Revenues (Notes)

3 Months Ended

May 31, 2020

Revenue from Contract with Customer [Text Block]

Revenues

Disaggregated Revenue

The following table presents disaggregated revenue by customer industry (in thousands):


	Three Months Ended May 31,
	2020		2019
Net sales:
Industrial - oil and gas, construction, and general	$	130,109	$	164,800
Transmission and distribution	49,057		72,281
Power generation	34,127		52,042
Total net sales	$	213,293	$	289,123

See Note 4 for revenue information by segment.

Contract Liabilities

The following table shows the changes in contract liabilities for the three months ended May 31, 2020 and 2019, respectively (in thousands):


	May 31, 2020		May 31, 2019
Balance at beginning of period	$	18,418	$	56,928
Contract liabilities added during the period	4,796		10,970
Revenue recognized during the period	(5,849)		(45,579)
Balance at end of period	$	17,365	$	22,319

The Company did not record any revenues for the three months ended May 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 three months ended May 31, 2020 and 2019 were due primarily to normal timing differences between the Company’s performance and customer payments. The acquisitions described in Note 10 had no impact on contract assets or liabilities as of the date of acquisitions.

The Company expects to recognize revenues of approximately $10.3 million, $4.6 million, $2.3 million and $0.2 million in fiscal 2021, 2022, 2023 and 2024, respectively, related to the $17.4 million balance of contract liabilities as of May 31, 2020.