Segment Information

12 Months Ended

Aug. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 19 — Segment Information

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

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Performance is evaluated based on Earnings 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 benefit (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 year ended August 31, 2023:

	Revenue								Earnings (loss) from operations
(In millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	3,357.7	$	307.1		$	3,664.8		$	140.9		$	28.7		$	169.6
Maintenance Services		406.4		36.0			442.4			36.9			—			36.9
Leasing & Management Services		179.9		1.2			181.1			103.3			0.3			103.6
Eliminations		—		(344.3	)		(344.3	)		—			(29.0	)		(29.0	)
Corporate		—		—			—			(104.7	)		—			(104.7	)
	$	3,944.0	$	—		$	3,944.0		$	176.4		$	—		$	176.4

For the year ended August 31, 2022:

	Revenue								Earnings (loss) from operations
(In millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	2,476.6	$	191.6		$	2,668.2		$	97.2		$	11.9		$	109.1
Maintenance Services		347.7		26.4			374.1			21.7			—			21.7
Leasing & Management Services		153.4		1.9			155.3			108.3			0.1			108.4
Eliminations		—		(219.9	)		(219.9	)		—			(12.0	)		(12.0	)
Corporate		—		—			—			(109.2	)		—			(109.2	)
	$	2,977.7	$	—		$	2,977.7		$	118.0		$	—		$	118.0

For the year ended August 31, 2021:

	Revenue								Earnings (loss) from operations
(In millions)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	1,311.1	$	92.4		$	1,403.5		$	48.3		$	6.9		$	55.2
Maintenance Services		298.3		9.1			307.4			6.5			0.1			6.6
Leasing & Management Services		138.5		1.1			139.6			68.9			0.2			69.1
Eliminations	—			(102.6	)		(102.6	)	—				(7.2	)		(7.2	)
Corporate	—			—			—			(82.7	)		—			(82.7	)
	$	1,747.9	$	—		$	1,747.9		$	41.0		$	—		$	41.0

	Year Ended August 31,
(In millions)	2023		2022		2021
Assets:
Manufacturing	$	1,847.0	$	1,853.9	$	1,493.5
Maintenance Services		294.4		284.8		260.9
Leasing & Management Services		1,458.1		1,152.2		949.4
Unallocated, including cash		378.9		560.6		686.9
	$	3,978.4	$	3,851.5	$	3,390.7
Depreciation and amortization:
Manufacturing	$	60.3	$	61.7	$	67.8
Maintenance Services		10.5		10.7		12.0
Leasing & Management Services		35.5		29.6		20.9
	$	106.3	$	102.0	$	100.7
Capital expenditures:
Manufacturing	$	71.9	$	48.3	$	26.6
Maintenance Services		17.3		9.2		8.6
Leasing & Management Services		272.9		323.2		103.8
	$	362.1	$	380.7	$	139.0

The following table summarizes selected geographic information.

	Year Ended August 31,
(In millions)	2023		2022		2021
Revenue 1:
U.S.	$	3,235.3	$	2,452.1	$	1,221.4
Foreign		708.7		525.6		526.5
	$	3,944.0	$	2,977.7	$	1,747.9
Assets:
U.S.	$	2,593.4	$	2,689.6	$	2,506.1
Mexico		1,084.3		948.4		656.6
Europe		300.7		213.5		228.0
	$	3,978.4	$	3,851.5	$	3,390.7

1 Revenue is presented on the basis of geographic location of customers.

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

	Year Ended August 31,
(In millions)	2023		2022		2021
Earnings from operations	$	176.4	$	118.0	$	41.0
Interest and foreign exchange		85.4		57.4		43.3
Net loss on extinguishment of debt		—		—		6.3
Earnings (loss) before income tax and earnings from    unconsolidated affiliates	$	91.0	$	60.6	$	(8.6	)