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Revenue, Receivables and Contract Assets and Liabilities | 3 Months Ended
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Jun. 01, 2019
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 13 for disclosure of revenue by segment):
|  | Three Months Ended
In thousands |  | June 1, 2019 |  | June 2, 2018
Recognized at shipment |  | $ | 155,265 |  |  | $ | 156,867 |
Recognized over time |  | 200,100 |  |  | 179,664 |
Total |  | $ | 355,365 |  |  | $ | 336,531 |
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 |  | June 1, 2019 |  | March 2, 2019
Trade accounts |  | $ | 160,135 |  |  | $ | 145,693 |
Construction contracts |  | 19,626 |  |  | 19,050 |
Contract retainage |  | 34,287 |  |  | 32,396 |
Total receivables |  | 214,048 |  |  | 197,139 |
Less: allowance for doubtful accounts |  | (4,710 | ) |  | (4,372 | )
Net receivables |  | $ | 209,338 |  |  | $ | 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 |  | June 1, 2019 |  | March 2, 2019
Contract assets |  | $ | 95,356 |  |  | $ | 87,491 |
Contract liabilities |  | 23,081 |  |  | 24,083 |
The increase in contract assets was due to timing of costs incurred in advance of billings. The change in contract liabilities was due to timing of project activity within our businesses that operate under long-term contracts. In the first three months of fiscal 2020, we recognized revenue of $14.2 million related to contract liabilities at March 2, 2019, and revenue of $1.9 million related to performance obligations satisfied in previous periods due to changes in contract estimates. In the first quarter of fiscal 2019, we recognized revenue of $9.1 million related to contract liabilities at March 4, 2018, and recognized revenue of $2.3 million related to performance obligations satisfied in previous periods due to changes in contract estimates. 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 June 1, 2019, the transaction price associated with unsatisfied performance obligations was approximately $766.1 million. The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:
In thousands |  | June 1, 2019
Within one year |  | $ | 394,690 |
Within two years |  | 267,140 |
Beyond |  | 104,250 |
Total |  | $ | 766,080 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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