BUSINESS SEGMENTS

3 Months Ended

Mar. 26, 2022

Segment Reporting [Abstract]

BUSINESS SEGMENTS

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

    During the first quarter of 2022, the Company's CODM changed the Company's management structure and began to manage the business, allocate resources and evaluate performance based on the new structure. As a result, the Company has realigned to a two reportable segment structure organized by market dynamics (Infrastructure and Agriculture). Three operating segments resulted from the new management structure and two are aggregated into the Agriculture reportable segment. The Company considers gross profit margins, nature of products sold, nature of the production processes, type and class of customer, and methods used to distribute products when assessing aggregation of operating segments. The Infrastructure segment includes the previous reportable segments of Utility Structures, Engineered Support Structures, and Coatings. All prior period segment information has been recast to reflect this change in reportable segments.

Both reportable segments are global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service-related expenses that are allocated to business units generally on the basis of employee headcounts.

Reportable segments are as follows:

    INFRASTRUCTURE: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, renewable energy, lighting, transportation, and telecommunications, and coatings services to preserve and protect metal products.

    AGRICULTURE: This segment consists of the manufacture of center pivot and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture.

    The Company evaluates the performance of its reportable segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income (expense), or income taxes to its reportable segments.

Summary by Business

	Thirteen weeks ended
	March 26, 2022		March 27, 2021
SALES:
Infrastructure	$	680,726	$	549,646
Agriculture	306,580		229,664
Total	987,306		779,310
INTERSEGMENT SALES:
Infrastructure	(3,101)		(3,201)
Agriculture	(3,385)		(1,223)
Total	(6,486)		(4,424)
NET SALES:
Infrastructure	677,625		546,445
Agriculture	303,195		228,441
Total	$	980,820	$	774,886
OPERATING INCOME:
Infrastructure	$	77,507	$	54,449
Agriculture	37,475		38,748
Corporate	(20,140)		(15,986)
Total	$	94,842	$	77,211

	Thirteen weeks ended March 26, 2022
	Infrastructure		Agriculture		Intersegment Sales		Consolidated
Geographical market:
North America	$	505,980	$	182,255	$	(6,486)	$	681,749
International	174,746		124,325		—		299,071
Total	$	680,726	$	306,580	$	(6,486)	$	980,820
Product line:
Transmission, Distribution and Substation	$	281,600	$	—	$	—	$	281,600
Lighting and Transportation	212,767		—		—		212,767
Coatings	81,976		—		(3,101)		78,875
Telecommunications	61,396		—		—		61,396
Renewable Energy	42,987		—		—		42,987
Irrigation Equipment and Parts, excluding Technology	—		278,034		(3,385)		274,649
Technology Products and Services	—		28,546		—		28,546
Total	$	680,726	$	306,580	$	(6,486)	$	980,820

	Thirteen weeks ended March 27, 2021
	Infrastructure		Agriculture		Intersegment Sales		Consolidated
Geographical market:
North America	$	385,734	$	122,751	$	(4,424)	$	504,061
International	163,912		106,913		—		270,825
Total	$	549,646	$	229,664	$	(4,424)	$	774,886
Product line:
Transmission, Distribution and Substation	$	208,444	$	—	$	—	$	208,444
Lighting and Transportation	176,516		—		—		176,516
Coatings	74,793		—		(3,201)		71,592
Telecommunications	45,640		—		—		45,640
Renewable Energy	44,253		—		—		44,253
Irrigation Equipment and Parts, excluding Technology	—		207,258		(1,223)		206,035
Technology Products and Services	—		22,406		—		22,406
Total	$	549,646	$	229,664	$	(4,424)	$	774,886

A breakdown by segment of revenue recognized over time and at a point in time for the thirteen weeks ended March 26, 2022 and March 27, 2021 is as follows:

	Point in Time		Over Time		Total
	Thirteen weeks ended March 26, 2022		Thirteen weeks ended March 26, 2022		Thirteen weeks ended March 26, 2022
Infrastructure	$	369,190	$	308,435	$	677,625
Agriculture	297,606		5,589		303,195
Total	$	666,796	$	314,024	$	980,820

	Point in Time		Over Time		Total
	Thirteen weeks ended March 27, 2021		Thirteen weeks ended March 27, 2021		Thirteen weeks ended March 27, 2021
Infrastructure	$	291,731	$	254,714	$	546,445
Agriculture	224,637		3,804		228,441
Total	$	516,368	$	258,518	$	774,886