Revenues (Notes)

6 Months Ended

Aug. 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 August 31,				Six Months Ended August 31,
	2019		2018		2019		2018
Net sales:
Industrial - oil and gas, construction, and general	$	139,352	$	120,305	$	304,152	$	271,613
Transmission and distribution	56,686		60,152		128,967		126,106
Power generation	40,152		42,330		92,194		87,304
Total net sales	$	236,190	$	222,787	$	525,313	$	485,023

See Note 5 for revenue information by segment.

Contract Liabilities

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



	August 31, 2019			August 31, 2018
Balance at beginning of period	$	56,928		$	22,698
Contract liabilities added during the period	18,234			21,166
Revenue recognized during the period	(51,504		)	(20,101		)
Balance at end of period	$	23,658		$	23,763

The Company did not record any revenues for the six months ended August 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 six months ended August 31, 2019 and 2018 were due primarily to normal timing differences between the Company’s performance and customer payments. The acquisitions described in Note 10 had no impact on contract assets or liabilities as of the date of acquisitions.

The Company expects to recognize revenues of approximately $15.4 million, $5.9 million, $1.2 million and $1.2 million in fiscal 2020, 2021, 2022 and 2023, respectively, related to the $23.7 million balance of contract liabilities as of August 31, 2019.