Basis of Presentation (Tables)

3 Months Ended

Jun. 02, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Impact of new accounting guidance

For the quarter ending June 2, 2018, the application of the new accounting guidance had the following impact on our consolidated financial statements:

In thousands	As reported		Balances without adoption of ASC 606
Consolidated results of operations
Net sales	$	336,531	$	327,251
Cost of sales	255,801		248,657
Gross profit	80,730		78,594
Selling, general and administrative expenses	58,735		58,386
Operating income	$	21,995	$	20,208
Income tax expense	$	4,881	$	4,451
Net earnings	15,373		14,016
Consolidated balance sheet
Inventories	$	77,299	$	86,655
Costs and earnings on contracts in excess of billings	39,365		15,265
Billings on contracts in excess of costs and earnings	24,381		24,124
Other current liabilities	74,269		73,297
Retained earnings	386,518		384,876