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Restatement of Previously Issued Financial Statements | 12 Months Ended
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Feb. 28, 2017
Accounting Changes and Error Corrections [Abstract] |
Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Financial Statements As previously disclosed, the Company determined that for certain contracts within its Energy Segment for which revenue was historically recognized upon contract completion and transfer of title, the Company instead should have applied the percentage-of-completion method in accordance with the FASB’s Accounting Standards Codification No. 605-35, Construction-Type and Production-Type Contracts. In general, the percentage-of-completion method results in a revenue recognition pattern over time as a project progresses as opposed to deferring revenues until contract completion. The Company concluded that the impact of applying the percentage-of-completion method to its revenue contracts was materially different from its previously reported results under its historical practice. As a result, the Company is restating its consolidated financial statements for the periods impacted. The following financial tables reconcile the previously reported amounts to the restated amounts for each consolidated financial statement. 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 |
In addition to the restated consolidated financial statements, the information contained in Notes 3, 5, 6, 9, 11, 14 and 16 has been restated.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 6.G.2.b(b)(1)) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e31034-122693 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 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22595-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 + Details
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