AZZ (AZZ) 10-Q 13 Oct 20 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Aug. 31, 2020	Sep. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2020
Document Transition Report	false
Entity File Number	1-12777
Entity Registrant Name	AZZ Inc.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0948250
Entity Address, Address Line One	One Museum Place, Suite 500
Entity Address, Address Line Two	3100 West 7th Street
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76107
City Area Code	817
Local Phone Number	810-0095
Title of 12(b) Security	Common Stock
Trading Symbol	AZZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,076,437
Entity Central Index Key	0000008947
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-28

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2020	Feb. 29, 2020
Current assets:
Cash and cash equivalents	$ 14,028	$ 36,687
Accounts receivable (net of allowance for doubtful accounts of $5,145 as of August 31, 2020 and $4,951 as of February 29, 2020)	114,295	139,214
Inventories:
Raw material	83,364	88,837
Work-in-process	8,969	5,543
Finished goods	2,045	5,461
Contract assets	64,199	70,093
Prepaid expenses and other	7,117	8,727
Assets held for sale	16,916	0
Total current assets	310,933	354,562
Property, plant and equipment, net	200,420	213,104
Operating Lease, Right-of-Use Asset	40,049	43,208
Goodwill	351,755	356,225
Intangibles and other assets, net	96,795	106,732
Total assets	999,952	1,073,831
Current liabilities:
Accounts payable	46,443	61,987
Income tax payable	0	2,876
Accrued salaries and wages	18,597	38,882
Other accrued liabilities	24,287	26,868
Customer deposits	402	255
Contract liabilities	13,756	18,418
Lease liability, short-term	6,254	6,327
Debt due within one year	125,000	125,000
Liabilities held for sale	6,097	0
Total current liabilities	240,836	280,613
Debt due after one year, net	46,945	77,878
Operating Lease, Liability, Noncurrent	34,893	38,114
Other long-term liabilities	13,227	4,934
Deferred income taxes	32,510	37,926
Total liabilities	368,411	439,465
Commitments and contingencies
Shareholders’ equity:
Common stock, $1 par, shares authorized 100,000; 26,076 shares issued and outstanding at August 31, 2020 and 26,148 shares issued and outstanding at February 29, 2020	26,076	26,148
Capital in excess of par value	71,797	66,703
Retained earnings	561,094	572,414
Accumulated other comprehensive loss	(27,426)	(30,899)
Total shareholders’ equity	631,541	634,366
Total liabilities and shareholders' equity	$ 999,952	$ 1,073,831

Condensed consolidated Balanc_2

Condensed consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Aug. 31, 2020	Feb. 29, 2020
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Doubtful Accounts	$ 5,145	$ 4,951
Common Stock, Par Value (usd per share)	$ 1	$ 1
Common Stock, Shares Authorized (shares)	100,000	100,000
Common Stock, Shares Issued (shares)	26,076	26,148
Common Stock, Shares, Outstanding	26,076	26,148

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Income Statement [Abstract]
Revenues	$ 203,372	$ 236,190	$ 416,664	$ 525,313
Costs and Expenses
Cost of Revenue	157,278	183,504	328,363	406,520
Gross margin	46,094	52,686	88,301	118,793
Selling, general and administrative	26,749	30,479	54,639	65,612
Restructuring and impairment charges	18,693	0	18,693	0
Operating income	652	22,207	14,969	53,181
Interest expense	2,470	3,548	5,104	7,132
Other expense, net	92	686	1,547	1,110
Income (loss) before income taxes	(1,910)	17,973	8,318	44,939
Income tax expense (benefit)	(120)	2,415	4,567	8,097
Net income (loss)	$ (1,790)	$ 15,558	$ 3,751	$ 36,842
Earnings Per Common Share
Basic Earnings Per Share (usd per share)	$ (0.07)	$ 0.59	$ 0.14	$ 1.41
Diluted Earnings Per Share (usd per share)	(0.07)	0.59	0.14	1.40
Cash dividends declared per common share (usd per share)	$ 0.17	$ 0.17	$ 0.34	$ 0.34

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,790)	$ 15,558	$ 3,751	$ 36,842
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income tax of $0	4,540	741	3,499	(1,219)
Interest rate swap, net of income tax of $7, $7, $15, and $15, respectively.	(14)	(13)	(28)	(27)
Other comprehensive income (loss)	4,526	728	3,471	(1,246)
Comprehensive income	$ 2,736	$ 16,286	$ 7,222	$ 35,596

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Interest rate swap, income tax	$ 7	$ 7	$ 15	$ 15

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ 3,751	$ 36,842
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts	226	2,177
Amortization and depreciation	23,149	24,584
Deferred income taxes	(5,493)	(3,867)
Loss on disposal of business	1,198	0
Non-cash restructuring and impairment charges	17,425	0
Net gain on sale of property, plant and equipment	(113)	(306)
Amortization of deferred borrowing costs	269	269
Share-based compensation expense	4,083	3,086
Effects of changes in assets and liabilities, net of acquisitions:
Accounts receivable	19,686	(9,179)
Inventories	(480)	15,550
Prepaid expenses and other	1,372	(2,055)
Other assets	202	368
Net change in contract assets and liabilities	(452)	(49,952)
Accounts payable	(15,931)	13,009
Other accrued liabilities and income taxes payable	(16,726)	7,709
Net cash provided by operating activities	32,166	38,235
Cash Flows Used For Investing Activities:
Proceeds from sale of property, plant and equipment	397	332
Purchase of property, plant and equipment	(19,269)	(16,496)
Proceeds from sale of subsidiary, net	8,341	0
Acquisition of subsidiaries, net of cash acquired	0	(39,924)
Net cash used in investing activities	(10,531)	(56,088)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock	1,694	1,781
Payments for taxes related to net share settlement of equity awards	(554)	(691)
Proceeds from revolving loan	96,000	219,500
Payments on revolving loan	(127,000)	(204,500)
Purchases of treasury shares	(6,379)	0
Payments of dividends	(8,892)	(8,894)
Net Cash Used In Financing Activities	(45,131)	7,196
Effect of Exchange Rate Changes on Cash	837	235
Net Increase (Decrease) In Cash & Cash Equivalents	(22,659)	(10,422)
Cash & Cash Equivalents At Beginning of Period	36,687	24,005
Cash & Cash Equivalents At End of Period	14,028	13,583
Supplemental Disclosures
Cash Paid For Interest	4,806	6,819
Cash Paid For Income Taxes	$ 9,358	$ 3,770

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - CY Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance (shares) at Feb. 28, 2019		26,115
Balance at Feb. 28, 2019	$ 603,728	$ 26,115	$ 46,141	$ 560,224	$ (28,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,350		1,350
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		37
Common stock issued from stock plans, net of shares withheld for employee taxes	(691)	$ 37	(728)
Cash dividends paid	(4,440)			(4,440)
Net income (loss)	21,284			21,284
Foreign currency translation	(1,960)				(1,960)
Interest rate swap	(14)				(14)
Balance (shares) at May. 31, 2019		26,152
Balance at May. 31, 2019	619,257	$ 26,152	46,763	577,068	(30,726)
Balance (shares) at Feb. 28, 2019		26,115
Balance at Feb. 28, 2019	603,728	$ 26,115	46,141	560,224	(28,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,842
Foreign currency translation	(1,219)
Balance (shares) at Aug. 31, 2019		26,221
Balance at Aug. 31, 2019	634,606	$ 26,221	50,211	588,172	(29,998)
Balance (shares) at May. 31, 2019		26,152
Balance at May. 31, 2019	619,257	$ 26,152	46,763	577,068	(30,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,736		1,736
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		18
Common stock issued from stock plans, net of shares withheld for employee taxes	0	$ 18	(18)
Cash dividends paid	(4,454)			(4,454)
Net income (loss)	15,558			15,558
Foreign currency translation	741				741
Interest rate swap	(13)				(13)
Common stock issued under employee stock purchase plan (shares)		51
Common stock issued under employee stock purchase plan	1,781	$ 51	1,730
Balance (shares) at Aug. 31, 2019		26,221
Balance at Aug. 31, 2019	634,606	$ 26,221	50,211	588,172	(29,998)
Balance (shares) at Feb. 29, 2020		26,148
Balance at Feb. 29, 2020	634,366	$ 26,148	66,703	572,414	(30,899)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,766		1,766
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		47
Common stock issued from stock plans, net of shares withheld for employee taxes	(539)	$ 47	(586)
Cash dividends paid	(4,425)			(4,425)
Net income (loss)	5,541			5,541
Foreign currency translation	(1,039)				(1,039)
Interest rate swap	(14)				(14)
Balance (shares) at May. 31, 2020		26,195
Balance at May. 31, 2020	635,656	$ 26,195	67,883	573,530	(31,952)
Balance (shares) at Feb. 29, 2020		26,148
Balance at Feb. 29, 2020	634,366	$ 26,148	66,703	572,414	(30,899)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,751
Foreign currency translation	3,499
Balance (shares) at Aug. 31, 2020		26,076
Balance at Aug. 31, 2020	631,541	$ 26,076	71,797	561,094	(27,426)
Balance (shares) at May. 31, 2020		26,195
Balance at May. 31, 2020	635,656	$ 26,195	67,883	573,530	(31,952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,317		2,317
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		23
Common stock issued from stock plans, net of shares withheld for employee taxes	(16)	$ 23	(39)
Cash dividends paid	(4,467)			(4,467)
Net income (loss)	(1,790)			(1,790)
Foreign currency translation	4,540				4,540
Interest rate swap	(14)				(14)
Common stock issued under employee stock purchase plan (shares)		58
Common stock issued under employee stock purchase plan	1,694	$ 58	1,636
Retirement of treasury shares (shares)		(200)
Retirement of treasury shares	(6,379)	$ (200)		(6,179)
Balance (shares) at Aug. 31, 2020		26,076
Balance at Aug. 31, 2020	$ 631,541	$ 26,076	$ 71,797	$ 561,094	$ (27,426)

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity - PY Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance (shares) at Feb. 28, 2019		26,115
Balance at Feb. 28, 2019	$ 603,728	$ 26,115	$ 46,141	$ 560,224	$ (28,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,350		1,350
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		37
Common stock issued from stock plans, net of shares withheld for employee taxes	(691)	$ 37	(728)
Cash dividends paid	(4,440)			(4,440)
Net income (loss)	21,284			21,284
Foreign currency translation	(1,960)				(1,960)
Interest rate swap	(14)				(14)
Balance (shares) at May. 31, 2019		26,152
Balance at May. 31, 2019	619,257	$ 26,152	46,763	577,068	(30,726)
Balance (shares) at Feb. 28, 2019		26,115
Balance at Feb. 28, 2019	603,728	$ 26,115	46,141	560,224	(28,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,842
Foreign currency translation	(1,219)
Balance (shares) at Aug. 31, 2019		26,221
Balance at Aug. 31, 2019	634,606	$ 26,221	50,211	588,172	(29,998)
Balance (shares) at May. 31, 2019		26,152
Balance at May. 31, 2019	619,257	$ 26,152	46,763	577,068	(30,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,736		1,736
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		18
Common stock issued from stock plans, net of shares withheld for employee taxes	0	$ 18	(18)
Cash dividends paid	(4,454)			(4,454)
Net income (loss)	15,558			15,558
Foreign currency translation	741				741
Interest rate swap	(13)				(13)
Common stock issued under employee stock purchase plan (shares)		51
Common stock issued under employee stock purchase plan	1,781	$ 51	1,730
Balance (shares) at Aug. 31, 2019		26,221
Balance at Aug. 31, 2019	634,606	$ 26,221	50,211	588,172	(29,998)
Balance (shares) at Feb. 29, 2020		26,148
Balance at Feb. 29, 2020	634,366	$ 26,148	66,703	572,414	(30,899)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,766		1,766
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		47
Common stock issued from stock plans, net of shares withheld for employee taxes	(539)	$ 47	(586)
Cash dividends paid	(4,425)			(4,425)
Net income (loss)	5,541			5,541
Foreign currency translation	(1,039)				(1,039)
Interest rate swap	(14)				(14)
Balance (shares) at May. 31, 2020		26,195
Balance at May. 31, 2020	635,656	$ 26,195	67,883	573,530	(31,952)
Balance (shares) at Feb. 29, 2020		26,148
Balance at Feb. 29, 2020	634,366	$ 26,148	66,703	572,414	(30,899)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,751
Foreign currency translation	3,499
Balance (shares) at Aug. 31, 2020		26,076
Balance at Aug. 31, 2020	631,541	$ 26,076	71,797	561,094	(27,426)
Balance (shares) at May. 31, 2020		26,195
Balance at May. 31, 2020	635,656	$ 26,195	67,883	573,530	(31,952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,317		2,317
Common stock issued from stock plans, net of shares withheld for employee taxes (shares)		23
Common stock issued from stock plans, net of shares withheld for employee taxes	(16)	$ 23	(39)
Cash dividends paid	(4,467)			(4,467)
Net income (loss)	(1,790)			(1,790)
Foreign currency translation	4,540				4,540
Interest rate swap	(14)				(14)
Common stock issued under employee stock purchase plan (shares)		58
Common stock issued under employee stock purchase plan	1,694	$ 58	1,636
Balance (shares) at Aug. 31, 2020		26,076
Balance at Aug. 31, 2020	$ 631,541	$ 26,076	$ 71,797	$ 561,094	$ (27,426)

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation AZZ Inc. (“AZZ”, the “Company”, "our" or “we”) was established in 1956 and incorporated under the laws of the state of Texas. The Company is a global provider of metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution, refining and industrial markets. The Company has two distinct operating segments: the Metal Coatings segment and the Infrastructure Solutions segment (previously referred to as the Company's Energy segment). AZZ Metal Coatings provides hot dip galvanizing, powder coating, anodizing and plating, and other metal coating applications to the steel fabrication and other industries through facilities located throughout the United States and Canada. AZZ Infrastructure Solutions is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide. Presentation The accompanying condensed consolidated balance sheet as of February 29, 2020, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2020, included in the Company’s Annual Report on Form 10-K covering such period. Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ending February 28, 2021 is referred to as fiscal 2021. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are necessary to present fairly the financial position of the Company as of August 31, 2020, the results of its operations for the three and six months ended August 31, 2020 and 2019, and cash flows for the six months ended August 31, 2020 and 2019. These interim results are not necessarily indicative of results for a full year. Coronavirus (COVID-19) In March 2020, the World Health Organization declared the viral strain of coronavirus ("COVID-19") a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 and the resulting economic contraction has resulted in increased business uncertainty. The Company was impacted by the inability for our Infrastructure Solutions Industrial Platform to access certain customer sites to perform services, temporary slow-downs in order placements in the Infrastructure Solutions Electrical Platform, and costs associated with maintaining safe operations across our entire business. The Company was able to remain open during the entirety of the pandemic to service our customers. The consequences of a prolonged economic decline could include, but are not limited to, reduced sales, increased instances of uncollectible customer receivables, and increased asset impairments in future periods. Accordingly, the Company cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact its consolidated balance sheet, statements of operations or statements of cash flows for fiscal year 2021. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument s (“ASU 2016-13”), which modifies the measurement of expected credit losses of certain financial instruments, including the Company's accounts receivable and contract assets. The Company adopted ASU 2016-13 in the first quarter of its fiscal 2021 utilizing the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), which aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software, in Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. This standard is intended to simplify the accounting and disclosure requirements for income taxes by eliminating various exceptions in accounting for income taxes as well as clarifying and amending existing guidance to improve consistency in the application of ASC 740. The standard will be effective for the Company in the first quarter of its fiscal 2022 and early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its consolidated financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Aug. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share is based on the weighted average number of shares outstanding during each period, adjusted for the dilutive effect of Company stock awards. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Numerator: Net income (loss) for basic and diluted earnings per common share $ (1,790) $ 15,558 $ 3,751 $ 36,842 Denominator: Denominator for basic earnings per common share–weighted average shares 26,175 26,197 26,166 26,161 Effect of dilutive securities: Employee and director equity awards — 75 32 72 Denominator for diluted earnings per common share 26,175 26,272 26,198 26,233 Earnings per share basic and diluted: Basic income (loss) per common share $ (0.07) $ 0.59 $ 0.14 $ 1.41 Diluted income (loss) per common share $ (0.07) $ 0.59 $ 0.14 $ 1.40 We had 28,319 and 15,863 restricted stock units and performance share units, respectively, that were not included in the calculation of diluted EPS for the three months ended August 31, 2020 because the effect would be antidilutive. These securities could be dilutive in future periods.

Sales

Sales	6 Months Ended
	Aug. 31, 2020
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, 2020 2019 2020 2019 Sales: Industrial $ 67,112 $ 139,352 $ 197,220 $ 304,152 Transmission and distribution 97,619 56,686 146,676 128,967 Power generation 38,641 40,152 72,768 92,194 Total sales $ 203,372 $ 236,190 $ 416,664 $ 525,313 See Note 4 for sales information by segment. Contract Liabilities The following table shows the changes in contract liabilities for the six months ended August 31, 2020 and 2019, respectively (in thousands): August 31, 2020 August 31, 2019 Balance at beginning of period $ 18,418 $ 56,928 Contract liabilities added during the period 2,738 18,234 Sales recognized during the period (7,400) (51,504) Balance at end of period $ 13,756 $ 23,658 The Company did not record any sales for the six months ended August 31, 2020 or 2019 related to performance obligations satisfied in prior periods. The increases or decreases in accounts receivable, contract assets, and contract liabilities during the six months ended August 31, 2020 and 2019 were due primarily to normal timing differences between the Company’s performance and customer payments, somewhat impacted by customer inspection delays and effects of COVID-19 on our customers. The Company expects to recognize sales, related to the $13.8 million balance of contract liabilities as of August 31, 2020 of approximately $5.9 million, $5.5 million, $2.2 million and $0.2 million in fiscal 2021, 2022, 2023 and 2024, respectively.

Segments

Segments	6 Months Ended
	Aug. 31, 2020
Segment Reporting [Abstract]
Segments	Segments Segment Information Sales and operating income (loss) by segment for each period were as follows (in thousands): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Sales: Metal Coatings $ 117,037 $ 124,843 $ 236,027 $ 246,997 Infrastructure Solutions 86,335 111,347 180,637 278,316 Total sales $ 203,372 $ 236,190 $ 416,664 $ 525,313 Operating income (loss): Metal Coatings $ 15,600 $ 28,673 $ 40,684 $ 58,065 Infrastructure Solutions (4,310) 4,239 (5,358) 16,810 Corporate (10,638) (10,705) (20,357) (21,694) Total operating income $ 652 $ 22,207 $ 14,969 $ 53,181 Asset balances by segment for each period were as follows (in thousands): August 31, 2020 February 29, 2020 Total assets: Metal Coatings $ 474,011 $ 504,632 Infrastructure Solutions 502,170 548,032 Corporate 23,771 21,167 Total $ 999,952 $ 1,073,831 Financial Information About Geographical Areas The following table presents sales by geographic region for each period (in thousands): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Sales: United States $ 170,651 $ 210,668 $ 359,733 $ 441,005 International 32,721 25,522 56,931 84,308 Total $ 203,372 $ 236,190 $ 416,664 $ 525,313 The following table presents fixed assets by geographic region for each period (in thousands): August 31, 2020 February 29, 2020 Property, plant and equipment, net: United States $ 178,485 $ 190,365 Canada 16,117 16,385 Other countries 5,818 6,354 Total $ 200,420 $ 213,104

Warranty Reserves

Warranty Reserves	6 Months Ended
	Aug. 31, 2020
Product Warranties Disclosures [Abstract]
Warranty Reserves	Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on certain delivered products. The warranty accrual is classified within other accrued liabilities on the condensed consolidated balance sheets. Management monitors established reserves and adjusts warranty estimates based upon the progression of resolution activities with our customers. Warranties typically cover non-conformance to specifications and defects in material and workmanship. The following table shows the changes in the warranty reserves for the six month period ended August 31, 2020 (in thousands): Beginning of period $ 3,702 Warranty costs incurred (889) Transfers to liabilities held for sale (552) Additions charged to income 760 End of period $ 3,021

Debt

Debt	6 Months Ended
	Aug. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consisted of the following for each of the periods presented (in thousands): August 31, 2020 February 29, 2020 2017 Revolving Credit Facility $ 47,000 $ 78,000 2011 Senior Notes 125,000 125,000 Total debt, gross 172,000 203,000 Unamortized debt issuance costs (55) (122) Total debt, net 171,945 202,878 Less amount due within one year (125,000) (125,000) Debt due after one year, net $ 46,945 $ 77,878

Leases

Leases	6 Months Ended
	Aug. 31, 2020
Leases [Abstract]
Leases	Leases The Company is a lessee under various operating leases for facilities and equipment. Supplemental information related to the Company's portfolio of operating leases was as follows (in thousands, except years and percentages): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Operating lease cost $ 3,698 $ 4,648 $ 8,168 $ 8,914 Operating cash flows from operating leases included in lease liabilities 2,216 2,131 4,335 4,406 ROU assets obtained in exchange for new operating lease liabilities 1,324 643 1,528 3,149 August 31, 2020 February 29, 2020 Weighted-average remaining lease term - operating leases 7.23 years 7.94 years Weighted-average discount rate - operating leases 4.83 % 4.89 % As of August 31, 2020, maturities of the Company's lease liabilities were as follows (in thousands): Fiscal year: 2021 (remaining 6 months) $ 4,284 2022 8,325 2023 7,830 2024 6,959 2025 6,086 Thereafter 16,071 Total lease payments 49,555 Less imputed interest (8,408) Total $ 41,147

Income Taxes

Income Taxes	6 Months Ended
	Aug. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures include deferring the due dates of tax payments and other changes to their income and non-income-based tax laws as well as providing direct government assistance through grants and forgivable loans. The CARES Act, which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. With respect to the CARES Act, the Company currently expects to benefit from the deferral of certain payroll taxes through the end of calendar year 2020 and the technical correction with respect to qualified improvement property. The Company continues to monitor U.S. and international governmental mandates and programs for applicability to the Company. The provision (benefit) for income taxes reflects an effective tax rate of 6.2% and 54.9% for the three and six months ended August 31, 2020, respectively, as compared to 13.4% and 18.0% for the respective prior year comparable periods. The decreases and increases respectively in the effective tax rates are primarily attributable to the restructuring charges impact on book income, losses in foreign jurisdictions for which the Company does not anticipate being able to recognize the benefit and additional uncertain tax positions that were recorded in the first quarter of fiscal year 2021 related to research and development tax credits.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Aug. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-based Compensation	Share-based Compensation The Company has two share-based compensation plans, the 2014 Long Term Incentive Plan (the "2014 Plan") and the Amended and Restated 2005 Long Term Incentive Plan (the “2005 Plan”). The 2014 Plan provides for broad-based equity grants to employees, including executive officers, and members of the board of directors and permits the granting of restricted shares, restricted stock units, performance awards, stock appreciation rights and other stock-based awards. The maximum number of shares that may be issued under the 2014 Plan is 1.5 million shares and, as of August 31, 2020, the Company had approximately 1.2 million shares reserved for future issuance under this plan. The 2005 Plan permitted the granting of stock appreciation rights and other equity-based awards to certain employees. This plan was terminated upon the effective date of the 2014 Plan and no future grants may be made under the 2005 Plan. There were stock appreciation rights granted under the 2005 Plan prior to its termination that remain outstanding, and if exercised, such awards will be settled from the balance of shares available for issuance under the 2005 Plan. As of August 31, 2020, there were 0.1 million shares available for issuance under the 2005 Plan. The 2005 Plan will be formally retired when all remaining outstanding stock appreciation rights are exercised, forfeited or expire. All outstanding stock appreciation rights will expire on or before March 1, 2021. Restricted Stock Unit Awards Restricted stock unit ("RSU") awards are valued at the market price of our common stock on the grant date. Awards generally vest ratably over a period of three years but these awards may vest earlier in accordance with the Plan’s vesting provisions. RSU awards have dividend equivalent rights (“DERs”), which entitle holders of RSUs to the same dividend value per share as holders of common stock. DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs. DERs are accumulated and paid when the underlying awards vest. A summary of the Company’s non-vested restricted stock unit award activity (including DERs) for the six month period ended August 31, 2020 is as follows: Restricted Weighted Average Outstanding at beginning of period 194,946 $ 44.34 Granted 129,620 28.61 Vested (63,621) 45.95 Forfeited (22,492) 37.24 Outstanding at end of period 238,453 $ 35.94 Performance Share Unit Awards The Company grants performance share unit ("PSU") awards to certain employees, which also include DERs as described above. These PSU awards have a three year performance cycle and will vest on the third anniversary of the grant date subject to various vesting conditions. Certain PSU awards have vesting conditions based on the Company’s degree of achievement of a target annual average adjusted return on assets during these three year periods relative to the performance of a predetermined group of peer companies. In addition, these PSU awards may have vesting conditions or certain vesting multipliers, which are based on the Company’s total shareholder return ("TSR) during such three years in comparison to a defined specific industry peer group. For fiscal 2021, the Company's annual PSU awards are subject to the Company's TSR relative to its proxy peer group and will not be subject to any multiplier. The Company estimates the grant date value of PSU awards using a Monte Carlo simulation model on the date of grant. A summary of the Company’ non-vested performance share unit award activity (including DERs) for the six month period ended August 31, 2020 is as follows: Performance Weighted Average Outstanding at the beginning of the period 109,936 $ 47.75 Granted 69,955 33.22 Vested — — Forfeited (36,307) 54.00 Outstanding at the end of the period 143,584 $ 39.09 The PSU awards in the table above are presented at the face value of the respective grants. However, the PSU awards prior to fiscal 2021 that may ultimately vest can vary in a range 0% to 250%, and 0% to 200% thereafter, of the face amount of such awards depending on the outcome of the performance or market vesting conditions. Stock Appreciation Rights Stock appreciation rights ('SARs") were granted with an exercise price equal to the market value of our common stock on the date of grant. These awards generally have a contractual term of 7 years and generally vest ratably over a period of three years from the date of grant although some may vest immediately on issuance. These awards are valued using the Black-Scholes option-pricing model. A summary of the Company’s SARs activity for the six month period ended August 31, 2020 is as follows: SARs Weighted Average Outstanding at beginning of period 94,826 $ 44.58 Granted — — Exercised — — Forfeited (2,539) 44.69 Outstanding at end of the period 92,287 $ 44.58 Exercisable at the ending of the period 92,287 $ 44.58 The average remaining contractual term for SARs outstanding and SARs that were exercisable as of August 31, 2020 was 0.38 years and such awards had no intrinsic value. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan ("ESPP"), which allows employees of the Company to purchase common stock of the Company through accumulated payroll deductions. Offerings under the ESPP have a duration of 24 months (the "offering period") and commence on each January 1 and July 1, and ending on June 30 and December 31, respectively. On the first day of an offering period (the “enrollment date”) the participant is granted the option to purchase shares on each exercise date at the lower of 85% of the market value of a share of the Company's common stock on the enrollment date or the exercise date. The participant’s right to purchase common stock under the plan is restricted to no more than $25,000 per calendar year and the participant may not purchase more than 5,000 shares during any offering period. Participants may terminate their interest in a given offering or a given exercise period by withdrawing all of their accumulated payroll deductions at any time prior to the end of the offering period. The fair value of the estimated number of shares to be issued under each offering is determined using the Black-Scholes option-pricing model. The Company issued 58,080 and 51,438 shares from the ESPP during the six month period ended August 31, 2020 and 2019, respectively. Share-based Compensation Expense Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows (in thousands): Six Months Ended August 31, 2020 2019 Compensation expense $ 4,083 $ 3,086 Income tax benefits $ 453 $ 648 Unrecognized compensation cost related to the Company's employee equity grants at August 31, 2020 totals $10.9 million and is expected to be recognized over a period of 1.63 years.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible AssetsGoodwill is evaluated for impairment on at least an annual basis, or more frequently if indicators of impairment exist. The impairment tests are based on Level 3 fair value inputs. Fair value is an exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2, or 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are input other than quoted prices included with level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 are inputs that are not observable in the market. During the second quarter of 2021, the Company continued to execute its strategy to divest of non-core businesses, which began in the last quarter of 2020 with the planned exit of most of our business serving customers in the nuclear power businesses. We closed certain transactions in the second quarter of 2021 and we classified other businesses as held-for-sale in the accompanying consolidated balance sheet. In connection with the divestitures, we allocated goodwill to the businesses disposed of or held for sale based on the relative fair value of those businesses compared with the fair value of the reporting unit where goodwill was recorded. The determination of the amount of goodwill to allocate to the disposal group as opposed to the ongoing operations required significant management judgment regarding future cash flows, discount rates and other market relevant data. In addition, we performed goodwill impairment tests for those reporting units following the allocation of goodwill to the divested or held for sale businesses. No goodwill impairment charges have been recorded during fiscal 2021. The changes in the carrying amounts of goodwill by reportable segment as of August 31, 2020 and February 29, 2020 are as follows: Metal Coatings Infrastructure Solutions Total Balance as of February 29, 2020 $ 157,048 $ 199,177 $ 356,225 Allocated to Galvabar (1,132) — (1,132) Allocated to disposal group — (3,955) (3,955) Foreign currency translation adjustment 617 — 617 Balance as of August 31, 2020 $ 156,533 $ 195,222 $ 351,755

Restructuring and Impairment Ch

Restructuring and Impairment Charges	6 Months Ended
	Aug. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Impairment Charges	Restructuring and Impairment Charges As described in Note 10, the Company has been executing a plan to divest certain non-core businesses in the last half of 2020. In the second quarter of 2021, the Company closed on the sale of its Galvabar business within the Metal Coatings segment and the board of directors approved a plan to divest certain other businesses within the Company. We recorded a loss on the sale of our Galvabar business of $1.2 million. The businesses we expect to sell are two businesses in our Infrastructure Solutions segment and two non-operating locations in our Metal Coatings segment. The assets and liabilities of the businesses expected to be disposed of within the next twelve months are classified as held-for-sale in the accompanying consolidated balance sheet. In addition, we expect to close a small number of Metal Coatings locations that were in underperforming and lower growth geographies. In the second quarter of 2021, we recorded certain earnings charges related to our restructuring activities, which are summarized in the table below: Metal Coatings Infrastructure Solutions Total Write down on assets held for sale to estimated sales price $ 3,161 $ 4,100 $ 7,261 Write down of assets expected to be abandoned 6,965 — 6,965 Loss on sale of subsidiary 1,198 — 1,198 Write down of excess inventory — 2,511 2,511 Costs associated with assets held for sale — 758 758 Total charges $ 11,324 $ 7,369 $ 18,693 Assets Held for Sale The strategic decision to divest of these businesses reflects the Company's longer term strategy to focus on core businesses within its Metal Coatings and Infrastructure Solutions segments. The historical annual sales, operating profit and net assets of these businesses were not significant enough to qualify as discontinued operations. Assets and liabilities allocated to the disposal group are as follows: Assets Accounts receivable $ 5,917 Inventories 2,882 Contract assets 4,140 Other current assets 141 Property, plant and equipment 5,562 Other assets 1,580 Goodwill 3,955 Liabilities Accounts payable 1,289 Contract liabilities 1,861 Other accrued liabilities 1,593 Lease liability – long term 1,354 Total carrying value $ 18,080 Less: Impairment of carrying value 7,261 Fair value of disposal group $ 10,819 Infrastructure Solutions Segment In the second quarter of fiscal year 2021, as a result of the continued market pressures in the oil and gas services market, the Company undertook an evaluation of inventory within the tubular products business. As a result of the evaluation, the Company determined certain inventories to be in excess of their net realizable value, and recorded an inventory write down of $2.5 million to record the inventory at its current fair value. Metal Coatings Segment In the second quarter of fiscal year 2021, the Company approved a plan to close certain locations within the Metal Coatings segment in future periods. Management performed an analysis of the assets at each location expected to be closed. For assets that will not be transferred to another location for use in operations, management wrote the assets down to reflect a shortened useful life and lower value to the Company The Company recognized the following charges to income from operations related to locations expected to be closed: Three Months Ended August 31, Six months ended August 31, 2020 2019 2020 2019 (in thousands) Inventory write down $ 336 $ — $ 336 $ — Property & equipment write downs 2,999 — 2,999 — Intangible write down 3,258 — 3,258 — Other 372 372 Total $ 6,965 $ — $ 6,965 $ —

Subsequent Events

Subsequent Events	6 Months Ended
	Aug. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event The Company, on October 9, 2020, completed a private placement transaction whereby the Company borrowed $150.0 million of senior unsecured notes (the “Notes”) consisting of two separate tranches: • 7-year borrowing: $70.0 million priced at 2.77% coupon, and • 12-year borrowing: $80.0 million priced at 3.17% coupon. three four

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Aug. 31, 2020
Accounting Policies [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation AZZ Inc. (“AZZ”, the “Company”, "our" or “we”) was established in 1956 and incorporated under the laws of the state of Texas. The Company is a global provider of metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution, refining and industrial markets. The Company has two distinct operating segments: the Metal Coatings segment and the Infrastructure Solutions segment (previously referred to as the Company's Energy segment). AZZ Metal Coatings provides hot dip galvanizing, powder coating, anodizing and plating, and other metal coating applications to the steel fabrication and other industries through facilities located throughout the United States and Canada. AZZ Infrastructure Solutions is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide. Presentation The accompanying condensed consolidated balance sheet as of February 29, 2020, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2020, included in the Company’s Annual Report on Form 10-K covering such period. Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ending February 28, 2021 is referred to as fiscal 2021. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are necessary to present fairly the financial position of the Company as of August 31, 2020, the results of its operations for the three and six months ended August 31, 2020 and 2019, and cash flows for the six months ended August 31, 2020 and 2019. These interim results are not necessarily indicative of results for a full year. Coronavirus (COVID-19) In March 2020, the World Health Organization declared the viral strain of coronavirus ("COVID-19") a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 and the resulting economic contraction has resulted in increased business uncertainty. The Company was impacted by the inability for our Infrastructure Solutions Industrial Platform to access certain customer sites to perform services, temporary slow-downs in order placements in the Infrastructure Solutions Electrical Platform, and costs associated with maintaining safe operations across our entire business. The Company was able to remain open during the entirety of the pandemic to service our customers. The consequences of a prolonged economic decline could include, but are not limited to, reduced sales, increased instances of uncollectible customer receivables, and increased asset impairments in future periods. Accordingly, the Company cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact its consolidated balance sheet, statements of operations or statements of cash flows for fiscal year 2021.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument s (“ASU 2016-13”), which modifies the measurement of expected credit losses of certain financial instruments, including the Company's accounts receivable and contract assets. The Company adopted ASU 2016-13 in the first quarter of its fiscal 2021 utilizing the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), which aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software, in Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. This standard is intended to simplify the accounting and disclosure requirements for income taxes by eliminating various exceptions in accounting for income taxes as well as clarifying and amending existing guidance to improve consistency in the application of ASC 740. The standard will be effective for the Company in the first quarter of its fiscal 2022 and early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Aug. 31, 2020
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Numerator: Net income (loss) for basic and diluted earnings per common share $ (1,790) $ 15,558 $ 3,751 $ 36,842 Denominator: Denominator for basic earnings per common share–weighted average shares 26,175 26,197 26,166 26,161 Effect of dilutive securities: Employee and director equity awards — 75 32 72 Denominator for diluted earnings per common share 26,175 26,272 26,198 26,233 Earnings per share basic and diluted: Basic income (loss) per common share $ (0.07) $ 0.59 $ 0.14 $ 1.41 Diluted income (loss) per common share $ (0.07) $ 0.59 $ 0.14 $ 1.40

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Aug. 31, 2020
Revenues [Abstract]
Disaggregation of Revenue	Disaggregated Sales The following table presents disaggregated sales by customer industry (in thousands): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Sales: Industrial $ 67,112 $ 139,352 $ 197,220 $ 304,152 Transmission and distribution 97,619 56,686 146,676 128,967 Power generation 38,641 40,152 72,768 92,194 Total sales $ 203,372 $ 236,190 $ 416,664 $ 525,313
Contract with Customer, Asset and Liability	Contract Liabilities The following table shows the changes in contract liabilities for the six months ended August 31, 2020 and 2019, respectively (in thousands): August 31, 2020 August 31, 2019 Balance at beginning of period $ 18,418 $ 56,928 Contract liabilities added during the period 2,738 18,234 Sales recognized during the period (7,400) (51,504) Balance at end of period $ 13,756 $ 23,658

Segments (Tables)

Segments (Tables)	6 Months Ended
	Aug. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Sales and operating income (loss) by segment for each period were as follows (in thousands): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Sales: Metal Coatings $ 117,037 $ 124,843 $ 236,027 $ 246,997 Infrastructure Solutions 86,335 111,347 180,637 278,316 Total sales $ 203,372 $ 236,190 $ 416,664 $ 525,313 Operating income (loss): Metal Coatings $ 15,600 $ 28,673 $ 40,684 $ 58,065 Infrastructure Solutions (4,310) 4,239 (5,358) 16,810 Corporate (10,638) (10,705) (20,357) (21,694) Total operating income $ 652 $ 22,207 $ 14,969 $ 53,181
Reconciliation of Assets from Segment to Consolidated	Asset balances by segment for each period were as follows (in thousands): August 31, 2020 February 29, 2020 Total assets: Metal Coatings $ 474,011 $ 504,632 Infrastructure Solutions 502,170 548,032 Corporate 23,771 21,167 Total $ 999,952 $ 1,073,831
Revenue from External Customers by Geographic Areas	The following table presents sales by geographic region for each period (in thousands): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Sales: United States $ 170,651 $ 210,668 $ 359,733 $ 441,005 International 32,721 25,522 56,931 84,308 Total $ 203,372 $ 236,190 $ 416,664 $ 525,313
Long-lived Assets by Geographic Areas	The following table presents fixed assets by geographic region for each period (in thousands): August 31, 2020 February 29, 2020 Property, plant and equipment, net: United States $ 178,485 $ 190,365 Canada 16,117 16,385 Other countries 5,818 6,354 Total $ 200,420 $ 213,104

Warranty Reserves (Tables)

Warranty Reserves (Tables)	6 Months Ended
	Aug. 31, 2020
Product Warranties Disclosures [Abstract]
Changes in the warranty reserves	The following table shows the changes in the warranty reserves for the six month period ended August 31, 2020 (in thousands): Beginning of period $ 3,702 Warranty costs incurred (889) Transfers to liabilities held for sale (552) Additions charged to income 760 End of period $ 3,021

Debt (Tables)

Debt (Tables)	6 Months Ended
	Aug. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following for each of the periods presented (in thousands): August 31, 2020 February 29, 2020 2017 Revolving Credit Facility $ 47,000 $ 78,000 2011 Senior Notes 125,000 125,000 Total debt, gross 172,000 203,000 Unamortized debt issuance costs (55) (122) Total debt, net 171,945 202,878 Less amount due within one year (125,000) (125,000) Debt due after one year, net $ 46,945 $ 77,878

Leases (Tables)

Leases (Tables)	6 Months Ended
	Aug. 31, 2020
Leases [Abstract]
Lease, Cost	Supplemental information related to the Company's portfolio of operating leases was as follows (in thousands, except years and percentages): Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Operating lease cost $ 3,698 $ 4,648 $ 8,168 $ 8,914 Operating cash flows from operating leases included in lease liabilities 2,216 2,131 4,335 4,406 ROU assets obtained in exchange for new operating lease liabilities 1,324 643 1,528 3,149 August 31, 2020 February 29, 2020 Weighted-average remaining lease term - operating leases 7.23 years 7.94 years Weighted-average discount rate - operating leases 4.83 % 4.89 %
Lessee, Operating Lease, Liability, Maturity	As of August 31, 2020, maturities of the Company's lease liabilities were as follows (in thousands): Fiscal year: 2021 (remaining 6 months) $ 4,284 2022 8,325 2023 7,830 2024 6,959 2025 6,086 Thereafter 16,071 Total lease payments 49,555 Less imputed interest (8,408) Total $ 41,147

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Aug. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Restricted Stock Unit Awards Non-Vested	A summary of the Company’s non-vested restricted stock unit award activity (including DERs) for the six month period ended August 31, 2020 is as follows: Restricted Weighted Average Outstanding at beginning of period 194,946 $ 44.34 Granted 129,620 28.61 Vested (63,621) 45.95 Forfeited (22,492) 37.24 Outstanding at end of period 238,453 $ 35.94
Share-based Compensation, Performance Shares Award Unvested Activity	A summary of the Company’ non-vested performance share unit award activity (including DERs) for the six month period ended August 31, 2020 is as follows: Performance Weighted Average Outstanding at the beginning of the period 109,936 $ 47.75 Granted 69,955 33.22 Vested — — Forfeited (36,307) 54.00 Outstanding at the end of the period 143,584 $ 39.09
Stock Appreciation Rights and Option Awards	A summary of the Company’s SARs activity for the six month period ended August 31, 2020 is as follows: SARs Weighted Average Outstanding at beginning of period 94,826 $ 44.58 Granted — — Exercised — — Forfeited (2,539) 44.69 Outstanding at end of the period 92,287 $ 44.58 Exercisable at the ending of the period 92,287 $ 44.58
Share-based compensation expense and related income tax	Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows (in thousands): Six Months Ended August 31, 2020 2019 Compensation expense $ 4,083 $ 3,086 Income tax benefits $ 453 $ 648

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other (Tables)	6 Months Ended
	Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amounts of goodwill by reportable segment as of August 31, 2020 and February 29, 2020 are as follows: Metal Coatings Infrastructure Solutions Total Balance as of February 29, 2020 $ 157,048 $ 199,177 $ 356,225 Allocated to Galvabar (1,132) — (1,132) Allocated to disposal group — (3,955) (3,955) Foreign currency translation adjustment 617 — 617 Balance as of August 31, 2020 $ 156,533 $ 195,222 $ 351,755

Restructuring and Related Activ

Restructuring and Related Activities (Tables)	6 Months Ended
	Aug. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	In the second quarter of 2021, we recorded certain earnings charges related to our restructuring activities, which are summarized in the table below: Metal Coatings Infrastructure Solutions Total Write down on assets held for sale to estimated sales price $ 3,161 $ 4,100 $ 7,261 Write down of assets expected to be abandoned 6,965 — 6,965 Loss on sale of subsidiary 1,198 — 1,198 Write down of excess inventory — 2,511 2,511 Costs associated with assets held for sale — 758 758 Total charges $ 11,324 $ 7,369 $ 18,693 The Company recognized the following charges to income from operations related to locations expected to be closed: Three Months Ended August 31, Six months ended August 31, 2020 2019 2020 2019 (in thousands) Inventory write down $ 336 $ — $ 336 $ — Property & equipment write downs 2,999 — 2,999 — Intangible write down 3,258 — 3,258 — Other 372 372 Total $ 6,965 $ — $ 6,965 $ —
Disposal Groups, Including Discontinued Operations	Assets and liabilities allocated to the disposal group are as follows: Assets Accounts receivable $ 5,917 Inventories 2,882 Contract assets 4,140 Other current assets 141 Property, plant and equipment 5,562 Other assets 1,580 Goodwill 3,955 Liabilities Accounts payable 1,289 Contract liabilities 1,861 Other accrued liabilities 1,593 Lease liability – long term 1,354 Total carrying value $ 18,080 Less: Impairment of carrying value 7,261 Fair value of disposal group $ 10,819

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 31, 2020	May 31, 2020	Aug. 31, 2019	May 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Numerator:
Net income for basic and diluted earnings per common share	$ (1,790)	$ 5,541	$ 15,558	$ 21,284	$ 3,751	$ 36,842
Denominator:
Denominator for basic earnings per common share-weighted average shares (shares)	26,175		26,197		26,166	26,161
Effect of dilutive securities:
Employee and Director stock awards (shares)	0		75		32	72
Denominator for diluted earnings per common share (shares)	26,175		26,272		26,198	26,233
Earnings per share basic and diluted:
Basic earnings per Common share (usd per share)	$ (0.07)		$ 0.59		$ 0.14	$ 1.41
Diluted earnings per common share (usd per share)	$ (0.07)		$ 0.59		$ 0.14	$ 1.40

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Aug. 31, 2020shares
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	28,319
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,863

Revenues Disaggregated Revenues

Revenues Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 203,372	$ 236,190	$ 416,664	$ 525,313
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenues	67,112	139,352	197,220	304,152
Transmission and Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenues	97,619	56,686	146,676	128,967
Power Generation [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 38,641	$ 40,152	$ 72,768	$ 92,194

Revenues Contract Liability (De

Revenues Contract Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Movement In Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 18,418	$ 56,928
Contract liabilities added during the period	2,738	18,234
Sales recognized during the period	(7,400)	(51,504)
Balance at end of period	$ 13,756	$ 23,658

Revenues Future Revenues (Detai

Revenues Future Revenues (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Feb. 29, 2020	Aug. 31, 2019	Feb. 28, 2019
Revenues [Abstract]
Contract liabilities	$ 13,756	$ 18,418	$ 23,658	$ 56,928
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-09-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5,900
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5,500
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2,200
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 200
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Segments (Details)

Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Feb. 29, 2020
Operations and assets by segment
Revenues	$ 203,372	$ 236,190	$ 416,664	$ 525,313
Operating income (loss):	652	22,207	14,969	53,181
Total assets:	999,952		999,952		$ 1,073,831
Property, plant and equipment, net	200,420		200,420		213,104
United States
Operations and assets by segment
Revenues	170,651	210,668	359,733	441,005
Property, plant and equipment, net	178,485		178,485		190,365
International
Operations and assets by segment
Revenues	32,721	25,522	56,931	84,308
Canada
Operations and assets by segment
Property, plant and equipment, net	16,117		16,117		16,385
Other countries
Operations and assets by segment
Property, plant and equipment, net	5,818		5,818		6,354
Corporate
Operations and assets by segment
Operating income (loss):	(10,638)	(10,705)	(20,357)	(21,694)
Total assets:	23,771		23,771		21,167
Metal Coatings | Operating Segments
Operations and assets by segment
Revenues	117,037	124,843	236,027	246,997
Operating income (loss):	15,600	28,673	40,684	58,065
Total assets:	474,011		474,011		504,632
Infrastructure Solutions | Operating Segments
Operations and assets by segment
Revenues	86,335	111,347	180,637	278,316
Operating income (loss):	(4,310)	$ 4,239	(5,358)	$ 16,810
Total assets:	$ 502,170		$ 502,170		$ 548,032

Warranty Reserves (Details)

Warranty Reserves (Details) $ in Thousands	6 Months Ended
	Aug. 31, 2020USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Opening Balance	$ 3,702
Warranty costs incurred	(889)
Transfers to liabilities held for sale	(552)
Additions charged to income	760
Closing Balance	$ 3,021

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Feb. 29, 2020
Debt Instrument [Line Items]
Total debt, gross	$ 172,000	$ 203,000
Unamortized debt issuance costs	(55)	(122)
Long-term Debt	171,945	202,878
Debt due within one year	(125,000)	(125,000)
Debt due after one year, net	46,945	77,878
Senior Notes [Member] | Unsecured Senior Notes Due January 2021 [Member]
Debt Instrument [Line Items]
Total debt, gross	125,000	125,000
Line of Credit [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Total debt, gross	$ 47,000	$ 78,000

Leases Lease Information (Detai

Leases Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Feb. 29, 2020
Leases [Abstract]
Operating lease cost	$ 3,698	$ 4,648	$ 8,168	$ 8,914
Operating cash flows from operating leases included in lease liabilities	2,216	2,131	4,335	4,406
ROU assets obtained in exchange for new operating lease liabilities	$ 1,324	$ 643	$ 1,528	$ 3,149
Weighted-average remaining lease term - operating leases	7 years 2 months 23 days		7 years 2 months 23 days		7 years 11 months 8 days
Weighted-average discount rate - operating leases	4.83%		4.83%		4.89%

Leases Lease Maturities (Detail

Leases Lease Maturities (Details) $ in Thousands	Aug. 31, 2020USD ($)
Maturities [Abstract]
2021 (remaining 6 months)	$ 4,284
2022	8,325
2023	7,830
2024	6,959
2025	6,086
Thereafter	16,071
Total lease payments	49,555
Less imputed interest	(8,408)
Total	$ 41,147

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	6.20%	13.40%	54.90%	18.00%

Stock-based Compensation - Summ

Stock-based Compensation - Summary of the non-vested restricted stock unit award and non-vested performance share unit award activity (Details)	6 Months Ended
	Aug. 31, 2020$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period | shares	194,946
Granted (shares) | shares	129,620
Vested (shares) | shares	(63,621)
Forfeited (shares) | shares	(22,492)
Outstanding at end of period | shares	238,453
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period | $ / shares	$ 44.34
Granted, Weighted Average Grant Date Fair Value (usd per share) | $ / shares	28.61
Vested, Weighted Average Grant Date Fair Value (usd per share) | $ / shares	45.95
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $ / shares	37.24
Outstanding at end of period | $ / shares	$ 35.94
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period | shares	109,936
Granted (shares) | shares	69,955
Vested (shares) | shares	0
Forfeited (shares) | shares	(36,307)
Outstanding at end of period | shares	143,584
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period | $ / shares	$ 47.75
Granted, Weighted Average Grant Date Fair Value (usd per share) | $ / shares	33.22
Vested, Weighted Average Grant Date Fair Value (usd per share) | $ / shares	0
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $ / shares	54
Outstanding at end of period | $ / shares	$ 39.09

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of the Company’s SARs activity (Details) - Stock Appreciation Rights (SARs) [Member]	6 Months Ended
	Aug. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares) | shares	94,826
Granted (shares) | shares	0
Exercised (shares) | shares	0
Forfeited (shares) | shares	(2,539)
Outstanding at end of the period (in shares) | shares	92,287
Exercisable at the ending of the period | shares	92,287
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period (usd per share) | $ / shares	$ 44.58
Granted, Weighted Average Exercise Price (usd per share) | $ / shares	0
Exercised, Weighted Average Exercise Price (usd per share) | $ / shares	0
Forfeited, Weighted Average Exercise Price (usd per share) | $ / shares	44.69
Outstanding at end of the period (usd per share) | $ / shares	44.58
Exercisable at the ending of the period | $ / shares	$ 44.58

Stock-based Compensation - Shar

Stock-based Compensation - Share-based compensation expense and related income tax benefits (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Share based compensation expense and related income tax benefits
Compensation expense	$ 4,083	$ 3,086
Income tax benefits	$ 453	$ 648

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)	6 Months Ended
	Aug. 31, 2020USD ($)share_based_compensation_planshares	Aug. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans | share_based_compensation_plan	2
Unrecognized compensation cost | $	$ 10,900,000
Unrecognized compensation cost, period for recognition	1 year 7 months 17 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratably term	3 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratably term	3 years
Performance Shares [Member] | Minimum [Member] | Initial Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	0.00%
Performance Shares [Member] | Minimum [Member] | Vesting Period Thereafter [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	0.00%
Performance Shares [Member] | Maximum [Member] | Initial Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	250.00%
Performance Shares [Member] | Maximum [Member] | Vesting Period Thereafter [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	200.00%
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratably term	3 years
Contractual term of awards	7 years
Weighted average remaining contractual term of options, exercisable	4 months 17 days
Aggregate remaining intrinsic value | $	$ 0
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of offering under stock purchase plan	24 months
Granted option lower than	85.00%
Restricted common stock under plan | $	$ 25,000
Common stock purchased during period (shares)	5,000
Common stock issued under employee stock purchase plan (shares)	58,080	51,438
2014 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (shares)	1,500,000
Share for future issuance (shares)	1,200,000
2005 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (shares)	100,000

Intangible Assets, Goodwill a_2

Intangible Assets, Goodwill and Other (Details)	6 Months Ended
	Aug. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charges	$ 0

Goodwill and Intangible Assets

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Aug. 31, 2020USD ($)
Goodwill [Roll Forward]
Balance as of February 29, 2020	$ 356,225
Allocated to Galvabar	(1,132)
Allocated to disposal group	(3,955)
Foreign currency translation adjustment	617
Balance as of August 31, 2020	351,755
Metal Coatings | Operating Segments
Goodwill [Roll Forward]
Balance as of February 29, 2020	157,048
Allocated to Galvabar	(1,132)
Allocated to disposal group	0
Foreign currency translation adjustment	617
Balance as of August 31, 2020	156,533
Infrastructure Solutions | Operating Segments
Goodwill [Roll Forward]
Balance as of February 29, 2020	199,177
Allocated to Galvabar	0
Allocated to disposal group	(3,955)
Foreign currency translation adjustment	0
Balance as of August 31, 2020	$ 195,222

Restructuring and Related Act_2

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Restructuring Cost and Reserve [Line Items]
Loss on disposal of business	$ 1,198	$ 0
Write down of excess inventory	2,511
Galvabar [Member]
Restructuring Cost and Reserve [Line Items]
Loss on disposal of business	$ 1,200

Restructuring and Impairment _2

Restructuring and Impairment Charges - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring and impairment charges	$ 18,693	$ 0	$ 18,693	$ 0
Restructuring Cost and Reserve [Line Items]
Write down on assets held for sale to estimated sales price			7,261
Write down of assets expected to be abandoned			6,965
Loss on disposal of business			1,198	0
Write down of excess inventory			2,511
Costs associated with assets held for sale			758
Total charges	18,693	0	18,693	0
Metal Coatings
Restructuring Cost and Reserve [Line Items]
Write down on assets held for sale to estimated sales price	2,999	0	2,999	0
Write down of excess inventory	$ 336	$ 0	336	$ 0
Metal Coatings | Operating Segments
Restructuring and Related Activities [Abstract]
Restructuring and impairment charges			11,324
Restructuring Cost and Reserve [Line Items]
Write down on assets held for sale to estimated sales price			3,161
Write down of assets expected to be abandoned			6,965
Loss on disposal of business			1,198
Write down of excess inventory			0
Costs associated with assets held for sale			0
Total charges			11,324
Infrastructure Solutions | Operating Segments
Restructuring and Related Activities [Abstract]
Restructuring and impairment charges			7,369
Restructuring Cost and Reserve [Line Items]
Write down on assets held for sale to estimated sales price			4,100
Write down of assets expected to be abandoned			0
Loss on disposal of business			0
Write down of excess inventory			2,511
Costs associated with assets held for sale			758
Total charges			$ 7,369

Restructuring and Impairment _3

Restructuring and Impairment Charges - Schedule of Assets Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Thousands	6 Months Ended
	Aug. 31, 2020USD ($)
Assets
Accounts receivable	$ 5,917
Inventories	2,882
Contract assets	4,140
Other current assets	141
Property, plant and equipment	5,562
Other assets	1,580
Goodwill	3,955
Liabilities
Accounts payable	1,289
Contract liabilities	1,861
Other accrued liabilities	1,593
Lease liability – long term	1,354
Total carrying value	18,080
Less: Impairment of carrying value	7,261
Fair value of disposal group	$ 10,819

Restructuring and Impairment _4

Restructuring and Impairment Charges - Metal Coatings Segment Closing Of Certain Locations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Restructuring Cost and Reserve [Line Items]
Write down of excess inventory			$ 2,511
Write down on assets held for sale to estimated sales price			7,261
Metal Coatings
Restructuring Cost and Reserve [Line Items]
Write down of excess inventory	$ 336	$ 0	336	$ 0
Write down on assets held for sale to estimated sales price	2,999	0	2,999	0
Intangible write down	3,258	0	3,258	0
Other	372		372
Asset impairment charges	$ 6,965	$ 0	$ 6,965	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 09, 2020	Aug. 31, 2020	Feb. 29, 2020
Subsequent Event [Line Items]
Total debt, gross		$ 172,000,000	$ 203,000,000
Senior Notes [Member] | Unsecured Senior Notes Due January 2021 [Member]
Subsequent Event [Line Items]
Interest rate stated percentage		5.42%
Total debt, gross		$ 125,000,000	$ 125,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Delayed funding free of charge, period	3 months
Delayed funding for basis points premium, period	4 months
Delayed funding premium	0.02%
Subsequent Event [Member] | Senior Notes [Member]
Subsequent Event [Line Items]
Debt instrument, face amount	$ 150,000,000
Subsequent Event [Member] | Senior Notes [Member] | 2.77% Coupon, 7 Year Senior Unsecured Notes [Member]
Subsequent Event [Line Items]
Debt instrument, face amount	$ 70,000,000
Debt instrument, term	7 years
Interest rate stated percentage	2.77%
Subsequent Event [Member] | Senior Notes [Member] | 3.17% Coupon, 12 Year Senior Unsecured Notes [Member]
Subsequent Event [Line Items]
Debt instrument, face amount	$ 80,000,000
Debt instrument, term	12 years
Interest rate stated percentage	3.17%