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Revenue Recognition | 9 Months Ended
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May 31, 2022
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, 2022 and 2021 is as follows:
|  | Three months ended |  |  | Three months ended |
|  | May 31, 2022 |  |  | May 31, 2021 |
($ in thousands) |  | Irrigation |  |  | Infrastructure |  |  | Total |  |  | Irrigation |  |  | Infrastructure |  |  | Total |
Point in time |  | $ | 183,085 |  |  | $ | 22,083 |  |  | $ | 205,168 |  |  | $ | 131,032 |  |  | $ | 16,790 |  |  | $ | 147,822 |
Over time |  |  | 5,608 |  |  |  | 1,750 |  |  |  | 7,358 |  |  |  | 9,143 |  |  |  | 1,383 |  |  |  | 10,526 |
Revenue from the contracts with customers |  |  | 188,693 |  |  |  | 23,833 |  |  |  | 212,526 |  |  |  | 140,175 |  |  |  | 18,173 |  |  |  | 158,348 |
Lease revenue |  |  | — |  |  |  | 1,733 |  |  |  | 1,733 |  |  |  | — |  |  |  | 3,588 |  |  |  | 3,588 |
Total operating revenues |  | $ | 188,693 |  |  | $ | 25,566 |  |  | $ | 214,259 |  |  | $ | 140,175 |  |  | $ | 21,761 |  |  | $ | 161,936 |
|  | Nine months ended |  |  | Nine months ended |
|  | May 31, 2022 |  |  | May 31, 2021 |
($ in thousands) |  | Irrigation |  |  | Infrastructure |  |  | Total |  |  | Irrigation |  |  | Infrastructure |  |  | Total |
Point in time |  | $ | 498,468 |  |  | $ | 52,806 |  |  | $ | 551,274 |  |  | $ | 321,960 |  |  | $ | 53,060 |  |  | $ | 375,020 |
Over time |  |  | 16,892 |  |  |  | 3,959 |  |  |  | 20,851 |  |  |  | 24,144 |  |  |  | 4,557 |  |  |  | 28,701 |
Revenue from the contracts with customers |  |  | 515,360 |  |  |  | 56,765 |  |  |  | 572,125 |  |  |  | 346,104 |  |  |  | 57,617 |  |  |  | 403,721 |
Lease revenue |  |  | — |  |  |  | 8,422 |  |  |  | 8,422 |  |  |  | — |  |  |  | 10,277 |  |  |  | 10,277 |
Total operating revenues |  | $ | 515,360 |  |  | $ | 65,187 |  |  | $ | 580,547 |  |  | $ | 346,104 |  |  | $ | 67,894 |  |  | $ | 413,998 |
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 $2.1 million at May 31, 2022. 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, 2022, May 31, 2021, and August 31, 2021, contract assets amounted to $1.0 million, $1.5 million, and $1.3 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, 2022, May 31, 2021, and August 31, 2021, contract liabilities amounted to $35.0 million, $35.5 million, and $37.4 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, 2022 and 2021, the Company recognized $32.7 million and $16.7 million of revenue that were included in the liabilities as of August 31, 2021 and 2020 respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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