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Operating Segments | 12 Months Ended
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Feb. 28, 2023
Segment Reporting [Abstract] |
Operating Segments | Segment Information The Company’s Chief Executive Officer, who is the chief operating decision maker ("CODM"), reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Sales and operating income (loss) are the primary measures used by the CODM to evaluate segment operating performance and to allocate resources to segments. Expenses related to certain centralized administration or executive functions that are not specifically related to an operating segment are included in Corporate. As presented in Note 6, the AIS joint venture operating results for the period prior to deconsolidation are included within discontinued operations, with the exception of AZZ Crowley Tubing, which was retained by the Company and merged into the AZZ Metal Coatings segment. See Note 6 for the results of operations related to the AZZ Infrastructure Solutions segment. A summary of each of the Company's operating segments is as follows: AZZ Metal Coatings — provides hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating, and other metal coating applications to the steel fabrication and other industries through facilities located throughout the United States and Canada. Hot-dip galvanizing is a metallurgical process in which molten zinc reacts to steel. The zinc alloying provides corrosion protection and extends the life-cycle of fabricated steel for several decades. AZZ Precoat Metals — engages in the advanced application of protective and decorative coatings and related value-added services for steel and aluminum coil primarily serving the construction; appliance; heating, ventilation and air conditioning (HVAC); container; transportation and other end markets. AZZ Infrastructure Solutions — provides specialized products and services designed to support primarily industrial and electrical applications. The product offerings include custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion proof and hazardous duty lighting and tubular products. The Infrastructure Solutions segment also focuses on life-cycle extension for the power generation, refining and industrial infrastructure, through providing automated weld overlay solutions for corrosion and erosion mitigation. Fiscal 2021 includes eight months of financial results from AZZ SMS through October 26, 2020, when it was divested. The following tables show information by reportable segment for fiscal years 2023, 2022 and 2021 (in thousands):
|  | Year Ended February 28,
|  | 2023 |  | 2022 |  | 2021
Sales: |  |
Metal Coatings |  | $ | 636,982 |  |  | $ | 525,598 |  |  | $ | 461,693 |
Precoat Metals |  | 686,667 |  |  | — |  |  | — |
Infrastructure Solutions |  | — |  |  | — |  |  | 18,881 |
Total sales |  | $ | 1,323,649 |  |  | $ | 525,598 |  |  | $ | 480,574 |
Operating income (loss): |  |  |  |  |  |
Metal Coatings |  | $ | 155,953 |  |  | $ | 128,758 |  |  | $ | 92,778 |
Precoat Metals |  | 79,509 |  |  | — |  |  | — |
Infrastructure Solutions |  | — |  |  | — |  |  | (4,482) |
Corporate |  | (61,824) |  |  | (49,539) |  |  | (40,819) |
Total operating income |  | $ | 173,638 |  |  | $ | 79,219 |  |  | $ | 47,477 |
|  | Year Ended February 28,
|  | 2023 |  | 2022 |  | 2021
Depreciation and amortization: |  |  |  |  |  |
Metal Coatings |  | $ | 32,955 |  |  | $ | 30,453 |  |  | $ | 30,273 |
Precoat Metals |  | 40,199 |  |  | — |  |  | — |
Infrastructure Solutions |  | — |  |  | — |  |  | 127 |
Corporate |  | 1,436 |  |  | 1,628 |  |  | 1,694 |
Total |  | $ | 74,590 |  |  | $ | 32,081 |  |  | $ | 32,094 |
|  | Year Ended February 28,
|  | 2023 |  | 2022 |  | 2021
Expenditures for acquisitions, net of cash, and property, plant and equipment: |  |  |  |  |  |
Metal Coatings |  | $ | 23,639 |  |  | $ | 82,736 |  |  | $ | 29,024 |
Precoat Metals |  | 1,315,414 |  |  | — |  |  | — |
Corporate |  | 797 |  |  | 2,073 |  |  | 2,574 |
Total |  | $ | 1,339,850 |  |  | $ | 84,809 |  |  | $ | 31,598 |
Asset information by segment was as follows as of February 28, 2023 and February 28, 2022 (in thousands):
|  | February 28,
|  | 2023 |  | 2022
Assets: |  |  |  |
Metal Coatings |  | $ | 588,337 |  |  | $ | 578,885 |
Precoat Metals |  | 1,488,810 |  |  | — |
Infrastructure Solutions - Investment in Joint Venture |  | 84,760 |  |  | — |
Corporate |  | 59,572 |  |  | 46,266 |
Discontinued Operations: |  |  |  |
Infrastructure Solutions |  | — |  |  | 507,876 |
Total assets |  | $ | 2,221,479 |  |  | $ | 1,133,027 |
Financial Information About Geographical Areas Financial information about geographical areas for the periods presented was as follows for fiscal years 2023, 2022 and 2021 (in thousands):
|  | Year Ended February 28,
|  | 2023 |  | 2022 |  | 2021
Sales: |  |  |  |  |  |
United States |  | $ | 1,279,890 |  |  | $ | 494,012 |  |  | $ | 450,904 |
Canada |  | 43,759 |  |  | 31,586 |  |  | 29,670 |
Total |  | $ | 1,323,649 |  |  | $ | 525,598 |  |  | $ | 480,574 |
|  | February 28,
|  | 2023 |  | 2022
Property, plant and equipment, net: |  |  |  |
United States |  | $ | 478,722 |  |  | $ | 167,634 |
Canada |  | 19,781 |  |  | 25,724 |
Total |  | $ | 498,503 |  |  | $ | 193,358 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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