Discontinued Operations (Tables)

12 Months Ended

Feb. 28, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The assets and liabilities have been reflected as discontinued operations in the consolidated balance sheets as of February 28, 2022, and consist of the following (in thousands):

	As of February 28,
		2022
Current assets of discontinued operations:
Cash and cash equivalents		$	3,000
Accounts receivable		81,911
Inventories
Raw materials		36,581
Work-in-process		6,445
Finished goods		77
Contract assets		71,762
Prepaid expenses and other		1,888
Total current assets of discontinued operations		201,664
Long-term assets of discontinued operations:
Property, plant and equipment		37,490
Right-of-use asset		29,332
Goodwill		195,222
Intangibles and other assets, net		42,442
Deferred tax asset		1,726
Total non-current assets of discontinued operations		306,212
Total assets of discontinued operations		$	507,876
Current liabilities of discontinued operations:
Accounts payable		19,146
Income tax payable		(264)
Accrued salaries and wages		11,301
Other accrued liabilities		54,071
Lease liability, short-term		4,029
Total current liabilities of discontinued operations		88,283
Long-term liabilities of discontinued operations:
Lease liability, long-term		24,207
Total long-term liabilities of discontinued operations		24,207
Total liabilities of discontinued operations		$	112,490

The results of operations from discontinued operations for the fiscal years 2023, 2022 and 2021, have been reflected as discontinued operations in the consolidated statements of operations and consist of the following (in thousands):

	Year Ended February 28,
	2023		2022		2021
Sales	$	256,224	$	377,066	$	358,343
Cost of sales	202,707		297,996		292,496
Gross margin	53,517		79,070		65,847
Selling, general and administrative	26,186		46,747		47,817
Restructuring and impairment charges	—		(1,797)		3,894
Loss on disposal of discontinued operations	159,910		—		—
Operating income (loss) from discontinued operations	(132,579)		34,120		14,136
Interest expense	8		32		187
Other (income) expense, net	6,270		774		1,383
Income (loss) from discontinued operations before income tax	(138,857)		33,314		12,566
Income tax (benefit) expense	(19,544)		(891)		135
Net income (loss) from discontinued operations	$	(119,313)	$	34,205	$	12,431
Earnings per common share from discontinued operations:
Basic earnings (loss) per share	$	(4.81)	$	1.38	$	0.48
Diluted earnings (loss) per share	$	(4.78)	$	1.36	$	0.48

The depreciation, amortization, capital expenditures, and significant operating and investing non-cash items of the discontinued operation for the following fiscal years 2023, 2022 and 2021, consists of the following (in thousands):

	Year Ended February 28,
	2023		2022		2021
Amortization and depreciation	$	7,279	$	12,584	$	12,508
Purchase of property, plant and equipment	4,831		4,815		9,901
Non-cash loss on disposal of discontinued operations	159,910		—		—
Loss on disposal group held for sale	—		(1,797)		—
Loss on sale of property, plant and equipment	—		147		36
Write down of assets held for sale to estimated sales price	—		—		3,161

During fiscal 2021, the Company recognized certain charges related to the businesses sold, assets held for sale and assets that were abandoned, which are summarized in the table below:

	Year Ended February 28, 2021
	Metal Coatings		Infrastructure Solutions		Total
Write down of assets held for sale to estimated sales price	$	2,652	$	939	$	3,591
Write down of assets expected to be abandoned	6,923		—		6,923
Loss on sale of subsidiaries	1,221		1,859		3,080
Write down of excess inventory	2,511		—		2,511
Total charges	$	13,307	$	2,798	$	16,105