XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | 3 Months Ended
--- | ---
Mar. 30, 2024
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 operational performance and the allocation of capital. Corporate expense is net of certain service-related expenses that are allocated to business units generally based on 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 protect 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. The Company evaluates the performance of its reportable segments based on operating income and return on invested capital. The Company’s operating income for segment purposes excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes. Summary by Business Segment ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended
​ | ​ | March 30, |  | April 1,
​ | ​ | 2024 | ​ | 2023
SALES: | ​ | ​ | ​ | ​ | ​ | ​
Infrastructure | ​ | $ | 723,614 | ​ | $ | 736,106
Agriculture | ​ |  | 258,735 | ​ |  | 332,163
Total sales | ​ |  | 982,349 | ​ |  | 1,068,269
INTERSEGMENT SALES: | ​ |  |  | ​ |  | ​
Infrastructure | ​ |  | (2,881) | ​ |  | (3,966)
Agriculture | ​ |  | (1,640) | ​ |  | (1,822)
Total intersegment sales | ​ |  | (4,521) | ​ |  | (5,788)
NET SALES: | ​ |  |  | ​ |  |
Infrastructure | ​ |  | 720,733 | ​ |  | 732,140
Agriculture | ​ |  | 257,095 | ​ |  | 330,341
Total net sales | ​ | $ | 977,828 | ​ | $ | 1,062,481
​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING INCOME (LOSS): | ​ |  |  | ​ |  |
Infrastructure | ​ | $ | 117,864 | ​ | $ | 94,352
Agriculture | ​ |  | 40,973 | ​ |  | 53,323
Corporate | ​ |  | (27,284) | ​ |  | (29,209)
Total operating income | ​ | $ | 131,553 | ​ | $ | 118,466
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended March 30, 2024
​ | ​ | Infrastructure |  | Agriculture | ​ | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
North America | ​ | $ | 568,572 | ​ | $ | 159,915 | ​ | $ | (4,466) | ​ | $ | 724,021
International | ​ |  | 155,042 | ​ |  | 98,820 | ​ |  | (55) | ​ |  | 253,807
Total sales | ​ | $ | 723,614 | ​ | $ | 258,735 | ​ | $ | (4,521) | ​ | $ | 977,828
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 325,256 | ​ | $ | — | ​ | $ | — | ​ | $ | 325,256
Lighting and Transportation | ​ |  | 222,096 | ​ |  | — | ​ |  | — | ​ |  | 222,096
Coatings | ​ |  | 87,090 | ​ |  | — | ​ |  | (2,826) | ​ |  | 84,264
Telecommunications | ​ |  | 53,961 | ​ |  | — | ​ |  | — | ​ |  | 53,961
Solar | ​ |  | 35,211 | ​ |  | — | ​ |  | (55) | ​ |  | 35,156
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 233,120 | ​ |  | (1,640) | ​ |  | 231,480
Technology Products and Services | ​ |  | — | ​ |  | 25,615 | ​ |  | — | ​ |  | 25,615
Total sales | ​ | $ | 723,614 | ​ | $ | 258,735 | ​ | $ | (4,521) | ​ | $ | 977,828
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended April 1, 2023
​ | ​ | Infrastructure |  | Agriculture |  | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 584,083 | ​ | $ | 182,869 | ​ | $ | (5,374) | ​ | $ | 761,578
International | ​ |  | 152,023 | ​ |  | 149,294 | ​ |  | (414) | ​ |  | 300,903
Total sales | ​ | $ | 736,106 | ​ | $ | 332,163 | ​ | $ | (5,788) | ​ | $ | 1,062,481
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 314,820 | ​ | $ | — | ​ | $ | — | ​ | $ | 314,820
Lighting and Transportation | ​ |  | 229,136 | ​ |  | — | ​ |  | — | ​ |  | 229,136
Coatings | ​ |  | 90,114 | ​ |  | — | ​ |  | (3,552) | ​ |  | 86,562
Telecommunications | ​ |  | 68,137 | ​ |  | — | ​ |  | — | ​ |  | 68,137
Solar | ​ |  | 33,899 | ​ |  | — | ​ |  | (414) | ​ |  | 33,485
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 299,181 | ​ |  | (1,822) | ​ |  | 297,359
Technology Products and Services | ​ |  | — | ​ |  | 32,982 | ​ |  | — | ​ |  | 32,982
Total sales | ​ | $ | 736,106 | ​ | $ | 332,163 | ​ | $ | (5,788) | ​ | $ | 1,062,481
​ A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen weeks ended March 30, 2024 and April 1, 2023 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended March 30, 2024
​ |  | Point in Time | ​ | Over Time | ​ | Total
Infrastructure | ​ | $ | 389,935 | ​ | $ | 330,798 | ​ | $ | 720,733
Agriculture | ​ |  | 250,760 | ​ | ​ | 6,335 | ​ |  | 257,095
Total net sales | ​ | $ | 640,695 | ​ | $ | 337,133 | ​ | $ | 977,828
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended April 1, 2023
​ | ​ | Point in Time |  | Over Time |  | Total
Infrastructure | ​ | $ | 411,217 | ​ | $ | 320,923 | ​ | $ | 732,140
Agriculture | ​ |  | 324,206 | ​ | ​ | 6,135 | ​ |  | 330,341
Total net sales | ​ | $ | 735,423 | ​ | $ | 327,058 | ​ | $ | 1,062,481
​

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

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration