Revenue, Receivables and Contract Assets and Liabilities

12 Months Ended

Feb. 28, 2026

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)	2026		2025		2024
Recognized at shipment	$	645,232	$	571,140	$	596,270
Recognized over time (input method)	495,993		495,562		483,109
Recognized over time (output method)	263,508		294,292		337,563
Total	$	1,404,733	$	1,360,994	$	1,416,942

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 forecasted 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)	February 28, 2026		March 1, 2025
Trade accounts	$	111,679	$	117,533
Construction contracts	88,445		70,724
Total receivables	200,124		188,257
Less: allowance for credit losses	1,608		2,667
Receivables, net	$	198,516	$	185,590

The following table summarizes the activity in the allowance for credit losses:

(In thousands)	2026		2025
Beginning balance	$	2,667	$	3,383
Credits against costs and expenses	(225)		(1,376)
Deductions from allowance, net of recoveries	(872)		(122)
Allowance for credit losses from acquisitions	—		853
Other adjustments	38		(71)
Ending balance	$	1,608	$	2,667

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)	February 28, 2026		March 1, 2025
Contract assets	$	59,512	$	71,842
Contract liabilities	60,903		35,193

Changes in contract assets and liabilities were mainly due to timing of project activity in our businesses that operate under long-term contracts.

Other contract-related disclosures

(In thousands)	2026		2025
Revenue recognized related to contract liabilities from prior year-end	$	29,144	$	30,785
Revenue recognized related to prior satisfaction of performance obligations	9,705		16,202

Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. The transaction price associated with performance obligations that were not yet satisfied as of February 28, 2026 will be recognized as revenue in the following estimated time periods:

(In thousands)	2026
Within one year	$	415,455
More than one but less than two years	235,738
Beyond two years	46,005
Total	$	697,198