XML 28 R12.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue, Receivables and Contract Assets and Liabilities
 12 Months Ended
Mar. 01, 2025
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 16 for disclosure of revenue by segment):
(In thousands)202520242023
Recognized at shipment$571,140 $596,270 $649,792 
Recognized over time (input method)495,562 483,109 514,826 
Recognized over time (output method)294,292 337,563 276,078 
Total$1,360,994 $1,416,942 $1,440,696 

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.
(In thousands)March 1, 2025March 2, 2024
Trade accounts$117,533 $115,061 
Construction contracts70,724 61,879 
Total receivables188,257 176,940 
Less: allowance for credit losses2,667 3,383 
Receivables, net$185,590 $173,557 
The following table summarizes the activity in the allowance for credit losses:
(In thousands)20252024
Beginning balance$3,383 $1,796 
(Credits) charges against costs and expenses(1,376)2,473 
Deductions from allowance, net of recoveries(122)(901)
Allowance for credit losses from acquisitions853 — 
Other adjustments(71)15 
Ending balance$2,667 $3,383 

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 1, 2025March 2, 2024
Contract assets$71,842 $49,502 
Contract liabilities35,193 34,755 

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
(In thousands)20252024
Revenue recognized related to contract liabilities from prior year-end$30,785 $25,342 
Revenue recognized related to prior satisfaction of performance obligations16,202 9,257 

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 1, 2025 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:
(In thousands)2025
Within one year
$555,900 
More than one but less than two years
238,754 
Beyond two years
81,331 
Total$875,985