XML 53 R36.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 29, 2024
Accounting Policies [Abstract]  
Financing Receivable, Allowance for Credit Loss
The following table shows the changes in the allowance for credit losses for fiscal 2024, 2023 and 2022 (in thousands):
 202420232022
Balance at beginning of year$5,752 $5,395 $5,378 
Adjustment based on aged receivables analysis(67)(58)100 
Charge-offs, net of recoveries338 83 (85)
Other(1)
(3,676)327 — 
Effect of exchange rate changes— 5 2 
Balance at end of year(2)
$2,347 $5,752 $5,395 
(1) For fiscal 2024, "Other" represents the write off of $3.7 million of reserves following the settlement of a litigation matter. The reserves
     related to the AZZ Infrastructure Solutions segment and were retained following the AIS divestiture.
(2) For fiscal 2024, 2023 and 2022, the allowance for credit losses includes $1.7 million, $5.4 million and $5.4 million, respectively, of
    reserves related to the AZZ Infrastructure Solutions segment that were retained following the AIS divestiture.
Disaggregation of Revenue
Disaggregated Sales
Sales by segment and geography is disclosed in Note 18. In addition, the following table presents disaggregated sales, from continuing operations, by customer industry for fiscal years 2024, 2023 and 2022 (in thousands):

202420232022
Sales:
Construction$841,557 $667,852 $119,294 
Industrial153,686 152,731 113,561 
Consumer128,658 105,587 — 
Transportation141,237 135,319 98,106 
Utilities100,236 94,188 71,073 
Other (1)
172,215 167,972 123,564 
Total sales$1,537,589 $1,323,649 $525,598 
(1) Other includes less significant markets, such as agriculture, recreation, petro-chem, AZZ Tubular products and sales from recycling and other.
Property, Plant and Equipment Depreciation is computed using the straight-line method over the following estimated useful lives:
 
Leasehold improvements, buildings and structures
10-27 years
Machinery and equipment
3-15 years
Furniture and fixtures
3-15 years
Automotive equipment
3-5 years
Computers and software
3-7 years
Property, plant and equipment consisted of the following as of February 29, 2024 and February 28, 2023 (in thousands):
As of February 29/28,
20242023
Land$52,318 $52,322 
Building and structures301,189 291,254 
Machinery and equipment408,641 391,786 
Furniture, fixtures, software and computers30,026 28,906 
Automotive equipment2,677 2,757 
Construction in progress86,062 24,681 
880,913 791,706 
Less accumulated depreciation(339,261)(293,203)
Property, plant, and equipment, net$541,652 $498,503 
The following table outlines the classification of depreciation expense from continuing operations in the consolidated statements of income for fiscal 2024, 2023, and 2022 (in thousands):
Year Ended February 29/28,
202420232022
Cost of sales$53,035 $49,413 $23,795 
Selling, general and administrative2,427 2,564 1,628 
Total depreciation expense$55,462 $51,977 $25,423