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Leases | 12 Months Ended
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Mar. 02, 2024
Leases [Abstract] |
Leases | Leases We have operating leases for certain of the buildings and equipment used in our operations. We determine if an arrangement contains a lease at inception. Under ASU 2016-20, Leases, we have elected the package of practical expedients permitted under the transition guidance in adopting ASC 842, which, among other things, allowed us to carry forward our historical lease classification. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease expense is recognized on a straight-line basis over the lease term. Our leases have remaining lease terms of one to ten years, some of which include renewal options that can extend the lease for up to an additional ten years, at our sole discretion. We have made an accounting policy election not to record leases with an original term of twelve months or less on our consolidated balance sheet; such leases are expensed on a straight-line basis over the lease term. As of March 2, 2024, we have one additional future operating lease commitment of $13.7 million that is signed but has not yet commenced, for one facility located in Texas within our Architectural Services Segment. In determining lease asset value, we consider fixed or variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. We use a discount rate for each lease based upon an estimated incremental borrowing rate over a similar term. We have elected the practical expedient to account for lease and non-lease components (e.g., common-area maintenance costs) as a single lease component. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
(In thousands) |  | March 2, 2024 |  | February 25, 2023
Operating lease cost |  | $ | 14,312 |  |  | $ | 12,336 |
Short-term lease cost |  | 1,349 |  |  | 1,579 |
Variable lease cost |  | 2,629 |  |  | 3,487 |
Sublease income |  | (1,479) |  |  | (671) |
Total lease cost |  | $ | 16,811 |  |  | $ | 16,731 |
Other supplemental information related to leases are as follows:
(In thousands) |  | March 2, 2024 |  | February 25, 2023
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 14,656 |  |  | $ | 14,086 |
Lease assets obtained in exchange for new operating lease liabilities |  | $ | 11,883 |  |  | $ | 11,359 |
Weighted-average remaining lease term - operating leases |  | 4.0 years |  | 4.5 years
Weighted-average discount rate - operating leases |  | 3.2 | % |  | 3.1 | %
Future maturities of lease liabilities are as follows:
(In thousands) |  | 2024
Fiscal 2025 |  | $ | 12,498 |
Fiscal 2026 |  | 11,206 |
Fiscal 2027 |  | 10,845 |
Fiscal 2028 |  | 6,421 |
Fiscal 2029 |  | 1,991 |
Thereafter |  | 1,826 |
Total lease payments |  | 44,787 |
Less: Amounts representing interest |  | 594 |
Present value of lease liabilities |  | $ | 44,193 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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