Inventories

3 Months Ended

May 31, 2023

Inventory Disclosure [Abstract]

Inventories

4. Inventories

With the exception of approximately 6.8% and 6.1% of its inventories valued at the lower of last-in first-out ("LIFO") for the periods ended May 31, 2023 and February 28, 2023, respectively, the Company values its inventories at the lower of first-in, first-out ("FIFO") cost or net realizable value. The Company regularly reviews inventories on hand, using specific aging categories, and writes down the carrying value of its inventories for excess and potentially obsolete inventories based on historical usage and estimated future usage. In assessing the ultimate realization of its inventories, the Company is required to make judgments as to future demand requirements. As actual future demand or market conditions may vary from those projected by the Company, adjustments to inventories may be required. Reserves for excess and obsolete inventory at May 31, 2023 and fiscal year ended February 28, 2023 were $1.8 million and $1.6 million, respectively.

The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands):

	May 31,		February 28,
	2023		2023
Raw material	$	30,249	$	30,308
Work-in-process		5,970		6,174
Finished goods		11,829		10,352
	$	48,048	$	46,834