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Segment Information
 9 Months Ended
May 31, 2021
Segment Reporting [Abstract]  
Segment Information

Note 13 – Segment Information

The Company operates in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & Services.

The accounting policies of the segments are described in the summary of significant accounting policies in the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended August 31, 2020. Performance is evaluated based on Earnings (loss) from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to our integrated business model. The Company does not allocate Interest and foreign exchange or Income tax benefit (expense) for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements.

The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes.


 

For the three months ended May 31, 2021:

 

 

 

Revenue

 

 

Earnings (loss) from operations

 

(In thousands)

 

External

 

 

Intersegment

 

 

Total

 

 

External

 

 

Intersegment

 

 

Total

 

Manufacturing

 

$

341,939

 

 

$

7,451

 

 

$

349,390

 

 

$

31,341

 

 

$

492

 

 

$

31,833

 

Wheels, Repair & Parts

 

 

80,871

 

 

 

2,292

 

 

 

83,163

 

 

 

4,173

 

 

 

75

 

 

 

4,248

 

Leasing & Services

 

 

27,333

 

 

 

2,286

 

 

 

29,619

 

 

 

12,280

 

 

 

2,272

 

 

 

14,552

 

Eliminations

 

 

—

 

 

 

(12,029

)

 

 

(12,029

)

 

 

—

 

 

 

(2,839

)

 

 

(2,839

)

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22,085

)

 

 

—

 

 

 

(22,085

)

 

 

$

450,143

 

 

$

—

 

 

$

450,143

 

 

$

25,709

 

 

$

—

 

 

$

25,709

 

For the nine months ended May 31, 2021:

 

 

Revenue

 

 

Earnings (loss) from operations

 

(In thousands)

 

External

 

 

Intersegment

 

 

Total

 

 

External

 

 

Intersegment

 

 

Total

 

Manufacturing

 

$

852,755

 

 

$

30,467

 

 

$

883,222

 

 

$

23,811

 

 

$

3,097

 

 

$

26,908

 

Wheels, Repair & Parts

 

 

218,050

 

 

 

4,196

 

 

 

222,246

 

 

 

6,406

 

 

 

52

 

 

 

6,458

 

Leasing & Services

 

 

77,949

 

 

 

8,064

 

 

 

86,013

 

 

 

24,590

 

 

 

7,191

 

 

 

31,781

 

Eliminations

 

 

—

 

 

 

(42,727

)

 

 

(42,727

)

 

 

—

 

 

 

(10,340

)

 

 

(10,340

)

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(56,939

)

 

 

—

 

 

 

(56,939

)

 

 

$

1,148,754

 

 

$

—

 

 

$

1,148,754

 

 

$

(2,132

)

 

$

—

 

 

$

(2,132

)

 

For the three months ended May 31, 2020:

 

 

Revenue

 

 

Earnings (loss) from operations

 

(In thousands)

 

External

 

 

Intersegment

 

 

Total

 

 

External

 

 

Intersegment

 

 

Total

 

Manufacturing

 

$

653,007

 

 

$

1,151

 

 

$

654,158

 

 

$

68,445

 

 

$

95

 

 

$

68,540

 

Wheels, Repair & Parts

 

 

82,024

 

 

 

1,527

 

 

 

83,551

 

 

 

3,785

 

 

 

(393

)

 

 

3,392

 

Leasing & Services

 

 

27,526

 

 

 

14,841

 

 

 

42,367

 

 

 

11,837

 

 

 

14,454

 

 

 

26,291

 

Eliminations

 

 

—

 

 

 

(17,519

)

 

 

(17,519

)

 

 

—

 

 

 

(14,156

)

 

 

(14,156

)

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,255

)

 

 

—

 

 

 

(17,255

)

 

 

$

762,557

 

 

$

—

 

 

$

762,557

 

 

$

66,812

 

 

$

—

 

 

$

66,812

 

 

For the nine months ended May 31, 2020:

 

 

Revenue

 

 

Earnings (loss) from operations

 

(In thousands)

 

External

 

 

Intersegment

 

 

Total

 

 

External

 

 

Intersegment

 

 

Total

 

Manufacturing

 

$

1,800,317

 

 

$

1,269

 

 

$

1,801,586

 

 

$

167,693

 

 

$

73

 

 

$

167,766

 

Wheels, Repair & Parts

 

 

259,857

 

 

 

12,511

 

 

 

272,368

 

 

 

8,219

 

 

 

(903

)

 

 

7,316

 

Leasing & Services

 

 

95,590

 

 

 

31,830

 

 

 

127,420

 

 

 

34,407

 

 

 

30,127

 

 

 

64,534

 

Eliminations

 

 

—

 

 

 

(45,610

)

 

 

(45,610

)

 

 

—

 

 

 

(29,297

)

 

 

(29,297

)

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(63,287

)

 

 

—

 

 

 

(63,287

)

 

 

$

2,155,764

 

 

$

—

 

 

$

2,155,764

 

 

$

147,032

 

 

$

—

 

 

$

147,032

 

 

 

 

Total assets

 

(In thousands)

 

May 31,

2021

 

 

August 31,

2020

 

Manufacturing

 

$

1,413,590

 

 

$

1,301,715

 

Wheels, Repair & Parts

 

 

265,847

 

 

 

271,862

 

Leasing & Services

 

 

878,743

 

 

 

739,025

 

Unallocated, including cash

 

 

651,987

 

 

 

861,232

 

 

 

$

3,210,167

 

 

$

3,173,834

 

 

Reconciliation of Earnings (loss) from operations to Earnings (loss) before income tax and earnings from unconsolidated affiliates:

 

 

 

Three Months Ended

May 31,

 

 

Nine Months Ended

May 31,

 

(In thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Earnings (loss) from operations

 

$

25,709

 

 

$

66,812

 

 

$

(2,132

)

 

$

147,032

 

Interest and foreign exchange

 

 

10,204

 

 

 

7,562

 

 

 

30,875

 

 

 

33,023

 

Net loss on extinguishment of debt

 

 

4,763

 

 

 

—

 

 

 

4,763

 

 

 

—

 

Earnings (loss) before income tax and

  earnings from unconsolidated affiliates

 

$

10,742

 

 

$

59,250

 

 

$

(37,770

)

 

$

114,009