Segment Information

9 Months Ended

May 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 14 – Segment Information

The Company operates in three reportable segments: Manufacturing; Maintenance Services; and Leasing & Management Services.

The accounting policies of the segments are described in the summary of significant accounting policies in the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended August 31, 2022. Performance is evaluated based on Earnings (loss) from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to our integrated business model. The Company does not allocate Interest and foreign exchange or Income tax expense for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements.

The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes.

For the three months ended May 31, 2023:

	Revenue								Earnings (loss) from operations
(in millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	870.2	$	73.3		$	943.5		$	44.1		$	7.9		$	52.0
Maintenance Services		122.9		11.0			133.9			11.0			—			11.0
Leasing & Management Services		45.0		0.3			45.3			25.9			—			25.9
Eliminations		—		(84.6	)		(84.6	)		—			(7.9	)		(7.9	)
Corporate		—		—			—			(30.3	)		—			(30.3	)
	$	1,038.1	$	—		$	1,038.1		$	50.7		$	—		$	50.7

For the nine months ended May 31, 2023:

	Revenue								Earnings (loss) from operations
(in millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	2,485.3	$	214.6		$	2,699.9		$	87.3		$	20.7		$	108.0
Maintenance Services		306.4		25.7			332.1			23.3			—			23.3
Leasing & Management Services		134.9		1.0			135.9			82.2			0.1			82.3
Eliminations		—		(241.3	)		(241.3	)		—			(20.8	)		(20.8	)
Corporate		—		—			—			(79.5	)		—			(79.5	)
	$	2,926.6	$	—		$	2,926.6		$	113.3		$	—		$	113.3

For the three months ended May 31, 2022:

	Revenue								Earnings (loss) from operations
(in millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	650.9	$	38.3		$	689.2		$	20.5		$	1.8		$	22.3
Maintenance Services		101.5		8.6			110.1			8.6			—			8.6
Leasing & Management Services		41.1		0.6			41.7			19.2			0.1			19.3
Eliminations		—		(47.5	)		(47.5	)		—			(1.9	)		(1.9	)
Corporate		—		—			—			(28.7	)		—			(28.7	)
	$	793.5	$	—		$	793.5		$	19.6		$	—		$	19.6

For the nine months ended May 31, 2022:

	Revenue								Earnings (loss) from operations
(in millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	1,659.1	$	79.5		$	1,738.6		$	34.6		$	2.1		$	36.7
Maintenance Services		260.5		17.4			277.9			10.4			—			10.4
Leasing & Management Services		107.4		1.3			108.7			84.0			0.1			84.1
Eliminations		—		(98.2	)		(98.2	)		—			(2.2	)		(2.2	)
Corporate		—		—			—			(72.4	)		—			(72.4	)
	$	2,027.0	$	—		$	2,027.0		$	56.6		$	—		$	56.6

	Total assets
(in millions)	May 31, 2023		August 31, 2022
Manufacturing	$	1,891.1	$	1,853.9
Maintenance Services		295.1		284.8
Leasing & Management Services		1,325.6		1,152.2
Unallocated, including cash		409.9		560.6
	$	3,921.7	$	3,851.5

Reconciliation of Earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates:

	Three Months Ended May 31,				Nine Months Ended May 31,
(in millions)	2023		2022		2023		2022
Earnings from operations	$	50.7	$	19.6	$	113.3	$	56.6
Interest and foreign exchange		22.8		14.9		64.0		39.3
Earnings before income tax and earnings   from unconsolidated affiliates	$	27.9	$	4.7	$	49.3	$	17.3