Lindsay (LNN) 10-Q 1 Apr 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Feb. 29, 2016	Mar. 25, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	lnn
Entity Registrant Name	LINDSAY CORP
Entity Central Index Key	836,157
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		10,772,946

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Condensed Consolidated Statements Of Operations [Abstract]
Operating revenues	$ 120,573	$ 141,089	$ 242,195	$ 275,934
Cost of operating revenues	88,128	101,533	175,336	199,464
Gross profit	32,445	39,556	66,859	76,470
Operating expenses:
Selling expense	10,363	10,231	20,355	19,648
General and administrative expense	23,028	11,680	32,043	24,551
Engineering and research expense	3,748	3,109	7,407	5,833
Total operating expenses	37,139	25,020	59,805	50,032
Operating income (loss)	(4,694)	14,536	7,054	26,438
Other income (expense):
Interest expense	(1,201)	(209)	(2,397)	(280)
Interest income	229	162	393	334
Other expense, net	(527)	(351)	(847)	(693)
Earnings (loss) before income taxes	(6,193)	14,138	4,203	25,799
Income tax expense (benefit)	(2,064)	5,143	1,388	9,236
Net earnings (loss)	$ (4,129)	$ 8,995	$ 2,815	$ 16,563
Earnings (loss) per share:
Basic	$ (0.37)	$ 0.75	$ 0.25	$ 1.37
Diluted	$ (0.37)	$ 0.75	$ 0.25	$ 1.36
Shares used in computing earnings per share:
Basic	11,024	11,982	11,142	12,103
Diluted	11,024	12,008	11,163	12,141
Cash dividends declared per share	$ 0.280	$ 0.270	$ 0.560	$ 0.540

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net earnings (loss)	$ (4,129)	$ 8,995	$ 2,815	$ 16,563
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax	33	32	38	64
Unrealized loss on cash flow hedges, net of tax	(76)		(76)
Foreign currency translation adjustment, net of hedging activities and tax	(507)	(4,298)	(2,073)	(8,271)
Total other comprehensive loss, net of tax expense (benefit) of ($253), $1,181, $391 and $1,737	(550)	(4,266)	(2,111)	(8,207)
Total comprehensive income (loss)	$ (4,679)	$ 4,729	$ 704	$ 8,356

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Total other comprehensive loss, tax expense	$ (253)	$ 1,181	$ 391	$ 1,737

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Current assets:
Cash and cash equivalents	$ 89,522	$ 139,093	$ 167,165
Receivables, net of allowance of $7,987; $2,517, and $9,706, respectively	79,225	74,063	93,293
Inventories, net	82,078	74,930	82,263
Deferred income taxes	13,980	15,807	16,224
Other current assets	19,248	18,274	21,936
Total current assets	284,053	322,167	380,881
Property, plant and equipment:
Cost	181,477	181,598	175,538
Less accumulated depreciation	(102,561)	(102,942)	(99,875)
Property, plant and equipment, net	78,916	78,656	75,663
Intangibles, net	49,475	51,920	53,900
Goodwill	76,628	76,801	74,808
Other noncurrent assets, net of allowance of $0; $2,007, and $0, respectively	6,411	6,924	13,528
Total assets	495,483	536,468	598,780
Current liabilities:
Accounts payable	36,371	38,814	50,293
Current portion of long-term debt	195	193	192
Other current liabilities	47,971	56,105	58,838
Total current liabilities	84,537	95,112	109,323
Pension benefits liabilities	6,431	6,569	6,460
Long-term debt	117,075	117,173	117,270
Deferred income taxes	13,233	18,971	20,940
Other noncurrent liabilities	22,588	10,083	8,846
Total liabilities	$ 243,864	$ 247,908	$ 262,839
Shareholders' equity:
Preferred stock of $1 par value - Authorized 2,000 shares; no shares issued and outstanding
Common stock of $1 par value - authorized 25,000 shares; 18,713, 18,675, and 18,684 shares issued, respectively	$ 18,713	$ 18,684	$ 18,675
Capital in excess of stated value	55,908	55,184	53,618
Retained earnings	455,535	458,903	455,439
Less treasury stock - at cost, 7,864, 6,802, and 7,394 shares, respectively	(261,118)	(228,903)	(181,383)
Accumulated other comprehensive loss, net	(17,419)	(15,308)	(10,408)
Total shareholders' equity	251,619	288,560	335,941
Total liabilities and shareholders' equity	$ 495,483	$ 536,468	$ 598,780

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Condensed Consolidated Balance Sheets [Abstract]
Receivables, allowance, current	$ 7,987,000	$ 9,706,000	$ 2,517,000
Receivables, allowance, noncurrent	$ 0	$ 0	$ 2,007,000
Preferred stock, par value	$ 1	$ 1	$ 1
Preferred stock, authorized	2,000,000	2,000,000	2,000,000
Preferred stock, outstanding	0	0	0
Preferred stock, issued	0	0	0
Common stock, par value	$ 1	$ 1	$ 1
Common stock, authorized	25,000,000	25,000,000	25,000,000
Common stock, issued	18,713,000	18,684,000	18,675,000
Treasury stock, shares	7,864,000	7,394,000	6,802,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 2,815	$ 16,563
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	8,536	8,017
Asset impairment		270
Provision for uncollectible accounts receivable	(1,103)	418
Deferred income taxes	(4,163)	28
Share-based compensation expense	1,534	2,051
Other, net	1,828	3,381
Changes in assets and liabilities:
Receivables	(5,220)	(4,439)
Inventories	(8,094)	(3,583)
Other current assets	(1,779)	(2,647)
Accounts payable	(2,247)	9,778
Other current liabilities	(5,273)	(8,744)
Current income taxes payable	(3,694)	(6,987)
Other noncurrent assets and liabilities	11,833	1,478
Net cash provided by (used in) operating activities	(5,027)	15,584
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(7,392)	(6,576)
Acquisition of business, net of cash acquired		(67,176)
Proceeds from settlement of net investment hedges	2,317	3,310
Payments for settlement of net investment hedges	(512)	(329)
Other investing activities, net	1,073	(2,554)
Net cash used in investing activities	(4,514)	(73,325)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	113	66
Common stock withheld for payroll tax withholdings	(712)	(1,703)
Proceeds from issuance of long-term debt		115,000
Principal payments on long-term debt	(96)	(16)
Issuance costs related to debt		(679)
Excess tax benefits from share-based compensation	53	510
Repurchase of common shares	(32,215)	(49,363)
Dividends paid	(6,183)	(6,490)
Net cash provided by (used in) financing activities	(39,040)	57,325
Effect of exchange rate changes on cash and cash equivalents	(990)	(4,261)
Net change in cash and cash equivalents	(49,571)	(4,677)
Cash and cash equivalents, beginning of period	139,093	171,842
Cash and cash equivalents, end of period	89,522	167,165
Supplemental Cash Flow Information [Abstract]
Income taxes paid	11,637	15,485
Interest paid	$ 2,352	$ 129

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	6 Months Ended
	Feb. 29, 2016
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Note 1 – Condensed Consolidated Financial Statements The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2015 . In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Certain reclassifications have been made to prior financial statements and notes to conform to the current year presentation.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Feb. 29, 2016
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	Note 2 – New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. 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 and becomes effective in the first quarter of fiscal year 2019. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is currently evaluating the impact the adoption will have on its condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method, nor has it determined the effect of the 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 Company elected to adopt the standard in September 2015. The adoption of ASU 2015-16 did n ot have a material impact on its condensed consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. The standard requires an entity to classify all deferred tax assets and liabilities as noncurrent. In addition, companies will no longer allocate valuation allowances between current and noncurrent because all valuation allowances will also be classified as noncurrent. The effective date of ASU No. 2015-17 will be the first quarter of fiscal 2018 with early adoption permitted. The guidance allows companies to apply the update either on a retrospective or prospective basis. The Company does not expect this standard to have a material impact on its condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard replaces the current codification topic 840 with updated guidance on accounting for leases and requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet. Previous U.S. GAAP did not require lease assets and liabilities to be recognized for most leases. Furthermore, companies are permitted to make an accounting policy election to not recognize lease assets and liabilities for leases with a term of 12 months or less. For both finance leases and operating leases, the lease liability should be initially measured at the present value of the lease payments. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will not significantly change under this new guidance. The effective date of ASU No. 2016-02 will be the first quarter of fiscal 2020 with early adoption permitted.

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Feb. 29, 2016
Net Earnings Per Share [Abstract]
Net Earnings Per Share	Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. When a period results in a net loss, the impact of outstanding stock awards is excluded from the diluted loss per share calculation as the inclusion would have an anti-dilutive effect. The following table shows the computation of basic and diluted net earnings per share for the three and six months ended February 29, 2016 and February 28, 2015 : Three months ended Six months ended February 29, February 28, February 29, February 28, ($ and shares in thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net earnings (loss) $ (4,129) $ 8,995 $ 2,815 $ 16,563 Denominator: Weighted average shares outstanding 11,024 11,982 11,142 12,103 Diluted effect of stock awards - 26 21 38 Weighted average shares outstanding assuming dilution 11,024 12,008 11,163 12,141 Basic net earnings (loss) per share $ (0.37) $ 0.75 $ 0.25 $ 1.37 Diluted net earnings (loss) per share $ (0.37) $ 0.75 $ 0.25 $ 1.36 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: Three months ended Six months ended February 29, February 28, February 29, February 28, Units and options in thousands 2016 2015 2016 2015 Restricted stock units 3 2 9 6 Stock options 86 50 75 54

Income Taxes

Income Taxes	6 Months Ended
	Feb. 29, 2016
Income Taxes [Abstract]
Income Taxes	Note 4 – Income Taxes It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. However, the tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded no material discrete items for the three and six months ended February 29, 2016 and February 28, 2015 . The Company recorded income tax (benefit) expense of $(2.1) million and $5.1 million for the three months ended February 29, 2016 and February 28, 2015 , respectively. The Company recorded income tax expense of $ 1.4 million and $ 9.2 million for the six months ended February 29, 2016 and February 28, 2015 , respectively. The estimated annual effective income tax rate was 33.0 percent and 35.8 percent for the fiscal year-to-date periods ended February 29, 2016 and February 28, 2015 , respectively. The decrease in the estimated annual effective income tax rate from February 2015 to February 2016 primarily relates to the earnings mix among jurisdictions.

Inventories

Inventories	6 Months Ended
	Feb. 29, 2016
Inventories [Abstract]
Inventories	Note 5 – Inventories Inventories consisted of the following as of February 29, 2016 , February 28, 2015 and August 31, 2015 : February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Raw materials and supplies $ 24,663 $ 24,724 $ 29,427 Work in process 8,714 7,421 7,318 Finished goods and purchased parts 53,217 57,472 44,269 Total inventory value before LIFO adjustment 86,594 89,617 81,014 Less adjustment to LIFO value (4,516) (7,354) (6,084) Inventories, net $ 82,078 $ 82,263 $ 74,930

Credit Arrangements

Credit Arrangements	6 Months Ended
	Feb. 29, 2016
Credit Arrangements [Abstract]
Credit Arrangements	Note 6 – 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 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 February 29, 2016 and February 28, 2015 , the Company had no outstanding borrowings under the Amended Credit Agreement. 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 February 29, 2016 , the Company had the ability to borrow up to $43.9 million under this facility, after consideration of outstanding standby letters of credit of $6.1 million. Borrowings under the Amended Credit Agreement bear interest at a variable rate equal to LIBOR plus 90 basis points ( 1.34 percent at February 29, 2016 ), 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 credit arrangements described above includes 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 February 29, 2016 , February 28, 2015 and August 31, 2015 , the Company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates. Elecsys Series 2006A Bonds Elecsys Corporation, a wholly owned subsidiary of the Company, has outstanding $2.3 million in principal amount of industrial revenue bonds that were issued in 2006 (the “Series 2006A Bonds”). Principal and interest on the Series 2006A Bonds are payable monthly through maturity on September 1, 2026 . The interest rate is adjustable based on the yield of the 5-year United States Treasury Notes, plus 0.45 percent ( 1.67 percent as of February 29, 2016 ). The obligations under the Series 2006A Bonds are secured by a first priority security interest in certain real estate. Long-term debt consists of the following: February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Senior Notes $ 115,000 $ 115,000 $ 115,000 Amended Credit Agreement - - - Elecsys Series 2006A Bonds 2,270 2,462 2,366 Total debt 117,270 117,462 117,366 Less current portion (195) (192) (193) Total long-term debt $ 117,075 $ 117,270 $ 117,173 Principal payments due on the debt are as follows: Due within: $ in thousands 1 year $ 195 2 years 199 3 years 203 4 years 207 5 years 211 Thereafter 116,255 $ 117,270

Financial Derivatives

Financial Derivatives	6 Months Ended
	Feb. 29, 2016
Financial Derivatives [Abstract]
Financial Derivatives	Note 7 – Financial Derivatives The Company uses certain financial derivatives to mitigate its exposure to volatility in foreign currency exchange rates. The Company uses these derivative instruments to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of February 29, 2016 , the Company’s derivative counterparty had an investment grade credit rating. Financial derivatives consist of the following : Fair Values of Derivative Instruments Asset (Liability) February 29, February 28, August 31, ($ in thousands) Balance Sheet Classification 2016 2015 2015 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ - $ 3,230 $ 217 Foreign currency forward contracts Other current liabilities (639) (278) (352) Total derivatives designated as hedging instruments $ (639) $ 2,952 $ (135) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 14 $ 181 $ 495 Foreign currency forward contracts Other current liabilities (187) (115) (61) Total derivatives not designated as hedging instruments $ (173) $ 66 $ 434 Accumulated other comprehensive income ("AOCI") included realized and unrealized after-tax gains of $6.2 million, $5.2 million and $5.4 million at February 29, 2016, February 28, 2015 and August 31, 2015, respectively, related to derivative contracts designated as hedging instruments. Cash Flow Hedging Relationships In order to reduce exposure related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange contracts for transactions denominated in a currency other than the functional currency for certain operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. Changes in the fair value of the forward exchange contracts designated as hedging instruments that effectively offset the hedged risks are reported in AOCI, net of related income tax effects. At February 29, 2016, the Company had an outstanding Canadian Dollar foreign currency forward contract to sell 2.6 million Canadian Dollars at a fixed price to settle during fiscal 2018. Net Investment Hedging Relationships Amount of Gain/(Loss) Recognized in OCI on Derivatives Three months ended Six months ended February 29, February 28, February 29, February 28, ($ in thousands) 2016 2015 2016 2015 Foreign currency forward contracts, net of tax (benefit) expense of $(240) , $1,315 , $409 and $2,048 $ (314) $ 2,068 $ 898 $ 3,213 For the three months ended February 29, 2016 and February 28, 2015 , the Company settled foreign currency forward contracts resulting in an after-tax net gain of $1.4 million and $0.9 million, respectively, which were included in other comprehensive income as part of a currency translation adjustment. For the six months ended February 29, 2016 and February 28, 2015 , the Company settled foreign currency forward contracts resulting in an after-tax net gain of $ 1.2 million and $ 1.8 million, respectively, which were included in other comprehensive income as part of a currency translation adjustment. There were no amounts recorded in the condensed consolidated statement of operations related to ineffectiveness of foreign currency forward contracts related to net investment hedges for the three and six months ended February 29, 2016 and February 28, 2015 . At February 29, 2016 , February 28, 2015 and August 31, 2015 , the Company had outstanding Euro foreign currency forward contracts to sell 28.3 million Euro, 29.0 million Euro and 29.1 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At February 29, 2016, February 28, 2015 and August 31, 2015 , the Company had an outstanding South African Rand foreign currency forward contract to sell 43.0 million South African Rand at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts qualify as hedges of a net investment in foreign operations. Derivatives Not Designated as Hedging Instruments For derivative contracts in which the Company does not elect hedge accounting treatment, the Company carries the derivative at its fair value in the condensed consolidated balance sheet and recognizes any subsequent changes in its fair value through earnings in the condensed consolidated statement of operations. The Company generally does not elect hedge accounting treatment for derivative contracts related to future settlements of foreign denominated intercompany receivables and payables. At February 29, 2016 , February 28, 2015 and August 31, 2015 , the Company had $ 10.3 million, $ 5.8 million and $9.5 million of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Feb. 29, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 8 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 29, 2016, February 28, 2015 and August 31, 2015 , respectively. There were no transfers between any levels for the periods presented. February 29, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 89,522 $ - $ - $ 89,522 Derivative assets - 14 - 14 Derivative liabilities - (826) - (826) February 28, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 167,165 $ - $ - $ 167,165 Derivative assets - 3,411 - 3,411 Derivative liabilities - (393) - (393) August 31, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 139,093 $ - $ - $ 139,093 Derivative assets - 712 - 712 Derivative liabilities - (413) - (413) There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three and six months ended February 29, 2016 or February 28, 2015.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Feb. 29, 2016
Commitments And Contingencies [Abstract]
Commitments And Contingencies	Note 9 – 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, other than the environmental remediation matters discussed separately below, would not have a material effect on the business or its consolidated financial statements. 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 from 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. In addition to this source area, the Company determined that volatile organic compounds also existed under one of the manufacturing buildings on the site. Due to the location, the Company had not yet determined the extent of these compounds or the extent to which they were contributing to groundwater contamination. Based on the uncertainty of the remediation actions that might be required with respect to this affected area, the Company believed that meaningful estimates of costs or range of costs could not be made and accordingly were not accrued. In December 2014, the EPA requested that the Company prepare a feasibility study related to the site, including the area covered by the building, which resulted in a revision to the Company’s remediation timeline. In the first quarter of fiscal 2015, the Company accrued $1.5 million of incremental operating costs to reflect its updated timeline. The Company began soil and groundwater testing in preparation for developing this feasibility study during the first quarter of fiscal 2016 . During the second quarter of fiscal 2016, the Company completed its testing which clarified the extent of contamination, including the identification of a source of contamination near the manufacturing building that was not part of the area for which reserves were previously established . The Company , with the assistance of third-party environmental experts, is developing and eval uating remediation alternatives, a proposed remediation plan and estimated costs . Based on preliminary estimates of future remediation and operating costs , the Company accrued an additional $13.0 million in the second quarter of fiscal 2016 and included the related expenses in general and administrative expenses in the condensed consolidated statement of operations. The estimated aggregate accrued cost of $19.9 million is based on consideration of several remediation options that would use different technologies, each which the Company believes could be successful in meeting the long-term regulatory requirements of the site. However, the remediation options are still being evaluated, cost estimates are preliminary, and no plan has been reviewed with or approved by the EPA or the Nebraska Department of Environmental Quality (the “NDEQ”). The Company is scheduled to meet with the EPA and the NDEQ during the third quarter of fiscal 2016, although it anticipates that a definitive plan may not be agreed to until fiscal 2017 or later. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site based on preliminary analysis available at this time, the estimate of costs and their timing could change as a result of a number of factors, including (1) EPA and NDEQ input on the proposed remediation plan and any changes which they may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, it is not possible to provide a reasonable estimate of the amount of costs that may exceed amounts accrued at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of February 29, 2016 , February 28, 2015 and August 31, 2015 : Environmental Remediation Liabilities ($ in thousands) February 29, February 28, August 31, Balance Sheet Classification 2016 2015 2015 Other current liabilities $ 1,296 $ 1,222 $ 1,431 Other noncurrent liabilities 18,650 6,475 6,100 Total environmental remediation liabilities $ 19,946 $ 7,697 $ 7,531

Warranties

Warranties	6 Months Ended
	Feb. 29, 2016
Warranties [Abstract]
Warranties	Note 10 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended February 29, February 28, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 6,285 $ 9,174 Liabilities accrued for warranties during the period 586 439 Warranty claims paid during the period (725) (1,068) Changes in estimates 285 (78) Product warranty accrual balance, end of period $ 6,431 $ 8,467 Six months ended February 29, February 28, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 7,271 $ 9,331 Liabilities accrued for warranties during the period 1,944 1,397 Warranty claims paid during the period (2,586) (2,208) Changes in estimates (198) (53) Product warranty accrual balance, end of period $ 6,431 $ 8,467

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Feb. 29, 2016
Share-Based Compensation [Abstract]
Share-Based Compensation	Note 11 – Share-Based Compensation The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $ 0.6 million and $ 1.0 million for the three months ended February 29, 2016 and February 28, 2015 , respectively. Share-based compensation expense was $ 1.5 million and $ 2.1 million for the six months ended February 29, 2016 and February 28, 2015 , respectively. During the second quarter of fiscal 2016, the Company awarded its annual grant of RSUs to independent members of the Board of Directors at a grant date fair value of $63.73 per share, which resulted in a total of 7,588 RSUs being granted. These RSUs are scheduled to become fully vested on November 1, 2016 and were issued from the Company’s 2015 Long-Term Incentive Plan.

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Feb. 29, 2016
Other Current Liabilities [Abstract]
Other Current Liabilities	Note 12 – Other Current Liabilities February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Other current liabilities: Compensation and benefits $ 12,940 $ 13,437 $ 16,168 Deferred revenues 6,601 5,846 6,146 Warranties 6,431 8,467 7,271 Customer deposits 6,282 8,520 3,161 Dealer related liabilities 4,298 5,056 5,328 Income taxes payable 1,455 3,936 4,034 Other 9,964 13,576 13,997 Total other current liabilities $ 47,971 $ 58,838 $ 56,105

Share Repurchases

Share Repurchases	6 Months Ended
	Feb. 29, 2016
Share Repurchases [Abstract]
Share Repurchases	Note 13 – Share Repurchases On January 3, 2014, the Company announced that its Board of Directors authorized the Company to repurchase up to $150.0 million of common stock through January 2, 2016. On July 22, 2015, the Company announced that its Board of Directors increased its outstanding share repurchase authorization by $100.0 million with no expiration. 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 three and six months ended February 29, 2016 , the Company repurchased 332,949 shares and 469,212 shares, respectively, of common stock for an aggregate purchase price of $ 23.0 million and $ 32.2 million, respectively. During the three and six months ended February 28, 2015 , the Company repurchased 224,307 shares and 605,926 shares, respectively, of common stock for an aggregate purchase price of $ 19.4 million and $ 49.4 million, respectively. The remaining amount available under the repurchase program was $ 79.8 million as of February 29, 2016 .

Industry Segment Information

Industry Segment Information	6 Months Ended
	Feb. 29, 2016
Industry Segment Information [Abstract]
Industry Segment Information	Note 14 – Industry Segment Information The Company manages its business activities in two reportable segments: irrigation and infrastructure. T he Company evaluates the performance of its reportable segments based on segment sales, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales. The Company had no single customer who represented 10 percent or more of its total revenues during the three and six months ended February 29, 2016 and February 28, 2015 . 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 machine-to-machine (“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 manufacture and sale of large diameter steel tubing and railroad signals and structures; and the provision of outsourced manufacturing and production services. The infrastructure reporting segment consists of one operating segment. Three months ended Six months ended February 29, February 28, February 29, February 28, ($ in thousands) 2016 2015 2016 2015 Operating revenues: Irrigation $ 103,081 $ 108,331 $ 204,407 $ 223,047 Infrastructure 17,492 32,758 37,788 52,887 Total operating revenues $ 120,573 $ 141,089 $ 242,195 $ 275,934 Operating income: Irrigation $ 11,081 $ 11,942 $ 23,773 $ 27,911 Infrastructure 1,532 7,274 4,614 9,718 Segment operating income 12,613 19,216 28,387 37,629 Unallocated general and administrative expenses (1) (17,307) (4,680) (21,333) (11,191) Interest and other expense, net (1,499) (398) (2,851) (639) Earnings (loss) before income taxes $ (6,193) $ 14,138 $ 4,203 $ 25,799 Capital expenditures: Irrigation $ 2,054 $ 2,381 $ 5,206 $ 5,465 Infrastructure 633 546 2,186 1,111 $ 2,687 $ 2,927 $ 7,392 $ 6,576 Depreciation and amortization: Irrigation $ 3,064 $ 3,039 $ 6,158 $ 5,525 Infrastructure 1,177 1,230 2,378 2,492 $ 4,241 $ 4,269 $ 8,536 $ 8,017 (1) Includes environmental remediation expenses of $13.0 million for the three and six month period ended February 29, 2016 and environmental remediation expenses of $1.5 million for the six months ended February 28, 2015. February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Total assets: Irrigation $ 386,287 $ 477,642 $ 429,224 Infrastructure 109,196 121,138 107,244 $ 495,483 $ 598,780 $ 536,468

New Accounting Pronouncements (

New Accounting Pronouncements (Policy)	6 Months Ended
	Feb. 29, 2016
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. 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 and becomes effective in the first quarter of fiscal year 2019. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is currently evaluating the impact the adoption will have on its condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method, nor has it determined the effect of the 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 Company elected to adopt the standard in September 2015. The adoption of ASU 2015-16 did n ot have a material impact on its condensed consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. The standard requires an entity to classify all deferred tax assets and liabilities as noncurrent. In addition, companies will no longer allocate valuation allowances between current and noncurrent because all valuation allowances will also be classified as noncurrent. The effective date of ASU No. 2015-17 will be the first quarter of fiscal 2018 with early adoption permitted. The guidance allows companies to apply the update either on a retrospective or prospective basis. The Company does not expect this standard to have a material impact on its condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard replaces the current codification topic 840 with updated guidance on accounting for leases and requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet. Previous U.S. GAAP did not require lease assets and liabilities to be recognized for most leases. Furthermore, companies are permitted to make an accounting policy election to not recognize lease assets and liabilities for leases with a term of 12 months or less. For both finance leases and operating leases, the lease liability should be initially measured at the present value of the lease payments. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will not significantly change under this new guidance. The effective date of ASU No. 2016-02 will be the first quarter of fiscal 2020 with early adoption permitted.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Feb. 29, 2016
Net Earnings Per Share [Abstract]
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share	Three months ended Six months ended February 29, February 28, February 29, February 28, ($ and shares in thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net earnings (loss) $ (4,129) $ 8,995 $ 2,815 $ 16,563 Denominator: Weighted average shares outstanding 11,024 11,982 11,142 12,103 Diluted effect of stock awards - 26 21 38 Weighted average shares outstanding assuming dilution 11,024 12,008 11,163 12,141 Basic net earnings (loss) per share $ (0.37) $ 0.75 $ 0.25 $ 1.37 Diluted net earnings (loss) per share $ (0.37) $ 0.75 $ 0.25 $ 1.36
Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share	Three months ended Six months ended February 29, February 28, February 29, February 28, Units and options in thousands 2016 2015 2016 2015 Restricted stock units 3 2 9 6 Stock options 86 50 75 54

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Feb. 29, 2016
Inventories [Abstract]
Schedule Of Inventories	February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Raw materials and supplies $ 24,663 $ 24,724 $ 29,427 Work in process 8,714 7,421 7,318 Finished goods and purchased parts 53,217 57,472 44,269 Total inventory value before LIFO adjustment 86,594 89,617 81,014 Less adjustment to LIFO value (4,516) (7,354) (6,084) Inventories, net $ 82,078 $ 82,263 $ 74,930

Credit Arrangements (Tables)

Credit Arrangements (Tables)	6 Months Ended
	Feb. 29, 2016
Credit Arrangements [Abstract]
Schedule Of Long-Term Debt	February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Senior Notes $ 115,000 $ 115,000 $ 115,000 Amended Credit Agreement - - - Elecsys Series 2006A Bonds 2,270 2,462 2,366 Total debt 117,270 117,462 117,366 Less current portion (195) (192) (193) Total long-term debt $ 117,075 $ 117,270 $ 117,173
Schedule Of Principal Payments Due On Debt	Due within: $ in thousands 1 year $ 195 2 years 199 3 years 203 4 years 207 5 years 211 Thereafter 116,255 $ 117,270

Financial Derivatives (Tables)

Financial Derivatives (Tables)	6 Months Ended
	Feb. 29, 2016
Financial Derivatives [Abstract]
Schedule Of Financial Derivatives	Fair Values of Derivative Instruments Asset (Liability) February 29, February 28, August 31, ($ in thousands) Balance Sheet Classification 2016 2015 2015 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ - $ 3,230 $ 217 Foreign currency forward contracts Other current liabilities (639) (278) (352) Total derivatives designated as hedging instruments $ (639) $ 2,952 $ (135) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 14 $ 181 $ 495 Foreign currency forward contracts Other current liabilities (187) (115) (61) Total derivatives not designated as hedging instruments $ (173) $ 66 $ 434
Schedule Of Net Investment Hedging Relationships	Amount of Gain/(Loss) Recognized in OCI on Derivatives Three months ended Six months ended February 29, February 28, February 29, February 28, ($ in thousands) 2016 2015 2016 2015 Foreign currency forward contracts, net of tax (benefit) expense of $(240) , $1,315 , $409 and $2,048 $ (314) $ 2,068 $ 898 $ 3,213

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Feb. 29, 2016
Fair Value Measurements [Abstract]
Schedule Of Financial Assets And Liabilities Measured At Fair Value	February 29, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 89,522 $ - $ - $ 89,522 Derivative assets - 14 - 14 Derivative liabilities - (826) - (826) February 28, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 167,165 $ - $ - $ 167,165 Derivative assets - 3,411 - 3,411 Derivative liabilities - (393) - (393) August 31, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 139,093 $ - $ - $ 139,093 Derivative assets - 712 - 712 Derivative liabilities - (413) - (413)

Commitments And Contingencies (

Commitments And Contingencies (Tables)	6 Months Ended
	Feb. 29, 2016
Commitments And Contingencies [Abstract]
Summary Of Undiscounted Environmental Remediation Liability Classifications	Environmental Remediation Liabilities ($ in thousands) February 29, February 28, August 31, Balance Sheet Classification 2016 2015 2015 Other current liabilities $ 1,296 $ 1,222 $ 1,431 Other noncurrent liabilities 18,650 6,475 6,100 Total environmental remediation liabilities $ 19,946 $ 7,697 $ 7,531

Warranties (Tables)

Warranties (Tables)	6 Months Ended
	Feb. 29, 2016
Warranties [Abstract]
Schedule Of Product Warranty Liability	Three months ended February 29, February 28, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 6,285 $ 9,174 Liabilities accrued for warranties during the period 586 439 Warranty claims paid during the period (725) (1,068) Changes in estimates 285 (78) Product warranty accrual balance, end of period $ 6,431 $ 8,467 Six months ended February 29, February 28, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 7,271 $ 9,331 Liabilities accrued for warranties during the period 1,944 1,397 Warranty claims paid during the period (2,586) (2,208) Changes in estimates (198) (53) Product warranty accrual balance, end of period $ 6,431 $ 8,467

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Feb. 29, 2016
Other Current Liabilities [Abstract]
Other Current Liabilities	February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Other current liabilities: Compensation and benefits $ 12,940 $ 13,437 $ 16,168 Deferred revenues 6,601 5,846 6,146 Warranties 6,431 8,467 7,271 Customer deposits 6,282 8,520 3,161 Dealer related liabilities 4,298 5,056 5,328 Income taxes payable 1,455 3,936 4,034 Other 9,964 13,576 13,997 Total other current liabilities $ 47,971 $ 58,838 $ 56,105

Industry Segment Information (T

Industry Segment Information (Tables)	6 Months Ended
	Feb. 29, 2016
Industry Segment Information [Abstract]
Schedule Of Segment Reporting Information By Segment	Three months ended Six months ended February 29, February 28, February 29, February 28, ($ in thousands) 2016 2015 2016 2015 Operating revenues: Irrigation $ 103,081 $ 108,331 $ 204,407 $ 223,047 Infrastructure 17,492 32,758 37,788 52,887 Total operating revenues $ 120,573 $ 141,089 $ 242,195 $ 275,934 Operating income: Irrigation $ 11,081 $ 11,942 $ 23,773 $ 27,911 Infrastructure 1,532 7,274 4,614 9,718 Segment operating income 12,613 19,216 28,387 37,629 Unallocated general and administrative expenses (1) (17,307) (4,680) (21,333) (11,191) Interest and other expense, net (1,499) (398) (2,851) (639) Earnings (loss) before income taxes $ (6,193) $ 14,138 $ 4,203 $ 25,799 Capital expenditures: Irrigation $ 2,054 $ 2,381 $ 5,206 $ 5,465 Infrastructure 633 546 2,186 1,111 $ 2,687 $ 2,927 $ 7,392 $ 6,576 Depreciation and amortization: Irrigation $ 3,064 $ 3,039 $ 6,158 $ 5,525 Infrastructure 1,177 1,230 2,378 2,492 $ 4,241 $ 4,269 $ 8,536 $ 8,017 (1) Includes environmental remediation expenses of $13.0 million for the three and six month period ended February 29, 2016 and environmental remediation expenses of $1.5 million for the six months ended February 28, 2015.
Reconciliation Of Assets From Segment To Consolidated	February 29, February 28, August 31, ($ in thousands) 2016 2015 2015 Total assets: Irrigation $ 386,287 $ 477,642 $ 429,224 Infrastructure 109,196 121,138 107,244 $ 495,483 $ 598,780 $ 536,468

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		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Net Earnings Per Share [Abstract]
Net earnings (loss)	$ (4,129)	$ 8,995	$ 2,815	$ 16,563
Weighted average shares outstanding	11,024	11,982	11,142	12,103
Diluted effect of stock awards		26	21	38
Weighted average shares outstanding assuming	11,024	12,008	11,163	12,141
Basic net earnings (loss) per share	$ (0.37)	$ 0.75	$ 0.25	$ 1.37
Diluted net earnings (loss) per share	$ (0.37)	$ 0.75	$ 0.25	$ 1.36

Net Earnings Per Share (Sched33

Net Earnings Per Share (Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of earnings per share	3	2	9	6
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	86	50	75	54

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Income Taxes [Abstract]
Favorable discrete items	$ 0	$ 0	$ 0	$ 0
Income tax expense (benefit)	$ (2,064)	$ 5,143	$ 1,388	$ 9,236
Estimated annual effective income tax rate			33.00%	35.80%

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Inventories [Abstract]
Raw materials and supplies	$ 24,663	$ 29,427	$ 24,724
Work in process	8,714	7,318	7,421
Finished goods and purchased parts	53,217	44,269	57,472
Total inventory value before LIFO adjustment	86,594	81,014	89,617
Less adjustment to LIFO value	(4,516)	(6,084)	(7,354)
Inventories, net	$ 82,078	$ 74,930	$ 82,263

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details) - USD ($)	Feb. 18, 2015	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015	Feb. 19, 2015
Debt Instrument [Line Items]
Long-term debt outstanding		$ 117,270,000	$ 117,366,000	$ 117,462,000
Elecsys Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Maturity date		Sep. 1, 2026
Long-term debt outstanding		$ 2,270,000	2,366,000	2,462,000
5-Year United States Treasury Notes [Member] | Elecsys Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Basis spread		0.45%
Interest rate		1.67%
Senior Notes [Member]
Debt Instrument [Line Items]
Issuance date		Feb. 19, 2015
Face amount					$ 115,000,000
Maturity date		Feb. 19, 2030
Annual interest rate					3.82%
Long-term debt outstanding		$ 115,000,000	$ 115,000,000	115,000,000
Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Initiation date		Feb. 18, 2015
Unsecured line of credit, maximum borrowing capacity	$ 50,000,000
Unsecured line of credit, outstanding borrowings		$ 0		$ 0
Unsecured line of credit, available borrowings		$ 43,900,000
Interest rate		1.34%
Commitment fee percentage	0.25%
Due date		Feb. 18, 2018
Long-term debt outstanding
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread	90.00%
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Unsecured line of credit, outstanding borrowings		$ 6,100,000

Credit Arrangements (Schedule O

Credit Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Debt Instrument [Line Items]
Total debt	$ 117,270	$ 117,366	$ 117,462
Less current portion	(195)	(193)	(192)
Total long-term debt	$ 117,075	$ 117,173	$ 117,270
Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Total debt
Elecsys Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Total debt	$ 2,270	$ 2,366	$ 2,462
Senior Notes [Member]
Debt Instrument [Line Items]
Total debt	$ 115,000	$ 115,000	$ 115,000

Credit Arrangements (Schedule38

Credit Arrangements (Schedule Of Principal Payments Due On Debt) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Credit Arrangements [Abstract]
1 year	$ 195
2 years	199
3 years	203
4 years	207
5 years	211
Thereafter	116,255
Total debt	$ 117,270	$ 117,366	$ 117,462

Financial Derivatives (Narrativ

Financial Derivatives (Narrative) (Details) € in Millions, ZAR in Millions, CAD in Millions, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Feb. 29, 2016USD ($)

Feb. 28, 2015USD ($)

Feb. 29, 2016USD ($)

Feb. 28, 2015USD ($)

Aug. 31, 2015USD ($)

Feb. 29, 2016CAD

Feb. 29, 2016USD ($)

Feb. 29, 2016ZAR

Feb. 29, 2016EUR (€)

Aug. 31, 2015ZAR

Aug. 31, 2015EUR (€)

Feb. 28, 2015ZAR

Feb. 28, 2015EUR (€)

Derivatives, Fair Value [Line Items]

Realized and unrealized after-tax gains included in AOCI

$ 6.2

$ 5.2

$ 5.4

Outstanding foreign currency forward contracts to sell

ZAR 43

€ 28.3

ZAR 43

€ 29.1

ZAR 43

€ 29

Foreign Currency Forward Contracts [Member]

Derivatives, Fair Value [Line Items]

Derivative contracts resulting in after-tax net gain (loss)

$ 1.4

$ 0.9

1.2

1.8

Derivative contracts ineffective amount

$ 0

0

$ 0

0

Outstanding foreign currency forward contracts to sell

$ 5.8

$ 5.8

$ 9.5

$ 10.3

Foreign currency contract | CAD

CAD 2.6

Financial Derivatives (Schedule

Financial Derivatives (Schedule Of Financial Derivatives) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Derivatives, Fair Value [Line Items]
Derivative assets	$ 14	$ 712	$ 3,411
Derivative liabilities	(826)	(413)	(393)
Derivatives Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	(639)	(135)	2,952
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets		217	3,230
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(639)	(352)	(278)
Derivatives Not Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	(173)	434	66
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	14	495	181
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (187)	$ (61)	$ (115)

Financial Derivatives (Schedu41

Financial Derivatives (Schedule Of Net Investment Hedging Relationships) (Details) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivatives	$ (314)	$ 2,068	$ 898	$ 3,213
Foreign currency forward contracts, tax expense	$ (240)	$ 1,315	$ 409	$ 2,048

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($)	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Fair value adjustment, assets	$ 0	$ 0	$ 0	$ 0
Fair value adjustment, liabilitites	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015	Aug. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 89,522	$ 139,093	$ 167,165	$ 171,842
Derivative assets	14	712	3,411
Derivative liabilities	(826)	(413)	(393)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	89,522	139,093	167,165
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	14	712	3,411
Derivative liabilities	$ (826)	$ (413)	$ (393)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Derivative assets
Derivative liabilities

Commitments And Contingencies44

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2014	Feb. 29, 2016	Aug. 31, 2012
Commitments And Contingencies [Abstract]
Environmental remediation expense	$ 13	$ 1.5	$ 13	$ 7.2
Estimated aggregate accrued cost	$ 19.9		$ 19.9

Commitments And Contingencies45

Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2014	Feb. 29, 2016	Aug. 31, 2012	Aug. 31, 2015	Feb. 28, 2015
Commitments And Contingencies [Abstract]
Environmental remediation expense	$ 13,000	$ 1,500	$ 13,000	$ 7,200
Other current liabilities	1,296		1,296		$ 1,431	$ 1,222
Other noncurrent liabilities	18,650		18,650		6,100	6,475
Total environmental remediation liabilities	$ 19,946		$ 19,946		$ 7,531	$ 7,697

Warranties (Schedule Of Product

Warranties (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Warranties [Abstract]
Product warranty accrual balance, beginning of period	$ 6,285	$ 9,174	$ 7,271	$ 9,331
Liabilities accrued for warranties during the period	586	439	1,944	1,397
Warranty claims paid during the period	(725)	(1,068)	(2,586)	(2,208)
Changes in estimates	285	(78)	(198)	(53)
Product warranty accrual balance, end of period	$ 6,431	$ 8,467	$ 6,431	$ 8,467

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Share-based compensation expense	$ 0.6	$ 1	$ 1.5	$ 2.1
RSUs [Member]
Weighted average grant date fair value of restricted stock	$ 63.73		$ 63.73
Total units of restricted stock granted	7,588

Other Current Liabilities (Othe

Other Current Liabilities (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Other Current Liabilities [Abstract]
Compensation and benefits	$ 12,940	$ 16,168	$ 13,437
Deferred revenues	6,601	6,146	5,846
Warranties	6,431	7,271	8,467
Customer deposits	6,282	3,161	8,520
Dealer related liabilities	4,298	5,328	5,056
Income tax payable	1,455	4,034	3,936
Other	9,964	13,997	13,576
Total other current liabilities	$ 47,971	$ 56,105	$ 58,838

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015	Jul. 22, 2015	Jan. 03, 2014
Repurchase authorization increase amount					$ 100
Shares repurchased	332,949	224,307	469,212	605,926
Aggregate purchase price of shares repurchased	$ 23	$ 19.4	$ 32.2	$ 49.4
Remaining amount available under the repurchase program	$ 79.8		$ 79.8
Maximum [Member]
Repurchase authorization amount						$ 150

Industry Segment Information (S

Industry Segment Information (Schedule Of Segment Reporting Information By Segment) (Details) $ in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
		Feb. 29, 2016USD ($)	Feb. 28, 2015USD ($)	Nov. 30, 2014USD ($)	Feb. 29, 2016USD ($)segment	Feb. 28, 2015USD ($)	Aug. 31, 2012USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment					2
Total operating revenues		$ 120,573	$ 141,089		$ 242,195	$ 275,934
Segment operating income		(4,694)	14,536		7,054	26,438
Unallocated general and administrative expenses		(23,028)	(11,680)		(32,043)	(24,551)
Earnings (loss) before income taxes		(6,193)	14,138		4,203	25,799
Capital expenditures		2,687	2,927		7,392	6,576
Depreciation and amortization		4,241	4,269		8,536	8,017
Environmental remediation expenses		13,000		$ 1,500	13,000		$ 7,200
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment operating income		12,613	19,216		28,387	37,629
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Unallocated general and administrative expenses	[1]	(17,307)	(4,680)		(21,333)	(11,191)
Interest and other expense, net		$ (1,499)	$ (398)		$ (2,851)	$ (639)
Total Revenue [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage		0.00%	0.00%		0.00%	0.00%
Irrigation [Member]
Segment Reporting Information [Line Items]
Number of operating segments | segment					5
Total operating revenues		$ 103,081	$ 108,331		$ 204,407	$ 223,047
Segment operating income		11,081	11,942		23,773	27,911
Capital expenditures		2,054	2,381		5,206	5,465
Depreciation and amortization		3,064	3,039		$ 6,158	5,525
Infrastructure [Member]
Segment Reporting Information [Line Items]
Number of operating segments | segment					1
Total operating revenues		17,492	32,758		$ 37,788	52,887
Segment operating income		1,532	7,274		4,614	9,718
Capital expenditures		633	546		2,186	1,111
Depreciation and amortization		$ 1,177	$ 1,230		$ 2,378	2,492
Environmental remediation expenses						$ 1,500
[1]	Includes environmental remediation expenses of $13.0 million for the three and six month period ended February 29, 2016 and environmental remediation expenses of $1.5 million for the six months ended February 28, 2015.

Industry Segment Information (R

Industry Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015
Segment Reporting Information [Line Items]
Total Assets	$ 495,483	$ 536,468	$ 598,780
Irrigation [Member]
Segment Reporting Information [Line Items]
Total Assets	386,287	429,224	477,642
Infrastructure [Member]
Segment Reporting Information [Line Items]
Total Assets	$ 109,196	$ 107,244	$ 121,138