v3.26.1
Revenue Recognition
 9 Months Ended
May 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 2 – Revenue Recognition

 

Disaggregation of Revenue

 

A breakout by segment of revenue recognized over time versus at a point in time for the three and nine months ended May 31, 2026 and 2025 is as follows:

 

 

Three months ended

 

Three months ended

 

 

May 31, 2026

 

May 31, 2025

($ in thousands)

 

Irrigation

 

Infrastructure

 

Total

 

Irrigation

 

Infrastructure

 

Total

Point in time

 

$

124,060

 

$

21,675

 

$

145,735

 

$

135,334

 

$

20,170

 

$

155,504

Over time

 

 

8,973

 

 

2,180

 

 

11,153

 

 

8,411

 

 

1,759

 

 

10,170

Revenue from contracts with customers

 

 

133,033

 

 

23,855

 

 

156,888

 

 

143,745

 

 

21,929

 

 

165,674

Lease revenue

 

 

—

 

 

3,876

 

 

3,876

 

 

—

 

 

3,790

 

 

3,790

Total operating revenues

 

$

133,033

 

$

27,731

 

$

160,764

 

$

143,745

 

$

25,719

 

$

169,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

Nine months ended

 

 

 

May 31, 2026

 

 

May 31, 2025

($ in thousands)

 

Irrigation

 

Infrastructure

 

Total

 

Irrigation

 

Infrastructure

 

Total

Point in time

 

$

382,092

 

$

49,500

 

$

431,592

 

$

414,958

 

$

66,192

 

$

481,150

Over time

 

 

25,615

 

 

5,033

 

 

30,648

 

 

24,013

 

 

4,891

 

 

28,904

Revenue from contracts with customers

 

 

407,707

 

 

54,533

 

 

462,240

 

 

438,971

 

 

71,083

 

 

510,054

Lease revenue

 

 

—

 

 

12,057

 

 

12,057

 

 

—

 

 

12,755

 

 

12,755

Total operating revenues

 

$

407,707

 

$

66,590

 

$

474,297

 

$

438,971

 

$

83,838

 

$

522,809

 

Further disaggregation of revenue is disclosed in Note 13 – Business Segments.

 

For contracts with an initial length longer than 12 months, the unsatisfied performance obligations were $40.5 million at May 31, 2026, much of which is expected to be satisfied within the next 12 months.

 

Contract Balances

 

Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and satisfaction of specified units of completion under the contract. At May 31, 2026, May 31, 2025, and August 31, 2025, contract assets amounted to $1.7 million, $1.6 million, and $1.1 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheets.

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At May 31, 2026, May 31, 2025, and August 31, 2025, contract liabilities amounted to $25.3 million, $20.8 million, and $14.2 million, respectively. Contract liabilities are included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets. During the Company’s nine months ended May 31, 2026 and 2025, the Company recognized $10.5 million and $15.3 million of revenue that was included in the liabilities as of August 31, 2025 and 2024, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.