10-K
Annual Report
AZZ Inc.
AZZ
NYSE
CIK: 8947
File #: 1-12777
Balance Sheet
64 line items · 2 periods
XBRL
| Item | Feb 29, 2024 | Feb 28, 2023 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 4,349,000 | 2,820,000 |
Trade accounts receivable, net of allowance for credit losses of $2,347 and $5,752 at February 29, 2024 and February 28, 2023, respectively | 142,246,000 | 156,443,000 |
Equity Method Investee | — | 8,400,000 |
Other receivables | 15,599,000 | 26,969,000 |
Inventories | 117,656,000 | 143,920,000 |
Contract assets | 79,335,000 | 79,273,000 |
Prepaid expenses and other | 7,814,000 | 7,991,000 |
Total current assets | 366,999,000 | 417,416,000 |
AIS Joint Venture | 290,260,000 | — |
Property, plant and equipment, net | 541,652,000 | 498,503,000 |
United States | 522,693,000 | 478,722,000 |
Canada | 18,959,000 | 19,781,000 |
Right-of-use assets | 23,739,000 | 26,392,000 |
Goodwill | 705,468,000 | 702,512,000 |
Operating Segments - Metal Coatings | 177,675,000 | 177,696,000 |
Operating Segments - Precoat Metals | 527,793,000 | 524,816,000 |
Deferred tax assets | 5,606,000 | 12,467,000 |
Intangible assets, net | 445,435,000 | 469,392,000 |
AIS Joint Venture | 98,169,000 | 84,760,000 |
Other assets | 8,437,000 | 10,037,000 |
Total assets | 2,195,505,000 | 2,221,479,000 |
Operating Segments - Metal Coatings | 553,505,000 | 588,337,000 |
Operating Segments - Precoat Metals | 1,500,122,000 | 1,488,810,000 |
Operating Segments - Infrastructure Solutions | 98,169,000 | 84,760,000 |
Corporate | 43,709,000 | 59,572,000 |
AIS Joint Venture | 463,835,000 | — |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | 88,001,000 | 84,256,000 |
Income tax payable | 172,000 | 272,000 |
Accrued salaries and wages | 30,823,000 | 26,262,000 |
Other accrued liabilities | 68,651,000 | 70,047,000 |
Equity Method Investee | — | 6,300,000 |
Lease liability, short-term | 6,659,000 | 6,403,000 |
Total current liabilities | 194,306,000 | 187,240,000 |
AIS Joint Venture | 122,762,000 | — |
Long-term debt, net | 952,742,000 | 1,058,120,000 |
Lease liability, long-term | 17,827,000 | 20,704,000 |
Deferred tax liabilities | 38,567,000 | 40,536,000 |
Other long-term liabilities | 57,572,000 | 61,419,000 |
Total liabilities | 1,261,014,000 | 1,368,019,000 |
AIS Joint Venture | 251,820,000 | — |
Mezzanine equity: | ||
Series A Convertible Preferred Stock, $1 par, shares authorized 240; 240 shares issued and outstanding at February 29, 2024 and February 28, 2023, respectively; aggregate liquidation preference $312,520 and $326,920 at February 29, 2024 and February 28, 2023, respectively | 233,722,000 | 233,722,000 |
Revision of Prior Period, Error Correction, Adjustment | 233,700,000 | — |
Shareholders' Equity: | ||
Common Stock, $1 par value; 100,000 shares authorized; 25,102 and 24,912 shares issued and outstanding at February 29, 2024 and February 28, 2023, respectively | 25,102,000 | 24,912,000 |
Capital in excess of par value | 103,330,000 | 93,357,000 |
Retained earnings | 576,231,000 | 506,042,000 |
Accumulated other comprehensive loss | (3,894,000) | (4,573,000) |
Total shareholders’ equity | 700,769,000 | 619,738,000 |
Common Stock | 25,102,000 | 24,912,000 |
Capital in Excess of Par Value | 103,330,000 | 93,357,000 |
Retained Earnings | 576,231,000 | 506,042,000 |
Accumulated Other Comprehensive Income (Loss) | (3,894,000) | (4,573,000) |
Foreign Currency Translation Gain (Loss) | (7,628,000) | (7,571,000) |
Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax | 1,418,000 | 0 |
Net Actuarial Gain (Loss), Net of Tax | (184,000) | 119,000 |
Interest Rate Swap, Net of Tax | 2,533,000 | 2,879,000 |
Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary | (33,000) | 0 |
Total liabilities, mezzanine equity and shareholders' equity | 2,195,505,000 | 2,221,479,000 |
AIS Joint Venture | 463,835,000 | — |