Operating segments (Notes)

12 Months Ended

Feb. 28, 2014

Segment Reporting [Abstract]

Operating segments

Operating segments

The Company has two reportable segments: (1) Electrical and Industrial Products and Services and (2) Galvanizing Services. Our Electrical and Industrial Products and Services Segment is a manufacturer of specialty equipment focusing on safe and reliable transmission of power from generation sources to end customers and a service provider that ensures the safety and reliability of critical infrastructure in the energy markets worldwide. Our products include custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion proof and hazardous duty lighting and tubular products. We are the leading third party supplier of safety related equipment for the nuclear industry. Our service offering focuses on extension of life cycle for the power generation, refining and industrial infrastructure, through automated weld overlay solutions for corrosion and erosion mitigation. Our Galvanizing Services Segment provides hot dip galvanizing services to the steel fabrication industry through facilities located throughout the United States and Canada. Hot dip galvanizing is a metallurgical process by which molten zinc is applied to a customer’s material. The zinc alloying renders a corrosive resistant coating enhancing the life of the material for up to 50 years.

Information regarding operations and assets by segment was as follows:

	2014			2013			2012
Net sales:	(In thousands)
Electrical and Industrial Products and Services	$	416,106		$	233,555		$	189,192
Galvanizing Services	335,618			337,039			279,920
	$	751,723		$	570,594		$	469,112
Segment Operating income (a):
Electrical and Industrial Products and Services	$	45,866		$	34,228		$	25,772
Galvanizing Services	91,983			87,807			72,964
Total Segment Operating Income	137,849			122,035			98,736
General corporate expenses (b)	32,553			23,706			21,636
Interest expense	18,407			13,073			13,939
Other (income) expense, net (c)	(7,022		)	(9,113		)	(480		)
	43,938			27,666			35,095
Income before income taxes	$	93,911		$	94,369		$	63,641
Depreciation and amortization:
Electrical and Industrial Products and Services	$	19,959		$	8,587		$	3,317
Galvanizing Services	22,009			19,501			17,783
Corporate	1,337			1,275			1,495
	$	43,305		$	29,363		$	22,595
Expenditures for acquisitions, net of cash, and property, plant and equipment:
Electrical and Industrial Products and Services	$	284,514		$	79,513		$	3,161
Galvanizing Services	33,281			81,604			43,298
Corporate	1,378			864			688
	$	319,173		$	161,981		$	47,147
Total assets:
Electrical and Industrial Products and Services	$	540,216		$	260,874		$	143,208
Galvanizing Services	378,358			370,142			309,808
Corporate	34,679			63,189			153,759
	$	953,253		$	694,205		$	606,775
Goodwill:
Electrical and Industrial Products and Services	$	183,825		$	75,151		$	43,331
Galvanizing Services	94,731			96,735			78,053
	$	278,556		$	171,886		$	121,384

(a) Segment operating income consisted of net sales less cost of sales, specifically identifiable selling, general and administrative expenses and other income and expense items that are specifically identifiable to a segment.

(b) General Corporate Expense consisted of selling, general and administrative expenses that are not specifically identifiable to a segment.

(c) Other (income) expense, net included gains and losses on sale of property, plant and equipment and other (income) expenses not specifically identifiable to a segment.