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BUSINESS SEGMENTS | 3 Months Ended
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Mar. 26, 2022
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS & RELATED REVENUE INFORMATION During the first quarter of 2022, the Company's CODM changed the Company's management structure and began to manage the business, allocate resources and evaluate performance based on the new structure. As a result, the Company has realigned to a two reportable segment structure organized by market dynamics (Infrastructure and Agriculture). Three operating segments resulted from the new management structure and two are aggregated into the Agriculture reportable segment. The Company considers gross profit margins, nature of products sold, nature of the production processes, type and class of customer, and methods used to distribute products when assessing aggregation of operating segments. The Infrastructure segment includes the previous reportable segments of Utility Structures, Engineered Support Structures, and Coatings. All prior period segment information has been recast to reflect this change in reportable segments. Both reportable segments are global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service-related expenses that are allocated to business units generally on the basis of employee headcounts. Reportable segments are as follows: INFRASTRUCTURE: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, renewable energy, lighting, transportation, and telecommunications, and coatings services to preserve and protect metal products. AGRICULTURE: This segment consists of the manufacture of center pivot and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture. The Company evaluates the performance of its reportable segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income (expense), or income taxes to its reportable segments. Summary by Business
| Thirteen weeks ended |  |
| March 26, 2022 |  | March 27, 2021 |  |  |  |
SALES: |  |  |  |  |  |  |
Infrastructure | $ | 680,726 |  |  | $ | 549,646 |  |  |  |  |
Agriculture | 306,580 |  |  | 229,664 |  |  |  |  |
Total | 987,306 |  |  | 779,310 |  |  |  |  |
INTERSEGMENT SALES: |  |  |  |  |  |  |
Infrastructure | (3,101) |  |  | (3,201) |  |  |  |  |
Agriculture | (3,385) |  |  | (1,223) |  |  |  |  |
Total | (6,486) |  |  | (4,424) |  |  |  |  |
NET SALES: |  |  |  |  |  |  |
Infrastructure | 677,625 |  |  | 546,445 |  |  |  |  |
Agriculture | 303,195 |  |  | 228,441 |  |  |  |  |
Total | $ | 980,820 |  |  | $ | 774,886 |  |  |  |  |
OPERATING INCOME: |  |  |  |  |  |  |
Infrastructure | $ | 77,507 |  |  | $ | 54,449 |  |  |  |  |
Agriculture | 37,475 |  |  | 38,748 |  |  |  |  |
Corporate | (20,140) |  |  | (15,986) |  |  |  |  |
Total | $ | 94,842 |  |  | $ | 77,211 |  |  |  |  |
| Thirteen weeks ended March 26, 2022
| Infrastructure |  | Agriculture |  | Intersegment Sales |  | Consolidated
Geographical market: |  |  |  |  |  |  |
North America | $ | 505,980 |  |  | $ | 182,255 |  |  | $ | (6,486) |  |  | $ | 681,749 |
International | 174,746 |  |  | 124,325 |  |  | — |  |  | 299,071 |
Total | $ | 680,726 |  |  | $ | 306,580 |  |  | $ | (6,486) |  |  | $ | 980,820 |
Product line: |  |  |  |  |  |  |
Transmission, Distribution and Substation | $ | 281,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 281,600 |
Lighting and Transportation | 212,767 |  |  | — |  |  | — |  |  | 212,767 |
Coatings | 81,976 |  |  | — |  |  | (3,101) |  |  | 78,875 |
Telecommunications | 61,396 |  |  | — |  |  | — |  |  | 61,396 |
Renewable Energy | 42,987 |  |  | — |  |  | — |  |  | 42,987 |
Irrigation Equipment and Parts, excluding Technology | — |  |  | 278,034 |  |  | (3,385) |  |  | 274,649 |
Technology Products and Services | — |  |  | 28,546 |  |  | — |  |  | 28,546 |
Total | $ | 680,726 |  |  | $ | 306,580 |  |  | $ | (6,486) |  |  | $ | 980,820 |
| Thirteen weeks ended March 27, 2021
| Infrastructure |  | Agriculture |  | Intersegment Sales |  | Consolidated
Geographical market: |  |  |  |  |  |  |
North America | $ | 385,734 |  |  | $ | 122,751 |  |  | $ | (4,424) |  |  | $ | 504,061 |
International | 163,912 |  |  | 106,913 |  |  | — |  |  | 270,825 |
Total | $ | 549,646 |  |  | $ | 229,664 |  |  | $ | (4,424) |  |  | $ | 774,886 |
Product line: |  |  |  |  |  |  |
Transmission, Distribution and Substation | $ | 208,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 208,444 |
Lighting and Transportation | 176,516 |  |  | — |  |  | — |  |  | 176,516 |
Coatings | 74,793 |  |  | — |  |  | (3,201) |  |  | 71,592 |
Telecommunications | 45,640 |  |  | — |  |  | — |  |  | 45,640 |
Renewable Energy | 44,253 |  |  | — |  |  | — |  |  | 44,253 |
Irrigation Equipment and Parts, excluding Technology | — |  |  | 207,258 |  |  | (1,223) |  |  | 206,035 |
Technology Products and Services | — |  |  | 22,406 |  |  | — |  |  | 22,406 |
Total | $ | 549,646 |  |  | $ | 229,664 |  |  | $ | (4,424) |  |  | $ | 774,886 |
A breakdown by segment of revenue recognized over time and at a point in time for the thirteen weeks ended March 26, 2022 and March 27, 2021 is as follows:
| Point in Time |  | Over Time |  | Total
| Thirteen weeks ended March 26, 2022 |  | Thirteen weeks ended March 26, 2022 |  | Thirteen weeks ended March 26, 2022
Infrastructure | $ | 369,190 |  |  | $ | 308,435 |  |  | $ | 677,625 |
Agriculture | 297,606 |  |  | 5,589 |  |  | 303,195 |
Total | $ | 666,796 |  |  | $ | 314,024 |  |  | $ | 980,820 |
| Point in Time |  | Over Time |  | Total
| Thirteen weeks ended March 27, 2021 |  | Thirteen weeks ended March 27, 2021 |  | Thirteen weeks ended March 27, 2021
Infrastructure | $ | 291,731 |  |  | $ | 254,714 |  |  | $ | 546,445 |
Agriculture | 224,637 |  |  | 3,804 |  |  | 228,441 |
Total | $ | 516,368 |  |  | $ | 258,518 |  |  | $ | 774,886 |

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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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