10-Q
Quarterly Report
AZZ Inc.
AZZ
NYSE
CIK: 8947
File #: 1-12777
Balance Sheet
60 line items · 2 periods
XBRL
| Item | Nov 30, 2024 | Feb 29, 2024 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 1,484,000 | 4,349,000 |
Trade accounts receivable, net of allowance for credit losses of $(2,204) and $(2,347) at November 30, 2024 and February 29, 2024, respectively | 139,843,000 | 142,246,000 |
Other receivables | 28,499,000 | 15,599,000 |
Inventories | 114,701,000 | 117,656,000 |
Contract assets | 99,158,000 | 79,335,000 |
Prepaid expenses and other | 10,720,000 | 7,814,000 |
Total current assets | 394,405,000 | 366,999,000 |
AIS Joint Venture | 321,035,000 | — |
Property, plant and equipment, net | 580,178,000 | 541,652,000 |
United States | 561,326,000 | 522,693,000 |
Canada | 18,852,000 | 18,959,000 |
Right-of-use assets | 25,888,000 | 23,739,000 |
Goodwill | 704,569,000 | 705,468,000 |
Deferred tax assets | 5,563,000 | 5,606,000 |
Intangible assets, net | 427,812,000 | 445,435,000 |
AIS Joint Venture | 102,121,000 | 98,169,000 |
AIS Joint Venture - Discontinued Operations, Disposed of by Sale - AZZ Infrastructure Solutions | 102,100,000 | — |
Other assets | 4,014,000 | 8,437,000 |
Total assets | 2,244,550,000 | 2,195,505,000 |
Operating Segments - Metal Coatings | 551,379,000 | 553,505,000 |
Operating Segments - Precoat Metals | 1,559,262,000 | 1,500,122,000 |
Operating Segments - Infrastructure Solutions | 102,121,000 | 98,169,000 |
Corporate | 31,788,000 | 43,709,000 |
AIS Joint Venture | 501,036,000 | — |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | 97,798,000 | 88,001,000 |
Income tax payable | 2,723,000 | 172,000 |
Accrued salaries and wages | 34,286,000 | 30,823,000 |
Other accrued liabilities | 80,051,000 | 68,651,000 |
Lease liability, short-term | 7,434,000 | 6,659,000 |
Total current liabilities | 222,292,000 | 194,306,000 |
AIS Joint Venture | 166,201,000 | — |
Long-term debt, net | 879,548,000 | 952,742,000 |
Lease liability, long-term | 19,255,000 | 17,827,000 |
Deferred tax liabilities | 44,544,000 | 38,567,000 |
Other long-term liabilities | 49,323,000 | 57,572,000 |
Total liabilities | 1,214,962,000 | 1,261,014,000 |
AIS Joint Venture | 289,374,000 | — |
Mezzanine equity: | ||
Series A Convertible Preferred Stock, $1,000 par, shares authorized 100,000; 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; 29,877 and 25,102 shares issued and outstanding at November 30, 2024 and November 30, 2023, respectively | 29,877,000 | 25,102,000 |
Capital in excess of par value | 415,059,000 | 103,330,000 |
Retained earnings | 594,034,000 | 576,231,000 |
Accumulated other comprehensive loss | (9,382,000) | (3,894,000) |
Total shareholders’ equity | 1,029,588,000 | 700,769,000 |
Common Stock | 29,877,000 | 25,102,000 |
Capital in Excess of Par Value | 415,059,000 | 103,330,000 |
Retained Earnings | 594,034,000 | 576,231,000 |
Accumulated Other Comprehensive Income (Loss) | (9,382,000) | (3,894,000) |
Foreign Currency Translation Gain (Loss) | (9,132,000) | (7,628,000) |
Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax | 157,000 | 1,418,000 |
Net Actuarial Gain (Loss), Net of Tax | (184,000) | (184,000) |
Interest Rate Swap, Net of Tax | (149,000) | 2,533,000 |
Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary | (74,000) | (33,000) |
Total liabilities, mezzanine equity and shareholders' equity | 2,244,550,000 | 2,195,505,000 |
AIS Joint Venture | 501,036,000 | — |