10-Q
Quarterly Report
AZZ Inc.
AZZ
NYSE
CIK: 8947
File #: 1-12777
Balance Sheet
59 line items · 2 periods
XBRL
| Item | Nov 30, 2023 | Feb 28, 2023 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 7,509,000 | 2,820,000 |
Accounts receivable, net of allowance for credit losses of $2,096 and $5,752 at February 28, 2023 and February 28, 2022, respectively | 142,463,000 | 156,443,000 |
Other receivables | 31,005,000 | 26,969,000 |
Inventories | 126,737,000 | 143,920,000 |
Contract assets | 75,719,000 | 79,273,000 |
Prepaid expenses and other | 9,295,000 | 7,991,000 |
Total current assets | 392,728,000 | 417,416,000 |
AIS Joint Venture | 273,535,000 | — |
Property, plant and equipment, net | 525,338,000 | 498,503,000 |
United States | 506,070,000 | 478,722,000 |
Canada | 19,268,000 | 19,781,000 |
Right-of-use assets | 22,830,000 | 26,392,000 |
Goodwill | 705,487,000 | 702,512,000 |
Deferred tax assets | 5,820,000 | 12,467,000 |
Intangibles and other assets, net | 451,289,000 | 469,392,000 |
Investment in joint venture | 97,200,000 | — |
AIS Joint Venture | 97,238,000 | 84,760,000 |
Other assets | 8,026,000 | 10,037,000 |
Total assets | 2,208,756,000 | 2,221,479,000 |
Operating Segments - Metal Coatings | 559,149,000 | 588,337,000 |
Operating Segments - Precoat Metals | 1,504,828,000 | 1,488,810,000 |
Operating Segments - Infrastructure Solutions | 97,238,000 | 84,760,000 |
Corporate | 47,541,000 | 59,572,000 |
AIS Joint Venture | 446,847,000 | — |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | 95,158,000 | 84,256,000 |
Equity Method Investee | 4,600,000 | 6,300,000 |
Income tax payable | 45,000 | 272,000 |
Accrued salaries and wages | 25,868,000 | 26,262,000 |
Other accrued liabilities | 72,476,000 | 70,047,000 |
Lease liability, short-term | 6,453,000 | 6,403,000 |
Total current liabilities | 200,000,000 | 187,240,000 |
AIS Joint Venture | 102,225,000 | — |
Long-term debt, net | 980,004,000 | 1,058,120,000 |
Lease liability, long-term | 17,112,000 | 20,704,000 |
Deferred tax liabilities | 33,370,000 | 40,536,000 |
Other long-term liabilities | 57,120,000 | 61,419,000 |
Total liabilities | 1,287,606,000 | 1,368,019,000 |
AIS Joint Venture | 234,400,000 | — |
Shareholders' Equity: | ||
Series A Preferred Stock | 240,000 | 240,000 |
Common Stock, $1 par value; 100,000 shares authorized; 25,077 and 24,912 shares issued and outstanding at November 30, 2023 and November 30, 2022, respectively | 25,077,000 | 24,912,000 |
Capital in excess of par value | 333,555,000 | 326,839,000 |
Retained earnings | 566,235,000 | 506,042,000 |
Accumulated other comprehensive loss | (3,957,000) | (4,573,000) |
Total shareholders’ equity | 921,150,000 | 853,460,000 |
Series A Preferred Stock - Preferred Stock | 240,000 | 240,000 |
Common Stock | 25,077,000 | 24,912,000 |
Capital in Excess of Par Value | 333,555,000 | 326,839,000 |
Retained Earnings | 566,235,000 | 506,042,000 |
Accumulated Other Comprehensive Loss | (3,957,000) | (4,573,000) |
Accumulated Foreign Currency Adjustment Attributable to Parent | (6,278,000) | (7,571,000) |
Accummulated Net Actuarial Gain (Loss), Net Of Tax Adjustment Attributable to Parent | 119,000 | 119,000 |
Accumulated Interest Rate Swap, Net of Tax Adjustment Attributable to Parent | 2,202,000 | 2,879,000 |
Total liabilities and shareholders' equity | 2,208,756,000 | 2,221,479,000 |
AIS Joint Venture | 446,847,000 | — |