XML 20 R13.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue Recognition
 6 Months Ended
Feb. 28, 2025
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, 2025 and February 29, 2024 is as follows:

 

 

Three months ended

 

Three months ended

 

 

February 28, 2025

 

February 29, 2024

($ in thousands)

 

Irrigation

 

Infrastructure

 

Total

 

Irrigation

 

Infrastructure

 

Total

Point in time

 

$

140,268

 

$

33,920

 

$

174,188

 

$

125,241

 

$

12,343

 

$

137,584

Over time

 

 

7,871

 

 

1,775

 

 

9,646

 

 

7,777

 

 

1,437

 

 

9,214

Revenue from the contracts with customers

 

 

148,139

 

 

35,695

 

 

183,834

 

 

133,018

 

 

13,780

 

 

146,798

Lease revenue

 

 

—

 

 

3,230

 

 

3,230

 

 

—

 

 

4,721

 

 

4,721

Total operating revenues

 

$

148,139

 

$

38,925

 

$

187,064

 

$

133,018

 

$

18,501

 

$

151,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended

 

 

Six months ended

 

 

 

February 28, 2025

 

 

February 29, 2024

($ in thousands)

 

Irrigation

 

Infrastructure

 

Total

 

Irrigation

 

Infrastructure

 

Total

Point in time

 

$

279,636

 

$

46,022

 

$

325,658

 

$

257,746

 

$

25,294

 

$

283,040

Over time

 

 

15,590

 

 

3,133

 

 

18,723

 

 

15,440

 

 

2,668

 

 

18,108

Revenue from the contracts with customers

 

 

295,226

 

 

49,155

 

 

344,381

 

 

273,186

 

 

27,962

 

 

301,148

Lease revenue

 

 

—

 

 

8,964

 

 

8,964

 

 

—

 

 

11,729

 

 

11,729

Total operating revenues

 

$

295,226

 

$

58,119

 

$

353,345

 

$

273,186

 

$

39,691

 

$

312,877

 

Further disaggregation of revenue is disclosed in Note 14 – Business Segments.

 

For contracts with an initial length longer than 12 months, the unsatisfied performance obligations were $44.2 million at February 28, 2025, almost all of which is expected to be satisfied within the next 12 months.

 

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, 2025, February 29, 2024, and August 31, 2024, contract assets amounted to $2.1 million, $1.1 million, and $3.3 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheets.

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At February 28, 2025, February 29, 2024, and August 31, 2024, contract liabilities amounted to $24.4 million, $18.3 million, and $21.5 million, respectively. Contract liabilities are included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets. During the Company’s six months ended February 28, 2025 and February 29, 2024, the Company recognized $13.7 million and $12.1 million of revenue that was included in the liabilities as of August 31, 2024 and 2023, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.