Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Nov. 30, 2014 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Nov-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | lnn | |
Entity Registrant Name | LINDSAY CORP | |
Entity Central Index Key | 836157 | |
Current Fiscal Year End Date | -23 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,015,919 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Consolidated Statements Of Operations [Abstract] | ||
Operating revenues | $134,845 | $147,671 |
Cost of operating revenues | 97,931 | 107,520 |
Gross profit | 36,914 | 40,151 |
Operating expenses: | ||
Selling expense | 9,417 | 9,756 |
General and administrative expense | 12,871 | 11,743 |
Engineering and research expense | 2,724 | 2,660 |
Total operating expenses | 25,012 | 24,159 |
Operating income | 11,902 | 15,992 |
Other income (expense): | ||
Interest expense | -71 | -39 |
Interest income | 172 | 135 |
Other expense, net | -342 | -271 |
Earnings before income taxes | 11,661 | 15,817 |
Income tax expense | 4,093 | 5,583 |
Net earnings | $7,568 | $10,234 |
Earnings per share: | ||
Basic | $0.62 | $0.79 |
Diluted | $0.62 | $0.79 |
Shares used in computing earnings per share: | ||
Basic | 12,224 | 12,889 |
Diluted | 12,274 | 12,951 |
Cash dividends declared per share | $0.27 | $0.13 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net earnings | $7,568 | $10,234 |
Other comprehensive income (loss): | ||
Defined benefit pension plan adjustment, net of tax | 32 | 28 |
Foreign currency translation adjustment, net of hedging activities and tax | -3,973 | 877 |
Total other comprehensive income (loss), net of tax expense (benefit) of $556, ($357) | -3,941 | 905 |
Total comprehensive income | $3,627 | $11,139 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Other comprehensive income, tax expense (benefit) | $556 | ($357) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |||
Current Assets: | |||
Cash and cash equivalents | $139,287 | $171,842 | $151,803 |
Receivables, net of allowance of $2,530, $3,349, and $2,857, respectively | 89,165 | 94,135 | 122,093 |
Inventories, net | 77,010 | 71,696 | 75,614 |
Deferred income taxes | 17,107 | 17,714 | 13,469 |
Other current assets | 18,853 | 18,671 | 15,989 |
Total current assets | 341,422 | 374,058 | 378,968 |
Property, Plant And Equipment: | |||
Cost | 170,051 | 169,696 | 156,299 |
Less accumulated depreciation | -99,150 | -97,239 | -91,047 |
Property, plant and equipment, net | 70,901 | 72,457 | 65,252 |
Intangibles, net | 30,821 | 31,980 | 35,029 |
Goodwill | 36,634 | 37,021 | 37,193 |
Other noncurrent assets, net of allowance of $2,017, $0, and $2,000, respectively | 10,299 | 11,035 | 5,261 |
Total assets | 490,077 | 526,551 | 521,703 |
Current Liabilities: | |||
Accounts payable | 48,648 | 42,424 | 45,902 |
Other current liabilities | 60,972 | 73,943 | 57,132 |
Total current liabilities | 109,620 | 116,367 | 103,034 |
Pension benefits liabilities | 6,530 | 6,600 | 6,263 |
Deferred income taxes | 11,903 | 12,992 | 14,715 |
Other noncurrent liabilities | 9,190 | 7,945 | 8,022 |
Total liabilities | 137,243 | 143,904 | 132,034 |
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; 18,674, 18,620, and 18,636 shares issued at November 30, 2014 and 2013 and August 31, 2014, respectively | 18,674 | 18,636 | 18,620 |
Capital in excess of stated value | 52,650 | 52,866 | 49,288 |
Retained earnings | 449,658 | 445,366 | 414,133 |
Less treasury stock - at cost, 6,578, 5,698, and 6,196 shares at November 30, 2014 and 2013 and August 31, 2014, respectively | -162,006 | -132,020 | -90,961 |
Accumulated other comprehensive loss, net | -6,142 | -2,201 | -1,411 |
Total shareholders' equity | 352,834 | 382,647 | 389,669 |
Total liabilities and shareholders' equity | $490,077 | $526,551 | $521,703 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Condensed Consolidated Balance Sheets [Abstract] | |||
Receivables, allowance, current | $2,530 | $2,857 | $3,349 |
Receivables, allowance, noncurrent | $2,017 | $2,000 | $0 |
Preferred stock, par value | $1 | $1 | $1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, outstanding | 0 | 0 | 0 |
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 | 18,674,000 | 18,636,000 | 18,620,000 |
Treasury stock, shares | 6,578,000 | 6,196,000 | 5,698,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $7,568 | $10,234 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 3,748 | 3,707 |
Provision for uncollectible accounts receivable | 169 | 442 |
Deferred income taxes | -774 | -1,365 |
Share-based compensation expense | 1,099 | 1,180 |
Other, net | 1,368 | -244 |
Changes in assets and liabilities: | ||
Receivables | 1,792 | -1,608 |
Inventories | -5,347 | -6,608 |
Other current assets | -1,513 | -431 |
Accounts payable | 7,300 | 3,356 |
Other current liabilities | -8,131 | -5,986 |
Current income taxes payable | -3,441 | 3,140 |
Other noncurrent assets and liabilities | 1,857 | 111 |
Net cash provided by operating activities | 5,695 | 5,928 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | -3,649 | -2,387 |
Proceeds from sale of property, plant and equipment | 34 | |
Proceeds from settlement of net investment hedges | 1,889 | 101 |
Payments for settlement of net investment hedges | -329 | -1,035 |
Net cash used in investing activities | -2,089 | -3,287 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common stock withheld for payroll tax withholdings | -1,699 | -2,027 |
Excess tax benefits from share-based compensation | 501 | 465 |
Repurchase of common shares | -29,986 | |
Dividends paid | -3,276 | -1,681 |
Net cash used in financing activities | -34,460 | -3,243 |
Effect of exchange rate changes on cash and cash equivalents | -1,701 | 478 |
Net change in cash and cash equivalents | -32,555 | -124 |
Cash and cash equivalents, beginning of period | 171,842 | 151,927 |
Cash and cash equivalents, end of period | $139,287 | $151,803 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 3 Months Ended |
Nov. 30, 2014 | |
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, 2014. | |
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. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Nov. 30, 2014 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 2 – New Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (the “ASU”). The ASU provides a single model for revenue arising from contracts with customers and supersedes current revenue recognition guidance. The ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services. The ASU will replace existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date for the ASU will be the first quarter of fiscal year 2018. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is currently evaluating the impact the adoption will have on its condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method, nor has it determined the effect of the ASU on its ongoing financial reporting. | |
Net_Earnings_Per_Share
Net Earnings Per Share | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
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, 2014 and 2013: | ||||||||
Three months ended | ||||||||
November 30, | November 30, | |||||||
($ and shares in thousands, except per share amounts) | 2014 | 2013 | ||||||
Numerator: | ||||||||
Net earnings | $ | 7,568 | $ | 10,234 | ||||
Denominator: | ||||||||
Weighted average shares outstanding | 12,224 | 12,889 | ||||||
Diluted effect of stock awards | 50 | 62 | ||||||
Weighted average shares outstanding assuming dilution | 12,274 | 12,951 | ||||||
Basic net earnings per share | $ | 0.62 | $ | 0.79 | ||||
Diluted net earnings per share | $ | 0.62 | $ | 0.79 | ||||
Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: | ||||||||
Three months ended | ||||||||
November 30, | ||||||||
Units and options in thousands | 2014 | 2013 | ||||||
Restricted stock units | 10 | 11 | ||||||
Stock options | 58 | 33 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2014 | |
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, 2014 and 2013. | |
The Company recorded income tax expense of $4.1 million and $5.6 million for the three months ended November 30, 2014 and 2013, respectively. The estimated annual effective income tax rate was 35.1 percent and 35.3 percent for the three months ended November 30, 2014 and 2013, respectively. | |
Inventories
Inventories | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Inventories [Abstract] | ||||||||||
Inventories | ||||||||||
Note 5 – Inventories | ||||||||||
Inventories consisted of the following as of November 30, 2014, November 30, 2013 and August 31, 2014: | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2014 | 2013 | 2014 | |||||||
Raw materials and supplies | $ | 21,006 | $ | 20,386 | $ | 19,953 | ||||
Work in process | 9,343 | 7,045 | 9,990 | |||||||
Finished goods and purchased parts | 54,015 | 54,540 | 48,300 | |||||||
Total inventory value before LIFO adjustment | 84,364 | 81,971 | 78,243 | |||||||
Less adjustment to LIFO value | -7,354 | -6,357 | -6,547 | |||||||
Inventories, net | $ | 77,010 | $ | 75,614 | $ | 71,696 | ||||
Credit_Arrangements
Credit Arrangements | 3 Months Ended |
Nov. 30, 2014 | |
Credit Arrangements [Abstract] | |
Credit Arrangements | Note 6 – Credit Arrangements |
There have been no changes made to credit arrangements during the three months ended November 30, 2014. The Company had no outstanding long-term debt as of November 30, 2014. At November 30, 2014 and 2013 and August 31, 2014, the Company was in compliance with all financial loan covenants contained in its credit agreements. | |
Financial_Derivatives
Financial Derivatives | 3 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Financial Derivatives [Abstract] | ||||||||||||
Financial Derivatives | Note 7 – Financial Derivatives | |||||||||||
The Company uses certain financial derivatives to mitigate its exposure to volatility in 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, 2014, 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 | 2014 | 2013 | 2014 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 1,072 | $ | 18 | $ | 900 | |||||
Foreign currency forward contracts | Other current liabilities | -87 | -287 | -240 | ||||||||
Total derivatives designated as hedging instruments | $ | 985 | $ | -269 | $ | 660 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 181 | $ | 132 | $ | - | |||||
Foreign currency forward contracts | Other current liabilities | - | -1 | -160 | ||||||||
Total derivatives not designated as hedging instruments | $ | 181 | $ | 131 | $ | -160 | ||||||
Accumulated other comprehensive income included realized and unrealized after-tax gains of $3.1 million, $1.4 million and $2.0 million at November 30, 2014 and 2013 and August 31, 2014, respectively, related to derivative contracts designated as hedging instruments. | ||||||||||||
Net Investment Hedging Relationships | ||||||||||||
Amount of Gain/(Loss) Recognized | ||||||||||||
in OCI on Derivatives | ||||||||||||
Three months ended | ||||||||||||
November 30, | November 30, | |||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||
Foreign currency forward contracts, net of tax expense | $ | 1,145 | $ | -695 | ||||||||
(benefit) of $733 and ($403) | ||||||||||||
For the three months ended November 30, 2014 and 2013, the Company settled foreign currency forward contracts resulting in an after-tax net gain (loss) of $0.9 million and ($0.6 million), which were included in other comprehensive income 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, 2014 and 2013. | ||||||||||||
At November 30, 2014 and 2013 and August 31, 2014, the Company had outstanding Euro foreign currency forward contracts to sell 29.0 million Euro, 29.1 million Euro and 28.9 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At November 30, 2014 and 2013 and August 31, 2014, 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. | ||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||
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 the Company’s 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. The Company may choose whether or not to designate these contracts as hedges. For those contracts not so designated, changes in fair value are recognized currently in the condensed consolidated statement of operations. At November 30, 2014 and 2013 and August 31, 2014, the Company had $4.3 million, $3.6 million and $4.9 million respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding. | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Fair Value Measurements | Note 8 – Fair Value Measurements | ||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2014 and 2013 and August 31, 2014, respectively. | |||||||||||||
30-Nov-14 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 139,287 | $ | - | $ | - | $ | 139,287 | |||||
Derivative assets | - | 1,253 | - | 1,253 | |||||||||
Derivative liabilities | - | -87 | - | -87 | |||||||||
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 | |||||||||
31-Aug-14 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 171,842 | $ | - | $ | - | $ | 171,842 | |||||
Derivative assets | - | 900 | - | 900 | |||||||||
Derivative liabilities | - | -400 | - | -400 | |||||||||
The Company has no long-term debt as of November 30, 2014 and 2013 and August 31, 2014. The Company 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, 2014 and 2013. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
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 compounds 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 of source area contamination and operating costs and accrued that undiscounted amount. The EPA has not approved the Company’s remediation plan. | ||||||||||
In addition to the source area noted above, the Company has determined that volatile organic compounds also exist under one of the manufacturing buildings on the site. Due to the location, the Company has not yet determined the extent of these compounds or the extent to which they are contributing to groundwater contamination. Based on the current stage of discussions with the EPA and the uncertainty of the remediation actions that may be required with respect to this affected area, if any, the Company believes that meaningful estimates of costs or range of costs cannot currently be made and accordingly have not been accrued. | ||||||||||
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. During a meeting with the EPA in December 2014, the EPA requested that the Company prepare a feasibility study related to the site, which resulted in a revision to the Company’s remediation timeline. During the first quarter of fiscal 2015, the Company accrued $1.5 million of incremental operating costs to reflect its updated timeline of when an approved remediation plan could begin. The Company now intends to complete its current investigation of the soil and groundwater on the site during the first half of calendar 2015. In connection with the development of the feasibility study, the Company will assess revisions to its remediation plan and expects to meet with the EPA in the second half of fiscal 2015 to determine how to proceed. | ||||||||||
The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. Although the Company has accrued all reasonably estimable costs associated with the site, it anticipates there could be revisions to the current remediation plan as well as additional testing and environmental monitoring as part of the Company’s ongoing discussions with the EPA regarding the development and implementation of the remedial action plans. Any revisions could be material to the operating results of any fiscal quarter or fiscal year. The Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. | ||||||||||
The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of November 30, 2014 and 2013 and August 31, 2014: | ||||||||||
Environmental Remediation Liabilities | ||||||||||
($ in thousands) | November 30, | November 30, | August 31, | |||||||
Balance Sheet Classification | 2014 | 2013 | 2014 | |||||||
Other current liabilities | $ | 1,403 | $ | 1,516 | $ | 1,370 | ||||
Other noncurrent liabilities | 6,475 | 5,200 | 5,025 | |||||||
Total environmental remediation liabilities | $ | 7,878 | $ | 6,716 | $ | 6,395 | ||||
Warranties
Warranties | 3 Months Ended | ||||||
Nov. 30, 2014 | |||||||
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) | 2014 | 2013 | |||||
Product warranty accrual balance, beginning of period | $ | 9,331 | $ | 6,695 | |||
Liabilities accrued for warranties during the period | 983 | 3,042 | |||||
Warranty claims paid during the period | -1,140 | -1,115 | |||||
Product warranty accrual balance, end of period | $ | 9,174 | $ | 8,622 | |||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
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 $1.1 million and $1.2 million for the three months ended November 30, 2014 and 2013, respectively. | ||||||||||||
The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2014 and 2013, respectively: | ||||||||||||
Three months ended November 30, | ||||||||||||
2014 | 2013 | |||||||||||
Weighted | Weighted Average | |||||||||||
Average | Grant-Date | |||||||||||
Grant-Date | Fair Value | |||||||||||
Fair Value | ||||||||||||
# Granted | Per Award | # Granted | Per Award | |||||||||
Stock options | 25,332 | $ | 40.66 | 25,394 | $ | 40.42 | ||||||
RSUs | 27,621 | $ | 80.33 | 29,619 | $ | 74.84 | ||||||
PSUs | 12,328 | $ | 80.33 | 13,434 | $ | 74.84 | ||||||
The RSUs granted during the three months ended November 30, 2014 and 2013 consisted of 2,808 and 2,977, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $83.53 and $76.39 for 2014 and 2013, respectively. | ||||||||||||
The following table provides the assumptions used in determining the fair value of the stock options awarded during the three month periods ended November 30, 2014 and 2013, respectively: | ||||||||||||
Grant Year | ||||||||||||
2014 | 2013 | |||||||||||
Weighted-average dividend yield | 1.3% | 0.7% | ||||||||||
Weighted-average volatility | 53.6% | 55.2% | ||||||||||
Range of risk-free interest rates | 2.0% | 1.9% | ||||||||||
Weighted-average expected lives | 7 years | 7 years | ||||||||||
Industry_Segment_Information
Industry Segment Information | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Industry Segment Information [Abstract] | ||||||||||
Industry Segment Information | Note 12 – Industry Segment Information | |||||||||
The Company manages its business activities in two reportable segments: Irrigation and Infrastructure. The Company evaluates the performance of its reportable segments based on segment 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 had no single major customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2014 and 2013. | ||||||||||
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 four 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, crash cushions and end terminals, and road marking and road safety equipment; the manufacture and sale of large diameter steel tubing and railroad signals and structures; and the provision of outsourced manufacturing and production services. The infrastructure reporting segment consists of one operating segment. | ||||||||||
Summarized financial information concerning the Company’s reportable segments is shown in the following tables: | ||||||||||
Three months ended | ||||||||||
November 30, | November 30, | |||||||||
($ in thousands) | 2014 | 2013 | ||||||||
Operating revenues: | ||||||||||
Irrigation | $ | 114,716 | $ | 129,183 | ||||||
Infrastructure | 20,129 | 18,488 | ||||||||
Total operating revenues | $ | 134,845 | $ | 147,671 | ||||||
Operating income (loss): | ||||||||||
Irrigation (1) | $ | 14,669 | $ | 20,311 | ||||||
Infrastructure (1) | 2,244 | 508 | ||||||||
Segment operating income (1) | 16,913 | 20,819 | ||||||||
Unallocated general and administrative expenses | -5,011 | -4,827 | ||||||||
Interest and other income (expense), net | -241 | -175 | ||||||||
Earnings before income taxes | $ | 11,661 | $ | 15,817 | ||||||
Capital Expenditures: | ||||||||||
Irrigation | $ | 3,084 | $ | 2,228 | ||||||
Infrastructure | 565 | 159 | ||||||||
$ | 3,649 | $ | 2,387 | |||||||
Depreciation and Amortization: | ||||||||||
Irrigation | $ | 2,486 | $ | 2,358 | ||||||
Infrastructure | 1,262 | 1,349 | ||||||||
$ | 3,748 | $ | 3,707 | |||||||
(1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the three months ended November 30, 2014. There were no environmental remediation expenses for the three months ended November 30, 2013. | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2014 | 2013 | 2014 | |||||||
Total Assets: | ||||||||||
Irrigation | $ | 368,577 | $ | 395,981 | $ | 407,447 | ||||
Infrastructure | 121,500 | 125,722 | 119,104 | |||||||
$ | 490,077 | $ | 521,703 | $ | 526,551 | |||||
Other_Current_Liabilities
Other Current Liabilities | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Other Current Liabilities [Abstract] | ||||||||||
Other Current Liabilities | ||||||||||
Note 13 – Other Current Liabilities | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2014 | 2013 | 2014 | |||||||
Other current liabilities: | ||||||||||
Compensation and benefits | $ | 10,769 | $ | 11,962 | $ | 16,622 | ||||
Deferred revenues | 9,452 | 5,677 | 8,979 | |||||||
Warranties | 9,174 | 8,622 | 9,331 | |||||||
Income tax liabilities | 6,090 | 6,367 | 8,922 | |||||||
Dealer related liabilities | 5,946 | 6,588 | 7,103 | |||||||
Customer deposits | 4,072 | 3,392 | 7,366 | |||||||
Other | 15,469 | 14,524 | 15,620 | |||||||
Total other current liabilities | $ | 60,972 | $ | 57,132 | $ | 73,943 | ||||
Share_Repurchases
Share Repurchases | 3 Months Ended |
Nov. 30, 2014 | |
Share Repurchases [Abstract] | |
Share Repurchases | |
Note 14 – Share Repurchases | |
On January 3, 2014, the Company announced that its Board of Directors authorized the Company to repurchase up to $150.0 million of common stock through January 2, 2016. On July 25, 2014, the Company adopted a written trading plan in connection with its share repurchase program for repurchasing its common stock in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. During the three months ended November 30, 2014, the Company repurchased 381,619 shares of common stock for an aggregate purchase price of $30.0 million. During the three months ended November 30, 2013, the Company did not repurchase shares of common stock. The remaining amount available under the repurchase program was $79.0 million as of November 30, 2014. | |
Acquisitions
Acquisitions | 3 Months Ended |
Nov. 30, 2014 | |
Acquisitions [Abstract] | |
Acquisitions | Note 15 – Acquisitions |
On November 4, 2014, the Company entered into a definitive merger agreement to acquire Elecsys Corporation (NASDAQ: ESYS) (“Elecsys”), a provider of machine-to-machine (M2M) technology solutions and custom electronic systems. Under the terms of the merger agreement, the Company will acquire Elecsys for $17.50 per share in cash, for a total purchase price of approximately $70.5 million, which includes the cashing out of Elecsys' equity compensation awards. The merger agreement has been unanimously approved by both the Company and Elecsys boards of directors. The transaction is subject to customary closing conditions, including the receipt of Elecsys shareholder approval. The Company incurred transactions costs of $0.6 million during the three months ended November 30, 2014. | |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policy) | 3 Months Ended |
Nov. 30, 2014 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (the “ASU”). The ASU provides a single model for revenue arising from contracts with customers and supersedes current revenue recognition guidance. The ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services. The ASU will replace existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date for the ASU will be the first quarter of fiscal year 2018. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is currently evaluating the impact the adoption will have on its condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method, nor has it determined the effect of the ASU on its ongoing financial reporting. |
Net_Earnings_Per_Share_Tables
Net Earnings Per Share (Tables) | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
Net Earnings Per Share [Abstract] | ||||||||
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | ||||||||
Three months ended | ||||||||
November 30, | November 30, | |||||||
($ and shares in thousands, except per share amounts) | 2014 | 2013 | ||||||
Numerator: | ||||||||
Net earnings | $ | 7,568 | $ | 10,234 | ||||
Denominator: | ||||||||
Weighted average shares outstanding | 12,224 | 12,889 | ||||||
Diluted effect of stock awards | 50 | 62 | ||||||
Weighted average shares outstanding assuming dilution | 12,274 | 12,951 | ||||||
Basic net earnings per share | $ | 0.62 | $ | 0.79 | ||||
Diluted net earnings per share | $ | 0.62 | $ | 0.79 | ||||
Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share | ||||||||
Three months ended | ||||||||
November 30, | ||||||||
Units and options in thousands | 2014 | 2013 | ||||||
Restricted stock units | 10 | 11 | ||||||
Stock options | 58 | 33 | ||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Inventories [Abstract] | ||||||||||
Schedule Of Inventories | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2014 | 2013 | 2014 | |||||||
Raw materials and supplies | $ | 21,006 | $ | 20,386 | $ | 19,953 | ||||
Work in process | 9,343 | 7,045 | 9,990 | |||||||
Finished goods and purchased parts | 54,015 | 54,540 | 48,300 | |||||||
Total inventory value before LIFO adjustment | 84,364 | 81,971 | 78,243 | |||||||
Less adjustment to LIFO value | -7,354 | -6,357 | -6,547 | |||||||
Inventories, net | $ | 77,010 | $ | 75,614 | $ | 71,696 | ||||
Financial_Derivatives_Tables
Financial Derivatives (Tables) | 3 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
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 | 2014 | 2013 | 2014 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 1,072 | $ | 18 | $ | 900 | |||||
Foreign currency forward contracts | Other current liabilities | -87 | -287 | -240 | ||||||||
Total derivatives designated as hedging instruments | $ | 985 | $ | -269 | $ | 660 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency forward contracts | Other current assets | $ | 181 | $ | 132 | $ | - | |||||
Foreign currency forward contracts | Other current liabilities | - | -1 | -160 | ||||||||
Total derivatives not designated as hedging instruments | $ | 181 | $ | 131 | $ | -160 | ||||||
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) | 2014 | 2013 | ||||||||||
Foreign currency forward contracts, net of tax expense | $ | 1,145 | $ | -695 | ||||||||
(benefit) of $733 and ($403) | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Schedule Of Financial Assets And Liabilities Measured At Fair Value | |||||||||||||
30-Nov-14 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 139,287 | $ | - | $ | - | $ | 139,287 | |||||
Derivative assets | - | 1,253 | - | 1,253 | |||||||||
Derivative liabilities | - | -87 | - | -87 | |||||||||
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 | |||||||||
31-Aug-14 | |||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 171,842 | $ | - | $ | - | $ | 171,842 | |||||
Derivative assets | - | 900 | - | 900 | |||||||||
Derivative liabilities | - | -400 | - | -400 | |||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
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 | 2014 | 2013 | 2014 | |||||||
Other current liabilities | $ | 1,403 | $ | 1,516 | $ | 1,370 | ||||
Other noncurrent liabilities | 6,475 | 5,200 | 5,025 | |||||||
Total environmental remediation liabilities | $ | 7,878 | $ | 6,716 | $ | 6,395 | ||||
Warranties_Tables
Warranties (Tables) | 3 Months Ended | ||||||
Nov. 30, 2014 | |||||||
Warranties [Abstract] | |||||||
Schedule Of Product Warranty Liability | |||||||
Three months ended | |||||||
November 30, | November 30, | ||||||
($ in thousands) | 2014 | 2013 | |||||
Product warranty accrual balance, beginning of period | $ | 9,331 | $ | 6,695 | |||
Liabilities accrued for warranties during the period | 983 | 3,042 | |||||
Warranty claims paid during the period | -1,140 | -1,115 | |||||
Product warranty accrual balance, end of period | $ | 9,174 | $ | 8,622 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Share-Based Compensation [Abstract] | ||||||||||||
Summary Of Type And Fair Value Of Share-Based Compensation Awards | ||||||||||||
Three months ended November 30, | ||||||||||||
2014 | 2013 | |||||||||||
Weighted | Weighted Average | |||||||||||
Average | Grant-Date | |||||||||||
Grant-Date | Fair Value | |||||||||||
Fair Value | ||||||||||||
# Granted | Per Award | # Granted | Per Award | |||||||||
Stock options | 25,332 | $ | 40.66 | 25,394 | $ | 40.42 | ||||||
RSUs | 27,621 | $ | 80.33 | 29,619 | $ | 74.84 | ||||||
PSUs | 12,328 | $ | 80.33 | 13,434 | $ | 74.84 | ||||||
Schedule Of Assumptions Used In Determining The Fair Value Of The Option Awards | ||||||||||||
Grant Year | ||||||||||||
2014 | 2013 | |||||||||||
Weighted-average dividend yield | 1.3% | 0.7% | ||||||||||
Weighted-average volatility | 53.6% | 55.2% | ||||||||||
Range of risk-free interest rates | 2.0% | 1.9% | ||||||||||
Weighted-average expected lives | 7 years | 7 years | ||||||||||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Industry Segment Information [Abstract] | ||||||||||
Schedule Of Segment Reporting Information, By Segment | ||||||||||
Three months ended | ||||||||||
November 30, | November 30, | |||||||||
($ in thousands) | 2014 | 2013 | ||||||||
Operating revenues: | ||||||||||
Irrigation | $ | 114,716 | $ | 129,183 | ||||||
Infrastructure | 20,129 | 18,488 | ||||||||
Total operating revenues | $ | 134,845 | $ | 147,671 | ||||||
Operating income (loss): | ||||||||||
Irrigation (1) | $ | 14,669 | $ | 20,311 | ||||||
Infrastructure (1) | 2,244 | 508 | ||||||||
Segment operating income (1) | 16,913 | 20,819 | ||||||||
Unallocated general and administrative expenses | -5,011 | -4,827 | ||||||||
Interest and other income (expense), net | -241 | -175 | ||||||||
Earnings before income taxes | $ | 11,661 | $ | 15,817 | ||||||
Capital Expenditures: | ||||||||||
Irrigation | $ | 3,084 | $ | 2,228 | ||||||
Infrastructure | 565 | 159 | ||||||||
$ | 3,649 | $ | 2,387 | |||||||
Depreciation and Amortization: | ||||||||||
Irrigation | $ | 2,486 | $ | 2,358 | ||||||
Infrastructure | 1,262 | 1,349 | ||||||||
$ | 3,748 | $ | 3,707 | |||||||
(1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the three months ended November 30, 2014. There were no environmental remediation expenses for the three months ended November 30, 2013. | ||||||||||
Reconciliation Of Assets From Segment To Consolidated | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2014 | 2013 | 2014 | |||||||
Total Assets: | ||||||||||
Irrigation | $ | 368,577 | $ | 395,981 | $ | 407,447 | ||||
Infrastructure | 121,500 | 125,722 | 119,104 | |||||||
$ | 490,077 | $ | 521,703 | $ | 526,551 | |||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 3 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Other Current Liabilities [Abstract] | ||||||||||
Other Current Liabilities | ||||||||||
November 30, | November 30, | August 31, | ||||||||
($ in thousands) | 2014 | 2013 | 2014 | |||||||
Other current liabilities: | ||||||||||
Compensation and benefits | $ | 10,769 | $ | 11,962 | $ | 16,622 | ||||
Deferred revenues | 9,452 | 5,677 | 8,979 | |||||||
Warranties | 9,174 | 8,622 | 9,331 | |||||||
Income tax liabilities | 6,090 | 6,367 | 8,922 | |||||||
Dealer related liabilities | 5,946 | 6,588 | 7,103 | |||||||
Customer deposits | 4,072 | 3,392 | 7,366 | |||||||
Other | 15,469 | 14,524 | 15,620 | |||||||
Total other current liabilities | $ | 60,972 | $ | 57,132 | $ | 73,943 | ||||
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, 2014 | Nov. 30, 2013 |
Net Earnings Per Share [Abstract] | ||
Net earnings | $7,568 | $10,234 |
Weighted average shares outstanding | 12,224 | 12,889 |
Diluted effect of stock awards | 50 | 62 |
Weighted average shares outstanding assuming dilution | 12,274 | 12,951 |
Basic net earnings per share | $0.62 | $0.79 |
Diluted net earnings per share | $0.62 | $0.79 |
Net_Earnings_Per_Share_Schedul1
Net Earnings Per Share (Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 10 | 11 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 58 | 33 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Income Taxes [Abstract] | ||
Income tax expense | $4,093 | $5,583 |
Estimated effective income tax rate | 35.10% | 35.30% |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |||
Inventories [Abstract] | |||
Raw materials and supplies | $21,006 | $19,953 | $20,386 |
Work in process | 9,343 | 9,990 | 7,045 |
Finished goods and purchased parts | 54,015 | 48,300 | 54,540 |
Total inventory value before LIFO adjustment | 84,364 | 78,243 | 81,971 |
Less adjustment to LIFO value | -7,354 | -6,547 | -6,357 |
Inventories, net | $77,010 | $71,696 | $75,614 |
Credit_Arrangements_Narrative_
Credit Arrangements (Narrative) (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | |||
Credit Arrangements [Abstract] | |||
Long-term debt outstanding | $0 | $0 | $0 |
Financial_Derivatives_Narrativ
Financial Derivatives (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2014 |
USD ($) | USD ($) | USD ($) | Euro [Member] | Euro [Member] | Euro [Member] | Rand [Member] | Rand [Member] | Rand [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | |
EUR (€) | EUR (€) | EUR (€) | ZAR | ZAR | ZAR | USD ($) | USD ($) | USD ($) | ||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Realized and unrealized gains included in AOCI | $3.10 | $1.40 | $2 | |||||||||
Derivative contracts resulting in an after-tax net gain (loss) | 0.9 | -0.6 | ||||||||||
Outstanding foreign currency forward contracts to sell | € 29 | € 28.90 | € 29.10 | 43 | 43 | 43 | $4.30 | $3.60 | $4.90 |
Financial_Derivatives_Schedule
Financial Derivatives (Schedule Of Derivatives Instruments Statements Of Financial Performance And Financial Position, Location) (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |||
Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | $985 | $660 | ($269) |
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 | -87 | -240 | -287 |
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 | 1,072 | 900 | 18 |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | 181 | -160 | 131 |
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 | -160 | -1 | |
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 | $181 | $132 |
Financial_Derivatives_Schedule1
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) (Foreign Currency Forward Contracts [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI on Derivatives | $1,145 | ($695) |
Foreign currency forward contracts, tax expense (benefit) | $733 | ($403) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | |||
Fair Value Measurements [Abstract] | |||
Long-term debt outstanding | $0 | $0 | $0 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $139,287 | $171,842 | $151,803 | $151,927 |
Derivative assets | 1,253 | 900 | 150 | |
Derivative liabilities | -87 | -400 | -288 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 139,287 | 171,842 | 151,803 | |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 1,253 | 900 | 150 | |
Derivative liabilities | ($87) | ($400) | ($288) |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | |
Commitments And Contingencies [Abstract] | ||||
Environmental remediation expense | $0 | $7,200,000 | ||
Environmental remediation, incremental costs | 1,500,000 | |||
Other current liabilities | 1,403,000 | 1,516,000 | 1,370,000 | |
Other noncurrent liabilities | 6,475,000 | 5,200,000 | 5,025,000 | |
Total environmental remediation liabilities | $7,878,000 | $6,716,000 | $6,395,000 |
Warranties_Schedule_Of_Product
Warranties (Schedule Of Product Warranty Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Warranties [Abstract] | ||
Product warranty accrual balance, beginning of period | $9,331 | $6,695 |
Liabilities accrued for warranties during the period | 983 | 3,042 |
Warranty claims paid during the period | -1,140 | -1,115 |
Product warranty accrual balance, end of period | $9,174 | $8,622 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $1.10 | $1.20 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total units of restricted stock granted | 2,808 | 2,977 |
Weighted average grant date fair value of restricted stock | $83.53 | $76.39 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Type And Fair Value Of Share-Based Compensation Awards) (Details) (USD $) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number granted | 25,332 | 25,394 |
Weighted Average Grant-date fair value per award | $40.66 | $40.42 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number granted | 27,621 | 29,619 |
Weighted Average Grant-date fair value per award | $80.33 | $74.84 |
Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number granted | 12,328 | 13,434 |
Weighted Average Grant-date fair value per award | $80.33 | $74.84 |
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, 2014 | Nov. 30, 2013 | |
Share-Based Compensation [Abstract] | ||
Weighted-average dividend yield | 1.30% | 0.70% |
Weighted-average volatility | 53.60% | 55.20% |
Range of risk-free interest rates | 2.00% | 1.90% |
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 | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2012 | ||
segment | |||||
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | 2 | ||||
Total operating revenues | $134,845 | $147,671 | |||
Segment operating income | 16,913 | [1] | 20,819 | [1] | |
Unallocated general and administrative expenses | -5,011 | -4,827 | |||
Interest and other income (expense), net | -241 | -175 | |||
Earnings before income taxes | 11,661 | 15,817 | |||
Capital Expenditures | 3,649 | 2,387 | |||
Depreciation and Amortization | 3,748 | 3,707 | |||
Environmental remediation expenses | 0 | 7,200 | |||
Irrigation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of operating segments | 4 | ||||
Total operating revenues | 114,716 | 129,183 | |||
Segment operating income | 14,669 | [1] | 20,311 | [1] | |
Capital Expenditures | 3,084 | 2,228 | |||
Depreciation and Amortization | 2,486 | 2,358 | |||
Environmental remediation expenses | 1,300 | ||||
Infrastructure [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of operating segments | 1 | ||||
Total operating revenues | 20,129 | 18,488 | |||
Segment operating income | 2,244 | [1] | 508 | [1] | |
Capital Expenditures | 565 | 159 | |||
Depreciation and Amortization | 1,262 | 1,349 | |||
Environmental remediation expenses | $200 | ||||
[1] | Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the three months ended November 30, 2014. There were no environmental remediation expenses for the three months ended November 30, 2013. |
Industry_Segment_Information_R
Industry Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Assets | $490,077 | $526,551 | $521,703 |
Irrigation [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 368,577 | 407,447 | 395,981 |
Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $121,500 | $119,104 | $125,722 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |||
Other Current Liabilities [Abstract] | |||
Compensation and benefits | $10,769 | $16,622 | $11,962 |
Deferred revenues | 9,452 | 8,979 | 5,677 |
Warranties | 9,174 | 9,331 | 8,622 |
Income tax liabilities | 6,090 | 8,922 | 6,367 |
Dealer related liabilities | 5,946 | 7,103 | 6,588 |
Customer deposits | 4,072 | 7,366 | 3,392 |
Other | 15,469 | 15,620 | 14,524 |
Total other current liabilities | $60,972 | $73,943 | $57,132 |
Share_Repurchases_Details
Share Repurchases (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 03, 2014 | Nov. 30, 2014 |
Share Repurchases [Abstract] | ||
Repurchase authorization amount | $150 | |
Number of shares of common stock repurchased during the period | 381,619 | |
Aggregate purchase price of shares repurchased | 30 | |
Remaining amount available under the repurchase program | $79 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (Elecsys Corporation [Member], USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Nov. 04, 2014 | Nov. 30, 2014 | Nov. 04, 2014 |
Elecsys Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition date | 4-Nov-14 | ||
Acquisition price per share | $17.50 | $17.50 | |
Total purchase price | $70.50 | ||
Transaction costs | $0.60 |