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Revenue, Receivables and Contract Assets and Liabilities | 3 Months Ended
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May 29, 2021
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 12 for disclosure of revenue by segment):
|  | Three Months Ended |  |
(In thousands) |  | May 29, 2021 |  | May 30, 2020 |  |  |  |
Recognized at shipment |  | $ | 140,283 |  |  | $ | 116,163 |  |  |  |  |
Recognized over time |  | 185,723 |  |  | 172,932 |  |  |  |  |
Total |  | $ | 326,006 |  |  | $ | 289,095 |  |  |  |  |
Receivables Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecast economic conditions and other relevant factors. Upon billing, aging of receivables is monitored until collection. An account is considered current when it is within agreed upon payment terms. An account is written off when it is determined that the asset is no longer collectible. 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) |  | May 29, 2021 |  | February 27, 2021
Trade accounts |  | $ | 123,501 |  |  | $ | 120,534 |
Construction contracts |  | 2,181 |  |  | 12,163 |
Contract retainage |  | 49,006 |  |  | 45,167 |
Total receivables |  | 174,688 |  |  | 177,864 |
Less: allowance for credit losses |  | 2,255 |  |  | 1,947 |
Net receivables |  | $ | 172,433 |  |  | $ | 175,917 |
The following table summarizes the activity in the allowance for credit losses:
(In thousands) |  | May 29, 2021 |  | February 27, 2021
Beginning balance |  | $ | 1,947 |  |  | $ | 2,469 |
Additions charged to costs and expenses |  | 332 |  |  | 389 |
Deductions from allowance, net of recoveries |  | (69) |  |  | (887) |
Other changes (1) |  | 45 |  |  | (24) |
Ending balance |  | $ | 2,255 |  |  | $ | 1,947 |
(1) Result of foreign currency effects |  |  |  |
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) |  | May 29, 2021 |  | February 27, 2021
Contract assets |  | $ | 77,396 |  |  | $ | 74,664 |
Contract liabilities |  | 18,955 |  |  | 25,000 |
The change in contract assets and contract liabilities was mainly due to timing of project activity within our businesses that operate under long-term contracts.
Other contract-related disclosures |  | Three Months Ended |  |
(In thousands) |  | May 29, 2021 |  | May 30, 2020 |  |  |  |
Revenue recognized related to contract liabilities from prior year-end |  | $ | 14,100 |  |  | $ | 13,011 |  |  |  |  |
Revenue recognized related to prior satisfaction of performance obligations |  | 2,164 |  |  | 2,877 |  |  |  |  |
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 May 29, 2021, the transaction price associated with unsatisfied performance obligations was approximately $855.0 million. The performance obligations are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:
(In thousands) |  | May 29, 2021
Within one year |  | $ | 464,123 |
Within two years |  | 306,360 |
Beyond |  | 84,478 |
Total |  | $ | 854,961 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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