Investments in Unconsolidated Entity

9 Months Ended

Nov. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entity

9. Investments in Unconsolidated Entity

AVAIL JV

Following the sale of its 60% controlling interest in the AVAIL JV to Fernweh, AIS was deconsolidated and the Company began accounting for its 40% interest in the AVAIL JV under the equity method of accounting. The AVAIL JV is included in the AZZ Infrastructure Solutions segment. We record our equity in earnings in the AVAIL JV on a one-month lag to allow sufficient time to review and assess the joint venture’s effect on our reported results. As of November 30, 2023, our investment in the AVAIL JV is $97.2 million. We recorded $11.1 million of equity in earnings during the nine months ended November 30, 2023. The Company has a related-party payable with the AVAIL JV. As of November 30, 2023 and February 28, 2023, the balance was $4.6 million and $6.3 million, respectively,