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Revenue Recognition | 9 Months Ended
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May 31, 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 nine months ended May 31, 2025 and 2024 is as follows:
|  | Three months ended |  | Three months ended
|  | May 31, 2025 |  | May 31, 2024
($ in thousands) |  | Irrigation |  | Infrastructure |  | Total |  | Irrigation |  | Infrastructure |  | Total
Point in time |  | $ | 135,334 |  | $ | 20,170 |  | $ | 155,504 |  | $ | 107,438 |  | $ | 17,542 |  | $ | 124,980
Over time |  |  | 8,411 |  |  | 1,759 |  |  | 10,170 |  |  | 7,402 |  |  | 1,276 |  |  | 8,678
Revenue from contracts with customers |  |  | 143,745 |  |  | 21,929 |  |  | 165,674 |  |  | 114,840 |  |  | 18,818 |  |  | 133,658
Lease revenue |  |  | — |  |  | 3,790 |  |  | 3,790 |  |  | — |  |  | 5,541 |  |  | 5,541
Total operating revenues |  | $ | 143,745 |  | $ | 25,719 |  | $ | 169,464 |  | $ | 114,840 |  | $ | 24,359 |  | $ | 139,199
|  |  | Nine months ended |  |  | Nine months ended
|  |  | May 31, 2025 |  |  | May 31, 2024
($ in thousands) |  | Irrigation |  | Infrastructure |  | Total |  | Irrigation |  | Infrastructure |  | Total
Point in time |  | $ | 414,958 |  | $ | 66,192 |  | $ | 481,150 |  | $ | 365,184 |  | $ | 42,835 |  | $ | 408,019
Over time |  |  | 24,013 |  |  | 4,891 |  |  | 28,904 |  |  | 22,842 |  |  | 3,944 |  |  | 26,786
Revenue from contracts with customers |  |  | 438,971 |  |  | 71,083 |  |  | 510,054 |  |  | 388,026 |  |  | 46,779 |  |  | 434,805
Lease revenue |  |  | — |  |  | 12,755 |  |  | 12,755 |  |  | — |  |  | 17,271 |  |  | 17,271
Total operating revenues |  | $ | 438,971 |  | $ | 83,838 |  | $ | 522,809 |  | $ | 388,026 |  | $ | 64,050 |  | $ | 452,076
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 $20.4 million at May 31, 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 May 31, 2025, May 31, 2024, and August 31, 2024, contract assets amounted t o $1.6 million, $3.6 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 May 31, 2025, May 31, 2024, and August 31, 2024, contract liabilities amounted to $20.8 million, $23.5 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 nine months ended May 31, 2025 and 2024, the Company recognized $15.3 million and $14.5 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.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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