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Industry Segment Information
 12 Months Ended
Aug. 31, 2023
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 and large diameter steel tubing, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design, and industrial internet of things, or "IIoT", solutions. 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 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 2023, 2022, or 2021.

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

 

($ in thousands)

 

2023

 

 

2022

 

 

2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

North America

 

$

309,538

 

 

$

355,683

 

 

$

273,871

 

International

 

 

276,493

 

 

 

310,146

 

 

 

197,487

 

Irrigation total

 

 

586,031

 

 

 

665,829

 

 

 

471,358

 

Infrastructure

 

 

88,053

 

 

 

104,914

 

 

 

96,288

 

Total operating revenues

 

$

674,084

 

 

$

770,743

 

 

$

567,646

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

Irrigation

 

$

121,969

 

 

$

105,763

 

 

$

63,181

 

Infrastructure

 

 

12,067

 

 

 

18,328

 

 

 

20,174

 

Corporate

 

 

(31,852

)

 

 

(29,448

)

 

 

(29,248

)

Total operating income

 

 

102,184

 

 

 

94,643

 

 

 

54,107

 

 

 

 

 

 

 

 

 

 

 

Total other expense

 

 

(1,809

)

 

 

(6,775

)

 

 

(3,721

)

Earnings before income taxes

 

$

100,375

 

 

$

87,868

 

 

$

50,386

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures:

 

 

 

 

 

 

 

 

 

Irrigation

 

$

13,043

 

 

$

10,679

 

 

$

19,188

 

Infrastructure

 

 

5,287

 

 

 

3,798

 

 

 

6,866

 

Corporate

 

 

445

 

 

 

1,118

 

 

 

457

 

 

 

$

18,775

 

 

$

15,595

 

 

$

26,511

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

Irrigation

 

$

12,834

 

 

$

13,011

 

 

$

12,245

 

Infrastructure

 

 

4,023

 

 

 

3,781

 

 

 

3,748

 

Corporate

 

 

2,425

 

 

 

3,386

 

 

 

3,183

 

 

 

$

19,282

 

 

$

20,178

 

 

$

19,177

 

 

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

 

 

 

For the years ended August 31,

($ in thousands)

 

2023

 

2022

 

2021

 

 

Revenues

 

% of total

 

Revenues

 

% of total

 

Revenues

 

% of total

United States

 

$347,238

 

52

 

$394,080

 

51

 

$307,313

 

54

International

 

326,846

 

48

 

376,663

 

49

 

260,333

 

46

Total revenues

 

$674,084

 

100

 

$770,743

 

100

 

$567,646

 

100

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2023

 

 

2022

 

 

2021

 

 

 

Long-lived
tangible
assets

 

 

% of total

 

 

Long-lived
tangible
assets

 

 

% of total

 

 

Long-lived
tangible
assets

 

 

% of total

 

United States

 

$

76,428

 

 

 

77

 

 

$

70,643

 

 

 

75

 

 

$

68,526

 

 

 

74

 

International

 

 

23,253

 

 

 

23

 

 

 

23,829

 

 

 

25

 

 

 

23,471

 

 

 

26

 

Total long-lived assets

 

$

99,681

 

 

 

100

 

 

$

94,472

 

 

 

100

 

 

$

91,997

 

 

 

100

 

 

 

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