XML 42 R31.htm IDEA: XBRL DOCUMENT v3.25.3
Business Segments
 12 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Business Segments

Note 18 – Business Segments

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM utilizes operating income to guide resource allocation across reportable segments as part of the Company’s strategic and annual planning efforts, and to assess segment performance by comparing planned results to actual outcomes.

The CODM manages the Company's 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. The CODM evaluates the performance of its reportable segments based on segment revenues 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, 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.

In fiscal year 2025, one customer within the Company's irrigation segment accounted for approximately 13% of consolidated revenues relating to the large irrigation project in the MENA region. In fiscal years 2024 and 2023, no individual customer accounted for more than 10% of consolidated revenue.

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

 

 

 

 

August 31, 2025

($ in thousands)

 

Irrigation

 

Infrastructure

 

Consolidated

Operating revenues

 

$

568,000

(1)

$

108,368

 

$

676,368

Cost of operating revenues

 

 

402,126

 

 

63,462

 

 

465,588

Gross profit

 

 

165,874

 

 

44,906

 

 

210,780

Operating expenses

 

 

68,911

 

 

18,568

 

 

87,479

Segment operating income

 

$

96,963

 

$

26,338

 

$

123,301

Unallocated corporate expenses

 

 

 

 

 

 

 

 

35,177

Operating income

 

 

 

 

 

 

 

$

88,124

(1) includes domestic revenues of $273,839 and international revenues of $294,161

 

 

 

 

August 31, 2024

($ in thousands)

 

Irrigation

 

Infrastructure

 

Consolidated

Operating revenues

 

$

513,896

(1)

$

93,178

 

$

607,074

Cost of operating revenues

 

 

358,390

 

 

57,629

 

 

416,019

Gross profit

 

 

155,506

 

 

35,549

 

 

191,055

Operating expenses

 

 

67,959

 

 

16,554

 

 

84,513

Segment operating income

 

$

87,547

 

$

18,995

 

$

106,542

Unallocated corporate expenses

 

 

 

 

 

 

 

 

29,934

Operating income

 

 

 

 

 

 

 

$

76,608

(1) includes domestic revenues of $302,148 and international revenues of $211,748

 

 

 

 

August 31, 2023

($ in thousands)

 

Irrigation

 

Infrastructure

 

Consolidated

Operating revenues

 

$

586,031

(1)

$

88,053

 

$

674,084

Cost of operating revenues

 

 

401,427

 

 

59,642

 

 

461,069

Gross profit

 

 

184,604

 

 

28,411

 

 

213,015

Operating expenses

 

 

62,635

 

 

16,344

 

 

78,979

Segment operating income

 

$

121,969

 

$

12,067

 

$

134,036

Unallocated corporate expenses

 

 

 

 

 

 

 

 

31,852

Operating income

 

 

 

 

 

 

 

$

102,184

(1) includes domestic revenues of $309,538 and international revenues of $276,493

 

 

Summarized financial information concerning the Company’s capital expenditures and depreciation and amortization is shown in the following tables.

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2025

 

 

2024

 

 

2023

 

Total capital expenditures:

 

 

 

 

 

 

 

 

 

Irrigation

 

$

38,026

 

 

$

24,720

 

 

$

13,043

 

Infrastructure

 

 

4,147

 

 

 

4,207

 

 

 

5,287

 

Corporate

 

 

323

 

 

 

52

 

 

 

445

 

 

 

$

42,496

 

 

$

28,979

 

 

$

18,775

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

Irrigation

 

$

14,198

 

 

$

14,480

 

 

$

12,834

 

Infrastructure

 

 

4,417

 

 

 

4,396

 

 

 

4,023

 

Corporate

 

 

2,281

 

 

 

2,324

 

 

 

2,425

 

 

 

$

20,896

 

 

$

21,200

 

 

$

19,282

 

 

 

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

 

 

 

 

For the years ended August 31,

($ in thousands)

 

 

2025

 

 

2024

 

 

2023

 

 

 

Revenues

 

% of total

 

 

Revenues

 

% of total

 

 

Revenues

 

% of total

United States

 

$

350,229

 

52

 

$

338,429

 

56

 

$

347,238

 

52

International

 

 

326,139

 

48

 

 

268,645

 

44

 

 

326,846

 

48

Total revenues

 

$

676,368

 

100

 

$

607,074

 

100

 

$

674,084

 

100

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2025

 

 

2024

 

 

2023

 

 

 

Long-lived
tangible
assets

 

 

% of total

 

 

Long-lived
tangible
assets

 

 

% of total

 

 

Long-lived
tangible
assets

 

 

% of total

 

United States

 

$

116,771

 

 

 

82

 

 

$

89,175

 

 

 

79

 

 

$

76,428

 

 

 

77

 

International

 

 

25,536

 

 

 

18

 

 

 

23,640

 

 

 

21

 

 

 

23,253

 

 

 

23

 

Total long-lived assets

 

$

142,307

 

 

 

100

 

 

$

112,815

 

 

 

100

 

 

$

99,681

 

 

 

100

 

 

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