Sales

6 Months Ended

Aug. 31, 2021

Revenues [Abstract]

Sales

Sales

Disaggregated Sales

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

	Three Months Ended August 31,				Six Months Ended August 31,
	2021		2020		2021		2020
Sales:
Industrial	$	132,033	$	67,112	$	285,615	$	197,220
Transmission and distribution	47,619		97,619		89,255		146,676
Power generation	36,795		38,641		71,403		72,768
Total sales	$	216,447	$	203,372	$	446,273	$	416,664

See Note 4 for sales information by segment.

Contract Liabilities

The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer advances and deposits) on the consolidated balance sheets, primarily related to our Infrastructure Solutions segment. Amounts are billed as work progresses in accordance with agreed upon contractual terms, either at periodic intervals (e.g., weekly or monthly) or upon the achievement of contractual milestones. Billing can occur subsequent to revenue recognition, resulting in contract assets. In addition, we sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.

The following table shows the changes in contract liabilities for the six months ended August 31, 2021 and 2020, respectively (in thousands):

	2021		2020
Balance at February 28/29,	$	16,138	$	18,418
Contract liabilities added during the period	4,191		2,738
Sales recognized during the period	(6,600)		(7,400)
Balance at August 31,	$	13,729	$	13,756

The Company did not record any sales for the six months ended August 31, 2021 or 2020 related to performance obligations satisfied in prior periods. The Company expects to recognize sales, related to the $13.7 million balance of contract liabilities as of August 31, 2021 of approximately $6.5 million, $5.9 million, $1.1 million and $0.2 million in fiscal 2022, 2023, 2024 and 2025, respectively.