Commitments and Contingencies (Notes)

12 Months Ended

Feb. 28, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Commitments and contingencies

Leases

The Company is obligated under various operating leases for property, plant and equipment. As February 28, 2015, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year are summarized in the below table:

Fiscal Year:	(In thousands)
2016	$	6,955
2017	6,415
2018	4,561
2019	3,257
2020	1,204
Thereafter	2,758
Total	$	25,150

Rent expense was $14.1 million, $11.0 million and $7.8 million for fiscal years 2015, 2014 and 2013, respectively. Rent expense includes various equipment rentals that do not meet the terms of a non-cancelable lease or that have initial terms of less than one year.

Commodity pricing

We have no contracted commitments for any commodities including steel, aluminum, natural gas, cooper, zinc, nickel based alloys, except for those entered into under the normal course of business.

Other

At February 28, 2015, the Company had outstanding letters of credit in the amount of $13.0 million. These letters of credit were issued to customers served by our Energy Segment to cover insurance reserves and any potential warranty costs and performance issues and bid bonds. In addition, as of February 28, 2015, a warranty reserve in the amount of $2.3 million was established to offset any future warranty claims.