Revenue, Receivables and Contract Assets and LiabilitiesRevenue
The following table disaggregates total revenue by timing of recognition (see Note 16 for disclosure of revenue by segment):
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| (In thousands) | | 2025 | | 2024 | | 2023 |
| Recognized at shipment | | $ | 571,140 | | | $ | 596,270 | | | $ | 649,792 | |
| Recognized over time (input method) | | 495,562 | | | 483,109 | | | 514,826 | |
| Recognized over time (output method) | | 294,292 | | | 337,563 | | | 276,078 | |
| Total | | $ | 1,360,994 | | | $ | 1,416,942 | | | $ | 1,440,696 | |
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.
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| (In thousands) | | March 1, 2025 | | March 2, 2024 |
| Trade accounts | | $ | 117,533 | | | $ | 115,061 | |
| Construction contracts | | 70,724 | | | 61,879 | |
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| Total receivables | | 188,257 | | | 176,940 | |
| Less: allowance for credit losses | | 2,667 | | | 3,383 | |
| Receivables, net | | $ | 185,590 | | | $ | 173,557 | |
The following table summarizes the activity in the allowance for credit losses:
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| (In thousands) | | 2025 | | 2024 |
| Beginning balance | | $ | 3,383 | | | $ | 1,796 | |
| (Credits) charges against costs and expenses | | (1,376) | | | 2,473 | |
| Deductions from allowance, net of recoveries | | (122) | | | (901) | |
| Allowance for credit losses from acquisitions | | 853 | | | — | |
| Other adjustments | | (71) | | | 15 | |
| Ending balance | | $ | 2,667 | | | $ | 3,383 | |
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. 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 to us from the customer. Contract liabilities consist of billings in excess of costs and earnings and other unearned revenue on contracts.
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.
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| (In thousands) | | March 1, 2025 | | March 2, 2024 |
| Contract assets | | $ | 71,842 | | | $ | 49,502 | |
| Contract liabilities | | 35,193 | | | 34,755 | |
The change in contract assets and contract liabilities was due to timing of project activity from businesses that operate under long-term contracts.
Other contract-related disclosures
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| (In thousands) | | | | | | 2025 | | 2024 |
| Revenue recognized related to contract liabilities from prior year-end | | | | | | $ | 30,785 | | | $ | 25,342 | |
| Revenue recognized related to prior satisfaction of performance obligations | | | | | | 16,202 | | | 9,257 | |
Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. Generally, these contracts are found in our businesses that typically operate with long-term contracts, which recognize revenue over time. The transaction price associated with unsatisfied performance obligations at March 1, 2025 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:
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| (In thousands) | | 2025 |
Within one year | | $ | 555,900 | |
More than one but less than two years | | 238,754 | |
Beyond two years | | 81,331 | |
| Total | | $ | 875,985 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.