BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

(9) 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 operational performance and the allocation of capital. Corporate expense is net of certain service-related expenses that are allocated to business units generally based on 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, along with coatings services to protect 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.

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

Summary by Business Segment

	Thirteen weeks ended
	March 30,		April 1,
	2024		2023
SALES:
Infrastructure	$	723,614	$	736,106
Agriculture		258,735		332,163
Total sales		982,349		1,068,269
INTERSEGMENT SALES:
Infrastructure		(2,881)		(3,966)
Agriculture		(1,640)		(1,822)
Total intersegment sales		(4,521)		(5,788)
NET SALES:
Infrastructure		720,733		732,140
Agriculture		257,095		330,341
Total net sales	$	977,828	$	1,062,481
OPERATING INCOME (LOSS):
Infrastructure	$	117,864	$	94,352
Agriculture		40,973		53,323
Corporate		(27,284)		(29,209)
Total operating income	$	131,553	$	118,466

	Thirteen weeks ended March 30, 2024
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	568,572	$	159,915	$	(4,466)	$	724,021
International		155,042		98,820		(55)		253,807
Total sales	$	723,614	$	258,735	$	(4,521)	$	977,828
Product line:
Transmission, Distribution, and Substation	$	325,256	$	—	$	—	$	325,256
Lighting and Transportation		222,096		—		—		222,096
Coatings		87,090		—		(2,826)		84,264
Telecommunications		53,961		—		—		53,961
Solar		35,211		—		(55)		35,156
Irrigation Equipment and Parts		—		233,120		(1,640)		231,480
Technology Products and Services		—		25,615		—		25,615
Total sales	$	723,614	$	258,735	$	(4,521)	$	977,828

	Thirteen weeks ended April 1, 2023
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	584,083	$	182,869	$	(5,374)	$	761,578
International		152,023		149,294		(414)		300,903
Total sales	$	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		—		299,181		(1,822)		297,359
Technology Products and Services		—		32,982		—		32,982
Total sales	$	736,106	$	332,163	$	(5,788)	$	1,062,481

A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen weeks ended March 30, 2024 and April 1, 2023 was as follows:

	Thirteen weeks ended March 30, 2024
	Point in Time		Over Time		Total
Infrastructure	$	389,935	$	330,798	$	720,733
Agriculture		250,760		6,335		257,095
Total net sales	$	640,695	$	337,133	$	977,828

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