Industry Segment Information

12 Months Ended

Aug. 31, 2022

Segment Reporting [Abstract]

Industry Segment Information

Note 18 – Industry Segment Information

The Company manages its business activities in two reportable segments: Irrigation and Infrastructure. The accounting policies of the two reportable segments are the same as those described in Note 1, Description of Business and Significant Accounting Policies. The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed.

Irrigation

This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems and large diameter steel tubing, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design, and industrial internet of things, or "IIoT", solutions. The irrigation reporting segment consists of one operating segment.

Infrastructure

This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of one operating segment.

The Company has no single major customer representing ten percent or more of its total revenues during fiscal 2022, 2021, or 2020.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

($ in thousands)	2022			2021			2020
Operating revenues:
Irrigation:
North America	$	355,683		$	273,871		$	224,771
International		310,146			197,487			124,575
Irrigation total		665,829			471,358			349,346
Infrastructure		104,914			96,288			125,346
Total operating revenues	$	770,743		$	567,646		$	474,692
Operating income:
Irrigation	$	105,763		$	63,181		$	41,263
Infrastructure		18,328			20,174			42,722
Corporate		(29,448	)		(29,248	)		(29,783	)
Total operating income		94,643			54,107			54,202
Total other expense		(6,775	)		(3,721	)		(5,359	)
Earnings before income taxes	$	87,868		$	50,386		$	48,843
Total capital expenditures:
Irrigation	$	10,679		$	19,188		$	9,254
Infrastructure		3,798			6,866			11,275
Corporate		1,118			457			916
	$	15,595		$	26,511		$	21,445
Depreciation and amortization:
Irrigation	$	13,011		$	12,245		$	12,906
Infrastructure		3,781			3,748			3,495
Corporate		3,386			3,183			2,994
	$	20,178		$	19,177		$	19,396

Summarized financial information concerning the Company’s geographical areas is shown in the following tables.

	For the years ended August 31,
($ in thousands)	2022				2021				2020
	Revenues		% of total		Revenues		% of total		Revenues		% of total
United States	$	394,080		51	$	307,313		54	$	259,557		55
International		376,663		49		260,333		46		215,135		45
Total revenues	$	770,743		100	$	567,646		100	$	474,692		100

	For the years ended August 31,
($ in thousands)	2022				2021				2020
	Long-lived tangible assets		% of total		Long-lived tangible assets		% of total		Long-lived tangible assets		% of total
United States	$	70,643		75	$	68,526		74	$	64,857		81
International		23,829		25		23,471		26		14,724		19
Total long-lived assets	$	94,472		100	$	91,997		100	$	79,581		100

Total assets by reportable segment are not disclosed because such information is not used by the Company to allocate resources or evaluate performance.