Restructuring and Other Related Costs (Notes)

12 Months Ended

Feb. 29, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Restructuring and Impairment Charges

During fiscal year 2020, in conjunction with the divestiture of its nuclear logistics business, the Company decided to exit from the nuclear certified portion of its industrial welding solutions business within the Energy segment. The remaining industrial welding solutions business will continue. As a result of the exit, the Company incurred impairment charges of $9.2 million related to certain intangible assets and nuclear specific property, plant and equipment that are no longer being utilized. $2.0 million of the charge was recognized within costs of sales and the remaining $7.2 million was recognized within selling, general and administrative in the consolidated statement of income.

During fiscal year 2019, as part of the Company's ongoing efforts to eliminate redundancies in its Metal Coatings segment, the Company consolidated two galvanizing facilities located in the Gulf Coast region of the United States. As a result of the consolidation, the Company recognized restructuring and other related costs of $1.3 million in fiscal 2019, comprised of $0.8 million for fixed asset impairments and $0.5 million for employee severance and other disposal costs. All costs were recognized within cost of sales in the consolidated statement of income.

During fiscal year 2018, the Company recognized an impairment charge of $10.8 million within its Energy segment related to certain highly specialized welding equipment that was no longer being utilized due to lack of customer adoption of the advanced technology. All costs were classified within cost of sales.

As of February 29, 2020 and February 28, 2019, the Company had no restructuring liabilities outstanding.