Revenue, Receivables and Contract Assets and Liabilities

3 Months Ended

May 30, 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 12 for disclosure of revenue by segment):

	Three Months Ended
(In thousands)	May 30, 2026		May 31, 2025
Recognized at shipment	$	157,806	$	158,155
Recognized over time (input method)	124,199		119,224
Recognized over time (output method)	60,679		69,243
Total	$	342,684	$	346,622

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 amount is no longer collectible.

(In thousands)	May 30, 2026		February 28, 2026
Trade accounts	$	110,933	$	111,679
Construction contracts	82,801		88,445
Total receivables	193,734		200,124
Less: allowance for credit losses	1,530		1,608
Receivables, net	$	192,204	$	198,516

The following table summarizes the activity in the allowance for credit losses for the three months ended May 30, 2026:

(In thousands)	May 30, 2026
Beginning balance	$	1,608
Credits against costs and expenses	(19)
Deductions from allowance, net of recoveries	(59)
Ending balance	$	1,530

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 deferred revenue on contracts.

The time period between when performance obligations are complete and payment is due is not significant. In certain parts of our business that recognize revenue over time, progress billings follow an agreed-upon schedule of values.

(In thousands)	May 30, 2026		February 28, 2026
Contract assets	$	59,344	$	59,512
Contract liabilities	68,265		60,903

Other contract-related disclosures

	Three Months Ended
(In thousands)	May 30, 2026		May 31, 2025
Revenue recognized related to contract liabilities from prior year-end	$	42,604	$	6,830
Revenue recognized related to prior satisfaction of performance obligations	(759)		473

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 May 30, 2026, will be recognized as revenue in the following estimated time periods:

(In thousands)	May 30, 2026
Within one year	$	442,106
Between one and two years	257,429
Beyond two years	37,638
Total	$	737,173

Due to the nature of the work required under these long-term contracts, the estimation of total revenue and costs of sales is subject to many variables and requires significant judgment. We estimate variable consideration at the most likely amount to which we expect to be entitled. Our final cost of sales estimates are based largely on our assessments of anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Changes in estimated revenue, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contracts percentage of completion. When the current estimates of total revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire loss on the long-term contract is recognized.

The net cumulative catch-up adjustments on our longer-term contracts for changes in estimates had the following effect on the respective periods shown:

(in thousands, except earnings per share data)	Three Months Ended
	May 30, 2026		May 31, 2025
Operating income	$	(669)	$	67
Earnings per share:
Basic	$	(0.02)	$	0.00
Diluted	$	(0.02)	$	0.00