BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

(9) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION

The Company has two reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Corporate expense is net of certain service-related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars.

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, solar, lighting and transportation, and telecommunications, along with coatings services to preserve metal products.

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

In addition to these two reportable segments, the Company had a business and related activities in fiscal 2022 that were not more than 10% of consolidated sales, operating income, or assets. This comprised the offshore wind energy structures business which was reported in the Other segment until its divestiture in the fourth quarter of fiscal 2022.

The Company evaluates the performance of its reportable segments based upon operating income (loss) and return on invested capital. The Company’s operating income (loss) for segment purposes excludes unallocated Corporate general and administrative expenses, interest expense, non-operating income and deductions, and income taxes.

Summary by Business

	Thirteen weeks ended				Thirty-nine weeks ended
	September 30,		September 24,		September 30,		September 24,
	2023		2022		2023		2022
SALES:
Infrastructure	$	755,076	$	755,492	$	2,261,777	$	2,157,082
Agriculture		298,483		327,261		910,579		1,011,606
Other		—		22,861		—		66,947
Total		1,053,559		1,105,614		3,172,356		3,235,635
INTERSEGMENT SALES:
Infrastructure		(1,450)		(5,112)		(7,853)		(12,413)
Agriculture		(1,814)		(3,120)		(5,431)		(9,488)
Total		(3,264)		(8,232)		(13,284)		(21,901)
NET SALES:
Infrastructure		753,626		750,380		2,253,924		2,144,669
Agriculture		296,669		324,141		905,148		1,002,118
Other		—		22,861		—		66,947
Total	$	1,050,295	$	1,097,382	$	3,159,072	$	3,213,734
OPERATING INCOME (LOSS):
Infrastructure	$	103,401	$	92,465	$	313,703	$	254,908
Agriculture		(99,670)		43,258		2,904		138,779
Other		—		1,107		—		814
Corporate		(27,921)		(26,858)		(88,598)		(70,968)
Total	$	(24,190)	$	109,972	$	228,009	$	323,533

	Thirteen weeks ended September 30, 2023
Sales	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	572,239	$	126,828	$	(3,055)	$	696,012
International		182,837		171,655		(209)		354,283
Total	$	755,076	$	298,483	$	(3,264)	$	1,050,295
Product line:
Transmission, Distribution, and Substation	$	297,967	$	—	$	—	$	297,967
Lighting and Transportation		252,603		—		—		252,603
Coatings		88,967		—		(1,241)		87,726
Telecommunications		59,630		—		—		59,630
Solar		55,909		—		(209)		55,700
Irrigation Equipment and Parts		—		273,639		(1,814)		271,825
Technology Products and Services		—		24,844		—		24,844
Total	$	755,076	$	298,483	$	(3,264)	$	1,050,295

	Thirteen weeks ended September 24, 2022
Sales	Infrastructure		Agriculture		Other		Intersegment		Consolidated
Geographical market:
North America	$	579,628	$	178,626	$	—	$	(7,114)	$	751,140
International		175,864		148,635		22,861		(1,118)		346,242
Total	$	755,492	$	327,261	$	22,861	$	(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
Solar		24,322		—		—		(1,118)		23,204
Irrigation Equipment and Parts		—		303,003		—		(3,120)		299,883
Technology Products and Services		—		24,258		—		—		24,258
Other		—		—		22,861		—		22,861
Total	$	755,492	$	327,261	$	22,861	$	(8,232)	$	1,097,382

	Thirty-nine weeks ended September 30, 2023
Sales	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	1,743,635	$	450,678	$	(12,042)	$	2,182,271
International		518,142		459,901		(1,242)		976,801
Total	$	2,261,777	$	910,579	$	(13,284)	$	3,159,072
Product line:
Transmission, Distribution, and Substation	$	927,094	$	—	$	—	$	927,094
Lighting and Transportation		727,862		—		—		727,862
Coatings		270,201		—		(6,611)		263,590
Telecommunications		195,505		—		—		195,505
Solar		141,115		—		(1,242)		139,873
Irrigation Equipment and Parts		—		825,277		(5,431)		819,846
Technology Products and Services		—		85,302		—		85,302
Total	$	2,261,777	$	910,579	$	(13,284)	$	3,159,072

	Thirty-nine weeks ended September 24, 2022
Sales	Infrastructure		Agriculture		Other		Intersegment		Consolidated
Geographical market:
North America	$	1,645,472	$	564,369	$	—	$	(20,316)	$	2,189,525
International		511,610		447,237		66,947		(1,585)		1,024,209
Total	$	2,157,082	$	1,011,606	$	66,947	$	(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
Solar		76,826		—		—		(1,118)		75,708
Irrigation Equipment and Parts		—		928,622		—		(9,488)		919,134
Technology Products and Services		—		82,984		—		—		82,984
Other		—		—		66,947		—		66,947
Total	$	2,157,082	$	1,011,606	$	66,947	$	(21,901)	$	3,213,734

A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 was as follows:

	Thirteen weeks ended September 30, 2023						Thirty-nine weeks ended September 30, 2023
Net Sales	Point in Time		Over Time		Total		Point in Time		Over Time		Total
Infrastructure	$	453,829	$	299,797	$	753,626	$	1,316,931	$	936,993	$	2,253,924
Agriculture		288,780		7,889		296,669		883,797		21,351		905,148
Total	$	742,609	$	307,686	$	1,050,295	$	2,200,728	$	958,344	$	3,159,072

	Thirteen weeks ended September 24, 2022						Thirty-nine weeks ended September 24, 2022
Net Sales	Point in Time		Over Time		Total		Point in Time		Over Time		Total
Infrastructure	$	434,839	$	315,541	$	750,380	$	1,233,320	$	911,349	$	2,144,669
Agriculture		317,669		6,472		324,141		983,450		18,668		1,002,118
Other		—		22,861		22,861		—		66,947		66,947
Total	$	752,508	$	344,874	$	1,097,382	$	2,216,770	$	996,964	$	3,213,734