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BUSINESS SEGMENTS & RELATED REVENUE INFORMATION
9 Months Ended
Sep. 28, 2024
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION [Abstract]  
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

(8) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION

Based on its management structure, the Company has two reportable segments. Each segment operates globally with a manager responsible for operational performance and capital allocation. Corporate expense is net of certain service-related expenses 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 (loss) and return on invested capital. For segment purposes, the Company’s operating income (loss) excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes.

Summary by Business Segment

    

Thirteen weeks ended

Thirty-nine weeks ended

September 28,

    

September 30,

    

September 28,

    

September 30,

2024

2023

2024

2023

SALES:

Infrastructure

$

758,579

$

755,076

$

2,244,935

$

2,261,777

Agriculture

 

265,286

 

298,483

 

805,724

 

910,579

Total sales

 

1,023,865

 

1,053,559

 

3,050,659

 

3,172,356

INTERSEGMENT SALES:

 

  

 

 

  

Infrastructure

 

(2,209)

 

(1,450)

 

(7,402)

 

(7,853)

Agriculture

 

(1,481)

 

(1,814)

 

(5,517)

 

(5,431)

Total intersegment sales

 

(3,690)

 

(3,264)

 

(12,919)

 

(13,284)

NET SALES:

 

  

 

  

 

  

 

  

Infrastructure

 

756,370

 

753,626

 

2,237,533

 

2,253,924

Agriculture

 

263,805

 

296,669

 

800,207

 

905,148

Total net sales

$

1,020,175

$

1,050,295

$

3,037,740

$

3,159,072

OPERATING INCOME (LOSS):

 

  

 

  

 

  

 

  

Infrastructure

$

123,657

$

103,401

$

375,102

$

313,703

Agriculture

 

28,893

 

(99,670)

 

109,837

 

2,904

Total segment operating income

152,550

3,731

484,939

316,607

Unallocated corporate expenses

 

(26,815)

 

(27,921)

 

(80,343)

 

(88,598)

Total operating income (loss)

$

125,735

$

(24,190)

$

404,596

$

228,009

    

Thirteen weeks ended September 28, 2024

Infrastructure

    

Agriculture

Intersegment

    

Consolidated

Geographical market:

  

 

  

  

 

  

North America

$

599,705

$

119,973

$

(3,684)

$

715,994

International

 

158,874

 

145,313

 

(6)

 

304,181

Total sales

$

758,579

$

265,286

$

(3,690)

$

1,020,175

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution, and Substation

$

342,401

$

$

$

342,401

Lighting and Transportation

 

229,219

 

 

 

229,219

Coatings

 

88,046

 

 

(2,201)

 

85,845

Telecommunications

 

64,288

 

 

 

64,288

Solar

 

34,625

 

 

(8)

 

34,617

Irrigation Equipment and Parts

 

 

243,368

 

(1,481)

 

241,887

Technology Products and Services

 

 

21,918

 

 

21,918

Total sales

$

758,579

$

265,286

$

(3,690)

$

1,020,175

    

Thirteen weeks ended September 30, 2023

Infrastructure

    

Agriculture

    

Intersegment

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

572,239

$

126,828

$

(3,055)

$

696,012

International

 

182,837

 

171,655

 

(209)

 

354,283

Total sales

$

755,076

$

298,483

$

(3,264)

$

1,050,295

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution, and Substation

$

297,967

$

$

$

297,967

Lighting and Transportation

 

252,603

 

 

 

252,603

Coatings

 

88,967

 

 

(1,241)

 

87,726

Telecommunications

 

59,630

 

 

 

59,630

Solar

 

55,909

 

 

(209)

 

55,700

Irrigation Equipment and Parts

 

 

273,639

 

(1,814)

 

271,825

Technology Products and Services

 

 

24,844

 

 

24,844

Total sales

$

755,076

$

298,483

$

(3,264)

$

1,050,295

    

Thirty-nine weeks ended September 28, 2024

Infrastructure

    

Agriculture

    

Intersegment

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

1,750,420

$

441,198

$

(12,836)

$

2,178,782

International

 

494,515

 

364,526

 

(83)

 

858,958

Total sales

$

2,244,935

$

805,724

$

(12,919)

$

3,037,740

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution, and Substation

$

990,744

$

$

$

990,744

Lighting and Transportation

 

694,877

 

 

 

694,877

Coatings

 

266,710

 

 

(7,321)

 

259,389

Telecommunications

 

176,649

 

 

 

176,649

Solar

 

115,955

 

 

(81)

 

115,874

Irrigation Equipment and Parts

 

 

730,798

 

(5,517)

 

725,281

Technology Products and Services

 

 

74,926

 

 

74,926

Total sales

$

2,244,935

$

805,724

$

(12,919)

$

3,037,740

    

Thirty-nine weeks ended September 30, 2023

Infrastructure

    

Agriculture

    

Intersegment

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

1,743,635

$

450,678

$

(12,042)

$

2,182,271

International

 

518,142

 

459,901

 

(1,242)

 

976,801

Total sales

$

2,261,777

$

910,579

$

(13,284)

$

3,159,072

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution, and Substation

$

927,094

$

$

$

927,094

Lighting and Transportation

 

727,862

 

 

 

727,862

Coatings

 

270,201

 

 

(6,611)

 

263,590

Telecommunications

 

195,505

 

 

 

195,505

Solar

 

141,115

 

 

(1,242)

 

139,873

Irrigation Equipment and Parts

 

 

825,277

 

(5,431)

 

819,846

Technology Products and Services

 

 

85,302

 

 

85,302

Total sales

$

2,261,777

$

910,579

$

(13,284)

$

3,159,072

A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 was as follows:

Thirteen weeks ended September 28, 2024

 

Thirty-nine weeks ended September 28, 2024

    

Point in Time

Over Time

Total

 

Point in Time

Over Time

Total

Infrastructure

$

421,042

$

335,328

$

756,370

$

1,241,229

$

996,304

$

2,237,533

Agriculture

 

254,854

8,951

 

263,805

 

776,625

23,582

 

800,207

Total net sales

$

675,896

$

344,279

$

1,020,175

$

2,017,854

$

1,019,886

$

3,037,740

Thirteen weeks ended September 30, 2023

Thirty-nine weeks ended September 30, 2023

Point in Time

    

Over Time

    

Total

Point in Time

    

Over Time

    

Total

Infrastructure

$

453,829

$

299,797

$

753,626

$

1,316,931

$

936,993

$

2,253,924

Agriculture

 

288,780

7,889

 

296,669

 

883,797

21,351

 

905,148

Total net sales

$

742,609

$

307,686

$

1,050,295

$

2,200,728

$

958,344

$

3,159,072