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v3.22.2.2

Income Taxes (Tables) | 6 Months Ended
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Aug. 31, 2022
Income Tax Disclosure [Abstract] |
Disposal Groups, Including Discontinued Operations | The assets and liabilities have been reflected as discontinued operations in the consolidated balance sheets as of August 31, 2022 and February 28, 2022, and consist of the following (in thousands):
| August 31, 2022 |  | February 28, 2022
Current assets of discontinued operations: |  |  |
Cash and cash equivalents | $ | 3,000 |  |  | $ | 3,000 |
Accounts receivable | 67,321 |  |  | 81,911 |
Inventories |  |  |
Raw materials | 47,665 |  |  | 36,581 |
Work-in-process | 11,072 |  |  | 6,445 |
Finished goods | 1 |  |  | 77 |
Contract assets | 80,214 |  |  | 71,762 |
Prepaid expenses and other | 5,795 |  |  | 1,888 |
Total current assets of discontinued operations | 215,068 |  |  | 201,664 |
Long-term assets of discontinued operations: |  |  |
Property, plant and equipment | 35,841 |  |  | 37,490 |
Right-of-use asset | 26,322 |  |  | 29,332 |
Goodwill | 195,222 |  |  | 195,222 |
Intangibles and other | 42,454 |  |  | 42,442 |
Deferred tax asset | 1,569 |  |  | 1,726 |
Less: Impairment of carrying amount of net assets held for sale to estimated sales price | (114,900) |  |  | — |
Total non-current assets of discontinued operations | 186,508 |  |  | 306,212 |
Total assets of discontinued operations | $ | 401,576 |  |  | $ | 507,876 |
Current liabilities of discontinued operations: |  |  |
Accounts payable | $ | 24,204 |  |  | $ | 19,146 |
Income tax payable | 46 |  |  | (264) |
Accrued salaries and wages | 8,769 |  |  | 11,301 |
Other accrued liabilities | 9,250 |  |  | 11,219 |
Customer deposits | 309 |  |  | 387 |
Contract liabilities | 33,508 |  |  | 42,465 |
Lease liability, short-term | 3,846 |  |  | 4,029 |
Total current liabilities of discontinued operations | 79,932 |  |  | 88,283 |
Long-term liabilities of discontinued operations: |  |  |
Lease liability, long-term | 21,621 |  |  | 24,207 |
Total long-term liabilities of discontinued operations | 21,621 |  |  | 24,207 |
Total liabilities of discontinued operations | $ | 101,553 |  |  | $ | 112,490 |
The results of operations from discontinued operations for the three and six months ended August 31, 2022 and 2021, have been reflected as discontinued operations in the consolidated statements of operations and consist of the following (in thousands):
| Three Months Ended August 31, |  | Six Months Ended August 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Sales | $ | 106,660 |  |  | $ | 85,013 |  |  | $ | 213,924 |  |  | $ | 185,624 |
Cost of sales | 84,826 |  |  | 66,341 |  |  | 167,686 |  |  | 145,169 |
Gross margin | 21,834 |  |  | 18,672 |  |  | 46,238 |  |  | 40,455 |
Selling, general and administrative | 9,710 |  |  | 12,106 |  |  | 22,114 |  |  | 24,603 |
Estimated loss on disposal of discontinued operations | 114,900 |  |  | — |  |  | 114,900 |  |  | — |
Operating income (loss) from discontinued operations | (102,776) |  |  | 6,566 |  |  | (90,776) |  |  | 15,852 |
Interest expense | 5 |  |  | 23 |  | 6 |  | 61
Other (income) expense, net | 3,443 |  |  | 873 |  | 4,268 |  |  | (36) |
Income (loss) from discontinued operations before income tax | (106,224) |  |  | 5,670 |  |  | (95,050) |  |  | 15,827 |
Income tax (benefit) expense | (23,534) |  |  | 960 |  |  | (21,072) |  |  | 393 |
Net income (loss) from discontinued operations | $ | (82,690) |  |  | $ | 4,710 |  |  | $ | (73,978) |  |  | $ | 15,434 |
Earnings per common share from discontinued operations: |  |  |  |  |  |  |
Basic earnings (loss) per share | $ | (3.33) |  |  | $ | 0.19 |  |  | $ | (2.99) |  |  | $ | 0.62 |
Diluted earnings (loss) per share | $ | (2.85) |  |  | $ | 0.19 |  |  | $ | (2.70) |  |  | $ | 0.61 |
The depreciation, amortization, capital expenditures, and significant operating and investing non-cash items of the discontinued operation for the six months ended August 31, 2022 and 2021, consists of the following (in thousands):
| Six Months Ended August 31,
| 2022 |  | 2021
Amortization and depreciation | $ | 6,248 |  |  | $ | 6,171 |
Purchase of property, plant and equipment | $ | 2,878 |  |  | $ | 2,458 |
Estimated non-cash loss on disposal of discontinued operations | $ | 114,900 |  |  | $ | — |
The following table outlines income or loss and the related tax expense (benefit) from discontinued operations for the three and six months ended August 31, 2022 and 2021 (in thousands):
| Three Months Ended August 31, |  | Six Months Ended August 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income from discontinued operations before income taxes | $ | 8,676 |  |  | $ | 5,670 |  |  | $ | 19,850 |  |  | $ | 15,827 |
Income tax expense | (1,939) |  |  | (960) |  |  | (4,401) |  |  | (393) |
Income from discontinued operations, net of tax | $ | 6,737 |  |  | $ | 4,710 |  |  | $ | 15,449 |  |  | $ | 15,434 |
Estimated loss on disposal of discontinued operations | $ | (114,900) |  |  | $ | — |  |  | $ | (114,900) |  |  | $ | — |
Income tax benefit | 25,473 |  |  | — |  |  | 25,473 |  |  | — |
Estimated loss on disposal of discontinued operations, net of tax | $ | (89,427) |  |  | $ | — |  |  | $ | (89,427) |  |  | $ | — |

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