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Segment Information
 3 Months Ended
Nov. 30, 2023
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, 2023. 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 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 November 30, 2023:

 

 

Revenue

 

 

Earnings (loss) from operations

 

(in millions)

 

External

 

 

Intersegment

 

 

Total

 

 

External

 

 

Intersegment

 

 

Total

 

Manufacturing

 

$

675.9

 

 

$

58.5

 

 

$

734.4

 

 

$

54.3

 

 

$

4.7

 

 

$

59.0

 

Maintenance Services

 

 

83.8

 

 

 

9.2

 

 

 

93.0

 

 

 

10.6

 

 

 

—

 

 

 

10.6

 

Leasing & Management Services

 

 

49.1

 

 

 

0.2

 

 

 

49.3

 

 

 

26.3

 

 

 

—

 

 

 

26.3

 

Eliminations

 

 

—

 

 

 

(67.9

)

 

 

(67.9

)

 

 

—

 

 

 

(4.7

)

 

 

(4.7

)

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(26.3

)

 

 

—

 

 

 

(26.3

)

 

 

$

808.8

 

 

$

—

 

 

$

808.8

 

 

$

64.9

 

 

$

—

 

 

$

64.9

 

 

For the three months ended November 30, 2022:

 

 

Revenue

 

 

Earnings (loss) from operations

 

(in millions)

 

External

 

 

Intersegment

 

 

Total

 

 

External

 

 

Intersegment

 

 

Total

 

Manufacturing

 

$

646.5

 

 

$

44.5

 

 

$

691.0

 

 

$

(3.4

)

 

$

4.0

 

 

$

0.6

 

Maintenance Services

 

 

85.5

 

 

 

8.5

 

 

 

94.0

 

 

 

5.5

 

 

 

—

 

 

 

5.5

 

Leasing & Management Services

 

 

34.5

 

 

 

0.2

 

 

 

34.7

 

 

 

15.6

 

 

 

—

 

 

 

15.6

 

Eliminations

 

 

—

 

 

 

(53.2

)

 

 

(53.2

)

 

 

—

 

 

 

(4.0

)

 

 

(4.0

)

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22.5

)

 

 

—

 

 

 

(22.5

)

 

 

$

766.5

 

 

$

—

 

 

$

766.5

 

 

$

(4.8

)

 

$

—

 

 

$

(4.8

)

 

 

 

Total assets

 

(in millions)

 

November 30,
2023

 

 

August 31,
2023

 

Manufacturing

 

$

1,799.3

 

 

$

1,847.0

 

Maintenance Services

 

 

311.3

 

 

 

294.4

 

Leasing & Management Services

 

 

1,537.6

 

 

 

1,458.1

 

Unallocated, including cash

 

 

366.5

 

 

 

378.9

 

 

$

4,014.7

 

 

$

3,978.4

 

 

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

 

 

 

Three Months Ended
November 30,

 

(in millions)

 

2023

 

 

2022

 

Earnings (loss) from operations

 

$

64.9

 

 

$

(4.8

)

Interest and foreign exchange

 

 

23.2

 

 

 

19.6

 

Earnings (loss) before income tax and earnings
  from unconsolidated affiliates

 

$

41.7

 

 

$

(24.4

)