Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Oct. 11, 2013 | Feb. 28, 2013 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Aug-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | lnn | ||
Entity Registrant Name | LINDSAY CORP | ||
Entity Central Index Key | 836157 | ||
Current Fiscal Year End Date | -23 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,073,694,887 | ||
Entity Common Stock, Shares Outstanding | 12,872,801 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Consolidated Statements Of Operations [Abstract] | |||
Operating revenues | $690,848 | $551,255 | $478,890 |
Cost of operating revenues | 496,014 | 402,737 | 349,105 |
Gross profit | 194,834 | 148,518 | 129,785 |
Operating expenses: | |||
Selling expense | 32,937 | 28,104 | 27,842 |
General and administrative expense | 43,441 | 38,198 | 33,659 |
Engineering and research expense | 11,395 | 9,481 | 10,403 |
Environmental remediation expense | 7,225 | 1,295 | |
Total operating expenses | 87,773 | 83,008 | 73,199 |
Operating income | 107,061 | 65,510 | 56,586 |
Interest expense | -304 | -492 | -762 |
Interest income | 496 | 504 | 315 |
Other income (expense), net | 54 | -414 | 375 |
Earnings before income taxes | 107,307 | 65,108 | 56,514 |
Income tax expense | 36,737 | 21,831 | 19,712 |
Net earnings | $70,570 | $43,277 | $36,802 |
Earnings per share: | |||
Basic | $5.50 | $3.41 | $2.93 |
Diluted | $5.47 | $3.38 | $2.90 |
Shares used in computing earnings per share: | |||
Basic | 12,830 | 12,704 | 12,560 |
Diluted | 12,901 | 12,810 | 12,692 |
Cash dividends declared per share | $0.48 | $0.39 | $0.35 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net earnings | $70,570 | $43,277 | $36,802 |
Other comprehensive income (loss): | |||
Defined benefit pension plan adjustment, net of tax | 260 | -408 | 69 |
Unrealized gain on cash flow hedges, net of tax | 53 | 200 | 319 |
Foreign currency translation adjustment, net of hedging activities and tax | -1,752 | -7,131 | 4,719 |
Total other comprehensive (loss) income , net of tax (benefit) expense of ($330), $394 and $440 | -1,439 | -7,339 | 5,107 |
Total comprehensive income | $69,131 | $35,938 | $41,909 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Other comprehensive income, tax (benefit) expense | ($330) | $394 | $440 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $151,927 | $143,444 |
Receivables, net of allowance of $2,853 and $1,717, respectively | 120,291 | 82,565 |
Inventories, net | 68,607 | 52,873 |
Deferred income taxes | 12,705 | 9,505 |
Other current assets | 15,261 | 10,478 |
Total current assets | 368,791 | 298,865 |
Property, plant and equipment, net | 65,064 | 56,180 |
Intangible assets, net | 36,007 | 25,070 |
Goodwill | 37,414 | 29,961 |
Other noncurrent assets | 5,020 | 5,455 |
Total assets | 512,296 | 415,531 |
Current liabilities: | ||
Accounts payable | 42,276 | 31,372 |
Current portion of long-term debt | 4,285 | |
Other current liabilities | 59,816 | 44,781 |
Total current liabilities | 102,092 | 80,438 |
Pension benefits liabilities | 6,324 | 6,821 |
Deferred income taxes | 15,415 | 9,984 |
Other noncurrent liabilities | 7,827 | 7,450 |
Total liabilities | 131,658 | 104,693 |
Shareholders' equity: | ||
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding | ||
Common stock of $1 par value - authorized 25,000 shares; 18,571 and 18,421 shares issued at August 31, 2013 and 2012, respectively | 18,571 | 18,421 |
Capital in excess of stated value | 49,764 | 43,140 |
Retained earnings | 405,580 | 341,115 |
Less treasury stock (at cost, 5,698 shares) | -90,961 | -90,961 |
Accumulated other comprehensive loss, net | -2,316 | -877 |
Total shareholders' equity | 380,638 | 310,838 |
Total liabilities and shareholders' equity | $512,296 | $415,531 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Receivables, allowance | $2,853 | $1,717 |
Preferred stock, par value | $1 | $1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, authorized | 25,000,000 | 25,000,000 |
Common stock, issued | 18,571,000 | 18,421,000 |
Treasury stock, shares | 5,698,000 | 5,698,000 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Common Stock [Member] | Capital In Excess Of Stated Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
In Thousands | ||||||
Beginning balance, value at Aug. 31, 2010 | $18,185 | $30,756 | $270,272 | ($90,961) | $1,355 | $229,607 |
Beginning balance, shares at Aug. 31, 2010 | 18,185 | 5,698 | ||||
Net earnings | 36,802 | 36,802 | ||||
Other comprehensive income (loss) | 5,107 | 5,107 | ||||
Total comprehensive income | 41,909 | |||||
Cash dividends per share | -4,342 | -4,342 | ||||
Issuance of common shares under share compensation plans, value | 189 | 2,547 | 2,736 | |||
Issuance of common shares under share compensation plans, shares | 189 | |||||
Excess tax benefits from share-based compensation | 2,487 | 2,487 | ||||
Share-based compensation expense | 3,268 | 3,268 | ||||
Ending balance, value at Aug. 31, 2011 | 18,374 | 39,058 | 302,732 | -90,961 | 6,462 | 275,665 |
Ending Balance, shares at Aug. 31, 2011 | 18,374 | 5,698 | ||||
Net earnings | 43,277 | 43,277 | ||||
Other comprehensive income (loss) | -7,339 | -7,339 | ||||
Total comprehensive income | 35,938 | |||||
Cash dividends per share | -4,894 | -4,894 | ||||
Issuance of common shares under share compensation plans, value | 47 | -57 | -10 | |||
Issuance of common shares under share compensation plans, shares | 47 | |||||
Excess tax benefits from share-based compensation | 374 | 374 | ||||
Share-based compensation expense | 3,765 | 3,765 | ||||
Ending balance, value at Aug. 31, 2012 | 18,421 | 43,140 | 341,115 | -90,961 | -877 | 310,838 |
Ending Balance, shares at Aug. 31, 2012 | 18,421 | 5,698 | ||||
Net earnings | 70,570 | 70,570 | ||||
Other comprehensive income (loss) | -1,439 | -1,439 | ||||
Total comprehensive income | 69,131 | |||||
Cash dividends per share | -6,105 | -6,105 | ||||
Issuance of common shares under share compensation plans, value | 150 | -555 | -405 | |||
Issuance of common shares under share compensation plans, shares | 150 | |||||
Excess tax benefits from share-based compensation | 2,800 | 2,800 | ||||
Share-based compensation expense | 4,379 | 4,379 | ||||
Ending balance, value at Aug. 31, 2013 | $18,571 | $49,764 | $405,580 | ($90,961) | ($2,316) | $380,638 |
Ending Balance, shares at Aug. 31, 2013 | 18,571 | 5,698 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Paranthetical) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Consolidated Statements Of Shareholders' Equity [Abstract] | |||
Cash dividends per share | $0.48 | $0.39 | $0.35 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $70,570 | $43,277 | $36,802 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 12,600 | 12,468 | 11,734 |
Provision for uncollectible accounts receivable | 1,543 | 379 | 388 |
Deferred income taxes | -3,237 | -3,868 | -2,828 |
Share-based compensation expense | 4,573 | 3,939 | 3,474 |
Other, net | -1,014 | 959 | 208 |
Changes in assets and liabilities: | |||
Receivables | -36,557 | -7,570 | -12,626 |
Inventories | -10,020 | -5,609 | -1,826 |
Other current assets | -4,054 | -641 | -1,430 |
Accounts payable | 9,188 | 723 | 4,780 |
Other current liabilities | 14,578 | -1,602 | 8,223 |
Current taxes payable | -892 | 5,408 | -2,327 |
Other noncurrent assets and liabilities | 227 | 4,576 | -1,517 |
Net cash provided by operating activities | 57,505 | 52,439 | 43,055 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | -11,136 | -9,890 | -8,405 |
Proceeds from sale of property, plant and equipment | 22 | 116 | 80 |
Acquisitions of business, net of cash acquired | -29,007 | -6,180 | |
Proceeds from settlement of net investment hedges | 1,944 | 3,378 | 142 |
Payments for settlement of net investment hedges | -2,904 | -453 | -1,261 |
Net cash used in investing activities | -41,081 | -6,849 | -15,624 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 2,036 | 567 | 3,579 |
Common stock withheld for payroll tax withholdings | -2,441 | -577 | -843 |
Principal payments on long-term debt | -4,285 | -4,286 | -4,286 |
Excess tax benefits from share-based compensation | 2,800 | 387 | 2,487 |
Dividends paid | -6,105 | -4,894 | -4,342 |
Net cash used in financing activities | -7,995 | -8,803 | -3,405 |
Effect of exchange rate changes on cash and cash equivalents | 54 | -1,510 | 723 |
Net change in cash and cash equivalents | 8,483 | 35,277 | 24,749 |
Cash and cash equivalents, beginning of period | 143,444 | 108,167 | 83,418 |
Cash and cash equivalents, end of period | 151,927 | 143,444 | 108,167 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Income Taxes Paid | 38,328 | 19,667 | 22,057 |
Interest Paid | $369 | $561 | $860 |
Description_Of_Business_And_Si
Description Of Business And Significant Accounting Policies | 12 Months Ended | |
Aug. 31, 2013 | ||
Description Of Business And Significant Accounting Policies [Abstract] | ||
Description Of Business And Significant Accounting Policies | A. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | |
Lindsay Corporation, along with its subsidiaries (collectively called "Lindsay" or the "Company"), is a global leader in providing a variety of proprietary water management and road infrastructure products and services. The Company has been involved in the manufacture and distribution of agricultural equipment since 1955 and has grown from a regional company to an international agribusiness and highway infrastructure firm with worldwide sales and distribution. Lindsay, a Delaware corporation, maintains its corporate offices in Omaha, Nebraska. The Company has operations which are categorized into two major reporting segments. | ||
Irrigation Segment – The Company’s irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy and labor. The irrigation segment also manufactures and markets repair and replacement parts for its irrigation systems and controls, and designs and manufactures water pumping stations and controls for the agriculture, golf, landscape and municipal markets. The Company continues to strengthen irrigation product offerings through innovative technology such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, and smartphone applications. On August 16, 2013, the Company acquired Claude Laval Corporation, which manufactures and distributes LAKOS® separators and filtration solutions for groundwater, agriculture, industrial and heat transfer markets, worldwide. The Company’s principal irrigation manufacturing facilities are located in Lindsay, Nebraska, Hartland, Wisconsin, and Fresno, California. Internationally, the Company has production operations in Brazil, France, China, and South Africa as well as distribution operations in Australia and New Zealand. The Company also exports equipment from the U.S. to other international markets. | ||
Infrastructure Segment – The Company’s infrastructure segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, large diameter steel tubing, railroad signals and structures, and outsourced manufacturing services. The principal infrastructure manufacturing facilities are located in Rio Vista, California, Milan, Italy, and Omaha, Nebraska. | ||
Notes to the consolidated financial statements describe various elements of the financial statements and the accounting policies, estimates, and assumptions applied by management. While actual results could differ from those estimated at the time of preparation of the consolidated financial statements, management believes that the accounting policies, assumptions, and estimates applied promote the representational faithfulness, verifiability, neutrality, and transparency of the accounting information included in the consolidated financial statements. | ||
The significant accounting policies of the Company are as follows: | ||
(1) Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | ||
(2) Reclassifications | ||
Certain reclassifications have been made to prior financial statements to conform to the current-year presentation. | ||
(3) Stock Based Compensation | ||
The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock units or performance stock units from new stock issuances. | ||
The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statement of Operations over the periods during which the employee or director is required to perform a service in exchange for the award. | ||
The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) as its valuation method for stock option awards. Under the Black-Scholes model, the fair value of stock option awards on the date of grant is estimated using an option-pricing model that is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Restricted stock, restricted stock units, performance shares and performance stock units issued under the 2010 Long-Term Incentive Plan will have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. | ||
(4) Revenue Recognition | ||
The Company’s basic criteria necessary for revenue recognition are: 1) evidence of a sales arrangement exists, 2) delivery of goods has occurred, 3) the seller's price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. The Company generally has no post-delivery obligations to its independent dealers other than standard warranties. Revenues and gross profits on intercompany sales are eliminated in consolidation. | ||
Revenues from the sale of the Company’s products are recognized based on the delivery terms in the sales contract. If an arrangement involves multiple deliverables, the delivered items are considered separate units of accounting if the items have value on a stand-alone basis and there is objective and reliable evidence of their fair values. Revenues from the arrangement are allocated to the separate units of accounting based on their objectively determined fair value. | ||
The Company offers a subscription-based service for wireless management and recognizes subscription revenue on a straight-line basis over the contract term. The Company leases certain infrastructure property held for lease to customers such as moveable concrete barriers and Road Zipper SystemsTM. Revenues for the lease of infrastructure property held for lease are recognized on a straight-line basis over the lease term. If an infrastructure project is completed ahead of schedule and prior to the lease term end date, the Company accelerates the lease term and the timing of recognized revenue once the Company is no longer required to perform under the lease contract. | ||
The costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Customer rebates, cash discounts and other sales incentives are recorded as a reduction of revenues at the time of the original sale. Estimates used in the recognition of operating revenues and cost of operating revenues include, but are not limited to, estimates for product warranties, product rebates, cash discounts and fair value of separate units of accounting on multiple deliverables. | ||
(5) Receivables and Allowances | ||
Trade receivables are reported on the balance sheet net of any doubtful accounts. Losses are recognized when it is probable that an asset has been impaired and the amount of the loss can be reasonably estimated. In estimating probable losses, the Company reviews specific accounts that are significant and past due, in bankruptcy or otherwise identified at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of default. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic conditions and credit risk quality. The evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances available to the Company at the date of the consolidated financial statements and considers any significant changes in circumstances occurring through the date that the financial statements are issued. | ||
(6) Warranty Costs | ||
The Company's provision for product warranty reflects management's best estimate of probable liability under its product warranties. At the time a sale is recognized, the company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims. This provision is periodically adjusted to reflect actual experience. | ||
(7) Cash and Cash Equivalents | ||
Cash equivalents consist of highly-liquid investments with original maturities of three months or less. | ||
(8) Inventories | ||
Inventories are stated at the lower of cost or market. Cost is determined by the last‑in, first‑out (LIFO) method for the Company’s Lindsay, Nebraska inventory and two warehouses in Idaho and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at operating locations in Nebraska, California, Wisconsin, China and Australia. Cost is determined by the weighted average cost method for inventory at the Company’s other operating locations in Washington, Brazil, France, Italy and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory. | ||
(9) Property, Plant and Equipment | ||
Property, plant, equipment, and capitalized assets held for lease are stated at cost. The Company capitalizes major expenditures and charges to operating expenses the cost of current maintenance and repairs. Provisions for depreciation and amortization have been computed principally on the straight-line method for buildings and equipment. Rates used for depreciation are based principally on the following expected lives: buildings ‑‑ 15 to 30 years; equipment ‑‑ 3 to 7 years; leased barrier transfer machines -- 8 to 10 years; leased barriers -- 12 years; other ‑‑ 2 to 20 years and leasehold improvements – shorter of the economic life or term of the lease. All of the Company's long‑lived asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized based upon the difference between the fair value of the asset and its carrying value. The cost and accumulated depreciation relating to assets retired or otherwise disposed of are eliminated from the respective accounts at the time of disposition. The resulting gain or loss is included in operating income in the consolidated statements of operations. | ||
(10) Valuation of Goodwill and Identifiable Intangible Assets | ||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Acquired intangible assets are recognized separately from goodwill. Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually at August 31 and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. | ||
A significant amount of judgment is involved in determining if an indicator of impairment of goodwill has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. | ||
In testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determine that an impairment is more likely than not, the Company is then required to perform a quantitative impairment test, otherwise no further analysis is required. The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test | ||
The Company performs the impairment analysis at the reporting unit level using a two-step impairment test. Fair value is typically estimated using a discounted cash flow analysis, which requires the Company to estimate the future cash flows anticipated to be generated by the particular assets being tested for impairment as well as to select a discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considers historical results adjusted to reflect current and anticipated operating conditions. Estimating future cash flows requires significant judgment and assumptions by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. To the extent that the reporting unit is unable to achieve these assumptions, impairment losses may emerge. The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2013. | ||
(11) Income Taxes | ||
Income taxes are accounted for utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. These expected future tax consequences are measured based on currently enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. | ||
(12) Net Earnings per Share | ||
Basic net earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding during the period. | ||
Employee stock options, nonvested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of excess tax benefits that would be recorded in additional paid-in-capital when exercised are assumed to be used to repurchase shares. | ||
(13) Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
(14) Derivative Instruments and Hedging Activities | ||
The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. All derivative instruments are recorded on the balance sheet at their respective fair values. The Company uses these derivative instruments only to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. | ||
The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is highly effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in earnings. All changes in derivative fair values due to ineffectiveness are recognized currently in income. | ||
The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of August 31, 2013, the Company’s derivative counterparty had investment grade credit ratings. | ||
(15) Fair Value Measurements | ||
The Company’s disclosure of the fair value of assets and liabilities is based on a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | ||
- | Level 1 – inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities | |
- | Level 2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly | |
- | Level 3 – inputs to the valuation techniques are unobservable for the assets or liabilities | |
(16) Treasury Stock | ||
When the Company repurchases its outstanding stock, it records the repurchased shares at cost as a reduction to shareholders’ equity. The weighted average cost method is utilized for share re-issuances. The difference between the cost and the re-issuance price is charged or credited to a “capital in excess of stated value – treasury stock” account to the extent that there is a sufficient balance to absorb the charge. If the treasury stock is sold for an amount less than its cost and there is not a sufficient balance in the capital in excess of stated value – treasury stock account, the excess is charged to retained earnings. | ||
(17) Contingencies | ||
The Company’s accounting for contingencies covers a variety of business activities including contingencies for legal exposures and environmental exposures. The Company accrues these contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. | ||
(18) Environmental Remediation Liabilities | ||
Environmental remediation liabilities include costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and can be reasonably estimated. Estimates used to record environmental remediation liabilities are based on the Company’s best estimate of probable future costs based on site-specific facts and circumstances. Estimates of the cost for the likely remedy are developed using internal resources or by third-party environmental engineers or other service providers. The Company records the undiscounted environmental remediation liabilities that represent the points in the range of estimates that are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. | ||
(19) Translation of Foreign Currency | ||
The Company’s portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss. | ||
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Aug. 31, 2013 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | |
B. NEW ACCOUNTING PRONOUNCEMENTS | |
New Accounting Standards Issued but not yet adopted | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Amendments to Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 is to provide enhanced disclosures that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on its financial position. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies what instruments and transactions are subject to the offsetting disclosure requirements established by ASU No. 2011-11. Derivative instruments accounted for in accordance with Accounting Standards Codification (“ASC”) 815, repurchase agreements, reverse repurchase agreements, securities borrowing, and securities lending transactions are subject to ASU No. 2011-11 disclosure requirements. The effective date for ASU No. 2011-11 and ASU No. 2013-01 will be the first quarter of fiscal year 2014. The Company does not expect the adoption of these standards to impact its consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The objective of ASU No. 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). Entities are required to disclose changes in AOCI balances by component and significant items reclassified out of AOCI. The effective date for ASU No. 2013-02 will be the first quarter of fiscal year 2014. The Company does not expect the adoption of this standard to impact its consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The objective of ASU No. 2013-05 is to clarify the applicable guidance for the release of the cumulative translation adjustment under U.S. GAAP. The effective date for ASU No. 2013-05 will be the first quarter of fiscal year 2015. The Company does not expect the adoption of this standard to impact its consolidated financial statements. | |
Acquisitions
Acquisitions | 12 Months Ended | |||||
Aug. 31, 2013 | ||||||
Acquisitions [Abstract] | ||||||
Acquisitions | ||||||
C. ACQUISITIONS | ||||||
The Company pursues accretive, synergistic acquisitions that further differentiate the Company’s market positions and add new growth opportunities. The Company accounts for business combinations in accordance with ASC 805 – Business Combinations, which requires the recognition of the identifiable assets acquired, liabilities assumed, goodwill, and any noncontrolling interest in the acquiree. In addition, the Company expenses all acquisition-related costs in the period in which the costs are incurred and the services received. | ||||||
Claude Laval Corporation | ||||||
On August 16, 2013, the Company acquired 100 percent of the outstanding common shares of Claude Laval Corporation (“CLC”), a California corporation that manufactures and distributes LAKOS® separators and filtration solutions for groundwater, agriculture, industrial and heat transfer markets, worldwide. Total consideration paid was $29.0 million which was financed with cash on hand. The allocation of purchase price for CLC is considered preliminary because the closing balance sheet under the terms of the purchase agreement and the valuation of the identifiable assets acquired and liabilities assumed will not be finalized until the end of the first quarter of fiscal 2014. However, the Company does not anticipate any material changes from the amounts presented in the table below showing identifiable assets acquired and liabilities assumed. | ||||||
The following table summarizes the consideration paid for CLC and the preliminary amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date. | ||||||
$ in thousands | Amount | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Current assets | $ | 8,686 | ||||
Property and equipment | 7,604 | |||||
Intangible assets | 13,700 | |||||
Other long-term assets | 481 | |||||
Current liabilities | -1,784 | |||||
Long-term debt | -1,400 | |||||
Other long-term liabilities | -5,537 | |||||
Total identifiable net assets acquired | 21,750 | |||||
Goodwill | 7,257 | |||||
Total | $ | 29,007 | ||||
The acquired intangible assets include amortizable intangible assets of $7.2 million and indefinite-lived intangible assets of $6.5 million related to tradenames. The amortizable intangible assets have a weighted-average useful life of approximately 8 years. The following table summarizes the identifiable intangible assets at estimated fair value. | ||||||
$ in thousands | Weighted Average Useful Life in Years | Fair Value of | ||||
Identifiable Asset | ||||||
Intangible assets: | ||||||
Tradenames | N/A | $ | 6,500 | |||
Patents | 10 | 4,600 | ||||
Customer relationships | 5 | 1,700 | ||||
Non-compete agreements | 5 | 500 | ||||
Other | 1.3 | 400 | ||||
Total intangible assets | $ | 13,700 | ||||
Goodwill related to the acquisition of CLC primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of CLC management, its assembled workforce, and its intellectual capital and specialization within the filtration solutions industry. Goodwill recorded in connection with this acquisition is non-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. | ||||||
Net_Earnings_Per_Share
Net Earnings Per Share | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Net Earnings Per Share [Abstract] | ||||||||||
Net Earnings Per Share | D. NET EARNINGS PER SHARE | |||||||||
The following table shows the computation of basic and diluted net earnings per share for the years ended August 31, 2013, 2012 and 2011: | ||||||||||
For the years ended August 31, | ||||||||||
($ and shares in thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||
Numerator: | ||||||||||
Net earnings | $ | 70,570 | $ | 43,277 | $ | 36,802 | ||||
Denominator: | ||||||||||
Weighted average shares outstanding | 12,830 | 12,704 | 12,560 | |||||||
Diluted effect of stock equivalents | 71 | 106 | 132 | |||||||
Weighted average shares outstanding assuming dilution | 12,901 | 12,810 | 12,692 | |||||||
Basic net earnings per share | $ | 5.50 | $ | 3.41 | $ | 2.93 | ||||
Diluted net earnings per share | $ | 5.47 | $ | 3.38 | $ | 2.90 | ||||
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. Items excluded from the calculation were not significant for the years ended August 31, 2013, 2012 and 2011. | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
E. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Accumulated other comprehensive loss is included in the accompanying Consolidated Balance Sheets in the shareholders’ equity section, and consists of the following components: | |||||||||||||
August 31, | |||||||||||||
$ in thousands | 2013 | 2012 | |||||||||||
Accumulated other comprehensive loss: | |||||||||||||
Defined benefit pension plan, net of tax of $1,396 and $1,554 | $ | -2,287 | $ | -2,547 | |||||||||
Cash flow hedges, net of tax of $0 and $33 | - | -53 | |||||||||||
Foreign currency translation, net of hedging activities, net of tax of $1,588 and $2,093 | -29 | 1,723 | |||||||||||
Total accumulated other comprehensive loss | $ | -2,316 | $ | -877 | |||||||||
The following is a rollfoward of the balances in accumulated other comprehensive income (loss), net of tax. | |||||||||||||
Defined benefit | Unrealized | Foreign currency | Accumulated other | ||||||||||
pension plan | gain (loss) on | translation | comprehensive | ||||||||||
$ in thousands | adjustment | cash flow hedges | adjustment | income (loss) | |||||||||
Balance at August 31, 2011 | $ | -2,139 | $ | -253 | $ | 8,854 | $ | 6,462 | |||||
Current-period change | -408 | 200 | -7,131 | -7,339 | |||||||||
Balance at August 31, 2012 | -2,547 | -53 | 1,723 | -877 | |||||||||
Current-period change | 260 | 53 | -1,752 | -1,439 | |||||||||
Balance at August 31, 2013 | $ | -2,287 | $ | - | $ | -29 | $ | -2,316 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||
Income Taxes | ||||||||||||||||
F. INCOME TAXES | ||||||||||||||||
For financial reporting purposes earnings before income taxes include the following components: | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
United States | $ | 99,781 | $ | 57,884 | $ | 53,879 | ||||||||||
Foreign | 7,526 | 7,224 | 2,635 | |||||||||||||
$ | 107,307 | $ | 65,108 | $ | 56,514 | |||||||||||
Significant components of the income tax provision are as follows: | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | 33,498 | $ | 21,694 | $ | 18,705 | ||||||||||
State | 2,303 | 1,026 | 1,309 | |||||||||||||
Foreign | 4,173 | 2,979 | 2,526 | |||||||||||||
Total current | 39,974 | 25,699 | 22,540 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | -1,554 | -3,829 | -1,484 | |||||||||||||
State | -178 | 614 | -29 | |||||||||||||
Foreign | -1,505 | -653 | -1,315 | |||||||||||||
Total deferred | -3,237 | -3,868 | -2,828 | |||||||||||||
Total income tax provision | $ | 36,737 | $ | 21,831 | $ | 19,712 | ||||||||||
Total income tax provision resulted in effective tax rates differing from that of the statutory United States Federal income tax rates. The reasons for these differences are: | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||
U.S. statutory rate | $ | 37,558 | 35.0 | $ | 22,788 | 35.0 | $ | 19,780 | 35.0 | |||||||
State and local taxes, net of federal tax benefit | 1,365 | 1.3 | 1,337 | 2.0 | 889 | 1.6 | ||||||||||
Foreign tax rate differences | -103 | -0.1 | -338 | -0.5 | -257 | -0.5 | ||||||||||
Domestic production activities deduction | -2,638 | -2.5 | -1,900 | -2.9 | -1,301 | -2.3 | ||||||||||
Research and development and fuel tax credits | -289 | -0.3 | -105 | -0.2 | -239 | -0.4 | ||||||||||
Other | 844 | 0.8 | 49 | 0.1 | 840 | 1.5 | ||||||||||
Effective rate | $ | 36,737 | 34.2 | $ | 21,831 | 33.5 | $ | 19,712 | 34.9 | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: | ||||||||||||||||
August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | ||||||||||||||
Deferred tax assets: | ||||||||||||||||
Deferred rental revenue | $ | 835 | $ | 382 | ||||||||||||
Employee benefits liability | 1,191 | 1,282 | ||||||||||||||
Net operating loss carry forwards | 21 | 284 | ||||||||||||||
Defined benefit pension plan | 1,396 | 1,554 | ||||||||||||||
Share-based compensation | 2,299 | 2,284 | ||||||||||||||
State tax credits | 98 | 48 | ||||||||||||||
Inventory | 909 | 633 | ||||||||||||||
Warranty | 2,449 | 1,686 | ||||||||||||||
Vacation | 182 | 224 | ||||||||||||||
Accrued expenses and allowances | 8,043 | 6,610 | ||||||||||||||
Total deferred tax assets | $ | 17,423 | $ | 14,987 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Intangible assets | -11,160 | -6,195 | ||||||||||||||
Property, plant and equipment | -8,493 | -8,210 | ||||||||||||||
Inventory | -89 | -115 | ||||||||||||||
Other | -229 | -296 | ||||||||||||||
Total deferred tax liabilities | -19,971 | -14,816 | ||||||||||||||
Net deferred tax (liabilities) assets | $ | -2,548 | $ | 171 | ||||||||||||
In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences. Accordingly, a valuation allowance for deferred tax assets at August 31, 2013 and 2012 has not been established. | ||||||||||||||||
The Company does not intend to repatriate earnings of its foreign subsidiaries and accordingly, has not provided a U.S. deferred income tax liability on these undistributed earnings that are indefinitely reinvested. The Company would recognize a deferred income tax liability if the Company were to determine that such earnings are no longer indefinitely reinvested. At August 31, 2013, undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $16.7 million. Determination of the estimated amount of unrecognized deferred tax liability on these undistributed earnings is not practicable. | ||||||||||||||||
The Company recognizes tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. | ||||||||||||||||
A reconciliation of changes in pre-tax unrecognized tax benefits is as follows: | ||||||||||||||||
August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | ||||||||||||||
Unrecognized Tax Benefits at September 1 | $ | 1,309 | $ | 1,565 | ||||||||||||
Increases for positions taken in current year | 68 | 2 | ||||||||||||||
Increases for positions taken in prior years | 346 | 61 | ||||||||||||||
Decreases for positions taken in prior years | - | -44 | ||||||||||||||
Settlements with taxing authorities | -6 | -42 | ||||||||||||||
Reduction resulting from lapse of applicable statute of limitations | -352 | -173 | ||||||||||||||
Other increases (decreases) | 10 | -60 | ||||||||||||||
Unrecognized Tax Benefits at August 31 | $ | 1,375 | $ | 1,309 | ||||||||||||
The net amount of unrecognized tax benefits at August 31, 2013 and 2012 that, if recognized, would impact the Company’s effective tax rate was $1.4 million and $1.3 million, respectively. Recognition of these tax benefits would have a favorable impact on the Company’s effective tax rate. | ||||||||||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. Total accrued pre-tax liabilities for interest and penalties included in the unrecognized tax benefits liability were $0.5 million and $0.5 million for the years ended August 31, 2013 and 2012, respectively. | ||||||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company is no longer subject to examination by tax authorities in most jurisdictions for years prior to 2010. | ||||||||||||||||
While it is expected that the amount of unrecognized tax benefits will change in the next twelve months as a result of the expiration of statutes of limitations, the Company does not expect this change to have a significant impact on its results of operations or financial position. | ||||||||||||||||
Inventories
Inventories | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Inventories [Abstract] | |||||||
Inventories | G. INVENTORIES | ||||||
August 31, | |||||||
($ in thousands) | 2013 | 2012 | |||||
Raw materials and supplies | $ | 19,369 | $ | 9,818 | |||
Work in process | 5,665 | 4,427 | |||||
Finished goods and purchased parts | 50,038 | 45,540 | |||||
Total inventory value before LIFO adjustment | 75,072 | 59,785 | |||||
Less adjustment to LIFO value | -6,465 | -6,912 | |||||
Inventories, net | $ | 68,607 | $ | 52,873 | |||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Property, Plant And Equipment [Abstract] | |||||||
Property, Plant And Equipment | |||||||
H. PROPERTY, PLANT AND EQUIPMENT | |||||||
August, 31 | |||||||
$ in thousands | 2013 | 2012 | |||||
Operating property, plant and equipment: | |||||||
Land | $ | 3,342 | $ | 2,541 | |||
Buildings | 34,066 | 28,652 | |||||
Equipment | 85,689 | 75,097 | |||||
Other | 9,037 | 9,003 | |||||
Total operating property, plant and equipment | 132,134 | 115,293 | |||||
Accumulated depreciation | -76,508 | -70,596 | |||||
Total operating property, plant and equipment, net | $ | 55,626 | $ | 44,697 | |||
Property held for lease: | |||||||
Machines | 3,965 | 3,945 | |||||
Barriers | 17,323 | 17,457 | |||||
Total property held for lease | $ | 21,288 | $ | 21,402 | |||
Accumulated depreciation | -11,850 | -9,919 | |||||
Total property held for lease, net | $ | 9,438 | $ | 11,483 | |||
Property, plant and equipment, net | $ | 65,064 | $ | 56,180 | |||
Depreciation expense was $9.8 million, $9.6 million and $9.0 million for the years ended August 31, 2013, 2012, and 2011, respectively. | |||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Goodwill And Other Intangible Assets [Abstract] | |||||||||||||||||
Goodwill And Other Intangible Assets | I. GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Goodwill | |||||||||||||||||
The carrying amount of goodwill by reportable segment for the year ended August 31, 2013 and 2012 is as follows: | |||||||||||||||||
$ in thousands | Irrigation | Infrastructure | Total | ||||||||||||||
Balance as of August 31, 2011 | $ | 13,682 | $ | 17,261 | $ | 30,943 | |||||||||||
Foreign currency translation | -206 | -776 | -982 | ||||||||||||||
Balance as of August 31, 2012 | 13,476 | 16,485 | 29,961 | ||||||||||||||
Acquisition of CLC | 7,257 | - | 7,257 | ||||||||||||||
Foreign currency translation | -66 | 262 | 196 | ||||||||||||||
Balance as of August 31, 2013 | $ | 20,667 | $ | 16,747 | $ | 37,414 | |||||||||||
Other Intangible Assets | |||||||||||||||||
The components of the Company’s identifiable intangible assets at August 31, 2013 and 2012 are included in the table below. | |||||||||||||||||
August 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted | Gross | Weighted | Gross | ||||||||||||||
Average | Carrying | Accumulated | Average | Carrying | Accumulated | ||||||||||||
$ in thousands | Years | Amount | Amortization | Years | Amount | Amortization | |||||||||||
Amortizable intangible assets: | |||||||||||||||||
Patents | 12.8 | $ | 30,266 | $ | -12,364 | 12.7 | $ | 25,637 | $ | -10,458 | |||||||
Customer relationships | 7.4 | 8,034 | -4,238 | 8.4 | 6,313 | -3,477 | |||||||||||
Non-compete agreements | 5.6 | 1,331 | -611 | 5.5 | 846 | -478 | |||||||||||
Other | 1.7 | 517 | -54 | 10 | 202 | -90 | |||||||||||
Unamortizable intangible assets: | |||||||||||||||||
Tradenames | N/A | 13,126 | - | N/A | 6,575 | - | |||||||||||
Total | $ | 53,274 | $ | -17,267 | $ | 39,573 | $ | -14,503 | |||||||||
Amortization expense for amortizable intangible assets was $2.8 million, $2.9 million and $2.8 million for 2013, 2012, and 2011, respectively. Amortizable intangible assets are being amortized using the straight-line method over an average term of approximately 10.0 years. | |||||||||||||||||
Future estimated amortization of intangible assets for the next five years is as follows: | |||||||||||||||||
Fiscal Years | $ in thousands | ||||||||||||||||
2014 | $ | 3,939 | |||||||||||||||
2015 | 3,438 | ||||||||||||||||
2016 | 3,020 | ||||||||||||||||
2017 | 2,881 | ||||||||||||||||
2018 | 2,694 | ||||||||||||||||
Thereafter | 20,035 | ||||||||||||||||
$ | 36,007 | ||||||||||||||||
The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2013. The estimated fair value of all of the Company’s reporting units each exceeded the respective carrying values by more than 10 percent. Accordingly, no impairment losses were indicated as a result of the annual impairment testing for fiscal years 2013, 2012 and 2011. The Company does not include a roll forward of impairment losses because the Company has not had an impairment loss. | |||||||||||||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Other Current Liabilities [Abstract] | |||||||
Other Current Liabilities | J. OTHER CURRENT LIABILITIES | ||||||
August 31, | |||||||
$ in thousands | 2013 | 2012 | |||||
Other current liabilities: | |||||||
Compensation and benefits | $ | 18,471 | $ | 14,438 | |||
Dealer related liabilities | 7,134 | 3,622 | |||||
Warranty | 6,695 | 4,848 | |||||
Other | 27,516 | 21,873 | |||||
Total other current liabilities | $ | 59,816 | $ | 44,781 | |||
Credit_Arrangements
Credit Arrangements | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Credit Arrangements [Abstract] | |||||||
Credit Arrangements | |||||||
K. CREDIT ARRANGEMENTS | |||||||
Euro Line of Credit | |||||||
The Company’s wholly-owned European subsidiary, Lindsay Europe SAS, has an unsecured revolving line of credit with Societe Generale, a European commercial bank, under which it could borrow for working capital purposes up to 2.3 million Euros, which equates to approximately $3.0 million U.S. dollars as of August 31, 2013 (the “Euro Line of Credit”). There were no borrowings outstanding on this credit agreement at August 31, 2013 or 2012. Under the terms of the Euro line of Credit, borrowings, if any, bear interest at a floating rate in effect from time to time designated by the commercial bank as the Euro Interbank Offered Rate plus 110 basis points, (1.32 percent at August 31, 2013). Unpaid principal and interest is due by January 31, 2014. The Company intends to renew the Euro Line of Credit upon expiration of its term. | |||||||
BSI Term Note | |||||||
The Company entered into an unsecured $30.0 million Term Note and Credit Agreement, effective June 1, 2006, with Wells Fargo Bank, N.A. (the “BSI Term Note”) to partially finance the acquisition of Barrier Systems, Inc., a wholly owned subsidiary of the Company. Borrowings under the BSI Term Note bear interest at a rate equal to LIBOR plus 50 basis points (0.68 percent at August 31, 2013). The Company effectively fixed the economic effect of the variable interest rate at 6.05 percent through an interest rate swap as described in Note L, Financial Derivatives. Principal is repaid quarterly in equal payments of $1.1 million over a seven year period that began in September of 2006. The BSI Term Note was repaid in full on its scheduled maturity date of June 10, 2013. | |||||||
Revolving Credit Agreement | |||||||
The Company has an unsecured $30.0 million Revolving Credit Note and Credit Agreement with Wells Fargo Bank, N.A., which was amended on February 13, 2013 in order to extend the termination date from January 23, 2014 to February 13, 2016 (the “Revolving Credit Agreement”). The borrowings from the Revolving Credit Agreement may primarily be used for working capital purposes and funding acquisitions. At August 31, 2013 and 2012, there was no outstanding balance on the Revolving Credit Agreement. Borrowings under the Revolving Credit Agreement bear interest at a rate equal to LIBOR plus 90 basis points (1.08 percent at August 31, 2013), subject to adjustment as set forth in the Revolving Credit Agreement. Interest is paid on a monthly to quarterly basis depending on loan type. The Company also pays an annual commitment fee of 0.25 percent on the unused portion of the Revolving Credit Agreement. Unpaid principal and interest is due by February 13, 2016. | |||||||
The Revolving Credit Agreement contains certain covenants relating to the Company’s financial condition. These include maintaining a funded debt to EBITDA ratio, a fixed charge coverage ratio, a current ratio and a tangible net worth requirement at specified levels. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts due thereunder may be declared to be immediately due and payable. The BSI Term Note contained substantially similar covenants. At August 31, 2013 and 2012, the Company was in compliance with all loan covenants. | |||||||
Long-term debt consists of the following: | |||||||
August 31, | |||||||
$ in thousands | 2013 | 2012 | |||||
BSI Term Note | $ | - | $ | 4,285 | |||
Less current portion | - | -4,285 | |||||
Total long-term debt | $ | - | $ | - | |||
Interest expense was $0.3 million, $0.5 million and $0.8 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||
Financial_Derivatives
Financial Derivatives | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Financial Derivatives [Abstract] | ||||||||||||
Financial Derivatives | ||||||||||||
L. FINANCIAL DERIVATIVES | ||||||||||||
Financial derivatives consist of the following: | ||||||||||||
Fair Values of Derivative Instruments | ||||||||||||
Asset (Liability) | ||||||||||||
August 31, | August 31, | |||||||||||
$ in thousands | Balance Sheet Location | 2013 | 2012 | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 151 | $ | - | |||||||
Foreign currency forward contracts | Other current liabilities | -258 | -436 | |||||||||
Interest rate swap | Other current liabilities | - | -90 | |||||||||
Interest rate swap | Other noncurrent liabilities | - | - | |||||||||
Total derivatives designated as hedging instruments | $ | -107 | $ | -526 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | 78 | 12 | |||||||||
Foreign currency forward contracts | Other current liabilities | -33 | -37 | |||||||||
Total derivatives not designated as hedging instruments | $ | 45 | $ | -25 | ||||||||
In addition, accumulated other comprehensive income included gains, net of related income tax effects of $2.0 million and $2.4 million at August 31, 2013 and 2012, respectively, related to derivative contracts designated as hedging instruments. | ||||||||||||
Cash Flow Hedging Relationships | ||||||||||||
In order to reduce interest rate risk on the BSI Term Note, the Company entered into an interest rate swap agreement with Wells Fargo Bank, N.A. that was designed to effectively convert or hedge the variable interest rate on the entire amount of this borrowing to achieve a net fixed rate of 6.05 percent per annum. Under the terms of the interest rate swap, the Company received variable interest rate payments and made fixed interest rate payments on an amount equal to the outstanding balance of the BSI Term Note (see Note K, Credit Arrangements). Changes in the fair value of the interest rate swap designated as the hedging instrument that effectively offset the variability of cash flows associated with the variable-rate, long-term debt obligation are reported in AOCI, net of related income tax effects. | ||||||||||||
In order to reduce exposures related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of its operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. Changes in fair value of the forward exchange contracts or option contracts designated as hedging instruments that effectively offset the hedged risks are reported in AOCI, net of related income tax effects. | ||||||||||||
Net Investment Hedging Relationships | ||||||||||||
In order to reduce translation exposure resulting from translating the financial statements of its international subsidiaries into U.S. dollars, the Company, at times, utilizes Euro foreign currency forward contracts to hedge a portion of its Euro net investment exposure in its foreign operations. These foreign currency forward contracts qualify as a hedge of net investments in foreign operations. Changes in fair value of the net investment hedge contracts are reported in OCI as part of the currency translation adjustment, net of tax. | ||||||||||||
Amount of Gain/(Loss) Recognized in OCI on Derivatives | ||||||||||||
For the years ended August 31, | ||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||
Foreign currency forward contracts(1) | $ | -357 | $ | 1,677 | $ | -800 | ||||||
(1) Net of tax (benefit) expense of ($0.3 million), $1.0 million and ($0.5 million) for the years ended August 31, 2013, 2012 and 2011, respectively. | ||||||||||||
During fiscal 2013, 2012 and 2011, the Company settled Euro foreign currency forward contracts resulting in after-tax net (losses) gains of ($0.6 million), $1.8 million and ($0.7 million), respectively, which were included in OCI as part of a currency translation adjustment. There were no amounts recorded in the consolidated statement of operations related to ineffectiveness of Euro foreign currency forward contracts for the years ended August 31, 2013, 2012 and 2011. Accumulated currency translation adjustment in AOCI at August 31, 2013, 2012 and 2011 reflected realized and unrealized after-tax gains of $2.0 million, $2.4 million and $0.7 million, respectively. | ||||||||||||
At August 31, 2013 and 2012, the Company had outstanding Euro foreign currency forward contracts to sell 29.2 million Euro and 26.5 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At August 31, 2013, the Company also had an outstanding foreign currency forward contract to sell 43.0 million South African Rand at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts qualify as hedges of a net investment in foreign operations. | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Fair Value Measurements | M. 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 August 31, 2013 and 2012, respectively: | |||||||||||||
31-Aug-13 | |||||||||||||
$ in thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 151,927 | $ | - | $ | - | $ | 151,927 | |||||
Derivative assets | $ | - | $ | 229 | $ | - | $ | 229 | |||||
Derivative liabilities | $ | - | $ | -291 | $ | - | $ | -291 | |||||
31-Aug-12 | |||||||||||||
$ in thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 143,444 | $ | - | $ | - | $ | 143,444 | |||||
Derivative assets | $ | - | $ | 12 | $ | - | $ | 12 | |||||
Derivative liabilities | $ | - | $ | -563 | $ | - | $ | -563 | |||||
The carrying amount of long-term debt (including current portion), which represented fair value, was zero and $4.3 million as of August 31, 2013 and 2012, respectively. Fair value of long-term debt (including current portion) is estimated by discounting the future estimated cash flows of each instrument at current market interest rates for similar debt instruments of comparable maturities and credit quality. There were no required fair value adjustments for goodwill, intangible assets and other long-lived assets for the years ended August 31, 2013 and 2012. No impairment losses were indicated as a result of the annual impairment testing for fiscal years 2013, 2012, and 2011. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Commitments And Contingencies [Abstract] | |||||||
Commitments And Contingencies | N. COMMITMENTS AND CONTINGENCIES | ||||||
In the ordinary course of its business operations, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings 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 potential loss in excess of the amounts accrued would not have a material effect on the business or its consolidated financial statements. Such proceedings are exclusive of environmental remediation matters which are discussed separately below. | |||||||
Environmental Remediation | |||||||
In 1992, the Company entered into a consent decree with the U.S. Environmental Protection Agency (the “EPA”) in which the Company committed to remediate environmental contamination of the groundwater that was discovered in 1982 through 1990 at and adjacent to its Lindsay, Nebraska facility (the “site”). The site was added to the EPA’s list of priority superfund sites in 1989. Between 1993 and 1995, remediation plans for the site were approved by the EPA and fully implemented by the Company. Since 1998, the primary remaining contamination at the site has been the presence of volatile organic chemicals in the soil and groundwater. To date, the remediation process has consisted primarily of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration. | |||||||
In fiscal 2012, the Company undertook an investigation to assess further potential site remediation and containment actions. In connection with the receipt of preliminary results of this investigation and other evaluations, the Company estimated that it would incur $7.2 million in remediation and operating costs and accrued that undiscounted amount as an operating expense in fiscal 2012. The EPA has not approved the Company’s remediation plan. | |||||||
In fiscal 2013, the Company and the EPA conducted a periodic five-year review of the status of the remediation of the contamination of the site. The Company intends to complete additional investigation of the soil and groundwater on the site during the first half of fiscal 2014. The Company will then assess whether it will need to revise its remediation plan in order to come to an agreement with the EPA on how to proceed. During fiscal 2013, the Company did not accrue any additional incremental costs related to environmental remediation liabilities. The Company anticipates there could be revisions to the current remediation plan as a result of these activities and as additional information is obtained. 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 Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. Although the Company has accrued all reasonably estimable costs associated with remediation of the site, it is expected that additional testing and environmental monitoring and remediation could be required in the future as part of the Company’s ongoing discussions with the EPA regarding the development and implementation of the remedial action plans. In addition, the current investigation has not yet been completed and does not include all potentially affected areas on the site. Due to the current stage of discussions with the EPA and the uncertainty of the remediation actions that may be required with respect to these affected areas, the Company believes that meaningful estimates of costs or range of costs cannot currently be made and accordingly have not been accrued. | |||||||
The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of August 31, 2013 and 2012: | |||||||
Environmental Remediation Liabilities | |||||||
$ in thousands | August 31, | August 31, | |||||
Balance Sheet Location | 2013 | 2012 | |||||
Other current liabilities | $ | 1,740 | $ | 2,414 | |||
Other noncurrent liabilities | 5,200 | 5,200 | |||||
Total environmental remediation liabilities | $ | 6,940 | $ | 7,614 | |||
Leases | |||||||
The Company leases land, buildings, machinery, equipment, and computer equipment under various noncancelable operating lease agreements. At August 31, 2013, future minimum lease payments under noncancelable operating leases were as follows: | |||||||
Fiscal Years | $ in thousands | ||||||
2014 | $ | 2,590 | |||||
2015 | 1,904 | ||||||
2016 | 1,260 | ||||||
2017 | 1,011 | ||||||
2018 | 791 | ||||||
Thereafter | 970 | ||||||
$ | 8,526 | ||||||
Lease expense was $3.9 million, $3.6 million and $3.4 million for the years ended August 31, 2013, 2012, and 2011, respectively. | |||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Retirement Plans [Abstract] | ||||||||||
Retirement Plans | ||||||||||
O. RETIREMENT PLANS | ||||||||||
The Company has defined contribution profit‑sharing plans covering substantially all of its full-time U.S. employees. Participants may voluntarily contribute a percentage of compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The plan provides for a matching contribution by the Company. The Company's total contributions charged to expense under this plan were $1.0 million, $0.9 million and $0.7 million for the years ended August 31, 2013, 2012 and 2011, respectively. | ||||||||||
A supplementary non‑qualified, non‑funded retirement plan for six former executives is also maintained. Plan benefits are based on the executive's average total compensation during the three highest compensation years of employment. This unfunded supplemental retirement plan is not subject to the minimum funding requirements of ERISA. The Company has purchased life insurance policies on certain former executives named in this supplemental retirement plan to provide funding for this liability. | ||||||||||
As of August 31, 2013 and 2012, the funded status of the supplemental retirement plan was recorded in the consolidated balance sheets. The Company utilizes an August 31 measurement date for plan obligations related to the supplemental retirement plan. As this is an unfunded retirement plan, the funded status is equal to the benefit obligation. | ||||||||||
The funded status of the plan and the net amount recognized in the accompanying balance sheets as of August 31 is as follows: | ||||||||||
August 31, | ||||||||||
$ in thousands | 2013 | 2012 | ||||||||
Change in benefit obligation: | ||||||||||
Benefit obligation at beginning of year | $ | 7,378 | $ | 6,787 | ||||||
Interest cost | 266 | 325 | ||||||||
Actuarial loss | -206 | 823 | ||||||||
Benefits paid | -557 | -557 | ||||||||
Benefit obligation at end of year | $ | 6,881 | $ | 7,378 | ||||||
Amounts recognized in the statement of financial position consist of: | ||||||||||
August 31, | ||||||||||
$ in thousands | 2013 | 2012 | ||||||||
Other current liabilities | $ | 557 | $ | 557 | ||||||
Pension benefit liabilities | 6,324 | 6,821 | ||||||||
Net amount recognized | $ | 6,881 | $ | 7,378 | ||||||
The before-tax amounts recognized in accumulated other comprehensive loss as of August 31 consists of: | ||||||||||
August 31, | ||||||||||
$ in thousands | 2013 | 2012 | ||||||||
Net actuarial loss | $ | -3,683 | $ | -4,101 | ||||||
For the years ended August 31, 2013 and 2012, the Company assumed a discount rate of 4.75 percent and 3.75 percent, respectively, for the determination of the liability. The assumptions used to determine benefit obligations and costs are selected based on current and expected market conditions. The discount rate is based on a hypothetical portfolio of long-term corporate bonds with cash flows approximating the timing of expected benefit payments. | ||||||||||
For the years ended August 31, 2013, 2012 and 2011, the Company assumed a discount rate of 3.75 percent, 5.00 percent and 5.00 percent, respectively, for the determination of the net periodic benefit cost. The components of the net periodic benefit cost for the supplemental retirement plan for the years ended August 31 are as follows: | ||||||||||
For the years ended August 31, | ||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||
Interest cost | $ | 266 | $ | 325 | $ | 334 | ||||
Net amortization and deferral | 212 | 166 | 164 | |||||||
Total | $ | 478 | $ | 491 | $ | 498 | ||||
The estimated actuarial loss for the supplemental retirement plan that will be amortized, on a pre-tax basis, from accumulated other comprehensive loss into net periodic benefit cost during fiscal 2013 will be $0.2 million. | ||||||||||
The Company’s future annual contributions to the supplemental retirement plan will be equal to expected net benefit payments since the plan is unfunded. The following net benefit payments are expected to be paid: | ||||||||||
Fiscal Years | $ in thousands | |||||||||
2014 | $ | 557 | ||||||||
2015 | 540 | |||||||||
2016 | 533 | |||||||||
2017 | 526 | |||||||||
2018 | 519 | |||||||||
Thereafter | 4,206 | |||||||||
$ | 6,881 | |||||||||
Warranties
Warranties | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Warranties [Abstract] | |||||||
Warranties | P. WARRANTIES | ||||||
Product Warranties | |||||||
The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods and/or usage of the product. The accrued product warranty costs are for a combination of specifically identified items and other incurred, but not identified, items based primarily on historical experience of actual warranty claims. This reserve is classified within other current liabilities. | |||||||
The following tables provide the changes in the Company’s product warranties: | |||||||
For the years ended August 31, | |||||||
$ in thousands | 2013 | 2012 | |||||
Warranties: | |||||||
Product warranty accrual balance, beginning of period | $ | 4,848 | $ | 3,651 | |||
Liabilities accrued for warranties during the period | 6,938 | 4,922 | |||||
Warranty claims paid during the period | -5,091 | -3,725 | |||||
Product warranty accrual balance, end of period | $ | 6,695 | $ | 4,848 | |||
Warranty costs were $6.9 million, $4.9 million, and $4.9 million for the fiscal years ended August 31, 2013, 2012 and 2011, respectively. | |||||||
Industry_Segment_Information
Industry Segment Information | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Industry Segment Information [Abstract] | ||||||||||||||||
Industry Segment Information | ||||||||||||||||
Q. INDUSTRY SEGMENT INFORMATION | ||||||||||||||||
The Company manages its business activities in two reportable segments: | ||||||||||||||||
Irrigation | ||||||||||||||||
This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems as well as various water pumping stations, controls, and filtration solutions. The irrigation reporting segment consists of thirteen operating segments that have similar economic characteristics and meet the aggregation criteria, including similar products, production processes, type or class of customer and methods for distribution. | ||||||||||||||||
Infrastructure | ||||||||||||||||
This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers and crash cushions; providing outsource manufacturing services and the manufacturing and selling of large diameter steel tubing and railroad signals and structures. The infrastructure reporting segment consists of two operating segments that have similar economic characteristics and meet the aggregation criteria. | ||||||||||||||||
The accounting policies of the two reportable segments are described in the “Accounting Policies” section of Note A. The Company evaluates the performance of its reportable segments based on segment sales, gross profit, 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 does include 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. | ||||||||||||||||
The Company has no single major customer representing 10 percent or more of its total revenues during fiscal 2013, 2012, or 2011. | ||||||||||||||||
Summarized financial information concerning the Company’s reportable segments is shown in the following tables: | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
Operating revenues: | ||||||||||||||||
Irrigation | $ | 625,996 | $ | 475,299 | $ | 369,930 | ||||||||||
Infrastructure | 64,852 | 75,956 | 108,960 | |||||||||||||
Total operating revenues | $ | 690,848 | $ | 551,255 | $ | 478,890 | ||||||||||
Operating income: | ||||||||||||||||
Irrigation | $ | 125,395 | $ | 80,259 | $ | 59,703 | ||||||||||
Infrastructure | -811 | -11 | 11,901 | |||||||||||||
Segment operating income | $ | 124,584 | $ | 80,248 | $ | 71,604 | ||||||||||
Unallocated general and administrative expenses | -17,523 | -14,738 | -15,018 | |||||||||||||
Interest and other income (expense), net | 246 | -402 | -72 | |||||||||||||
Earnings before income taxes | $ | 107,307 | $ | 65,108 | $ | 56,514 | ||||||||||
Total Capital Expenditures: | ||||||||||||||||
Irrigation | $ | 10,687 | $ | 7,942 | $ | 5,490 | ||||||||||
Infrastructure | 449 | 1,948 | 2,915 | |||||||||||||
$ | 11,136 | $ | 9,890 | $ | 8,405 | |||||||||||
Total Depreciation and Amortization: | ||||||||||||||||
Irrigation | $ | 7,147 | $ | 6,959 | $ | 6,009 | ||||||||||
Infrastructure | 5,453 | 5,509 | 5,725 | |||||||||||||
$ | 12,600 | $ | 12,468 | $ | 11,734 | |||||||||||
Total Assets: | ||||||||||||||||
Irrigation | $ | 391,527 | $ | 303,741 | $ | 267,275 | ||||||||||
Infrastructure | 120,769 | 111,790 | 113,869 | |||||||||||||
$ | 512,296 | $ | 415,531 | $ | 381,144 | |||||||||||
Summarized financial information concerning the Company’s geographical areas is shown in the following tables. | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
% of Total | % of Total | % of Total | ||||||||||||||
Revenues | Revenues | Revenues | Revenues | Revenues | Revenues | |||||||||||
United States | $ | 428,929 | 62 | $ | 354,649 | 64 | $ | 307,694 | 64 | |||||||
International | 261,919 | 38 | 196,606 | 36 | 171,196 | 36 | ||||||||||
Total Revenues | $ | 690,848 | 100 | $ | 551,255 | 100 | $ | 478,890 | 100 | |||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
% of Total | % of Total | % of Total | ||||||||||||||
Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | |||||||||||
United States | $ | 53,894 | 83 | $ | 45,100 | 80 | $ | 45,091 | 77 | |||||||
International | 11,170 | 17 | 11,080 | 20 | 13,374 | 23 | ||||||||||
Total Long-Lived Assets | $ | 65,064 | 100 | $ | 56,180 | 100 | $ | 58,465 | 100 | |||||||
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Share Based Compensation [Abstract] | |||||||||||
Share Based Compensation | R. SHARE BASED COMPENSATION | ||||||||||
Share Based Compensation Program | |||||||||||
Share based compensation is designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share grants are based on competitive practices, operating results of the Company, and individual performance. As of August 31, 2013, the Company’s share-based compensation plan was the 2010 Long-Term Incentive Plan (the “2010 Plan”). The 2010 Plan was approved by the shareholders of the Company, and became effective on January 25, 2010, and replaced the Company’s 2006 Long Term Incentive Plan. At August 31, 2013 the Company had share based awards outstanding under its 2001, 2006 and 2010 Long-Term Incentive Plans. | |||||||||||
The 2010 Plan provides for awards of stock options, restricted shares, restricted stock units, stock appreciation rights, performance shares and performance stock units to employees and non-employee directors of the Company. The maximum number of shares as to which stock awards may be granted under the 2010 Plan is 435,000 shares, exclusive of any forfeitures from the 2001 and 2006 Long Term Incentive Plans. At August 31, 2013, 229,767 shares of common stock (including forfeitures from prior plans) remained available for issuance under the 2010 Plan. All stock awards will be counted against the 2010 Plan in a 1 to 1 ratio. If options, restricted stock units or performance stock units awarded under the 2006 Plan or the 2001 Plan terminate without being fully vested or exercised, those shares will be available again for grant under the 2010 Plan. The 2010 Plan also limits the total awards that may be made to any individual. | |||||||||||
Share Based Compensation Information | |||||||||||
Stock Options – Stock option awards granted under the 2010 Plan have an exercise price equal to the closing price on the date of grant, expire no later than ten years from the date of grant and vest over a four-year period at 25 percent per year. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The table below shows the annual weighted-average assumptions used for valuation purposes. | |||||||||||
Grant Year | |||||||||||
Weighted-Average Assumptions | Fiscal 2013 | Fiscal 2012 | |||||||||
Risk-free interest rate | 1.2% | 1.7% | |||||||||
Dividend yield | 0.6% | 0.6% | |||||||||
Expected life (years) | 7 | 7 | |||||||||
Volatility | 56.3% | 55.9% | |||||||||
Weighted-average grant-date fair value of options granted | $ | 40.09 | $ | 31.04 | |||||||
There were no stock option awards granted in fiscal 2011. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and volatility is based on the historical volatility of the Company’s stock price over the expected life of the option. | |||||||||||
The following table summarizes information about stock options outstanding as of and for the years ended August 31, 2013, 2012 and 2011: | |||||||||||
Number of stock options | Average Exercise Price | Average Remaining Contractual Term (years) | Aggregate Intrinsic Value ('000s) | ||||||||
Stock options outstanding at August 31, 2011 | 136,575 | $ | 23.17 | 3.1 | $ | 5,331 | |||||
Granted | 36,294 | $ | 58.10 | ||||||||
Exercised | -23,588 | $ | 24.10 | $ | 971 | ||||||
Forfeitures | -2,983 | $ | 58.10 | ||||||||
Stock options outstanding at August 31, 2012 | 146,298 | $ | 30.97 | 3.9 | $ | 5,031 | |||||
Granted | 24,684 | $ | 75.68 | ||||||||
Exercised | -89,390 | $ | 22.77 | $ | 4,960 | ||||||
Forfeitures | -2,454 | $ | 67.03 | ||||||||
Stock options outstanding at August 31, 2013 | 79,138 | $ | 53.06 | 6.4 | $ | 1,817 | |||||
Exercisable at August 31, 2011 | 136,575 | $ | 23.17 | 3.1 | $ | 5,331 | |||||
Exercisable at August 31, 2012 | 112,987 | $ | 22.97 | 2.4 | $ | 4,789 | |||||
Exercisable at August 31, 2013 | 31,927 | $ | 32.70 | 3.0 | $ | 1,383 | |||||
There were 8,330 and 6,750 outstanding stock options that vested during the fiscal years ended August 31, 2013 and 2011, respectively. There were no outstanding stock options that vested during the fiscal year ended August 31, 2012. Additional information regarding stock option exercises is summarized in the table below. | |||||||||||
For the years ended August 31, | |||||||||||
$ in thousands | 2013 | 2012 | 2011 | ||||||||
Intrinsic value of stock options exercised | $ | 4,960 | $ | 971 | $ | 7,001 | |||||
Cash received from stock option exercises | $ | 2,036 | $ | 567 | $ | 3,579 | |||||
Tax benefit realized from stock option exercises | $ | 1,817 | $ | 368 | $ | 2,628 | |||||
Aggregate grant-date fair value of stock options vested | $ | 31.04 | $ | N/A | $ | 8.13 | |||||
Restricted stock units - The restricted stock units granted to employees and directors under the 2010 Plan have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. The restricted stock units granted to employees vest over a three-year period at approximately 33 percent per year. The restricted stock units granted to non-employee directors generally vest over a nine-month period. | |||||||||||
The following table summarizes information about restricted stock units as of and for the years ended August 31, 2013, 2012 and 2011: | |||||||||||
Number of | Weighted-Average Grant-Date Fair Value | ||||||||||
restricted | |||||||||||
stock units | |||||||||||
Restricted stock units outstanding at August 31, 2011 | 71,826 | $ | 47.99 | ||||||||
Granted | 40,212 | 58.27 | |||||||||
Vested | -37,381 | 47.87 | |||||||||
Forfeited | -7,122 | 51.16 | |||||||||
Restricted stock units outstanding at August 31, 2012 | 67,535 | $ | 54.35 | ||||||||
Granted | 30,551 | 77.46 | |||||||||
Vested | -37,534 | 51.82 | |||||||||
Forfeited | -3,121 | 65.52 | |||||||||
Restricted stock units outstanding at August 31, 2013 | 57,431 | $ | 68.06 | ||||||||
Restricted stock units are generally settled with the issuance of shares with the exception of certain restricted stock units awarded to internationally-based employees that are settled in cash. At August 31, 2013, 2012 and 2011, outstanding restricted stock units included 4,496, 4,873 and 5,658 units, respectively, that will be settled in cash. The vesting date fair value of restricted stock units that vested was $1.9 and $1.7 million for each of the years ended August 31, 2013 and 2012, respectively. | |||||||||||
Performance stock units - The performance stock units granted to employees under the 2010 Plan have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. The performance stock units granted to employees cliff vest after a three-year period and a specified number of shares of common stock will be awarded under the terms of the performance stock units, if performance measures relating to revenue growth and a return on net assets are achieved. | |||||||||||
The table below summarizes the status of the Company’s performance stock units as of and for the year ended August 31, 2013, 2012 and 2011: | |||||||||||
Number of performance | Weighted-Average Grant-Date Fair Value | ||||||||||
stock units | |||||||||||
Performance stock units outstanding at August 31, 2011 | 98,625 | $ | 42.21 | ||||||||
Granted | 19,386 | 57.09 | |||||||||
Forfeited | -38,987 | 43.30 | |||||||||
Performance stock units outstanding at August 31, 2012 | 79,024 | $ | 45.32 | ||||||||
Granted | 13,072 | 74.31 | |||||||||
Vested | -36,634 | 32.81 | |||||||||
Forfeited | -2,663 | 60.65 | |||||||||
Performance stock units outstanding at August 31, 2013 | 52,799 | $ | 60.41 | ||||||||
In connection with the performance stock units, the performance goals are based upon revenue growth and a return on net assets during the performance period. The awards actually earned will range from zero to two hundred percent of the targeted number of performance stock units and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. The Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. If defined performance goals are not met, no compensation cost will be recognized and any previously recognized compensation expense will be reversed. Performance stock units that vested in fiscal 2013 represented 56,944 actual shares of common stock issued. No shares vested in fiscal 2012 as performance measures were not met. The vesting date fair value of performance stock units that vested was $1.9 million for the year ended August 31, 2013. | |||||||||||
As of August 31, 2013, there was $4.9 million pre-tax of total unrecognized compensation cost related to nonvested share-based compensation arrangements which is expected to be recognized over a weighted-average period of 1.6 years. | |||||||||||
The following table summarizes share-based compensation expense for the fiscal years ended August 31, 2013, 2012 and 2011: | |||||||||||
For the years ended August 31, | |||||||||||
$ in thousands | 2013 | 2012 | 2011 | ||||||||
Share-based compensation expense included in cost of | |||||||||||
operating revenues | $ | 214 | $ | 225 | $ | 157 | |||||
Research and development | 233 | 189 | 120 | ||||||||
Sales and marketing | 547 | 524 | 574 | ||||||||
General and administrative | 3,579 | 3,001 | 2,623 | ||||||||
Share-based compensation expense included in | |||||||||||
operating expenses | 4,359 | 3,714 | 3,317 | ||||||||
Total share-based compensation expense | 4,573 | 3,939 | 3,474 | ||||||||
Tax benefit | -1,733 | -1,493 | -1,317 | ||||||||
Share-based compensation expense, net of tax | $ | 2,840 | $ | 2,446 | $ | 2,157 | |||||
Quarterly_Results_Of_Operation
Quarterly Results Of Operations | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Quarterly Results Of Operations [Abstract] | |||||||||||||
Quarterly Results Of Operations | S. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||
First | Second | Third | Fourth | ||||||||||
$ in thousands, except per share amounts | Quarter | Quarter | Quarter | Quarter | |||||||||
Year ended August 31, 2013 | |||||||||||||
Operating revenues | $ | 147,370 | $ | 175,539 | $ | 219,542 | $ | 148,397 | |||||
Cost of operating revenues | $ | 104,513 | $ | 125,175 | $ | 156,506 | $ | 109,820 | |||||
Earnings before income taxes | $ | 22,383 | $ | 29,488 | $ | 39,750 | $ | 15,686 | |||||
Net earnings | $ | 14,728 | $ | 19,351 | $ | 26,063 | $ | 10,428 | |||||
Diluted net earnings per share | $ | 1.15 | $ | 1.50 | $ | 2.01 | $ | 0.81 | |||||
Year ended August 31, 2012 | |||||||||||||
Operating revenues | $ | 119,205 | $ | 132,134 | $ | 172,099 | $ | 127,817 | |||||
Cost of operating revenues | $ | 88,957 | $ | 95,640 | $ | 123,071 | $ | 95,069 | |||||
Earnings before income taxes | $ | 4,441 | $ | 19,427 | $ | 28,587 | $ | 12,653 | |||||
Net earnings | $ | 2,921 | $ | 12,774 | $ | 18,823 | $ | 8,759 | |||||
Diluted net earnings per share | $ | 0.23 | $ | 1.00 | $ | 1.47 | $ | 0.68 | |||||
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ||||||||||||||||
Valuation And Qualifying Accounts | ||||||||||||||||
a(2) Exhibit | ||||||||||||||||
Lindsay Corporation and Subsidiaries | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years ended August 31, 2013, 2012 and 2011 | ||||||||||||||||
Additions | ||||||||||||||||
(in thousands) | Balance at beginning of period | Charges to costs and expenses | Charged to other accounts | Deductions | Balance at end of period | |||||||||||
Year ended August 31, 2013: | ||||||||||||||||
Deducted in the balance sheet from the | ||||||||||||||||
assets to which they apply: | ||||||||||||||||
Allowance for doubtful accounts (a) | $ | 1,717 | $ | 1,543 | $ | - | $ | 407 | $ | 2,853 | ||||||
Allowance for inventory obsolescence (b) | $ | 1,648 | $ | 2,632 | $ | 71 | $ | 1,262 | $ | 3,089 | ||||||
Year ended August 31, 2012: | ||||||||||||||||
Deducted in the balance sheet from the | ||||||||||||||||
assets to which they apply: | ||||||||||||||||
Allowance for doubtful accounts (a) | $ | 2,340 | $ | 379 | $ | - | $ | 1,002 | $ | 1,717 | ||||||
Allowance for inventory obsolescence (b) | $ | 2,167 | $ | 1,114 | $ | -126 | $ | 1,507 | $ | 1,648 | ||||||
Year ended August 31, 2011: | ||||||||||||||||
Deducted in the balance sheet from the | ||||||||||||||||
assets to which they apply: | ||||||||||||||||
Allowance for doubtful accounts (a) | $ | 2,244 | $ | 388 | $ | - | $ | 292 | $ | 2,340 | ||||||
Allowance for inventory obsolescence (b) | $ | 2,045 | $ | 426 | $ | -2 | $ | 302 | $ | 2,167 | ||||||
(a) Deductions consist of uncollectible items written off, less recoveries of items previously written off. | ||||||||||||||||
(b) Deductions consist of obsolete items sold or scrapped. | ||||||||||||||||
Description_Of_Business_And_Si1
Description Of Business And Significant Accounting Policies (Policy) | 12 Months Ended | |
Aug. 31, 2013 | ||
Description Of Business And Significant Accounting Policies [Abstract] | ||
Priniciples Of Consolidation | (1) Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | ||
Reclassifications | ||
(2) Reclassifications | ||
Certain reclassifications have been made to prior financial statements to conform to the current-year presentation. | ||
Stock Based Compensation | (3) Stock Based Compensation | |
The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock units or performance stock units from new stock issuances. | ||
The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statement of Operations over the periods during which the employee or director is required to perform a service in exchange for the award. | ||
The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) as its valuation method for stock option awards. Under the Black-Scholes model, the fair value of stock option awards on the date of grant is estimated using an option-pricing model that is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Restricted stock, restricted stock units, performance shares and performance stock units issued under the 2010 Long-Term Incentive Plan will have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. | ||
Revenue Recognition | (4) Revenue Recognition | |
The Company’s basic criteria necessary for revenue recognition are: 1) evidence of a sales arrangement exists, 2) delivery of goods has occurred, 3) the seller's price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. The Company generally has no post-delivery obligations to its independent dealers other than standard warranties. Revenues and gross profits on intercompany sales are eliminated in consolidation. | ||
Revenues from the sale of the Company’s products are recognized based on the delivery terms in the sales contract. If an arrangement involves multiple deliverables, the delivered items are considered separate units of accounting if the items have value on a stand-alone basis and there is objective and reliable evidence of their fair values. Revenues from the arrangement are allocated to the separate units of accounting based on their objectively determined fair value. | ||
The Company offers a subscription-based service for wireless management and recognizes subscription revenue on a straight-line basis over the contract term. The Company leases certain infrastructure property held for lease to customers such as moveable concrete barriers and Road Zipper SystemsTM. Revenues for the lease of infrastructure property held for lease are recognized on a straight-line basis over the lease term. If an infrastructure project is completed ahead of schedule and prior to the lease term end date, the Company accelerates the lease term and the timing of recognized revenue once the Company is no longer required to perform under the lease contract. | ||
The costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Customer rebates, cash discounts and other sales incentives are recorded as a reduction of revenues at the time of the original sale. Estimates used in the recognition of operating revenues and cost of operating revenues include, but are not limited to, estimates for product warranties, product rebates, cash discounts and fair value of separate units of accounting on multiple deliverables. | ||
Receivables And Allowances | (5) Receivables and Allowances | |
Trade receivables are reported on the balance sheet net of any doubtful accounts. Losses are recognized when it is probable that an asset has been impaired and the amount of the loss can be reasonably estimated. In estimating probable losses, the Company reviews specific accounts that are significant and past due, in bankruptcy or otherwise identified at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of default. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic conditions and credit risk quality. The evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances available to the Company at the date of the consolidated financial statements and considers any significant changes in circumstances occurring through the date that the financial statements are issued. | ||
Warranty Costs | (6) Warranty Costs | |
The Company's provision for product warranty reflects management's best estimate of probable liability under its product warranties. At the time a sale is recognized, the company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims. This provision is periodically adjusted to reflect actual experience. | ||
Cash And Cash Equivalents | ||
(7) Cash and Cash Equivalents | ||
Cash equivalents consist of highly-liquid investments with original maturities of three months or less. | ||
Inventories | (8) Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined by the last‑in, first‑out (LIFO) method for the Company’s Lindsay, Nebraska inventory and two warehouses in Idaho and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at operating locations in Nebraska, California, Wisconsin, China and Australia. Cost is determined by the weighted average cost method for inventory at the Company’s other operating locations in Washington, Brazil, France, Italy and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory. | ||
Property, Plant And Equipment | (9) Property, Plant and Equipment | |
Property, plant, equipment, and capitalized assets held for lease are stated at cost. The Company capitalizes major expenditures and charges to operating expenses the cost of current maintenance and repairs. Provisions for depreciation and amortization have been computed principally on the straight-line method for buildings and equipment. Rates used for depreciation are based principally on the following expected lives: buildings ‑‑ 15 to 30 years; equipment ‑‑ 3 to 7 years; leased barrier transfer machines -- 8 to 10 years; leased barriers -- 12 years; other ‑‑ 2 to 20 years and leasehold improvements – shorter of the economic life or term of the lease. All of the Company's long‑lived asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized based upon the difference between the fair value of the asset and its carrying value. The cost and accumulated depreciation relating to assets retired or otherwise disposed of are eliminated from the respective accounts at the time of disposition. The resulting gain or loss is included in operating income in the consolidated statements of operations. | ||
Valuation Of Goodwill And Identifiable Intangible Assets | (10) Valuation of Goodwill and Identifiable Intangible Assets | |
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Acquired intangible assets are recognized separately from goodwill. Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually at August 31 and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. | ||
A significant amount of judgment is involved in determining if an indicator of impairment of goodwill has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. | ||
In testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determine that an impairment is more likely than not, the Company is then required to perform a quantitative impairment test, otherwise no further analysis is required. The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test | ||
The Company performs the impairment analysis at the reporting unit level using a two-step impairment test. Fair value is typically estimated using a discounted cash flow analysis, which requires the Company to estimate the future cash flows anticipated to be generated by the particular assets being tested for impairment as well as to select a discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considers historical results adjusted to reflect current and anticipated operating conditions. Estimating future cash flows requires significant judgment and assumptions by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. To the extent that the reporting unit is unable to achieve these assumptions, impairment losses may emerge. The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2013. | ||
Income Taxes | ||
(11) Income Taxes | ||
Income taxes are accounted for utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. These expected future tax consequences are measured based on currently enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. | ||
Net Earnings Per Share | ||
(12) Net Earnings per Share | ||
Basic net earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding during the period. | ||
Employee stock options, nonvested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of excess tax benefits that would be recorded in additional paid-in-capital when exercised are assumed to be used to repurchase shares. | ||
Use Of Estimates | (13) Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Derivative Instruments And Hedging Activities | (14) Derivative Instruments and Hedging Activities | |
The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. All derivative instruments are recorded on the balance sheet at their respective fair values. The Company uses these derivative instruments only to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. | ||
The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is highly effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in earnings. All changes in derivative fair values due to ineffectiveness are recognized currently in income. | ||
The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of August 31, 2013, the Company’s derivative counterparty had investment grade credit ratings. | ||
Fair Value Measurements | . | |
(15) Fair Value Measurements | ||
The Company’s disclosure of the fair value of assets and liabilities is based on a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | ||
- | Level 1 – inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities | |
- | Level 2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly | |
- | Level 3 – inputs to the valuation techniques are unobservable for the assets or liabilities | |
Treasury Stock | (16) Treasury Stock | |
When the Company repurchases its outstanding stock, it records the repurchased shares at cost as a reduction to shareholders’ equity. The weighted average cost method is utilized for share re-issuances. The difference between the cost and the re-issuance price is charged or credited to a “capital in excess of stated value – treasury stock” account to the extent that there is a sufficient balance to absorb the charge. If the treasury stock is sold for an amount less than its cost and there is not a sufficient balance in the capital in excess of stated value – treasury stock account, the excess is charged to retained earnings. | ||
Contingencies | (17) Contingencies | |
The Company’s accounting for contingencies covers a variety of business activities including contingencies for legal exposures and environmental exposures. The Company accrues these contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. | ||
Environmental Remediation Liabilities | (18) Environmental Remediation Liabilities | |
Environmental remediation liabilities include costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and can be reasonably estimated. Estimates used to record environmental remediation liabilities are based on the Company’s best estimate of probable future costs based on site-specific facts and circumstances. Estimates of the cost for the likely remedy are developed using internal resources or by third-party environmental engineers or other service providers. The Company records the undiscounted environmental remediation liabilities that represent the points in the range of estimates that are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. | ||
Translation Of Foreign Currency | ||
(19) Translation of Foreign Currency | ||
The Company’s portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss. | ||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||
Aug. 31, 2013 | ||||||
Acquisitions [Abstract] | ||||||
Schedule Of Estimated Fair Value Of The Assets Acquired And Liabilities Assumed In Business Acquisition | ||||||
$ in thousands | Amount | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Current assets | $ | 8,686 | ||||
Property and equipment | 7,604 | |||||
Intangible assets | 13,700 | |||||
Other long-term assets | 481 | |||||
Current liabilities | -1,784 | |||||
Long-term debt | -1,400 | |||||
Other long-term liabilities | -5,537 | |||||
Total identifiable net assets acquired | 21,750 | |||||
Goodwill | 7,257 | |||||
Total | $ | 29,007 | ||||
Finite-Lived And Indefinite-Lived Intangible Assets Acquired In Business Acquisition | ||||||
$ in thousands | Weighted Average Useful Life in Years | Fair Value of | ||||
Identifiable Asset | ||||||
Intangible assets: | ||||||
Tradenames | N/A | $ | 6,500 | |||
Patents | 10 | 4,600 | ||||
Customer relationships | 5 | 1,700 | ||||
Non-compete agreements | 5 | 500 | ||||
Other | 1.3 | 400 | ||||
Total intangible assets | $ | 13,700 | ||||
Net_Earnings_Per_Share_Tables
Net Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Net Earnings Per Share [Abstract] | ||||||||||
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | ||||||||||
For the years ended August 31, | ||||||||||
($ and shares in thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||
Numerator: | ||||||||||
Net earnings | $ | 70,570 | $ | 43,277 | $ | 36,802 | ||||
Denominator: | ||||||||||
Weighted average shares outstanding | 12,830 | 12,704 | 12,560 | |||||||
Diluted effect of stock equivalents | 71 | 106 | 132 | |||||||
Weighted average shares outstanding assuming dilution | 12,901 | 12,810 | 12,692 | |||||||
Basic net earnings per share | $ | 5.50 | $ | 3.41 | $ | 2.93 | ||||
Diluted net earnings per share | $ | 5.47 | $ | 3.38 | $ | 2.90 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||
Schedule Of Accumulated Other Comprehensive Income | |||||||||||||
August 31, | |||||||||||||
$ in thousands | 2013 | 2012 | |||||||||||
Accumulated other comprehensive loss: | |||||||||||||
Defined benefit pension plan, net of tax of $1,396 and $1,554 | $ | -2,287 | $ | -2,547 | |||||||||
Cash flow hedges, net of tax of $0 and $33 | - | -53 | |||||||||||
Foreign currency translation, net of hedging activities, net of tax of $1,588 and $2,093 | -29 | 1,723 | |||||||||||
Total accumulated other comprehensive loss | $ | -2,316 | $ | -877 | |||||||||
Roll Forward Of Balances In Accumulated Other Comprehensive Income | |||||||||||||
Defined benefit | Unrealized | Foreign currency | Accumulated other | ||||||||||
pension plan | gain (loss) on | translation | comprehensive | ||||||||||
$ in thousands | adjustment | cash flow hedges | adjustment | income (loss) | |||||||||
Balance at August 31, 2011 | $ | -2,139 | $ | -253 | $ | 8,854 | $ | 6,462 | |||||
Current-period change | -408 | 200 | -7,131 | -7,339 | |||||||||
Balance at August 31, 2012 | -2,547 | -53 | 1,723 | -877 | |||||||||
Current-period change | 260 | 53 | -1,752 | -1,439 | |||||||||
Balance at August 31, 2013 | $ | -2,287 | $ | - | $ | -29 | $ | -2,316 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||
Schedule Of Earnings Before Income Taxes | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
United States | $ | 99,781 | $ | 57,884 | $ | 53,879 | ||||||||||
Foreign | 7,526 | 7,224 | 2,635 | |||||||||||||
$ | 107,307 | $ | 65,108 | $ | 56,514 | |||||||||||
Schedule Of Significant Components Of Income Tax Provision | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | 33,498 | $ | 21,694 | $ | 18,705 | ||||||||||
State | 2,303 | 1,026 | 1,309 | |||||||||||||
Foreign | 4,173 | 2,979 | 2,526 | |||||||||||||
Total current | 39,974 | 25,699 | 22,540 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | -1,554 | -3,829 | -1,484 | |||||||||||||
State | -178 | 614 | -29 | |||||||||||||
Foreign | -1,505 | -653 | -1,315 | |||||||||||||
Total deferred | -3,237 | -3,868 | -2,828 | |||||||||||||
Total income tax provision | $ | 36,737 | $ | 21,831 | $ | 19,712 | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||
U.S. statutory rate | $ | 37,558 | 35.0 | $ | 22,788 | 35.0 | $ | 19,780 | 35.0 | |||||||
State and local taxes, net of federal tax benefit | 1,365 | 1.3 | 1,337 | 2.0 | 889 | 1.6 | ||||||||||
Foreign tax rate differences | -103 | -0.1 | -338 | -0.5 | -257 | -0.5 | ||||||||||
Domestic production activities deduction | -2,638 | -2.5 | -1,900 | -2.9 | -1,301 | -2.3 | ||||||||||
Research and development and fuel tax credits | -289 | -0.3 | -105 | -0.2 | -239 | -0.4 | ||||||||||
Other | 844 | 0.8 | 49 | 0.1 | 840 | 1.5 | ||||||||||
Effective rate | $ | 36,737 | 34.2 | $ | 21,831 | 33.5 | $ | 19,712 | 34.9 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ||||||||||||||||
August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | ||||||||||||||
Deferred tax assets: | ||||||||||||||||
Deferred rental revenue | $ | 835 | $ | 382 | ||||||||||||
Employee benefits liability | 1,191 | 1,282 | ||||||||||||||
Net operating loss carry forwards | 21 | 284 | ||||||||||||||
Defined benefit pension plan | 1,396 | 1,554 | ||||||||||||||
Share-based compensation | 2,299 | 2,284 | ||||||||||||||
State tax credits | 98 | 48 | ||||||||||||||
Inventory | 909 | 633 | ||||||||||||||
Warranty | 2,449 | 1,686 | ||||||||||||||
Vacation | 182 | 224 | ||||||||||||||
Accrued expenses and allowances | 8,043 | 6,610 | ||||||||||||||
Total deferred tax assets | $ | 17,423 | $ | 14,987 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Intangible assets | -11,160 | -6,195 | ||||||||||||||
Property, plant and equipment | -8,493 | -8,210 | ||||||||||||||
Inventory | -89 | -115 | ||||||||||||||
Other | -229 | -296 | ||||||||||||||
Total deferred tax liabilities | -19,971 | -14,816 | ||||||||||||||
Net deferred tax (liabilities) assets | $ | -2,548 | $ | 171 | ||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ||||||||||||||||
August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | ||||||||||||||
Unrecognized Tax Benefits at September 1 | $ | 1,309 | $ | 1,565 | ||||||||||||
Increases for positions taken in current year | 68 | 2 | ||||||||||||||
Increases for positions taken in prior years | 346 | 61 | ||||||||||||||
Decreases for positions taken in prior years | - | -44 | ||||||||||||||
Settlements with taxing authorities | -6 | -42 | ||||||||||||||
Reduction resulting from lapse of applicable statute of limitations | -352 | -173 | ||||||||||||||
Other increases (decreases) | 10 | -60 | ||||||||||||||
Unrecognized Tax Benefits at August 31 | $ | 1,375 | $ | 1,309 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Inventories [Abstract] | |||||||
Schedule Of Inventories | |||||||
August 31, | |||||||
($ in thousands) | 2013 | 2012 | |||||
Raw materials and supplies | $ | 19,369 | $ | 9,818 | |||
Work in process | 5,665 | 4,427 | |||||
Finished goods and purchased parts | 50,038 | 45,540 | |||||
Total inventory value before LIFO adjustment | 75,072 | 59,785 | |||||
Less adjustment to LIFO value | -6,465 | -6,912 | |||||
Inventories, net | $ | 68,607 | $ | 52,873 | |||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Property, Plant And Equipment [Abstract] | |||||||
Schedule Of Property, Plant And Equipment | |||||||
August, 31 | |||||||
$ in thousands | 2013 | 2012 | |||||
Operating property, plant and equipment: | |||||||
Land | $ | 3,342 | $ | 2,541 | |||
Buildings | 34,066 | 28,652 | |||||
Equipment | 85,689 | 75,097 | |||||
Other | 9,037 | 9,003 | |||||
Total operating property, plant and equipment | 132,134 | 115,293 | |||||
Accumulated depreciation | -76,508 | -70,596 | |||||
Total operating property, plant and equipment, net | $ | 55,626 | $ | 44,697 | |||
Property held for lease: | |||||||
Machines | 3,965 | 3,945 | |||||
Barriers | 17,323 | 17,457 | |||||
Total property held for lease | $ | 21,288 | $ | 21,402 | |||
Accumulated depreciation | -11,850 | -9,919 | |||||
Total property held for lease, net | $ | 9,438 | $ | 11,483 | |||
Property, plant and equipment, net | $ | 65,064 | $ | 56,180 | |||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Goodwill And Other Intangible Assets [Abstract] | |||||||||||||||||
Carrying Amount In Goodwill By Segment | |||||||||||||||||
$ in thousands | Irrigation | Infrastructure | Total | ||||||||||||||
Balance as of August 31, 2011 | $ | 13,682 | $ | 17,261 | $ | 30,943 | |||||||||||
Foreign currency translation | -206 | -776 | -982 | ||||||||||||||
Balance as of August 31, 2012 | 13,476 | 16,485 | 29,961 | ||||||||||||||
Acquisition of CLC | 7,257 | - | 7,257 | ||||||||||||||
Foreign currency translation | -66 | 262 | 196 | ||||||||||||||
Balance as of August 31, 2013 | $ | 20,667 | $ | 16,747 | $ | 37,414 | |||||||||||
Schedule Of Intangible Assets Finite and Infinite Excluding Goodwill | |||||||||||||||||
August 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted | Gross | Weighted | Gross | ||||||||||||||
Average | Carrying | Accumulated | Average | Carrying | Accumulated | ||||||||||||
$ in thousands | Years | Amount | Amortization | Years | Amount | Amortization | |||||||||||
Amortizable intangible assets: | |||||||||||||||||
Patents | 12.8 | $ | 30,266 | $ | -12,364 | 12.7 | $ | 25,637 | $ | -10,458 | |||||||
Customer relationships | 7.4 | 8,034 | -4,238 | 8.4 | 6,313 | -3,477 | |||||||||||
Non-compete agreements | 5.6 | 1,331 | -611 | 5.5 | 846 | -478 | |||||||||||
Other | 1.7 | 517 | -54 | 10 | 202 | -90 | |||||||||||
Unamortizable intangible assets: | |||||||||||||||||
Tradenames | N/A | 13,126 | - | N/A | 6,575 | - | |||||||||||
Total | $ | 53,274 | $ | -17,267 | $ | 39,573 | $ | -14,503 | |||||||||
Schedule Of Future Estimated Amortization Of Intangible Assets | |||||||||||||||||
Fiscal Years | $ in thousands | ||||||||||||||||
2014 | $ | 3,939 | |||||||||||||||
2015 | 3,438 | ||||||||||||||||
2016 | 3,020 | ||||||||||||||||
2017 | 2,881 | ||||||||||||||||
2018 | 2,694 | ||||||||||||||||
Thereafter | 20,035 | ||||||||||||||||
$ | 36,007 | ||||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Other Current Liabilities [Abstract] | |||||||
Schedule Of Other Liabilities Current | |||||||
August 31, | |||||||
$ in thousands | 2013 | 2012 | |||||
Other current liabilities: | |||||||
Compensation and benefits | $ | 18,471 | $ | 14,438 | |||
Dealer related liabilities | 7,134 | 3,622 | |||||
Warranty | 6,695 | 4,848 | |||||
Other | 27,516 | 21,873 | |||||
Total other current liabilities | $ | 59,816 | $ | 44,781 | |||
Credit_Arrangements_Tables
Credit Arrangements (Tables) | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Credit Arrangements [Abstract] | |||||||
Schedule Of Outstanding Long-Term Debt | |||||||
August 31, | |||||||
$ in thousands | 2013 | 2012 | |||||
BSI Term Note | $ | - | $ | 4,285 | |||
Less current portion | - | -4,285 | |||||
Total long-term debt | $ | - | $ | - | |||
Financial_Derivatives_Tables
Financial Derivatives (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Financial Derivatives [Abstract] | ||||||||||||
Schedule Of Financial Derivatives | ||||||||||||
Fair Values of Derivative Instruments | ||||||||||||
Asset (Liability) | ||||||||||||
August 31, | August 31, | |||||||||||
$ in thousands | Balance Sheet Location | 2013 | 2012 | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 151 | $ | - | |||||||
Foreign currency forward contracts | Other current liabilities | -258 | -436 | |||||||||
Interest rate swap | Other current liabilities | - | -90 | |||||||||
Interest rate swap | Other noncurrent liabilities | - | - | |||||||||
Total derivatives designated as hedging instruments | $ | -107 | $ | -526 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | 78 | 12 | |||||||||
Foreign currency forward contracts | Other current liabilities | -33 | -37 | |||||||||
Total derivatives not designated as hedging instruments | $ | 45 | $ | -25 | ||||||||
Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss) | ||||||||||||
Amount of Gain/(Loss) Recognized in OCI on Derivatives | ||||||||||||
For the years ended August 31, | ||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||
Foreign currency forward contracts(1) | $ | -357 | $ | 1,677 | $ | -800 | ||||||
(1) Net of tax (benefit) expense of ($0.3 million), $1.0 million and ($0.5 million) for the years ended August 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Schedule Of Financial Assets And Liabilities Measured At Fair Value | |||||||||||||
31-Aug-13 | |||||||||||||
$ in thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 151,927 | $ | - | $ | - | $ | 151,927 | |||||
Derivative assets | $ | - | $ | 229 | $ | - | $ | 229 | |||||
Derivative liabilities | $ | - | $ | -291 | $ | - | $ | -291 | |||||
31-Aug-12 | |||||||||||||
$ in thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 143,444 | $ | - | $ | - | $ | 143,444 | |||||
Derivative assets | $ | - | $ | 12 | $ | - | $ | 12 | |||||
Derivative liabilities | $ | - | $ | -563 | $ | - | $ | -563 | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Commitments And Contingencies [Abstract] | |||||||
Summary Of Undiscounted Environmental Remediation Liability Classifications | |||||||
Environmental Remediation Liabilities | |||||||
$ in thousands | August 31, | August 31, | |||||
Balance Sheet Location | 2013 | 2012 | |||||
Other current liabilities | $ | 1,740 | $ | 2,414 | |||
Other noncurrent liabilities | 5,200 | 5,200 | |||||
Total environmental remediation liabilities | $ | 6,940 | $ | 7,614 | |||
Schedule Of Future Minimum Lease Payments | |||||||
Fiscal Years | $ in thousands | ||||||
2014 | $ | 2,590 | |||||
2015 | 1,904 | ||||||
2016 | 1,260 | ||||||
2017 | 1,011 | ||||||
2018 | 791 | ||||||
Thereafter | 970 | ||||||
$ | 8,526 | ||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Retirement Plans [Abstract] | ||||||||||
Schedule of Amounts Recognized in Balance Sheet | ||||||||||
August 31, | ||||||||||
$ in thousands | 2013 | 2012 | ||||||||
Change in benefit obligation: | ||||||||||
Benefit obligation at beginning of year | $ | 7,378 | $ | 6,787 | ||||||
Interest cost | 266 | 325 | ||||||||
Actuarial loss | -206 | 823 | ||||||||
Benefits paid | -557 | -557 | ||||||||
Benefit obligation at end of year | $ | 6,881 | $ | 7,378 | ||||||
Schedule Of Amounts Recognized In The Statement Of Financial Position | ||||||||||
August 31, | ||||||||||
$ in thousands | 2013 | 2012 | ||||||||
Other current liabilities | $ | 557 | $ | 557 | ||||||
Pension benefit liabilities | 6,324 | 6,821 | ||||||||
Net amount recognized | $ | 6,881 | $ | 7,378 | ||||||
Schedule Of Before-tax Amounts Recognized In Accumulated Other Comprehensive Loss | ||||||||||
August 31, | ||||||||||
$ in thousands | 2013 | 2012 | ||||||||
Net actuarial loss | $ | -3,683 | $ | -4,101 | ||||||
Schedules Of Net Periodic Benefit Costs | ||||||||||
For the years ended August 31, | ||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||
Interest cost | $ | 266 | $ | 325 | $ | 334 | ||||
Net amortization and deferral | 212 | 166 | 164 | |||||||
Total | $ | 478 | $ | 491 | $ | 498 | ||||
Schedule of Expected Benefit Payments | ||||||||||
Fiscal Years | $ in thousands | |||||||||
2014 | $ | 557 | ||||||||
2015 | 540 | |||||||||
2016 | 533 | |||||||||
2017 | 526 | |||||||||
2018 | 519 | |||||||||
Thereafter | 4,206 | |||||||||
$ | 6,881 | |||||||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Warranties [Abstract] | |||||||
Schedule Of Product Warranty Liability | |||||||
For the years ended August 31, | |||||||
$ in thousands | 2013 | 2012 | |||||
Warranties: | |||||||
Product warranty accrual balance, beginning of period | $ | 4,848 | $ | 3,651 | |||
Liabilities accrued for warranties during the period | 6,938 | 4,922 | |||||
Warranty claims paid during the period | -5,091 | -3,725 | |||||
Product warranty accrual balance, end of period | $ | 6,695 | $ | 4,848 | |||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Industry Segment Information [Abstract] | ||||||||||||||||
Schedule Of Segment Reporting Information, By Segment | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
Operating revenues: | ||||||||||||||||
Irrigation | $ | 625,996 | $ | 475,299 | $ | 369,930 | ||||||||||
Infrastructure | 64,852 | 75,956 | 108,960 | |||||||||||||
Total operating revenues | $ | 690,848 | $ | 551,255 | $ | 478,890 | ||||||||||
Operating income: | ||||||||||||||||
Irrigation | $ | 125,395 | $ | 80,259 | $ | 59,703 | ||||||||||
Infrastructure | -811 | -11 | 11,901 | |||||||||||||
Segment operating income | $ | 124,584 | $ | 80,248 | $ | 71,604 | ||||||||||
Unallocated general and administrative expenses | -17,523 | -14,738 | -15,018 | |||||||||||||
Interest and other income (expense), net | 246 | -402 | -72 | |||||||||||||
Earnings before income taxes | $ | 107,307 | $ | 65,108 | $ | 56,514 | ||||||||||
Total Capital Expenditures: | ||||||||||||||||
Irrigation | $ | 10,687 | $ | 7,942 | $ | 5,490 | ||||||||||
Infrastructure | 449 | 1,948 | 2,915 | |||||||||||||
$ | 11,136 | $ | 9,890 | $ | 8,405 | |||||||||||
Total Depreciation and Amortization: | ||||||||||||||||
Irrigation | $ | 7,147 | $ | 6,959 | $ | 6,009 | ||||||||||
Infrastructure | 5,453 | 5,509 | 5,725 | |||||||||||||
$ | 12,600 | $ | 12,468 | $ | 11,734 | |||||||||||
Total Assets: | ||||||||||||||||
Irrigation | $ | 391,527 | $ | 303,741 | $ | 267,275 | ||||||||||
Infrastructure | 120,769 | 111,790 | 113,869 | |||||||||||||
$ | 512,296 | $ | 415,531 | $ | 381,144 | |||||||||||
Schedule Of Revenue And Long-Lived Assets By Geographical Areas | ||||||||||||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
% of Total | % of Total | % of Total | ||||||||||||||
Revenues | Revenues | Revenues | Revenues | Revenues | Revenues | |||||||||||
United States | $ | 428,929 | 62 | $ | 354,649 | 64 | $ | 307,694 | 64 | |||||||
International | 261,919 | 38 | 196,606 | 36 | 171,196 | 36 | ||||||||||
Total Revenues | $ | 690,848 | 100 | $ | 551,255 | 100 | $ | 478,890 | 100 | |||||||
For the years ended August 31, | ||||||||||||||||
$ in thousands | 2013 | 2012 | 2011 | |||||||||||||
% of Total | % of Total | % of Total | ||||||||||||||
Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | Long-Lived Tangible Assets | |||||||||||
United States | $ | 53,894 | 83 | $ | 45,100 | 80 | $ | 45,091 | 77 | |||||||
International | 11,170 | 17 | 11,080 | 20 | 13,374 | 23 | ||||||||||
Total Long-Lived Assets | $ | 65,064 | 100 | $ | 56,180 | 100 | $ | 58,465 | 100 | |||||||
Shared_Based_Compensation_Tabl
Shared Based Compensation (Tables) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Share Based Compensation [Abstract] | |||||||||||
Schedule Of Assumptions Used | |||||||||||
Grant Year | |||||||||||
Weighted-Average Assumptions | Fiscal 2013 | Fiscal 2012 | |||||||||
Risk-free interest rate | 1.2% | 1.7% | |||||||||
Dividend yield | 0.6% | 0.6% | |||||||||
Expected life (years) | 7 | 7 | |||||||||
Volatility | 56.3% | 55.9% | |||||||||
Weighted-average grant-date fair value of options granted | $ | 40.09 | $ | 31.04 | |||||||
Summary Of Stock Option Activity | |||||||||||
Number of stock options | Average Exercise Price | Average Remaining Contractual Term (years) | Aggregate Intrinsic Value ('000s) | ||||||||
Stock options outstanding at August 31, 2011 | 136,575 | $ | 23.17 | 3.1 | $ | 5,331 | |||||
Granted | 36,294 | $ | 58.10 | ||||||||
Exercised | -23,588 | $ | 24.10 | $ | 971 | ||||||
Forfeitures | -2,983 | $ | 58.10 | ||||||||
Stock options outstanding at August 31, 2012 | 146,298 | $ | 30.97 | 3.9 | $ | 5,031 | |||||
Granted | 24,684 | $ | 75.68 | ||||||||
Exercised | -89,390 | $ | 22.77 | $ | 4,960 | ||||||
Forfeitures | -2,454 | $ | 67.03 | ||||||||
Stock options outstanding at August 31, 2013 | 79,138 | $ | 53.06 | 6.4 | $ | 1,817 | |||||
Exercisable at August 31, 2011 | 136,575 | $ | 23.17 | 3.1 | $ | 5,331 | |||||
Exercisable at August 31, 2012 | 112,987 | $ | 22.97 | 2.4 | $ | 4,789 | |||||
Exercisable at August 31, 2013 | 31,927 | $ | 32.70 | 3.0 | $ | 1,383 | |||||
Summary Of Share Based Compensation Additional Information | |||||||||||
For the years ended August 31, | |||||||||||
$ in thousands | 2013 | 2012 | 2011 | ||||||||
Intrinsic value of stock options exercised | $ | 4,960 | $ | 971 | $ | 7,001 | |||||
Cash received from stock option exercises | $ | 2,036 | $ | 567 | $ | 3,579 | |||||
Tax benefit realized from stock option exercises | $ | 1,817 | $ | 368 | $ | 2,628 | |||||
Aggregate grant-date fair value of stock options vested | $ | 31.04 | $ | N/A | $ | 8.13 | |||||
Summary Of Restricted Stock Units | |||||||||||
Number of | Weighted-Average Grant-Date Fair Value | ||||||||||
restricted | |||||||||||
stock units | |||||||||||
Restricted stock units outstanding at August 31, 2011 | 71,826 | $ | 47.99 | ||||||||
Granted | 40,212 | 58.27 | |||||||||
Vested | -37,381 | 47.87 | |||||||||
Forfeited | -7,122 | 51.16 | |||||||||
Restricted stock units outstanding at August 31, 2012 | 67,535 | $ | 54.35 | ||||||||
Granted | 30,551 | 77.46 | |||||||||
Vested | -37,534 | 51.82 | |||||||||
Forfeited | -3,121 | 65.52 | |||||||||
Restricted stock units outstanding at August 31, 2013 | 57,431 | $ | 68.06 | ||||||||
Schedule Of Performance Stock Status | |||||||||||
Number of performance | Weighted-Average Grant-Date Fair Value | ||||||||||
stock units | |||||||||||
Performance stock units outstanding at August 31, 2011 | 98,625 | $ | 42.21 | ||||||||
Granted | 19,386 | 57.09 | |||||||||
Forfeited | -38,987 | 43.30 | |||||||||
Performance stock units outstanding at August 31, 2012 | 79,024 | $ | 45.32 | ||||||||
Granted | 13,072 | 74.31 | |||||||||
Vested | -36,634 | 32.81 | |||||||||
Forfeited | -2,663 | 60.65 | |||||||||
Performance stock units outstanding at August 31, 2013 | 52,799 | $ | 60.41 | ||||||||
Schedule Of Share-Based Compensation Expense | |||||||||||
For the years ended August 31, | |||||||||||
$ in thousands | 2013 | 2012 | 2011 | ||||||||
Share-based compensation expense included in cost of | |||||||||||
operating revenues | $ | 214 | $ | 225 | $ | 157 | |||||
Research and development | 233 | 189 | 120 | ||||||||
Sales and marketing | 547 | 524 | 574 | ||||||||
General and administrative | 3,579 | 3,001 | 2,623 | ||||||||
Share-based compensation expense included in | |||||||||||
operating expenses | 4,359 | 3,714 | 3,317 | ||||||||
Total share-based compensation expense | 4,573 | 3,939 | 3,474 | ||||||||
Tax benefit | -1,733 | -1,493 | -1,317 | ||||||||
Share-based compensation expense, net of tax | $ | 2,840 | $ | 2,446 | $ | 2,157 | |||||
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Quarterly Results Of Operations [Abstract] | |||||||||||||
Schedule of Quarterly Results | |||||||||||||
First | Second | Third | Fourth | ||||||||||
$ in thousands, except per share amounts | Quarter | Quarter | Quarter | Quarter | |||||||||
Year ended August 31, 2013 | |||||||||||||
Operating revenues | $ | 147,370 | $ | 175,539 | $ | 219,542 | $ | 148,397 | |||||
Cost of operating revenues | $ | 104,513 | $ | 125,175 | $ | 156,506 | $ | 109,820 | |||||
Earnings before income taxes | $ | 22,383 | $ | 29,488 | $ | 39,750 | $ | 15,686 | |||||
Net earnings | $ | 14,728 | $ | 19,351 | $ | 26,063 | $ | 10,428 | |||||
Diluted net earnings per share | $ | 1.15 | $ | 1.50 | $ | 2.01 | $ | 0.81 | |||||
Year ended August 31, 2012 | |||||||||||||
Operating revenues | $ | 119,205 | $ | 132,134 | $ | 172,099 | $ | 127,817 | |||||
Cost of operating revenues | $ | 88,957 | $ | 95,640 | $ | 123,071 | $ | 95,069 | |||||
Earnings before income taxes | $ | 4,441 | $ | 19,427 | $ | 28,587 | $ | 12,653 | |||||
Net earnings | $ | 2,921 | $ | 12,774 | $ | 18,823 | $ | 8,759 | |||||
Diluted net earnings per share | $ | 0.23 | $ | 1.00 | $ | 1.47 | $ | 0.68 | |||||
Description_Of_Business_And_Si2
Description Of Business And Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
segment | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Number of reportable segments | 2 |
Leased Barriers [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 12 years |
Maximum [Member] | Leased Barrier Transfer Machines [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 10 years |
Maximum [Member] | Building [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 30 years |
Maximum [Member] | Equipment [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 7 years |
Maximum [Member] | Other [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 20 years |
Minimum [Member] | Leased Barrier Transfer Machines [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 8 years |
Minimum [Member] | Building [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 15 years |
Minimum [Member] | Equipment [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Other [Member] | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Useful life | 2 years |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (CLC [Member], USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 16, 2013 | |
Business Acquisition [Line Items] | ||
Percentage of shares acquired | 100.00% | |
Total consideration paid | $29,000,000 | |
Finite-lived intangible assets acquired | 7,200,000 | |
Weighted average useful life in years | 8 years | |
Tradenames [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived intangible assets acquired | $6,500,000 |
Acquisitions_Schedule_Of_Estim
Acquisitions (Schedule Of Estimated Fair Value Of The Assets Acquired And Liabilities Assumed In Business Acquisition) (Details) (CLC [Member], USD $) | Aug. 16, 2013 |
In Thousands, unless otherwise specified | |
CLC [Member] | |
Business Acquisition [Line Items] | |
Current assets | $8,686 |
Property and equipment | 7,604 |
Intangible assets | 13,700 |
Other long-term assets | 481 |
Current liabilities | -1,784 |
Long-term debt | -1,400 |
Other long-term liabilities | -5,537 |
Total identifiable net assets acquired | 21,750 |
Goodwill | 7,257 |
Total | $29,007 |
Acquisitions_FiniteLived_And_I
Acquisitions (Finite-Lived And Indefinite-Lived Intangible Assets Acquired In Business Acquisition) (Details) (CLC [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Business Acquisition [Line Items] | |
Fair Value of Identifiable Asset | $7,200 |
Total intangible assets | 13,700 |
Weighted Average Useful Life in Years | 8 years |
Patents [Member] | |
Business Acquisition [Line Items] | |
Fair Value of Identifiable Asset | 4,600 |
Weighted Average Useful Life in Years | 10 years |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Fair Value of Identifiable Asset | 1,700 |
Weighted Average Useful Life in Years | 5 years |
Non-compete Agreements [Member] | |
Business Acquisition [Line Items] | |
Fair Value of Identifiable Asset | 500 |
Weighted Average Useful Life in Years | 5 years |
Other Intangibles [Member] | |
Business Acquisition [Line Items] | |
Fair Value of Identifiable Asset | 400 |
Weighted Average Useful Life in Years | 1 year 3 months 18 days |
Tradenames [Member] | |
Business Acquisition [Line Items] | |
Fair Value of Identifiable Asset | $6,500 |
Net_Earnings_Per_Share_Details
Net Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Net Earnings Per Share [Abstract] | |||||||||||
Net earnings | $10,428 | $26,063 | $19,351 | $14,728 | $8,759 | $18,823 | $12,774 | $2,921 | $70,570 | $43,277 | $36,802 |
Weighted average shares outstanding | 12,830 | 12,704 | 12,560 | ||||||||
Diluted effect of stock equivalents | 71 | 106 | 132 | ||||||||
Weighted average shares outstanding assuming dilution | 12,901 | 12,810 | 12,692 | ||||||||
Basic net earnings per share | $5.50 | $3.41 | $2.93 | ||||||||
Diluted net earnings per share | $0.81 | $2.01 | $1.50 | $1.15 | $0.68 | $1.47 | $1 | $0.23 | $5.47 | $3.38 | $2.90 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income ) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Defined benefit pension plan, net of tax of $1,396 and $1,554 | ($2,287) | ($2,547) | |
Cash flow hedges, net of tax of $0 and $33 | -53 | ||
Foreign currency translation, net of hedging activities, net of tax of $1,588 and $2,093 | -29 | 1,723 | |
Total accumulated other comprehensive loss | -2,316 | -877 | 6,462 |
Definied benefit pension tax | 1,396 | 1,554 | |
Cash flow hedges tax | 0 | 33 | |
Foreign currency adjustment tax | $1,588 | $2,093 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Roll Forward Of Balances In Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | ($877) | $6,462 | |
Current-period change | -1,439 | -7,339 | 5,107 |
Balance | -2,316 | -877 | 6,462 |
Defined Benefit Pension Plan Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | -2,547 | -2,139 | |
Current-period change | 260 | -408 | |
Balance | -2,287 | -2,547 | |
Unrealized Gain (Loss) On Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | -53 | -253 | |
Current-period change | 53 | 200 | |
Balance | -53 | ||
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 1,723 | 8,854 | |
Current-period change | -1,752 | -7,131 | |
Balance | -29 | 1,723 | |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Current-period change | ($1,439) | ($7,339) | $5,107 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Income Taxes [Abstract] | ||
Unrecognized tax benefits that would impact effective tax rate | $1.40 | $1.30 |
Accrued interest and penalties | 0.5 | 0.5 |
Undistributed earnings of foreign subsidiaries | $16.70 |
Income_Taxes_Schedule_Of_Earni
Income Taxes (Schedule Of Earnings Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Taxes [Abstract] | |||||||||||
United States | $99,781 | $57,884 | $53,879 | ||||||||
Foreign | 7,526 | 7,224 | 2,635 | ||||||||
Total | $15,686 | $39,750 | $29,488 | $22,383 | $12,653 | $28,587 | $19,427 | $4,441 | $107,307 | $65,108 | $56,514 |
Income_Taxes_Schedule_Of_Signi
Income Taxes (Schedule Of Significant ComponentsOf Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Taxes [Abstract] | |||
Federal, Current | $33,498 | $21,694 | $18,705 |
State, Current | 2,303 | 1,026 | 1,309 |
Foreign, Current | 4,173 | 2,979 | 2,526 |
Total Current | 39,974 | 25,699 | 22,540 |
Federal, Deferred | -1,554 | -3,829 | -1,484 |
State, Deferred | -178 | 614 | -29 |
Foreign, Deferred | -1,505 | -653 | -1,315 |
Total Deferred | -3,237 | -3,868 | -2,828 |
Total income tax provision | $36,737 | $21,831 | $19,712 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Taxes [Abstract] | |||
U.S statutory rate | $37,558 | $22,788 | $19,780 |
State and local taxes, net of federal tax benefit | 1,365 | 1,337 | 889 |
Foreign tax rate differences | -103 | -338 | -257 |
Domestic production activities deduction | -2,638 | -1,900 | -1,301 |
Research and development and fuel tax credits | -289 | -105 | -239 |
Other | 844 | 49 | 840 |
Effective rate | $36,737 | $21,831 | $19,712 |
U.S statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit, percentage | 1.30% | 2.00% | 1.60% |
Foreign tax rate differences, percentage | -0.10% | -0.50% | -0.50% |
Domestic production activities deduction, percentage | -2.50% | -2.90% | -2.30% |
Research and development and fuel tax credits, percentage | -0.30% | -0.20% | -0.40% |
Other, percentage | 0.80% | 0.10% | 1.50% |
Effective rate, percentage | 34.20% | 33.50% | 34.90% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Deferred Tax Assets, Deferred rental revenue | $835 | $382 |
Deferred Tax Assets, Employee benefits liability | 1,191 | 1,282 |
Deferred Tax Assets, Net operatig loss carryfowards | 21 | 284 |
Deferred Tax Assets, Defined benefit pension plan | 1,396 | 1,554 |
Deferred Tax Assets, Share-based compensation | 2,299 | 2,284 |
Deferred Tax Assets, State tax credits | 98 | 48 |
Deferred Tax Assets, Inventory | 909 | 633 |
Deferred Tax Assets, Warranty | 2,449 | 1,686 |
Deferred Tax Assets, Vacation | 182 | 224 |
Deferred Tax Assets, Accrued expenses and allowances | 8,043 | 6,610 |
Total deferred tax assets | 17,423 | 14,987 |
Deferred Tax Liabilities, Intangible assets | -11,160 | -6,195 |
Deferred Tax Liabilities, Property, Plant and Equipment | -8,493 | -8,210 |
Deferred Tax Liabilities, Inventory | -89 | -115 |
Deferred Tax Liabilities, Other | -229 | -296 |
Total deferred tax liabilities | -19,971 | -14,816 |
Net deferred tax (liabilities) assets | ($2,548) | $171 |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Income Taxes [Abstract] | ||
Unrecognized Tax Benefits, Beginning balance | $1,309 | $1,565 |
Increase for positions taken in current year | 68 | 2 |
Increase for positions taken in prior years | 346 | 61 |
Decrease for positions taken in prior years | -44 | |
Settlements with taxing authorities | -6 | -42 |
Reduction resulting from lapse of applicable statute of limitations | -352 | -173 |
Other increases (decreases) | 10 | -60 |
Unrecognized Tax Benefits, Ending balance | $1,375 | $1,309 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials and supplies | $19,369 | $9,818 |
Work in process | 5,665 | 4,427 |
Finished goods and purchased parts | 50,038 | 45,540 |
Total inventory value before LIFO adjustment | 75,072 | 59,785 |
Less adjustment to LIFO value | -6,465 | -6,912 |
Inventories, net | $68,607 | $52,873 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | $132,134 | $115,293 | |
Accumulated depreciation | -76,508 | -70,596 | |
Total operating property, plant and equipment, net | 55,626 | 44,697 | |
Machines | 3,965 | 3,945 | |
Barriers | 17,323 | 17,457 | |
Total property held for lease | 21,288 | 21,402 | |
Accumulated depreciation | -11,850 | -9,919 | |
Total property held for lease, net | 9,438 | 11,483 | |
Property, plant and equipment, net | 65,064 | 56,180 | |
Depreciation expense | 9,800 | 9,600 | 9,000 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | 3,342 | 2,541 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | 34,066 | 28,652 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | 85,689 | 75,097 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | $9,037 | $9,003 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Goodwill And Other Intangible Assets [Abstract] | |||
Amortization of Intangible Assets | $2,800 | $2,900 | $2,800 |
Amortizable intangible assets: weighted average years | 10 years |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Carrying Amount In Goodwill By Segments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $29,961 | $30,943 |
Acquisition of CLC | 7,257 | |
Foreign currency translation | 196 | -982 |
Goodwill, Ending Balance | 37,414 | 29,961 |
Irrigation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 13,476 | 13,682 |
Acquisition of CLC | 7,257 | |
Foreign currency translation | -66 | -206 |
Goodwill, Ending Balance | 20,667 | 13,476 |
Infrastructure [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 16,485 | 17,261 |
Foreign currency translation | 262 | -776 |
Goodwill, Ending Balance | $16,747 | $16,485 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 10 years | |
Total, gross carrying amount | $53,274 | $39,573 |
Amortizable intangible assets: accumulated amortization | -17,267 | -14,503 |
Tradenames [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Unamortizable intangible assets: gross carrying amount | 13,126 | 6,575 |
Patents [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 12 years 9 months 18 days | 12 years 8 months 12 days |
Amortizable intangible assets: gross carrying amount | 30,266 | 25,637 |
Amortizable intangible assets: accumulated amortization | -12,364 | -10,458 |
Customer Relationships [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 7 years 4 months 24 days | 8 years 4 months 24 days |
Amortizable intangible assets: gross carrying amount | 8,034 | 6,313 |
Amortizable intangible assets: accumulated amortization | -4,238 | -3,477 |
Non-compete Agreements [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 5 years 7 months 6 days | 5 years 6 months |
Amortizable intangible assets: gross carrying amount | 1,331 | 846 |
Amortizable intangible assets: accumulated amortization | -611 | -478 |
Other Intangibles [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 1 year 8 months 12 days | 10 years |
Amortizable intangible assets: gross carrying amount | 517 | 202 |
Amortizable intangible assets: accumulated amortization | ($54) | ($90) |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Future Estimated Amortization Of Intangible Assets) (Details) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | |
2014 | $3,939 |
2015 | 3,438 |
2016 | 3,020 |
2017 | 2,881 |
2018 | 2,694 |
Thereafter | 20,035 |
Finite-Lived Intangible Assets, Net, Total | $36,007 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ||
Compensation and benefits | $18,471 | $14,438 |
Dealer related liabilities | 7,134 | 3,622 |
Warranty | 6,695 | 4,848 |
Other | 27,516 | 21,873 |
Total other current liabilities | $59,816 | $44,781 |
Credit_Arrangements_Narrative_
Credit Arrangements (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Jun. 01, 2006 | Jun. 01, 2006 | Aug. 31, 2013 | Jan. 23, 2011 | |
USD ($) | USD ($) | USD ($) | Euro Line Of Credit [Member] | Euro Line Of Credit [Member] | Wells Fargo Bank NA (Revolving Credit Agreement)[Member] | Wells Fargo Bank N.A. (B S I Term Note) [Member] | Wells Fargo Bank N.A. (B S I Term Note) [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | EUR (€) | USD ($) | Wells Fargo Bank N.A. (B S I Term Note) [Member] | Wells Fargo Bank NA (Revolving Credit Agreement)[Member] | Wells Fargo Bank NA (Revolving Credit Agreement)[Member] | ||||||
USD ($) | USD ($) | ||||||||||
Debt Instrument [Line Items] | |||||||||||
Unsecured revolving line of credit, maximum borrowing capacity | $3,000,000 | € 2,300,000 | |||||||||
Basis points | 1.10% | 1.10% | 0.50% | 0.90% | |||||||
Interest rate | 1.32% | 1.32% | 1.08% | 0.68% | |||||||
Fixed interest rate | 6.05% | ||||||||||
Maturity date | 31-Jan-14 | 31-Jan-14 | |||||||||
Unsecured term note and credit agreement | 30,000,000 | 30,000,000 | |||||||||
Principal payment | 1,100,000 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment period | 7 years | ||||||||||
Annual commitment fee | 0.25% | ||||||||||
Interest expense | $304,000 | $492,000 | $762,000 |
Credit_Arrangements_Schedule_O
Credit Arrangements (Schedule Of Outstanding Long-Term Debt) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit Arrangements [Abstract] | ||
BSI Term Note | $4,285 | |
Less current portion | -4,285 | |
Total long-term debt |
Financial_Derivatives_Narrativ
Financial Derivatives (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | |
USD ($) | USD ($) | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | ZAR | EUR (€) | ||||
Derivatives, Fair Value [Line Items] | |||||||||
Realized and unrealized gains, net of related income tax effects | $2,000,000 | $2,400,000 | |||||||
Fixed interest rate | 6.05% | ||||||||
Foreign currency translation forward contracts resulting in an after-tax net (losses) gains | -600,000 | 1,800,000 | -700,000 | ||||||
Accumulated currency translation adjustments in AOCI, after-tax gains | -29,000 | 1,723,000 | 2,000,000 | 2,400,000 | 700,000 | ||||
Outstanding foreign currency forward contracts to sell | € 29,200,000 | 43,000,000 | € 26,500,000 |
Financial_Derivatives_Schedule
Financial Derivatives (Schedule Of Financial Derivatives) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | ($107) | ($526) |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 151 | |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | -258 | -436 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | -90 | |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | 45 | -25 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 78 | 12 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | ($33) | ($37) |
Financial_Derivatives_Schedule1
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) (Foreign Currency Forward Contracts [Member], Net Investment Hedging [Member], USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Foreign Currency Forward Contracts [Member] | Net Investment Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contracts, net of tax expense | ($357,000) | $1,677,000 | ($800,000) |
Tax (benefit) expense | ($300,000) | $1,000,000 | ($500,000) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ||
Carrying amount of long-term debt (including current portion) | $4,285 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $151,927 | $143,444 | $108,167 | $83,418 |
Derivative assets | 229 | 12 | ||
Derivative liabilities | -291 | -563 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 151,927 | 143,444 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 229 | 12 | ||
Derivative liabilities | -291 | -563 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | ||||
Derivative assets | ||||
Derivative liabilities |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Commitments And Contingencies [Abstract] | |||
Estimated accrual as operating expense | $7.20 | ||
Lease expense | $3.90 | $3.60 | $3.40 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies [Abstract] | ||
Other current liabilities | $1,740 | $2,414 |
Other noncurrent liabilities | 5,200 | 5,200 |
Total environmental remediation liabilities | $6,940 | $7,614 |
Commitments_And_Contingencies_3
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
2014 | $2,590 |
2015 | 1,904 |
2016 | 1,260 |
2017 | 1,011 |
2018 | 791 |
Thereafter | 970 |
Total | $8,526 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $1,000,000 | $900,000 | $700,000 |
Actuarial loss | -206,000 | 823,000 | |
Discount rate | 4.75% | 3.75% | |
Discount Rate, net periodic benefit cost | 3.75% | 5.00% | 5.00% |
2013 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss | $200,000 |
Retirement_Plans_Schedule_of_A
Retirement Plans (Schedule of Amounts Recognized in Balance Sheet) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Retirement Plans [Abstract] | ||
Benefit obligation at beginning of year | $7,378 | $6,787 |
Interest cost | 266 | 325 |
Actuarial loss | -206 | 823 |
Benefits paid | -557 | -557 |
Benefit obligation at end of year | $6,881 | $7,378 |
Recovered_Sheet1
Retirement Plans (Schedule Of Amounts Recognized In The Statement Of Financial Position) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
In Thousands, unless otherwise specified | |||
Retirement Plans [Abstract] | |||
Other current liabilities | $557 | $557 | |
Pension benefit liabilities | 6,324 | 6,821 | |
Net amount recognized | $6,881 | $7,378 | $6,787 |
Retirement_Plans_Schedule_Of_B
Retirement Plans (Schedule Of Before-tax Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Retirement Plans [Abstract] | ||
Net actuarial loss | ($3,683) | ($4,101) |
Retirement_Plans_Schedules_Of_
Retirement Plans (Schedules Of Net Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $266 | $325 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 266 | 325 | 334 |
Net amortization and deferral | 212 | 166 | 164 |
Total | $478 | $491 | $498 |
Retirement_Plans_Schedule_of_E
Retirement Plans (Schedule of Expected Benefit Payments) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
In Thousands, unless otherwise specified | |||
Retirement Plans [Abstract] | |||
2014 | $557 | ||
2015 | 540 | ||
2016 | 533 | ||
2017 | 526 | ||
2018 | 519 | ||
Thereafter | 4,206 | ||
Net amount recognized | $6,881 | $7,378 | $6,787 |
Warranties_Narrative_Details
Warranties (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Warranties [Abstract] | |||
Warranty costs | $6.90 | $4.90 | $4.90 |
Warranties_Schedule_Of_Product
Warranties (Schedule Of Product Warranty Liability) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Warranties [Abstract] | ||
Product warranty accrual balance, beginning of period | $4,848 | $3,651 |
Liabilities accrued for warranties during the period | 6,938 | 4,922 |
Warranty claims paid during the period | -5,091 | -3,725 |
Product warranty accrual balance, end of period | $6,695 | $4,848 |
Industry_Segment_Information_N
Industry Segment Information (Narrative) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
segment | |
Industry Segment Information [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Industry_Segment_Information_S
Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $148,397 | $219,542 | $175,539 | $147,370 | $127,817 | $172,099 | $132,134 | $119,205 | $690,848 | $551,255 | $478,890 |
Operating Income (Loss) | 107,061 | 65,510 | 56,586 | ||||||||
Unallocated general and administrative expenses | -43,441 | -38,198 | -33,659 | ||||||||
Interest and other income (expense), net | 246 | -402 | -72 | ||||||||
Total | 15,686 | 39,750 | 29,488 | 22,383 | 12,653 | 28,587 | 19,427 | 4,441 | 107,307 | 65,108 | 56,514 |
Capital Expenditures | 11,136 | 9,890 | 8,405 | ||||||||
Depreciation and amortization | 12,600 | 12,468 | 11,734 | ||||||||
Assets | 512,296 | 415,531 | 512,296 | 415,531 | 381,144 | ||||||
Irrigation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 625,996 | 475,299 | 369,930 | ||||||||
Capital Expenditures | 10,687 | 7,942 | 5,490 | ||||||||
Depreciation and amortization | 7,147 | 6,959 | 6,009 | ||||||||
Assets | 391,527 | 303,741 | 391,527 | 303,741 | 267,275 | ||||||
Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 64,852 | 75,956 | 108,960 | ||||||||
Capital Expenditures | 449 | 1,948 | 2,915 | ||||||||
Depreciation and amortization | 5,453 | 5,509 | 5,725 | ||||||||
Assets | 120,769 | 111,790 | 120,769 | 111,790 | 113,869 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 124,584 | 80,248 | 71,604 | ||||||||
Operating Segments [Member] | Irrigation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 125,395 | 80,259 | 59,703 | ||||||||
Operating Segments [Member] | Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | -811 | -11 | 11,901 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unallocated general and administrative expenses | ($17,523) | ($14,738) | ($15,018) |
Industry_Segment_Information_S1
Industry Segment Information (Schedule Of Revenue By Geographical Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | $148,397 | $219,542 | $175,539 | $147,370 | $127,817 | $172,099 | $132,134 | $119,205 | $690,848 | $551,255 | $478,890 |
Total Long-Lived Assets | 65,064 | 56,180 | 65,064 | 56,180 | 58,465 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 428,929 | 354,649 | 307,694 | ||||||||
Total Long-Lived Assets | 53,894 | 45,100 | 53,894 | 45,100 | 45,091 | ||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 261,919 | 196,606 | 171,196 | ||||||||
Total Long-Lived Assets | $11,170 | $11,080 | $11,170 | $11,080 | $13,374 | ||||||
Revenues [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Revenues [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 62.00% | 64.00% | 64.00% | ||||||||
Revenues [Member] | International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 38.00% | 36.00% | 36.00% | ||||||||
Long-Lived Tangible Assets [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Long-Lived Tangible Assets [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 83.00% | 80.00% | 77.00% | ||||||||
Long-Lived Tangible Assets [Member] | International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 17.00% | 20.00% | 23.00% |
Share_Based_Compensation_Narra
Share Based Compensation (Narrative) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 |
Restricted Stock Units Settled In Cash [Member] | Restricted Stock Units Settled In Cash [Member] | Restricted Stock Units Settled In Cash [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Common Class [Member] | 2010 Plan [Member] | 2010 Plan [Member] | Non Employee Directors [Member] | ||||
Performance Shares [Member] | item | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Maximum number of shares authorized | 435,000 | ||||||||||||
Number of shares available | 229,767 | ||||||||||||
Stock award ratio | 1 | ||||||||||||
Plan effective date | 25-Jan-10 | ||||||||||||
Stock option expire, years | 10 years | ||||||||||||
Vesting period | 3 years | 4 years | 9 months | ||||||||||
Percentage vested per year | 33.00% | 25.00% | |||||||||||
Outstanding stock options vested | 8,330 | 6,750 | 56,944 | ||||||||||
Exercisable intrinsic value | $1,383,000 | $4,789,000 | $5,331,000 | ||||||||||
Shares outstanding | 79,138 | 146,298 | 136,575 | 4,496 | 4,873 | 5,658 | |||||||
Fair Value vested | 1,900,000 | 1,700,000 | 1,900,000 | ||||||||||
Pre-tax total unrecognized compensation cost related to nonvested share-based compensation | $4,900,000 | ||||||||||||
Weighted average period to be recognized | 1 year 7 months 6 days |
Share_Based_Compensation_Summa
Share Based Compensation (Summary Of Weighted Average Assumptions) (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Share Based Compensation [Abstract] | ||
Risk-free interest rate | 1.20% | 1.70% |
Dividend yield | 0.60% | 0.60% |
Expected life (years) | 7 years | 7 years |
Volatility | 56.30% | 55.90% |
Weighted average grant date fair value of options granted | $40.09 | $31.04 |
Share_Based_Compensation_Summa1
Share Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Share Based Compensation [Abstract] | |||
Stock options outstanding, number of stock options | 146,298 | 136,575 | |
Granted, number of stock options | 24,684 | 36,294 | |
Exercised, number of stock options | -89,390 | -23,588 | |
Forfeitures, number of stock options | -2,454 | -2,983 | |
Stock options outstanding, number of stock options | 79,138 | 146,298 | 136,575 |
Stock options outstanding, average exercise price | $30.97 | $23.17 | |
Granted, average exercise price | $75.68 | $58.10 | |
Exercised, average exercise price | $22.77 | $24.10 | |
Forfeitures, average exercise price | $67.03 | $58.10 | |
Stock options outstanding, averaged exercise price | $53.06 | $30.97 | $23.17 |
Average remaining conractual term (years) | 6 years 4 months 24 days | 3 years 10 months 24 days | 3 years 1 month 6 days |
Average remaining conractual term (years) | 6 years 4 months 24 days | 3 years 10 months 24 days | 3 years 1 month 6 days |
Aggregate intrinsic value outstanding | $5,031 | $5,331 | |
Exercised aggregate intrinsic value | 4,960 | 971 | |
Aggregate intrinsic value outstanding | 1,817 | 5,031 | 5,331 |
Exercisable number of shares | 31,927 | 112,987 | 136,575 |
Exercisable average exercise price | $32.70 | $22.97 | $23.17 |
Exercisable average remaining contractual term (years) | 3 years | 2 years 4 months 24 days | 3 years 1 month 6 days |
Exercisable intrinsic value | $1,383 | $4,789 | $5,331 |
Share_Based_Compensation_Summa2
Share Based Compensation (Summary Of Share Based Compensation Additional Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Share Based Compensation [Abstract] | |||
Intrinsic value of stock options exercised | $4,960 | $971 | $7,001 |
Cash received from stock options exercises | 2,036 | 567 | 3,579 |
Tax benefit realized from stock option exercises | $1,817 | $368 | $2,628 |
Aggregate grant-date fair value of stock options vested | $31.04 | $8.13 |
Share_Based_Compensation_Summa3
Share Based Compensation (Summary Of Restricted Stock Units Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units outstanding | 67,535 | 71,826 |
Granted, number of stock units | 30,551 | 40,212 |
Vested, number of stock units | -37,534 | -37,381 |
Forfeited, number of stock units | -3,121 | -7,122 |
Stock units outstanding | 57,431 | 67,535 |
Stock units, weighted-average grant-date fair value | $54.35 | $47.99 |
Granted, weighted-average grant-date fair value | $77.46 | $58.27 |
Vested, weighted-average grant-date fair value | $51.82 | $47.87 |
Forfeited, weighted-average grant-date fair value | $65.52 | $51.16 |
Stock units, weighted-average grant-date fair value | $68.06 | $54.35 |
Share_Based_Compensation_Summa4
Share Based Compensation (Summary Of Performance Stock Units Activity) (Details) (Performance Shares [Member], USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units outstanding | 79,024 | 98,625 |
Granted, number of stock units | 13,072 | 19,386 |
Vested, number of stock units | -36,634 | |
Forfeited, number of stock units | -2,663 | -38,987 |
Stock units outstanding | 52,799 | 79,024 |
Stock units, weighted-average grant-date fair value | $45.32 | $42.21 |
Granted, weighted-average grant-date fair value | $74.31 | $57.09 |
Vested, weighted-average grant-date fair value | $32.81 | |
Forfeited, weighted-average grant-date fair value | $60.65 | $43.30 |
Stock units, weighted-average grant-date fair value | $60.41 | $45.32 |
Share_Based_Compensation_Sched
Share Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $4,573 | $3,939 | $3,474 |
Tax benefit | -1,733 | -1,493 | -1,317 |
Share-based compensation expense, net of tax | 2,840 | 2,446 | 2,157 |
Cost Of Operating Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 214 | 225 | 157 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 233 | 189 | 120 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 547 | 524 | 574 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 3,579 | 3,001 | 2,623 |
Operating Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $4,359 | $3,714 | $3,317 |
Quarterly_Results_Of_Operation2
Quarterly Results Of Operations (Schedule of Of Quarterly Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Quarterly Results Of Operations [Abstract] | |||||||||||
Operating revenues | $148,397 | $219,542 | $175,539 | $147,370 | $127,817 | $172,099 | $132,134 | $119,205 | $690,848 | $551,255 | $478,890 |
Cost of operating revenues | 109,820 | 156,506 | 125,175 | 104,513 | 95,069 | 123,071 | 95,640 | 88,957 | 496,014 | 402,737 | 349,105 |
Earnings before income taxes | 15,686 | 39,750 | 29,488 | 22,383 | 12,653 | 28,587 | 19,427 | 4,441 | 107,307 | 65,108 | 56,514 |
Net earnings | $10,428 | $26,063 | $19,351 | $14,728 | $8,759 | $18,823 | $12,774 | $2,921 | $70,570 | $43,277 | $36,802 |
Diluted net earnings per share | $0.81 | $2.01 | $1.50 | $1.15 | $0.68 | $1.47 | $1 | $0.23 | $5.47 | $3.38 | $2.90 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |||
Allowance For Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at beginning of period | $1,717 | [1] | $2,340 | [1] | $2,244 | [1] |
Charges to costs and expenses | 1,543 | [1] | 379 | [1] | 388 | [1] |
Deductions | 407 | [1] | 1,002 | [1] | 292 | [1] |
Balance at end of period | 2,853 | [1] | 1,717 | [1] | 2,340 | [1] |
Allowance For Inventory Obsolescence [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at beginning of period | 1,648 | [2] | 2,167 | [2] | 2,045 | [2] |
Charges to costs and expenses | 2,632 | [2] | 1,114 | [2] | 426 | [2] |
Charged to other accounts | 71 | [2] | -126 | [2] | -2 | [2] |
Deductions | 1,262 | [2] | 1,507 | [2] | 302 | [2] |
Balance at end of period | $3,089 | [2] | $1,648 | [2] | $2,167 | [2] |
[1] | Deductions consist of uncollectible items written off, less recoveries of items previously written off. | |||||
[2] | Deductions consist of obsolete items sold or scrapped. |