Assets Held for Sale

9 Months Ended

Nov. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

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

As of November 30, 2021, one business in our Infrastructure Solutions segment and one non-operating location in our Metal Coatings segment continue to be 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 sheets.

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


	As of November 30, 2021
Assets
Accounts receivable	$	3,399
Inventories	2,057
Contract assets	3,373
Other current assets	55
Property, plant and equipment	1,233
Other assets	87
Goodwill	1,693

Liabilities
Accounts payable	(608)
Contract liabilities	(913)
Other accrued liabilities	(2,451)

Other long term liabilities	(26)
Total carrying value	7,899
Less: Impairment of carrying value of remaining assets held for sale to estimated sales price(1)	(3,490)
Fair value of disposal group	$	4,409
(1) Impairment charges of $3,490 were recognized for the three months ended August 31, 2020.