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Segment Information | 3 Months Ended
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Nov. 30, 2021
Segment Reporting [Abstract] |
Segment Information | Note 12 – Segment Information The Company operates in three reportable segments: Manufacturing; Maintenance Services; and Leasing & Management 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, 2021. 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. In the first quarter of 2022 the Company renamed two of its reportable segments to more prominently display the nature of the customer solutions it provides and markets in which it operates. The new names of its reportable segments are Manufacturing (unchanged), Maintenance Services (previously Wheels, Repair & Parts), and Leasing & Management Services (previously Leasing & Services). The name changes have no impact on the organization’s reporting structure nor on financial information previously reported. However, effective September 1, 2021, the Company also changed its measurement basis for allocating syndication revenue between the Manufacturing and Leasing & Management Services reportable segments. This change in measurement reflects the information currently used by management to assess the Company's operating performance in accordance with its refined leasing strategy and has no impact to the Company’s total consolidated revenue. Segment results for the prior periods have been recast to conform to the current period presentation. 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 November 30, 2021:
|  | Revenue |  |  | Earnings (loss) from operations |
(in millions) |  | External |  |  | Intersegment |  |  | Total |  |  | External |  |  | Intersegment |  |  | Total |
Manufacturing |  | $ | 452.5 |  |  | $ | 39.4 |  |  | $ | 491.9 |  |  | $ | 12.3 |  |  | $ | 0.3 |  |  | $ | 12.6 |
Maintenance Services |  |  | 72.4 |  |  |  | 2.7 |  |  |  | 75.1 |  |  |  | (1.1 | ) |  |  | — |  |  |  | (1.1 | )
Leasing & Management Services |  |  | 25.8 |  |  |  | 0.3 |  |  |  | 26.1 |  |  |  | 17.2 |  |  |  | — |  |  |  | 17.2 |
Eliminations |  |  | — |  |  |  | (42.4 | ) |  |  | (42.4 | ) |  |  | — |  |  |  | (0.3 | ) |  |  | (0.3 | )
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16.6 | ) |  |  | — |  |  |  | (16.6 | )
|  | $ | 550.7 |  |  | $ | — |  |  | $ | 550.7 |  |  | $ | 11.8 |  |  | $ | — |  |  | $ | 11.8 |
For the three months ended November 30, 2020:
|  | Revenue |  |  | Earnings (loss) from operations |
(in millions) |  | External |  |  | Intersegment |  |  | Total |  |  | External |  |  | Intersegment |  |  | Total |
Manufacturing |  | $ | 304.5 |  |  | $ | 20.6 |  |  | $ | 325.1 |  |  | $ | 5.4 |  |  | $ | 2.5 |  |  | $ | 7.9 |
Maintenance Services |  |  | 65.6 |  |  |  | 0.3 |  |  |  | 65.9 |  |  |  | (0.2 | ) |  |  | — |  |  |  | (0.2 | )
Leasing & Management Services |  |  | 32.9 |  |  |  | 0.4 |  |  |  | 33.3 |  |  |  | 10.1 |  |  |  | — |  |  |  | 10.1 |
Eliminations |  |  | — |  |  |  | (21.3 | ) |  |  | (21.3 | ) |  |  | — |  |  |  | (2.5 | ) |  |  | (2.5 | )
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17.4 | ) |  |  | — |  |  |  | (17.4 | )
|  | $ | 403.0 |  |  | $ | — |  |  | $ | 403.0 |  |  | $ | (2.1 | ) |  | $ | — |  |  | $ | (2.1 | )
|  | Total assets |
(in millions) |  | November 30, 2021 |  |  | August 31, 2021 |
Manufacturing |  | $ | 1,550.3 |  |  | $ | 1,493.5 |
Maintenance Services |  |  | 261.5 |  |  |  | 260.9 |
Leasing & Management Services |  |  | 1,219.9 |  |  |  | 949.4 |
Unallocated, including cash |  |  | 438.3 |  |  |  | 686.9 |
|  | $ | 3,470.0 |  |  | $ | 3,390.7 |
Reconciliation of Earnings (loss) from operations to Loss before income tax and earnings (loss) from unconsolidated affiliates:
|  | Three Months Ended November 30, |
(in millions) |  | 2021 |  |  | 2020 |
Earnings (loss) from operations |  | $ | 11.8 |  |  | $ | (2.1 | )
Interest and foreign exchange |  |  | 12.6 |  |  |  | 11.1 |
Loss before income tax and earnings (loss) from unconsolidated affiliates |  | $ | (0.8 | ) |  | $ | (13.2 | )

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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