Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 29, 2024 | Apr. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Feb. 29, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | LNN | |
Entity Registrant Name | Lindsay Corporation | |
Entity Central Index Key | 0000836157 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-13419 | |
Entity Tax Identification Number | 47-0554096 | |
Entity Address, Address Line One | 18135 Burke Street | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 68022 | |
City Area Code | 402 | |
Local Phone Number | 829-6800 | |
Entity Common Stock, Shares Outstanding | 11,038,276 | |
Entity Interactive Data Current | Yes | |
Entity Ex Transition Period | Common Stock, $1.00 par value | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Income Statement [Abstract] | ||||
Operating revenues | $ 151,519 | $ 166,241 | $ 312,877 | $ 342,400 |
Cost of operating revenues | 102,565 | 111,983 | 214,018 | 235,122 |
Gross profit | 48,954 | 54,258 | 98,859 | 107,278 |
Operating expenses: | ||||
Selling expense | 9,498 | 8,733 | 19,315 | 18,410 |
General and administrative expense | 13,466 | 13,739 | 28,128 | 28,176 |
Engineering and research expense | 3,892 | 4,521 | 8,244 | 8,829 |
Total operating expenses | 26,856 | 26,993 | 55,687 | 55,415 |
Operating income | 22,098 | 27,265 | 43,172 | 51,863 |
Other income (expense): | ||||
Interest expense | (830) | (1,038) | (1,707) | (1,947) |
Interest income | 1,295 | 490 | 2,363 | 865 |
Other income (expense), net | 134 | (984) | (136) | (1,043) |
Total other income (expense) | 599 | (1,532) | 520 | (2,125) |
Earnings before income taxes | 22,697 | 25,733 | 43,692 | 49,738 |
Income tax expense | 4,574 | 7,681 | 10,550 | 13,469 |
Net earnings | $ 18,123 | $ 18,052 | $ 33,142 | $ 36,269 |
Earnings per share: | ||||
Basic | $ 1.64 | $ 1.64 | $ 3.01 | $ 3.3 |
Diluted | $ 1.64 | $ 1.63 | $ 2.99 | $ 3.28 |
Shares used in computing earnings per share: | ||||
Basic | 11,033 | 11,007 | 11,025 | 10,998 |
Diluted | 11,074 | 11,063 | 11,067 | 11,068 |
Cash dividends declared per share | $ 0.35 | $ 0.34 | $ 0.7 | $ 0.68 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 18,123 | $ 18,052 | $ 33,142 | $ 36,269 |
Other comprehensive (loss) income: | ||||
Defined benefit pension plan adjustment, net of tax | 36 | 40 | 73 | 80 |
Foreign currency translation adjustment, net of hedging activities and tax | (583) | 1,308 | (747) | (878) |
Unrealized gain on marketable securities, net of tax | 22 | 71 | 59 | 72 |
Total other comprehensive (loss) income, net of tax expense (benefit) of $262, $52, $96, and ($417) respectively | (525) | 1,419 | (615) | (726) |
Total comprehensive income | $ 17,598 | $ 19,471 | $ 32,527 | $ 35,543 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive (loss) income, tax expense (benefit) | $ 262 | $ 52 | $ 96 | $ (417) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 133,415 | $ 160,755 | $ 97,675 |
Marketable securities | 17,219 | 5,556 | 8,763 |
Receivables, net of allowance of $5,149, $4,959, and $5,048, respectively | 153,624 | 144,774 | 167,007 |
Inventories, net | 167,334 | 155,932 | 178,703 |
Other current assets, net | 29,121 | 20,467 | 27,973 |
Total current assets | 500,713 | 487,484 | 480,121 |
Property, plant, and equipment: | |||
Cost | 275,340 | 257,741 | 246,396 |
Less accumulated depreciation | (164,649) | (158,060) | (152,558) |
Property, plant, and equipment, net | 110,691 | 99,681 | 93,838 |
Intangibles, net | 26,277 | 27,719 | 17,329 |
Goodwill | 84,099 | 83,121 | 67,409 |
Operating lease right-of-use assets | 16,755 | 17,036 | 17,984 |
Deferred income tax assets | 9,203 | 10,885 | 9,518 |
Other noncurrent assets | 17,542 | 19,734 | 22,881 |
Total assets | 765,280 | 745,660 | 709,080 |
Current liabilities: | |||
Accounts payable | 47,903 | 44,278 | 52,998 |
Current portion of long-term debt | 228 | 226 | 224 |
Other current liabilities | 81,147 | 91,604 | 79,566 |
Total current liabilities | 129,278 | 136,108 | 132,788 |
Pension benefits liabilities | 4,234 | 4,382 | 4,733 |
Long-term debt | 115,075 | 115,164 | 115,253 |
Operating lease liabilities | 16,936 | 17,689 | 18,659 |
Deferred income tax liabilities | 677 | 689 | 702 |
Other noncurrent liabilities | 16,046 | 15,977 | 14,673 |
Total liabilities | 282,246 | 290,009 | 286,808 |
Shareholders' equity: | |||
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding | 0 | 0 | 0 |
Common stock of $1 par value - authorized 25,000 shares; 19,122, 19,091, and 19,094 shares issued, respectively | 19,122 | 19,094 | 19,091 |
Capital in excess of stated value | 101,060 | 98,508 | 94,834 |
Retained earnings | 661,715 | 636,297 | 607,784 |
Less treasury stock - at cost, 8,083 shares | (277,238) | (277,238) | (277,238) |
Accumulated other comprehensive loss, net | (21,625) | (21,010) | (22,199) |
Total shareholders' equity | 483,034 | 455,651 | 422,272 |
Total liabilities and shareholders' equity | $ 765,280 | $ 745,660 | $ 709,080 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Statement of Financial Position [Abstract] | |||
Receivables, allowance | $ 5,149 | $ 5,048 | $ 4,959 |
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 | 0 |
Preferred stock, outstanding | 0 | 0 | 0 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, issued | 19,122,000 | 19,094,000 | 19,091,000 |
Treasury stock, shares | 8,083,000 | 8,083,000 | 8,083,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Capital In Excess Of Stated Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net [Member] |
Beginning balance, value at Aug. 31, 2022 | $ 393,358 | $ 19,063 | $ (277,238) | $ 94,006 | $ 579,000 | $ (21,473) |
Beginning balance, shares at Aug. 31, 2022 | 19,063 | 8,083 | ||||
Net earnings | 36,269 | $ 0 | $ 0 | 0 | 36,269 | 0 |
Other comprehensive income (loss) | (726) | 0 | 0 | 0 | 0 | (726) |
Total comprehensive income | 35,543 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (7,485) | 0 | 0 | 0 | (7,485) | 0 |
Issuance of common shares under share compensation plans, net | (2,233) | $ 28 | $ 0 | (2,261) | 0 | 0 |
Issuance of common shares under share compensation plans, net, shares | 28 | 0 | ||||
Share-based compensation expense | 3,089 | $ 0 | $ 0 | 3,089 | 0 | 0 |
Ending balance, value at Feb. 28, 2023 | 422,272 | $ 19,091 | $ (277,238) | 94,834 | 607,784 | (22,199) |
Ending Balance, shares at Feb. 28, 2023 | 19,091 | 8,083 | ||||
Beginning balance, value at Nov. 30, 2022 | 404,788 | $ 19,090 | $ (277,238) | 93,079 | 593,475 | (23,618) |
Beginning balance, shares at Nov. 30, 2022 | 19,090 | 8,083 | ||||
Net earnings | 18,052 | $ 0 | $ 0 | 0 | 18,052 | 0 |
Other comprehensive income (loss) | 1,419 | 0 | 0 | 0 | 0 | 1,419 |
Total comprehensive income | 19,471 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (3,743) | 0 | 0 | 0 | (3,743) | 0 |
Issuance of common shares under share compensation plans, net | 140 | $ 1 | $ 0 | 139 | 0 | 0 |
Issuance of common shares under share compensation plans, net, shares | 1 | 0 | ||||
Share-based compensation expense | 1,616 | $ 0 | $ 0 | 1,616 | 0 | 0 |
Ending balance, value at Feb. 28, 2023 | 422,272 | $ 19,091 | $ (277,238) | 94,834 | 607,784 | (22,199) |
Ending Balance, shares at Feb. 28, 2023 | 19,091 | 8,083 | ||||
Beginning balance, value at Aug. 31, 2023 | 455,651 | $ 19,094 | $ (277,238) | 98,508 | 636,297 | (21,010) |
Beginning balance, shares at Aug. 31, 2023 | 19,094 | 8,083 | ||||
Net earnings | 33,142 | $ 0 | $ 0 | 0 | 33,142 | 0 |
Other comprehensive income (loss) | (615) | 0 | 0 | 0 | 0 | (615) |
Total comprehensive income | 32,527 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (7,724) | 0 | 0 | 0 | (7,724) | 0 |
Issuance of common shares under share compensation plans, net | (755) | $ 28 | $ 0 | (783) | 0 | 0 |
Issuance of common shares under share compensation plans, net, shares | 28 | 0 | ||||
Share-based compensation expense | 3,335 | $ 0 | $ 0 | 3,335 | 0 | 0 |
Ending balance, value at Feb. 29, 2024 | $ 483,034 | $ 19,122 | $ (277,238) | $ 101,060 | $ 661,715 | $ (21,625) |
Ending Balance, shares at Feb. 29, 2024 | 19,122 | 8,083 | ||||
Beginning balance, value at Nov. 30, 2023 | $ 19,115 | $ 8,083 | ||||
Beginning balance, shares at Nov. 30, 2023 | 466,860 | 19,115 | (277,238) | 98,628 | 647,455 | (21,100) |
Net earnings | $ 18,123 | $ 0 | $ 0 | $ 0 | $ 18,123 | $ 0 |
Other comprehensive income (loss) | (525) | 0 | 0 | 0 | 0 | (525) |
Total comprehensive income | 17,598 | 0 | 0 | 0 | 0 | |
Cash dividends per share | (3,863) | 0 | 0 | 0 | (3,863) | 0 |
Issuance of common shares under share compensation plans, net | 707 | $ 7 | $ 0 | 700 | 0 | 0 |
Issuance of common shares under share compensation plans, net, shares | 7 | 0 | ||||
Share-based compensation expense | 1,732 | $ 0 | $ 0 | 1,732 | 0 | 0 |
Ending balance, value at Feb. 29, 2024 | $ 483,034 | $ 19,122 | $ (277,238) | $ 101,060 | $ 661,715 | $ (21,625) |
Ending Balance, shares at Feb. 29, 2024 | 19,122 | 8,083 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.35 | $ 0.34 | $ 0.7 | $ 0.68 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 33,142 | $ 36,269 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 10,574 | 9,695 |
Provision for uncollectible accounts receivable | 249 | 834 |
Deferred income taxes | 1,488 | (185) |
Share-based compensation expense | 3,335 | 3,089 |
Unrealized foreign currency transaction (gain) loss | (94) | 878 |
Other, net | 150 | 354 |
Changes in assets and liabilities: | ||
Receivables | (9,349) | (28,707) |
Inventories | (12,003) | 14,014 |
Other current assets | (7,009) | 1,635 |
Accounts payable | 3,792 | (6,178) |
Other current liabilities | (15,186) | (25,553) |
Other noncurrent assets and liabilities | 3,047 | 1,742 |
Net cash provided by operating activities | 12,136 | 7,887 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, and equipment | (18,773) | (7,222) |
Purchases of marketable securities | (15,042) | 0 |
Proceeds from maturities of marketable securities | 3,525 | 2,725 |
Other investing activities, net | (540) | (1,214) |
Net cash used in investing activities | (30,830) | (5,711) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 479 | 0 |
Dividends paid | (7,724) | (7,485) |
Common stock withheld for payroll tax obligations | (1,575) | (2,471) |
Other financing activities, net | 229 | 128 |
Net cash used in financing activities | (8,591) | (9,828) |
Effect of exchange rate changes on cash and cash equivalents | (55) | 279 |
Net change in cash and cash equivalents | (27,340) | (7,373) |
Cash and cash equivalents, beginning of period | 160,755 | 105,048 |
Cash and cash equivalents, end of period | $ 133,415 | $ 97,675 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2023. In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Recent Accounting Guidance Adopted In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities - Supplier Finance Programs, which requires annual and interim disclosures for entities that finance its purchases with supplier finance programs. The Company adopted these amendments in its fiscal 2024, except for the amendment on rollforward information, which is effective for the Company beginning in its fiscal 2025. The adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The Company plans to adopt this ASU in its fiscal 2026. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU is effective for fiscal years beginning after December 15, 2023. The Company plans to adopt this ASU in its fiscal 2025. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Feb. 29, 2024 | |
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 six months ended February 29, 2024 and 2023 is as follows: Three months ended Three months ended February 29, 2024 February 28, 2023 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 125,241 $ 12,343 $ 137,584 $ 141,528 $ 14,697 $ 156,225 Over time 7,777 1,437 9,214 6,248 1,657 7,905 Revenue from the contracts with customers 133,018 13,780 146,798 147,776 16,354 164,130 Lease revenue — 4,721 4,721 — 2,111 2,111 Total operating revenues $ 133,018 $ 18,501 $ 151,519 $ 147,776 $ 18,465 $ 166,241 Six months ended Six months ended February 29, 2024 February 28, 2023 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 257,746 $ 25,294 $ 283,040 $ 287,245 $ 34,927 $ 322,172 Over time 15,440 2,668 18,108 12,614 3,111 15,725 Revenue from the contracts with customers 273,186 27,962 301,148 299,859 38,038 337,897 Lease revenue — 11,729 11,729 — 4,503 4,503 Total operating revenues $ 273,186 $ 39,691 $ 312,877 $ 299,859 $ 42,541 $ 342,400 Further disaggregation of revenue is disclosed in the Note 14 – Industry Segment Information. For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were $ 1.0 million at February 29, 2024. 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 completion of specified units of completion of the contract. At February 29, 2024, February 28, 2023, and August 31, 2023 , contract assets amounted to $ 1.1 million, $ 1.1 million, and $ 1.3 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 February 29, 2024, February 28, 2023, and August 31, 2023 , contract liabilities amounted to $ 18.3 million, $ 17.9 million, and $ 20.5 million, respectively. Contract liabilities are included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets. During the Company’s six months ended February 29, 2024 and February 28, 2023, the Company recognized $ 12.1 million and $ 25.0 million of revenue that were included in the liabilities as of August 31, 2023 and 2022 respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter. |
Net Earnings Per Share
Net Earnings Per Share | 6 Months Ended |
Feb. 29, 2024 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. The following table shows the computation of basic and diluted net earnings per share for the three and six months ended February 29, 2024 and 2023: Three months ended Six months ended ($ and shares in thousands, except per share amounts) February 29, February 28, February 29, February 28, Numerator: Net earnings $ 18,123 $ 18,052 $ 33,142 $ 36,269 Denominator: Weighted average shares outstanding 11,033 11,007 11,025 10,998 Diluted effect of stock awards 41 56 42 70 Weighted average shares outstanding assuming 11,074 11,063 11,067 11,068 Basic net earnings per share $ 1.64 $ 1.64 $ 3.01 $ 3.30 Diluted net earnings per share $ 1.64 $ 1.63 $ 2.99 $ 3.28 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three and six months ended February 29, 2024 and February 28, 2023. |
Acquisitions
Acquisitions | 6 Months Ended |
Feb. 29, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4 – Acquisitions FieldWise, LLC On July 28, 2023 ("the acquisition date"), the Company completed the acquisition of the membership interests of FieldWise, LLC ("FieldWise"). FieldWise is a market leader in agricultural technology products with a focus on subscription-based, precision irrigation solutions. The purchase price of $ 32.7 million was financed through an all-cash transaction from the Company's cash on hand. The following table summarizes the final purchase price allocation for the acquisition of FieldWise. ($ in thousands) Total Cash and cash equivalents $ 1,779 Accounts receivable 376 Inventories 2,651 Property and equipment 2,443 Deferred tax asset 94 Intangible assets 11,400 Goodwill 16,593 Accounts payable and accrued liabilities ( 228 ) Deferred revenues ( 2,132 ) Non-current deferred revenues ( 235 ) Total purchase price $ 32,741 During the post-acquisition period, the Company recorded measurement period adjustments to the preliminary recorded values assigned to certain Company assets acquired as of the acquisition date. These adjustments were the product of final working capital adjustments with the seller and are incorporated within the values noted in the table above. These adjustments did not have a material impact on the Company's condensed consolidated financial statements. The acquired intangible assets inclu de amortizable intangible assets of $ 10.7 million and indefinite-lived intangible assets of $ 0.7 million related to tradenames. The amortizable intangible assets have a weighted average useful life of approximately 13.1 years. The following table summarizes the identifiable intangible assets at fair value as of the acquisition date. ($ in thousands) Weighted average useful life in years Fair value of identifiable asset Intangible assets: Customer relationships 15.0 $ 8,700 Developed technology 5.0 2,000 Tradenames N/A 700 Total intangible assets 13.1 $ 11,400 Goodwill related to the acquisition of FieldWise primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of FieldWise management, its assembled workforce, and its intellectual capital and specialization with monitoring technology solutions, data acquisition and management systems. This goodwill is included in the irrigation reporting segment and is deductible for income tax purposes. Pro forma information related to this acquisition was not included because the impact on the Company’s consolidated financial statements was not considered to be material. |
Income Taxes
Income Taxes | 6 Months Ended |
Feb. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes The Company recorded income tax expense of $ 4.6 million and $ 7.7 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and recorded income tax expense of $ 10.6 million and $ 13.5 million for the six months ended February 29, 2024 and February 28, 2023, respectively. It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 26.4 percent and 28.2 percent for the six months ended February 29, 2024 and February 28, 2023, respectively. The decrease in the estimated annual effective income tax rate relates primarily to the change in earnings mix among domestic and foreign operations. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded discrete items resulting in an income tax benefit of $ 1.0 million and $ 0.6 million for the six months ended February 29, 2024 and February 28, 2023, respectively. |
Inventories
Inventories | 6 Months Ended |
Feb. 29, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories consisted of the following as of February 29, 2024, February 28, 2023, and August 31, 2023: ($ in thousands) February 29, February 28, August 31, Raw materials and supplies $ 89,500 $ 89,968 $ 83,908 Work in process 10,788 9,837 7,820 Finished goods and purchased parts, net 88,955 103,067 86,793 Total inventory value before LIFO adjustment 189,243 202,872 178,521 Less adjustment to LIFO value ( 21,909 ) ( 24,169 ) ( 22,589 ) Inventories, net $ 167,334 $ 178,703 $ 155,932 Of the $ 167.3 million, $ 178.7 million, and $ 155.9 million of net inventories at February 29, 2024, February 28, 2023, and August 31, 2023, respectively, $ 45.3 million , $ 47.2 million, and $ 42.1 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $ 122.0 million, $ 131.5 million, and $ 113.8 m illion, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Feb. 29, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7 – Long-Term Debt The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown: ($ in thousands) February 29, February 28, August 31, Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Elecsys Series 2006A Bonds 598 822 710 Total debt 115,598 115,822 115,710 Less current portion ( 228 ) ( 224 ) ( 226 ) Less unamortized debt issuance costs ( 295 ) ( 345 ) ( 320 ) Total long-term debt $ 115,075 $ 115,253 $ 115,164 Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 228 2 years 232 3 years 138 Thereafter 115,000 $ 115,598 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Feb. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 29, 2024, February 28, 2023, and August 31, 2023. There were no transfers between any levels for the periods presented. February 29, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 133,415 $ — $ — $ 133,415 Marketable securities: Corporate bonds — 10,084 — 10,084 U.S. treasury securities — 7,135 — 7,135 Derivative asset — 1,840 — 1,840 Derivative liability — ( 391 ) — ( 391 ) February 28, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents 97,675 — — 97,675 Marketable securities: Corporate bonds — 6,976 — 6,976 U.S. treasury securities — 1,787 — 1,787 Derivative asset — 3,520 — 3,520 August 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 160,755 $ — $ — $ 160,755 Marketable securities: Corporate bonds — 4,095 — 4,095 U.S. treasury securities — 1,461 — 1,461 Derivative asset — 1,672 — 1,672 Derivative liability — ( 457 ) — ( 457 ) The Company’s investment in marketable securities consists of United States treasury bonds. The marketable securities are classified as available-for-sale and are carried at fair value with the change in unrealized gains and losses reported as a separate component on the condensed consolidated statements of comprehensive income until realized. The Company determines fair value using data points that are observable, such as quoted prices and interest rates. The amortized cost of the investments approximates fair value. Investment income is recorded within other income (expense) on the condensed consolidated statements of earnings. As of February 29, 2024, all of the Company’s marketable securities investments mature within one year. The Company enters into derivative instrument agreements to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit and does not enter into derivative instrument agreements for trading or speculative purposes. The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates. The Company has entered into various cross currency swaps that mature between the second quarter of fiscal 2026 and the third quarter of fiscal 2027 with a total notional amount of $ 100.0 million, or € 91.7 million. The Company elected the spot method for designating these swaps as net investment hedges. Changes in the fair value of these contracts are reported in accumulated other comprehensive loss on the condensed consolidated balance sheets and the fair value of these contracts are recorded within other noncurrent assets and other noncurrent liabilities on the condensed consolidated balance sheets. The fair value of these contracts as of February 29, 2024 are included in the table above as either a derivative asset or liability. At February 29, 2024 the Company had an outstanding foreign currency forward contract to sell a notional amount of 189.6 million South African rand at fixed prices to settle during the Company's next fiscal quarter ending May 31, 2024. The Company’s foreign currency forward contract does not qualify as a hedge of a net investment in foreign operations. The fair value of this contract as of February 29, 2024 is recorded within other current assets on the condensed consolidated balance sheets. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the six months ended February 29, 2024 or 2023 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Feb. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, business disputes and other legal proceedings. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below. Infrastructure Products The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company’s X-Lite ® end terminal. Despite the September 2018 reversal of a sizable judgment against a competitor, the Company expects that the significant attention brought to the infrastructure products industry by the original judgment may lead to additional lawsuits being filed against the Company and others in the industry. The Company, certain of its subsidiaries, and certain third parties which originally designed the X-Lite end terminal have also been named in a lawsuit filed on June 9, 2020 in the Circuit Court of Cole County, Missouri by Missouri Highways and Transportation Commission (“MHTC”). MHTC alleges, among other things, that the X-Lite end terminal was defectively designed and failed to perform as designed, intended, and advertised, leading to MHTC’s removal and replacement of X-Lite end terminals from Missouri’s roadways. MHTC alleges strict liability (defective design and failure to warn), negligence, breach of express warranties, breach of implied warranties (merchantability and fitness for a particular purpose), fraud, and public nuisance. MHTC seeks compensatory damages, interest, attorneys’ fees, and punitive damages. The Company believes it has meritorious factual and legal defenses to each of the lawsuits discussed above and is prepared to vigorously defend its interests. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company’s consolidated financial statements. While it is reasonably possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in these lawsuits and does not expect that these lawsuits will have a material adverse effect on its business or its consolidated financial statements. Following the March 2019 filing of a qui tam lawsuit (as amended, the “Lawsuit”) by an individual relator, on behalf of the United States and twelve individual states, in the United States District Court for the Northern District of New York (the “Court”), the Department of Justice, Civil Division and the U.S. Attorney's Office for the Northern District of New York (the “U.S. Attorney’s Office”) proceeded to initiate an investigation into the relator’s allegations relating to the Company's X-Lite end terminal and potential violations of the False Claims Act. On September 28, 2023, the U.S. Attorney’s Office submitted a letter motion (the “Letter Motion”) informing the Court that the United States had investigated the relator’s allegations and now sought to move to dismiss the Lawsuit as it had “determined that dismissal is commensurate with the public interest because the claims lack merit and the matter does not warrant the continued expenditure of resources to pursue or monitor the action.” The U.S. Attorney’s Office also noted that it had “been advised by counsel for the twelve states that the states [had] no objection to the Court declining to exercise supplemental jurisdiction over the remaining state claims and to dismissing those claims without prejudice to the states.” On October 2, 2023, the Court granted the Letter Motion and indicated that a motion to dismiss could be filed without further order or pre-motion conference. On October 12, 2023, after the relator proceeded to file his own notice of voluntary dismissal, the U.S. Attorney’s Office filed its notice of consent to the relator’s voluntary dismissal. On October 26, 2023, the Court ordered the dismissal of the Lawsuit without prejudice as to the relator, the United States, and each of the twelve state plaintiffs. Environmental Remediation In previous years, the Company committed to a plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the “site”). The current estimated aggregate accrued cost of $ 10.7 million is based on consideration of remediation options which the Company believes could be successful in meeting the long-term regulatory requirements of the site. The Company submitted a revised remedial alternatives evaluation report to the U.S. Environmental Protection Agency (“EPA”) and the Nebraska Department of Environment and Energy (the “NDEE”) in August 2020 to review remediation alternatives and proposed plans for the site. While the proposed remediation plan is preliminary and has not been approved by the EPA or the NDEE, they approved an in situ thermal remediation pilot study that was conducted by the Company at a specific location on the site. The Company completed the pilot program in the fourth quarter of fiscal 2023. A final report was submitted to the EPA and NDEE for review in November 2023. The Company continues to work with the EPA and the NDEE on finalizing the proposed remediation plans for the site. Of the total liability as of February 29, 2024 , $ 8.0 million was calculated on a discounted basis using a discount rate of 1.2 percent, which represents a risk-free rate. This discounted portion of the liability amounts to $ 9.0 million at February 29, 2024 . The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the plan has not been formally approved by the EPA, the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site; however, the estimate of costs and their timing could change as a result of a number of factors, including but not limited to (1) EPA input on the proposed remediation plan and any changes which the EPA may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the environmental remediation liability classifications included in the condensed consolidated balance sheets as of February 29, 2024, February 28, 2023, and August 31, 2023: ($ in thousands) February 29, February 28, August 31, Other current liabilities $ 460 $ 3,097 $ 1,287 Other noncurrent liabilities 10,172 9,975 10,175 Total environmental remediation liabilities $ 10,632 $ 13,072 $ 11,462 |
Warranties
Warranties | 6 Months Ended |
Feb. 29, 2024 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Note 10 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended Six months ended ($ in thousands) February 29, February 28, February 29, February 28, Product warranty accrual balance, beginning of period $ 14,254 $ 13,602 $ 14,535 $ 14,080 Liabilities accrued for warranties during the period 2,178 2,888 3,747 4,128 Warranty claims paid during the period ( 2,061 ) ( 2,318 ) ( 3,911 ) ( 4,036 ) Product warranty accrual balance, end of period $ 14,371 $ 14,172 $ 14,371 $ 14,172 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Feb. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 11 – Share-Based Compensation The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares, and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $ 1.8 million and $ 1.7 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $ 3.5 million and $ 3.3 million for the six months ended February 29, 2024 and February 28, 2023, respectively. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Feb. 29, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 12 – Other Current Liabilities ($ in thousands) February 29, February 28, August 31, Other current liabilities: Contract liabilities $ 16,825 $ 16,782 $ 18,800 Compensation and benefits 16,705 16,490 24,957 Warranties 14,371 14,172 14,535 Dealer related liabilities 10,405 8,969 9,629 Tax related liabilities 7,905 9,044 9,187 Operating lease liabilities 3,415 3,069 3,028 Deferred revenue - lease 1,634 1,223 2,830 Accrued insurance 771 1,049 1,163 Accrued environmental liabilities 460 3,097 1,287 Other 8,656 5,671 6,188 Total other current liabilities $ 81,147 $ 79,566 $ 91,604 |
Share Repurchases
Share Repurchases | 6 Months Ended |
Feb. 29, 2024 | |
Equity [Abstract] | |
Share Repurchases | Note 13 – Share Repurchases There were no shares repurchased during the three or six months ended February 29, 2024 and February 28, 2023 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $ 63.7 million as of February 29, 2024 . |
Industry Segment Information
Industry Segment Information | 6 Months Ended |
Feb. 29, 2024 | |
Segment Reporting [Abstract] | |
Industry Segment Information | Note 14 – Industry Segment Information The Company manages its business activities in two reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment revenues and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three or six months ended February 29, 2024 or 2023. Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial internet of things, or “IIoT”, solutions. The irrigation reporting segment consists of one operating segment. Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of one operating segment. Three months ended Six months ended ($ in thousands) February 29, February 28, February 29, February 28, Operating revenues: Irrigation: North America $ 82,845 $ 90,354 $ 172,222 $ 174,288 International 50,173 57,422 100,964 125,571 Irrigation total 133,018 147,776 273,186 299,859 Infrastructure 18,501 18,465 39,691 42,541 Total operating revenues $ 151,519 $ 166,241 $ 312,877 $ 342,400 Operating income: Irrigation $ 25,649 $ 32,820 $ 50,956 $ 61,461 Infrastructure 3,506 2,019 7,125 5,391 Corporate ( 7,057 ) ( 7,574 ) ( 14,909 ) ( 14,989 ) Total operating income 22,098 27,265 43,172 51,863 Interest and other expense, net 599 ( 1,532 ) 520 ( 2,125 ) Earnings before income taxes $ 22,697 $ 25,733 $ 43,692 $ 49,738 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | Recent Accounting Guidance Adopted In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities - Supplier Finance Programs, which requires annual and interim disclosures for entities that finance its purchases with supplier finance programs. The Company adopted these amendments in its fiscal 2024, except for the amendment on rollforward information, which is effective for the Company beginning in its fiscal 2025. The adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The Company plans to adopt this ASU in its fiscal 2026. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU is effective for fiscal years beginning after December 15, 2023. The Company plans to adopt this ASU in its fiscal 2025. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Segment | A breakout by segment of revenue recognized over time versus at a point in time for the three and six months ended February 29, 2024 and 2023 is as follows: Three months ended Three months ended February 29, 2024 February 28, 2023 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 125,241 $ 12,343 $ 137,584 $ 141,528 $ 14,697 $ 156,225 Over time 7,777 1,437 9,214 6,248 1,657 7,905 Revenue from the contracts with customers 133,018 13,780 146,798 147,776 16,354 164,130 Lease revenue — 4,721 4,721 — 2,111 2,111 Total operating revenues $ 133,018 $ 18,501 $ 151,519 $ 147,776 $ 18,465 $ 166,241 Six months ended Six months ended February 29, 2024 February 28, 2023 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 257,746 $ 25,294 $ 283,040 $ 287,245 $ 34,927 $ 322,172 Over time 15,440 2,668 18,108 12,614 3,111 15,725 Revenue from the contracts with customers 273,186 27,962 301,148 299,859 38,038 337,897 Lease revenue — 11,729 11,729 — 4,503 4,503 Total operating revenues $ 273,186 $ 39,691 $ 312,877 $ 299,859 $ 42,541 $ 342,400 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Earnings Per Share | The following table shows the computation of basic and diluted net earnings per share for the three and six months ended February 29, 2024 and 2023: Three months ended Six months ended ($ and shares in thousands, except per share amounts) February 29, February 28, February 29, February 28, Numerator: Net earnings $ 18,123 $ 18,052 $ 33,142 $ 36,269 Denominator: Weighted average shares outstanding 11,033 11,007 11,025 10,998 Diluted effect of stock awards 41 56 42 70 Weighted average shares outstanding assuming 11,074 11,063 11,067 11,068 Basic net earnings per share $ 1.64 $ 1.64 $ 3.01 $ 3.30 Diluted net earnings per share $ 1.64 $ 1.63 $ 2.99 $ 3.28 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Business Combinations [Abstract] | |
Summary of Final Purchase Price Allocation | The following table summarizes the final purchase price allocation for the acquisition of FieldWise. ($ in thousands) Total Cash and cash equivalents $ 1,779 Accounts receivable 376 Inventories 2,651 Property and equipment 2,443 Deferred tax asset 94 Intangible assets 11,400 Goodwill 16,593 Accounts payable and accrued liabilities ( 228 ) Deferred revenues ( 2,132 ) Non-current deferred revenues ( 235 ) Total purchase price $ 32,741 |
Summary of Identifiable Intangible Assets at Fair Value | The following table summarizes the identifiable intangible assets at fair value as of the acquisition date. ($ in thousands) Weighted average useful life in years Fair value of identifiable asset Intangible assets: Customer relationships 15.0 $ 8,700 Developed technology 5.0 2,000 Tradenames N/A 700 Total intangible assets 13.1 $ 11,400 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of February 29, 2024, February 28, 2023, and August 31, 2023: ($ in thousands) February 29, February 28, August 31, Raw materials and supplies $ 89,500 $ 89,968 $ 83,908 Work in process 10,788 9,837 7,820 Finished goods and purchased parts, net 88,955 103,067 86,793 Total inventory value before LIFO adjustment 189,243 202,872 178,521 Less adjustment to LIFO value ( 21,909 ) ( 24,169 ) ( 22,589 ) Inventories, net $ 167,334 $ 178,703 $ 155,932 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown: ($ in thousands) February 29, February 28, August 31, Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Elecsys Series 2006A Bonds 598 822 710 Total debt 115,598 115,822 115,710 Less current portion ( 228 ) ( 224 ) ( 226 ) Less unamortized debt issuance costs ( 295 ) ( 345 ) ( 320 ) Total long-term debt $ 115,075 $ 115,253 $ 115,164 |
Schedule of Principal Payments Due on Long-Term Debt | Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 228 2 years 232 3 years 138 Thereafter 115,000 $ 115,598 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 29, 2024, February 28, 2023, and August 31, 2023. There were no transfers between any levels for the periods presented. February 29, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 133,415 $ — $ — $ 133,415 Marketable securities: Corporate bonds — 10,084 — 10,084 U.S. treasury securities — 7,135 — 7,135 Derivative asset — 1,840 — 1,840 Derivative liability — ( 391 ) — ( 391 ) February 28, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents 97,675 — — 97,675 Marketable securities: Corporate bonds — 6,976 — 6,976 U.S. treasury securities — 1,787 — 1,787 Derivative asset — 3,520 — 3,520 August 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 160,755 $ — $ — $ 160,755 Marketable securities: Corporate bonds — 4,095 — 4,095 U.S. treasury securities — 1,461 — 1,461 Derivative asset — 1,672 — 1,672 Derivative liability — ( 457 ) — ( 457 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Undiscounted Environmental Remediation Liability Classifications | The following table summarizes the environmental remediation liability classifications included in the condensed consolidated balance sheets as of February 29, 2024, February 28, 2023, and August 31, 2023: ($ in thousands) February 29, February 28, August 31, Other current liabilities $ 460 $ 3,097 $ 1,287 Other noncurrent liabilities 10,172 9,975 10,175 Total environmental remediation liabilities $ 10,632 $ 13,072 $ 11,462 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following table provides the changes in the Company’s product warranties: Three months ended Six months ended ($ in thousands) February 29, February 28, February 29, February 28, Product warranty accrual balance, beginning of period $ 14,254 $ 13,602 $ 14,535 $ 14,080 Liabilities accrued for warranties during the period 2,178 2,888 3,747 4,128 Warranty claims paid during the period ( 2,061 ) ( 2,318 ) ( 3,911 ) ( 4,036 ) Product warranty accrual balance, end of period $ 14,371 $ 14,172 $ 14,371 $ 14,172 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities Current | ($ in thousands) February 29, February 28, August 31, Other current liabilities: Contract liabilities $ 16,825 $ 16,782 $ 18,800 Compensation and benefits 16,705 16,490 24,957 Warranties 14,371 14,172 14,535 Dealer related liabilities 10,405 8,969 9,629 Tax related liabilities 7,905 9,044 9,187 Operating lease liabilities 3,415 3,069 3,028 Deferred revenue - lease 1,634 1,223 2,830 Accrued insurance 771 1,049 1,163 Accrued environmental liabilities 460 3,097 1,287 Other 8,656 5,671 6,188 Total other current liabilities $ 81,147 $ 79,566 $ 91,604 |
Industry Segment Information (T
Industry Segment Information (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three months ended Six months ended ($ in thousands) February 29, February 28, February 29, February 28, Operating revenues: Irrigation: North America $ 82,845 $ 90,354 $ 172,222 $ 174,288 International 50,173 57,422 100,964 125,571 Irrigation total 133,018 147,776 273,186 299,859 Infrastructure 18,501 18,465 39,691 42,541 Total operating revenues $ 151,519 $ 166,241 $ 312,877 $ 342,400 Operating income: Irrigation $ 25,649 $ 32,820 $ 50,956 $ 61,461 Infrastructure 3,506 2,019 7,125 5,391 Corporate ( 7,057 ) ( 7,574 ) ( 14,909 ) ( 14,989 ) Total operating income 22,098 27,265 43,172 51,863 Interest and other expense, net 599 ( 1,532 ) 520 ( 2,125 ) Earnings before income taxes $ 22,697 $ 25,733 $ 43,692 $ 49,738 |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | $ 146,798 | $ 164,130 | $ 301,148 | $ 337,897 |
Lease revenue | 4,721 | 2,111 | 11,729 | 4,503 |
Total operating revenues | 151,519 | 166,241 | 312,877 | 342,400 |
Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 137,584 | 156,225 | 283,040 | 322,172 |
Over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 9,214 | 7,905 | 18,108 | 15,725 |
Irrigation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 133,018 | 147,776 | 273,186 | 299,859 |
Lease revenue | 0 | 0 | 0 | 0 |
Total operating revenues | 133,018 | 147,776 | 273,186 | 299,859 |
Irrigation [Member] | Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 125,241 | 141,528 | 257,746 | 287,245 |
Irrigation [Member] | Over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 7,777 | 6,248 | 15,440 | 12,614 |
Infrastructure [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 13,780 | 16,354 | 27,962 | 38,038 |
Lease revenue | 4,721 | 2,111 | 11,729 | 4,503 |
Total operating revenues | 18,501 | 18,465 | 39,691 | 42,541 |
Infrastructure [Member] | Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 12,343 | 14,697 | 25,294 | 34,927 |
Infrastructure [Member] | Over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | $ 1,437 | $ 1,657 | $ 2,668 | $ 3,111 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Aug. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | |||
Unsatisfied performance obligation amount | $ 1 | ||
Revenue recognized | 12.1 | $ 25 | |
Other Current Assets [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Contract assets | 1.1 | 1.1 | $ 1.3 |
Other Current Liabilities [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Contract liabilities | $ 18.3 | $ 17.9 | $ 20.5 |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule of Computation of Basic and Diluted Net Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Earnings Per Share [Abstract] | ||||
Net earnings | $ 18,123 | $ 18,052 | $ 33,142 | $ 36,269 |
Weighted average shares outstanding | 11,033 | 11,007 | 11,025 | 10,998 |
Diluted effect of stock awards | 41 | 56 | 42 | 70 |
Weighted average shares outstanding assuming dilution | 11,074 | 11,063 | 11,067 | 11,068 |
Basic net earnings per share | $ 1.64 | $ 1.64 | $ 3.01 | $ 3.3 |
Diluted net earnings per share | $ 1.64 | $ 1.63 | $ 2.99 | $ 3.28 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jul. 28, 2023 | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 84,099 | $ 83,121 | $ 67,409 | |
FieldWise, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 32,700 | |||
Deferred revenues | 2,132 | |||
Goodwill | 16,593 | |||
Amortization of finite lived intangible assets | 10,700 | |||
Amortization of indefinite lived intangible assets | $ 700 | |||
Weighted average useful life of amortizable intangible assets | 13 years 1 month 6 days | |||
Acquisition date | Jul. 28, 2023 |
Acquisitions (Summary of Final
Acquisitions (Summary of Final Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Jul. 28, 2023 | Feb. 28, 2023 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 84,099 | $ 83,121 | $ 67,409 | |
FieldWise, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 1,779 | |||
Accounts receivable | 376 | |||
Inventories | 2,651 | |||
Property and equipment | 2,443 | |||
Deferred tax asset | 94 | |||
Intangible assets | 11,400 | |||
Goodwill | 16,593 | |||
Accounts payable and accrued liabilities | (228) | |||
Deferred revenues | (2,132) | |||
Non-current deferred revenues | (235) | |||
Total purchase price | $ 32,741 |
Acquisitions (Summary of Identi
Acquisitions (Summary of Identifiable Intangible Assets at Fair Value) (Details) - FieldWise, LLC [Member] $ in Thousands | Jul. 28, 2023 USD ($) |
Business Acquisition [Line Items] | |
Weighted average useful life in years | 13 years 1 month 6 days |
Fair value of identifiable asset | $ 11,400 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Weighted average useful life in years | 15 years |
Fair value of identifiable asset | $ 8,700 |
Developed Technology [Member] | |
Business Acquisition [Line Items] | |
Weighted average useful life in years | 5 years |
Fair value of identifiable asset | $ 2,000 |
Tradenames [Member] | |
Business Acquisition [Line Items] | |
Fair value of identifiable asset | $ 700 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Income Taxes [Line Items] | ||||
Income tax expense | $ 4,574 | $ 7,681 | $ 10,550 | $ 13,469 |
Estimated annual effective income tax rate | 26.40% | 28.20% | ||
Tax benefit related to vesting of share based compensation awards | $ 1,000 | $ 600 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $ 89,500 | $ 83,908 | $ 89,968 |
Work in process | 10,788 | 7,820 | 9,837 |
Finished goods and purchased parts, net | 88,955 | 86,793 | 103,067 |
Total inventory value before LIFO adjustment | 189,243 | 178,521 | 202,872 |
Less adjustment to LIFO value | (21,909) | (22,589) | (24,169) |
Inventories, net | $ 167,334 | $ 155,932 | $ 178,703 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Inventory [Line Items] | |||
Inventories, net | $ 167,334 | $ 155,932 | $ 178,703 |
LIFO, basis amount | 45,300 | 42,100 | 47,200 |
FIFO, basis amount | $ 122,000 | $ 113,800 | $ 131,500 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Debt Instrument [Line Items] | |||
Total debt | $ 115,598 | $ 115,710 | $ 115,822 |
Less current portion | (228) | (226) | (224) |
Less unamortized debt issuance costs | (295) | (320) | (345) |
Total long-term debt | 115,075 | 115,164 | 115,253 |
Elecsys Series 2006A Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 598 | 710 | 822 |
Series A Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 115,000 | $ 115,000 | $ 115,000 |
Long-Term Debt (Schedule of Pri
Long-Term Debt (Schedule of Principal Payments Due on Long-Term Debt) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Debt Disclosure [Abstract] | |||
1 year | $ 228 | ||
2 years | 232 | ||
3 years | 138 | ||
Thereafter | 115,000 | ||
Total debt | $ 115,598 | $ 115,710 | $ 115,822 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 133,415 | $ 160,755 | $ 97,675 |
Marketable securities: | |||
Derivative assets | 1,840 | 1,672 | 3,520 |
Derivative liability | (391) | (457) | |
Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 10,084 | 4,095 | 6,976 |
U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | 7,135 | 1,461 | 1,787 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 133,415 | 160,755 | 97,675 |
Marketable securities: | |||
Derivative assets | 0 | 0 | 0 |
Derivative liability | 0 | 0 | |
Level 1 [Member] | Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 0 | 0 | 0 |
Level 1 [Member] | U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | 0 | 0 | 0 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Marketable securities: | |||
Derivative assets | 1,840 | 1,672 | 3,520 |
Derivative liability | (391) | (457) | |
Level 2 [Member] | Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 10,084 | 4,095 | 6,976 |
Level 2 [Member] | U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | 7,135 | 1,461 | 1,787 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Marketable securities: | |||
Derivative assets | 0 | 0 | 0 |
Derivative liability | 0 | 0 | |
Level 3 [Member] | Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 0 | 0 | 0 |
Level 3 [Member] | U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 6 Months Ended | |||
Feb. 29, 2024 USD ($) | Feb. 28, 2023 USD ($) | May 31, 2027 EUR (€) | Feb. 28, 2026 USD ($) | |
Notional amount | $ 189,600,000 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets fair value adjustments | 0 | $ 0 | ||
Liabilities fair value adjustments | $ 0 | $ 0 | ||
Forecast [Member] | ||||
Notional amount | € 91,700 | $ 100,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 | |
Commitments And Contingencies [Line Items] | |||
Liabilities | $ 282,246 | $ 290,009 | $ 286,808 |
Lindsay, Nebraska Facility [Member] | |||
Commitments And Contingencies [Line Items] | |||
Current environmental remediation accrual | 10,700 | ||
Liabilities | $ 8,000 | ||
Liabilities discounted risk Free interest rate | 1.20% | ||
Discounted portion of liabilities | $ 9,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Commitments and Contingencies Disclosure [Abstract] | |||
Other current liabilities | $ 460 | $ 1,287 | $ 3,097 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | Other Liabilities, Current |
Other noncurrent liabilities | $ 10,172 | $ 10,175 | $ 9,975 |
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total environmental remediation liabilities | $ 10,632 | $ 11,462 | $ 13,072 |
Warranties (Schedule of Product
Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty accrual balance, beginning of period | $ 14,254 | $ 13,602 | $ 14,535 | $ 14,080 |
Liabilities accrued for warranties during the period | 2,178 | 2,888 | 3,747 | 4,128 |
Warranty claims paid during the period | (2,061) | (2,318) | (3,911) | (4,036) |
Product warranty accrual balance, end of period | $ 14,371 | $ 14,172 | $ 14,371 | $ 14,172 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1.8 | $ 1.7 | $ 3.5 | $ 3.3 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule of Other Liabilities Current) (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Other Liabilities Disclosure [Abstract] | |||
Contract liabilities | $ 16,825 | $ 18,800 | $ 16,782 |
Compensation and benefits | 16,705 | 24,957 | 16,490 |
Warranties | 14,371 | 14,535 | 14,172 |
Dealer related liabilities | 10,405 | 9,629 | 8,969 |
Tax related liabilities | 7,905 | 9,187 | 9,044 |
Operating lease liabilities | 3,415 | 3,028 | 3,069 |
Deferred revenue - lease | 1,634 | 2,830 | 1,223 |
Accrued insurance | 771 | 1,163 | 1,049 |
Accrued environmental liabilities | 460 | 1,287 | 3,097 |
Other | 8,656 | 6,188 | 5,671 |
Total other current liabilities | $ 81,147 | $ 91,604 | $ 79,566 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Equity [Abstract] | ||||
Number of shares of common stock repurchased during the period | 0 | 0 | 0 | 0 |
Remaining amount available under the repurchase program | $ 63.7 | $ 63.7 |
Industry Segment Information (N
Industry Segment Information (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 Customer | Feb. 28, 2023 Customer | Feb. 29, 2024 Segment Customer | Feb. 28, 2023 Customer | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Irrigation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 1 | |||
Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 1 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of major customers | Customer | 0 | 0 | 0 | 0 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Minimum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 10% | 10% | 10% | 10% |
Industry Segment Information (S
Industry Segment Information (Schedule of Segment Reporting Information Impacts on Statement of Operations, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 151,519 | $ 166,241 | $ 312,877 | $ 342,400 |
Total operating income | 22,098 | 27,265 | 43,172 | 51,863 |
Interest and other expense, net | 599 | (1,532) | 520 | (2,125) |
Earnings before income taxes | 22,697 | 25,733 | 43,692 | 49,738 |
Irrigation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 133,018 | 147,776 | 273,186 | 299,859 |
Total operating income | 25,649 | 32,820 | 50,956 | 61,461 |
Irrigation [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 82,845 | 90,354 | 172,222 | 174,288 |
Irrigation [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 50,173 | 57,422 | 100,964 | 125,571 |
Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 18,501 | 18,465 | 39,691 | 42,541 |
Total operating income | 3,506 | 2,019 | 7,125 | 5,391 |
Corporate Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total operating income | $ (7,057) | $ (7,574) | $ (14,909) | $ (14,989) |