Lindsay (LNN) 10-Q 26 Jun 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	May. 31, 2015	Jun. 19, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	lnn
Entity Registrant Name	LINDSAY CORP
Entity Central Index Key	836,157
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		11,442,826

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Condensed Consolidated Statements Of Operations [Abstract]
Operating revenues	$ 160,707	$ 169,936	$ 436,641	$ 470,411
Cost of operating revenues	114,321	121,687	313,785	339,339
Gross profit	46,386	48,249	122,856	131,072
Operating expenses:
Selling expense	10,682	9,954	30,330	29,244
General and administrative expense	10,719	10,002	35,270	31,099
Engineering and research expense	3,497	3,071	9,330	8,602
Total operating expenses	24,898	23,027	74,930	68,945
Operating income	21,488	25,222	47,926	62,127
Other income (expense):
Interest expense	(1,144)	(45)	(1,424)	(140)
Interest income	134	295	468	587
Other expense, net	(55)	28	(748)	(468)
Earnings before income taxes	20,423	25,500	46,222	62,106
Income tax expense	7,496	9,001	16,732	21,923
Net earnings	$ 12,927	$ 16,499	$ 29,490	$ 40,183
Earnings per share:
Basic	$ 1.11	$ 1.28	$ 2.46	$ 3.12
Diluted	$ 1.10	$ 1.28	$ 2.46	$ 3.11
Shares used in computing earnings per share:
Basic	11,690	12,843	11,965	12,881
Diluted	11,720	12,889	12,000	12,927
Cash dividends declared per share	$ 0.270	$ 0.260	$ 0.810	$ 0.650

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net earnings	$ 12,927	$ 16,499	$ 29,490	$ 40,183
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax	33	29	97	85
Unrealized gain on cash flow hedges, net of tax		(4)		(4)
Foreign currency translation adjustment, net of hedging activities and tax	(2,638)	187	(10,909)	1,039
Total other comprehensive (loss) income, net of tax expense (benefit) of $136, $262, $1,873 and ($333)	(2,605)	212	(10,812)	1,120
Total comprehensive income	$ 10,322	$ 16,711	$ 18,678	$ 41,303

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Other comprehensive (loss) income, tax expense (benefit)	$ 136	$ 262	$ 1,873	$ (333)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Current Assets:
Cash and cash equivalents	$ 154,018	$ 171,842	$ 182,051
Receivables, net of allowance of $2,607, $3,670, and $2,857, respectively	93,399	94,135	103,513
Inventories, net	79,123	71,696	79,010
Deferred income taxes	16,922	17,714	14,748
Other current assets	17,641	18,671	19,992
Total current assets	361,103	374,058	399,314
Property, plant And equipment:
Cost	178,606	169,696	160,969
Less accumulated depreciation	(101,752)	(97,239)	(95,940)
Property, plant and equipment, net	76,854	72,457	65,029
Intangibles, net	52,103	31,980	33,060
Goodwill	75,124	37,021	37,211
Other noncurrent assets, net of allowance of $2,021, $0, and $2,000, respectively	12,710	11,035	3,957
Total assets	577,894	526,551	538,571
Current Liabilities:
Accounts payable	46,560	42,424	47,352
Current portion of long-term debt	182
Other current liabilities	64,343	73,943	65,173
Total current liabilities	111,085	116,367	112,525
Pension benefits liabilities	6,389	6,600	6,141
Long-term debt	117,222
Deferred income taxes	18,685	12,992	13,999
Other noncurrent liabilities	9,818	7,945	7,869
Total liabilities	$ 263,199	$ 143,904	$ 140,534
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; 18,678, 18,636, and 18,636 shares issued at May 31, 2015 and 2014 and August 31, 2014, respectively	$ 18,678	$ 18,636	$ 18,636
Capital in excess of stated value	54,268	52,866	51,896
Retained earnings	465,246	445,366	437,415
Less treasury stock - at cost, 7,174, 5,906, and 6,196 shares at May 31, 2015 and 2014 and August 31, 2014, respectively	(210,484)	(132,020)	(108,714)
Accumulated other comprehensive loss, net	(13,013)	(2,201)	(1,196)
Total shareholders' equity	314,695	382,647	398,037
Total liabilities and shareholders' equity	$ 577,894	$ 526,551	$ 538,571

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Receivables, allowance, current	$ 2,607	$ 2,857	$ 3,670
Receivables, allowance, noncurrent	$ 2,021	$ 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	18,678,000	18,636,000	18,636,000
Treasury stock, shares	7,174,000	6,196,000	5,906,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 29,490	$ 40,183
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	12,148	11,131
Asset impairment	270
Provision for uncollectible accounts receivable	569	891
Deferred income taxes	(1,541)	(3,692)
Share-based compensation expense	2,599	3,218
Other, net	3,926	(430)
Changes in assets and liabilities:
Receivables	(6,326)	17,014
Inventories	(1,244)	(9,694)
Other current assets	(2,560)	(3,595)
Accounts payable	6,212	4,501
Other current liabilities	(6,340)	773
Current income taxes payable	(3,730)	4,657
Other noncurrent assets and liabilities	1,912	962
Net cash provided by operating activities	35,385	65,919
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(11,228)	(7,836)
Acquisition of business, net of cash acquired	(67,176)
Proceeds from settlement of net investment hedges	7,363	280
Payments for settlement of net investment hedges	(606)	(2,017)
Other investing activities, net	(1,724)	19
Net cash used in investing activities	(73,371)	(9,554)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	256	455
Common stock withheld for payroll tax withholdings	(1,706)	(2,027)
Proceeds from issuance of long-term debt	115,000
Principal payments on long-term debt	(75)
Issuance costs related to debt	(618)
Excess tax benefits from share-based compensation	510	742
Repurchase of common shares	(78,464)	(17,753)
Dividends paid	(9,610)	(8,348)
Net cash provided by (used in) financing activities	25,293	(26,931)
Effect of exchange rate changes on cash and cash equivalents	(5,131)	690
Net change in cash and cash equivalents	(17,824)	30,124
Cash and cash equivalents, beginning of period	171,842	151,927
Cash and cash equivalents, end of period	$ 154,018	$ 182,051

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	May. 31, 2015
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	9 Months Ended
	May. 31, 2015
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	9 Months Ended
	May. 31, 2015
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 earnin gs per share for the three and nine months ended May 31 , 2015 and 2014: Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ and shares in thousands, except per share amounts) 2015 2014 2015 2014 Numerator: Net earnings $ $ $ $ Denominator: Weighted average shares outstanding Diluted effect of stock awards Weighted average shares outstanding assuming dilution Basic net earnings per share $ $ $ $ Diluted net earnings per share $ $ $ $ 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 Nine months ended May 31, May 31, Units and options in thousands 2015 2014 2015 2014 Restricted stock units - - Stock options Performance stock units - -

Acquisitions

Acquisitions	9 Months Ended
	May. 31, 2015
Acquisitions [Abstract]
Acquisitions	Note 4 – Acquisitions On January 22, 2015 , the Company completed a merger in which Elecsys Corporation, a provider of machine-to-machine (M2M) technology solutions and custom electronic systems ( formerly NASDAQ: ESYS) (“Elecsys” ), was merged with a wholly-owned subsidiary of the Company . The Company paid $17.50 per share of Elecsys common stock outstanding (including cashing out of Elecsys equity compensation awards) for total merger cash consideration of $ 67.2 million , net of cash acquired of $ 3.4 million . The Elecsys business capabilities will facilitate the Company’s development of efficient solutions for irrigation and other water uses as well as adjacent product lines and technologies. As part of the integration of Elecsys with the Company’s irrigation business, the Company is closing the Digitec, Inc. manufacturing facility in Milford, Nebraska and consolidating the electronics manufacturing operations with Elecsys. For the three and nine months ended May 31, 2015, the Company incurred acquisition-related costs (including transaction and integration expenses) of $0.1 million and $1.6 million, respectively, which were included in general and administrative expenses on the condensed consolidated statement of operations. The allocation of the consideration among the Elecsys assets acquired and liabilities assumed is considered preliminary because the appraisals of the identifiable assets acquired and liabilities assumed, including loss contingencies for shareholder litigation and tax liabilities r emain open. The following table summarizes the merger consideration paid for Elecsys and the preliminary allocation of fair value of the assets acquired and liabilities assumed at the acquisition date. $ in thousands Amount Cash and cash equivalents $ Receivables Inventories Other current assets Property and equipment Intangible assets Goodwill Other long-term assets Accounts payable and accrued liabilities Current and long-term debt Other long-term liabilities Total cash consideration Less cash acquired Total cash consideration, net of cash acquired Add current and long-term debt assumed Total purchase price $ The acquired intangible assets include amortizable intangible assets of $17.1 million and indefinite-lived intangible assets of $7.4 million related to tradenames. The following table summarizes the identifiable intangible assets at estimated fair value. $ in thousands Weighted Average Useful Life in Years Fair Value of Identifiable Asset Intangible assets: Customer relationships 10.9 $ Tradenames N/A Developed technology (proprietary) 14.7 Non-compete agreements 4.5 Backlog 0.4 Total intangible assets 11.5 $ Goodwill related to the acquisition of Elecsys primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of Elecsys management, its assembled workforce, and its intellectual capital and specialization with M2M communication technology solutions, data acquisition and management systems, and custom electronic equipment. Goodwill recorded in connection with this acquisition is included in the irrigation reporting segment and 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.

Income Taxes

Income Taxes	9 Months Ended
	May. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 5 – 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 dis crete items for the three and nine months ended May 31 , 2015 and 2014. The Company recorded income tax expense of $ 7 . 5 million and $9.0 million for the three months ended May 31 , 2015 and 2014 , respectively. The Company recorded income tax expense of $16.7 million and $21 .9 million for the nine months ended May 31, 2015 and 2014 , respectively. The estimated annual effective income tax rate was 36.2 percent and 35.3 percent for the year-to-date periods ended May 31 , 2015 and 2014, respectively. The increase in the estimated annual effective income tax rate from May 2014 to May 2015 primarily relates to incremental increases in taxes due to the earnings mix among jurisdictions.

Inventories

Inventories	9 Months Ended
	May. 31, 2015
Inventories [Abstract]
Inventories	Note 6 – Inventories Inventories consisted of the following as of May 31 , 2015, May 31 , 2014 and August 31, 2014: May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Raw materials and supplies $ $ $ Work in process Finished goods and purchased parts Total inventory value before LIFO adjustment Less adjustment to LIFO value Inventories, net $ $ $

Credit Arrangements

Credit Arrangements	9 Months Ended
	May. 31, 2015
Credit Arrangements [Abstract]
Credit Arrangements	Note 7 – Credit Arrangements Senior Notes On February 19, 2015 , the Company issued $115.0 million in aggregate principal amount of its Senior Notes, Series A, entirely due and payable on February 19, 2030 (the “Senior Notes”). Borrowings under t he Senior Notes are unsecured and have equal priority with borrowings under the Company’s other senior unsecured indebtedness, including its Amended Credit Agreement and Rabobank Credit Facility described below . Interest is payable semi-annually at an annual rate of 3.82 percent. Amended Credit Agreement On February 18, 2015, the Company entered into a $50 million unsecured Amended and Restated Revolving Credit Agreement (the “Amended Credit Agreement”), with Wells Fargo Bank, National Association (the “Bank”). The Amended Credit Agreement amends and restates the Revolving Credit Agreement, dated January 24, 2008, and last amended on January 22, 2014 . The Company intends to use borrowings under the Amended Credit Agreement for working capital purposes and to fund acquisitions . At May 31 , 2015 and 2014, the Company had no outstanding borrowings under the Amended Credit Agreement or the Revolving Credit Facility, respectively . The amount of borrowings available at any time under the Amended Credit Agreement is reduced by the amount of standby letters of credit then outstanding. At May 31 , 2015, the Company had the ability to borrow up to $44.0 million under this facility, after consideration of outstanding standby letters of credit of $6.0 million. Borrowings under the Amended Credit Agreement bear interest at a variable rate equal to LIBOR plus 90 basis points ( 1.08 percent at May 31 , 2015), subject to adjustment as set forth in the Amended Credit Agreement. Interest is paid on a monthly to quarterly basis depending on loan type. The Company also pays an annual commitment fee of 0.25 percent on the unused portion of the Amended Credit Agreement. Borrowings under the Amended Credit Agreement will be unsecured and have equal priority with borrowings under the Company’s other senior unsecured indebtedness, including the Senior Notes and its Rabobank Credit Facility. Unpaid principal and interest is due by February 18, 2018. Rabobank Credit Facility The Company’s wholly-owned subsidiary, Lindsay International Holdings B.V., has an unsecured $5.0 million Credit Facility Agreement with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”), which was entered into on August 22, 2014 (the “ Rabobank Credit Facility ”). The borrowings from the Rabobank Credit Facility may be used primarily for working capital purposes and funding acquisitions. Borrowings under the Rabobank Credit Facility will be unsecured and have equal priority with borrowings under the Company’s other senior unsecured indebtedness, including the Senior Notes and its Amended Credit Facility. There were no borrowings outstanding under the Rabobank Credit Facility at May 31 , 2015. Borrowings under the Rabobank Credit Facility bear interest at a variable rate equal to LIBOR plus 115 basis points ( 1.33 percent at May 31 , 2015). The Company also pays an annual commitment fee of 0.25 percent on the unused portion of the Rabobank Credit Facility. Unpaid principal and interest is due by August 21, 2015. Each of the agreements above contains certain covenants relating primarily to the Company’s financial condition. These financial covenants include a funded debt to EBITDA leverage ratio and an interest coverage ratio. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts outstanding thereunder may be declared to be immediately due and payable. At May 31 , 2015 and 2014 and August 31, 2014, the Company was in compliance with all financial loan covenants contained in its credit agreements in place as of each of those dates . Elecsys Series 2006A Bonds The Company’s wholly-owned subsidiary, Elecsys Corporation (See Note 4) has outstanding $2. 4 million in principal amount of industrial revenue bonds that were issued in 2006 (the “Series 2006A Bonds”). Principal and interest on the Series 2006A Bonds are payable monthly through maturity on September 1, 2026 . The interest rate is adjustable based on the yield of the 5-year United States Treasury Notes, plus 0.45 percent ( 1.94 percent as of May 31, 2015). The obligations under the Series 2006A Bonds are secured by a first priority security interest in certain real estate. Long-term debt consists of the following: May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Senior Notes $ $ - $ - Amended Credit Agreement - - - Rabobank Credit Facility - - - Elecsys Series 2006A Bonds - - Total debt - - Less current portion - - Total long-term debt $ $ - $ - Principal payments due on the long-term debt are as follows: Due within: $ in thousands 1 year $ 2 years 3 years 4 years 5 years Thereafter $

Financial Derivatives

Financial Derivatives	9 Months Ended
	May. 31, 2015
Financial Derivatives [Abstract]
Financial Derivatives	Note 8 – 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 May 31 , 2015, the Company’s derivative counterparty had investment grade credit ratings. Financial derivatives consist of the following : Fair Values of Derivative Instruments Asset (Liability) May 31, May 31, August 31, ($ in thousands) Balance Sheet Classification 2015 2014 2014 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ $ $ Foreign currency forward contracts Other current liabilities Total derivatives designated as hedging instruments $ $ $ Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ $ - $ - Foreign currency forward contracts Other current liabilities - Total derivatives not designated as hedging instruments $ $ $ Accumulated other comprehensive income included realized and unrealized after-tax gains of $ 5.6 million, $1.3 million and $ 2.0 million at May 31 , 2015 and 2014 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 Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2015 2014 2015 2014 Foreign currency forward contracts, net of tax expense (benefit) of $235 , $128 , $2,283 and ($471) $ $ $ $ For the three months ended May 31 , 2015 and 2014, the Company settled foreign currency forward contracts resultin g in an after-tax net gain (loss) of $ 2.3 million and ( $ 0.1 million ) , which were included in other comprehensive income as part of a currency translation adjustment. For the nine months ended May 31 , 2015 and 2014, the Company settled foreign currency forward contracts resulting in an after-tax net gain (loss) of $ 4.1 million and ( $1.0 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 and nine months ended May 31 , 2015 and 2014. At May 31 , 2015 and 2014 and August 31, 2014, the Company had outstanding Euro foreign currency forward contracts to sell 29.2 million Euro, 28.9 million Euro and 28.9 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At May 31 , 2015 and 2014 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 For derivative contracts in which the Company does not elect hedge accounting treatment , the Company carries the derivative at its fair value in the condensed consolidated balance sheet and recognizes any subsequent changes in its fair value through earnings in the condensed consolidated statement of operations. The Company generally does not elect hedge accounting treatment for derivative contracts related to future settlements of foreign denominated intercompany receivables and payables. At May 31 , 2015 and 2014 and August 31, 2014, the Company had $ 4.8 million, $ 4.5 million and $ 4.9 million respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	May. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 9 – 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 May 31 , 2015 and 2014 and August 31, 2014, respectively. There were no transfers between any levels for the periods presented. May 31, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ - $ - $ Derivative assets - - Derivative liabilities - - May 31, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ - $ - $ Derivative assets - - Derivative liabilities - - August 31, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ - $ - $ Derivative assets - - Derivative liabilities - - As part of the integration of Elecsys with the Company’s irrigation business, the Company is closing the Digitec, Inc. manufacturing facility in Milford, Nebraska, and consolidating the electronics manufacturing operations with Elecsys. For the nine month period ended May 31, 2015, the Company incurred charges of $0.3 million on the discontinuance of the Digitec trade name and $0.2 million on the abandonment of certain Digitec fixed 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 May 31, 2015 or for the three and nine months ended May 31, 201 4 .

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	May. 31, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	Note 10 – 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. In November 2014 , the Company accrued $1.5 million of incremental operating costs to reflect its updated timeline of when an approved remediation plan could begin. The Company now intends to perform its investigation of the soil and groundwater on the site during calendar 2015 and early 2016 . In connection with the development of the feasibility study, the Company will assess revisions to its remediation plan and expects to meet with the EPA in the first half of calendar 2016 to determine how to proceed. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. Although the Company has accrued all reasonably estimable costs associated with the site, it anticipates there could be revisions to the current remediation plan as well as additional testing and environmental monitoring as part of the Company’s ongoing discussions with the EPA regarding the development and implementation of the remedial action plans. Any revisions could be material to the operating results of any fiscal quarter or fiscal year. The Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of May 31 , 2015 and 2014 and August 31, 2014: Environmental Remediation Liabilities ($ in thousands) May 31, May 31, August 31, Balance Sheet Classification 2015 2014 2014 Other current liabilities $ $ $ Other noncurrent liabilities Total environmental remediation liabilities $ $ $

Warranties

Warranties	9 Months Ended
	May. 31, 2015
Warranties [Abstract]
Warranties	Note 11 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended May 31, May 31, ($ in thousands) 2015 2014 Product warranty accrual balance, beginning of period $ $ Liabilities accrued for warranties during the period Warranty claims paid during the period Changes in estimates Product warranty accrual balance, end of period $ $ Nine months ended May 31, May 31, ($ in thousands) 2015 2014 Product warranty accrual balance, beginning of period $ $ Liabilities accrued for warranties during the period Warranty claims paid during the period Changes in estimates Product warranty accrual balance, end of period $ $

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	May. 31, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation	Note 12 – 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 $0.5 million and $1.0 million for the three months ended May 31 , 2015 and 2014, respectively. Share-based compensation expense was $2.6 million and $3.2 million for the nine months ended May 31 , 2015 and 2014, respectively

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	May. 31, 2015
Other Current Liabilities [Abstract]
Other Current Liabilities	Note 13 – Other Current Liabilities May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Other current liabilities: Compensation and benefits $ $ $ Deferred revenues Income tax payable Warranties Dealer related liabilities Customer deposits Other Total other current liabilities $ $ $

Share Repurchases

Share Repurchases	9 Months Ended
	May. 31, 2015
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. 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 and nine months ended May 31 , 2015, the Company repurchased 371,886 shares and 977,812 shares , respectively, of common stock for an aggregate purchase price of $ 29.1 million and $ 78.5 million, respectively. During the three and nine months ended May 31 , 2014, the Company repurchased 129,104 shares and 207,624 shares, respectively, of common stock for an aggregate purchase price of $11.2 million and $17.8 million, respectively . The remaining amount available under the repurchase program was $ 30.5 million as of May 31 , 2015 .

Industry Segment Information

Industry Segment Information	9 Months Ended
	May. 31, 2015
Industry Segment Information [Abstract]
Industry Segment Information	Note 15 – Industry Segment Information The Company manages its business activities in two reportable segments: Irrigation and Infrastructure. T he 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 and nine months ended May 31 , 2015 and 2014. 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. Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2015 2014 2015 2014 Operating revenues: Irrigation $ $ $ $ Infrastructure Total operating revenues $ $ $ $ Operating income: Irrigation (1) $ $ $ $ Infrastructure (1) Segment operating income (1) Unallocated general and administrative expenses Interest and other expense, net Earnings before income taxes $ $ $ $ Capital Expenditures: Irrigation $ $ $ $ Infrastructure $ $ $ $ Depreciation and Amortization: Irrigation $ $ $ $ Infrastructure $ $ $ $ (1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the nine months ended May 31, 2015. There were no environmental remediation expenses for the three months ended May 31, 2015 or the three and nine months ended May 31, 2014. May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Total Assets: Irrigation $ $ $ Infrastructure $ $ $

New Accounting Pronouncements (

New Accounting Pronouncements (Policy)	9 Months Ended
	May. 31, 2015
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)	9 Months Ended
	May. 31, 2015
Net Earnings Per Share [Abstract]
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share	Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ and shares in thousands, except per share amounts) 2015 2014 2015 2014 Numerator: Net earnings $ $ $ $ Denominator: Weighted average shares outstanding Diluted effect of stock awards Weighted average shares outstanding assuming dilution Basic net earnings per share $ $ $ $ Diluted net earnings per share $ $ $ $
Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share	Three months ended Nine months ended May 31, May 31, Units and options in thousands 2015 2014 2015 2014 Restricted stock units - - Stock options Performance stock units - -

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	May. 31, 2015
Acquisitions [Abstract]
Schedule Of Consideration Paid And Amounts Of Fair Value Of Assets Acquired And Liabilities Assumed	$ in thousands Amount Cash and cash equivalents $ Receivables Inventories Other current assets Property and equipment Intangible assets Goodwill Other long-term assets Accounts payable and accrued liabilities Current and long-term debt Other long-term liabilities Total cash consideration Less cash acquired Total cash consideration, net of cash acquired Add current and long-term debt assumed Total purchase price $
Schedule Of Identifiable Intangible Assets At Fair Value	$ in thousands Weighted Average Useful Life in Years Fair Value of Identifiable Asset Intangible assets: Customer relationships 10.9 $ Tradenames N/A Developed technology (proprietary) 14.7 Non-compete agreements 4.5 Backlog 0.4 Total intangible assets 11.5 $

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May. 31, 2015
Inventories [Abstract]
Schedule Of Inventories	May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Raw materials and supplies $ $ $ Work in process Finished goods and purchased parts Total inventory value before LIFO adjustment Less adjustment to LIFO value Inventories, net $ $ $

Credit Arrangements (Tables)

Credit Arrangements (Tables)	9 Months Ended
	May. 31, 2015
Credit Arrangements [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Senior Notes $ $ - $ - Amended Credit Agreement - - - Rabobank Credit Facility - - - Elecsys Series 2006A Bonds - - Total debt - - Less current portion - - Total long-term debt $ $ - $ -
Schedule Of Principal Payments Due On Long-Term Debt	Due within: $ in thousands 1 year $ 2 years 3 years 4 years 5 years Thereafter $

Financial Derivatives (Tables)

Financial Derivatives (Tables)	9 Months Ended
	May. 31, 2015
Financial Derivatives [Abstract]
Schedule Of Derivative Instruments Statements Of Financial Performance And Financial Position, Location	Fair Values of Derivative Instruments Asset (Liability) May 31, May 31, August 31, ($ in thousands) Balance Sheet Classification 2015 2014 2014 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ $ $ Foreign currency forward contracts Other current liabilities Total derivatives designated as hedging instruments $ $ $ Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ $ - $ - Foreign currency forward contracts Other current liabilities - Total derivatives not designated as hedging instruments $ $ $
Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)	Amount of Gain/(Loss) Recognized in OCI on Derivatives Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2015 2014 2015 2014 Foreign currency forward contracts, net of tax expense (benefit) of $235 , $128 , $2,283 and ($471) $ $ $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	May. 31, 2015
Fair Value Measurements [Abstract]
Schedule Of Financial Assets And Liabilities Measured At Fair Value	May 31, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ - $ - $ Derivative assets - - Derivative liabilities - - May 31, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ - $ - $ Derivative assets - - Derivative liabilities - - August 31, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ - $ - $ Derivative assets - - Derivative liabilities - -

Commitments And Contingencies (

Commitments And Contingencies (Tables)	9 Months Ended
	May. 31, 2015
Commitments And Contingencies [Abstract]
Summary Of Undiscounted Environmental Remediation Liability Classifications	Environmental Remediation Liabilities ($ in thousands) May 31, May 31, August 31, Balance Sheet Classification 2015 2014 2014 Other current liabilities $ $ $ Other noncurrent liabilities Total environmental remediation liabilities $ $ $

Warranties (Tables)

Warranties (Tables)	9 Months Ended
	May. 31, 2015
Warranties [Abstract]
Schedule Of Product Warranty Liability	Three months ended May 31, May 31, ($ in thousands) 2015 2014 Product warranty accrual balance, beginning of period $ $ Liabilities accrued for warranties during the period Warranty claims paid during the period Changes in estimates Product warranty accrual balance, end of period $ $ Nine months ended May 31, May 31, ($ in thousands) 2015 2014 Product warranty accrual balance, beginning of period $ $ Liabilities accrued for warranties during the period Warranty claims paid during the period Changes in estimates Product warranty accrual balance, end of period $ $

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	May. 31, 2015
Other Current Liabilities [Abstract]
Other Current Liabilities	May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Other current liabilities: Compensation and benefits $ $ $ Deferred revenues Income tax payable Warranties Dealer related liabilities Customer deposits Other Total other current liabilities $ $ $

Industry Segment Information (T

Industry Segment Information (Tables)	9 Months Ended
	May. 31, 2015
Industry Segment Information [Abstract]
Schedule Of Segment Reporting Information, By Segment	Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2015 2014 2015 2014 Operating revenues: Irrigation $ $ $ $ Infrastructure Total operating revenues $ $ $ $ Operating income: Irrigation (1) $ $ $ $ Infrastructure (1) Segment operating income (1) Unallocated general and administrative expenses Interest and other expense, net Earnings before income taxes $ $ $ $ Capital Expenditures: Irrigation $ $ $ $ Infrastructure $ $ $ $ Depreciation and Amortization: Irrigation $ $ $ $ Infrastructure $ $ $ $ (1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the nine months ended May 31, 2015. There were no environmental remediation expenses for the three months ended May 31, 2015 or the three and nine months ended May 31, 2014.
Reconciliation Of Assets From Segment To Consolidated	May 31, May 31, August 31, ($ in thousands) 2015 2014 2014 Total Assets: Irrigation $ $ $ Infrastructure $ $ $

Net Earnings Per Share (Schedul

Net Earnings Per Share (Schedule Of Computation Of Basic And Diluted Net Earnings Per Share)(Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Net Earnings Per Share [Abstract]
Net earnings	$ 12,927	$ 16,499	$ 29,490	$ 40,183
Weighted average shares outstanding	11,690	12,843	11,965	12,881
Diluted effect of stock awards	30	46	35	46
Weighted average shares outstanding assuming dilution	11,720	12,889	12,000	12,927
Basic net earnings per share	$ 1.11	$ 1.28	$ 2.46	$ 3.12
Diluted net earnings per share	$ 1.10	$ 1.28	$ 2.46	$ 3.11

Net Earnings Per Share (Sched35

Net Earnings Per Share (Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
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			4	4
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	47	47	52	43
Performance 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		13		13

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 22, 2015	May. 31, 2015	May. 31, 2015
Business Acquisition [Line Items]
Total cash consideration			$ 67,176
Elecsys Corporation [Member]
Business Acquisition [Line Items]
Acquisition date			Jan. 22, 2015
Acquisition price per share	$ 17.50
Total cash consideration	$ 67,176
Cash acquired	$ 3,401
Acquisition related costs		$ 100	$ 1,600
Amortizable intangible assets			24,490
Trade Names [Member] | Elecsys Corporation [Member]
Business Acquisition [Line Items]
Amortizable intangible assets			17,100
Indefinite-lived intangible assets			$ 7,430

Acquisitions (Schedule Of Consi

Acquisitions (Schedule Of Consideration Paid And Amounts Of Fair Value Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jan. 22, 2015	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 75,124	$ 37,021	$ 37,211
Total cash consideration, net of cash acquired		$ 67,176
Elecsys Corporation [Member]
Business Acquisition [Line Items]
Cash and cash equivalents	$ 3,401
Receivables	2,006
Inventories	8,467
Other current assets	1,527
Property and equipment	6,457
Intangible assets	24,490
Goodwill	39,266
Other long-term assets	41
Accounts payable and accrued liabilities	(2,762)
Current and long-term debt	(2,478)
Other long-term liabilities	(9,838)
Total cash consideration	70,577
Less cash acquired	(3,401)
Total cash consideration, net of cash acquired	67,176
Add current and long-term debt assumed	2,478
Total purchase price	$ 69,654

Acquisitions (Schedule Of Ident

Acquisitions (Schedule Of Identifiable Intangible Assets At Fair Value) (Details) - 9 months ended May. 31, 2015 - Elecsys Corporation [Member] - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Weighted average useful life in years	11 years 6 months
Fair Value of Identifiable Asset	$ 24,490
Customer Relationships [Member]
Business Acquisition [Line Items]
Weighted average useful life in years	10 years 10 months 24 days
Fair Value of Identifiable Asset	$ 11,820
Developed Technology (Proprietary) [Member]
Business Acquisition [Line Items]
Weighted average useful life in years	14 years 8 months 12 days
Fair Value of Identifiable Asset	$ 4,420
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Weighted average useful life in years	4 years 6 months
Fair Value of Identifiable Asset	$ 430
Backlog [Member]
Business Acquisition [Line Items]
Weighted average useful life in years	4 months 24 days
Fair Value of Identifiable Asset	$ 390
Trade Names [Member]
Business Acquisition [Line Items]
Fair Value of Identifiable Asset	17,100
Fair Value of Identifiable Asset	$ 7,430

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Income Taxes [Abstract]
Income tax expense	$ 7,496,000	$ 9,001,000	$ 16,732,000	$ 21,923,000
Estimated effective income tax rate			36.20%	35.30%
Favorable discrete item	$ 0	$ 0	$ 0	$ 0

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Inventories [Abstract]
Raw materials and supplies	$ 25,953	$ 19,953	$ 21,509
Work in process	8,789	9,990	7,973
Finished goods and purchased parts	51,220	48,300	55,798
Total inventory value before LIFO adjustment	85,962	78,243	85,280
Less adjustment to LIFO value	(6,839)	(6,547)	(6,270)
Inventories, net	$ 79,123	$ 71,696	$ 79,010

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details) - USD ($)	Feb. 18, 2015	Aug. 22, 2014	May. 31, 2015	Aug. 31, 2006	Feb. 19, 2015	May. 31, 2014
Debt Instrument [Line Items]
Long-term debt outstanding			$ 117,404,000
Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Maturity date			Sep. 1, 2026
Long-term debt outstanding			$ 2,404,000
Five Year United States Treasury Notes [Member] | Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Basis spread				0.45%
Interest rate			1.94%
Senior Notes [Member]
Debt Instrument [Line Items]
Debt face amount					$ 115,000,000
Debt instrument, stated interest rate					3.82%
Maturity date			Feb. 19, 2030
Effective date			Feb. 19, 2015
Long-term debt outstanding			$ 115,000,000
Amended Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured line of credit, maximum borrowing capacity	$ 50,000,000
Line of credit, amount outstanding			0			$ 0
Available borrowing amount			$ 44,000,000
Interest rate			1.08%
Commitment fee percentage	0.25%
Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread	0.90%
Rabobank Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured line of credit, maximum borrowing capacity		$ 5,000,000
Line of credit, amount outstanding			$ 0
Interest rate			1.33%
Basis spread		1.15%
Commitment fee percentage			0.25%
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit, amount outstanding			$ 6,000,000

Credit Arrangements (Long-Term

Credit Arrangements (Long-Term Debt) (Details) $ in Thousands	May. 31, 2015USD ($)
Debt Instrument [Line Items]
Total long-term debt	$ 117,404
Less current portion	(182)
Total long-term debt	117,222
Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Total long-term debt	2,404
Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 115,000

Credit Arrangements (Schedule O

Credit Arrangements (Schedule Of Principal Payments Due On Long-Term Debt) (Details) $ in Thousands	May. 31, 2015USD ($)
Credit Arrangements [Abstract]
1 year	$ 182
2 years	193
3 years	197
4 years	201
5 years	205
Thereafter	116,426
Total long-term debt	$ 117,404

Financial Derivatives (Narrativ

Financial Derivatives (Narrative) (Details) € in Millions, ZAR in Millions, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	May. 31, 2015USD ($)	May. 31, 2014USD ($)	May. 31, 2015USD ($)	May. 31, 2014USD ($)	Aug. 31, 2014USD ($)	May. 31, 2015ZAR	May. 31, 2015EUR (€)	Aug. 31, 2014ZAR	Aug. 31, 2014EUR (€)	May. 31, 2014ZAR	May. 31, 2014EUR (€)
Derivatives, Fair Value [Line Items]
Realized and unrealized gains included in AOCI			$ 5.6	$ 1.3	$ 2
Euro [Member]
Derivatives, Fair Value [Line Items]
Outstanding foreign currency forward contracts to sell | €							€ 29.2		€ 28.9		€ 28.9
Rand [Member]
Derivatives, Fair Value [Line Items]
Outstanding foreign currency forward contracts to sell | ZAR						ZAR 43		ZAR 43		ZAR 43
Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts resulting in an after-tax net gain (loss)	$ 2.3	$ (0.1)	4.1	(1)
Outstanding foreign currency forward contracts to sell	$ 4.8	$ 4.5	$ 4.8	$ 4.5	$ 4.9

Financial Derivatives (Schedule

Financial Derivatives (Schedule Of Derivatives Instruments Statements Of Financial Performance And Financial Position, Location) (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets	$ 118	$ 900	$ 463
Derivative liabilities	(216)	(400)	(251)
Derivatives Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	(197)	660	373
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(216)	(240)	(90)
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	19	900	463
Derivatives Not Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	99	(160)	(161)
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ (160)	$ (161)
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$ 99

Financial Derivatives (Schedu46

Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Derivatives, Fair Value [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivatives	$ 384	$ 150	$ 3,597	$ (790)
Foreign currency forward contracts, tax expense (benefit)	$ 235	$ 128	$ 2,283	$ (471)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	9 Months Ended
	May. 31, 2015USD ($)
Fair Value Measurements [Abstract]
Loss on discontinuance of Digitec trade name	$ 0.3
Loss on abandonment of Digitec fixed assets	$ 0.2

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014	Aug. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 154,018	$ 171,842	$ 182,051	$ 151,927
Derivative assets	118	900	463
Derivative liabilities	(216)	(400)	(251)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	154,018	171,842	182,051
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	118	900	463
Derivative liabilities	$ (216)	$ (400)	$ (251)

Commitments And Contingencies49

Commitments And Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Nov. 30, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2014	Aug. 31, 2012	Aug. 31, 2014
Commitments And Contingencies [Abstract]
Environmental remediation expense		$ 0	$ 0	$ 0	$ 7,200
Environmental remediation, incremental costs	$ 1,500
Other current liabilities		1,119	1,444	1,444		$ 1,370
Other noncurrent liabilities		6,475	5,025	5,025		5,025
Total environmental remediation liabilities		$ 7,594	$ 6,469	$ 6,469		$ 6,395

Warranties (Schedule Of Product

Warranties (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Warranties [Abstract]
Product warranty accrual balance, beginning of period	$ 8,467	$ 8,417	$ 9,331	$ 6,695
Liabilities accrued for warranties during the period	1,374	2,100	2,772	5,834
Warranty claims paid during the period	(1,258)	(143)	(3,466)	(2,165)
Changes in estimates	(1,279)	(1,154)	(1,333)	(1,144)
Product warranty accrual balance, end of period	$ 7,304	$ 9,220	$ 7,304	$ 9,220

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Share-Based Compensation [Abstract]
Share-based compensation expense	$ 0.5	$ 1	$ 2.6	$ 3.2

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Other Current Liabilities [Abstract]
Compensation and benefits	$ 16,031	$ 16,622	$ 15,558
Deferred revenues	9,334	8,979	7,964
Income tax payable	8,401	8,922	7,965
Warranties	7,304	9,331	9,220
Dealer related liabilities	5,287	7,103	6,841
Customer deposits	3,429	7,366	5,450
Other	14,557	15,620	12,175
Total other current liabilities	$ 64,343	$ 73,943	$ 65,173

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Jan. 03, 2014
Share Repurchases [Abstract]
Repurchase authorization amount					$ 150
Number of shares of common stock repurchased during the period	371,886	129,104	977,812	207,624
Aggregate purchase price of shares repurchased	$ 29.1	$ 11.2	$ 78.5	$ 17.8
Remaining amount available under the repurchase program	$ 30.5		$ 30.5

Industry Segment Information (S

Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	May. 31, 2015USD ($)	May. 31, 2014USD ($)	May. 31, 2015USD ($)segment	May. 31, 2014USD ($)	Aug. 31, 2012USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Total operating revenues	$ 160,707	$ 169,936	$ 436,641	$ 470,411
Segment operating income	26,358	28,935	62,487	74,308
Unallocated general and administrative expenses	(4,870)	(3,713)	(14,561)	(12,181)
Interest and other expense, net	(1,065)	278	(1,704)	(21)
Earnings before income taxes	20,423	25,500	46,222	62,106
Capital Expenditures	4,652	2,483	11,228	7,836
Depreciation and Amortization	4,131	3,747	$ 12,148	11,131
Environmental remediation expenses	0	0		0	$ 7,200
Irrigation [Member]
Segment Reporting Information [Line Items]
Number of operating segments | segment			4
Total operating revenues	131,289	149,010	$ 354,336	414,077
Segment operating income	19,860	28,040	46,471	72,899
Capital Expenditures	4,102	2,390	9,567	7,327
Depreciation and Amortization	2,925	2,424	8,450	7,123
Environmental remediation expenses			$ 1,300
Infrastructure [Member]
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Total operating revenues	29,418	20,926	$ 82,305	56,334
Segment operating income	6,498	895	16,016	1,409
Capital Expenditures	550	93	1,661	509
Depreciation and Amortization	$ 1,206	$ 1,323	3,698	$ 4,008
Environmental remediation expenses			$ 200

Industry Segment Information (R

Industry Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 577,894	$ 526,551	$ 538,571
Irrigation [Member]
Segment Reporting Information [Line Items]
Assets	447,988	407,447	404,832
Infrastructure [Member]
Segment Reporting Information [Line Items]
Assets	$ 129,906	$ 119,104	$ 133,739