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Revenue Recognition
 9 Months Ended
May 31, 2020
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, 2020 and May 31, 2019 is as follows:

  

 

 

Three months ended

 

 

Three months ended

 

 

 

May 31, 2020

 

 

May 31, 2019

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Point in time

 

$

83,128

 

 

$

24,499

 

 

$

107,627

 

 

$

89,442

 

 

$

19,429

 

 

$

108,871

 

Over time

 

 

10,395

 

 

 

2,621

 

 

 

13,016

 

 

 

9,176

 

 

 

1,589

 

 

 

10,765

 

Revenue from the contracts with customers

 

 

93,523

 

 

 

27,120

 

 

 

120,643

 

 

 

98,618

 

 

 

21,018

 

 

 

119,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

—

 

 

 

2,463

 

 

 

2,463

 

 

 

—

 

 

 

1,418

 

 

 

1,418

 

Total operating revenues

 

$

93,523

 

 

$

29,583

 

 

$

123,106

 

 

$

98,618

 

 

$

22,436

 

 

$

121,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

Nine months ended

 

 

 

May 31, 2020

 

 

May 31, 2019

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Point in time

 

$

229,529

 

 

$

64,257

 

 

$

293,786

 

 

$

256,466

 

 

$

51,593

 

 

$

308,059

 

Over time

 

 

38,419

 

 

 

7,306

 

 

 

45,725

 

 

 

25,528

 

 

 

4,372

 

 

 

29,900

 

Revenue from the contracts with customers

 

 

267,948

 

 

 

71,563

 

 

 

339,511

 

 

 

281,994

 

 

 

55,965

 

 

 

337,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

—

 

 

 

6,776

 

 

 

6,776

 

 

 

—

 

 

 

4,228

 

 

 

4,228

 

Total operating revenues

 

$

267,948

 

 

$

78,339

 

 

$

346,287

 

 

$

281,994

 

 

$

60,193

 

 

$

342,187

 

 

Further disaggregation of revenue is disclosed in the Note 16 – Industry Segment Information.

 

For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were $6.1 million at May 31, 2020.

 

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, 2020, May 31, 2019, and August 31, 2019, contract assets amounted to $0.8 million, $1.4 million, and $1.3 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheet.  

  

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At May 31, 2020, May 31, 2019, and August 31, 2019, contract liabilities amounted to $16.9 million, $13.1 million, and $18.4 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s nine months ended May 31, 2020 and 2019, the Company recognized $13.5 million and $0.8 million of revenue that were included in the liabilities as of August 31, 2019 and 2018, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.