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Revenue Recognition
 9 Months Ended
May 31, 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 nine months ended May 31, 2021 and May 31, 2020 is as follows:

  

 

 

Three months ended

 

 

Three months ended

 

 

 

May 31, 2021

 

 

May 31, 2020

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Point in time

 

$

131,032

 

 

$

16,790

 

 

$

147,822

 

 

$

84,356

 

 

$

23,271

 

 

$

107,627

 

Over time

 

 

9,143

 

 

 

1,383

 

 

 

10,526

 

 

 

11,145

 

 

 

1,871

 

 

 

13,016

 

Revenue from the contracts with customers

 

 

140,175

 

 

 

18,173

 

 

 

158,348

 

 

 

95,501

 

 

 

25,142

 

 

 

120,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

—

 

 

 

3,588

 

 

 

3,588

 

 

 

—

 

 

 

2,463

 

 

 

2,463

 

Total operating revenues

 

$

140,175

 

 

$

21,761

 

 

$

161,936

 

 

$

95,501

 

 

$

27,605

 

 

$

123,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

Nine months ended

 

 

 

May 31, 2021

 

 

May 31, 2020

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Point in time

 

$

321,960

 

 

$

53,060

 

 

$

375,020

 

 

$

232,017

 

 

$

61,769

 

 

$

293,786

 

Over time

 

 

24,144

 

 

 

4,557

 

 

 

28,701

 

 

 

40,304

 

 

 

5,421

 

 

 

45,725

 

Revenue from the contracts with customers

 

 

346,104

 

 

 

57,617

 

 

 

403,721

 

 

 

272,321

 

 

 

67,190

 

 

 

339,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

—

 

 

 

10,277

 

 

 

10,277

 

 

 

—

 

 

 

6,776

 

 

 

6,776

 

Total operating revenues

 

$

346,104

 

 

$

67,894

 

 

$

413,998

 

 

$

272,321

 

 

$

73,966

 

 

$

346,287

 

 

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 May 31, 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 May 31, 2021 and 2020, and August 31, 2020, contract assets amounted to $1.5 million, $0.8 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 May 31, 2021, May 31, 2020, and August 31, 2020, contract liabilities amounted to $35.5 million, $16.9 million, and $19.6 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s nine months ended May 31, 2021 and May 31, 2020, the Company recognized $16.7 million and $13.5 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.