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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Feb. 28, 2019
Accounting Policies [Abstract] |
Disaggregation of Revenue | Disaggregated Revenue Revenue by segment and geography is disclosed in Note 12. In addition, the following table presents disaggregated revenue by customer industry (in thousands):
|  | Year Ended
|  | February 28, 2019 |  | February 28, 2018 |  | February 28, 2017
Net sales: |  |  |  |  |  |
Industrial - oil and gas, construction, and general |  | $ | 526,465 |  |  | $ | 461,945 |  |  | $ | 518,123 |
Transmission and distribution |  | 212,433 |  |  | 194,503 |  |  | 164,072 |
Power generation |  | 188,189 |  |  | 153,982 |  |  | 181,343 |
Total net sales |  | $ | 927,087 |  |  | $ | 810,430 |  |  | $ | 863,538 |
Property, Plant and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows:
Buildings and structures | 10-25 years
Machinery and equipment | 3-15 years
Furniture and fixtures | 3-15 years
Automotive equipment | 3 years
Computers and software | 3 years
Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands):
|  | February 28, 2019 |  | February 28, 2018
Land |  | $ | 21,677 |  |  | $ | 22,445 |
Building and structures |  | 156,447 |  |  | 152,191 |
Machinery and equipment |  | 245,588 |  |  | 234,071 |
Furniture, fixtures, software and computers |  | 27,075 |  |  | 25,316 |
Automotive equipment |  | 3,766 |  |  | 3,432 |
Construction in progress |  | 13,065 |  |  | 13,977 |
|  | 467,618 |  |  | 451,432 |
Less accumulated depreciation |  | (257,391 | ) |  | (234,577 | )
Net property, plant, and equipment |  | $ | 210,227 |  |  | $ | 216,855 |
Schedule of Warranty Reserve | The following is a roll-forward of amounts accrued for warranties (in thousands):
Balance at February 29, 2016 | $ | 2,915 |
Warranty costs incurred | (1,947 | )
Additions charged to income | 1,130 |
Balance at February 28, 2017 | $ | 2,098 |
Warranty costs incurred | (2,225 | )
Additions charged to income | 2,140 |
Balance at February 28, 2018 | $ | 2,013 |
Warranty costs incurred | (2,195 | )
Additions charged to income | 1,933 |
Balance at February 28, 2019 | $ | 1,751 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of initially applying ASC 606 was recorded as an adjustment to the opening balance of retained earnings, which impacted the consolidated balance sheet as follows:
Balance Sheet |  | February 28, 2018 |  | ASC 606 Adjustments |  | March 1, 2018
Assets |  |  |  |  |  |
Inventories |  | $ | 110,761 |  |  | $ | 7,664 |  |  | $ | 118,425 |
Liabilities and shareholders' equity |  |  |  |  |  |
Contract liabilities |  | 22,698 |  |  | 6,948 |  |  | 29,646 |
Retained Earnings |  | 526,018 |  |  | 716 |  |  | 526,734 |
During the preparation of the consolidated financial statements for the year ended February 28, 2019, the Company identified an error related to the adoption of ASC 606. This impact was recorded as an out-of-period adjustment during the fourth quarter of fiscal year 2019, which increased net sales by $3.5 million, cost of good sold by $2.4 million and net income by $1.0 million. The disclosures above show the impact of this adjustment as of the adoption date on March 1, 2018. Management considered the impact on the previously issued financial statements and concluded that the adjustments were not material. The adoption of ASC 606 had the following impact on the consolidated balance sheets and consolidated statements of income as of and for the fiscal year ended February 28, 2019:
Balance Sheet |  | As Reported |  | Balance Excluding ASC 606 Effects |  | Change
Assets |  |  |  |  |  |
Inventories |  | $ | 124,847 |  |  | $ | 119,627 |  |  | $ | 5,220 |
Liabilities and shareholders' equity |  |  |  |  |  |
Contract liabilities |  | 56,928 |  |  | 53,444 |  |  | 3,484 |
Consolidated Statements of Income |  | As Reported |  | Balance Excluding ASC 606 Effects |  | Change
Net sales |  | $ | 927,087 |  |  | $ | 923,623 |  |  | $ | 3,464 |
Cost of goods sold |  | 728,466 |  |  | 726,022 |  |  | 2,444 |
Gross profit |  | 198,621 |  |  | 197,601 |  |  | 1,020 |
Operating income |  | 76,956 |  |  | 75,936 |  |  | 1,020 |

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