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BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | (9) 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. 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 which 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 (loss) and return on invested capital. The Company’s operating income (loss) 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 | ​ | Thirty-nine weeks ended
​ | ​ | September 30, |  | September 24, |  | September 30, |  | September 24,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
SALES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Infrastructure | ​ | $ | 755,076 | ​ | $ | 755,492 | ​ | $ | 2,261,777 | ​ | $ | 2,157,082
Agriculture | ​ |  | 298,483 | ​ |  | 327,261 | ​ |  | 910,579 | ​ |  | 1,011,606
Other | ​ | ​ | — | ​ | ​ | 22,861 | ​ | ​ | — | ​ | ​ | 66,947
Total | ​ |  | 1,053,559 | ​ |  | 1,105,614 | ​ |  | 3,172,356 | ​ |  | 3,235,635
INTERSEGMENT SALES: | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  |
Infrastructure | ​ |  | (1,450) | ​ |  | (5,112) | ​ |  | (7,853) | ​ |  | (12,413)
Agriculture | ​ |  | (1,814) | ​ |  | (3,120) | ​ |  | (5,431) | ​ |  | (9,488)
Total | ​ |  | (3,264) | ​ |  | (8,232) | ​ |  | (13,284) | ​ |  | (21,901)
NET SALES: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Infrastructure | ​ |  | 753,626 | ​ |  | 750,380 | ​ |  | 2,253,924 | ​ |  | 2,144,669
Agriculture | ​ |  | 296,669 | ​ |  | 324,141 | ​ |  | 905,148 | ​ |  | 1,002,118
Other | ​ | ​ | — | ​ |  | 22,861 | ​ |  | — | ​ |  | 66,947
Total | ​ | $ | 1,050,295 | ​ | $ | 1,097,382 | ​ | $ | 3,159,072 | ​ | $ | 3,213,734
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING INCOME (LOSS): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Infrastructure | ​ | $ | 103,401 | ​ | $ | 92,465 | ​ | $ | 313,703 | ​ | $ | 254,908
Agriculture | ​ |  | (99,670) | ​ |  | 43,258 | ​ |  | 2,904 | ​ |  | 138,779
Other | ​ | ​ | — | ​ |  | 1,107 | ​ |  | — | ​ |  | 814
Corporate | ​ |  | (27,921) | ​ |  | (26,858) | ​ |  | (88,598) | ​ |  | (70,968)
Total | ​ | $ | (24,190) | ​ | $ | 109,972 | ​ | $ | 228,009 | ​ | $ | 323,533
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended September 30, 2023
Sales | ​ | Infrastructure |  | Agriculture | ​ | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
North America | ​ | $ | 572,239 | ​ | $ | 126,828 | ​ | $ | (3,055) | ​ | $ | 696,012
International | ​ |  | 182,837 | ​ |  | 171,655 | ​ |  | (209) | ​ |  | 354,283
Total | ​ | $ | 755,076 | ​ | $ | 298,483 | ​ | $ | (3,264) | ​ | $ | 1,050,295
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 297,967 | ​ | $ | — | ​ | $ | — | ​ | $ | 297,967
Lighting and Transportation | ​ |  | 252,603 | ​ |  | — | ​ |  | — | ​ |  | 252,603
Coatings | ​ |  | 88,967 | ​ |  | — | ​ |  | (1,241) | ​ |  | 87,726
Telecommunications | ​ |  | 59,630 | ​ |  | — | ​ |  | — | ​ |  | 59,630
Solar | ​ |  | 55,909 | ​ |  | — | ​ |  | (209) | ​ |  | 55,700
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 273,639 | ​ |  | (1,814) | ​ |  | 271,825
Technology Products and Services | ​ |  | — | ​ |  | 24,844 | ​ |  | — | ​ |  | 24,844
Total | ​ | $ | 755,076 | ​ | $ | 298,483 | ​ | $ | (3,264) | ​ | $ | 1,050,295
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended September 24, 2022
Sales | ​ | Infrastructure |  | Agriculture |  | Other | ​ | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
North America | ​ | $ | 579,628 | ​ | $ | 178,626 | ​ | $ | — | ​ | $ | (7,114) | ​ | $ | 751,140
International | ​ |  | 175,864 | ​ |  | 148,635 | ​ |  | 22,861 | ​ |  | (1,118) | ​ |  | 346,242
Total | ​ | $ | 755,492 | ​ | $ | 327,261 | ​ | $ | 22,861 | ​ | $ | (8,232) | ​ | $ | 1,097,382
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 304,781 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 304,781
Lighting and Transportation | ​ |  | 241,590 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 241,590
Coatings | ​ |  | 91,969 | ​ |  | — | ​ |  | — | ​ |  | (3,994) | ​ |  | 87,975
Telecommunications | ​ |  | 92,830 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 92,830
Solar | ​ |  | 24,322 | ​ |  | — | ​ |  | — | ​ |  | (1,118) | ​ |  | 23,204
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 303,003 | ​ |  | — | ​ |  | (3,120) | ​ |  | 299,883
Technology Products and Services | ​ |  | — | ​ |  | 24,258 | ​ |  | — | ​ |  | — | ​ |  | 24,258
Other | ​ | ​ | — | ​ |  | — | ​ |  | 22,861 | ​ |  | — | ​ |  | 22,861
Total | ​ | $ | 755,492 | ​ | $ | 327,261 | ​ | $ | 22,861 | ​ | $ | (8,232) | ​ | $ | 1,097,382
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirty-nine weeks ended September 30, 2023
Sales | ​ | Infrastructure |  | Agriculture |  | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 1,743,635 | ​ | $ | 450,678 | ​ | $ | (12,042) | ​ | $ | 2,182,271
International | ​ |  | 518,142 | ​ |  | 459,901 | ​ |  | (1,242) | ​ |  | 976,801
Total | ​ | $ | 2,261,777 | ​ | $ | 910,579 | ​ | $ | (13,284) | ​ | $ | 3,159,072
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 927,094 | ​ | $ | — | ​ | $ | — | ​ | $ | 927,094
Lighting and Transportation | ​ |  | 727,862 | ​ |  | — | ​ |  | — | ​ |  | 727,862
Coatings | ​ |  | 270,201 | ​ |  | — | ​ |  | (6,611) | ​ |  | 263,590
Telecommunications | ​ |  | 195,505 | ​ |  | — | ​ |  | — | ​ |  | 195,505
Solar | ​ |  | 141,115 | ​ |  | — | ​ |  | (1,242) | ​ |  | 139,873
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 825,277 | ​ |  | (5,431) | ​ |  | 819,846
Technology Products and Services | ​ |  | — | ​ |  | 85,302 | ​ |  | — | ​ |  | 85,302
Total | ​ | $ | 2,261,777 | ​ | $ | 910,579 | ​ | $ | (13,284) | ​ | $ | 3,159,072
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirty-nine weeks ended September 24, 2022
Sales | ​ | Infrastructure |  | Agriculture | ​ | Other |  | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 1,645,472 | ​ | $ | 564,369 | ​ | $ | — | ​ | $ | (20,316) | ​ | $ | 2,189,525
International | ​ |  | 511,610 | ​ |  | 447,237 | ​ |  | 66,947 | ​ |  | (1,585) | ​ |  | 1,024,209
Total | ​ | $ | 2,157,082 | ​ | $ | 1,011,606 | ​ | $ | 66,947 | ​ | $ | (21,901) | ​ | $ | 3,213,734
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 882,216 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 882,216
Lighting and Transportation | ​ |  | 701,009 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 701,009
Coatings | ​ |  | 264,266 | ​ |  | — | ​ |  | — | ​ |  | (11,295) | ​ |  | 252,971
Telecommunications | ​ |  | 232,765 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 232,765
Solar | ​ |  | 76,826 | ​ |  | — | ​ |  | — | ​ |  | (1,118) | ​ |  | 75,708
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 928,622 | ​ |  | — | ​ |  | (9,488) | ​ |  | 919,134
Technology Products and Services | ​ |  | — | ​ |  | 82,984 | ​ |  | — | ​ |  | — | ​ |  | 82,984
Other | ​ | ​ | — | ​ |  | — | ​ |  | 66,947 | ​ |  | — | ​ |  | 66,947
Total | ​ | $ | 2,157,082 | ​ | $ | 1,011,606 | ​ | $ | 66,947 | ​ | $ | (21,901) | ​ | $ | 3,213,734
​ A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended September 30, 2023 |  | Thirty-nine weeks ended September 30, 2023
Net Sales |  | Point in Time | ​ | Over Time | ​ | Total |  | Point in Time | ​ | Over Time | ​ | Total
Infrastructure | ​ | $ | 453,829 | ​ | $ | 299,797 | ​ | $ | 753,626 | ​ | $ | 1,316,931 | ​ | $ | 936,993 | ​ | $ | 2,253,924
Agriculture | ​ |  | 288,780 | ​ | ​ | 7,889 | ​ |  | 296,669 | ​ |  | 883,797 | ​ | ​ | 21,351 | ​ |  | 905,148
Total | ​ | $ | 742,609 | ​ | $ | 307,686 | ​ | $ | 1,050,295 | ​ | $ | 2,200,728 | ​ | $ | 958,344 | ​ | $ | 3,159,072
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended September 24, 2022 | ​ | Thirty-nine weeks ended September 24, 2022
Net Sales | ​ | Point in Time |  | Over Time |  | Total | ​ | Point in Time |  | Over Time |  | Total
Infrastructure | ​ | $ | 434,839 | ​ | $ | 315,541 | ​ | $ | 750,380 | ​ | $ | 1,233,320 | ​ | $ | 911,349 | ​ | $ | 2,144,669
Agriculture | ​ |  | 317,669 | ​ | ​ | 6,472 | ​ |  | 324,141 | ​ |  | 983,450 | ​ | ​ | 18,668 | ​ |  | 1,002,118
Other | ​ | ​ | — | ​ | ​ | 22,861 | ​ |  | 22,861 | ​ | ​ | — | ​ | ​ | 66,947 | ​ |  | 66,947
Total | ​ | $ | 752,508 | ​ | $ | 344,874 | ​ | $ | 1,097,382 | ​ | $ | 2,216,770 | ​ | $ | 996,964 | ​ | $ | 3,213,734
​

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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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