Revenue Recognition

9 Months Ended

May 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 2 – Revenue Recognition

Disaggregation of Revenue

A breakout by segment of revenue recognized over time versus at a point in time for the three and nine months ended May 31, 2025 and 2024 is as follows:

	Three months ended						Three months ended
	May 31, 2025						May 31, 2024
($ in thousands)	Irrigation		Infrastructure		Total		Irrigation		Infrastructure		Total
Point in time	$	135,334	$	20,170	$	155,504	$	107,438	$	17,542	$	124,980
Over time		8,411		1,759		10,170		7,402		1,276		8,678
Revenue from contracts with customers		143,745		21,929		165,674		114,840		18,818		133,658
Lease revenue		—		3,790		3,790		—		5,541		5,541
Total operating revenues	$	143,745	$	25,719	$	169,464	$	114,840	$	24,359	$	139,199
		Nine months ended						Nine months ended
		May 31, 2025						May 31, 2024
($ in thousands)	Irrigation		Infrastructure		Total		Irrigation		Infrastructure		Total
Point in time	$	414,958	$	66,192	$	481,150	$	365,184	$	42,835	$	408,019
Over time		24,013		4,891		28,904		22,842		3,944		26,786
Revenue from contracts with customers		438,971		71,083		510,054		388,026		46,779		434,805
Lease revenue		—		12,755		12,755		—		17,271		17,271
Total operating revenues	$	438,971	$	83,838	$	522,809	$	388,026	$	64,050	$	452,076

Further disaggregation of revenue is disclosed in Note 14 – Business Segments.

For contracts with an initial length longer than 12 months, the unsatisfied performance obligations were $20.4 million at May 31, 2025, almost all of which is expected to be satisfied within the next 12 months.

Contract Balances

Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At May 31, 2025, May 31, 2024, and August 31, 2024, contract assets amounted to $1.6 million, $3.6 million, and $3.3 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheets.

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At May 31, 2025, May 31, 2024, and August 31, 2024, contract liabilities amounted to $20.8 million, $23.5 million, and $21.5 million, respectively. Contract liabilities are included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets. During the Company’s nine months ended May 31, 2025 and 2024, the Company recognized $15.3 million and $14.5 million of revenue that was included in the liabilities as of August 31, 2024 and 2023, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.