Industry Segment Information

12 Months Ended

Aug. 31, 2024

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 revenues 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 2024, 2023, or 2022.

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

($ in thousands)	2024			2023			2022
Operating revenues:
Irrigation:
North America	$	302,148		$	309,538		$	355,683
International		211,748			276,493			310,146
Irrigation total		513,896			586,031			665,829
Infrastructure		93,178			88,053			104,914
Total operating revenues	$	607,074		$	674,084		$	770,743
Operating income:
Irrigation	$	87,547		$	121,969		$	105,763
Infrastructure		18,995			12,067			18,328
Corporate		(29,934	)		(31,852	)		(29,448	)
Total operating income		76,608			102,184			94,643
Total other income (expense)		2,442			(1,809	)		(6,775	)
Earnings before income taxes	$	79,050		$	100,375		$	87,868
Total capital expenditures:
Irrigation	$	24,720		$	13,043		$	10,679
Infrastructure		4,207			5,287			3,798
Corporate		52			445			1,118
	$	28,979		$	18,775		$	15,595
Depreciation and amortization:
Irrigation	$	14,480		$	12,834		$	13,011
Infrastructure		4,396			4,023			3,781
Corporate		2,324			2,425			3,386
	$	21,200		$	19,282		$	20,178

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

		For the years ended August 31,
($ in thousands)		2024			2023			2022
		Revenues	% of total		Revenues	% of total		Revenues	% of total
United States	$	338,429	56	$	347,238	52	$	394,080	51
International		268,645	44		326,846	48		376,663	49
Total revenues	$	607,074	100	$	674,084	100	$	770,743	100

	For the years ended August 31,
($ in thousands)	2024				2023				2022
	Long-lived tangible assets		% of total		Long-lived tangible assets		% of total		Long-lived tangible assets		% of total
United States	$	89,175		79	$	76,428		77	$	70,643		75
International		23,640		21		23,253		23		23,829		25
Total long-lived assets	$	112,815		100	$	99,681		100	$	94,472		100

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