Commitments and Contingencies (Notes)

12 Months Ended

Feb. 29, 2016

Commitments and Contingencies Disclosure [Abstract]

Leases

The Company is obligated under various operating leases for property, plant and equipment. As February 29, 2016, 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)
2017	$	6,830
2018	4,699
2019	3,458
2020	1,401
2021	932
Thereafter	2,109
Total	$	19,429

Rent expense was $13.9 million, $14.1 million and $11.0 million for fiscal years 2016, 2015 and 2014, 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 29, 2016, the Company had outstanding letters of credit in the amount of $21.9 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 29, 2016, a warranty reserve in the amount of $2.9 million was established to offset any future warranty claims.