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Summary of Significant Accounting Policies and Related Data (Tables) | 12 Months Ended
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Mar. 02, 2019
Accounting Policies [Abstract] |
Impact of new accounting guidance | 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 |

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