition (see Note 15 for disclosure of revenue by segment):
March 2, 2024February 25, 2023February 26, 2022
(In thousands)(53 weeks)(52 weeks)(52 weeks)
Recognized at shipment$596,270 $649,792 $551,783 
Recognized over time (input method)483,109 514,826 503,972 
Recognized over time (output method)337,563 276,078 258,222 
Total$1,416,942 $1,440,696 $1,313,977 

Receivables
Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecast economic conditions and other relevant factors. Upon billing, aging of receivables is monitored until collection. An account is considered current when it is within agreed upon payment terms. An account is written off when it is determined that the asset is no longer collectible. Retainage on construction contracts represents amounts withheld by our customers on long-term projects until the project reaches a level of completion where amounts are released.
(In thousands)20242023
Trade accounts$115,061 $140,732 
Construction contracts61,879 58,331 
Total receivables176,940 199,063 
Less: allowance for credit losses3,383 1,796 
Receivables, net$173,557 $197,267 

The following table summarizes the activity in the allowance for credit losses:
(In thousands)20242023
Beginning balance$1,796 $2,132 
Additions charged to costs and expenses2,473 394 
Deductions from allowance, net of recoveries(901)(686)
Other deductions15 (44)
Ending balance$3,383 $1,796 
Contract assets and liabilities
Contract assets consist of retainage, costs and earnings in excess of billings and other unbilled amounts typically generated when revenue recognized exceeds the amount billed to the customer. Retainage on construction contracts represents amounts withheld by our customers on long-term projects until the project reaches a level of completion where amounts are released to us from the customer. Contract liabilities consist of billings in excess of costs and earnings and other unearned revenue on contracts.

The time period between when performance obligations are complete and when payment is due is not significant. In certain of our businesses that recognize revenue over time, progress billings follow an agreed-upon schedule of values.
(In thousands)March 2, 2024February 25, 2023
Contract assets$49,502 $59,403 
Contract liabilities34,755 28,011 

The change in contract assets and contract liabilities was due to timing of project activity from businesses that operate under long-term contracts.

Other contract-related disclosures
March 2, 2024February 25, 2023
(In thousands)(53 weeks)(52 weeks)
Revenue recognized related to contract liabilities from prior year-end$25,342 $37,594 
Revenue recognized related to prior satisfaction of performance obligations9,257 16,612 

Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. Generally, these contracts are found in our businesses that typically operate with long-term contracts, which recognize revenue over time. The transaction price associated with unsatisfied performance obligations at March 2, 2024 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:
(In thousands)March 2, 2024
Within one year
$460,881 
Within two years
305,704 
Beyond two years
119,700 
Total$886,285