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Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended
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Feb. 28, 2017
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement of Previously Issued Financial Statements | The table below sets forth the consolidated statements of income, including the balances originally reported, corrections and the as restated balances for each fiscal year:
|  | Year Ended
|  | February 28, 2017 |  | February 29, 2016
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands, except per share data)
Net Sales |  | $ | 858,930 |  |  | $ | 4,608 |  |  | $ | 863,538 |  |  | $ | 903,192 |  |  | $ | (13,792 | ) |  | $ | 889,400 |
Cost of Sales |  | 654,146 |  |  | 4,060 |  |  | 658,206 |  |  | 673,081 |  |  | (11,799 | ) |  | 661,282 |
Gross Profit |  | 204,784 |  |  | 548 |  |  | 205,332 |  |  | 230,111 |  |  | (1,993 | ) |  | 228,118 |
Operating Income |  | 98,360 |  |  | 548 |  |  | 98,908 |  |  | 122,288 |  |  | (1,993 | ) |  | 120,295 |
Income Before Income Taxes |  | 84,749 |  |  | 548 |  |  | 85,297 |  |  | 104,368 |  |  | (1,993 | ) |  | 102,375 |
Income Tax Expense |  | 23,828 |  |  | 205 |  |  | 24,033 |  |  | 27,578 |  |  | (747 | ) |  | 26,831 |
Net Income |  | $ | 60,921 |  |  | $ | 343 |  |  | $ | 61,264 |  |  | $ | 76,790 |  |  | $ | (1,246 | ) |  | $ | 75,544 |
Earnings Per Common Share |  |  |  |  |  |  |  |  |  |  |  |
Basic Earnings Per Share |  | $ | 2.35 |  |  | $ | 0.01 |  |  | $ | 2.36 |  |  | $ | 2.98 |  |  | $ | (0.05 | ) |  | $ | 2.93 |
Diluted Earnings Per Share |  | $ | 2.33 |  |  | $ | 0.02 |  |  | $ | 2.35 |  |  | $ | 2.96 |  |  | $ | (0.05 | ) |  | $ | 2.91 |
|  | Year Ended
|  | February 28, 2015
|  | As Reported |  | Correction |  | As Restated
|  | (In thousands, except per share data)
Net Sales |  | $ | 816,687 |  |  | $ | 3,005 |  |  | $ | 819,692 |
Cost of Sales |  | 610,991 |  |  | 1,928 |  |  | 612,919 |
Gross Profit |  | 205,696 |  |  | 1,077 |  |  | 206,773 |
Operating Income |  | 106,825 |  |  | 1,077 |  |  | 107,902 |
Income Before Income Taxes |  | 90,130 |  |  | 1,077 |  |  | 91,207 |
Income Tax Expense |  | 25,187 |  |  | 404 |  |  | 25,591 |
Net Income |  | $ | 64,943 |  |  | $ | 673 |  |  | $ | 65,616 |
Earnings Per Common Share |  |  |  |  |  |
Basic Earnings Per Share |  | $ | 2.53 |  |  | $ | 0.03 |  |  | $ | 2.56 |
Diluted Earnings Per Share |  | $ | 2.52 |  |  | $ | 0.03 |  |  | $ | 2.55 |
The table below sets forth the consolidated statements of comprehensive income, including the balances originally reported, corrections and the as restated balances for each fiscal year:
|  | Year Ended
|  | February 28, 2017 |  | February 29, 2016
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands)
Net Income |  | $ | 60,921 |  |  | $ | 343 |  |  | $ | 61,264 |  |  | $ | 76,790 |  |  | $ | (1,246 | ) |  | $ | 75,544 |
Comprehensive Income |  | 62,387 |  |  | 343 |  |  | 62,730 |  |  | 69,062 |  |  | (1,246 | ) |  | 67,816 |
|  | Year Ended
|  | February 28, 2015
|  | As Reported |  | Correction |  | As Restated
|  | (In thousands)
Net Income |  | $ | 64,943 |  |  | $ | 673 |  |  | $ | 65,616 |
Comprehensive Income |  | 53,129 |  |  | 673 |  |  | 53,802 |
The table below sets forth the consolidated balance sheets, including the balances originally reported, corrections and the as restated balances for each fiscal year:
|  | February 28, 2017 |  | February 29, 2016
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
Assets |  | (In thousands)
Inventories - net |  | $ | 123,208 |  |  | $ | (29,201 | ) |  | $ | 94,007 |  |  | $ | 102,135 |  |  | $ | (25,004 | ) |  | $ | 77,131 |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | 20,546 |  |  | 29,716 |  |  | 50,262 |  |  | 32,287 |  |  | 31,195 |  |  | 63,482 |
Total current assets |  | 296,537 |  |  | 515 |  |  | 297,052 |  |  | 309,334 |  |  | 6,191 |  |  | 315,525 |
Total assets |  | $ | 977,839 |  |  | $ | 515 |  |  | $ | 978,354 |  |  | $ | 982,010 |  |  | $ | 6,191 |  |  | $ | 988,201 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Other accrued liabilities |  | $ | 18,390 |  |  | $ | 5,652 |  |  | $ | 24,042 |  |  | $ | 20,406 |  |  | $ | 5,731 |  |  | $ | 26,137 |
Customer deposits |  | 20,860 |  |  | (19,401 | ) |  | 1,459 |  |  | 15,652 |  |  | (15,652 | ) |  | $ | — |
Billings in excess of costs and estimated earnings on uncompleted contracts |  | 11,948 |  |  | 8,669 |  |  | 20,617 |  |  | 9,237 |  |  | 11,065 |  |  | 20,302 |
Total current liabilities |  | 141,850 |  |  | (5,080 | ) |  | 136,770 |  |  | 148,405 |  |  | 1,144 |  |  | 149,549 |
Deferred income tax liabilities |  | 51,550 |  |  | 2,098 |  |  | 53,648 |  |  | 49,960 |  |  | 1,893 |  |  | 51,853 |
Total liabilities |  | 448,200 |  |  | (2,982 | ) |  | 445,218 |  |  | 500,794 |  |  | 3,037 |  |  | 503,831 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | 495,030 |  |  | 3,497 |  |  | 498,527 |  |  | 450,754 |  |  | 3,154 |  |  | 453,908 |
Total shareholders’ equity |  | 529,639 |  |  | 3,497 |  |  | 533,136 |  |  | 481,216 |  |  | 3,154 |  |  | 484,370 |
Total liabilities and shareholders' equity |  | $ | 977,839 |  |  | $ | 515 |  |  | $ | 978,354 |  |  | $ | 982,010 |  |  | $ | 6,191 |  |  | $ | 988,201 |
The table below sets forth the consolidated statements of cash flows from operating activities, including the balances originally reported, corrections and the as restated balances for each fiscal year:
|  | Year Ended
|  | February 28, 2017 |  | February 29, 2016
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 60,921 |  |  | $ | 343 |  |  | $ | 61,264 |  |  | $ | 76,790 |  |  | $ | (1,246 | ) |  | $ | 75,544 |
Deferred income taxes |  | 1,509 |  |  | 205 |  |  | 1,714 |  |  | 2,707 |  |  | (747 | ) |  | 1,960 |
Inventories |  | (17,951 | ) |  | 4,197 |  |  | (13,754 | ) |  | 11,124 |  |  | (13,176 | ) |  | (2,052 | )
Net change in billings related to costs and estimated earnings on uncompleted contracts |  | 14,509 |  |  | (917 | ) |  | 13,592 |  |  | 5,739 |  |  | 1,537 |  |  | 7,276 |
Other accrued liabilities and income taxes payable |  | (6,383 | ) |  | (3,828 | ) |  | (10,211 | ) |  | (3,877 | ) |  | 13,632 |  |  | 9,755 |
Net cash provided by operating activities: |  | $ | 111,176 |  |  | $ | — |  |  | $ | 111,176 |  |  | $ | 143,589 |  |  | $ | — |  |  | $ | 143,589 |
|  | Year Ended
|  | February 28, 2015
|  | As Reported |  | Correction |  | As Restated
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 64,943 |  |  | $ | 673 |  |  | $ | 65,616 |
Deferred income taxes |  | 15,818 |  |  | 404 |  |  | 16,222 |
Inventories |  | (879 | ) |  | (2,484 | ) |  | (3,363 | )
Net change in billings related to costs and estimated earnings on uncompleted contracts |  | (5,635 | ) |  | (8,188 | ) |  | (13,823 | )
Other accrued liabilities and income taxes payable |  | (15,460 | ) |  | 9,595 |  |  | (5,865 | )
Net cash provided by operating activities: |  | $ | 118,157 |  |  | $ | — |  |  | $ | 118,157 |
The restatement had no impact on cash flows from investing activities or financing activities. The table below sets forth the consolidated statements of shareholders' equity, including the balances originally reported, corrections and the as restated balances for each fiscal year:
|  | Retained Earnings |  | Total Stockholders' Equity
|  | (In thousands)
Balance at February 28, 2014, as reported |  | $ | 339,400 |  |  | $ | 375,913 |
Correction |  | 3,727 |  |  | 3,727 |
Balance at February 28, 2014, as restated |  | $ | 343,127 |  |  | $ | 379,640 |
Balance at February 28, 2015, as reported |  | $ | 389,446 |  |  | $ | 420,052 |
Correction |  | 4,400 |  |  | 4,400 |
Balance at February 28, 2015, as restated |  | $ | 393,846 |  |  | $ | 424,452 |
Balance at February 29, 2016, as reported |  | $ | 450,754 |  |  | $ | 481,216 |
Correction |  | 3,154 |  |  | 3,154 |
Balance at February 29, 2016, as restated |  | $ | 453,908 |  |  | $ | 484,370 |
Balance at February 28, 2017, as reported |  | $ | 495,030 |  |  | $ | 529,639 |
Correction |  | 3,497 |  |  | 3,497 |
Balance at February 28, 2017, as restated |  | $ | 498,527 |  |  | $ | 533,136 |
The table below sets forth the unaudited selected quarterly financial data, including the balances originally reported, corrections and the as restated balances for each fiscal quarter:
|  | Quarter Ended
|  | May 31, 2016 |  | August 31, 2016
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands, except per share data)
Net sales |  | $ | 242,667 |  |  | $ | 7,699 |  |  | $ | 250,366 |  |  | $ | 195,045 |  |  | $ | 5,745 |  |  | $ | 200,790 |
Gross profit |  | 63,327 |  |  | 1,801 |  |  | 65,128 |  |  | 41,886 |  |  | 218 |  |  | 42,104 |
Net income |  | 21,063 |  |  | 1,126 |  |  | 22,189 |  |  | 10,023 |  |  | 136 |  |  | 10,159 |
Basic earnings per share |  | 0.81 |  |  | 0.05 |  |  | 0.86 |  |  | 0.39 |  |  | — |  |  | 0.39 |
Diluted earnings per share |  | 0.81 |  |  | 0.04 |  |  | 0.85 |  |  | 0.38 |  |  | 0.01 |  |  | 0.39 |
|  | Quarter Ended
|  | November 30, 2016 |  | February 28, 2017
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands, except per share data)
Net sales |  | $ | 227,459 |  |  | $ | 657 |  |  | $ | 228,116 |  |  | $ | 193,759 |  |  | $ | (9,493 | ) |  | $ | 184,266 |
Gross profit |  | 53,866 |  |  | (2,569 | ) |  | 51,297 |  |  | 45,705 |  |  | 1,098 |  |  | 46,803 |
Net income |  | 18,251 |  |  | (1,605 | ) |  | 16,646 |  |  | 11,584 |  |  | 686 |  |  | 12,270 |
Basic earnings per share |  | 0.70 |  |  | (0.06 | ) |  | 0.64 |  |  | 0.45 |  |  | 0.02 |  |  | 0.47 |
Diluted earnings per share |  | 0.70 |  |  | (0.06 | ) |  | 0.64 |  |  | 0.44 |  |  | 0.03 |  |  | 0.47 |
|  | Quarter Ended
|  | May 31, 2015 |  | August 31, 2015
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands, except per share data)
Net sales |  | $ | 228,888 |  |  | $ | 11,552 |  |  | $ | 240,440 |  |  | $ | 214,246 |  |  | $ | (14,576 | ) |  | $ | 199,670 |
Gross profit |  | 59,304 |  |  | 4,400 |  |  | 63,704 |  |  | 53,505 |  |  | (3,803 | ) |  | 49,702 |
Net income |  | 19,924 |  |  | 2,750 |  |  | 22,674 |  |  | 17,243 |  |  | (2,377 | ) |  | 14,866 |
Basic earnings per share |  | 0.77 |  |  | 0.11 |  |  | 0.88 |  |  | 0.67 |  |  | (0.09 | ) |  | 0.58 |
Diluted earnings per share |  | 0.77 |  |  | 0.11 |  |  | 0.88 |  |  | 0.67 |  |  | (0.10 | ) |  | 0.57 |
|  | Quarter Ended
|  | November 30, 2015 |  | February 29, 2016
|  | As Reported |  | Correction |  | As Restated |  | As Reported |  | Correction |  | As Restated
|  | (In thousands, except per share data)
Net sales |  | $ | 242,447 |  |  | $ | (851 | ) |  | $ | 241,596 |  |  | $ | 217,611 |  |  | $ | (9,917 | ) |  | $ | 207,694 |
Gross profit |  | 62,448 |  |  | (1,160 | ) |  | 61,288 |  |  | 54,854 |  |  | (1,430 | ) |  | 53,424 |
Net income |  | 23,547 |  |  | (725 | ) |  | 22,822 |  |  | 16,076 |  |  | (894 | ) |  | 15,182 |
Basic earnings per share |  | 0.91 |  |  | (0.03 | ) |  | 0.88 |  |  | 0.62 |  |  | (0.03 | ) |  | 0.59 |
Diluted earnings per share |  | 0.91 |  |  | (0.03 | ) |  | 0.88 |  |  | 0.62 |  |  | (0.04 | ) |  | 0.58 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22658-107794 + Details
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