10-Q
Quarterly Report
AZZ Inc.
AZZ
NYSE
CIK: 8947
File #: 1-12777
Balance Sheet
59 line items · 2 periods
XBRL
| Item | Aug 31, 2024 | Feb 29, 2024 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 2,152,000 | 4,349,000 |
Trade accounts receivable, net of allowance for credit losses of $(2,128) and $(2,347) at August 31, 2024 and February 29, 2024, respectively | 153,108,000 | 142,246,000 |
Other receivables | 22,804,000 | 15,599,000 |
Inventories | 115,249,000 | 117,656,000 |
Contract assets | 93,983,000 | 79,335,000 |
Prepaid expenses and other | 13,860,000 | 7,814,000 |
Total current assets | 401,156,000 | 366,999,000 |
AIS Joint Venture | 281,937,000 | — |
Property, plant and equipment, net | 569,732,000 | 541,652,000 |
United States | 550,761,000 | 522,693,000 |
Canada | 18,971,000 | 18,959,000 |
Right-of-use assets | 22,053,000 | 23,739,000 |
Goodwill | 705,724,000 | 705,468,000 |
Deferred tax assets | 5,616,000 | 5,606,000 |
Intangible assets, net | 433,929,000 | 445,435,000 |
AIS Joint Venture | 97,768,000 | 98,169,000 |
Other assets | 4,352,000 | 8,437,000 |
Total assets | 2,240,330,000 | 2,195,505,000 |
Operating Segments - Metal Coatings | 550,394,000 | 553,505,000 |
Operating Segments - Precoat Metals | 1,557,895,000 | 1,500,122,000 |
Operating Segments - Infrastructure Solutions | 97,768,000 | 98,169,000 |
Corporate | 34,273,000 | 43,709,000 |
AIS Joint Venture | 459,863,000 | — |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | 108,699,000 | 88,001,000 |
Income tax payable | 1,919,000 | 172,000 |
Accrued salaries and wages | 24,947,000 | 30,823,000 |
Other accrued liabilities | 74,991,000 | 68,651,000 |
Lease liability, short-term | 6,574,000 | 6,659,000 |
Total current liabilities | 217,130,000 | 194,306,000 |
AIS Joint Venture | 139,333,000 | — |
Long-term debt, net | 912,572,000 | 952,742,000 |
Lease liability, long-term | 16,263,000 | 17,827,000 |
Deferred tax liabilities | 42,261,000 | 38,567,000 |
Other long-term liabilities | 52,348,000 | 57,572,000 |
Total liabilities | 1,240,574,000 | 1,261,014,000 |
AIS Joint Venture | 263,692,000 | — |
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 August 31, 2024 and August 31, 2023, respectively | 29,877,000 | 25,102,000 |
Capital in excess of par value | 411,263,000 | 103,330,000 |
Retained earnings | 565,511,000 | 576,231,000 |
Accumulated other comprehensive loss | (6,895,000) | (3,894,000) |
Total shareholders’ equity | 999,756,000 | 700,769,000 |
Common Stock | 29,877,000 | 25,102,000 |
Capital in Excess of Par Value | 411,263,000 | 103,330,000 |
Retained Earnings | 565,511,000 | 576,231,000 |
Accumulated Other Comprehensive Income (Loss) | (6,895,000) | (3,894,000) |
Foreign Currency Translation Gain (Loss) | (7,189,000) | (7,628,000) |
Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax | 887,000 | 1,418,000 |
Net Actuarial Gain (Loss), Net of Tax | (184,000) | (184,000) |
Interest Rate Swap, Net of Tax | (523,000) | 2,533,000 |
Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary | 114,000 | (33,000) |
Total liabilities, mezzanine equity and shareholders' equity | 2,240,330,000 | 2,195,505,000 |
AIS Joint Venture | 459,863,000 | — |