Revenues (Notes)

9 Months Ended

Nov. 30, 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 November 30,				Nine Months Ended November 30,
	2019		2018		2019		2018
Net sales:
Industrial - oil and gas, construction, and general	$	195,063	$	143,710	$	499,215	$	415,323
Transmission and distribution	55,316		35,927		184,283		162,033
Power generation	40,760		59,879		132,954		147,183
Total net sales	$	291,139	$	239,516	$	816,452	$	724,539

See Note 4 for revenue information by segment.

Contract Liabilities

The following table shows the changes in contract liabilities for the nine months ended November 30, 2019 and 2018, respectively (in thousands):



	November 30, 2019			November 30, 2018
Balance at beginning of period	$	56,928		$	22,698
Contract liabilities added during the period	22,237			30,186
Revenue recognized during the period	(52,298		)	(20,140		)
Balance at end of period	$	26,867		$	32,744

The Company did not record any revenues for the nine months ended November 30, 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 nine months ended November 30, 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 $7.8 million, $14.0 million, $2.8 million and $2.3 million in fiscal 2020, 2021, 2022 and 2023, respectively, related to the $26.9 million balance of contract liabilities as of November 30, 2019.