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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 28, 2022
May 29, 2021
Operating Activities    
Net earnings $ 22,731 $ 10,817
Adjustments to reconcile net earnings to net cash (used) provided by operating activities:    
Depreciation and amortization 10,849 12,980
Share-based compensation 1,597 1,674
Deferred income taxes 4,400 941
Gain on disposal of assets (660) (421)
Proceeds from New Markets Tax Credit transaction, net of deferred costs 18,390 0
Settlement of New Markets Tax Credit transaction (19,523) 0
Noncash lease expense 3,088 3,098
Other, net 952 479
Changes in operating assets and liabilities:    
Receivables (26,671) 4,455
Inventories (17,744) 2,252
Costs and earnings on contracts in excess of billings (5,325) 1,205
Accounts payable and accrued expenses (18,331) (22,449)
Billings in excess of costs and earnings on uncompleted contracts (2,152) (6,434)
Refundable and accrued income taxes 4,238 1,410
Operating lease liability (3,333) (3,113)
Other, net (2,968) (11)
Net cash (used) provided by operating activities (30,462) 6,883
Investing Activities    
Capital expenditures (5,125) (4,705)
Proceeds from sales of property, plant and equipment 4,087 438
Other, net 100 119
Net cash used by investing activities (938) (4,148)
Financing Activities    
Borrowings on line of credit 161,000 0
Repayment on debt (1,000) 0
Payments on line of credit (62,000) 0
Proceeds from exercise of stock options 0 4,115
Repurchase and retirement of common stock (74,312) (12,625)
Dividends paid (4,793) (5,035)
Other, net (1,271) (712)
Net cash provided (used) by financing activities 17,624 (14,257)
Decrease in cash, cash equivalents and restricted cash (13,776) (11,522)
Effect of exchange rates on cash 64 714
Cash, cash equivalents and restricted cash at beginning of year 37,583 47,277
Cash, cash equivalents and restricted cash at end of period 23,871 36,469
Noncash Activity    
Capital expenditures in accounts payable $ 766 $ 1,058