Assets Held for Sale

6 Months Ended

Aug. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

The Company has been executing a plan to divest certain non-core businesses. The strategic decision to divest of these businesses reflects the Company's long-term strategy to become a more focused metal coatings company. The historical annual sales, operating profit and net assets of these businesses were not significant enough to qualify as discontinued operations.

As of August 31, 2021, one business in our Infrastructure Solutions segment and one non-operating location in our Metal Coatings segment are classified as held for sale. The assets and liabilities of the businesses expected to be disposed of within the next twelve months are included in "Assets held for sale" in the accompanying consolidated balance sheet.

Assets and liabilities allocated to the disposal group are as follows (in thousands):


	As of August 31, 2021
Assets
Accounts receivable	$	4,580
Inventories	1,762
Contract assets	4,094
Other current assets	89
Property, plant and equipment	1,301
Other assets	126
Goodwill	1,693

Liabilities
Accounts payable	879
Contract liabilities	925
Other accrued liabilities	2,543
Lease liability – long term	50
Total carrying value	9,248
Less: Impairment of carrying value of remaining assets held for sale to estimated sales price(1)	(3,490)
Fair value of disposal group	$	5,758
(1) Impairment charges of $3,490 were recognized for the three months ended August 31, 2020.