Sales

9 Months Ended

Nov. 30, 2021

Revenues [Abstract]

Sales

Sales

Disaggregated Sales

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

	Three Months Ended November 30,				Nine Months Ended November 30,
	2021		2020		2021		2020
Sales:
Industrial	$	141,360	$	138,240	$	420,367	$	335,462
Transmission and distribution	57,934		56,656		149,162		203,332
Power generation	32,443		31,727		108,481		104,493
Total sales	$	231,737	$	226,623	$	678,010	$	643,287

See Note 4 for sales information by segment.

Contract Liabilities

The timing of sales 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 sales recognition, resulting in contract assets. In addition, we sometimes receive advances or deposits from our customers, before sales are 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 nine months ended November 30, 2021 and 2020, respectively (in thousands):

	2021		2020
Balance at February 28/29,	$	16,138	$	18,418
Contract liabilities added during the period	8,203		5,017
Sales recognized during the period	(9,608)		(11,914)
Balance at November 30,	$	14,733	$	11,521

The Company did not record any sales for the nine months ended November 30, 2021 or 2020 related to performance obligations satisfied in prior periods. The Company expects to recognize sales, related to the $14.7 million balance of contract liabilities as of November 30, 2021 of approximately $3.6 million, $9.9 million, $1.0 million and $0.2 million in fiscal 2022, 2023, 2024 and 2025, respectively.