Industry Segment Information

12 Months Ended

Aug. 31, 2020

Segment Reporting [Abstract]

Industry Segment Information

Note 19 – 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, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, M2M communication technology, and smartphone applications.  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 manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services.  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 2020, 2019, or 2018.

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

($ in thousands)	2020			2019			2018
Operating revenues:
Irrigation:
North America	$	218,954		$	218,627		$	294,617
International		124,575			132,871			145,241
Irrigation total		343,529			351,498			439,858
Infrastructure		131,163			92,574			107,847
Total operating revenues	$	474,692		$	444,072		$	547,705
Operating income:
Irrigation	$	40,214		$	29,804		$	41,933
Infrastructure		43,771			16,599			23,857
Corporate		(29,783	)		(40,288	)		(26,778	)
Total operating income		54,202			6,115			39,012
Other income (expense)		(5,359	)		(4,008	)		(5,159	)
Earnings before income taxes	$	48,843		$	2,107		$	33,853
Total capital expenditures:
Irrigation	$	9,254		$	9,473		$	9,259
Infrastructure		11,275			4,928			938
Corporate		916			8,810			857
	$	21,445		$	23,211		$	11,054
Depreciation and amortization:
Irrigation	$	12,906		$	9,500		$	11,412
Infrastructure		3,495			3,663			4,611
Corporate		2,994			855			491
	$	19,396		$	14,018		$	16,514
Total assets:
Irrigation	$	307,537		$	292,202		$	277,712
Infrastructure		113,111			85,848			69,919
Corporate		149,878			122,264			152,184
	$	570,526		$	500,314		$	499,815

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

	For the years ended August 31,
($ in thousands)	2020				2019				2018
	Revenues		% of total		Revenues		% of total		Revenues		% of total
United States	$	259,557		55	$	257,719		58	$	321,698		59
International		215,135		45		186,353		42		226,007		41
Total revenues	$	474,692		100	$	444,072		100	$	547,705		100

	For the years ended August 31,
($ in thousands)	2020				2019				2018
	Long-lived tangible assets		% of total		Long-lived tangible assets		% of total		Long-lived tangible assets		% of total
United States	$	64,857		81	$	52,187		76	$	39,290		69
International		14,724		19		16,781		24		17,958		31
Total long-lived assets	$	79,581		100	$	68,968		100	$	57,248		100