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Discontinued Operations (Tables) | 12 Months Ended
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Feb. 28, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The assets and liabilities have been reflected as discontinued operations in the consolidated balance sheets as of February 28, 2022, and consist of the following (in thousands):
|  | As of February 28,
|  |  | 2022
Current assets of discontinued operations: |  |  |
Cash and cash equivalents |  |  | $ | 3,000 |
Accounts receivable |  |  | 81,911 |
Inventories |  |  |
Raw materials |  |  | 36,581 |
Work-in-process |  |  | 6,445 |
Finished goods |  |  | 77 |
Contract assets |  |  | 71,762 |
Prepaid expenses and other |  |  | 1,888 |
Total current assets of discontinued operations |  |  | 201,664 |
Long-term assets of discontinued operations: |  |  |
Property, plant and equipment |  |  | 37,490 |
Right-of-use asset |  |  | 29,332 |
Goodwill |  |  | 195,222 |
Intangibles and other assets, net |  |  | 42,442 |
Deferred tax asset |  |  | 1,726 |
Total non-current assets of discontinued operations |  |  | 306,212 |
Total assets of discontinued operations |  |  | $ | 507,876 |
Current liabilities of discontinued operations: |  |  |
Accounts payable |  |  | 19,146 |
Income tax payable |  |  | (264) |
Accrued salaries and wages |  |  | 11,301 |
Other accrued liabilities |  |  | 54,071 |
Lease liability, short-term |  |  | 4,029 |
Total current liabilities of discontinued operations |  |  | 88,283 |
Long-term liabilities of discontinued operations: |  |  |
Lease liability, long-term |  |  | 24,207 |
Total long-term liabilities of discontinued operations |  |  | 24,207 |
Total liabilities of discontinued operations |  |  | $ | 112,490 |
The results of operations from discontinued operations for the fiscal years 2023, 2022 and 2021, have been reflected as discontinued operations in the consolidated statements of operations and consist of the following (in thousands):
| Year Ended February 28,
| 2023 |  | 2022 |  | 2021
Sales | $ | 256,224 |  |  | $ | 377,066 |  |  | $ | 358,343 |
Cost of sales | 202,707 |  |  | 297,996 |  |  | 292,496 |
Gross margin | 53,517 |  |  | 79,070 |  |  | 65,847 |
Selling, general and administrative | 26,186 |  |  | 46,747 |  |  | 47,817 |
Restructuring and impairment charges | — |  |  | (1,797) |  |  | 3,894 |
Loss on disposal of discontinued operations | 159,910 |  |  | — |  |  | — |
Operating income (loss) from discontinued operations | (132,579) |  |  | 34,120 |  |  | 14,136 |
Interest expense | 8 |  |  | 32 |  |  | 187 |
Other (income) expense, net | 6,270 |  |  | 774 |  |  | 1,383 |
Income (loss) from discontinued operations before income tax | (138,857) |  |  | 33,314 |  |  | 12,566 |
Income tax (benefit) expense | (19,544) |  |  | (891) |  |  | 135 |
Net income (loss) from discontinued operations | $ | (119,313) |  |  | $ | 34,205 |  |  | $ | 12,431 |
Earnings per common share from discontinued operations: |  |  |  |  |
Basic earnings (loss) per share | $ | (4.81) |  |  | $ | 1.38 |  |  | $ | 0.48 |
Diluted earnings (loss) per share | $ | (4.78) |  |  | $ | 1.36 |  |  | $ | 0.48 |
The depreciation, amortization, capital expenditures, and significant operating and investing non-cash items of the discontinued operation for the following fiscal years 2023, 2022 and 2021, consists of the following (in thousands):
| Year Ended February 28,
| 2023 |  | 2022 |  | 2021
Amortization and depreciation | $ | 7,279 |  |  | $ | 12,584 |  |  | $ | 12,508 |
Purchase of property, plant and equipment | 4,831 |  |  | 4,815 |  |  | 9,901 |
Non-cash loss on disposal of discontinued operations | 159,910 |  |  | — |  |  | — |
Loss on disposal group held for sale | — |  |  | (1,797) |  |  | — |
Loss on sale of property, plant and equipment | — |  |  | 147 |  |  | 36 |
Write down of assets held for sale to estimated sales price | — |  |  | — |  |  | 3,161 |
During fiscal 2021, the Company recognized certain charges related to the businesses sold, assets held for sale and assets that were abandoned, which are summarized in the table below:
|  | Year Ended February 28, 2021
|  | Metal Coatings |  | Infrastructure Solutions |  | Total
Write down of assets held for sale to estimated sales price |  | $ | 2,652 |  |  | $ | 939 |  |  | $ | 3,591 |
Write down of assets expected to be abandoned |  | 6,923 |  |  | — |  |  | 6,923 |
Loss on sale of subsidiaries |  | 1,221 |  |  | 1,859 |  |  | 3,080 |
Write down of excess inventory |  | 2,511 |  |  | — |  |  | 2,511 |
Total charges |  | $ | 13,307 |  |  | $ | 2,798 |  |  | $ | 16,105 |

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