Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2015 | Oct. 13, 2015 | Feb. 28, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Aug. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | lnn | ||
Entity Registrant Name | LINDSAY CORP | ||
Entity Central Index Key | 836,157 | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,006,419,747 | ||
Entity Common Stock, Shares Outstanding | 11,289,393 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Consolidated Statements Of Operations [Abstract] | |||
Operating revenues | $ 560,181 | $ 617,933 | $ 690,848 |
Cost of operating revenues | 403,860 | 446,938 | 496,014 |
Gross profit | 156,321 | 170,995 | 194,834 |
Operating expenses: | |||
Selling expense | 40,516 | 38,284 | 32,937 |
General and administrative expense | 52,261 | 43,228 | 43,441 |
Engineering and research expense | 12,849 | 11,125 | 11,395 |
Total operating expenses | 105,626 | 92,637 | 87,773 |
Operating income | 50,695 | 78,358 | 107,061 |
Interest expense | (2,626) | (187) | (304) |
Interest income | 631 | 729 | 496 |
Other (expense) income, net | (1,949) | (245) | 54 |
Earnings before income taxes | 46,751 | 78,655 | 107,307 |
Income tax expense | 20,442 | 27,143 | 36,737 |
Net earnings | $ 26,309 | $ 51,512 | $ 70,570 |
Earnings per share: | |||
Basic | $ 2.23 | $ 4.01 | $ 5.50 |
Diluted | $ 2.22 | $ 4 | $ 5.47 |
Shares used in computing earnings per share: | |||
Basic | 11,818 | 12,832 | 12,830 |
Diluted | 11,855 | 12,882 | 12,901 |
Cash dividends declared per share | $ 1.090 | $ 0.920 | $ 0.475 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net earnings | $ 26,309 | $ 51,512 | $ 70,570 |
Other comprehensive income (loss): | |||
Defined benefit pension plan adjustment, net of tax | (26) | (210) | 260 |
Unrealized gain on cash flow hedges, net of tax | 53 | ||
Foreign currency translation adjustment, net of hedging activities and tax | (13,081) | 325 | (1,752) |
Total other comprehensive income (loss), net of tax expense (benefit) of $1,450, ($27), and ($330) | (13,107) | 115 | (1,439) |
Total comprehensive income | $ 13,202 | $ 51,627 | $ 69,131 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss), tax expense (benefit) | $ 1,450 | $ (27) | $ (330) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 139,093 | $ 171,842 |
Receivables, net of allowance of $9,706 and $2,857, respectively | 74,063 | 94,135 |
Inventories, net | 74,930 | 71,696 |
Deferred income taxes | 15,807 | 17,714 |
Prepaid expenses | 5,197 | 3,732 |
Other current assets | 13,077 | 14,939 |
Total current assets | 322,167 | 374,058 |
Property, plant and equipment, net | 78,656 | 72,457 |
Intangible assets, net | 51,920 | 31,980 |
Goodwill | 76,801 | 37,021 |
Other noncurrent assets, net of allowance of $0 and $2,000, respectively | 6,924 | 11,035 |
Total assets | 536,468 | 526,551 |
Current liabilities: | ||
Accounts payable | 38,814 | 42,424 |
Current portion of long-term debt | 193 | |
Other current liabilities | 56,105 | 73,943 |
Total current liabilities | 95,112 | 116,367 |
Pension benefits liabilities | 6,569 | 6,600 |
Long-term debt | 117,173 | |
Deferred income taxes | 18,971 | 12,992 |
Other noncurrent liabilities | 10,083 | 7,945 |
Total liabilities | $ 247,908 | $ 143,904 |
Shareholders' equity: | ||
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding | ||
Common stock at $1 par value - authorized 25,000 shares; 18,684 and 18,636 shares issued at August 31, 2015 and 2014, respectively | $ 18,684 | $ 18,636 |
Capital in excess of stated value | 55,184 | 52,866 |
Retained earnings | 458,903 | 445,366 |
Less treasury stock - at cost, 7,394 and 6,196 shares at August 31, 2015 and 2014, respectively | (228,903) | (132,020) |
Accumulated other comprehensive loss, net | (15,308) | (2,201) |
Total shareholders' equity | 288,560 | 382,647 |
Total liabilities and shareholders' equity | $ 536,468 | $ 526,551 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Receivables, allowance | $ 9,706 | $ 2,857 |
Other noncurrent assets, allowance | $ 0 | $ 2,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 25,000,000 | 25,000,000 |
Common stock, issued | 18,684,000 | 18,636,000 |
Treasury stock, shares | 7,394,000 | 6,196,000 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning balance, value at Aug. 31, 2012 | $ 18,421 | $ 43,140 | $ 341,115 | $ (90,961) | $ (877) | $ 310,838 |
Beginning balance, shares at Aug. 31, 2012 | 18,421,000 | 5,698,000 | ||||
Net earnings | 70,570 | 70,570 | ||||
Other comprehensive income (loss) | (1,439) | (1,439) | ||||
Total comprehensive income | 69,131 | |||||
Cash dividends per share | (6,105) | (6,105) | ||||
Issuance of common shares under share compensation plans, value | $ 150 | (555) | (405) | |||
Issuance of common shares under share compensation plans, shares | 150,000 | |||||
Excess tax benefits from share-based compensation | 2,800 | 2,800 | ||||
Share-based compensation expense | 4,379 | 4,379 | ||||
Ending balance, value at Aug. 31, 2013 | $ 18,571 | 49,764 | 405,580 | $ (90,961) | (2,316) | 380,638 |
Ending Balance, shares at Aug. 31, 2013 | 18,571,000 | 5,698,000 | ||||
Net earnings | 51,512 | 51,512 | ||||
Other comprehensive income (loss) | 115 | 115 | ||||
Total comprehensive income | 51,627 | |||||
Cash dividends per share | (11,726) | (11,726) | ||||
Repurchase of common stock, value | $ (41,059) | $ (41,059) | ||||
Repurchase of common stock, shares | 498,000 | 497,899 | ||||
Issuance of common shares under share compensation plans, value | $ 65 | (1,639) | $ (1,574) | |||
Issuance of common shares under share compensation plans, shares | 65,000 | |||||
Excess tax benefits from share-based compensation | 722 | 722 | ||||
Share-based compensation expense | 4,019 | 4,019 | ||||
Ending balance, value at Aug. 31, 2014 | $ 18,636 | 52,866 | 445,366 | $ (132,020) | (2,201) | 382,647 |
Ending Balance, shares at Aug. 31, 2014 | 18,636,000 | 6,196,000 | ||||
Net earnings | 26,309 | 26,309 | ||||
Other comprehensive income (loss) | (13,107) | (13,107) | ||||
Total comprehensive income | 13,202 | |||||
Cash dividends per share | (12,772) | (12,772) | ||||
Repurchase of common stock, value | $ (96,883) | $ (96,883) | ||||
Repurchase of common stock, shares | 1,198,000 | 1,198,089 | ||||
Issuance of common shares under share compensation plans, value | $ 48 | (1,360) | $ (1,312) | |||
Issuance of common shares under share compensation plans, shares | 48,000 | |||||
Excess tax benefits from share-based compensation | 576 | 576 | ||||
Share-based compensation expense | 3,102 | 3,102 | ||||
Ending balance, value at Aug. 31, 2015 | $ 18,684 | $ 55,184 | $ 458,903 | $ (228,903) | $ (15,308) | $ 288,560 |
Ending Balance, shares at Aug. 31, 2015 | 18,684,000 | 7,394,000 |
Consolidated Statements Of Sha8
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Consolidated Statements Of Shareholders' Equity [Abstract] | |||
Cash dividends per share | $ 1.090 | $ 0.920 | $ 0.475 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 26,309 | $ 51,512 | $ 70,570 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 16,412 | 14,793 | 12,600 |
Asset write-down | 270 | ||
Provision for uncollectible accounts receivable | 5,840 | 2,225 | 1,543 |
Deferred income taxes | 278 | (8,195) | (3,237) |
Share-based compensation expense | 3,332 | 4,207 | 4,573 |
Other, net | 4,665 | (465) | (1,014) |
Changes in assets and liabilities: | |||
Receivables | 10,902 | 24,751 | (36,557) |
Inventories | 915 | (2,724) | (10,020) |
Other current assets | (3,984) | (3,092) | (4,054) |
Accounts payable | (337) | (623) | 9,188 |
Other current liabilities | (9,467) | 8,954 | 14,578 |
Current taxes payable | (8,011) | 5,706 | (892) |
Other noncurrent assets and liabilities | 1,558 | (5,251) | 227 |
Net cash provided by operating activities | 48,682 | 91,798 | 57,505 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (15,244) | (17,715) | (11,136) |
Acquisition of business, net of cash acquired | (69,521) | (29,007) | |
Proceeds from settlement of net investment hedges | 7,473 | 1,245 | 1,944 |
Payments for settlement of net investment hedges | (1,202) | (2,040) | (2,904) |
Other investing activities, net | (1,091) | 34 | 22 |
Net cash used in investing activities | (79,585) | (18,476) | (41,081) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 394 | 455 | 2,036 |
Common stock withheld for payroll tax withholdings | (1,706) | (2,027) | (2,441) |
Proceeds from issuance of long-term debt | 115,000 | ||
Principal payments on long-term debt | (112) | (4,285) | |
Issuance costs related to debt | (620) | ||
Excess tax benefits from share-based compensation | 611 | 762 | 2,800 |
Repurchase of common shares | (96,883) | (41,059) | |
Dividends paid | (12,772) | (11,726) | (6,105) |
Net cash provided by (used in) financing activities | 3,912 | (53,595) | (7,995) |
Effect of exchange rate changes on cash and cash equivalents | (5,758) | 188 | 54 |
Net change in cash and cash equivalents | (32,749) | 19,915 | 8,483 |
Cash and cash equivalents, beginning of period | 171,842 | 151,927 | 143,444 |
Cash and cash equivalents, end of period | 139,093 | 171,842 | 151,927 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Income taxes paid | 26,917 | 26,261 | 38,328 |
Interest paid | $ 2,448 | $ 234 | $ 369 |
Description Of Business And Sig
Description Of Business And Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2015 | |
Description Of Business And Significant Accounting Policies [Abstract] | |
Description Of Business And Significant Accounting Policies | A. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Lindsay Corporation, along with its subsidiaries (collectively called "Lindsay" or the "Company"), is a global leader in providing a variety of proprietary water management and road infrastructure products and services. The Company has been involved in the manufacture and distribution of agricultural irrigation equipment since 1955 and has grown from a regional company to an international water efficiency solutions and highway infrastructure firm with worldwide sales and distribution. Lindsay, a Delaware corporation, maintains its corporate offices in Omaha, Nebraska. The Company has operations which are categorized into two major reporting segments. Irrigation Segment – The Company’s irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy and labor . The irrigation segment also manufactures and markets repair and replacement parts for its irrigation systems and controls. In addition, the irrigation segment also designs and manufactures water pumping stations and controls for the agriculture, golf, landscape and municipal markets and filtration solutions for groundwater, agriculture, industrial and heat transfer markets. The Company continues to strengthen irrigation product offerings through innovative technology such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, machine-to-machine (M2M) communication technology solutions and smartphone applications . The Company’s domestic irrigation manufacturing facilities are located in Lindsay, Nebraska; Hartland, Wisconsin; Olathe, Kansas and Fresno, California. Internationally, the Company has production operations in Brazil, France, China, Turkey and South Africa as well as distribution and sales operations in the Netherlands, Australia and New Zealand. The Company also exports equipment from the U.S. to other international markets. Infrastructure Segment – The Company’s infrastructure segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, large diameter steel tubing, and railroad signals and structures. The infrastructure segment also provides outsourced manufacturing and production services. The principal infrastructure manufacturing facilities are located in Rio Vista, California; Milan, Italy and Omaha, Nebraska. Notes to the consolidated financial statements describe various elements of the financial statements and the accounting policies, estimates, and assumptions applied by management. While actual results could differ from those estimated at the time of preparation of the consolidated financial statements, management believes that the accounting policies, assumptions, and estimates applied promote the representational faithfulness, verifiability, neutrality, and transparency of the accounting information included in the consolidated financial statements. The significant accounting policies of the Company are as follows: (1) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. (2) Reclassifications Certain reclassifications have been made to prior financial statements to conform to the current-year presentation. ( 3) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (4) Revenue Recognition The Company’s basic criteria necessary for revenue recognition are: 1) evidence of a sales arrangement exists, 2) delivery of goods has occurred, 3) the sales price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. The Company generally has no post-delivery obligations to its independent dealers other than standard warranties. Revenues and gross profits on intercompany sales are eliminated in consolidation. Revenues from the sale of the Company’s products are recognized based on the delivery terms in the sales contract. If an arrangement involves multiple deliverables, revenues from the arrangement are allocated to the separate units of accounting based on their relative selling price. The Company offers a subscription-based service for wireless management and recognizes subscription revenue on a straight-line basis over the contract term. The Company leases certain infrastructure property held for lease to customers such as moveable concrete barriers and Road Zipper Systems TM . Revenues for the lease of infrastructure property held for lease are recognized on a straight-line basis over the lease term. The costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Customer rebates, cash discounts and other sales incentives are recorded as a reduction of revenues at the time of the original sale. Estimates used in the recognition of operating revenues and cost of operating revenues include, but are not limited to, estimates for product warranties, product rebates, cash discounts and fair value of separate units of accounting on multiple deliverables. (5) Stock Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock units or performance stock units from new stock issuances. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statement of Operations over the periods during which the employee or director is required to perform a service in exchange for the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) as its valuation method for stock option awards. Under the Black-Scholes model, the fair value of stock option awards on the date of grant is estimated using an option-pricing model that is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to , the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Restricted stock, restricted stock units, performance shares and performance stock units issued under the 2015 Long-Term Incentive Plan will have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. (6) Warranty Costs The Company's provision for product warranty reflects management's best estimate of probable liability under its product warranties. At the time a sale is recognized, the company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims. This provision is periodically adjusted to reflect actual experience. (7) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less. (8) Receivables and Allowances Trade receivables are reported on the balance sheet net of any doubtful accounts. Losses are recognized when it is probable that an asset has been impaired and the amount of the loss can be reasonably estimated. In estimating probable losses, the Company reviews specific accounts that are significant and past due, in bankruptcy or otherwise identified as at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of default. In assessing the likelihood of collection of receivable, the Company considers (for example) the Company’s history of collections, the current status of discussions and repayment plans, collateral received, and other evidence and information regarding collection or default risk that is available in the market place. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic condition and credit risk quality. As the Company’s international business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability or with governments with which the Company has limited experience or where there is a lack of transparency as to the current credit condition of governmental units. As of August 31, 2015 the Company had $ 6.9 million in delinquent accounts receivable related to our business unit in China , and $ 2.7 million of accounts receivable and $ 2.0 million in performance bonds related to its contract in Iraq. The Company’s allowance for all doubtful accounts related to both current and long-term receivables increased to $ 9.7 million at August 31, 2015 from $ 4.8 million at August 31, 2014. The Company’s evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances availa ble to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. (9) Inventories Inventories are stated at the lower of cost or market. Cost is determined by the last ‑in, first ‑out (LIFO) method for the Company’s Lindsay, Nebraska inventory and three warehouses in Idaho, Georgia and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at operating locations in Nebraska, California, Wisconsin, China , Turkey and Australia. Cost is determined by the weighted average cost method for inventory at the Company’s other operating locations in Kansas, Washington, Brazil, France, Italy and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory . (10) Property, Plant and Equipment Property, plant, equipment, and capitalized assets held for lease are stated at cost. The Company capitalizes major expenditures and charges to operating expenses the cost of current maintenance and repairs. Provisions for depreciation and amortization have been computed principally on the straight-line method for buildings and equipment. Rates used for depreciation are based principally on the following expected lives: buildings ‑ ‑ 15 to 30 years; equipment ‑ ‑ 3 to 7 years; leased barrier transfer machines -- 8 to 10 years; leased barriers -- 12 years; other ‑ ‑ 2 to 20 years and leasehold improvements – shorter of the economic life or term of the lease. All of the Company's long ‑lived asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized based upon the difference between the fair value of the asset and its carrying value. No impairments were recorded during the fiscal years ended August 31, 2015, 2014, and 2013. The cost and accumulated depreciation relating to assets retired or otherwise disposed of are eliminated from the respective accounts at the time of disposition. The resulting gain or loss is included in operating income in the consolidated statements of operations. (11) Valuation of Goodwill and Identifiable Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Acquired intangible assets are recognized separately from goodwill. Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually at August 31 and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Assessment of the potential impairment of goodwill and identifiable intangible assets is an integral part of the Company's normal ongoing review of operations. Testing for potential impairment of these assets is significantly dependent on numerous assumptions and reflects management's best estimates at a particular point in time. The dynamic economic environments in which the Company's businesses operate and key economic and business assumptions related to projected selling prices, market growth, inflation rates and operating expense ratios, can significantly affect the outcome of impairment tests. Estimates based on these assumptions may differ significantly from actual results. Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and magnitude of impairments, as well as the time in which such impairments are recognized. In testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50 percent) that the estimated fair value of a reporting unit is less than its carrying amount. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, the Company is then required to perform a quantitative impairment test, otherwise no further analysis is required. The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. In fiscal 2015, in conjunction with the Company’s annual review for impairment, the Company performed a qualitative analysis of goodwill for each of the Company’s reporting units, which are the same as its operating segments, and did not identify any potential impairment. In assessing other intangible assets not subject to amortization for impairment, the Company has the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then the Company is not required to perform any additional tests for assessing intangible assets for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, the Company is then required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. In fiscal 2015, the Company performed a qualitative analysis of other intangible assets not subject to amortization and concluded there were no indicators of impairment. (12) Income Taxes Income taxes are accounted for utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases . These expected future tax consequences are measured based on currently enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s evaluation of the adequacy of any potential allowance is based on facts and circumstances availa ble to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. (13) Net Earnings per Share Basic net earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding during the period. Employee stock options, non - vested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of excess tax benefits that would be recorded in additional paid-in-capital when exercised are assumed to be used to repurchase shares. ( 14) Derivative Instruments and Hedging Activities The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. All derivative instruments are recorded on the balance sheet at their respective fair values. The Company uses these derivative instruments only to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in earnings. All changes in derivative fair values due to ineffectiveness are recognized currently in income. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of August 31, 2015, the Company’s derivative counterparty had investment grade credit ratings . (15) Fair Value Measurements The Company’s disclosure of the fair value of assets and liabilities is based on a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: · Level 1 – inputs to valuation techniques are quoted prices in active markets for identical assets or liabilities · Level 2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly · Level 3 – inputs to the valuation techniques are unobservable for the assets or liabilities (16) Treasury Stock When the Company repurchases its outstanding stock, it records the repurchased shares at cost as a reduction to shareholders’ equity. The weighted average cost method is utilized for share re-issuances. The difference between the cost and the re-issuance price is charged or credited to a “capital in excess of stated value – treasury stock” account to the extent that there is a sufficient balance to absorb the charge. If the treasury stock is sold for an amount less than its cost and there is not a sufficient balance in the capital in excess of stated value – treasury stock account, the excess is charged to retained earnings. (17) Contingencies The Company’s accounting for contingencies covers a variety of business activities including contingencies for legal exposures and environmental exposures. The Company accrues these contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. (18) Environmental Remediation Liabilities Environmental remediation liabilities include costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and can be reasonably estimated. Estimates used to record environmental remediation liabilities are based on the Company’s best estimate of probable future costs based on site-specific facts and circumstances. Estimates of the cost for the likely remedy are developed using internal resources or by third-party environmental engineers or other service providers. The Company records the undiscounted environmental remediation liabilities that represent the points in the range of estimates that are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. (19) Translation of Foreign Currency The Company’s portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Aug. 31, 2015 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | B. NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. This update deferred the effective date of ASU No. 2014-09 to the first quarter of fiscal year 201 9 . 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 consolidated financial statements and related disclosures. The Company has not yet selected a transition method, nor has it determined the effect of the standard on its ongoing financial reporting. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations . The standard requires an entity to recognize adjustments to provisional amounts resulting from business combinations to be recognized in the period in which they are determined. The standard requires the acquirer to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, result from the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date. The effective date of ASU No. 2015-16 will be the first quarter of fiscal 2017 with early adoption permitted for financial statements that have not been issued. The guidance requires companies to apply the update prospectively for amounts that occur after the effective date. The Company is currently evaluating the effect this update will have on the consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Aug. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | C. ACQUISITIONS In connection with business acquisitions, the Company records the estimated fair value of the identifiable assets acquired, liabilities assumed, goodwill, and any non - controlling interest in the acquired, all determined as of the date of acquisition. T he Company incurred $1.8 million of acquisition and integration expenses in fiscal 2015, which were included in general and administrative expenses on the consolidated statement of operations. Elecsys Corporation 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 closed the Digitec manufacturing facility in Milford, Nebraska and consolidated the electronics manufacturing operations with Elecsys. The following table summarizes the merger consideration paid for Elecsys and the final 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 amortizable intangible assets have a weighted-average useful life of approximately 11.5 years. The following table summarizes the identifiable intangible assets at fair value. $ in thousands Weighted Average Useful Life in Years Fair Value of Identifiable Asset Intangible assets: 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. SPF Water Engineering, LLC On July 20, 2015, the Company completed the acquisition of SPF Water Engineering, LLC (“SPF”) based in Boise, Idaho. SPF is a full-service water resource consulting firm offering water supply studies, well design and construction, water and wastewater system design, water rights consulting and more. The C ompany paid $2.5 million, which was financed with cash on hand, for total purchase consideration of $2.4 million net of cash acquired of $0.1 million. The allocation of purchase price for SPF is considered preliminary, largely with respect to the valuation of certain acquired intangible assets. The total purchase price for SPF has been allocated to the tangible and intangible assets acquired and liabilities assumed based on fair value assessments. The Company’s allocation of purchase price for this acquisition consisted of current assets of $0.7 million, fixed assets of $0.1 million, finite-lived intangible assets of $1.0 million, goodwill of $0.9 million and current liabilities of $0.2 million. Goodwill resulting from this acquisition is largely attributable to the existing workforce and historical and projected profitability of the acquired business. The goodwill associated with SPF is included in the goodwill of the Company’s irrigation segment. Pro forma information related to this acquisition was not included because the impact on the Company’s consolidated financial statements was not considered to be material. |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Aug. 31, 2015 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | D. NET EARNINGS PER SHARE The following table shows the computation of basic and diluted net earnings per share for the years ended August 31, 2015 , 2014 and 2013 : For the years ended August 31, ($ and shares in thousands, except per share amounts) 2015 2014 2013 Numerator: Net earnings $ $ $ Denominator: Weighted average shares outstanding Diluted effect of stock equivalents 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: For the years ended August 31, Units and options in thousands 2015 2014 2013 Restricted stock units Stock options |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Aug. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | E. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss is included in the accompanying Consolidated Balance Sheets in the shareholders’ equity section, and consists of the following components: August 31, $ in thousands 2015 2014 Accumulated other comprehensive loss: Defined benefit pension plan, net of tax benefit of $1,540 and $1,524 $ $ Foreign currency translation, net of hedging activities, net of tax expense of $3,154 and $1,688 Total accumulated other comprehensive loss $ $ The following is a rollfo r ward of the balances in accumulated other comprehensive income (loss), net of tax. Defined benefit Foreign currency Accumulated other pension plan translation comprehensive $ in thousands adjustment adjustment loss Balance at August 31, 2013 $ Current-period change Balance at August 31, 2014 Current-period change Balance at August 31, 2015 $ |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | F . INCOME TAXES For financial reporting purposes earnings (losses) before income taxes include the following components: For the years ended August 31, $ in thousands 2015 2014 2013 United States $ $ $ Foreign $ $ $ Significant components of the income tax provision are as follows: For the years ended August 31, $ in thousands 2015 2014 2013 Current: Federal $ $ $ State Foreign Total current Deferred: Federal State Foreign Total deferred Total income tax provision $ $ $ Total income tax provision resulted in effective tax rates differing from that of the statutory United States Federal income tax rates. The reasons for these differences are: For the years ended August 31, $ in thousands 2015 2014 2013 Amount % Amount % Amount % U.S. statutory rate $ $ $ State and local taxes, net of federal tax benefit Foreign tax rate differences Domestic production activities deduction Research and development and fuel tax credits Deferred tax asset valuation allowance - - - - Other Effective rate $ $ $ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: August 31, $ in thousands 2015 2014 Deferred tax assets: Deferred revenue $ $ Net operating loss carry forwards Defined benefit pension plan Share-based compensation State tax credits Inventory Warranty Vacation Accrued expenses and allowances Other - Gross deferred tax assets Valuation allowance - Net deferred tax assets $ $ Deferred tax liabilities: Intangible assets Property, plant and equipment Inventory Other - Total deferred tax liabilities Net deferred tax (liabilities) assets $ $ In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Because the Company has a recent history of generating cumulative losses in a certain foreign tax jurisdiction, management did not consider projections of future taxable income as persuasive evidence for the recoverability of deferred tax assets in that jurisdiction. Therefore, the Company recorded a valuation allowance of $2.9 million as of August 31, 2015. The Company does not intend to repatriate earnings of its foreign subsidiaries and accordingly, has not provided a U.S. deferred income tax liability on these undistributed earnings that are indefinitely reinvested. The Company would recognize a deferred income tax liability if the Company were to determine that such earnings are no longer indefinitely reinvested. At August 31, 2015, undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $26.8 million. Determination of the estimated amount of unrecognized deferred tax liability on these undistributed earnings is not practicable. The Company recognizes tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. A reconciliation of changes in pre-tax unrecognized tax benefits is as follows: August 31, $ in thousands 2015 2014 Unrecognized Tax Benefits at September 1 $ $ Increases for positions taken in current year Increases for positions taken in prior years Reduction resulting from lapse of applicable statute of limitations Decreases for positions taken in prior years - Unrecognized Tax Benefits at August 31 $ $ The net amount of unrecognized tax benefits at August 31, 2015 and 2014 that, if recognized, would impact the Company’s effective tax rate was $ 1.5 million and $ 1.0 million, respectively. Recognition of these tax benefits would have a favorable impact on the Company’s effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. Total accrued pre-tax liabilities for interest and penalties included in the unrecognized tax benefits liability were $ 1.2 million and $ 0.9 million for the years ended August 31, 2015 and 2014, respectively. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months as a result of the expiration of statutes of limitations, the Company does not expect this change to have a significant impact on its results of operations or financial position. The Company files income tax returns in the United States and in state, local, and foreign jurisdictions. The Company is no longer subject to examination by tax authorities in most jurisdictions for years prior to 2012. Subsequent to the fiscal year-end, the U.S. Internal Revenue Service (IRS) completed its audit for fiscal 2011 . |
Inventories
Inventories | 12 Months Ended |
Aug. 31, 2015 | |
Inventories [Abstract] | |
Inventories | G . INVENTORIES August 31, ($ in thousands) 2015 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 $ $ |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Aug. 31, 2015 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | H. PROPERTY, PLANT AND EQUIPMENT August, 31 $ in thousands 2015 2014 Operating property, plant and equipment: Land $ $ Buildings Equipment Other Total operating property, plant and equipment Accumulated depreciation Total operating property, plant and equipment, net $ $ Property held for lease: Machines Barriers Total property held for lease $ $ Accumulated depreciation Total property held for lease, net $ $ Property, plant and equipment, net $ $ Depreciation expense was $ 11.7 mi llion, $ 10.8 million and $ 9. 8 million for the years ended August 31, 2015 , 2014 , and 2013 , respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Aug. 31, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | I. GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill by reportable segment for the year ended August 31, 2015 and 2014 is as follows: $ in thousands Irrigation Infrastructure Total Balance as of August 31, 2013 $ $ Finalization of Claude Laval Corp acquisition - Foreign currency translation Balance as of August 31, 2014 $ $ Acquisition of Elecsys - Acquisition of SPF - Foreign currency translation Balance as of August 31, 2015 $ $ $ The components of the Company’s identifiable intangible assets at August 31, 2015 and 2014 are included in the table below. August 31, 2015 2014 Weighted Gross Weighted Gross Average Carrying Accumulated Average Carrying Accumulated $ in thousands Years Amount Amortization Years Amount Amortization Amortizable intangible assets: Patents and developed technology 14.3 $ $ 13.0 $ $ Customer relationships 12.2 7.4 Non-compete agreements 10.4 5.6 Other 1.9 1.6 Unamortizable intangible assets: Tradenames N/A - N/A - Total 12.1 $ $ 10.0 $ $ Amortization expense for amortizable intangible assets was $ 4.7 mi llion, $ 4.0 million and $ 2. 8 million for 2015 , 2014 , and 2013 , respectively. Future estimated amortization of intangible assets for the next five years is as follows: Fiscal Years $ in thousands 2016 $ 2017 2018 2019 2020 Thereafter $ The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2015 . No impairment losses were indicated as a result of the annual impairment testing for fiscal years 2015 , 2014 and 2013 . |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Aug. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | J. OTHER CURRENT LIABILITIES August 31, $ in thousands 2015 2014 Other current liabilities: Compensation and benefits $ $ Warranty Deferred revenues Dealer related liabilities Income tax liabilities Customer deposits Other Total other current liabilities $ $ |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Aug. 31, 2015 | |
Credit Arrangements [Abstract] | |
Credit Arrangements | K . 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 the Senior Notes are unsecured and have equal priority with borrowings under the Company’s other senior unsecured indebtedness. 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 August 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 August 31, 2015, the Company had the ability to borrow up to $44.4 million under this facility, after consideration of outstanding standby letters of credit of $5.6 million. Borrowings under the Amended Credit Agreement bear interest at a variable rate equal to LIBOR plus 90 basis points ( 1.10 percent at August 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. Unpaid principal and interest is due by February 18, 2018. 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 August 31, 2015 and 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, has outstanding $2.4 million in principal amount of industrial revenue bonds that were issued in 2006 (the “Series 2006A Bonds”). Principal and interest on the Series 2006A Bonds are payable monthly through maturity on September 1, 2026 . The interest rate is adjustable based on the yield of the 5-year United States Treasury Notes, plus 0.45 percent ( 1.99 percent as of August 31, 2015). The obligations under the Series 2006A Bonds are secured by a first priority security interest in certain real estate. Long-term debt consists of the following: August 31 August 31 ($ in thousands) 2015 2014 Senior Notes $ $ - Amended Credit Agreement - - Elecsys Series 2006A Bonds - Total debt - Less current portion - Total long-term debt $ $ - Principal payments due on the debt are as follows: Due within: $ in thousands 1 year $ 2 years 3 years 4 years 5 years Thereafter $ |
Financial Derivatives
Financial Derivatives | 12 Months Ended |
Aug. 31, 2015 | |
Financial Derivatives [Abstract] | |
Financial Derivatives | L . FINANCIAL DERIVATIVES Fair Values of Derivative Instruments Asset (Liability) August 31, August 31, $ in thousands Balance Sheet Location 2015 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 $ $ In addition, accumulated other comprehensive income (“AOCI”) included realized and unrealized after-tax gains of $ 5.4 million and $ 2. 0 million at August 31, 2015 and 2014 , respectively, related to derivative contracts designated as hedging instruments. Net Investment Hedging Relationships Amount of (Loss) Recognized in OCI on Derivatives For the years ended August 31, $ in thousands 2015 2014 2013 Foreign currency forward contracts, net of tax expense (benefit) of $2,083 , $16 , and ($286) $ $ $ During fiscal 2015 , 2014 and 2013 , the Company settled Euro foreign currency forward contracts resulting in after- tax net (losses) gains of $ 3.8 million, ($ 0.5 million) and ( $ 0.6 million ) , respectively, which were included in OCI as part of a currency translation adjustment. There were no amounts recorded in the consolidated statement of operations related to ineffectiveness of Euro foreign currency forward contracts for the years ended August 31, 201 5 , 20 14 and 201 3 . Accumulated currency translation adjustment in AOCI at August 31, 2015 , 2014 and 2013 reflected realized and unrealized after-tax gains of $ 5.4 million, $ 2.0 million and $ 2.0 million, respectively. At August 31, 2015 and 2014 , the Company had outstanding Euro foreign currency forward contracts to sell 29.1 million Euro and 28.9 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At August 31, 201 5 and 201 4 , the Company also had an outstanding foreign currency forward contract to sell 43.0 million South African Rand at fixed prices to settle during the next fiscal quarter. The C ompany’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 designated, changes in fair value are recognized currently in the income statement. At August 31, 2015 and 2014, the Company had $ 9.5 million and $ 4.9 million, respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Aug. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | M . FAIR VALUE MEASUREMENTS The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 31, 2015 and 2014, respectively: August 31, 2015 $ 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 $ - $ $ - $ The carrying value of long-term debt (including current portion) was $117.4 million as of August 31, 2015. Based on current market rates, the fair value of this debt was estimated to be $114.9 million as of August 31, 2015. The Company had no outstanding long-term debt as of August 31, 2014. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Aug. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | N . COMMITMENTS AND CONTINGENCIES In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings , business disputes and other legal proceedings . The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any potential loss in excess of the amounts accrued would not have a material effect on the business or its consolidated financial statements . Such proceedings are exclusive of environmental remediation matters which are discussed separately below. Environmental Remediation In 1992, the Company entered into a consent decree with the U.S. Environmental Protection Agency (the “EPA”) in which the Company committed to remediate environmental contamination of the groundwater that was discovered in 1982 through 1990 at and adjacent to its Lindsay, Nebraska facility (the “site”). The site was added to the EPA’s list of priority superfund sites in 1989. Between 1993 and 1995, remediation plans for the site were approved by the EPA and fully implemented by the Company. Since 1998, the primary remaining contamination at the site has been the presence of volatile organic 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 the first half of calendar 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 toward the end 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. While a ny revisions could be material to the operating results of any f iscal quarter or fiscal year, t he 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 August 31, 2015 and 2014 : Environmental Remediation Liabilities $ in thousands August 31, August 31, Balance Sheet Location 2015 2014 Other current liabilities $ $ Other noncurrent liabilities Total environmental remediation liabilities $ $ Leases The Company leases land, buildings, machinery, equipment, and computer equipment under various non-cancelable operating lease agreements. At August 31, 2015 , future minimum lease payments under non-cancelable operating leases were as follows: Fiscal Years $ in thousands 2016 2017 2018 2019 2020 Thereafter $ Lease expense was $ 4.5 million, $ 4.0 million and $ 3.9 million for the years ended August 31, 2015 , 2014 , and 2013 , respectively. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Aug. 31, 2015 | |
Retirement Plans [Abstract] | |
Retirement Plans | O. RETIREMENT PLANS The Company has defined contribution profit ‑sharing plans covering substantially all of its full-time U.S. employees. Participants may voluntarily contribute a percentage of compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The plans provide for a matching contribution by the Company. The Company's total contributions charged to expense under the plans were $1.2 million, $ 1.2 million and $ 1.0 million for the years ended August 31, 2015 , 2014 and 2013 , respectively. A supplementary non ‑qualified, non ‑funded retirement plan for six former executives is also maintained. Plan benefits are based on the executive's average total compensation during the three highest compensation years of employment. This unfunded supplemental retirement plan is not subject to the minimum funding requirements of ERISA. The Company has purchased life insurance policies on certain former executives named in this supplemental retirement plan to provide funding for this liability. As of August 31, 2015 and 2014 , the funded status of the supplemental retirement plan was recorded in the consolidated balance sheets. The Company utilizes an August 31 measurement date for plan obligations related to the supplemental retirement plan. As this is an unfunded retirement plan, the funded status is equal to the benefit obligation. The funded status of the plan and the net amount recognized in the accompanying balance sheets as of August 31 is as follows: August 31, $ in thousands 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ $ Interest cost Actuarial loss Benefits paid Benefit obligation at end of year $ $ Amounts recognized in the statement of financial position consist of: August 31, $ in thousands 2015 2014 Other current liabilities $ $ Pension benefit liabilities Net amount recognized $ $ The before-tax amounts recognized in accumulated other comprehensive loss consists of: August 31, $ in thousands 2015 2014 Net actuarial loss $ $ For the years ended August 31, 2015 and 2014 , the Company assumed a discount rate of 4.10 percent and 4.00 percent, respectively, for the determination of the liability. The assumptions used to determine benefit obligations and costs are selected based on current and expected market conditions. The discount rate is based on a hypothetical portfolio of long-term corporate bonds with cash flows approximating the timing of expected benefit payments. For the years ended August 31, 2015 , 2014 and 2013 , the Company assumed a discount rate of 4.00 percent, 4.75 percent and 3.75 percent, respectively, for the determination of the net periodic benefit cost. The components of the net periodic benefit cost for the supplemental retirement plan are as follows: For the years ended August 31, $ in thousands 2015 2014 2013 Interest cost $ $ $ Net amortization and deferral Total $ $ $ The estimated actuarial loss for the supplemental retirement plan that will be amortized, on a pre-tax basis, from accumulated other comprehensive loss into net periodic benefit cost during fiscal 2016 will be $0.2 million. The Company’s future annual contributions to the supplemental retirement plan will be equal to expected net benefit payments since the plan is unfunded. The following net benefit payments are expected to be paid: Fiscal Years $ in thousands 2016 $ 2017 2018 2019 2020 Thereafter $ |
Warranties
Warranties | 12 Months Ended |
Aug. 31, 2015 | |
Warranties [Abstract] | |
Warranties | P. WARRANTIES Product Warranties The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods and/or usage of the product. The accrued product warranty costs are for a combination of specifically identified items and other incurred, but not identified, items based primarily on historical experience of actual warranty claims. This reserve is classified within other current liabilities. The following tables provide the changes in the Company’s product warranties: For the years ended August 31, $ in thousands 2015 2014 Warranties: 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 $ $ Warranty costs were $ 2.8 million, $ 6.4 million, and $ 6.9 million for the fiscal years ended August 31, 2015 , 2014 and 2013 , respectively. |
Industry Segment Information
Industry Segment Information | 12 Months Ended |
Aug. 31, 2015 | |
Industry Segment Information [Abstract] | |
Industry Segment Information | Q. INDUSTRY SEGMENT INFORMATION The Company manages its business activities in two reportable segments: Irrigation and Infrastructure. The accounting policies of the two reportable segments are the same as those described in Note A, Description of Business and Significant Accounting Policies . 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. 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, filtration solutions and M2M technology. The irrigation reporting segment consists of five 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 manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services. The infrastructure reporting segment consists of one operating segment. The Company has no single major customer representing 10 percent or more of its total revenues during fiscal 2015 , 2014 , or 2013 . Summarized financial information concerning the Company’s reportable segments is shown in the following tables: $ in thousands 2015 2014 2013 Operating revenues: Irrigation $ $ $ Infrastructure Total operating revenues $ $ $ Operating income: Irrigation $ $ $ Infrastructure Segment operating income $ $ $ Unallocated general and administrative expenses Interest and other income (expense), net Earnings before income taxes $ $ $ Total Capital Expenditures: Irrigation $ $ $ Infrastructure $ $ $ Total Depreciation and Amortization: Irrigation $ $ $ Infrastructure $ $ $ Total Assets: Irrigation $ $ $ Infrastructure $ $ $ Summarized financial information concerning the Company’s geographical areas is shown in the following tables. For the years ended August 31, $ in thousands 2015 2014 2013 Revenues % of Total Revenues % of Total Revenues % of Total United States $ $ $ International Total Revenues $ $ $ For the years ended August 31, $ in thousands 2015 2014 2013 Long-Lived Tangible Assets % of Total Long-Lived Tangible Assets % of Total Long-Lived Tangible Assets % of Total United States $ $ $ International Total Long-Lived Assets $ $ $ |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Aug. 31, 2015 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | R. SHARE BASED COMPENSATION Share Based Compensation Program Share based compensation is designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share grants are based on competitive practices, operating results of the Company, and individual performance. As of August 31, 2015, the Company’s share-based compensation plan was the 2015 Long-Term Incentive Plan (the “2015 Plan”). The 2015 Plan was approved by the shareholders of the Company, and became effective on January 26, 2015 , and replaced the Company’s 2010 Long Term Incentive Plan. At August 31, 2015 the Company had share based awards outstanding under its 2001 and 2010 Long-Term Incentive Plans. The 2015 Plan provides for awards of stock options, restricted shares, restricted stock units, stock appreciation rights, performance shares and performance stock units to employees and non-employee directors of the Company. The maximum number of shares as to which stock awards may be granted under the 2015 Plan is 626 ,968 shares, exclusive of any forfeitures from the 2010 Long Term Incentive Plan. At August 31, 2015, 639,715 shares of common stock (including forfeitures from prior plans) remained available for issuance under the 2015 Plan. All stock awards will be counted against the 2015 Plan in a 1 to 1 ratio. If options, restricted stock units or performance stock units awarded under the 2010 Plan terminate without being fully vested or exercised, those shares will be available again for grant under the 2015 Plan. The 2015 Plan also limits the total awards that may be made to any individual. Share Based Compensation Information The following table summarizes share-based compensation expense for the fiscal years ended August 31, 2015 , 2014 and 2013 : For the years ended August 31, $ in thousands 2015 2014 2013 Share-based compensation expense included in cost of operating revenues $ $ $ Research and development Sales and marketing General and administrative Share-based compensation expense included in operating expenses Total share-based compensation expense Tax benefit Share-based compensation expense, net of tax $ $ $ As of August 31, 2015, there was $ 4.1 million pre-tax of total unrecognized compensation cost related to nonvested share-based compensation arrangements which is expected to be recognized over a weighted-average period of 1. 7 years. Stock Options – Stock option awards have an exercise price equal to the closing price on the date of grant, expire no later than ten years from the date of grant and vest over a four -year period at 25 percent per year. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The table below shows the annual weighted-average assumptions used for valuation purposes. Grant Year Weighted-Average Assumptions Fiscal 2015 Fiscal 2014 Risk-free interest rate Dividend yield Expected life (years) Volatility Weighted-average grant-date fair value of options granted $ $ The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and volatility is based on the historical volatility of the Company’s stock price over the expected life of the option. The following table summarizes information about stock options outstanding as of and for the years ended August 31, 2015 , 2014 and 2013 : Number of stock options Average Exercise Price Average Remaining Contractual Term (years) Aggregate Intrinsic Value ('000s) Stock options outstanding at August 31, 2013 $ $ Granted $ Exercised $ $ Forfeitures $ Stock options outstanding at August 31, 2014 $ $ Granted $ Exercised $ $ Forfeitures $ Stock options outstanding at August 31, 2015 $ $ Exercisable at August 31, 2013 $ $ Exercisable at August 31, 2014 $ $ Exercisable at August 31, 2015 $ $ There were 19,178 , 13,793 and 8,330 outstanding stock options that vested during the fiscal years ended August 31, 2015, 2014 and 2013, respectively. Additional information regarding stock option exercises is summarized in the table below. For the years ended August 31, $ in thousands 2015 2014 2013 Intrinsic value of stock options exercised $ $ $ Cash received from stock option exercises $ $ $ Tax benefit realized from stock option exercises $ $ $ Aggregate grant-date fair value of stock options vested $ $ $ Restricted stock units - The restricted stock units have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. The restricted stock units granted to employees vest over a three -year period at approximately 33 percent per year. The restricted stock units granted to non-employee directors generally vest over a nine -month period. The following table summarizes information about restricted stock units as of and for the years ended August 31, 2015, 2014 and 2013 : Number of restricted stock units Weighted-Average Grant-Date Fair Value Restricted stock units outstanding at August 31, 2013 $ Granted Vested Forfeited Restricted stock units outstanding at August 31, 2014 $ Granted Vested Forfeited Restricted stock units outstanding at August 31, 2015 $ Restricted stock units are generally settled with the issuance of shares with the exception of certain restricted stock units awarded to internationally-based employees that are settled in cash. At August 31, 2015 , 2014 and 2013 , outstanding restricted stock units included 5,504 , 5,289 and 4,496 units, respectively, that will be settled in cash. The fair value of restricted stock units that vested during the period was $2 .3 and $2.1 million for each of the years ended August 31, 2015 and 2014, respectively. Performance stock units - The performance stock units have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. The performance stock units granted to employees cliff vest after a three -year period and a specified number of shares of common stock will be awarded under the terms of the performance stock units, if performance measures relating to revenue growth and a return on net assets are achieved. The table below summarizes the status of the Company’s performance stock units as of and for the year ended August 31, 2015, 2014 and 2013 : Number of performance stock units Weighted-Average Grant-Date Fair Value Performance stock units outstanding at August 31, 2013 $ Granted Vested Forfeited Performance stock units outstanding at August 31, 2014 $ Granted Vested Forfeited Performance stock units outstanding at August 31, 2015 $ In connection with the performance stock units, the performance goals are based upon revenue growth and a return on net assets during the performance period. The awards actually earned will range from zero to two hundred percent of the targeted number of performance stock units and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. The Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. If defined performance goals are not met, no compensation cost will be recognized and any previously recognized compensation expense will be reversed. In fiscal 2015 and fiscal 2014, performance stock units that vested represented 27,473 and 46,908 , re spectively, of actual shares of common stock issued. The fair value of performance stock units that vested during the period was $1 .6 million and $ 2.6 million for the year ended August 31, 2015 and 2014, respectively. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Aug. 31, 2015 | |
Share Repurchases [Abstract] | |
Share Repurchases | S. SHARE REPURCHASES On January 3, 2014, the Company announced that its Board of Directors authorized a share repurchase program of up to $150.0 million of common stock, effective as of January 2, 2014, through January 2, 2016. On July 22, 2015, the Company announced that its Board of Directors increased its outstanding share repurchase authorization by $100.0 million. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 , as amended . During the twelve months ended August 31, 2015, the Company repurchased 1,198,089 shares for an aggregate purchase price of $96.9 million. During the twelve months ended August 31, 2014, the Company repurchased 497,899 shares of common stock for an aggregate purchase price of $ 41.0 million. The remaining amount available under the repurchase program was $ 11 2.1 million as of August 31, 2015. |
Quarterly Results Of Operations
Quarterly Results Of Operations | 12 Months Ended |
Aug. 31, 2015 | |
Quarterly Results Of Operations [Abstract] | |
Quarterly Results Of Operations | T. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) First Second Third Fourth $ in thousands, except per share amounts Quarter Quarter Quarter Quarter (a) Year ended August 31, 2015 Operating revenues $ $ $ $ Cost of operating revenues $ $ $ $ Earnings before income taxes $ $ $ $ Net earnings $ $ $ $ Diluted net earnings per share $ $ $ $ Year ended August 31, 2014 Operating revenues $ $ $ $ Cost of operating revenues $ $ $ $ Earnings before income taxes $ $ $ $ Net earnings $ $ $ $ Diluted net earnings per share $ $ $ $ (a) The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Aug. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | a(2) Exhibit Lindsay Corporation and Subsidiaries VALUATION AND QUALIFYING ACCOUNTS Years ended August 31, 2015, 2014 and 2013 Additions (in thousands) Balance at beginning of period Charges to costs and expenses Charged to other accounts Deductions Balance at end of period Year ended August 31, 2015: Deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts (a ) $ $ $ - $ $ Allowance for inventory obsolescence (b) $ $ $ $ $ Deferred tax asset valuation allowance $ - $ $ - $ - $ Year ended August 31, 2014: Deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts (a) $ $ $ - $ $ Allowance for inventory obsolescence (b) $ $ $ $ $ Deferred tax asset valuation allowance $ - $ - $ - $ - $ - Year ended August 31, 2013: Deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts (a) $ $ $ - $ $ Allowance for inventory obsolescence (b) $ $ $ $ $ Deferred tax asset valuation allowance $ - $ - $ - $ - $ - (a) Deductions consist of uncollectible items written off, less recoveries of items previously written off. (b) Deductions consist of obsolete items sold or scrapped. |
Description Of Business And S31
Description Of Business And Significant Accounting Policies (Policy) | 12 Months Ended |
Aug. 31, 2015 | |
Description Of Business And Significant Accounting Policies [Abstract] | |
Priniciples Of Consolidation | (1) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. |
Reclassifications | (2) Reclassifications Certain reclassifications have been made to prior financial statements to conform to the current-year presentation. |
Use Of Estimates | ( 3) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | (4) Revenue Recognition The Company’s basic criteria necessary for revenue recognition are: 1) evidence of a sales arrangement exists, 2) delivery of goods has occurred, 3) the sales price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. The Company generally has no post-delivery obligations to its independent dealers other than standard warranties. Revenues and gross profits on intercompany sales are eliminated in consolidation. Revenues from the sale of the Company’s products are recognized based on the delivery terms in the sales contract. If an arrangement involves multiple deliverables, revenues from the arrangement are allocated to the separate units of accounting based on their relative selling price. The Company offers a subscription-based service for wireless management and recognizes subscription revenue on a straight-line basis over the contract term. The Company leases certain infrastructure property held for lease to customers such as moveable concrete barriers and Road Zipper Systems TM . Revenues for the lease of infrastructure property held for lease are recognized on a straight-line basis over the lease term. The costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Customer rebates, cash discounts and other sales incentives are recorded as a reduction of revenues at the time of the original sale. Estimates used in the recognition of operating revenues and cost of operating revenues include, but are not limited to, estimates for product warranties, product rebates, cash discounts and fair value of separate units of accounting on multiple deliverables. |
Stock Based Compensation | (5) Stock Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock units or performance stock units from new stock issuances. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statement of Operations over the periods during which the employee or director is required to perform a service in exchange for the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) as its valuation method for stock option awards. Under the Black-Scholes model, the fair value of stock option awards on the date of grant is estimated using an option-pricing model that is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to , the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Restricted stock, restricted stock units, performance shares and performance stock units issued under the 2015 Long-Term Incentive Plan will have a grant date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. |
Warranty Costs | (6) Warranty Costs The Company's provision for product warranty reflects management's best estimate of probable liability under its product warranties. At the time a sale is recognized, the company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims. This provision is periodically adjusted to reflect actual experience. |
Cash And Cash Equivalents | (7) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less. |
Receivables And Allowances | (8) Receivables and Allowances Trade receivables are reported on the balance sheet net of any doubtful accounts. Losses are recognized when it is probable that an asset has been impaired and the amount of the loss can be reasonably estimated. In estimating probable losses, the Company reviews specific accounts that are significant and past due, in bankruptcy or otherwise identified as at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of default. In assessing the likelihood of collection of receivable, the Company considers (for example) the Company’s history of collections, the current status of discussions and repayment plans, collateral received, and other evidence and information regarding collection or default risk that is available in the market place. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic condition and credit risk quality. As the Company’s international business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability or with governments with which the Company has limited experience or where there is a lack of transparency as to the current credit condition of governmental units. As of August 31, 2015 the Company had $ 6.9 million in delinquent accounts receivable related to our business unit in China , and $ 2.7 million of accounts receivable and $ 2.0 million in performance bonds related to its contract in Iraq. The Company’s allowance for all doubtful accounts related to both current and long-term receivables increased to $ 9.7 million at August 31, 2015 from $ 4.8 million at August 31, 2014. The Company’s evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances availa ble to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. |
Inventories | (9) Inventories Inventories are stated at the lower of cost or market. Cost is determined by the last ‑in, first ‑out (LIFO) method for the Company’s Lindsay, Nebraska inventory and three warehouses in Idaho, Georgia and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at operating locations in Nebraska, California, Wisconsin, China , Turkey and Australia. Cost is determined by the weighted average cost method for inventory at the Company’s other operating locations in Kansas, Washington, Brazil, France, Italy and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory . |
Property, Plant And Equipment | (10) Property, Plant and Equipment Property, plant, equipment, and capitalized assets held for lease are stated at cost. The Company capitalizes major expenditures and charges to operating expenses the cost of current maintenance and repairs. Provisions for depreciation and amortization have been computed principally on the straight-line method for buildings and equipment. Rates used for depreciation are based principally on the following expected lives: buildings ‑ ‑ 15 to 30 years; equipment ‑ ‑ 3 to 7 years; leased barrier transfer machines -- 8 to 10 years; leased barriers -- 12 years; other ‑ ‑ 2 to 20 years and leasehold improvements – shorter of the economic life or term of the lease. All of the Company's long ‑lived asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized based upon the difference between the fair value of the asset and its carrying value. No impairments were recorded during the fiscal years ended August 31, 2015, 2014, and 2013. The cost and accumulated depreciation relating to assets retired or otherwise disposed of are eliminated from the respective accounts at the time of disposition. The resulting gain or loss is included in operating income in the consolidated statements of operations. |
Valuation Of Goodwill And Identifiable Intangible Assets | (11) Valuation of Goodwill and Identifiable Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Acquired intangible assets are recognized separately from goodwill. Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually at August 31 and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Assessment of the potential impairment of goodwill and identifiable intangible assets is an integral part of the Company's normal ongoing review of operations. Testing for potential impairment of these assets is significantly dependent on numerous assumptions and reflects management's best estimates at a particular point in time. The dynamic economic environments in which the Company's businesses operate and key economic and business assumptions related to projected selling prices, market growth, inflation rates and operating expense ratios, can significantly affect the outcome of impairment tests. Estimates based on these assumptions may differ significantly from actual results. Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and magnitude of impairments, as well as the time in which such impairments are recognized. In testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50 percent) that the estimated fair value of a reporting unit is less than its carrying amount. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, the Company is then required to perform a quantitative impairment test, otherwise no further analysis is required. The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. In fiscal 2015, in conjunction with the Company’s annual review for impairment, the Company performed a qualitative analysis of goodwill for each of the Company’s reporting units, which are the same as its operating segments, and did not identify any potential impairment. In assessing other intangible assets not subject to amortization for impairment, the Company has the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then the Company is not required to perform any additional tests for assessing intangible assets for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, the Company is then required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. In fiscal 2015, the Company performed a qualitative analysis of other intangible assets not subject to amortization and concluded there were no indicators of impairment. |
Income Taxes | (12) Income Taxes Income taxes are accounted for utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases . These expected future tax consequences are measured based on currently enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s evaluation of the adequacy of any potential allowance is based on facts and circumstances availa ble to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. |
Net Earnings Per Share | (13) Net Earnings per Share Basic net earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding during the period. Employee stock options, non - vested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of excess tax benefits that would be recorded in additional paid-in-capital when exercised are assumed to be used to repurchase shares. |
Derivative Instruments And Hedging Activities | ( 14) Derivative Instruments and Hedging Activities The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. All derivative instruments are recorded on the balance sheet at their respective fair values. The Company uses these derivative instruments only to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in earnings. All changes in derivative fair values due to ineffectiveness are recognized currently in income. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of August 31, 2015, the Company’s derivative counterparty had investment grade credit ratings. |
Fair Value Measurements | . (15) Fair Value Measurements The Company’s disclosure of the fair value of assets and liabilities is based on a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: · Level 1 – inputs to valuation techniques are quoted prices in active markets for identical assets or liabilities · Level 2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly · Level 3 – inputs to the valuation techniques are unobservable for the assets or liabilities |
Treasury Stock | (16) Treasury Stock When the Company repurchases its outstanding stock, it records the repurchased shares at cost as a reduction to shareholders’ equity. The weighted average cost method is utilized for share re-issuances. The difference between the cost and the re-issuance price is charged or credited to a “capital in excess of stated value – treasury stock” account to the extent that there is a sufficient balance to absorb the charge. If the treasury stock is sold for an amount less than its cost and there is not a sufficient balance in the capital in excess of stated value – treasury stock account, the excess is charged to retained earnings. |
Contingencies | (17) Contingencies The Company’s accounting for contingencies covers a variety of business activities including contingencies for legal exposures and environmental exposures. The Company accrues these contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. |
Environmental Remediation Liabilities | (18) Environmental Remediation Liabilities Environmental remediation liabilities include costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and can be reasonably estimated. Estimates used to record environmental remediation liabilities are based on the Company’s best estimate of probable future costs based on site-specific facts and circumstances. Estimates of the cost for the likely remedy are developed using internal resources or by third-party environmental engineers or other service providers. The Company records the undiscounted environmental remediation liabilities that represent the points in the range of estimates that are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. |
Translation Of Foreign Currency | (19) Translation of Foreign Currency The Company’s portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Acquisitions [Abstract] | |
Schedule Of Estimated Fair Value Of The Assets Acquired And Liabilities Assumed In Business Acquisition | $ 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 $ |
Finite-Lived And Indefinite-Lived Intangible Assets Acquired In Business Acquisition | $ in thousands Weighted Average Useful Life in Years Fair Value of Identifiable Asset Intangible assets: 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 $ |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Net Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | For the years ended August 31, ($ and shares in thousands, except per share amounts) 2015 2014 2013 Numerator: Net earnings $ $ $ Denominator: Weighted average shares outstanding Diluted effect of stock equivalents Weighted average shares outstanding assuming dilution Basic net earnings per share $ $ $ Diluted net earnings per share $ $ $ |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | For the years ended August 31, Units and options in thousands 2015 2014 2013 Restricted stock units Stock options |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | August 31, $ in thousands 2015 2014 Accumulated other comprehensive loss: Defined benefit pension plan, net of tax benefit of $1,540 and $1,524 $ $ Foreign currency translation, net of hedging activities, net of tax expense of $3,154 and $1,688 Total accumulated other comprehensive loss $ $ |
Roll Forward Of Balances In Accumulated Other Comprehensive Income (Loss) | Defined benefit Foreign currency Accumulated other pension plan translation comprehensive $ in thousands adjustment adjustment loss Balance at August 31, 2013 $ Current-period change Balance at August 31, 2014 Current-period change Balance at August 31, 2015 $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Earnings Before Income Taxes | For the years ended August 31, $ in thousands 2015 2014 2013 United States $ $ $ Foreign $ $ $ |
Schedule Of Significant Components Of Income Tax Provision | For the years ended August 31, $ in thousands 2015 2014 2013 Current: Federal $ $ $ State Foreign Total current Deferred: Federal State Foreign Total deferred Total income tax provision $ $ $ |
Schedule of Effective Income Tax Rate Reconciliation | For the years ended August 31, $ in thousands 2015 2014 2013 Amount % Amount % Amount % U.S. statutory rate $ $ $ State and local taxes, net of federal tax benefit Foreign tax rate differences Domestic production activities deduction Research and development and fuel tax credits Deferred tax asset valuation allowance - - - - Other Effective rate $ $ $ |
Schedule of Deferred Tax Assets and Liabilities | August 31, $ in thousands 2015 2014 Deferred tax assets: Deferred revenue $ $ Net operating loss carry forwards Defined benefit pension plan Share-based compensation State tax credits Inventory Warranty Vacation Accrued expenses and allowances Other - Gross deferred tax assets Valuation allowance - Net deferred tax assets $ $ Deferred tax liabilities: Intangible assets Property, plant and equipment Inventory Other - Total deferred tax liabilities Net deferred tax (liabilities) assets $ $ |
Schedule of Unrecognized Tax Benefits Roll Forward | August 31, $ in thousands 2015 2014 Unrecognized Tax Benefits at September 1 $ $ Increases for positions taken in current year Increases for positions taken in prior years Reduction resulting from lapse of applicable statute of limitations Decreases for positions taken in prior years - Unrecognized Tax Benefits at August 31 $ $ |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | August 31, ($ in thousands) 2015 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 $ $ |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | August, 31 $ in thousands 2015 2014 Operating property, plant and equipment: Land $ $ Buildings Equipment Other Total operating property, plant and equipment Accumulated depreciation Total operating property, plant and equipment, net $ $ Property held for lease: Machines Barriers Total property held for lease $ $ Accumulated depreciation Total property held for lease, net $ $ Property, plant and equipment, net $ $ |
Goodwill And Other Intangible38
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Carrying Amount In Goodwill By Segment | $ in thousands Irrigation Infrastructure Total Balance as of August 31, 2013 $ $ Finalization of Claude Laval Corp acquisition - Foreign currency translation Balance as of August 31, 2014 $ $ Acquisition of Elecsys - Acquisition of SPF - Foreign currency translation Balance as of August 31, 2015 $ $ $ |
Schedule Of Intangible Assets Finite and Infinite Excluding Goodwill | August 31, 2015 2014 Weighted Gross Weighted Gross Average Carrying Accumulated Average Carrying Accumulated $ in thousands Years Amount Amortization Years Amount Amortization Amortizable intangible assets: Patents and developed technology 14.3 $ $ 13.0 $ $ Customer relationships 12.2 7.4 Non-compete agreements 10.4 5.6 Other 1.9 1.6 Unamortizable intangible assets: Tradenames N/A - N/A - Total 12.1 $ $ 10.0 $ $ |
Schedule Of Future Estimated Amortization Of Intangible Assets | Fiscal Years $ in thousands 2016 $ 2017 2018 2019 2020 Thereafter $ |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Liabilities Current | August 31, $ in thousands 2015 2014 Other current liabilities: Compensation and benefits $ $ Warranty Deferred revenues Dealer related liabilities Income tax liabilities Customer deposits Other Total other current liabilities $ $ |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Credit Arrangements [Abstract] | |
Schedule Of Long-Term Debt | August 31 August 31 ($ in thousands) 2015 2014 Senior Notes $ $ - Amended Credit Agreement - - 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) | 12 Months Ended |
Aug. 31, 2015 | |
Financial Derivatives [Abstract] | |
Schedule Of Financial Derivatives | Fair Values of Derivative Instruments Asset (Liability) August 31, August 31, $ in thousands Balance Sheet Location 2015 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 (Loss) Recognized in OCI on Derivatives For the years ended August 31, $ in thousands 2015 2014 2013 Foreign currency forward contracts, net of tax expense (benefit) of $2,083 , $16 , and ($286) $ $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value | August 31, 2015 $ 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) | 12 Months Ended |
Aug. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Summary Of Undiscounted Environmental Remediation Liability Classifications | Environmental Remediation Liabilities $ in thousands August 31, August 31, Balance Sheet Location 2015 2014 Other current liabilities $ $ Other noncurrent liabilities Total environmental remediation liabilities $ $ |
Schedule Of Future Minimum Lease Payments | Fiscal Years $ in thousands 2016 2017 2018 2019 2020 Thereafter $ |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Retirement Plans [Abstract] | |
Schedule of Amounts Recognized in Balance Sheet | August 31, $ in thousands 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ $ Interest cost Actuarial loss Benefits paid Benefit obligation at end of year $ $ |
Schedule Of Amounts Recognized In The Statement Of Financial Position | August 31, $ in thousands 2015 2014 Other current liabilities $ $ Pension benefit liabilities Net amount recognized $ $ |
Schedule Of Before-tax Amounts Recognized In Accumulated Other Comprehensive Loss | August 31, $ in thousands 2015 2014 Net actuarial loss $ $ |
Schedules Of Net Periodic Benefit Costs | For the years ended August 31, $ in thousands 2015 2014 2013 Interest cost $ $ $ Net amortization and deferral Total $ $ $ |
Schedule of Expected Benefit Payments | Fiscal Years $ in thousands 2016 $ 2017 2018 2019 2020 Thereafter $ |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Warranties [Abstract] | |
Schedule Of Product Warranty Liability | For the years ended August 31, $ in thousands 2015 2014 Warranties: 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 $ $ |
Industry Segment Information (T
Industry Segment Information (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Industry Segment Information [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | $ in thousands 2015 2014 2013 Operating revenues: Irrigation $ $ $ Infrastructure Total operating revenues $ $ $ Operating income: Irrigation $ $ $ Infrastructure Segment operating income $ $ $ Unallocated general and administrative expenses Interest and other income (expense), net Earnings before income taxes $ $ $ Total Capital Expenditures: Irrigation $ $ $ Infrastructure $ $ $ Total Depreciation and Amortization: Irrigation $ $ $ Infrastructure $ $ $ Total Assets: Irrigation $ $ $ Infrastructure $ $ $ |
Schedule Of Revenue And Long-Lived Assets By Geographical Areas | For the years ended August 31, $ in thousands 2015 2014 2013 Revenues % of Total Revenues % of Total Revenues % of Total United States $ $ $ International Total Revenues $ $ $ For the years ended August 31, $ in thousands 2015 2014 2013 Long-Lived Tangible Assets % of Total Long-Lived Tangible Assets % of Total Long-Lived Tangible Assets % of Total United States $ $ $ International Total Long-Lived Assets $ $ $ |
Shared Based Compensation (Tabl
Shared Based Compensation (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Share Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Expense | For the years ended August 31, $ in thousands 2015 2014 2013 Share-based compensation expense included in cost of operating revenues $ $ $ Research and development Sales and marketing General and administrative Share-based compensation expense included in operating expenses Total share-based compensation expense Tax benefit Share-based compensation expense, net of tax $ $ $ |
Schedule Of Assumptions Used | Grant Year Weighted-Average Assumptions Fiscal 2015 Fiscal 2014 Risk-free interest rate Dividend yield Expected life (years) Volatility Weighted-average grant-date fair value of options granted $ $ |
Summary Of Stock Option Activity | Number of stock options Average Exercise Price Average Remaining Contractual Term (years) Aggregate Intrinsic Value ('000s) Stock options outstanding at August 31, 2013 $ $ Granted $ Exercised $ $ Forfeitures $ Stock options outstanding at August 31, 2014 $ $ Granted $ Exercised $ $ Forfeitures $ Stock options outstanding at August 31, 2015 $ $ Exercisable at August 31, 2013 $ $ Exercisable at August 31, 2014 $ $ Exercisable at August 31, 2015 $ $ |
Summary Of Share Based Compensation Additional Information | For the years ended August 31, $ in thousands 2015 2014 2013 Intrinsic value of stock options exercised $ $ $ Cash received from stock option exercises $ $ $ Tax benefit realized from stock option exercises $ $ $ Aggregate grant-date fair value of stock options vested $ $ $ |
Summary Of Restricted Stock Units | Number of restricted stock units Weighted-Average Grant-Date Fair Value Restricted stock units outstanding at August 31, 2013 $ Granted Vested Forfeited Restricted stock units outstanding at August 31, 2014 $ Granted Vested Forfeited Restricted stock units outstanding at August 31, 2015 $ |
Schedule Of Performance Stock Status | Number of performance stock units Weighted-Average Grant-Date Fair Value Performance stock units outstanding at August 31, 2013 $ Granted Vested Forfeited Performance stock units outstanding at August 31, 2014 $ Granted Vested Forfeited Performance stock units outstanding at August 31, 2015 $ |
Quarterly Results Of Operatio48
Quarterly Results Of Operations (Tables) | 12 Months Ended |
Aug. 31, 2015 | |
Quarterly Results Of Operations [Abstract] | |
Schedule of Quarterly Results | First Second Third Fourth $ in thousands, except per share amounts Quarter Quarter Quarter Quarter (a) Year ended August 31, 2015 Operating revenues $ $ $ $ Cost of operating revenues $ $ $ $ Earnings before income taxes $ $ $ $ Net earnings $ $ $ $ Diluted net earnings per share $ $ $ $ Year ended August 31, 2014 Operating revenues $ $ $ $ Cost of operating revenues $ $ $ $ Earnings before income taxes $ $ $ $ Net earnings $ $ $ $ Diluted net earnings per share $ $ $ $ (a) The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Description Of Business And S49
Description Of Business And Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015USD ($)segment | Aug. 31, 2014USD ($) | |
Description Of Business And Significant Accounting Policies [Line Items] | ||
Accounts receivable, current | $ 74,063 | $ 94,135 |
Allowance for doubtful accounts | $ 9,700 | $ 4,800 |
Number of reportable segments | segment | 2 | |
Leased Barriers [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 12 years | |
Maximum [Member] | Leased Barrier Transfer Machines [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 10 years | |
Maximum [Member] | Building [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 30 years | |
Maximum [Member] | Equipment [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 7 years | |
Maximum [Member] | Other [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 20 years | |
Minimum [Member] | Leased Barrier Transfer Machines [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 8 years | |
Minimum [Member] | Building [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 15 years | |
Minimum [Member] | Equipment [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 3 years | |
Minimum [Member] | Other [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Useful life | 2 years | |
Iraq Contract Performance Bonds [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Contractual Obligation | $ 2,000 | |
Performance bond obligations | 2,000 | |
Chinese Government Deliquent Accounts Receivable [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Accounts receivable, current and long-term | 6,900 | |
Iraq Contract Accounts Receivable [Member] | ||
Description Of Business And Significant Accounting Policies [Line Items] | ||
Accounts receivable, current | $ 2,700 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 22, 2015 | Aug. 31, 2015 | Jul. 20, 2015 | Aug. 31, 2014 | Aug. 31, 2013 |
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 1,800 | ||||
Weighted Average Useful Life in Years | 11 years 6 months | ||||
Goodwill | $ 76,801 | $ 37,021 | $ 37,414 | ||
Tradenames [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets acquired | $ 7,430 | ||||
Elecsys [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Share Price | $ 17.50 | ||||
Finite-lived intangible assets acquired | $ 17,100 | ||||
Total cash consideration | 70,577 | ||||
Total cash consideration, net of cash acquired | 67,176 | ||||
Business acquisition allocation, cash | 3,401 | ||||
Goodwill | $ 39,986 | ||||
SPF Water Engineering [Member] | |||||
Business Acquisition [Line Items] | |||||
Total cash consideration | $ 2,500 | ||||
Total cash consideration, net of cash acquired | 2,400 | ||||
Business acquisition allocation, cash | 100 | ||||
Current assets | 700 | ||||
Fixed assets | 100 | ||||
Finite-lived intangible assets | 1,000 | ||||
Goodwill | 900 | ||||
Current liabilities | $ 200 |
Acquisitions (Schedule Of Estim
Acquisitions (Schedule Of Estimated Fair Value Of The Assets Acquired And Liabilities Assumed In Business Acquisition) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Jan. 22, 2015 | Aug. 31, 2014 | Aug. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 76,801 | $ 37,021 | $ 37,414 | |
Elecsys [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 | 39,986 | |||
Other long-term assets | 41 | |||
Accounts payable and accrued liabilities | (2,862) | |||
Current and long-term debt | (2,478) | |||
Other long-term liabilities | (10,458) | |||
Total cash consideration | 70,577 | |||
Total cash consideration, net of cash acquired | 67,176 | |||
Total purchase price | $ 69,654 |
Acquisitions (Finite-Lived And
Acquisitions (Finite-Lived And Indefinite-Lived Intangible Assets Acquired In Business Acquisition) (Details) $ in Thousands | 12 Months Ended |
Aug. 31, 2015USD ($) | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Total intangible assets | $ 24,490 |
Weighted Average Useful Life in Years | 11 years 6 months |
Customer Relationships [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Fair Value of Identifiable Asset | $ 11,820 |
Weighted Average Useful Life in Years | 10 years 10 months 24 days |
Developed Technology [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Fair Value of Identifiable Asset | $ 4,420 |
Weighted Average Useful Life in Years | 14 years 8 months 12 days |
Non-compete Agreements [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Fair Value of Identifiable Asset | $ 430 |
Weighted Average Useful Life in Years | 4 years 6 months |
Backlog [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Fair Value of Identifiable Asset | $ 390 |
Weighted Average Useful Life in Years | 4 months 24 days |
Tradenames [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Fair Value of Identifiable Asset | $ 7,430 |
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 | 12 Months Ended | |||||||||||
Aug. 31, 2015 | [1] | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Net Earnings Per Share [Abstract] | |||||||||||||
Net earnings | $ (3,181) | $ 12,927 | $ 8,995 | $ 7,568 | $ 11,329 | $ 16,499 | $ 13,450 | $ 10,234 | $ 26,309 | $ 51,512 | $ 70,570 | ||
Weighted average shares outstanding | 11,818 | 12,832 | 12,830 | ||||||||||
Diluted effect of stock equivalents | 37 | 50 | 71 | ||||||||||
Weighted average shares outstanding assuming dilution | 11,855 | 12,882 | 12,901 | ||||||||||
Basic net earnings per share | $ 2.23 | $ 4.01 | $ 5.50 | ||||||||||
Diluted net earnings per share | $ (0.28) | $ 1.10 | $ 0.75 | $ 0.62 | $ 0.89 | $ 1.28 | $ 1.04 | $ 0.79 | $ 2.22 | $ 4 | $ 5.47 | ||
[1] | The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Net Earnings Per Share (Sched54
Net Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share | 3 | 3 | 3 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share | 50 | 44 | 29 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Accumulated Other Comprehensive Loss [Abstract] | |||
Defined benefit pension plan, net of tax of $1,540 and $1,524 | $ (2,523) | $ (2,497) | |
Foreign currency translation, net of hedging activities, net of tax of $3,154 and $1,688 | (12,785) | 296 | |
Total accumulated other comprehensive loss | (15,308) | (2,201) | $ (2,316) |
Defined benefit pension tax | 1,540 | 1,524 | |
Foreign currency adjustment tax | $ 3,154 | $ 1,688 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Loss (Roll Forward Of Balances In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (2,201) | $ (2,316) | |
Current-period change | (13,107) | 115 | $ (1,439) |
Balance | (15,308) | (2,201) | (2,316) |
Defined Benefit Pension Plan Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2,497) | (2,287) | |
Current-period change | (26) | (210) | |
Balance | (2,523) | (2,497) | (2,287) |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 296 | (29) | |
Current-period change | (13,081) | 325 | |
Balance | $ (12,785) | $ 296 | $ (29) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Income Taxes [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | $ 2,949 | |
Undistributed earnings of foreign subsidiaries | 26,800 | |
Unrecognized tax benefits that would impact effective tax rate | 1,500 | $ 1,000 |
Accrued interest and penalties | $ 1,200 | $ 900 |
Income Taxes (Schedule Of Earni
Income Taxes (Schedule Of Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2015 | [1] | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||||
United States | $ 49,668 | $ 70,066 | $ 99,781 | ||||||||||
Foreign | (2,917) | 8,589 | 7,526 | ||||||||||
Total | $ 529 | $ 20,423 | $ 14,138 | $ 11,661 | $ 16,549 | $ 25,500 | $ 20,789 | $ 15,817 | $ 46,751 | $ 78,655 | $ 107,307 | ||
[1] | The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Income Taxes [Abstract] | |||
Federal, Current | $ 15,908 | $ 29,015 | $ 33,498 |
State, Current | 1,426 | 2,176 | 2,303 |
Foreign, Current | 2,830 | 4,147 | 4,173 |
Total Current | 20,164 | 35,338 | 39,974 |
Federal, Deferred | (406) | (6,936) | (1,554) |
State, Deferred | 45 | (346) | (178) |
Foreign, Deferred | 639 | (913) | (1,505) |
Total Deferred | 278 | (8,195) | (3,237) |
Total income tax provision | $ 20,442 | $ 27,143 | $ 36,737 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S statutory rate | $ 16,363 | $ 27,529 | $ 37,558 |
State and local taxes, net of federal tax benefit | 911 | 1,067 | 1,365 |
Foreign tax rate differences | 1,311 | (116) | (103) |
Domestic production activities deduction | (1,548) | (2,170) | (2,638) |
Research and development and fuel tax credits | (71) | (89) | (289) |
Deferred tax asset valuation allowance | 2,949 | ||
Other | 527 | 922 | 844 |
Total income tax provision | $ 20,442 | $ 27,143 | $ 36,737 |
U.S statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit, percentage | 1.90% | 1.40% | 1.30% |
Foreign tax rate differences, percentage | 2.80% | (0.10%) | (0.10%) |
Domestic production activities deduction, percentage | (3.30%) | (2.80%) | (2.50%) |
Research and development and fuel tax credits, percentage | (0.10%) | (0.10%) | (0.30%) |
Deferred tax asset valuation allowance, percentage | 6.30% | ||
Other, percentage | 1.10% | 1.10% | 0.80% |
Effective rate, percentage | 43.70% | 34.50% | 34.20% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Income Taxes [Abstract] | ||
Deferred Tax Assets, Deferred revenue | $ 1,411 | $ 2,812 |
Deferred Tax Assets, Net operating loss carryfowards | 1,703 | 433 |
Deferred Tax Assets, Defined benefit pension plan | 2,754 | 2,780 |
Deferred Tax Assets, Share-based compensation | 1,814 | 2,106 |
Deferred Tax Assets, State tax credits | 87 | 87 |
Deferred Tax Assets, Inventory | 1,883 | 1,396 |
Deferred Tax Assets, Warranty | 2,672 | 3,354 |
Deferred Tax Assets, Vacation | 181 | 191 |
Deferred Tax Assets, Accrued expenses and allowances | 12,135 | 10,955 |
Deferred Tax Assets, Other | 527 | |
Gross deferred tax assets | 25,167 | 24,114 |
Deferred Tax Assets, Valuation allowance | (2,949) | |
Deferred Tax Assets, Net of valuation allowance, total | 22,218 | 24,114 |
Deferred Tax Liabilities, Intangible assets | (17,514) | (10,247) |
Deferred Tax Liabilities, Property, plant and equipment | (6,687) | (6,919) |
Deferred Tax Liabilities, Inventory | (83) | (121) |
Deferred Tax Liabilities, Other | (980) | |
Total deferred tax liabilities | (24,284) | (18,267) |
Net deferred tax (liabilities) assets | $ (2,066) | $ 5,847 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Income Taxes [Abstract] | ||
Unrecognized Tax Benefits, Beginning balance | $ 3,611 | $ 902 |
Increases for positions taken in current year | 57 | 50 |
Increases for positions taken in prior years | 547 | 2,721 |
Reduction resulting from lapse of applicable statute of limitations | (122) | (62) |
Decreases for positions taken in prior years | (257) | |
Unrecognized Tax Benefits, Ending balance | $ 3,836 | $ 3,611 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 29,427 | $ 19,953 |
Work in process | 7,318 | 9,990 |
Finished goods and purchased parts | 44,269 | 48,300 |
Total inventory value before LIFO adjustment | 81,014 | 78,243 |
Less adjustment to LIFO value | (6,084) | (6,547) |
Inventories, net | $ 74,930 | $ 71,696 |
Property, Plant And Equipment64
Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | $ 158,142 | $ 148,088 | |
Accumulated depreciation | (88,750) | (83,674) | |
Total operating property, plant and equipment, net | 69,392 | 64,414 | |
Machines | 5,769 | 4,395 | |
Barriers | 17,687 | 17,213 | |
Total property held for lease | 23,456 | 21,608 | |
Accumulated depreciation | (14,192) | (13,565) | |
Total property held for lease, net | 9,264 | 8,043 | |
Property, plant and equipment, net | 78,656 | 72,457 | |
Depreciation expense | 11,700 | 10,800 | $ 9,800 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | 4,721 | 3,315 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | 44,032 | 38,573 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | 100,254 | 91,254 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total operating property, plant and equipment | $ 9,135 | $ 14,946 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Goodwill And Other Intangible Assets [Abstract] | |||
Amortization expense | $ 4,700 | $ 4,000 | $ 2,800 |
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Carrying Amount In Goodwill By Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 37,021 | $ 37,414 |
Foreign currency translation | (1,099) | 10 |
Goodwill, Ending Balance | 76,801 | 37,021 |
Claude Laval Corp [Member] | ||
Goodwill [Line Items] | ||
Finalization of Claude Laval Corp acquisition | (403) | |
Elecsys [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 39,986 | |
SPF Water Engineering [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 893 | |
Irrigation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 20,293 | 20,667 |
Foreign currency translation | (267) | 29 |
Goodwill, Ending Balance | 60,905 | 20,293 |
Irrigation [Member] | Claude Laval Corp [Member] | ||
Goodwill [Line Items] | ||
Finalization of Claude Laval Corp acquisition | (403) | |
Irrigation [Member] | Elecsys [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 39,986 | |
Irrigation [Member] | SPF Water Engineering [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 893 | |
Infrastructure [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 16,728 | 16,747 |
Foreign currency translation | (832) | (19) |
Goodwill, Ending Balance | $ 15,896 | $ 16,728 |
Goodwill And Other Intangible67
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 12 years 1 month 6 days | 10 years |
Total, gross carrying amount | $ 77,173 | $ 53,189 |
Amortizable intangible assets: accumulated amortization | (25,253) | (21,209) |
Tradenames [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Unamortizable intangible assets: gross carrying amount | $ 20,121 | $ 13,122 |
Patents and Developed Technology [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 14 years 3 months 18 days | 13 years |
Amortizable intangible assets: gross carrying amount | $ 33,741 | $ 30,282 |
Amortizable intangible assets: accumulated amortization | $ (16,473) | $ (14,687) |
Customer Relationships [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 12 years 2 months 12 days | 7 years 4 months 24 days |
Amortizable intangible assets: gross carrying amount | $ 19,958 | $ 7,932 |
Amortizable intangible assets: accumulated amortization | $ (6,884) | $ (5,304) |
Non-compete Agreements [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 10 years 4 months 24 days | 5 years 7 months 6 days |
Amortizable intangible assets: gross carrying amount | $ 2,343 | $ 1,336 |
Amortizable intangible assets: accumulated amortization | $ (1,044) | $ (852) |
Other Intangible Assets [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 1 year 10 months 24 days | 1 year 7 months 6 days |
Amortizable intangible assets: gross carrying amount | $ 1,010 | $ 517 |
Amortizable intangible assets: accumulated amortization | $ (852) | $ (366) |
Goodwill And Other Intangible68
Goodwill And Other Intangible Assets (Schedule Of Future Estimated Amortization Of Intangible Assets) (Details) $ in Thousands | Aug. 31, 2015USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2,016 | $ 4,717 |
2,017 | 4,447 |
2,018 | 4,204 |
2,019 | 3,550 |
2,020 | 3,140 |
Thereafter | 11,741 |
Finite-Lived Intangible Assets, Net, Total | $ 31,799 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Other Current Liabilities [Abstract] | ||
Compensation and benefits | $ 16,168 | $ 16,622 |
Warranty | 7,271 | 9,331 |
Deferred revenues | 6,146 | 8,979 |
Dealer related liabilities | 5,328 | 7,103 |
Income tax liabilities | 4,034 | 8,922 |
Customer deposits | 3,161 | 7,366 |
Other | 13,997 | 15,620 |
Total other current liabilities | $ 56,105 | $ 73,943 |
Credit Arrangements (Narrative)
Credit Arrangements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Aug. 31, 2015 | Feb. 18, 2015 | Aug. 31, 2014 | |
Debt Instrument [Line Items] | |||
Outstanding debt | $ 0 | ||
Long-term Debt | $ 117,366,000 | ||
Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, amount outstanding | $ 5,600,000 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 19, 2030 | ||
Long-term Debt | $ 115,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | ||
Amended Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured revolving line of credit, maximum borrowing capacity | $ 50,000,000 | ||
Line of credit, amount outstanding | $ 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 44,400,000 | ||
Interest rate | 1.10% | ||
Annual commitment fee | 0.25% | ||
Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis points | 90.00% | ||
Elecsys Series 2006A Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 1, 2026 | ||
Elecsys Series 2006A Bonds [Member] | Five Year United States Treasury Notes [Member] | |||
Debt Instrument [Line Items] | |||
Basis points | 0.45% | ||
Fixed rate, per annum | 1.99% | ||
Elecsys Series 2006A Bonds [Member] | Amended Credit Facility [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 2,366,000 |
Credit Arrangements (Long-Term
Credit Arrangements (Long-Term Debt) (Details) $ in Thousands | Aug. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Long-term debt | $ 117,366 |
Less current portion | (193) |
Total long-term debt | 117,173 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Long-term debt | 115,000 |
Senior Notes [Member] | Elecsys Series 2006A Bonds [Member] | Amended Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Long-term debt | $ 2,366 |
Credit Arrangements (Schedule O
Credit Arrangements (Schedule Of Principal Payments Due On Long-Term Debt) (Details) $ in Thousands | Aug. 31, 2015USD ($) |
Credit Arrangements [Abstract] | |
1 year | $ 193 |
2 years | 197 |
3 years | 201 |
4 years | 205 |
5 years | 209 |
Thereafter | 116,361 |
Long-term debt | $ 117,366 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) $ in Thousands, € in Millions, ZAR in Millions | 12 Months Ended | ||||||||
Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Aug. 31, 2013USD ($) | Aug. 31, 2015ZAR | Aug. 31, 2015EUR (€) | Aug. 31, 2015USD ($) | Aug. 31, 2014ZAR | Aug. 31, 2014EUR (€) | Aug. 31, 2014USD ($) | |
Derivatives, Fair Value [Line Items] | |||||||||
Realized and unrealized gains, net of related income tax effects | $ 5,400 | $ 2,000 | |||||||
Accumulated currency translation adjustments in AOCI, after-tax gains | $ (12,785) | $ 296 | |||||||
Foreign Exchange Forward [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Outstanding foreign currency forward contracts | 9,500 | 4,900 | |||||||
Net Investment Hedging [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Foreign currency translation forward contracts resulting in an after-tax net (losses) gains | $ 3,800 | $ (500) | $ (600) | ||||||
Accumulated currency translation adjustments in AOCI, after-tax gains | $ 2,000 | $ 5,400 | $ 2,000 | ||||||
Outstanding foreign currency forward contracts | ZAR 43 | € 29.1 | ZAR 43 | € 28.9 |
Financial Derivatives (Schedule
Financial Derivatives (Schedule Of Financial Derivatives) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Derivatives Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | $ (135) | $ 660 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 217 | 900 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (352) | (240) |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | 434 | (160) |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 495 | |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (61) | $ (160) |
Financial Derivatives (Schedu75
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) - Foreign Currency Forward Contracts [Member] - Net Investment Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contracts, net of tax expense | $ (3,420) | $ (53) | $ (357) |
Tax (benefit) expense | $ 2,083 | $ 16 | $ (286) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Fair Value Measurements [Abstract] | ||
Outstanding debt | $ 0 | |
Carrying amount of long-term debt | $ 117,366 | |
Fair value of the long-term debt | $ 114,900 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 139,093 | $ 171,842 | $ 151,927 | $ 143,444 |
Derivative assets | 712 | 900 | ||
Derivative liabilities | (413) | (400) | ||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 139,093 | 171,842 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 712 | 900 | ||
Derivative liabilities | $ (413) | $ (400) | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | ||||
Derivative assets | ||||
Derivative liabilities |
Commitments And Contingencies78
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Commitments And Contingencies [Abstract] | |||||
Lease expense | $ 4.5 | $ 4 | $ 3.9 | ||
Environmental Remediation Expense | $ 7.2 | ||||
Environmental remediation, incremental costs | $ 1.5 |
Commitments And Contingencies79
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Commitments And Contingencies [Abstract] | ||
Other current liabilities | $ 1,431 | $ 1,370 |
Other noncurrent liabilities | 6,100 | 5,025 |
Total environmental remediation liabilities | $ 7,531 | $ 6,395 |
Commitments And Contingencies80
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Aug. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 3,683 |
2,017 | 2,989 |
2,018 | 2,534 |
2,019 | 2,101 |
2,020 | 1,370 |
Thereafter | 4,998 |
Total | $ 17,675 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 1,200 | $ 1,200 | $ 1,000 | |
Actuarial loss | $ (251) | $ (519) | ||
Discount rate, liability | 4.10% | 4.00% | ||
Discount Rate, net periodic benefit cost | 4.00% | 4.75% | 3.75% | |
Scenario, Forecast [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial loss | $ 200 |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Retirement Plans [Abstract] | ||
Benefit obligation at beginning of year | $ 7,157 | $ 6,881 |
Interest cost | 275 | 314 |
Actuarial loss | 251 | 519 |
Benefits paid | (557) | (557) |
Benefit obligation at end of year | $ 7,126 | $ 7,157 |
Retirement Plans (Schedule Of83
Retirement Plans (Schedule Of Amounts Recognized In The Statement Of Financial Position) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 |
Retirement Plans [Abstract] | |||
Other current liabilities | $ 557 | $ 557 | |
Pension benefit liabilities | 6,569 | 6,600 | |
Net amount recognized | $ 7,126 | $ 7,157 | $ 6,881 |
Retirement Plans (Schedule Of B
Retirement Plans (Schedule Of Before-tax Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 |
Retirement Plans [Abstract] | ||
Net actuarial loss | $ (4,063) | $ (4,021) |
Retirement Plans (Schedules Of
Retirement Plans (Schedules Of Net Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 275 | $ 314 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 275 | 314 | $ 266 |
Net amortization and deferral | 209 | 181 | 212 |
Total | $ 484 | $ 495 | $ 478 |
Retirement Plans (Schedule of E
Retirement Plans (Schedule of Expected Benefit Payments) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 |
Retirement Plans [Abstract] | |||
2,016 | $ 557 | ||
2,017 | 546 | ||
2,018 | 536 | ||
2,019 | 523 | ||
2,020 | 513 | ||
Thereafter | 4,451 | ||
Net amount recognized | $ 7,126 | $ 7,157 | $ 6,881 |
Warranties (Narrative) (Details
Warranties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Warranties [Abstract] | |||
Warranty costs | $ 2.8 | $ 6.4 | $ 6.9 |
Warranties (Schedule Of Product
Warranties (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Warranties [Abstract] | ||
Product warranty accrual balance, beginning of period | $ 9,331 | $ 6,695 |
Liabilities accrued for warranties during the period | 4,223 | 7,533 |
Warranty claims paid during the period | (4,856) | (3,792) |
Changes in estimates | (1,427) | (1,105) |
Product warranty accrual balance, end of period | $ 7,271 | $ 9,331 |
Industry Segment Information (N
Industry Segment Information (Narrative) (Details) | 12 Months Ended |
Aug. 31, 2015segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Irrigation Reporting Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 5 |
Infrastructure Reporting Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 1 |
Industry Segment Information (S
Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Total operating revenues | $ 123,540 | [1] | $ 160,707 | $ 141,089 | $ 134,845 | $ 147,522 | [1] | $ 169,936 | $ 152,804 | $ 147,671 | $ 560,181 | $ 617,933 | $ 690,848 |
Operating Income (Loss) | 50,695 | 78,358 | 107,061 | ||||||||||
Unallocated general and administrative expenses | (52,261) | (43,228) | (43,441) | ||||||||||
Interest and other income (expense), net | (3,944) | 297 | 246 | ||||||||||
Total | 529 | [1] | $ 20,423 | $ 14,138 | $ 11,661 | 16,549 | [1] | $ 25,500 | $ 20,789 | $ 15,817 | 46,751 | 78,655 | 107,307 |
Capital Expenditures | 15,244 | 17,715 | 11,136 | ||||||||||
Depreciation and amortization | 16,412 | 14,793 | 12,600 | ||||||||||
Assets | 536,468 | 526,551 | 536,468 | 526,551 | 512,296 | ||||||||
Irrigation [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total operating revenues | 451,205 | 539,943 | 625,996 | ||||||||||
Capital Expenditures | 12,573 | 15,534 | 10,687 | ||||||||||
Depreciation and amortization | 11,446 | 9,494 | 7,147 | ||||||||||
Assets | 429,224 | 407,447 | 429,224 | 407,447 | 391,527 | ||||||||
Infrastructure [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total operating revenues | 108,976 | 77,990 | 64,852 | ||||||||||
Capital Expenditures | 2,671 | 2,181 | 449 | ||||||||||
Depreciation and amortization | 4,966 | 5,299 | 5,453 | ||||||||||
Assets | $ 107,244 | $ 119,104 | 107,244 | 119,104 | 120,769 | ||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Income (Loss) | 70,814 | 95,208 | 124,584 | ||||||||||
Operating Segments [Member] | Irrigation [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Income (Loss) | 50,765 | 91,697 | 125,395 | ||||||||||
Operating Segments [Member] | Infrastructure [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Income (Loss) | 20,049 | 3,511 | (811) | ||||||||||
Segment Reconciling Items [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Unallocated general and administrative expenses | $ (20,119) | $ (16,850) | $ (17,523) | ||||||||||
[1] | The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Industry Segment Information 91
Industry Segment Information (Schedule Of Revenue By Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total Revenues | $ 123,540 | [1] | $ 160,707 | $ 141,089 | $ 134,845 | $ 147,522 | [1] | $ 169,936 | $ 152,804 | $ 147,671 | $ 560,181 | $ 617,933 | $ 690,848 |
Total Long-Lived Assets | 78,656 | 72,457 | 78,656 | 72,457 | 65,064 | ||||||||
United States [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total Revenues | 350,290 | 377,652 | 428,929 | ||||||||||
Total Long-Lived Assets | 61,332 | 55,378 | 61,332 | 55,378 | 53,894 | ||||||||
International [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total Revenues | 209,891 | 240,281 | 261,919 | ||||||||||
Total Long-Lived Assets | $ 17,324 | $ 17,079 | $ 17,324 | $ 17,079 | $ 11,170 | ||||||||
Revenues [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Percentage | 100.00% | 100.00% | 100.00% | ||||||||||
Revenues [Member] | United States [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Percentage | 63.00% | 61.00% | 62.00% | ||||||||||
Revenues [Member] | International [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Percentage | 37.00% | 39.00% | 38.00% | ||||||||||
Long-Lived Tangible Assets [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Percentage | 100.00% | 100.00% | 100.00% | ||||||||||
Long-Lived Tangible Assets [Member] | United States [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Percentage | 78.00% | 76.00% | 83.00% | ||||||||||
Long-Lived Tangible Assets [Member] | International [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Percentage | 22.00% | 24.00% | 17.00% | ||||||||||
[1] | The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Aug. 31, 2015USD ($)itemshares | Aug. 31, 2014USD ($)shares | Aug. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding stock options vested | 19,178 | 13,793 | 8,330 |
Shares outstanding | 96,376 | 86,623 | 79,138 |
Pre-tax total unrecognized compensation cost related to nonvested share-based compensation | $ | $ 4.1 | ||
Weighted average period to be recognized | 1 year 8 months 12 days | ||
Restricted Stock Units Settled In Cash [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 5,504 | 5,289 | 4,496 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Percentage vested per year | 33.00% | ||
Fair value vested | $ | $ 2.3 | $ 2.1 | |
Common Class [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding stock options vested | 27,473 | 46,908 | |
Fair value vested | $ | $ 1.6 | $ 2.6 | |
2015 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares authorized | 626,968 | ||
Number of shares available | 639,715 | ||
Stock award ratio | item | 1 | ||
Plan effective date | Jan. 26, 2015 | ||
2015 Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option expire, years | 10 years | ||
Vesting period | 4 years | ||
Percentage vested per year | 25.00% | ||
Non Employee Directors [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 9 months |
Share Based Compensation (Sched
Share Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 3,332 | $ 4,207 | $ 4,573 |
Tax benefit | (1,263) | (1,594) | (1,733) |
Share-based compensation expense, net of tax | 2,069 | 2,613 | 2,840 |
Cost Of Operating Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 161 | 205 | 214 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 121 | 135 | 233 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 523 | 570 | 547 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,527 | 3,297 | 3,579 |
Operating Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 3,171 | $ 4,002 | $ 4,359 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Weighted Average Assumptions) (Details) - $ / shares | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Share Based Compensation [Abstract] | ||
Risk-free interest rate | 2.00% | 1.90% |
Dividend yield | 1.30% | 0.70% |
Expected life (years) | 7 years | 7 years |
Volatility | 53.60% | 55.20% |
Weighted average grant date fair value of options granted | $ 40.66 | $ 40.40 |
Share Based Compensation (Sum95
Share Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Share Based Compensation [Abstract] | |||
Stock options outstanding, number of stock options | 86,623 | 79,138 | |
Granted, number of stock options | 25,332 | 25,394 | |
Exercised, number of stock options | (9,859) | (15,590) | |
Forfeitures, number of stock options | (5,720) | (2,319) | |
Stock options outstanding, number of stock options | 96,376 | 86,623 | 79,138 |
Stock options outstanding, average exercise price | $ 63.80 | $ 53.06 | |
Granted, average exercise price | 83.53 | 76.39 | |
Exercised, average exercise price | 39.99 | 29.21 | |
Forfeitures, average exercise price | 76.91 | 67.55 | |
Stock options outstanding, average exercise price | $ 70.65 | $ 63.80 | $ 53.06 |
Average remaining contractual term (years) | 7 years 3 months 18 days | 7 years 3 months 18 days | 6 years 4 months 24 days |
Aggregate intrinsic value outstanding | $ 1,211 | $ 1,817 | |
Exercised aggregate intrinsic value | 425 | 853 | |
Aggregate intrinsic value outstanding | $ 710 | $ 1,211 | $ 1,817 |
Exercisable number of stock options | 39,449 | 30,130 | 31,927 |
Exercisable average exercise price | $ 61.47 | $ 49.55 | $ 32.70 |
Exercisable average remaining contractual term (years) | 6 years 1 month 6 days | 5 years 3 months 18 days | 3 years |
Exercisable aggregate intrinsic value | $ 583 | $ 851 | $ 1,383 |
Share Based Compensation (Sum96
Share Based Compensation (Summary Of Share Based Compensation Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Share Based Compensation [Abstract] | |||
Intrinsic value of stock options exercised | $ 425 | $ 853 | $ 4,960 |
Cash received from stock options exercises | 394 | 455 | 2,036 |
Tax benefit realized from stock option exercises | $ 158 | $ 317 | $ 1,817 |
Aggregate grant-date fair value of stock options vested | $ 36.71 | $ 34.89 | $ 31.04 |
Share Based Compensation (Sum97
Share Based Compensation (Summary Of Restricted Stock Units Activity) (Details) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units outstanding | 59,153 | 57,431 |
Granted, number of stock units | 34,291 | 35,450 |
Vested, number of stock units | (32,349) | (31,204) |
Forfeited, number of stock units | (4,123) | (2,524) |
Stock units outstanding | 56,972 | 59,153 |
Stock units, weighted-average grant-date fair value | $ 73.04 | $ 68.06 |
Granted, weighted-average grant-date fair value | 80.94 | 76.46 |
Vested, weighted-average grant-date fair value | 72.28 | 67.49 |
Forfeited, weighted-average grant-date fair value | 77.55 | 70.07 |
Stock units, weighted-average grant-date fair value | $ 78.54 | $ 73.04 |
Share Based Compensation (Sum98
Share Based Compensation (Summary Of Performance Stock Units Activity) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units outstanding | 40,752 | 52,799 |
Granted, number of stock units | 12,328 | 13,434 |
Vested, number of stock units | (15,786) | (23,454) |
Forfeited, number of stock units | (3,438) | (2,027) |
Stock units outstanding | 33,856 | 40,752 |
Stock units, weighted-average grant-date fair value | $ 67.81 | $ 60.41 |
Granted, weighted-average grant-date fair value | 80.33 | 74.84 |
Vested, weighted-average grant-date fair value | 57.09 | 55.45 |
Forfeited, weighted-average grant-date fair value | 76.44 | 64.57 |
Stock units, weighted-average grant-date fair value | $ 76.50 | $ 67.81 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Jul. 22, 2015 | Jan. 03, 2014 | |
Share Repurchases [Abstract] | ||||
Repurchase authorization amount | $ 150,000 | |||
Increase in share repurchase authorization | $ 100,000 | |||
Number of shares of common stock repurchased during the period | 1,198,089 | 497,899 | ||
Aggregate purchase price of shares repurchased | $ 96,883 | $ 41,059 | ||
Remaining amount available under the repurchase program | $ 112,100 |
Quarterly Results Of Operati100
Quarterly Results Of Operations (Schedule of Of Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | ||
Quarterly Results Of Operations [Abstract] | |||||||||||||
Operating revenues | $ 123,540 | [1] | $ 160,707 | $ 141,089 | $ 134,845 | $ 147,522 | $ 169,936 | $ 152,804 | $ 147,671 | $ 560,181 | $ 617,933 | $ 690,848 | |
Cost of operating revenues | 90,075 | [1] | 114,321 | 101,533 | 97,931 | 107,599 | 121,687 | 110,132 | 107,520 | 403,860 | 446,938 | 496,014 | |
Earnings before income taxes | 529 | [1] | 20,423 | 14,138 | 11,661 | 16,549 | 25,500 | 20,789 | 15,817 | 46,751 | 78,655 | 107,307 | |
Net earnings | $ (3,181) | [1] | $ 12,927 | $ 8,995 | $ 7,568 | $ 11,329 | $ 16,499 | $ 13,450 | $ 10,234 | $ 26,309 | $ 51,512 | $ 70,570 | |
Diluted net earnings per share | $ (0.28) | [1] | $ 1.10 | $ 0.75 | $ 0.62 | $ 0.89 | $ 1.28 | $ 1.04 | $ 0.79 | $ 2.22 | $ 4 | $ 5.47 | |
Bad debt reserve on accounts receivable | $ 5,000 | ||||||||||||
Bad debt reserve against foreign income tax assets | $ 2,900 | $ 2,900 | |||||||||||
[1] | The fourth quarter 2015 results were impacted by a bad debt reserve of $5.0 million on accounts receivable and a reserve of $2.9 million against foreign income tax assets. |
Valuation And Qualifying Acc101
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 4,857 | $ 2,853 | $ 1,717 |
Charges to costs and expenses | 5,840 | 2,225 | 1,543 |
Deductions | 991 | 221 | 407 |
Balance at end of period | 9,706 | 4,857 | 2,853 |
Allowance For Inventory Obsolescence [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,858 | 3,089 | 1,648 |
Charges to costs and expenses | 3,302 | 698 | 2,632 |
Charged to other accounts | 147 | (11) | (71) |
Deductions | 1,608 | 940 | 1,262 |
Balance at end of period | 4,405 | $ 2,858 | $ 3,089 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Charges to costs and expenses | 2,949 | ||
Balance at end of period | $ 2,949 |