Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Nov. 30, 2013 | Jan. 02, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'lnn | ' |
Entity Registrant Name | 'LINDSAY CORP | ' |
Entity Central Index Key | '0000836157 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 12,922,029 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Condensed Consolidated Statements Of Operations [Abstract] | ' | ' |
Operating revenues | $147,671,000 | $147,370,000 |
Cost of operating revenues | 107,520,000 | 104,513,000 |
Gross profit | 40,151,000 | 42,857,000 |
Operating expenses: | ' | ' |
Selling expense | 9,756,000 | 7,321,000 |
General and administrative expense | 11,743,000 | 10,118,000 |
Engineering and research expense | 2,660,000 | 3,154,000 |
Total operating expenses | 24,159,000 | 20,593,000 |
Operating income | 15,992,000 | 22,264,000 |
Other income (expense): | ' | ' |
Interest expense | -39,000 | -143,000 |
Interest income | 135,000 | 138,000 |
Other income (expense), net | -271,000 | 124,000 |
Earnings before income taxes | 15,817,000 | 22,383,000 |
Income tax expense | 5,583,000 | 7,655,000 |
Net earnings | $10,234,000 | $14,728,000 |
Earnings per share: | ' | ' |
Basic | $0.79 | $1.15 |
Diluted | $0.79 | $1.15 |
Shares used in computing earnings per share: | ' | ' |
Basic | 12,889 | 12,756 |
Diluted | 12,951 | 12,853 |
Cash dividends declared per share | $0.13 | $0.12 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Net earnings | $10,234 | $14,728 |
Defined benefit pension plan adjustment, net of tax | 28 | 33 |
Unrealized gain on cash flow hedges, net of tax | ' | 26 |
Foreign currency translation adjustment, net of hedging activities and tax | 877 | -41 |
Total other comprehensive income, net of tax (benefit) of ($357) and ($393) | 905 | 18 |
Total comprehensive income | $11,139 | $14,746 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Other comprehensive income, tax expense (benefit) | ($357) | ($393) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current Assets: | ' | ' | ' |
Cash and cash equivalents | $151,803 | $151,927 | $152,173 |
Receivables, net of allowance of $3,349, $1,645 and $2,853 | 122,093 | 120,291 | 88,893 |
Inventories, net | 75,614 | 68,607 | 67,250 |
Deferred income taxes | 13,469 | 12,705 | 8,171 |
Other current assets | 15,989 | 15,261 | 10,719 |
Total current assets | 378,968 | 368,791 | 327,206 |
Property, Plant And Equipment: | ' | ' | ' |
Cost | 156,299 | 153,422 | 139,032 |
Less accumulated depreciation | -91,047 | -88,358 | -82,947 |
Property, plant and equipment, net | 65,252 | 65,064 | 56,085 |
Intangibles, net | 35,029 | 36,007 | 24,410 |
Goodwill | 37,193 | 37,414 | 30,114 |
Other noncurrent assets | 5,261 | 5,020 | 5,063 |
Total assets | 521,703 | 512,296 | 442,878 |
Current Liabilities: | ' | ' | ' |
Accounts payable | 45,902 | 42,276 | 50,662 |
Current portion of long-term debt | ' | ' | 3,214 |
Other current liabilities | 57,132 | 59,816 | 39,141 |
Total current liabilities | 103,034 | 102,092 | 93,017 |
Pension benefits liabilities | 6,263 | 6,324 | 6,749 |
Deferred income taxes | 14,715 | 15,415 | 9,622 |
Other noncurrent liabilities | 8,022 | 7,827 | 7,417 |
Total liabilities | 132,034 | 131,658 | 116,805 |
Shareholders' Equity: | ' | ' | ' |
Preferred stock of $1 par value - Authorized 2,000 shares, none issued | ' | ' | ' |
Common stock of $1 par value - Authorized 25,000 shares; 18,620 issued | 18,620 | 18,571 | 18,531 |
Capital in excess of stated value | 49,288 | 49,764 | 44,995 |
Retained earnings | 414,133 | 405,580 | 354,367 |
Less treasury stock (at cost, 5,698 shares) | -90,961 | -90,961 | -90,961 |
Accumulated other comprehensive loss, net | -1,411 | -2,316 | -859 |
Total shareholders' equity | 389,669 | 380,638 | 326,073 |
Total liabilities and shareholders' equity | $521,703 | $512,296 | $442,878 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ' |
Receivables, allowance | $3,349 | $2,853 | $1,645 |
Preferred stock, par value | $1 | $1 | $1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 | 0 |
Common stock, par value | $1 | $1 | $1 |
Common stock, authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, issued | 18,620,000 | ' | ' |
Treasury stock, shares | 5,698,000 | 5,698,000 | 5,698,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $10,234 | $14,728 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 3,707 | 3,130 |
Provision for uncollectible accounts receivable | 442 | 199 |
Deferred income taxes | -1,365 | -782 |
Share-based compensation expense | 1,180 | 1,219 |
Other, net | -244 | 157 |
Changes in assets and liabilities: | ' | ' |
Receivables | -1,608 | -6,441 |
Inventories | -6,608 | -14,341 |
Other current assets | -431 | -357 |
Accounts payable | 3,356 | 19,210 |
Other current liabilities | -5,986 | -4,396 |
Current taxes payable | 3,140 | 1,312 |
Other noncurrent assets and liabilities | 111 | -181 |
Net cash provided by operating activities | 5,928 | 13,457 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -2,387 | -2,215 |
Proceeds from sale of property, plant and equipment | 34 | ' |
Proceeds from settlement of net investment hedges | 101 | ' |
Payments for settlement of net investment hedges | -1,035 | -1,093 |
Net cash used in investing activities | -3,287 | -3,308 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | ' | 1,082 |
Common stock withheld for payroll tax withholdings | -2,027 | -2,441 |
Principal payments on long-term debt | ' | -1,072 |
Excess tax benefits from share-based compensation | 465 | 2,185 |
Dividends paid | -1,681 | -1,476 |
Net cash used in financing activities | -3,243 | -1,722 |
Effect of exchange rate changes on cash and cash equivalents | 478 | 302 |
Net change in cash and cash equivalents | -124 | 8,729 |
Cash and cash equivalents, beginning of period | 151,927 | 143,444 |
Cash and cash equivalents, end of period | $151,803 | $152,173 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 3 Months Ended |
Nov. 30, 2013 | |
Condensed Consolidated Financial Statements [Abstract] | ' |
Condensed Consolidated Financial Statements | ' |
Note 1 – Condensed Consolidated Financial Statements | |
The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2013. | |
In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. | |
The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Certain reclassifications have been made to prior financial statements and notes to conform to the current year presentation. These reclassifications were not material to the Company’s condensed consolidated financial statements. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Nov. 30, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
Note 2 – New Accounting Pronouncements | |
Newly Adopted Accounting Standards | |
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 and in January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 and ASU No. 2013-01 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. 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. ASU No. 2011-11 and ASU No. 2013-01 became effective for the Company beginning the first quarter of fiscal year 2014. The adoption of these standards did not have a material impact on the condensed 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. ASU No. 2013-02 became effective for the Company beginning the first quarter of fiscal year 2014. The reclassification disclosures were not included in this Quarterly Report on Form 10-Q as the reclassifications out of AOCI were immaterial for the three months ended November 30, 2013 and 2012. | |
New Accounting Standards Issued but not yet adopted | |
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 condensed consolidated financial statements. | |
Net_Earnings_Per_Share
Net Earnings Per Share | 3 Months Ended | ||||||
Nov. 30, 2013 | |||||||
Net Earnings Per Share [Abstract] | ' | ||||||
Net Earnings Per Share | ' | ||||||
Note 3 – Net Earnings per Share | |||||||
The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2013 and 2012: | |||||||
Three months ended | |||||||
November 30, | November 30, | ||||||
($ and shares in thousands, except per share amounts) | 2013 | 2012 | |||||
Numerator: | |||||||
Net earnings | $ | 10,234 | $ | 14,728 | |||
Denominator: | |||||||
Weighted average shares outstanding | 12,889 | 12,756 | |||||
Diluted effect of stock equivalents | 62 | 97 | |||||
Weighted average shares outstanding assuming dilution | 12,951 | 12,853 | |||||
Basic net earnings per share | $ | 0.79 | $ | 1.15 | |||
Diluted net earnings per share | $ | 0.79 | $ | 1.15 | |||
Certain stock options and restricted stock units are excluded from the computation of diluted net earnings per share because their effect is 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 three months ended November 30, 2013 and 2012. | |||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 4 – Income Taxes | |
It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. However, the tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded no material discrete items for the three months ended November 30, 2013 and 2012. | |
The Company recorded income tax expense of $5.6 million and $7.7 million for the three months ended November 30, 2013 and 2012, respectively. The estimated annual effective income tax rate used to calculate income tax expense before discrete items was 35.3 percent and 34.2 percent for the three months ended November 30, 2013 and 2012, respectively. The increase in the estimated annual effective income tax rate from November 2012 to November 2013 primarily relates to incremental taxes due to earnings mix among jurisdictions. | |
Inventories
Inventories | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Inventories [Abstract] | ' | |||||||||
Inventories | ' | |||||||||
Note 5 – Inventories | ||||||||||
Inventories consisted of the following as of November 30, 2013, November 30, 2012 and August 31, 2013: | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2013 | 2012 | 2013 | |||||||
Raw materials and supplies | $ | 20,386 | $ | 14,447 | $ | 19,369 | ||||
Work in process | 7,045 | 5,040 | 5,665 | |||||||
Finished goods and purchased parts | 54,540 | 54,675 | 50,038 | |||||||
Total inventory value before LIFO adjustment | 81,971 | 74,162 | 75,072 | |||||||
Less adjustment to LIFO value | -6,357 | -6,912 | -6,465 | |||||||
Inventories, net | $ | 75,614 | $ | 67,250 | $ | 68,607 | ||||
Credit_Arrangements
Credit Arrangements | 3 Months Ended |
Nov. 30, 2013 | |
Credit Arrangements [Abstract] | ' |
Credit Arrangements | ' |
Note 6 – Credit Arrangements | |
At November 30, 2013 and 2012 and August 31, 2013, the Company was in compliance with all loan covenants. There have been no changes made to credit arrangements since August 31, 2013. The Company has no outstanding long-term debt as of November 30, 2013. | |
Financial_Derivatives
Financial Derivatives | 3 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Financial Derivatives [Abstract] | ' | |||||||||||
Financial Derivatives | ' | |||||||||||
Note 7 – Financial Derivatives | ||||||||||||
The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. The Company uses these derivative instruments to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. 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 November 30, 2013, the Company’s derivative counterparty had investment grade credit ratings. Financial derivatives consist of the following: | ||||||||||||
Fair Values of Derivative Instruments | ||||||||||||
Asset (Liability) | ||||||||||||
November 30, | November 30, | August 31, | ||||||||||
($ in thousands) | Balance Sheet Classification | 2013 | 2012 | 2013 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 18 | $ | - | $ | 151 | |||||
Foreign currency forward contracts | Other current liabilities | -287 | -359 | -258 | ||||||||
Interest rate swap | Other current liabilities | - | -45 | - | ||||||||
Total derivatives designated as hedging instruments | $ | -269 | $ | -404 | $ | -107 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 132 | $ | 128 | $ | 78 | |||||
Foreign currency forward contracts | Other current liabilities | -1 | - | -33 | ||||||||
Total derivatives not designated as hedging instruments | $ | 131 | $ | 128 | $ | 45 | ||||||
Accumulated other comprehensive income (“AOCI”) included realized and unrealized after-tax gains of $1.4 million, $1.7 million and $2.0 million at November 30, 2013 and 2012 and August 31, 2013, respectively, related to derivative contracts designated as hedging instruments. | ||||||||||||
Amount of Gain/(Loss) Recognized in OCI on Derivatives | ||||||||||||
Three months ended | ||||||||||||
November 30, | November 30, | |||||||||||
($ in thousands) | 2013 | 2012 | ||||||||||
Foreign currency forward contracts, net of tax expense | $ | -695 | $ | -631 | ||||||||
(benefit) of ($403) and ($385) | ||||||||||||
For the three months ended November 30, 2013 and 2012, the Company settled foreign currency forward contracts resulting in an after-tax net loss of $0.6 million and $0.7 million, which were included in OCI as part of a currency translation adjustment. | ||||||||||||
There were no amounts recorded in the condensed consolidated statement of operations related to ineffectiveness of foreign currency forward contracts related to net investment hedges for the three months ended November 30, 2013 and 2012. Accumulated currency translation adjustments from net investment hedges in AOCI at November 30, 2013 and 2012 and August 31, 2013 reflected realized and unrealized after-tax gains of $1.4 million, $1.8 million and $2.0 million, respectively. | ||||||||||||
At November 30, 2013 and 2012 and August 31, 2013, the Company had outstanding Euro foreign currency forward contracts to sell 29.1 million Euro, 13.0 million Euro and 29.2 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At November 30, 2013 and August 31, 2013, the Company had an outstanding South African Rand foreign currency forward contract to sell 43.0 million South African Rand at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts qualify as hedges of a net investment in foreign operations. | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Note 8 – Fair Value Measurements | |||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2013 and 2012 and August 31, 2013, respectively. | |||||||||||||
30-Nov-13 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 151,803 | $ | - | $ | - | $ | 151,803 | |||||
Derivative assets | - | 150 | - | 150 | |||||||||
Derivative liabilities | - | -288 | - | -288 | |||||||||
30-Nov-12 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 152,173 | $ | - | $ | - | $ | 152,173 | |||||
Derivative assets | - | 128 | - | 128 | |||||||||
Derivative liabilities | - | -404 | - | -404 | |||||||||
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 | |||||||||
The carrying amount of long-term debt (including current portion), which represented fair value, was zero, $3.2 million and zero as of November 30, 2013 and 2012 and August 31, 2013, respectively. Fair value of long-term debt (including current portion) is estimated (using level 2 inputs) 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. | |||||||||||||
The Company also measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include fixed assets, goodwill, and other intangible assets. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2013 and 2012. While the Company currently expects improvement in the infrastructure segment’s revenues and operating income, the increases involve certain matters that are outside of the Company’s control. To the extent that forecasted cash flows are not realized, the Company may be subject to further considerations of impairment exposures. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Commitments And Contingencies [Abstract] | ' | |||||||||
Commitments And Contingencies | ' | |||||||||
Note 9 – 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 condensed 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 the first quarter of 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 site. The Company intends to complete additional investigation of the soil and groundwater on the site during fiscal 2014 with the expectation that the Company will then come to an agreement with the EPA on how to proceed. During the first three months of fiscal 2014, 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 November 30, 2013 and 2012 and August 31, 2013: | ||||||||||
Environmental Remediation Liabilities | ||||||||||
($ in thousands) | November 30, | November 30, | August 31, | |||||||
Balance Sheet Classification | 2013 | 2012 | 2013 | |||||||
Other current liabilities | $ | 1,516 | $ | 2,391 | $ | 1,740 | ||||
Other noncurrent liabilities | 5,200 | 5,200 | 5,200 | |||||||
Total environmental remediation liabilities | $ | 6,716 | $ | 7,591 | $ | 6,940 | ||||
Warranties
Warranties | 3 Months Ended | ||||||
Nov. 30, 2013 | |||||||
Warranties [Abstract] | ' | ||||||
Warranties | ' | ||||||
Note 10 – Warranties | |||||||
The following table provides the changes in the Company’s product warranties: | |||||||
Three months ended | |||||||
November 30, | November 30, | ||||||
($ in thousands) | 2013 | 2012 | |||||
Warranties: | |||||||
Product warranty accrual balance, beginning of period | $ | 6,695 | $ | 4,848 | |||
Liabilities accrued for warranties during the period | 3,042 | 1,292 | |||||
Warranty claims paid during the period | -1,115 | -1,088 | |||||
Product warranty accrual balance, end of period | $ | 8,622 | $ | 5,052 | |||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Share-Based Compensation [Abstract] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
Note 11 – Share-Based Compensation | ||||||||||||
The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.2 million for each of the three months ended November 30, 2013 and 2012. | ||||||||||||
The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2013 and 2012, respectively: | ||||||||||||
Three months ended November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Grant-Date | Grant-Date | |||||||||||
Fair Value | Fair Value | |||||||||||
# Granted | Per Award | # Granted | Per Award | |||||||||
Stock options | 25,394 | $ | 40.42 | 24,684 | $ | 40.09 | ||||||
RSUs | 29,619 | $ | 74.84 | 25,279 | $ | 74.31 | ||||||
PSUs | 13,434 | $ | 74.84 | 13,072 | $ | 74.31 | ||||||
The RSUs granted in 2013 and 2012 consisted of 2,977 and 2,057, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $76.39 and $75.68 for 2013 and 2012, respectively. | ||||||||||||
The following table provides the assumptions used in determining the fair value of the option awards for the three month periods ended November 30, 2013 and 2012, respectively: | ||||||||||||
Grant Year | ||||||||||||
2013 | 2012 | |||||||||||
Weighted-average dividend yield | 0.68% | 0.61% | ||||||||||
Weighted-average volatility | 55.23% | 56.26% | ||||||||||
Range of risk-free interest rates | 1.91% | 1.21% | ||||||||||
Weighted-average expected lives | 7 years | 7 years | ||||||||||
Industry_Segment_Information
Industry Segment Information | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Industry Segment Information [Abstract] | ' | |||||||||
Industry Segment Information | ' | |||||||||
Note 12 – Industry Segment Information | ||||||||||
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 Road Zipper SystemsTM, 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, including similar products, production processes, type or class of customer and methods for distribution. | ||||||||||
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, environmental remediation expenses and other overhead charges directly attributable to the segment. | ||||||||||
The Company had no single major customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2013 and 2012. | ||||||||||
Summarized financial information concerning the Company’s reportable segments is shown in the following tables: | ||||||||||
Three months ended | ||||||||||
November 30, | November 30, | |||||||||
($ in thousands) | 2013 | 2012 | ||||||||
Operating revenues: | ||||||||||
Irrigation | $ | 129,183 | $ | 134,217 | ||||||
Infrastructure | 18,488 | 13,153 | ||||||||
Total operating revenues | $ | 147,671 | $ | 147,370 | ||||||
Operating income (loss): | ||||||||||
Irrigation | $ | 20,311 | $ | 27,468 | ||||||
Infrastructure | 508 | -1,318 | ||||||||
Segment operating income | 20,819 | 26,150 | ||||||||
Unallocated general and administrative expenses | -4,827 | -3,886 | ||||||||
Interest and other income (expense), net | -175 | 119 | ||||||||
Earnings before income taxes | $ | 15,817 | $ | 22,383 | ||||||
Capital Expenditures: | ||||||||||
Irrigation | $ | 2,228 | $ | 2,085 | ||||||
Infrastructure | 159 | 130 | ||||||||
$ | 2,387 | $ | 2,215 | |||||||
Depreciation and Amortization: | ||||||||||
Irrigation | $ | 2,358 | $ | 1,704 | ||||||
Infrastructure | 1,349 | 1,426 | ||||||||
$ | 3,707 | $ | 3,130 | |||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2013 | 2012 | 2013 | |||||||
Total Assets: | ||||||||||
Irrigation | $ | 395,981 | $ | 331,872 | $ | 391,527 | ||||
Infrastructure | 125,722 | 111,006 | 120,769 | |||||||
$ | 521,703 | $ | 442,878 | $ | 512,296 | |||||
Other_Current_Liabilities
Other Current Liabilities | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Other Current Liabilities [Abstract] | ' | |||||||||
Other Current Liabilities | ' | |||||||||
Note 13 – Other Current Liabilities | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2013 | 2012 | 2013 | |||||||
Other current liabilities: | ||||||||||
Compensation and benefits | $ | 11,962 | $ | 10,772 | $ | 18,471 | ||||
Warranties | 8,622 | 5,052 | 6,695 | |||||||
Dealer related liabilities | 6,588 | 3,405 | 7,134 | |||||||
Income tax liabilities | 6,367 | 4,129 | 3,550 | |||||||
Deferred revenues | 5,677 | 2,555 | 4,790 | |||||||
Other | 17,916 | 13,228 | 19,176 | |||||||
Total other current liabilities | $ | 57,132 | $ | 39,141 | $ | 59,816 | ||||
Acquisitions
Acquisitions | 3 Months Ended | |||||
Nov. 30, 2013 | ||||||
Acquisitions [Abstract] | ' | |||||
Acquisitions | ' | |||||
Note 14 – Acquisitions | ||||||
The Company pursues primarily synergistic water related acquisitions that provide attractive returns to shareholders. 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 was finalized in the first quarter of fiscal 2014. The allocation of purchase price for CLC below changed from the allocation of purchase price disclosed in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013 because the closing balance sheet under the terms of the purchase agreement and the valuation of the identifiable assets acquired and liabilities assumed was finalized in November 2013. The Company determined the changes to be immaterial. | ||||||
The following table summarizes the consideration paid for CLC and the amounts of fair value of the assets acquired and liabilities assumed at the acquisition date. | ||||||
$ in thousands | Amount | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Current assets | $ | 8,656 | ||||
Property and equipment | 7,867 | |||||
Intangible assets | 13,600 | |||||
Other long-term assets | 738 | |||||
Current liabilities | -1,808 | |||||
Long-term debt | -1,400 | |||||
Other long-term liabilities | -5,500 | |||||
Total identifiable net assets acquired | 22,153 | |||||
Goodwill | 6,854 | |||||
Total | $ | 29,007 | ||||
The acquired intangible assets include amortizable intangible assets of $7.1 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 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 | 1,600 | ||||
Non-compete agreements | 5 | 500 | ||||
Other | 1.3 | 400 | ||||
Total intangible assets | $ | 13,600 | ||||
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_Tables
Net Earnings Per Share (Tables) | 3 Months Ended | ||||||
Nov. 30, 2013 | |||||||
Net Earnings Per Share [Abstract] | ' | ||||||
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | ' | ||||||
Three months ended | |||||||
November 30, | November 30, | ||||||
($ and shares in thousands, except per share amounts) | 2013 | 2012 | |||||
Numerator: | |||||||
Net earnings | $ | 10,234 | $ | 14,728 | |||
Denominator: | |||||||
Weighted average shares outstanding | 12,889 | 12,756 | |||||
Diluted effect of stock equivalents | 62 | 97 | |||||
Weighted average shares outstanding assuming dilution | 12,951 | 12,853 | |||||
Basic net earnings per share | $ | 0.79 | $ | 1.15 | |||
Diluted net earnings per share | $ | 0.79 | $ | 1.15 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Inventories [Abstract] | ' | |||||||||
Schedule Of Inventories | ' | |||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2013 | 2012 | 2013 | |||||||
Raw materials and supplies | $ | 20,386 | $ | 14,447 | $ | 19,369 | ||||
Work in process | 7,045 | 5,040 | 5,665 | |||||||
Finished goods and purchased parts | 54,540 | 54,675 | 50,038 | |||||||
Total inventory value before LIFO adjustment | 81,971 | 74,162 | 75,072 | |||||||
Less adjustment to LIFO value | -6,357 | -6,912 | -6,465 | |||||||
Inventories, net | $ | 75,614 | $ | 67,250 | $ | 68,607 | ||||
Financial_Derivatives_Tables
Financial Derivatives (Tables) | 3 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Financial Derivatives [Abstract] | ' | |||||||||||
Schedule Of Derivative Instruments Statements Of Financial Performance And Financial Position, Location | ' | |||||||||||
Fair Values of Derivative Instruments | ||||||||||||
Asset (Liability) | ||||||||||||
November 30, | November 30, | August 31, | ||||||||||
($ in thousands) | Balance Sheet Classification | 2013 | 2012 | 2013 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 18 | $ | - | $ | 151 | |||||
Foreign currency forward contracts | Other current liabilities | -287 | -359 | -258 | ||||||||
Interest rate swap | Other current liabilities | - | -45 | - | ||||||||
Total derivatives designated as hedging instruments | $ | -269 | $ | -404 | $ | -107 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 132 | $ | 128 | $ | 78 | |||||
Foreign currency forward contracts | Other current liabilities | -1 | - | -33 | ||||||||
Total derivatives not designated as hedging instruments | $ | 131 | $ | 128 | $ | 45 | ||||||
Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss) | ' | |||||||||||
Amount of Gain/(Loss) Recognized in OCI on Derivatives | ||||||||||||
Three months ended | ||||||||||||
November 30, | November 30, | |||||||||||
($ in thousands) | 2013 | 2012 | ||||||||||
Foreign currency forward contracts, net of tax expense | $ | -695 | $ | -631 | ||||||||
(benefit) of ($403) and ($385) | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule Of Financial Assets And Liabilities Measured At Fair Value | ' | ||||||||||||
30-Nov-13 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 151,803 | $ | - | $ | - | $ | 151,803 | |||||
Derivative assets | - | 150 | - | 150 | |||||||||
Derivative liabilities | - | -288 | - | -288 | |||||||||
30-Nov-12 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 152,173 | $ | - | $ | - | $ | 152,173 | |||||
Derivative assets | - | 128 | - | 128 | |||||||||
Derivative liabilities | - | -404 | - | -404 | |||||||||
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 | |||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Commitments And Contingencies [Abstract] | ' | |||||||||
Summary Of Undiscounted Environmental Remediation Liability Classifications | ' | |||||||||
Environmental Remediation Liabilities | ||||||||||
($ in thousands) | November 30, | November 30, | August 31, | |||||||
Balance Sheet Classification | 2013 | 2012 | 2013 | |||||||
Other current liabilities | $ | 1,516 | $ | 2,391 | $ | 1,740 | ||||
Other noncurrent liabilities | 5,200 | 5,200 | 5,200 | |||||||
Total environmental remediation liabilities | $ | 6,716 | $ | 7,591 | $ | 6,940 | ||||
Warranties_Tables
Warranties (Tables) | 3 Months Ended | ||||||
Nov. 30, 2013 | |||||||
Warranties [Abstract] | ' | ||||||
Schedule Of Product Warranty Liability | ' | ||||||
Three months ended | |||||||
November 30, | November 30, | ||||||
($ in thousands) | 2013 | 2012 | |||||
Warranties: | |||||||
Product warranty accrual balance, beginning of period | $ | 6,695 | $ | 4,848 | |||
Liabilities accrued for warranties during the period | 3,042 | 1,292 | |||||
Warranty claims paid during the period | -1,115 | -1,088 | |||||
Product warranty accrual balance, end of period | $ | 8,622 | $ | 5,052 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Share-Based Compensation [Abstract] | ' | |||||||||||
Summary Of Type And Fair Value Of Share-Based Compensation Awards | ' | |||||||||||
Three months ended November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Grant-Date | Grant-Date | |||||||||||
Fair Value | Fair Value | |||||||||||
# Granted | Per Award | # Granted | Per Award | |||||||||
Stock options | 25,394 | $ | 40.42 | 24,684 | $ | 40.09 | ||||||
RSUs | 29,619 | $ | 74.84 | 25,279 | $ | 74.31 | ||||||
PSUs | 13,434 | $ | 74.84 | 13,072 | $ | 74.31 | ||||||
Schedule Of Assumptions Used In Determining The Fair Value Of The Option Awards | ' | |||||||||||
Grant Year | ||||||||||||
2013 | 2012 | |||||||||||
Weighted-average dividend yield | 0.68% | 0.61% | ||||||||||
Weighted-average volatility | 55.23% | 56.26% | ||||||||||
Range of risk-free interest rates | 1.91% | 1.21% | ||||||||||
Weighted-average expected lives | 7 years | 7 years | ||||||||||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Industry Segment Information [Abstract] | ' | |||||||||
Schedule Of Segment Reporting Information, By Segment | ' | |||||||||
Three months ended | ||||||||||
November 30, | November 30, | |||||||||
($ in thousands) | 2013 | 2012 | ||||||||
Operating revenues: | ||||||||||
Irrigation | $ | 129,183 | $ | 134,217 | ||||||
Infrastructure | 18,488 | 13,153 | ||||||||
Total operating revenues | $ | 147,671 | $ | 147,370 | ||||||
Operating income (loss): | ||||||||||
Irrigation | $ | 20,311 | $ | 27,468 | ||||||
Infrastructure | 508 | -1,318 | ||||||||
Segment operating income | 20,819 | 26,150 | ||||||||
Unallocated general and administrative expenses | -4,827 | -3,886 | ||||||||
Interest and other income (expense), net | -175 | 119 | ||||||||
Earnings before income taxes | $ | 15,817 | $ | 22,383 | ||||||
Capital Expenditures: | ||||||||||
Irrigation | $ | 2,228 | $ | 2,085 | ||||||
Infrastructure | 159 | 130 | ||||||||
$ | 2,387 | $ | 2,215 | |||||||
Depreciation and Amortization: | ||||||||||
Irrigation | $ | 2,358 | $ | 1,704 | ||||||
Infrastructure | 1,349 | 1,426 | ||||||||
$ | 3,707 | $ | 3,130 | |||||||
Reconciliation Of Assets From Segment To Consolidated | ' | |||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2013 | 2012 | 2013 | |||||||
Total Assets: | ||||||||||
Irrigation | $ | 395,981 | $ | 331,872 | $ | 391,527 | ||||
Infrastructure | 125,722 | 111,006 | 120,769 | |||||||
$ | 521,703 | $ | 442,878 | $ | 512,296 | |||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2013 | ||||||||||
Other Current Liabilities [Abstract] | ' | |||||||||
Other Current Liabilities | ' | |||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2013 | 2012 | 2013 | |||||||
Other current liabilities: | ||||||||||
Compensation and benefits | $ | 11,962 | $ | 10,772 | $ | 18,471 | ||||
Warranties | 8,622 | 5,052 | 6,695 | |||||||
Dealer related liabilities | 6,588 | 3,405 | 7,134 | |||||||
Income tax liabilities | 6,367 | 4,129 | 3,550 | |||||||
Deferred revenues | 5,677 | 2,555 | 4,790 | |||||||
Other | 17,916 | 13,228 | 19,176 | |||||||
Total other current liabilities | $ | 57,132 | $ | 39,141 | $ | 59,816 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||
Nov. 30, 2013 | ||||||
Acquisitions [Abstract] | ' | |||||
Schedule Of Consideration Paid And Amounts Of Fair Value Of Assets Acquired And Liabilities Assumed | ' | |||||
$ in thousands | Amount | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Current assets | $ | 8,656 | ||||
Property and equipment | 7,867 | |||||
Intangible assets | 13,600 | |||||
Other long-term assets | 738 | |||||
Current liabilities | -1,808 | |||||
Long-term debt | -1,400 | |||||
Other long-term liabilities | -5,500 | |||||
Total identifiable net assets acquired | 22,153 | |||||
Goodwill | 6,854 | |||||
Total | $ | 29,007 | ||||
Schedule Of Identifiable Intangible Assets At 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 | 1,600 | ||||
Non-compete agreements | 5 | 500 | ||||
Other | 1.3 | 400 | ||||
Total intangible assets | $ | 13,600 | ||||
Net_Earnings_Per_Share_Schedul
Net Earnings Per Share (Schedule Of Computation Of Basic And Diluted Net Earnings Per Share)(Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Net Earnings Per Share [Abstract] | ' | ' |
Net earnings | $10,234 | $14,728 |
Weighted average shares outstanding | 12,889 | 12,756 |
Diluted effect of stock equivalents | 62 | 97 |
Weighted average shares outstanding assuming dilution | 12,951 | 12,853 |
Basic net earnings per share | $0.79 | $1.15 |
Diluted net earnings per share | $0.79 | $1.15 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Income Taxes [Abstract] | ' | ' |
Income tax expense | $5,583 | $7,655 |
Estimated effective income tax rate | 35.30% | 34.20% |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | |||
Inventories [Abstract] | ' | ' | ' |
Raw materials and supplies | $20,386 | $19,369 | $14,447 |
Work in process | 7,045 | 5,665 | 5,040 |
Finished goods and purchased parts | 54,540 | 50,038 | 54,675 |
Total inventory value before LIFO adjustment | 81,971 | 75,072 | 74,162 |
Less adjustment to LIFO value | -6,357 | -6,465 | -6,912 |
Inventories, net | $75,614 | $68,607 | $67,250 |
Credit_Arrangements_Narrative_
Credit Arrangements (Narrative) (Details) (USD $) | Nov. 30, 2013 |
Credit Arrangements [Abstract] | ' |
Long-term debt outstanding | $0 |
Financial_Derivatives_Narrativ
Financial Derivatives (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2012 |
USD ($) | USD ($) | USD ($) | Euro [Member] | Euro [Member] | Euro [Member] | Rand [Member] | Rand [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | |
EUR (€) | EUR (€) | EUR (€) | ZAR | ZAR | USD ($) | USD ($) | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized and unrealized gains, net of related income tax effects | $1.40 | $1.70 | $2 | ' | ' | ' | ' | ' | ' | ' |
Derivative contracts resulting in an after-tax net loss | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 0.7 |
Accumulated currency translation adjustments in AOCI, after-tax gains | 1.4 | 1.8 | 2 | ' | ' | ' | ' | ' | ' | ' |
Outstanding foreign currency forward contracts to sell | ' | ' | ' | € 29.10 | € 29.20 | € 13 | 43 | 43 | ' | ' |
Financial_Derivatives_Schedule
Financial Derivatives (Schedule Of Derivatives Instruments Statements Of Financial Performance And Financial Position, Location) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | |||
Derivatives Designated As Hedging Instruments [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivatives | ($269) | ($107) | ($404) |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Foreign currency forward contracts, liabilities | -287 | -258 | -359 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest rate swap, liabilities | ' | ' | -45 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Foreign currency forward contracts, assets | 18 | 151 | ' |
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivatives | 131 | 45 | 128 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Foreign currency forward contracts, liabilities | -1 | -33 | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Foreign currency forward contracts, assets | $132 | $78 | $128 |
Financial_Derivatives_Schedule1
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Financial Derivatives [Abstract] | ' | ' |
Foreign currency forward contracts, net of tax expense | ($695) | ($631) |
Tax expense (benefit) | ($403) | ($385) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Millions, unless otherwise specified | |||
Fair Value Measurements [Abstract] | ' | ' | ' |
Fair value of the long-term debt | $0 | $0 | $3.20 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $151,803 | $151,927 | $152,173 | $143,444 |
Derivative assets | 150 | 229 | 128 | ' |
Derivative liabilities | -288 | -291 | -404 | ' |
Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 151,803 | 151,927 | 152,173 | ' |
Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Derivative assets | 150 | 229 | 128 | ' |
Derivative liabilities | ($288) | ($291) | ($404) | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | |||
Nov. 30, 2011 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | |
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Environmental remediation expense | $7,200,000 | ' | ' | ' |
Other current liabilities | ' | 1,516,000 | 1,740,000 | 2,391,000 |
Other noncurrent liabilities | ' | 5,200,000 | 5,200,000 | 5,200,000 |
Total environmental remediation liabilities | ' | $6,716,000 | $6,940,000 | $7,591,000 |
Warranties_Schedule_Of_Product
Warranties (Schedule Of Product Warranty Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Warranties [Abstract] | ' | ' |
Product warranty accrual balance, beginning of period | $6,695 | $4,848 |
Liabilities accrued for warranties during the period | 3,042 | 1,292 |
Warranty claims paid during the period | -1,115 | -1,088 |
Product warranty accrual balance, end of period | $8,622 | $5,052 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | $1.20 | $1.20 |
Awards To Be Settled In Cash [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total units of restricted stock granted | 2,977 | 2,057 |
Weighted average grant date fair value of restricted stock | $76.39 | $75.68 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Type And Fair Value Of Share-Based Compensation Awards) (Details) (USD $) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number granted | 25,394 | 24,684 |
Grant-date fair value per award | $40.42 | $40.09 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number granted | 29,619 | 25,279 |
Grant-date fair value per award | $74.84 | $74.31 |
Performance Stock Units (PSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number granted | 13,434 | 13,072 |
Grant-date fair value per award | $74.84 | $74.31 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Assumptions Used In Determining The Fair Value Of The Option Awards) (Details) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Share-Based Compensation [Abstract] | ' | ' |
Weighted-average dividend yield | 0.68% | 0.61% |
Weighted-average volatility | 55.23% | 56.26% |
Range of risk-free interest rates | 1.91% | 1.21% |
Weighted-average expected lives | '7 years | '7 years |
Industry_Segment_Information_S
Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $) | 3 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total operating revenues | $147,671,000 | $147,370,000 | ' |
Segment operating income | 20,819,000 | 26,150,000 | ' |
Unallocated general and administrative expenses | -4,827,000 | -3,886,000 | ' |
Interest and other income (expense), net | -175,000 | 119,000 | ' |
Earnings before income taxes | 15,817,000 | 22,383,000 | ' |
Capital Expenditures | 2,387,000 | 2,215,000 | ' |
Depreciation and Amortization | 3,707,000 | 3,130,000 | ' |
Environmental remediation expenses | ' | ' | 7,200,000 |
Irrigation [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 13 | ' | ' |
Total operating revenues | 129,183,000 | 134,217,000 | ' |
Segment operating income | 20,311,000 | 27,468,000 | ' |
Capital Expenditures | 2,228,000 | 2,085,000 | ' |
Depreciation and Amortization | 2,358,000 | 1,704,000 | ' |
Infrastructure [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 2 | ' | ' |
Total operating revenues | 18,488,000 | 13,153,000 | ' |
Segment operating income | 508,000 | -1,318,000 | ' |
Capital Expenditures | 159,000 | 130,000 | ' |
Depreciation and Amortization | $1,349,000 | $1,426,000 | ' |
Industry_Segment_Information_R
Industry Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $521,703 | $512,296 | $442,878 |
Irrigation [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 395,981 | 391,527 | 331,872 |
Infrastructure [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $125,722 | $120,769 | $111,006 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | |||
Other Current Liabilities [Abstract] | ' | ' | ' |
Compensation and benefits | $11,962 | $18,471 | $10,772 |
Warranties | 8,622 | 6,695 | 5,052 |
Dealer related liabilities | 6,588 | 7,134 | 3,405 |
Income tax liabilities | 6,367 | 3,550 | 4,129 |
Deferred revenues | 5,677 | 4,790 | 2,555 |
Other | 17,916 | 19,176 | 13,228 |
Total other current liabilities | $57,132 | $59,816 | $39,141 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (Claude Laval Corporation [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 16, 2013 |
Claude Laval Corporation [Member] | ' |
Percent of shares acquired | 100.00% |
Total consideration paid | $29,007 |
Finite-lived intangible assets | 7,100 |
Indefinite-lived intangible assets | $6,500 |
Weighted average useful life in years | '8 years |
Acquisitions_Schedule_Of_Consi
Acquisitions (Schedule Of Consideration Paid And Amounts Of Fair Value Of Assets Acquired And Liabilities Assumed) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 16, 2013 |
In Thousands, unless otherwise specified | Claude Laval Corporation [Member] | |||
Current assets | ' | ' | ' | $8,656 |
Property and equipment | ' | ' | ' | 7,867 |
Intangible assets | ' | ' | ' | 13,600 |
Other long-term assets | ' | ' | ' | 738 |
Current liabilities | ' | ' | ' | -1,808 |
Long-term debt | ' | ' | ' | -1,400 |
Other long-term liabilities | ' | ' | ' | -5,500 |
Total identifiable net assets acquired | ' | ' | ' | 22,153 |
Goodwill | 37,193 | 37,414 | 30,114 | 6,854 |
Total | ' | ' | ' | $29,007 |
Acquisitions_Schedule_Of_Ident
Acquisitions (Schedule Of Identifiable Intangible Assets At Fair Value) (Details) (Claude Laval Corporation [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 16, 2013 |
Indefinite-lived intangible assets | $6,500 |
Finite-lived intangible assets | 7,100 |
Total intangible assets | 13,600 |
Weighted average useful life in years | '8 years |
Patents [Member] | ' |
Finite-lived intangible assets | 4,600 |
Weighted average useful life in years | '10 years |
Customer Relationships [Member] | ' |
Finite-lived intangible assets | 1,600 |
Weighted average useful life in years | '5 years |
Noncompete Agreements [Member] | ' |
Finite-lived intangible assets | 500 |
Weighted average useful life in years | '5 years |
Other Intangible Assets [Member] | ' |
Finite-lived intangible assets | 400 |
Weighted average useful life in years | '1 year 3 months 18 days |
Trade Names [Member] | ' |
Indefinite-lived intangible assets | $6,500 |