What changed in this filing

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Item 1. Financial Statements

2021-10-27 compared with 2021-08-03 · 115 added, 79 removed, 524 unchanged (27% of the section changed)

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

5 unchanged sentences

Interest expense 491 217 1,180 483

Other income ( 4,666 ) ( 1,892 ) ( 4,351 ) ( 1,374 )

Other expense (income) 72 ( 48 ) ( 4,279 ) ( 1,422 )

Income before taxes 37,415 40,774 85,301 85,407

3 unchanged sentences

(Loss) Income before taxes ( 201 ) 2,814 1,867 9,390

(Benefit from) Provision for income taxes ( 78 ) 911 226 1,584

Provision for income taxes 97 388 323 1,972

(Loss) Income from discontinued operations ( 298 ) 2,426 1,544 7,418

15 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

Net income $ 27,556 $ 33,760 $ 66,267 $ 73,111

Other comprehensive income (loss):

Other comprehensive (loss) income:

Foreign currency translation adjustment ( 1,057 ) 2,200 2,902 ( 883 )

Minimum post retirement benefit plan adjustments 27 18 81 54

Other comprehensive income (loss) 788 2,833 4,013 ( 3,047 )

Other comprehensive (loss) income ( 1,030 ) 2,218 2,983 ( 829 )

Total comprehensive income $ 26,526 $ 35,978 $ 69,250 $ 72,282

3 unchanged sentences

(in thousands, except per share data)

September 30,

2021 December 31,

1 unchanged sentence

Cash and cash equivalents $ 13,934 $ 32,054

Accounts receivable, net of allowance of $ 5,294 and $ 3,529

Accounts receivable, net of allowance of $ 5,799 and $ 3,529 , respectively

260,624 197,990

25 unchanged sentences

Common stock, $ 0.01 par value;

100,000 and 50,000 shares authorized as June 30, 2021 and December 31, 2020, respectively;

100,000 shares and 50,000 shares authorized at September 30, 2021 and December 31, 2020, respectively;

33,782 shares and 33,568 shares issued and outstanding in 2021 and 2020

10 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash Flows from Operating Activities

2 unchanged sentences

Income from continuing operations 64,723 65,693

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization 23,958 15,749

2 unchanged sentences

Exit activity costs, non-cash 1,193 505

Benefit of deferred income taxes ( 36 ) ( 195 )

(Benefit of) provision for deferred income taxes ( 689 ) 680

Other, net 1,274 763

5 unchanged sentences

Accrued expenses and other non-current liabilities ( 12,261 ) ( 22,379 )

Net cash provided by (used in) operating activities of continuing operations 12,777 ( 10,967 )

Net cash (used in) provided by operating activities of continuing operations ( 14,523 ) 45,316

Net cash (used in) provided by operating activities of discontinued operations ( 2,002 ) 10,878

Net cash provided by (used in) operating activities 10,775 ( 7,255 )

Net cash (used in) provided by operating activities ( 16,525 ) 56,194

Cash Flows from Investing Activities

9 unchanged sentences

Long-term debt payments ( 83,636 ) —

Purchase of treasury stock at market prices ( 4,780 ) ( 4,462 )

Purchase of common stock at market prices ( 6,161 ) ( 6,408 )

Net proceeds from issuance of common stock 1,021 377

21 unchanged sentences

Net settlement of restricted stock units 118 1 ( 1 ) — — 54 ( 4,662 ) ( 4,662 )

118 1 ( 1 ) — — 54 ( 4,662 ) ( 4,662 )

Balance at March 31, 2021 33,711 $ 337 $ 308,147 $ 482,705 $ 764 1,082 $ ( 33,545 ) $ 758,408

7 unchanged sentences

Net settlement of restricted stock units 3 — — — — 1 ( 118 ) ( 118 )

3 — — — — 1 ( 118 ) ( 118 )

Balance at June 30, 2021 33,718 $ 337 $ 310,728 $ 508,654 $ 1,552 1,083 $ ( 33,663 ) $ 787,608

Net income — — — 27,556 — — — 27,556

Foreign currency translation adjustment — — — — ( 1,057 ) — — ( 1,057 )

Minimum post retirement benefit plan adjustments, net of taxes of $ 9

— — — — 27 — — 27

Stock compensation expense — — 1,834 — — — — 1,834

Stock options exercised 10 — 97 — — — — 97

Net settlement of restricted stock units 54 1 ( 1 ) — — 19 ( 1,381 ) ( 1,381 )

Balance at September 30, 2021 33,782 $ 338 $ 312,658 $ 536,210 $ 522 1,102 $ ( 35,044 ) $ 814,684

See accompanying notes to consolidated financial statements.

14 unchanged sentences

Cumulative effect of accounting change — — — ( 291 ) — — — ( 291 )

— — — ( 291 ) — — — ( 291 )

Stock options exercised 3 — 24 — — — — 24

Net settlement of restricted stock units 193 2 ( 2 ) — — 80 ( 4,184 ) ( 4,184 )

193 2 ( 2 ) — — 80 ( 4,184 ) ( 4,184 )

Balance at March 31, 2020 33,388 $ 334 $ 297,269 $ 417,436 $ ( 11,271 ) 986 $ ( 26,411 ) $ 677,357

8 unchanged sentences

Balance at June 30, 2020 33,413 $ 334 $ 299,829 $ 444,728 $ ( 8,438 ) 993 $ ( 26,689 ) $ 709,764

Net income — — — 33,760 — — — 33,760

Foreign currency translation adjustment — — — — 2,200 — — 2,200

Minimum post retirement benefit plan adjustments, net of taxes of $ 7

— — — — 18 — — 18

Stock compensation expense — — 1,980 — — — — 1,980

Stock options exercised 31 — 299 — — — — 299

Net settlement of restricted stock units 75 1 ( 1 ) — — 31 ( 1,946 ) ( 1,946 )

Balance at September 30, 2020 33,519 $ 335 $ 302,107 $ 478,488 $ ( 6,220 ) 1,024 $ ( 28,635 ) $ 746,075

See accompanying notes to consolidated financial statements.

8 unchanged sentences

for this and other reasons, such as the impact of the COVID-19 pandemic, financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year.

The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual Form 10-K for the year ended December 31, 2020.

The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020.

The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S.

11 unchanged sentences

Accounts receivable consists of the following (in thousands):

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Trade accounts receivable $ 213,133 $ 174,604

4 unchanged sentences

Refer to Note 4 "Revenue" concerning the Company's costs in excess of billings.

The following table provides a roll-forward of the allowance for credit losses, for the six month period ended June 30, 2021, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.

The following table provides a roll-forward of the allowance for credit losses, for the nine month period ended September 30, 2021, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.

Beginning balance as of January 1, 2021 $ 3,529

1 unchanged sentence

Accounts written off against allowance and other adjustments 298

Ending balance as of June 30, 2021 $ 5,294

Ending balance as of September 30, 2021 $ 5,799

Sales includes revenue from contracts with customers for:

15 unchanged sentences

Refer to Note 15 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment.

As of June 30, 2021, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less.

Contract assets consist of costs in excess of billings.

Contract liabilities consist of billings in excess of cost and unearned revenue.

Unearned revenue as of June 30, 2021 and December 31, 2020 was $ 4.7 million and $ 21.3 million, respectively.

Revenue recognized during the three months ended June 30, 2021 and 2020 that was in contract liabilities at the beginning of the respective periods was $ 49.2 million and $ 53.3 million, respectively.

As of September 30, 2021, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less.

Contract assets consist of costs in excess of billings presented within accounts receivable in the Company's consolidated balance sheets.

Contract liabilities consist of billings in excess of cost, classified as current liabilities, and unearned revenue, presented within accrued expenses, in the Company's consolidated balance sheets.

Unearned revenue as of September 30, 2021 and December 31, 2020 was $ 3.2 million and $ 21.3 million, respectively.

Revenue recognized during the nine months ended September 30, 2021 and 2020 that was in contract liabilities at the beginning of the respective periods was $ 52.6 million and $ 56.5 million, respectively.

(5) INVENTORIES

Inventories consist of the following (in thousands):

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Raw material $ 119,966 $ 66,018

6 unchanged sentences

2020 Acquisitions

During the year ended December 31, 2020, the Company acquired five businesses in separate transactions, two of which are included within our Renewables segment, two in our Agtech segment, and one in our Residential segment.

During the year ended December 31, 2020, the Company acquired five businesses in separate transactions, described further below, two of which are included within our Renewables segment, two in our Agtech segment, and one in our Residential segment.

The purchase consideration for each acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values.

4 unchanged sentences

The Company has commenced the process to confirm the existence, condition and completeness of the assets acquired and liabilities assumed to establish fair values of such acquired assets and assumed liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition.

Due to the timing of the acquisition, we continue to gather information supporting the acquired assets and assumed liabilities.

We continue to gather information supporting the acquired assets and assumed liabilities.

Accordingly, all amounts recorded are provisional.

2 unchanged sentences

The final values may also result in changes to depreciation and amortization expense related to certain assets such as property, plant and equipment and acquired intangible assets.

The preliminary excess consideration was recorded as goodwill and approximated $ 139.1 million, all of which is deductible for tax purposes.

Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the domestic solar energy market.

The preliminary excess consideration (purchase consideration over the aggregate value of the assets acquired net of liabilities assumed) was recorded as goodwill and approximated $ 139.1 million, all of which is deductible for tax purposes.

the domestic solar energy market.

The final purchase price allocation will be completed no later than December 31, 2021.

26 unchanged sentences

("Thermo"), a Canadian-based, privately held provider of commercial greenhouse solutions in North America providing growing infrastructure for the plant based organic food market, for a purchase consideration of $ 7.3 million.

The results of Thermo have been included in the Company's consolidated financial results since the date of acquisition within the Company's Agtech segment.

The results of Thermo have been included in the Company's consolidated financial results since the

date of acquisition within the Company's Agtech segment.

Goodwill of approximately $ 18.7 million was recorded, all of which is deductible for tax purposes.

The preliminary allocation of the purchase price for Sunfig and Architectural Mailboxes remains subject to adjustments during the measurement period as third-party valuations are finalized.

The preliminary and final allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo is as follows as of the respective date of the acquisition (in thousands):

The allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo is as follows as of the respective date of the acquisition (in thousands):

Working capital ( 14,959 )

22 unchanged sentences

These costs were recognized as a component of selling, general, and administrative expenses in the consolidated statement of operations.

The acquisition-related costs consisted of the following for the three and six months ended June 30 (in thousands):

The acquisition-related costs consisted of the following for the three and nine months ended September 30 (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

3 unchanged sentences

(7) GOODWILL AND RELATED INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the six months ended June 30, 2021 are as follows (in thousands):

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are as follows (in thousands):

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Foreign currency translation ( 990 ) — ( 306 ) — ( 1,296 )

Balance at June 30, 2021 $ 186,944 $ 205,452 $ 84,783 $ 31,678 $ 508,857

Balance at September 30, 2021 $ 187,214 $ 205,452 $ 84,316 $ 31,678 $ 508,660

The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing.

2 unchanged sentences

Acquired intangible assets consist of the following (in thousands):

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Amount Accumulated

11 unchanged sentences

Total acquired intangible assets $ 223,784 $ 69,129 $ 211,753 $ 55,388

The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands):

The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30 (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

5 unchanged sentences

Long-term debt consists of the following (in thousands):

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Revolving credit facility $ 60,500 $ 85,000

6 unchanged sentences

The Senior Credit Agreement contains three financial covenants.

As of June 30, 2021, the Company was in compliance with all three covenants.

As of September 30, 2021, the Company was in compliance with all three covenants.

Interest rates on the revolving credit facility are based on LIBOR plus an additional margin that ranges from 1.125 % to 2.00 %.

2 unchanged sentences

Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries.

Standby letters of credit of $ 6.6 million have been issued under the Senior Credit Agreement on behalf of the Company as of June 30, 2021.

Standby letters of credit of $ 6.6 million have been issued under the Senior Credit Agreement on behalf of the Company as of September 30, 2021.

These letters of credit reduce the amount otherwise available under the revolving credit facility.

The Company had $ 360.2 million and $ 309.2 million of availability under the revolving credit facility at June 30, 2021 and December 31, 2020, respectively.

(9) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following tables summarize the cumulative balance of each component of accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, (in thousands):

The Company had $ 332.9 million and $ 309.2 million of availability under the revolving credit facility at September 30, 2021 and December 31, 2020, respectively.

(9) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, (in thousands):

Foreign Currency Translation Adjustment Minimum post retirement benefit plan

10 unchanged sentences

Balance at June 30, 2021 $ 3,087 $ ( 2,352 ) $ 735 $ ( 817 ) $ 1,552

Minimum post retirement health care plan adjustments — 36 36 9 27

Foreign currency translation adjustment

( 1,057 ) — ( 1,057 ) — ( 1,057 )

Balance at September 30, 2021 $ 2,030 $ ( 2,316 ) $ ( 286 ) $ ( 808 ) $ 522

Foreign Currency Translation Adjustment Minimum post retirement benefit plan

9 unchanged sentences

Balance at June 30, 2020 $ ( 7,256 ) $ ( 1,890 ) $ ( 9,146 ) $ ( 708 ) $ ( 8,438 )

Minimum post retirement health care plan adjustments — 25 25 7 18

Foreign currency translation adjustment 2,200 — 2,200 — 2,200

Balance at September 30, 2020 $ ( 5,056 ) $ ( 1,865 ) $ ( 6,921 ) $ ( 701 ) $ ( 6,220 )

The realized adjustments relating to the Company’s minimum post retirement health care costs were reclassified from accumulated other comprehensive loss and included in other expense in the consolidated statements of income.

6 unchanged sentences

In 2016, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc.

2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which provides for the issuance of up to 100,000 shares, allows the Company to grant awards of shares of the Company's common stock to non-employee Directors of the Company, and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan.

of the Company, and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan.

Equity Based Awards - Settled in Stock

The following table sets forth the number of equity-based awards granted during the six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values:

The following table sets forth the number of equity-based awards granted during the nine months ended September 30, which will convert to shares upon vesting, along with the weighted average grant date fair values:

Awards Number of

13 unchanged sentences

The Company's equity-based liability is comprised of awards under a management stock purchase plan.

As of June 30, 2021, the Company's total share-based liabilities recorded on the consolidated balance sheet were $ 21.6 million, of which $ 18.0 million was included in non-current liabilities.

As of September 30, 2021, the Company's total share-based liabilities recorded on the consolidated balance sheet were $ 23.9 million, of which $ 20.7 million was included in non-current liabilities.

The share-based liabilities as of December 31, 2020 were $ 18.2 million, of which $ 14.7 million was included in non-current liabilities.

4 unchanged sentences

The account will be converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company.

The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the six months ended June 30,:

Restricted stock units credited 28,230 54,974

28 unchanged sentences

(1) The assets and liabilities of the discontinued operations were classified as current on the December 31, 2020 consolidated balance sheet, as it was probable that the sale would occur and proceeds would be collected within one year.

Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and six months ended June 30 are as follows (in thousands):

Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and nine months ended September 30 are as follows (in thousands):

Three months ended

June 30, Six months ended

September 30, Nine months ended

September 30,

2021 2020 2021 2020

4 unchanged sentences

(Loss) Income from discontinued operations before taxes $ ( 201 ) $ 2,814 $ 1,867 $ 9,390

On June 30, 2020, the Company sold its self-guided apartment tour application business to a third party from its Residential segment.

The $ 2.0 million net proceeds from the sale resulted in pre-tax net gain of $ 1.9 million and has been presented within other (income) expense in the consolidated statements of income.

This divestiture did not meet the criteria to be reported as discontinued operations nor will it have a major effect on the Company's operations.

(12) EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS

1 unchanged sentence

These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, the simplification of processes, the sale and exiting of less profitable businesses or product lines, and a reduction in our manufacturing footprint.

Exit activity costs were incurred during the six months ended June 30, 2021 and 2020 which related to moving and closing costs, contract terminations, and severance, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives.

In conjunction with these initiatives, the Company closed two facilities during the six months ended June 30, 2021, and one facility during the six months ended June 30, 2020.

The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands):

Three months ended June 30,

Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total

Exit activity costs were incurred during the nine months ended September 30, 2021 and 2020 which related to moving and closing costs, severance, and contract terminations, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives.

In conjunction with these initiatives, the Company closed two facilities during the nine months ended September 30, 2021.

During the nine months ended September 30, 2020, the Company closed one facility and, separately, sold a facility closed in 2017, as a result of these initiatives.

The following tables set forth the exit activity costs and asset impairment charges incurred by segment during the three and nine months ended September 30, related to the restructuring activities described above (in thousands):

Three months ended September 30,

Exit activity costs Asset impairment charges Total Exit activity (recoveries) costs, net Asset impairment charges Total

Renewables $ 131 $ — $ 131 $ ( 3 ) $ — $ ( 3 )

4 unchanged sentences

Total exit activity costs & asset impairments $ 544 $ — $ 544 $ 354 $ 21 $ 375

Six months ended June 30,

Nine months ended September 30,

Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total

5 unchanged sentences

Total exit activity costs & asset impairments $ 6,752 $ 1,193 $ 7,945 $ 1,271 $ 93 $ 1,364

The following table provides a summary of where the asset impairments and exit activity costs were recorded in the consolidated statements of income for the three and six months ended June 30, (in thousands):

The following table provides a summary of where the exit activity costs and asset impairment charges were recorded in the consolidated statements of income for the three and nine months ended September 30, (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

1 unchanged sentence

Selling, general, and administrative expense 350 153 1,986 601

Total asset impairment and exit activity charges $ 2,161 $ 696 $ 7,401 $ 989

Total exit activity and asset impairment charges $ 544 $ 375 $ 7,945 $ 1,364

The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):

2 unchanged sentences

Cash payments ( 5,970 ) ( 2,708 )

Balance at June 30 $ 2,592 $ 829

Balance at September 30 $ 1,812 $ 646

(13) INCOME TAXES

The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and six months ended June 30, and the applicable effective tax rates:

The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and nine months ended September 30, and the applicable effective tax rates:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

1 unchanged sentence

Effective tax rate 25.6 % 23.2 % 24.1 % 23.1 %

The effective tax rate for the three and six months ended June 30, 2021 and 2020, respectively, was greater than the U.S.

The effective tax rate for the three and nine months ended September 30, 2021 and 2020, respectively, was greater than the U.S.

federal statutory rate of 21 % due to state taxes and nondeductible permanent differences partially offset by favorable discrete items due to an excess tax benefit on stock-based compensation.

(14) EARNINGS PER SHARE

Basic earnings and weighted-average of diluted shares outstanding are as follows for the three and six months ended June 30, (in thousands):

Earnings per share and the weighted average shares outstanding used in the calculating basic and diluted earnings per share are as follows for the three and nine months ended September 30, (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

9 unchanged sentences

The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards.

There were 52,000 and 77,000 anti-dilutive shares outstanding for the three months ended June 30, 2021 and 2020, respectively.

There were no anti-dilutive shares outstanding for the six months ended June 30, 2021 and 47,000 for the six months ended June 30, 2020.

There were 30,000 and 9,000 shares issuable pursuant to equity based incentive compensation awards excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive for the three months ended September 30, 2021 and 2020, respectively.

There were no shares issuable pursuant to equity based incentive compensation awards excluded from the diluted earnings calculation for the nine months ended September 30, 2021 and 24,000 for the nine months ended September 30, 2020.

(15) SEGMENT INFORMATION

8 unchanged sentences

Renewables and Agtech.

The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and six months ended June 30, (in thousands):

The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and nine months ended September 30, (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2021 2020 2021 2020

11 unchanged sentences

Total income from operations $ 37,978 $ 40,943 $ 82,202 $ 84,468

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Total assets:

6 unchanged sentences

$ 1,232,215 $ 1,212,494

The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands):

Three Months Ended June 30, 2021

The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and nine months ended September 30 (in thousands):

Three Months Ended September 30, 2021

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Total net sales $ 130,162 $ 171,545 $ 48,975 $ 18,671 $ 369,353

Three Months Ended June 30, 2020

Three Months Ended September 30, 2020

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Total net sales $ 70,246 $ 151,718 $ 58,012 $ 16,816 $ 296,792

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Total net sales $ 323,425 $ 475,971 $ 149,410 $ 56,528 $ 1,005,334

Six Months Ended June 30, 2020

Nine Months Ended September 30, 2020

Renewables Residential Agtech Infrastructure Total

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements