Summary of Significant Accounting Policies and Related Data (Tables)

12 Months Ended

Mar. 02, 2019

For the three- and twelve-month periods ending March 2, 2019, the application of the new accounting guidance had the following impact on our consolidated financial statements:



	Three Months Ended March 2, 2019						Twelve Months Ended March 2, 2019
In thousands	As reported			Without adoption of ASC 606			As reported		Without adoption of ASC 606
Net sales	$	346,255		$	339,673		$	1,402,637	$	1,382,274
Cost of sales	301,976			297,945			1,109,072		1,094,747
Gross profit	44,279			41,728			293,565		287,527
Selling, general and administrative expenses	59,057			58,726			226,281		225,286
Operating income (loss)	$	(14,778	)	$	(16,998	)	$	67,284	$	62,241

Income tax expense (benefit)	$	(5,062	)	$	(5,713	)	$	12,968	$	11,850
Net earnings (loss)	(12,083		)	(13,653		)	45,694		41,769

							March 2, 2019
							As reported		Without adoption of ASC 606
Inventories							$	78,344	$	89,676
Costs and earnings on contracts in excess of billings							55,095		19,515
Billings on contracts in excess of costs and earnings							21,478		21,022
Other current liabilities							83,159		81,467
Retained earnings							367,597		363,672

Property, Plant and Equipment

Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 to 25 years for buildings and improvements; 3 to 15 years for machinery and equipment; and 3 to 7 years for office equipment and furniture.



(In thousands)	2019			2018
Land	$	7,101		$	7,251
Buildings and improvements	196,057			172,468
Machinery and equipment	375,700			380,952
Office equipment and furniture	56,366			56,752
Construction in progress	40,846			44,095
Total property, plant and equipment	676,070			661,518
Less accumulated depreciation	(360,247		)	(357,455		)
Net property, plant and equipment	$	315,823		$	304,063