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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is organized into four reportable segments on the basis of the production processes, products and services provided by each segment, identified as follows: (i)Residential, which primarily includes roof and foundation ventilation products, centralized mail systems and electronic package solutions, retractable awnings and gutter guards, rain dispersion products, trims and flashings and other accessories; (ii)Renewables, which primarily includes designing, engineering, manufacturing and installation of solar racking and electrical balance of systems; (iii)Agtech, which provides growing solutions including the designing, engineering, manufacturing and installation of greenhouses; and (iv)Infrastructure, which primarily includes structural bearings, expansion joints and pavement sealant for bridges, airport runways and roadways, elastomeric concrete and bridge cable protection systems. When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. The following table illustrates certain measurements used by management to assess performance of the segments described above (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |  |
Residential | $ | 212,363 |  |  | $ | 227,747 |  |  | $ | 611,790 |  |  | $ | 635,476 |
Renewables | 84,064 |  |  | 106,362 |  |  | 214,941 |  |  | 243,026 |
Agtech | 41,527 |  |  | 31,666 |  |  | 110,062 |  |  | 102,546 |
Infrastructure | 23,242 |  |  | 24,969 |  |  | 69,914 |  |  | 67,877 |
Total net sales | $ | 361,196 |  |  | $ | 390,744 |  |  | $ | 1,006,707 |  |  | $ | 1,048,925 |
Income from operations: |  |  |  |  |  |  |
Residential | $ | 42,055 |  |  | $ | 42,158 |  |  | $ | 119,714 |  |  | $ | 115,626 |
Renewables | 825 |  |  | 12,907 |  |  | 4,116 |  |  | 21,084 |
Agtech | 3,853 |  |  | 2,136 |  |  | 8,743 |  |  | 3,349 |
Infrastructure | 6,494 |  |  | 6,386 |  |  | 17,605 |  |  | 14,928 |
Unallocated corporate expenses | (9,229) |  |  | (10,397) |  |  | (31,975) |  |  | (29,350) |
Total income from operations | $ | 43,998 |  |  | $ | 53,190 |  |  | $ | 118,203 |  |  | $ | 125,637 |
The following table illustrates the total assets of the Company's reportable segments and unallocated corporate assets as of (in thousands):
| September 30, 2024 |  | December 31, 2023
Residential | $ | 531,021 |  |  | $ | 515,739 |
Renewables | 400,996 |  |  | 377,694 |
Agtech | 168,645 |  |  | 168,213 |
Infrastructure | 83,783 |  |  | 77,518 |
Unallocated corporate assets | 240,145 |  |  | 117,287 |
Total assets | $ | 1,424,590 |  |  | $ | 1,256,451 |
The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the (in thousands):
| Three Months Ended September 30, 2024
| Residential |  | Renewables |  | Agtech |  | Infrastructure |  | Total
Point in Time | $ | 210,530 |  |  | $ | 8,220 |  |  | $ | 135 |  |  | $ | 10,657 |  |  | $ | 229,542 |
Over Time | 1,833 |  |  | 75,844 |  |  | 41,392 |  |  | 12,585 |  |  | 131,654 |
Total net sales | $ | 212,363 |  |  | $ | 84,064 |  |  | $ | 41,527 |  |  | $ | 23,242 |  |  | $ | 361,196 |
| Three Months Ended September 30, 2023
| Residential |  | Renewables |  | Agtech |  | Infrastructure |  | Total
Point in Time | $ | 225,985 |  |  | $ | 15,903 |  |  | $ | 777 |  |  | $ | 9,922 |  |  | $ | 252,587 |
Over Time | 1,762 |  |  | 90,459 |  |  | 30,889 |  |  | 15,047 |  |  | 138,157 |
Total net sales | $ | 227,747 |  |  | $ | 106,362 |  |  | $ | 31,666 |  |  | $ | 24,969 |  |  | $ | 390,744 |
| Nine Months Ended September 30, 2024
| Residential |  | Renewables |  | Agtech |  | Infrastructure |  | Total
Point in Time | $ | 606,386 |  |  | $ | 23,235 |  |  | $ | 2,663 |  |  | $ | 27,806 |  |  | $ | 660,090 |
Over Time | 5,404 |  |  | 191,706 |  |  | 107,399 |  |  | 42,108 |  |  | 346,617 |
Total net sales | $ | 611,790 |  |  | $ | 214,941 |  |  | $ | 110,062 |  |  | $ | 69,914 |  |  | $ | 1,006,707 |
| Nine Months Ended September 30, 2023
| Residential |  | Renewables |  | Agtech |  | Infrastructure |  | Total
Point in Time | $ | 630,545 |  |  | $ | 35,630 |  |  | $ | 5,580 |  |  | $ | 24,831 |  |  | $ | 696,586 |
Over Time | 4,931 |  |  | 207,396 |  |  | 96,966 |  |  | 43,046 |  |  | 352,339 |
Total net sales | $ | 635,476 |  |  | $ | 243,026 |  |  | $ | 102,546 |  |  | $ | 67,877 |  |  | $ | 1,048,925 |

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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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