Inventories

9 Months Ended

Nov. 30, 2020

Inventory Disclosure [Abstract]

Inventories

4. Inventories

With the exception of approximately 11.0% and 9.4% of its inventories valued at the lower of last-in, first-out (“LIFO”) for the periods ended November 30, 2020 and February 29, 2020, 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.

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

	November 30,		February 29,
	2020		2020
Raw material	$	19,659	$	20,267
Work-in-process		3,397		4,557
Finished goods		8,943		10,011
	$	31,999	$	34,835