BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

6 Months Ended

Jun. 29, 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 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 and linear irrigation equipment components for agricultural markets, including aftermarket 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				Twenty-six weeks ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
SALES:
Infrastructure	$	762,742	$	770,595	$	1,486,356	$	1,506,701
Agriculture		281,703		279,933		540,438		612,096
Total sales		1,044,445		1,050,528		2,026,794		2,118,797
INTERSEGMENT SALES:
Infrastructure		(2,312)		(2,437)		(5,193)		(6,403)
Agriculture		(2,396)		(1,795)		(4,036)		(3,617)
Total intersegment sales		(4,708)		(4,232)		(9,229)		(10,020)
NET SALES:
Infrastructure		760,430		768,158		1,481,163		1,500,298
Agriculture		279,307		278,138		536,402		608,479
Total net sales	$	1,039,737	$	1,046,296	$	2,017,565	$	2,108,777
OPERATING INCOME (LOSS):
Infrastructure	$	133,581	$	115,950	$	251,445	$	210,302
Agriculture		39,971		49,251		80,944		102,574
Corporate		(26,244)		(31,468)		(53,528)		(60,677)
Total operating income	$	147,308	$	133,733	$	278,861	$	252,199

	Thirteen weeks ended June 29, 2024
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	582,143	$	161,310	$	(4,686)	$	738,767
International		180,599		120,393		(22)		300,970
Total sales	$	762,742	$	281,703	$	(4,708)	$	1,039,737
Product line:
Transmission, Distribution, and Substation	$	323,087	$	—	$	—	$	323,087
Lighting and Transportation		243,562		—		—		243,562
Coatings		91,574		—		(2,294)		89,280
Telecommunications		58,400		—		—		58,400
Solar		46,119		—		(18)		46,101
Irrigation Equipment and Parts		—		254,310		(2,396)		251,914
Technology Products and Services		—		27,393		—		27,393
Total sales	$	762,742	$	281,703	$	(4,708)	$	1,039,737

	Twenty-six weeks ended June 29, 2024
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	1,150,715	$	321,225	$	(9,152)	$	1,462,788
International		335,641		219,213		(77)		554,777
Total sales	$	1,486,356	$	540,438	$	(9,229)	$	2,017,565
Product line:
Transmission, Distribution, and Substation	$	648,343	$	—	$	—	$	648,343
Lighting and Transportation		465,658		—		—		465,658
Coatings		178,664		—		(5,120)		173,544
Telecommunications		112,361		—		—		112,361
Solar		81,330		—		(73)		81,257
Irrigation Equipment and Parts		—		487,430		(4,036)		483,394
Technology Products and Services		—		53,008		—		53,008
Total sales	$	1,486,356	$	540,438	$	(9,229)	$	2,017,565

	Thirteen weeks ended July 1, 2023
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	587,313	$	140,981	$	(3,613)	$	724,681
International		183,282		138,952		(619)		321,615
Total sales	$	770,595	$	279,933	$	(4,232)	$	1,046,296
Product line:
Transmission, Distribution, and Substation	$	314,307	$	—	$	—	$	314,307
Lighting and Transportation		246,123		—		—		246,123
Coatings		91,120		—		(1,818)		89,302
Telecommunications		67,738		—		—		67,738
Solar		51,307		—		(619)		50,688
Irrigation Equipment and Parts		—		252,457		(1,795)		250,662
Technology Products and Services		—		27,476		—		27,476
Total sales	$	770,595	$	279,933	$	(4,232)	$	1,046,296

	Twenty-six weeks ended July 1, 2023
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	1,171,396	$	323,850	$	(8,987)	$	1,486,259
International		335,305		288,246		(1,033)		622,518
Total sales	$	1,506,701	$	612,096	$	(10,020)	$	2,108,777
Product line:
Transmission, Distribution, and Substation	$	629,127	$	—	$	—	$	629,127
Lighting and Transportation		475,259		—		—		475,259
Coatings		181,234		—		(5,370)		175,864
Telecommunications		135,875		—		—		135,875
Solar		85,206		—		(1,033)		84,173
Irrigation Equipment and Parts		—		551,638		(3,617)		548,021
Technology Products and Services		—		60,458		—		60,458
Total sales	$	1,506,701	$	612,096	$	(10,020)	$	2,108,777

A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023 was as follows:

	Thirteen weeks ended June 29, 2024						Twenty-six weeks ended June 29, 2024
	Point in Time		Over Time		Total		Point in Time		Over Time		Total
Infrastructure	$	430,252	$	330,178	$	760,430	$	820,187	$	660,976	$	1,481,163
Agriculture		271,011		8,296		279,307		521,771		14,631		536,402
Total net sales	$	701,263	$	338,474	$	1,039,737	$	1,341,958	$	675,607	$	2,017,565

	Thirteen weeks ended July 1, 2023						Twenty-six weeks ended July 1, 2023
	Point in Time		Over Time		Total		Point in Time		Over Time		Total
Infrastructure	$	451,885	$	316,273	$	768,158	$	863,102	$	637,196	$	1,500,298
Agriculture		270,811		7,327		278,138		595,017		13,462		608,479
Total net sales	$	722,696	$	323,600	$	1,046,296	$	1,458,119	$	650,658	$	2,108,777