Revenues (Notes)

3 Months Ended

May 31, 2019

Revenue from Contract with Customer [Text Block]

Revenues

Disaggregated Revenue

The following table presents disaggregated revenue by customer industry (in thousands):



	Three Months Ended May 31,
	2019		2018
Net sales:
Industrial - oil and gas, construction, and general	$	164,800	$	151,308
Transmission and distribution	72,281		65,954
Power generation	52,042		44,974
Total net sales	$	289,123	$	262,236

See Note 5 for revenue information by segment.

Contract Liabilities

The following table shows the changes in contract liabilities for the three months ended May 31, 2019 and 2018, respectively (in thousands):



	May 31, 2019			May 31, 2018
Balance at beginning of period	$	56,928		$	22,698
Contract liabilities added during the period	10,970			16,441
Revenue recognized during the period	(45,579		)	(17,301		)
Balance at end of period	$	22,319		$	21,838

The Company did not record any revenues for the three months ended May 31, 2019 or 2018 related to performance obligations satisfied in prior periods. The increases or decreases in accounts receivable, contract assets and contract liabilities during the three months ended May 31, 2019 and 2018 were due primarily to normal timing differences between the Company’s performance and customer payments. The acquisitions described in Note 9 had no impact on contract assets or liabilities as of the date of acquisitions.

The Company expects to recognize revenues of approximately $17.9 million, $2.0 million, $2.3 million and $0.1 million in fiscal 2020, 2021, 2022 and 2023, respectively, related to the $22.3 million balance of contract liabilities as of May 31, 2019.