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v3.22.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Feb. 28, 2022 | Feb. 28, 2021
Accounting Policies [Abstract] |  |
Schedule of Changes in Contract Liabilities |  | The following table shows the changes in contract liabilities for fiscal year 2022 and 2021 (in thousands):
| 2022 |  | 2021
Balance at beginning of period | $ | 17,873 |  |  | $ | 18,418 |
Contract liabilities added during the period | 38,085 |  |  | 13,603 |
Sales recognized during the period | (13,493) |  |  | (14,148) |
Balance at end of period | $ | 42,465 |  |  | $ | 17,873 |
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 for fiscal years 2022, 2021 and 2020 (in thousands):
| 2022 |  | 2021 |  | 2020
Sales: |  |  |  |  |
Industrial | $ | 559,653 |  |  | $ | 511,740 |  |  | $ | 605,236 |
Transmission and distribution | 189,559 |  |  | 209,729 |  |  | 254,836 |
Power generation | 153,452 |  |  | 117,448 |  |  | 201,745 |
Total sales | $ | 902,664 |  |  | $ | 838,917 |  |  | $ | 1,061,817 |
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 | 3-7 years
Property, plant and equipment consisted of the following as of February 28, 2022 and February 28, 2021 (in thousands):
|  | 2022 |  | 2021
Land |  | $ | 22,318 |  |  | $ | 21,439 |
Building and structures |  | 176,747 |  |  | 158,190 |
Machinery and equipment |  | 283,333 |  |  | 253,027 |
Furniture, fixtures, software and computers |  | 33,994 |  |  | 31,695 |
Automotive equipment |  | 5,350 |  |  | 3,714 |
Construction in progress |  | 14,623 |  |  | 26,223 |
|  | 536,365 |  |  | 494,288 |
Less accumulated depreciation |  | (305,517) |  |  | (287,199) |
Property, plant, and equipment, net |  | $ | 230,848 |  |  | $ | 207,089 |
The following table outlines the classification of depreciation expense in the consolidated statements of income for fiscal 2022, 2021, and 2020 (in thousands):
|  | 2022 |  | 2021 |  | 2020
Cost of sales |  | $ | 30,357 |  |  | $ | 29,884 |  |  | $ | 30,721 |
Selling, general and administrative |  | 2,004 |  |  | 2,319 |  |  | 2,349 |
Total depreciation expense |  | $ | 32,361 |  |  | $ | 32,203 |  |  | $ | 33,070 |
Schedule of Warranty Reserve | The following table shows the changes in the Company’s warranty reserve for fiscal year 2022, 2021 and 2020 (in thousands):
| 2022 |  | 2021 |  | 2020
Balance at beginning of period | $ | 4,460 |  |  | $ | 3,702 |  |  | $ | 1,751 |
Warranty costs incurred | (1,136) |  |  | (1,865) |  |  | (2,118) |
Additions charged to income | 362 |  |  | 2,623 |  |  | 4,069 |
Balance at end of period | $ | 3,686 |  |  | $ | 4,460 |  |  | $ | 3,702 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss consisted of the following as of February 28, 2022 and February 28, 2021 (in thousands):
| 2022 |  | 2021
Foreign currency translation adjustments | $ | (27,324) |  |  | $ | (25,084) |
Accumulated other comprehensive loss | $ | (27,324) |  |  | $ | (25,084) |
Financing Receivable, Allowance for Credit Loss | The following table shows the changes in the allowance for credit losses for fiscal 2022, 2021 and 2020 (in thousands):
|  | 2022 |  | 2021 |  | 2020
Balance at beginning of year |  | $ | 5,713 |  |  | $ | 4,951 |  |  | $ | 2,267 |
Adjustment based on aged receivables analysis |  | (377) |  |  | 1,040 |  |  | 2,734 |
Charge-offs, net |  | (116) |  |  | (354) |  |  | (129) |
Other |  | (64) |  |  | (41) |  |  | 106 |
Effect of exchange rate changes |  | 51 |  |  | 117 |  |  | (27) |
Balance at end of year |  | $ | 5,207 |  |  | $ | 5,713 |  |  | $ | 4,951 |

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