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Investments in Unconsolidated Entity | 3 Months Ended
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May 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entity | 7. Investments in Unconsolidated Entity AVAIL JV We account for our 40% interest in the AVAIL JV under the equity method of accounting and include our equity in earnings as part of the AZZ Infrastructure Solutions segment. We record our equity in earnings in the AVAIL JV on a one-month lag, which totaled $3.8 million in equity in earnings for the three months ended May 31, 2024. As of May 31, 2024, our investment in the AVAIL JV was $101.6 million, which includes an excess of $10.2 million over the underlying value of the net assets of the AVAIL JV. The excess is accounted for as equity method goodwill.
Summarized Balance Sheet
| As of
| May 31, 2024(1)
Current assets | $ | 279,806 |
Long-term assets | 171,533 |
Total assets | $ | 451,339 |
Current liabilities | 113,512 |
Long-term liabilities | 126,625 |
Total liabilities | $ | 240,137 |
Total partners' capital | 211,202 |
Total liabilities and partners' capital | $ | 451,339 |
Summarized Operating Data |  |
| May 31, 2024(1) |  |
Sales | $ | 129,107 |  |  |
Gross profit | 31,526 |  |  |
Net income | 8,160 |  |  |
(1) We report our equity in earnings on a one-month lag basis; therefore, amounts in the summarized financials above are as of and for the three months ended April 30, 2024. Amounts in the table above exclude certain adjustments made by us to record equity in earnings of the AVAIL JV under U.S GAAP for public companies, primarily to reverse the amortization of goodwill.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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