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BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | (8) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION The Company has two reportable segments based on its management structure. Each segment is 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 and sales dollars. 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, solar, lighting and transportation, and telecommunications, along with coatings services to preserve metal products. AGRICULTURE: This segment consists of the manufacture of center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture. In addition to these two reportable segments, the Company had a business and related activities in fiscal 2022 that were not more than 10% of consolidated sales, operating income, or assets. This comprised the offshore wind energy structures business and was reported in the Other segment until its divestiture in the fourth quarter of fiscal 2022. The Company evaluates the performance of its reportable segments based upon operating income and return on invested capital. The Company’s operating income for segment purposes excludes unallocated corporate general and administrative expenses, interest expense, non-operating income and deductions, and income taxes. Summary by Business ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | July 1, |  | June 25, |  | July 1, |  | June 25,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
SALES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Infrastructure | ​ | $ | 770,595 | ​ | $ | 739,518 | ​ | $ | 1,506,701 | ​ | $ | 1,401,590
Agriculture | ​ |  | 279,933 | ​ |  | 377,765 | ​ |  | 612,096 | ​ |  | 684,345
Other | ​ | ​ | — | ​ | ​ | 25,432 | ​ | ​ | — | ​ | ​ | 44,086
Total | ​ |  | 1,050,528 | ​ |  | 1,142,715 | ​ |  | 2,118,797 | ​ |  | 2,130,021
INTERSEGMENT SALES: | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  |
Infrastructure | ​ |  | (2,437) | ​ |  | (4,200) | ​ |  | (6,403) | ​ |  | (7,301)
Agriculture | ​ |  | (1,795) | ​ |  | (2,983) | ​ |  | (3,617) | ​ |  | (6,368)
Total | ​ |  | (4,232) | ​ |  | (7,183) | ​ |  | (10,020) | ​ |  | (13,669)
NET SALES: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Infrastructure | ​ |  | 768,158 | ​ |  | 735,318 | ​ |  | 1,500,298 | ​ |  | 1,394,289
Agriculture | ​ |  | 278,138 | ​ |  | 374,782 | ​ |  | 608,479 | ​ |  | 677,977
Other | ​ | ​ | — | ​ |  | 25,432 | ​ |  | — | ​ |  | 44,086
Total | ​ | $ | 1,046,296 | ​ | $ | 1,135,532 | ​ | $ | 2,108,777 | ​ | $ | 2,116,352
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING INCOME (LOSS): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Infrastructure | ​ | $ | 115,950 | ​ | $ | 84,127 | ​ | $ | 210,302 | ​ | $ | 162,443
Agriculture | ​ |  | 49,251 | ​ |  | 58,046 | ​ |  | 102,574 | ​ |  | 95,521
Other | ​ | ​ | — | ​ |  | 516 | ​ |  | — | ​ |  | (293)
Corporate | ​ |  | (31,468) | ​ |  | (23,970) | ​ |  | (60,677) | ​ |  | (44,110)
Total | ​ | $ | 133,733 | ​ | $ | 118,719 | ​ | $ | 252,199 | ​ | $ | 213,561
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended July 1, 2023
​ | ​ | Infrastructure |  | Agriculture | ​ | Intersegment Sales |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
North America | ​ | $ | 587,313 | ​ | $ | 140,981 | ​ | $ | (3,613) | ​ | $ | 724,681
International | ​ |  | 183,282 | ​ |  | 138,952 | ​ |  | (619) | ​ |  | 321,615
Total | ​ | $ | 770,595 | ​ | $ | 279,933 | ​ | $ | (4,232) | ​ | $ | 1,046,296
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 314,307 | ​ | $ | — | ​ | $ | — | ​ | $ | 314,307
Lighting and Transportation | ​ |  | 246,123 | ​ |  | — | ​ |  | — | ​ |  | 246,123
Coatings | ​ |  | 91,120 | ​ |  | — | ​ |  | (1,818) | ​ |  | 89,302
Telecommunications | ​ |  | 67,738 | ​ |  | — | ​ |  | — | ​ |  | 67,738
Solar | ​ |  | 51,307 | ​ |  | — | ​ |  | (619) | ​ |  | 50,688
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 252,457 | ​ |  | (1,795) | ​ |  | 250,662
Technology Products and Services | ​ |  | — | ​ |  | 27,476 | ​ |  | — | ​ |  | 27,476
Total | ​ | $ | 770,595 | ​ | $ | 279,933 | ​ | $ | (4,232) | ​ | $ | 1,046,296
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Twenty-six weeks ended July 1, 2023
​ | ​ | Infrastructure |  | Agriculture |  | Intersegment Sales |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 1,171,396 | ​ | $ | 323,850 | ​ | $ | (8,987) | ​ | $ | 1,486,259
International | ​ |  | 335,305 | ​ |  | 288,246 | ​ |  | (1,033) | ​ |  | 622,518
Total | ​ | $ | 1,506,701 | ​ | $ | 612,096 | ​ | $ | (10,020) | ​ | $ | 2,108,777
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 629,127 | ​ | $ | — | ​ | $ | — | ​ | $ | 629,127
Lighting and Transportation | ​ |  | 475,259 | ​ |  | — | ​ |  | — | ​ |  | 475,259
Coatings | ​ |  | 181,234 | ​ |  | — | ​ |  | (5,370) | ​ |  | 175,864
Telecommunications | ​ |  | 135,875 | ​ |  | — | ​ |  | — | ​ |  | 135,875
Solar | ​ |  | 85,206 | ​ |  | — | ​ |  | (1,033) | ​ |  | 84,173
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 551,638 | ​ |  | (3,617) | ​ |  | 548,021
Technology Products and Services | ​ |  | — | ​ |  | 60,458 | ​ |  | — | ​ |  | 60,458
Total | ​ | $ | 1,506,701 | ​ | $ | 612,096 | ​ | $ | (10,020) | ​ | $ | 2,108,777
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended June 25, 2022
​ | ​ | Infrastructure |  | Agriculture |  | Other | ​ | Intersegment Sales |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
North America | ​ | $ | 559,864 | ​ | $ | 203,488 | ​ | $ | — | ​ | $ | (6,716) | ​ | $ | 756,636
International | ​ |  | 179,654 | ​ |  | 174,277 | ​ |  | 25,432 | ​ |  | (467) | ​ |  | 378,896
Total | ​ | $ | 739,518 | ​ | $ | 377,765 | ​ | $ | 25,432 | ​ | $ | (7,183) | ​ | $ | 1,135,532
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 295,835 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 295,835
Lighting and Transportation | ​ |  | 246,652 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 246,652
Coatings | ​ |  | 90,321 | ​ |  | — | ​ |  | — | ​ |  | (4,200) | ​ |  | 86,121
Telecommunications | ​ |  | 78,539 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 78,539
Solar | ​ |  | 28,171 | ​ |  | — | ​ |  | 25,432 | ​ |  | — | ​ |  | 53,603
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 347,585 | ​ |  | — | ​ |  | (2,983) | ​ |  | 344,602
Technology Products and Services | ​ |  | — | ​ |  | 30,180 | ​ |  | — | ​ |  | — | ​ |  | 30,180
Total | ​ | $ | 739,518 | ​ | $ | 377,765 | ​ | $ | 25,432 | ​ | $ | (7,183) | ​ | $ | 1,135,532
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Twenty-six weeks ended June 25, 2022
​ | ​ | Infrastructure |  | Agriculture | ​ | Other |  | Intersegment Sales |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 1,065,844 | ​ | $ | 385,743 | ​ | $ | — | ​ | $ | (13,202) | ​ | $ | 1,438,385
International | ​ |  | 335,746 | ​ |  | 298,602 | ​ |  | 44,086 | ​ |  | (467) | ​ |  | 677,967
Total | ​ | $ | 1,401,590 | ​ | $ | 684,345 | ​ | $ | 44,086 | ​ | $ | (13,669) | ​ | $ | 2,116,352
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 577,435 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 577,435
Lighting and Transportation | ​ |  | 459,419 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 459,419
Coatings | ​ |  | 172,297 | ​ |  | — | ​ |  | — | ​ |  | (7,301) | ​ |  | 164,996
Telecommunications | ​ |  | 139,935 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 139,935
Solar | ​ |  | 52,504 | ​ |  | — | ​ |  | 44,086 | ​ |  | — | ​ |  | 96,590
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 625,619 | ​ |  | — | ​ |  | (6,368) | ​ |  | 619,251
Technology Products and Services | ​ |  | — | ​ |  | 58,726 | ​ |  | — | ​ |  | — | ​ |  | 58,726
Total | ​ | $ | 1,401,590 | ​ | $ | 684,345 | ​ | $ | 44,086 | ​ | $ | (13,669) | ​ | $ | 2,116,352
​ A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended July 1, 2023 |  | Twenty-six weeks ended July 1, 2023
​ |  | Point in Time | ​ | Over Time | ​ | Total |  | Point in Time | ​ | Over Time | ​ | Total
Infrastructure | ​ | $ | 451,885 | ​ | $ | 316,273 | ​ | $ | 768,158 | ​ | $ | 863,102 | ​ | $ | 637,196 | ​ | $ | 1,500,298
Agriculture | ​ |  | 270,811 | ​ | ​ | 7,327 | ​ |  | 278,138 | ​ |  | 595,017 | ​ | ​ | 13,462 | ​ |  | 608,479
Total | ​ | $ | 722,696 | ​ | $ | 323,600 | ​ | $ | 1,046,296 | ​ | $ | 1,458,119 | ​ | $ | 650,658 | ​ | $ | 2,108,777
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended June 25, 2022 | ​ | Twenty-six weeks ended June 25, 2022
​ | ​ | Point in Time |  | Over Time |  | Total | ​ | Point in Time |  | Over Time |  | Total
Infrastructure | ​ | $ | 429,291 | ​ | $ | 306,027 | ​ | $ | 735,318 | ​ | $ | 798,481 | ​ | $ | 595,808 | ​ | $ | 1,394,289
Agriculture | ​ |  | 368,175 | ​ | ​ | 6,607 | ​ |  | 374,782 | ​ |  | 665,781 | ​ | ​ | 12,196 | ​ |  | 677,977
Other | ​ | ​ | — | ​ | ​ | 25,432 | ​ |  | 25,432 | ​ | ​ | — | ​ | ​ | 44,086 | ​ |  | 44,086
Total | ​ | $ | 797,466 | ​ | $ | 338,066 | ​ | $ | 1,135,532 | ​ | $ | 1,464,262 | ​ | $ | 652,090 | ​ | $ | 2,116,352
​ ​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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