BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

(8) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

The Company has two reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service-related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars.

Reportable segments are as follows:

INFRASTRUCTURE: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, solar, lighting and transportation, and telecommunications, and coatings services to preserve metal products.

AGRICULTURE: This segment consists of the manufacture of center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture.

In addition to these two reportable segments, the Company had a business and related activities in 2022 that are not more than 10% of consolidated sales, operating income, or assets. This comprised the offshore wind energy structures business and was reported in the Other segment until its divestiture in fourth quarter 2022.

The Company evaluates the performance of its reportable segments based upon operating income and return on invested capital. The Company’s operating income for segment purposes excludes unallocated corporate general and administrative expenses, interest expense, non-operating income and deductions, or income taxes.

(8) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

Summary by Business

	Thirteen weeks ended
	April 1,		March 26,
	2023		2022
SALES:
Infrastructure	$	736,106	$	662,072
Agriculture		332,163		306,580
Other		—		18,654
Total		1,068,269		987,306
INTERSEGMENT SALES:
Infrastructure		(3,966)		(3,101)
Agriculture		(1,822)		(3,385)
Total		(5,788)		(6,486)
NET SALES:
Infrastructure		732,140		658,971
Agriculture		330,341		303,195
Other		—		18,654
Total	$	1,062,481	$	980,820
OPERATING INCOME (LOSS):
Infrastructure	$	94,352	$	78,316
Agriculture		53,323		37,475
Other		—		(809)
Corporate		(29,209)		(20,140)
Total	$	118,466	$	94,842

(8) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION – CONTINUED

	Thirteen weeks ended April 1, 2023
	Infrastructure		Agriculture		Other		Intersegment Sales		Consolidated
Geographical market:
North America	$	584,083	$	182,869	$	—	$	(5,374)	$	761,578
International		152,023		149,294		—		(414)		300,903
Total	$	736,106	$	332,163	$	—	$	(5,788)	$	1,062,481
Product line:
Transmission, Distribution, and Substation	$	314,820	$	—	$	—	$	—	$	314,820
Lighting and Transportation		229,136		—		—		—		229,136
Coatings		90,114		—		—		(3,552)		86,562
Telecommunications		68,137		—		—		—		68,137
Solar		33,899		—		—		(414)		33,485
Irrigation Equipment and Parts, excluding Technology		—		299,181		—		(1,822)		297,359
Technology Products and Services		—		32,982		—		—		32,982
Total	$	736,106	$	332,163	$	—	$	(5,788)	$	1,062,481

	Thirteen weeks ended March 26, 2022
	Infrastructure		Agriculture		Other		Intersegment Sales		Consolidated
Geographical market:
North America	$	505,980	$	182,255	$	—	$	(6,486)	$	681,749
International		156,092		124,325		18,654		—		299,071
Total	$	662,072	$	306,580	$	18,654	$	(6,486)	$	980,820
Product line:
Transmission, Distribution, and Substation	$	281,600	$	—	$	—	$	—	$	281,600
Lighting and Transportation		212,767		—		—		—		212,767
Coatings		81,976		—		—		(3,101)		78,875
Telecommunications		61,396		—		—		—		61,396
Solar		24,333		—		18,654		—		42,987
Irrigation Equipment and Parts, excluding Technology		—		278,034		—		(3,385)		274,649
Technology Products and Services		—		28,546		—		—		28,546
Total	$	662,072	$	306,580	$	18,654	$	(6,486)	$	980,820

(8) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION – CONTINUED

A breakdown by segment of revenue recognized over time and at a point in time for the thirteen weeks ended April 1, 2023 and March 26, 2022 is as follows:

	Point in Time		Over Time		Total
	Thirteen		Thirteen		Thirteen
	weeks ended		weeks ended		weeks ended
	April 1, 2023		April 1, 2023		April 1, 2023
Infrastructure	$	411,217	$	320,923	$	732,140
Agriculture		324,206		6,135		330,341
Total	$	735,423	$	327,058	$	1,062,481

	Point in Time		Over Time		Total
	Thirteen		Thirteen		Thirteen
	weeks ended		weeks ended		weeks ended
	March 26, 2022		March 26, 2022		March 26, 2022
Infrastructure	$	369,190	$	289,781	$	658,971
Agriculture		297,606		5,589		303,195
Other		—		18,654		18,654
Total	$	666,796	$	314,024	$	980,820