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Industry Segment Information
 12 Months Ended
Aug. 31, 2021
Segment Reporting [Abstract]  
Industry Segment Information

Note 18 – Industry Segment Information 

The Company manages its business activities in two reportable segments: Irrigation and Infrastructure.  The accounting policies of the two reportable segments are the same as those described in Note 1, Description of Business and Significant Accounting Policies.  The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes.  Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment.  There are no inter-segment sales included in the amounts disclosed.   

Irrigation

This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, M2M communication technology, and smartphone applications.  The irrigation reporting segment consists of one operating segment. 

Infrastructure

This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment; the manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services.  The infrastructure reporting segment consists of one operating segment.

The Company has no single major customer representing ten percent or more of its total revenues during fiscal 2021, 2020, or 2019.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

 

($ in thousands)

 

2021

 

 

2020

 

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

273,871

 

 

$

224,771

 

 

$

225,677

 

International

 

 

197,487

 

 

 

124,575

 

 

 

132,871

 

Irrigation total

 

 

471,358

 

 

 

349,346

 

 

 

358,548

 

Infrastructure

 

 

96,288

 

 

 

125,346

 

 

 

85,524

 

Total operating revenues

 

$

567,646

 

 

$

474,692

 

 

$

444,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

63,181

 

 

$

41,263

 

 

$

29,374

 

Infrastructure

 

 

20,174

 

 

 

42,722

 

 

 

17,029

 

Corporate

 

 

(29,248

)

 

 

(29,783

)

 

 

(40,288

)

Total operating income

 

 

54,107

 

 

 

54,202

 

 

 

6,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other (expense) income

 

 

(3,721

)

 

 

(5,359

)

 

 

(4,008

)

Earnings before income taxes

 

$

50,386

 

 

$

48,843

 

 

$

2,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

19,188

 

 

$

9,254

 

 

$

9,473

 

Infrastructure

 

 

6,866

 

 

 

11,275

 

 

 

4,928

 

Corporate

 

 

457

 

 

 

916

 

 

 

8,810

 

 

 

$

26,511

 

 

$

21,445

 

 

$

23,211

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

12,245

 

 

$

12,906

 

 

$

9,500

 

Infrastructure

 

 

3,748

 

 

 

3,495

 

 

 

3,663

 

Corporate

 

 

3,183

 

 

 

2,994

 

 

 

855

 

 

 

$

19,177

 

 

$

19,396

 

 

$

14,018

 

 

Summarized financial information concerning the Company’s geographical areas is shown in the following tables.

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2021

 

 

2020

 

 

2019

 

 

 

Revenues

 

 

% of total

 

 

Revenues

 

 

% of total

 

 

Revenues

 

 

% of total

 

United States

 

$

307,313

 

 

 

54

 

 

$

259,557

 

 

 

55

 

 

$

257,719

 

 

 

58

 

International

 

 

260,333

 

 

 

46

 

 

 

215,135

 

 

 

45

 

 

 

186,353

 

 

 

42

 

Total revenues

 

$

567,646

 

 

 

100

 

 

$

474,692

 

 

 

100

 

 

$

444,072

 

 

 

100

 

 

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2021

 

 

2020

 

 

2019

 

 

 

Long-lived

tangible

assets

 

 

% of total

 

 

Long-lived

tangible

assets

 

 

% of total

 

 

Long-lived

tangible

assets

 

 

% of total

 

United States

 

$

68,526

 

 

 

74

 

 

$

64,857

 

 

 

81

 

 

$

52,187

 

 

 

76

 

International

 

 

23,471

 

 

 

26

 

 

 

14,724

 

 

 

19

 

 

 

16,781

 

 

 

24

 

Total long-lived assets

 

$

91,997

 

 

 

100

 

 

$

79,581

 

 

 

100

 

 

$

68,968

 

 

 

100

 

 

 

Total assets by reportable segment are not disclosed because such information is not used by the Company to allocate resources or evaluate performance.