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BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | 6 Months Ended
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Jun. 29, 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 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 and linear irrigation equipment components for agricultural markets, including aftermarket 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 | ​ | Twenty-six weeks ended
​ | ​ | June 29, |  | July 1, |  | June 29, |  | July 1,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
SALES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Infrastructure | ​ | $ | 762,742 | ​ | $ | 770,595 | ​ | $ | 1,486,356 | ​ | $ | 1,506,701
Agriculture | ​ |  | 281,703 | ​ |  | 279,933 | ​ |  | 540,438 | ​ |  | 612,096
Total sales | ​ |  | 1,044,445 | ​ |  | 1,050,528 | ​ |  | 2,026,794 | ​ |  | 2,118,797
INTERSEGMENT SALES: | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  |
Infrastructure | ​ |  | (2,312) | ​ |  | (2,437) | ​ |  | (5,193) | ​ |  | (6,403)
Agriculture | ​ |  | (2,396) | ​ |  | (1,795) | ​ |  | (4,036) | ​ |  | (3,617)
Total intersegment sales | ​ |  | (4,708) | ​ |  | (4,232) | ​ |  | (9,229) | ​ |  | (10,020)
NET SALES: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Infrastructure | ​ |  | 760,430 | ​ |  | 768,158 | ​ |  | 1,481,163 | ​ |  | 1,500,298
Agriculture | ​ |  | 279,307 | ​ |  | 278,138 | ​ |  | 536,402 | ​ |  | 608,479
Total net sales | ​ | $ | 1,039,737 | ​ | $ | 1,046,296 | ​ | $ | 2,017,565 | ​ | $ | 2,108,777
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING INCOME (LOSS): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Infrastructure | ​ | $ | 133,581 | ​ | $ | 115,950 | ​ | $ | 251,445 | ​ | $ | 210,302
Agriculture | ​ |  | 39,971 | ​ |  | 49,251 | ​ |  | 80,944 | ​ |  | 102,574
Corporate | ​ |  | (26,244) | ​ |  | (31,468) | ​ |  | (53,528) | ​ |  | (60,677)
Total operating income | ​ | $ | 147,308 | ​ | $ | 133,733 | ​ | $ | 278,861 | ​ | $ | 252,199
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended June 29, 2024
​ | ​ | Infrastructure |  | Agriculture | ​ | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
North America | ​ | $ | 582,143 | ​ | $ | 161,310 | ​ | $ | (4,686) | ​ | $ | 738,767
International | ​ |  | 180,599 | ​ |  | 120,393 | ​ |  | (22) | ​ |  | 300,970
Total sales | ​ | $ | 762,742 | ​ | $ | 281,703 | ​ | $ | (4,708) | ​ | $ | 1,039,737
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 323,087 | ​ | $ | — | ​ | $ | — | ​ | $ | 323,087
Lighting and Transportation | ​ |  | 243,562 | ​ |  | — | ​ |  | — | ​ |  | 243,562
Coatings | ​ |  | 91,574 | ​ |  | — | ​ |  | (2,294) | ​ |  | 89,280
Telecommunications | ​ |  | 58,400 | ​ |  | — | ​ |  | — | ​ |  | 58,400
Solar | ​ |  | 46,119 | ​ |  | — | ​ |  | (18) | ​ |  | 46,101
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 254,310 | ​ |  | (2,396) | ​ |  | 251,914
Technology Products and Services | ​ |  | — | ​ |  | 27,393 | ​ |  | — | ​ |  | 27,393
Total sales | ​ | $ | 762,742 | ​ | $ | 281,703 | ​ | $ | (4,708) | ​ | $ | 1,039,737
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Twenty-six weeks ended June 29, 2024
​ | ​ | Infrastructure |  | Agriculture |  | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 1,150,715 | ​ | $ | 321,225 | ​ | $ | (9,152) | ​ | $ | 1,462,788
International | ​ |  | 335,641 | ​ |  | 219,213 | ​ |  | (77) | ​ |  | 554,777
Total sales | ​ | $ | 1,486,356 | ​ | $ | 540,438 | ​ | $ | (9,229) | ​ | $ | 2,017,565
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product line: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Transmission, Distribution, and Substation | ​ | $ | 648,343 | ​ | $ | — | ​ | $ | — | ​ | $ | 648,343
Lighting and Transportation | ​ |  | 465,658 | ​ |  | — | ​ |  | — | ​ |  | 465,658
Coatings | ​ |  | 178,664 | ​ |  | — | ​ |  | (5,120) | ​ |  | 173,544
Telecommunications | ​ |  | 112,361 | ​ |  | — | ​ |  | — | ​ |  | 112,361
Solar | ​ |  | 81,330 | ​ |  | — | ​ |  | (73) | ​ |  | 81,257
Irrigation Equipment and Parts | ​ |  | — | ​ |  | 487,430 | ​ |  | (4,036) | ​ |  | 483,394
Technology Products and Services | ​ |  | — | ​ |  | 53,008 | ​ |  | — | ​ |  | 53,008
Total sales | ​ | $ | 1,486,356 | ​ | $ | 540,438 | ​ | $ | (9,229) | ​ | $ | 2,017,565
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended July 1, 2023
​ | ​ | Infrastructure |  | Agriculture |  | Intersegment |  | Consolidated
Geographical market: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
North America | ​ | $ | 587,313 | ​ | $ | 140,981 | ​ | $ | (3,613) | ​ | $ | 724,681
International | ​ |  | 183,282 | ​ |  | 138,952 | ​ |  | (619) | ​ |  | 321,615
Total sales | ​ | $ | 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 sales | ​ | $ | 770,595 | ​ | $ | 279,933 | ​ | $ | (4,232) | ​ | $ | 1,046,296
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Twenty-six weeks ended July 1, 2023
​ | ​ | Infrastructure |  | Agriculture |  | Intersegment |  | 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 sales | ​ | $ | 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 sales | ​ | $ | 1,506,701 | ​ | $ | 612,096 | ​ | $ | (10,020) | ​ | $ | 2,108,777
​ A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended June 29, 2024 |  | Twenty-six weeks ended June 29, 2024
​ |  | Point in Time | ​ | Over Time | ​ | Total |  | Point in Time | ​ | Over Time | ​ | Total
Infrastructure | ​ | $ | 430,252 | ​ | $ | 330,178 | ​ | $ | 760,430 | ​ | $ | 820,187 | ​ | $ | 660,976 | ​ | $ | 1,481,163
Agriculture | ​ |  | 271,011 | ​ | ​ | 8,296 | ​ |  | 279,307 | ​ |  | 521,771 | ​ | ​ | 14,631 | ​ |  | 536,402
Total net sales | ​ | $ | 701,263 | ​ | $ | 338,474 | ​ | $ | 1,039,737 | ​ | $ | 1,341,958 | ​ | $ | 675,607 | ​ | $ | 2,017,565
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 net sales | ​ | $ | 722,696 | ​ | $ | 323,600 | ​ | $ | 1,046,296 | ​ | $ | 1,458,119 | ​ | $ | 650,658 | ​ | $ | 2,108,777
​

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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