XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.23.2

Operating segments (Tables) | 3 Months Ended
--- | ---
May 31, 2023
Segment Reporting [Abstract] |
Operations and assets by segment | Net income from continuing operations by segment for the three months ended May 31, 2023 and 2022 was as follows (in thousands):
| Three Months Ended May 31, 2023
| Metal Coatings |  | Precoat Metals |  | Infrastructure Solutions(1) |  | Corporate(2)(3) |  | Total
Sales | $ | 168,794 |  |  | $ | 222,079 |  |  | $ | — |  |  | $ | — |  |  | $ | 390,873 |
Cost of sales | 117,858 |  |  | 175,996 |  |  | — |  |  | — |  |  | 293,854 |
Gross margin | 50,936 |  |  | 46,083 |  |  | — |  |  | — |  |  | 97,019 |
Selling, general and administrative | 5,466 |  |  | 8,392 |  |  | 22 |  |  | 17,643 |  |  | 31,523 |
Operating income (loss) from continuing operations | $ | 45,470 |  |  | $ | 37,691 |  |  | (22) |  |  | (17,643) |  |  | 65,496 |
Interest expense |  |  |  |  | — |  |  | 28,706 |  |  | 28,706 |
Equity in earnings of unconsolidated subsidiaries |  |  |  |  | (1,420) |  |  | — |  |  | (1,420) |
Other (income) expense |  |  |  |  | — |  |  | 38 |  |  | 38 |
Income (loss) from continuing operations before income tax |  |  |  |  | $ | 1,398 |  |  | (46,387) |  |  | 38,172 |
Income tax expense |  |  |  |  |  |  | 9,650 |  |  | 9,650 |
Net income (loss) from continuing operations |  |  |  |  |  |  | $ | (56,037) |  |  | $ | 28,522 |
| Three Months Ended May 31, 2022
| Metal Coatings |  | Precoat Metals |  | Infrastructure Solutions(1) |  | Corporate(2)(3) |  | Total
Sales | $ | 163,443 |  |  | $ | 43,691 |  |  | $ | — |  |  | $ | — |  |  | $ | 207,134 |
Cost of sales | 113,580 |  |  | 33,501 |  |  | — |  |  | — |  |  | 147,081 |
Gross margin | 49,863 |  |  | 10,190 |  |  | — |  |  | — |  |  | 60,053 |
Selling, general and administrative | 4,593 |  |  | 3,542 |  |  | — |  |  | 24,009 |  |  | 32,144 |
Operating income (loss) from continuing operations | $ | 45,270 |  |  | $ | 6,648 |  |  | — |  |  | (24,009) |  |  | 27,909 |
Interest expense |  |  |  |  | — |  |  | 7,472 |  |  | 7,472 |
Other (income) expense |  |  |  |  | — |  |  | (27) |  |  | (27) |
Income (loss) from continuing operations before income tax |  |  |  |  | $ | — |  |  | (31,454) |  |  | 20,464 |
Income tax expense |  |  |  |  |  |  | 5,111 |  |  | 5,111 |
Net income (loss) from continuing operations |  |  |  |  |  |  | $ | (36,565) |  |  | $ | 15,353 |
(1) Infrastructure Solutions segment includes the Company’s equity in (earnings) loss from its investment in the AVAIL JV, as well as other expenses related to receivables that were retained by the Company following the sale of the AIS business.
(2) Interest expense, Other (income) expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments.
(3) For fiscal year 2024, amortization expense for acquired intangible assets is included in Corporate expenses in "Selling, general and administrative" expense as these expenses are not allocated to the segments.
Reconciliation of Assets from Segment to Consolidated | Asset balances by operating segment for each period were as follows (in thousands):
|  | As of
|  | May 31, 2023 |  | February 28, 2023
Assets: |  |  |  |
Metal Coatings |  | $ | 582,664 |  |  | $ | 588,337 |
Precoat Metals |  | 1,489,635 |  |  | 1,488,810 |
Infrastructure Solutions - Investment in Joint Venture |  | 87,068 |  |  | 84,760 |
Corporate |  | 46,610 |  |  | 59,572 |
Total assets |  | $ | 2,205,977 |  |  | $ | 2,221,479 |
Revenue from External Customers by Geographic Areas | Financial information about geographical areas for the periods presented was as follows (in thousands):
| Three Months Ended May 31, |  |
| 2023 |  | 2022 |  |  |  |
Sales: |  |  |  |  |  |  |
United States | $ | 381,322 |  |  | $ | 194,360 |  |  |  |  |
Canada | 9,551 |  |  | 12,774 |  |  |  |  |
Total | $ | 390,873 |  |  | $ | 207,134 |  |  |  |  |
Long-lived Assets by Geographic Areas |
|  | As of
|  | May 31, 2023 |  | February 28, 2023
Property, plant and equipment, net: |  |  |  |
United States |  | $ | 484,305 |  |  | $ | 478,722 |
Canada |  | 19,727 |  |  | 19,781 |
Total |  | $ | 504,032 |  |  | $ | 498,503 |

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph b -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration