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BUSINESS SEGMENTS
9 Months Ended
Sep. 24, 2022
Segment Reporting [Abstract]  
BUSINESS SEGMENTS

(7) 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 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

Thirty-nine weeks ended

September 24,

    

September 25,

    

September 24,

    

September 25,

2022

2021

2022

2021

SALES:

Infrastructure

$

778,353

$

634,283

$

2,224,029

$

1,801,533

Agriculture

 

327,261

 

240,331

 

1,011,606

 

751,960

Total

 

1,105,614

 

874,614

 

3,235,635

 

2,553,493

INTERSEGMENT SALES:

 

  

 

  

 

  

 

  

Infrastructure

 

(5,112)

 

(1,826)

 

(12,413)

 

(7,823)

Agriculture

 

(3,120)

 

(4,006)

 

(9,488)

 

(7,373)

Total

 

(8,232)

 

(5,832)

 

(21,901)

 

(15,196)

NET SALES:

 

  

 

  

 

  

 

  

Infrastructure

 

773,241

 

632,457

 

2,211,616

 

1,793,710

Agriculture

 

324,141

 

236,325

 

1,002,118

 

744,587

Total

$

1,097,382

$

868,782

$

3,213,734

$

2,538,297

OPERATING INCOME:

 

  

 

  

 

  

 

  

Infrastructure

$

93,572

$

71,422

$

255,722

$

187,421

Agriculture

 

43,258

 

27,735

 

138,779

 

108,467

Corporate

 

(26,858)

 

(22,962)

 

(70,968)

 

(59,857)

Total

$

109,972

$

76,195

$

323,533

$

236,031

    

Thirteen weeks ended September 24, 2022

Infrastructure

    

Agriculture

    

Intersegment Sales

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

579,628

$

178,626

$

(7,114)

$

751,140

International

 

198,725

 

148,635

 

(1,118)

 

346,242

Total

$

778,353

$

327,261

$

(8,232)

$

1,097,382

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution and Substation

$

304,781

$

$

$

304,781

Lighting and Transportation

 

241,590

 

 

 

241,590

Coatings

 

91,969

 

 

(3,994)

 

87,975

Telecommunications

 

92,830

 

 

 

92,830

Renewable Energy

 

47,183

 

 

(1,118)

 

46,065

Irrigation Equipment and Parts, excluding Technology

 

 

303,003

 

(3,120)

 

299,883

Technology Products and Services

 

 

24,258

 

 

24,258

Total

$

778,353

$

327,261

$

(8,232)

$

1,097,382

    

Thirty-nine weeks ended September 24, 2022

Infrastructure

    

Agriculture

    

Intersegment Sales

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

1,645,472

$

564,369

$

(20,316)

$

2,189,525

International

 

578,557

 

447,237

 

(1,585)

 

1,024,209

Total

$

2,224,029

$

1,011,606

$

(21,901)

$

3,213,734

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution and Substation

$

882,216

$

$

$

882,216

Lighting and Transportation

 

701,009

 

 

 

701,009

Coatings

 

264,266

 

 

(11,295)

 

252,971

Telecommunications

 

232,765

 

 

 

232,765

Renewable Energy

 

143,773

 

 

(1,118)

 

142,655

Irrigation Equipment and Parts, excluding Technology

 

 

928,622

 

(9,488)

 

919,134

Technology Products and Services

 

 

82,984

 

 

82,984

Total

$

2,224,029

$

1,011,606

$

(21,901)

$

3,213,734

    

Thirteen weeks ended September 25, 2021

Infrastructure

    

Agriculture

    

Intersegment Sales

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

439,610

$

116,308

$

(5,832)

$

550,086

International

 

194,673

 

124,023

 

 

318,696

Total

$

634,283

$

240,331

$

(5,832)

$

868,782

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution and Substation

$

239,572

$

$

$

239,572

Lighting and Transportation

 

217,962

 

 

 

217,962

Coatings

 

76,761

 

 

(1,826)

 

74,935

Telecommunications

 

63,088

 

 

 

63,088

Renewable Energy

 

36,900

 

 

 

36,900

Irrigation Equipment and Parts, excluding Technology

 

 

218,892

 

(4,006)

 

214,886

Technology Products and Services

 

 

21,439

 

 

21,439

Total

$

634,283

$

240,331

$

(5,832)

$

868,782

    

Thirty-nine weeks ended September 25, 2021

Infrastructure

    

Agriculture

    

Intersegment Sales

    

Consolidated

Geographical market:

  

 

  

 

  

 

  

North America

$

1,246,512

$

395,096

$

(15,196)

$

1,626,412

International

 

555,021

 

356,864

 

 

911,885

Total

$

1,801,533

$

751,960

$

(15,196)

$

2,538,297

Product line:

 

  

 

  

 

  

 

  

Transmission, Distribution and Substation

$

668,474

$

$

$

668,474

Lighting and Transportation

 

609,725

 

 

 

609,725

Coatings

 

231,900

 

 

(7,823)

 

224,077

Telecommunications

 

162,830

 

 

 

162,830

Renewable Energy

 

128,604

 

 

 

128,604

Irrigation Equipment and Parts, excluding Technology

 

 

679,600

 

(7,373)

 

672,227

Technology Products and Services

 

 

72,360

 

 

72,360

Total

$

1,801,533

$

751,960

$

(15,196)

$

2,538,297

A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 24, 2022 and September 25, 2021 is as follows:

Point in Time

Over Time

Total

Thirteen

Thirteen

Thirteen

weeks ended

weeks ended

weeks ended

    

September 24, 2022

    

September 24, 2022

    

September 24, 2022

Infrastructure

$

434,839

$

338,402

$

773,241

Agriculture

 

317,669

6,472

 

324,141

Total

$

752,508

$

344,874

$

1,097,382

    

Point in Time

    

Over Time

    

Total

Thirty-nine

Thirty-nine

Thirty-nine

weeks ended

weeks ended

weeks ended

September 24, 2022

September 24, 2022

September 24, 2022

Infrastructure

$

1,233,320

$

978,296

$

2,211,616

Agriculture

 

983,450

18,668

 

1,002,118

Total

$

2,216,770

$

996,964

$

3,213,734

    

Point in Time

    

Over Time

    

Total

Thirteen

Thirteen

Thirteen

weeks ended

weeks ended

weeks ended

September 25, 2021

September 25, 2021

September 25, 2021

Infrastructure

$

359,017

$

273,440

$

632,457

Agriculture

 

230,273

6,052

 

236,325

Total

$

589,290

$

279,492

$

868,782

    

Point in Time

    

Over Time

    

Total

Thirty-nine

Thirty-nine

Thirty-nine

weeks ended

weeks ended

 weeks ended

September 25, 2021

September 25, 2021

September 25, 2021

Infrastructure

$

997,482

$

796,228

$

1,793,710

Agriculture

 

729,813

14,774

 

744,587

Total

$

1,727,295

$

811,002

$

2,538,297