Revenue, Receivables and Contract Assets and Liabilities (Tables)
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3 Months Ended |
May 31, 2025 |
Revenue from Contract with Customer [Abstract] |
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Schedule of Disaggregates Total Revenue by Timing of Recognition |
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 31, 2025 | | June 1, 2024 | Recognized at shipment | | $ | 158,155 | | | $ | 136,722 | | Recognized over time (input method) | | 119,224 | | | 116,681 | | Recognized over time (output method) | | 69,243 | | | 78,113 | | Total | | $ | 346,622 | | | $ | 331,516 | |
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Schedule of Receivables |
| | | | | | | | | | | | | | | (In thousands) | | May 31, 2025 | | March 1, 2025 | Trade accounts | | $ | 126,884 | | | $ | 117,533 | | Construction contracts | | 65,856 | | | 70,724 | | Total receivables | | 192,740 | | | 188,257 | | Less: allowance for credit losses | | 2,784 | | | 2,667 | | Receivables, net | | $ | 189,956 | | | $ | 185,590 | |
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Schedule of Allowance for Credit Losses |
The following table summarizes the activity in the allowance for credit losses for the three-month period ended: | | | | | | | | | | | (In thousands) | | May 31, 2025 | | | Beginning balance | | $ | 2,667 | | | | Charges against costs and expenses | | 89 | | | | Deductions from allowance, net of recoveries | | (2) | | | | | | | | | Other adjustments | | 30 | | | | Ending balance | | $ | 2,784 | | | |
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Schedule of Other Contract-Related Disclosures |
| | | | | | | | | | | | | | | (In thousands) | | May 31, 2025 | | March 1, 2025 | Contract assets | | $ | 69,457 | | | $ | 71,842 | | Contract liabilities | | 43,342 | | | 35,193 | |
| | | | | | | | | | | | | | | Other contract-related disclosures | | Three Months Ended | (In thousands) | | May 31, 2025 | | June 1, 2024 | Revenue recognized related to contract liabilities from prior year-end | | $ | 6,830 | | | $ | 26,530 | | Revenue recognized related to prior satisfaction of performance obligations | | 473 | | | 3,298 | |
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Schedule of Performance Obligations Expected to be Satisfied |
The transaction prices associated with unsatisfied performance obligations at May 31, 2025 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods: | | | | | | | | | (In thousands) | | May 31, 2025 | Within one year | | $ | 535,558 | | Between one and two years | | 210,117 | | Beyond two years | | 89,831 | | Total | | $ | 835,506 | |
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Schedule of Impact of Adjustments on Operating Income |
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 31, 2025 | | June 1, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | Operating income | | | | | | $ | 67 | | | $ | 3,004 | | | | Earnings per share: | | | | | | | | | | | Basic | | | | | | 0.00 | | 0.10 | | | Diluted | | | | | | 0.00 | | 0.10 | | |
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