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Revenue Recognition
 6 Months Ended
Feb. 28, 2021
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

Note 2 – Revenue Recognition

 

Disaggregation of Revenue

 

A breakout by segment of revenue recognized over time versus at a point in time for the three and six months ended February 28, 2021 and February 29, 2020 is as follows:

  

 

 

Three months ended

 

 

Three months ended

 

 

 

February 28, 2021

 

 

February 29, 2020

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Point in time

 

$

110,814

 

 

$

20,819

 

 

$

131,633

 

 

$

73,844

 

 

$

17,334

 

 

$

91,178

 

Over time

 

 

7,758

 

 

 

1,535

 

 

 

9,293

 

 

 

19,650

 

 

 

1,426

 

 

 

21,076

 

Revenue from the contracts with customers

 

 

118,572

 

 

 

22,354

 

 

 

140,926

 

 

 

93,494

 

 

 

18,760

 

 

 

112,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

—

 

 

 

2,651

 

 

 

2,651

 

 

 

—

 

 

 

1,534

 

 

 

1,534

 

Total operating revenues

 

$

118,572

 

 

$

25,005

 

 

$

143,577

 

 

$

93,494

 

 

$

20,294

 

 

$

113,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended

 

 

Six months ended

 

 

 

February 28, 2021

 

 

February 29, 2020

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Point in time

 

$

190,926

 

 

$

36,269

 

 

$

227,195

 

 

$

147,661

 

 

$

38,498

 

 

$

186,159

 

Over time

 

 

15,003

 

 

 

3,174

 

 

 

18,177

 

 

 

29,159

 

 

 

3,550

 

 

 

32,709

 

Revenue from the contracts with customers

 

 

205,929

 

 

 

39,443

 

 

 

245,372

 

 

 

176,820

 

 

 

42,048

 

 

 

218,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

—

 

 

 

6,690

 

 

 

6,690

 

 

 

—

 

 

 

4,313

 

 

 

4,313

 

Total operating revenues

 

$

205,929

 

 

$

46,133

 

 

$

252,062

 

 

$

176,820

 

 

$

46,361

 

 

$

223,181

 

 

Further disaggregation of revenue is disclosed in the Note 13 – Industry Segment Information.

 

For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were $6.8 million at February 28, 2021.

 

Contract Balances

 

Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At February 28, 2021, February 29, 2020, and August 31, 2020, contract assets amounted to $1.2 million, $0.9 million, and $0.9 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheet.  

  

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At February 28, 2021, February 29, 2020, and August 31, 2020, contract liabilities amounted to $21.3 million, $13.4 million, and $19.6 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s six months ended February 28, 2021 and February 29 2020, the Company recognized $15.4 million and $12.6 million of revenue that were included in the liabilities as of August 31, 2020 and 2019, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.