10-Q
Quarterly Report
AZZ Inc.
AZZ
NYSE
CIK: 8947
File #: 1-12777
Balance Sheet
59 line items · 2 periods
XBRL
| Item | May 31, 2024 | Feb 29, 2024 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 10,546,000 | 4,349,000 |
Trade accounts receivable, net of allowance for credit losses of $2,322 and $2,347 at May 31, 2024 and February 29, 2024, respectively | 144,391,000 | 142,246,000 |
Other receivables | 17,403,000 | 15,599,000 |
Inventories | 113,988,000 | 117,656,000 |
Contract assets | 93,262,000 | 79,335,000 |
Prepaid expenses and other | 16,752,000 | 7,814,000 |
Total current assets | 396,342,000 | 366,999,000 |
AIS Joint Venture | 279,806,000 | — |
Property, plant and equipment, net | 555,355,000 | 541,652,000 |
United States | 536,857,000 | 522,693,000 |
Canada | 18,498,000 | 18,959,000 |
Right-of-use assets | 22,592,000 | 23,739,000 |
Goodwill | 705,204,000 | 705,468,000 |
Deferred tax assets | 5,594,000 | 5,606,000 |
Intangible assets, net | 439,558,000 | 445,435,000 |
AIS Joint Venture | 101,639,000 | 98,169,000 |
Other assets | 9,495,000 | 8,437,000 |
Total assets | 2,235,779,000 | 2,195,505,000 |
Operating Segments - Metal Coatings | 550,741,000 | 553,505,000 |
Operating Segments - Precoat Metals | 1,534,214,000 | 1,500,122,000 |
Operating Segments - Infrastructure Solutions | 101,639,000 | 98,169,000 |
Corporate | 49,185,000 | 43,709,000 |
AIS Joint Venture | 451,339,000 | — |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | 116,829,000 | 88,001,000 |
Income tax payable | 3,414,000 | 172,000 |
Accrued salaries and wages | 18,806,000 | 30,823,000 |
Other accrued liabilities | 78,258,000 | 68,651,000 |
Lease liability, short-term | 6,558,000 | 6,659,000 |
Total current liabilities | 223,865,000 | 194,306,000 |
AIS Joint Venture | 113,512,000 | — |
Long-term debt, net | 929,800,000 | 952,742,000 |
Lease liability, long-term | 16,801,000 | 17,827,000 |
Deferred tax liabilities | 42,033,000 | 38,567,000 |
Other long-term liabilities | 56,048,000 | 57,572,000 |
Total liabilities | 1,268,547,000 | 1,261,014,000 |
AIS Joint Venture | 240,137,000 | — |
Mezzanine equity: | ||
Series A Convertible Preferred Stock, $1 par, shares authorized 240; 240 shares issued and outstanding February 29, 2024; aggregate liquidation preference $312,520 at February 29, 2024 | 0 | 233,722,000 |
Shareholders' Equity: | ||
Common stock, $1 par value; 100,000 shares authorized; 29,814 and 25,102 shares issued and outstanding at May 31, 2024 and May 31, 2023, respectively | 29,814,000 | 25,102,000 |
Capital in excess of par value | 405,309,000 | 103,330,000 |
Retained earnings | 535,168,000 | 576,231,000 |
Accumulated other comprehensive loss | (3,059,000) | (3,894,000) |
Total shareholders’ equity | 967,232,000 | 700,769,000 |
Common Stock | 29,814,000 | 25,102,000 |
Capital in Excess of Par Value | 405,309,000 | 103,330,000 |
Retained Earnings | 535,168,000 | 576,231,000 |
Accumulated Other Comprehensive Income (Loss) | (3,059,000) | (3,894,000) |
Foreign Currency Translation Gain (Loss) | (8,053,000) | (7,628,000) |
Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax | 1,418,000 | 1,418,000 |
Net Actuarial Gain (Loss), Net of Tax | (184,000) | (184,000) |
Interest Rate Swap, Net of Tax | 3,652,000 | 2,533,000 |
Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary | 108,000 | (33,000) |
Total liabilities, mezzanine equity and shareholders' equity | 2,235,779,000 | 2,195,505,000 |
AIS Joint Venture | 451,339,000 | — |