Segment Information

12 Months Ended

Aug. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 18 — Segment Information

The Company operates in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & 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, 2021:

	Revenue								Earnings (loss) from operations
(In thousands)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	1,329,987	$	92,424		$	1,422,411		$	67,124		$	6,899		$	74,023
Wheels, Repair & Parts		298,330		9,118			307,448			6,452			103			6,555
Leasing & Services		119,664		19,947			139,611			50,021			19,008			69,029
Eliminations		—		(121,489	)		(121,489	)		—			(26,010	)		(26,010	)
Corporate		—		—			—			(82,627	)		—			(82,627	)
	$	1,747,981	$	—		$	1,747,981		$	40,970		$	—		$	40,970

For the year ended August 31, 2020:

	Revenue								Earnings (loss) from operations
(In thousands)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	2,349,971	$	2,952		$	2,352,923		$	197,388		$	54		$	197,442
Wheels, Repair & Parts		324,670		12,606			337,276			9,032			(900	)		8,132
Leasing & Services		117,548		42,728			160,276			40,927			40,655			81,582
Eliminations	—			(58,286	)		(58,286	)	—				(39,809	)		(39,809	)
Corporate	—			—			—			(78,918	)		—			(78,918	)
	$	2,792,189	$	—		$	2,792,189		$	168,429		$	—		$	168,429

For the year ended August 31, 2019:

	Revenue								Earnings (loss) from operations
(In thousands)	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	2,431,499	$	97,086		$	2,528,585		$	217,583		$	6,370		$	223,953
Wheels, Repair & Parts		444,502		48,266			492,768			(2,941	)		902			(2,039	)
Leasing & Services		157,590		28,240			185,830			64,763			25,527			90,290
Eliminations		—		(173,592	)		(173,592	)		—			(32,799	)		(32,799	)
Corporate		—		—			—			(95,289	)		—			(95,289	)
	$	3,033,591	$	—		$	3,033,591		$	184,116		$	—		$	184,116

	Years ended August 31,
(In thousands)	2021		2020		2019
Assets:
Manufacturing	$	1,493,467	$	1,301,715	$	1,606,571
Wheels, Repair & Parts		260,904		271,862		306,725
Leasing & Services		949,380		739,025		708,799
Unallocated, including cash		686,917		861,232		368,542
	$	3,390,668	$	3,173,834	$	2,990,637
Depreciation and amortization:
Manufacturing	$	67,845	$	78,010	$	49,240
Wheels, Repair & Parts		11,961		12,567		13,024
Leasing & Services		20,911		19,273		21,467
	$	100,717	$	109,850	$	83,731
Capital expenditures:
Manufacturing	$	26,627	$	48,201	$	85,155
Wheels, Repair & Parts		8,636		11,662		13,291
Leasing & Services		103,748		7,016		99,787
	$	139,011	$	66,879	$	198,233

The following table summarizes selected geographic information.

	Years ended August 31,
(In thousands)	2021		2020		2019
Revenue (1):
U.S.	$	1,221,444	$	2,018,654	$	2,115,934
Foreign		526,537		773,535		917,657
	$	1,747,981	$	2,792,189	$	3,033,591
Assets:
U.S.	$	2,506,048	$	2,359,332	$	2,110,864
Mexico		656,598		590,790		628,511
Europe		228,022		223,712		251,262
	$	3,390,668	$	3,173,834	$	2,990,637

(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 (loss) from unconsolidated affiliates:

	Years ended August 31,
(In thousands)	2021			2020		2019
Earnings from operations	$	40,970		$	168,429	$	184,116
Interest and foreign exchange		43,263			43,619		30,912
Net loss on extinguishment of debt		6,287			—		—
Earnings (loss) before income tax and earnings (loss)    from unconsolidated affiliates	$	(8,580	)	$	124,810	$	153,204