| BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION |
(15) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. The CODM also uses operating income as an input to the overall compensation measures under the Company’s incentive compensation plans. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income. The 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, lighting, transportation, and telecommunications, along with coatings services to protect metal products. Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture. Summary by Business Segment | | | | | | | | | | | | Thirteen weeks ended September 26, 2026 | | | Infrastructure | | Agriculture | | Consolidated | Sales | | $ | 882,089 | | $ | 225,997 | | $ | 1,108,086 | Intersegment sales | | | (2,503) | | | (1,782) | | | (4,285) | Net sales | | | 879,586 | | | 224,215 | | | 1,103,801 | Cost of sales | | | 624,215 | | | 148,202 | | | 772,417 | Gross profit | | | 255,371 | | | 76,013 | | | 331,384 | Segment selling, general, and administrative expenses (a) | | | 100,532 | | | 35,864 | | | 136,396 | Segment operating income | | $ | 154,839 | | $ | 40,149 | | | 194,988 | Unallocated corporate expenses | | | | | | | | | 22,154 | Total operating income | | | | | | | | $ | 172,834 |
| | | | | | | | | | | | Thirteen weeks ended September 27, 2025 | | | Infrastructure | | Agriculture | | Consolidated | Sales | | $ | 808,285 | | $ | 241,338 | | $ | 1,049,623 | Intersegment sales | | | (1,723) | | | (1,920) | | | (3,643) | Net sales | | | 806,562 | | | 239,418 | | | 1,045,980 | Cost of sales | | | 567,136 | | | 160,598 | | | 727,734 | Gross profit | | | 239,426 | | | 78,820 | | | 318,246 | Segment selling, general, and administrative expenses (a) | | | 96,049 | | | 55,631 | | | 151,680 | Segment operating income | | $ | 143,377 | | $ | 23,189 | | | 166,566 | Unallocated corporate expenses | | | | | | | | | 25,110 | Total operating income | | | | | | | | $ | 141,456 |
| | | | | | | | | | | | Thirty-nine weeks ended September 26, 2026 | | | Infrastructure | | Agriculture | | Consolidated | Sales | | $ | 2,566,951 | | $ | 696,692 | | $ | 3,263,643 | Intersegment sales | | | (7,467) | | | (4,489) | | | (11,956) | Net sales | | | 2,559,484 | | | 692,203 | | | 3,251,687 | Cost of sales | | | 1,795,282 | | | 467,326 | | | 2,262,608 | Gross profit | | | 764,202 | | | 224,877 | | | 989,079 | Segment selling, general, and administrative expenses (a) | | | 311,964 | | | 111,342 | | | 423,306 | Segment operating income | | $ | 452,238 | | $ | 113,535 | | | 565,773 | Unallocated corporate expenses | | | | | | | | | 71,202 | Total operating income | | | | | | | | $ | 494,571 |
| | | | | | | | | | | | Thirty-nine weeks ended September 27, 2025 | | | Infrastructure | | Agriculture | | Consolidated | Sales | | $ | 2,280,031 | | $ | 798,029 | | $ | 3,078,060 | Intersegment sales | | | (6,886) | | | (5,332) | | | (12,218) | Net sales | | | 2,273,145 | | | 792,697 | | | 3,065,842 | Cost of sales | | | 1,592,961 | | | 542,366 | | | 2,135,327 | Gross profit | | | 680,184 | | | 250,331 | | | 930,515 | Segment selling, general, and administrative expenses (a) | | | 302,899 | | | 149,987 | | | 452,886 | Impairment of goodwill and other intangible assets | | | 89,356 | | | 1,981 | | | 91,337 | Realignment charges | | | 1,426 | | | 2,886 | | | 4,312 | Segment operating income | | $ | 286,503 | | $ | 95,477 | | | 381,980 | Unallocated corporate expenses | | | | | | | | | 78,362 | Corporate realignment charges | | | | | | | | | 4,572 | Total operating income | | | | | | | | $ | 299,046 |
| (a) | Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, research and development, and professional services fees. |
In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation. | | | | | | | | | | | | | | | Thirteen weeks ended September 26, 2026 | | | Infrastructure | | Agriculture | | Intersegment | | Consolidated | Geographical market: | | | | | | | | | | | | | North America | | $ | 721,751 | | $ | 128,920 | | $ | (4,285) | | $ | 846,386 | International | | | 160,338 | | | 97,077 | | | — | | | 257,415 | Total sales | | $ | 882,089 | | $ | 225,997 | | $ | (4,285) | | $ | 1,103,801 | | | | | | | | | | | | | | Product line: | | | | | | | | | | | | | North America Utility | | $ | 469,622 | | $ | — | | $ | — | | $ | 469,622 | North America Lighting and Transportation | | | 127,471 | | | — | | | — | | | 127,471 | North America Coatings | | | 69,713 | | | — | | | (2,503) | | | 67,210 | North America Telecommunications | | | 54,885 | | | — | | | — | | | 54,885 | International Infrastructure and Solar | | | 160,398 | | | — | | | — | | | 160,398 | Agriculture | | | — | | | 225,997 | | | (1,782) | | | 224,215 | Total sales | | $ | 882,089 | | $ | 225,997 | | $ | (4,285) | | $ | 1,103,801 |
| | | | | | | | | | | | | | | Thirteen weeks ended September 27, 2025 | | | Infrastructure | | Agriculture | | Intersegment | | Consolidated | Geographical market: | | | | | | | | | | | | | North America | | $ | 656,285 | | $ | 111,334 | | $ | (3,638) | | $ | 763,981 | International | | | 152,000 | | | 130,004 | | | (5) | | | 281,999 | Total sales | | $ | 808,285 | | $ | 241,338 | | $ | (3,643) | | $ | 1,045,980 | | | | | | | | | | | | | | Product line: | | | | | | | | | | | | | North America Utility | | $ | 381,657 | | $ | — | | $ | — | | $ | 381,657 | North America Lighting and Transportation | | | 130,369 | | | — | | | — | | | 130,369 | North America Coatings | | | 61,251 | | | — | | | (1,718) | | | 59,533 | North America Telecommunications | | | 82,926 | | | — | | | — | | | 82,926 | International Infrastructure and Solar | | | 152,082 | | | — | | | (5) | | | 152,077 | Agriculture | | | — | | | 241,338 | | | (1,920) | | | 239,418 | Total sales | | $ | 808,285 | | $ | 241,338 | | $ | (3,643) | | $ | 1,045,980 |
| | | | | | | | | | | | | | | Thirty-nine weeks ended September 26, 2026 | | | Infrastructure | | Agriculture | | Intersegment | | Consolidated | Geographical market: | | | | | | | | | | | | | North America | | $ | 2,103,093 | | $ | 407,670 | | $ | (11,956) | | $ | 2,498,807 | International | | | 463,858 | | | 289,022 | | | — | | | 752,880 | Total sales | | $ | 2,566,951 | | $ | 696,692 | | $ | (11,956) | | $ | 3,251,687 | | | | | | | | | | | | | | Product line: | | | | | | | | | | | | | North America Utility | | $ | 1,350,544 | | $ | — | | $ | — | | $ | 1,350,544 | North America Lighting and Transportation | | | 376,625 | | | — | | | — | | | 376,625 | North America Coatings | | | 201,884 | | | — | | | (7,467) | | | 194,417 | North America Telecommunications | | | 173,374 | | | — | | | — | | | 173,374 | International Infrastructure and Solar | | | 464,524 | | | — | | | — | | | 464,524 | Agriculture | | | — | | | 696,692 | | | (4,489) | | | 692,203 | Total sales | | $ | 2,566,951 | | $ | 696,692 | | $ | (11,956) | | $ | 3,251,687 |
| | | | | | | | | | | | | | | Thirty-nine weeks ended September 27, 2025 | | | Infrastructure | | Agriculture | | Intersegment | | Consolidated | Geographical market: | | | | | | | | | | | | | North America | | $ | 1,849,918 | | $ | 391,292 | | $ | (12,079) | | $ | 2,229,131 | International | | | 430,113 | | | 406,737 | | | (139) | | | 836,711 | Total sales | | $ | 2,280,031 | | $ | 798,029 | | $ | (12,218) | | $ | 3,065,842 | | | | | | | | | | | | | | Product line: | | | | | | | | | | | | | North America Utility | | $ | 1,055,681 | | $ | — | | $ | — | | $ | 1,055,681 | North America Lighting and Transportation | | | 388,257 | | | — | | | — | | | 388,257 | North America Coatings | | | 176,143 | | | — | | | (6,747) | | | 169,396 | North America Telecommunications | | | 224,063 | | | — | | | — | | | 224,063 | International Infrastructure and Solar | | | 435,887 | | | — | | | (139) | | | 435,748 | Agriculture | | | — | | | 798,029 | | | (5,332) | | | 792,697 | Total sales | | $ | 2,280,031 | | $ | 798,029 | | $ | (12,218) | | $ | 3,065,842 |
| | | | | | | | | September 26, | | December 27, | | | 2026 | | 2025 | ASSETS: | | | | | | | Infrastructure | | $ | 2,468,226 | | $ | 2,312,500 | Agriculture | | | 808,872 | | | 768,715 | Total segment assets | | | 3,277,098 | | | 3,081,215 | Unallocated corporate assets | | | 263,776 | | | 288,114 | Total assets | | $ | 3,540,874 | | $ | 3,369,329 |
| | | | | | | | | | | | | | | Thirteen weeks ended | | Thirty-nine weeks ended | | | September 26, | | September 27, | | September 26, | | September 27, | | | 2026 | | 2025 | | 2026 | | 2025 | CAPITAL EXPENDITURES: | | | | | | | | | | | | | Infrastructure | | $ | 39,209 | | $ | 37,794 | | $ | 102,037 | | $ | 92,167 | Agriculture | | | 4,423 | | | 3,410 | | | 10,672 | | | 8,856 | Total segment capital expenditures | | | 43,632 | | | 41,204 | | | 112,709 | | | 101,023 | Unallocated corporate capital expenditures | | | 1,941 | | | 720 | | | 3,368 | | | 3,207 | Total capital expenditures | | $ | 45,573 | | $ | 41,924 | | $ | 116,077 | | $ | 104,230 |
| | | | | | | | | | | | | | | Thirteen weeks ended | | Thirty-nine weeks ended | | | September 26, | | September 27, | | September 26, | | September 27, | | | 2026 | | 2025 | | 2026 | | 2025 | DEPRECIATION AND AMORTIZATION: | | | | | | | | | | | | | Infrastructure | | $ | 21,495 | | $ | 16,176 | | $ | 58,336 | | $ | 47,645 | Agriculture | | | 3,621 | | | 3,412 | | | 10,817 | | | 11,464 | Total segment depreciation and amortization expense | | | 25,116 | | | 19,588 | | | 69,153 | | | 59,109 | Unallocated corporate depreciation and amortization expense | | | 912 | | | 2,060 | | | 3,707 | | | 6,320 | Total depreciation and amortization expense | | $ | 26,028 | | $ | 21,648 | | $ | 72,860 | | $ | 65,429 |
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