Revenue, Receivables and Contract Assets and Liabilities

12 Months Ended

Feb. 29, 2020

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)	February 29, 2020		March 2, 2019
Recognized at shipment	$	610,049	$	623,357
Recognized over time	777,390		779,280
Total	$	1,387,439	$	1,402,637

Receivables

Trade and construction accounts receivable consist of amounts billed and due from customers. The amounts due are stated at their estimated net realizable value. We maintain an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. This allowance is based on an assessment of customer creditworthiness, historical payment experience and the age of outstanding receivables. 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.

(In thousands)	2020			2019
Trade accounts	$	141,126		$	145,693
Construction contracts	20,808			19,050
Contract retainage	37,341			32,396
Total receivables	199,275			197,139
Less: allowance for doubtful accounts	(2,469		)	(4,372		)
Receivables, net	$	196,806		$	192,767

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. Contract liabilities consist of billings in excess of costs and earnings and other deferred revenue on contracts. Retainage is classified within receivables and deferred revenue is classified within other current liabilities on our consolidated balance sheets.

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, and retainage is withheld by the customer until the project reaches a level of completion where amounts are released.

(In thousands)	February 29, 2020		March 2, 2019
Contract assets	$	110,923	$	87,491
Contract liabilities	35,954		24,083

The increase in contract assets was due to additional costs and earnings in excess of billings, which is driven by timing of projects. The change in contract liabilities is also due to timing of project activity from businesses that operate under long-term contracts.

Other contract-related disclosures

(In thousands)	February 29, 2020		March 2, 2019
Revenue recognized related to contract liabilities from prior year-end	$	23,221	$	10,380
Revenue recognized related to prior satisfaction of performance obligations	15,641		5,898

Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that timeframe. Generally these contracts are in our businesses with long-term contracts which recognize revenue over time. As of February 29, 2020, the transaction price associated with unsatisfied performance obligations was approximately $987.4 million. The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:

(In thousands)	February 29, 2020
Within one year	$	437,000
Within two years	394,500
Beyond	155,900
Total	$	987,400