Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May 31, 2016 | Jun. 24, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | LINDSAY CORP | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 836,157 | |
Trading Symbol | lnn | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | May 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 10,630,124 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
Operating revenues | $ 141,319 | $ 160,707 | $ 383,514 | $ 436,641 |
Cost of operating revenues | 99,511 | 114,321 | 274,847 | 313,785 |
Gross profit | 41,808 | 46,386 | 108,667 | 122,856 |
Operating expenses: | ||||
Selling expense | 10,606 | 10,682 | 30,961 | 30,330 |
General and administrative expense | 11,882 | 10,719 | 43,925 | 35,270 |
Engineering and research expense | 3,995 | 3,497 | 11,402 | 9,330 |
Total operating expenses | 26,483 | 24,898 | 86,288 | 74,930 |
Operating income | 15,325 | 21,488 | 22,379 | 47,926 |
Other income (expense): | ||||
Interest expense | (1,179) | (1,144) | (3,576) | (1,424) |
Interest income | 127 | 134 | 520 | 468 |
Other expense, net | (208) | (55) | (1,055) | (748) |
Earnings before income taxes | 14,065 | 20,423 | 18,268 | 46,222 |
Income tax expense | 4,421 | 7,496 | 5,809 | 16,732 |
Net earnings | $ 9,644 | $ 12,927 | $ 12,459 | $ 29,490 |
Earnings per share: | ||||
Basic | $ 0.90 | $ 1.11 | $ 1.13 | $ 2.46 |
Diluted | $ 0.90 | $ 1.10 | $ 1.13 | $ 2.46 |
Shares used in computing earnings per share: | ||||
Basic | 10,709 | 11,690 | 10,997 | 11,965 |
Diluted | 10,732 | 11,720 | 11,019 | 12,000 |
Cash dividends declared per share | $ 0.28 | $ 0.27 | $ 0.84 | $ 0.81 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net earnings | $ 9,644 | $ 12,927 | $ 12,459 | $ 29,490 |
Other comprehensive income (loss): | ||||
Defined benefit pension plan adjustment, net of tax | 33 | 33 | 71 | 97 |
Unrealized gain on cash flow hedges, net of tax | 76 | |||
Foreign currency translation adjustment, net of hedging activities and tax | 1,804 | (2,638) | (269) | (10,909) |
Total other comprehensive gain (loss), net of tax expense (benefit) of ($138), $136, $253 and $1,873 | 1,913 | (2,605) | (198) | (10,812) |
Total comprehensive income | $ 11,557 | $ 10,322 | $ 12,261 | $ 18,678 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Total other comprehensive gain (loss), tax expense (benefit) | $ (138) | $ 136 | $ 253 | $ 1,873 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 91,498 | $ 139,093 | $ 154,018 |
Receivables, net of allowance of $7,979, $2,607 and $9,706, respectively | 81,915 | 74,063 | 93,399 |
Inventories, net | 82,845 | 74,930 | 79,123 |
Deferred income taxes | 14,519 | 15,807 | 16,922 |
Other current assets | 20,470 | 18,274 | 17,641 |
Total current assets | 291,247 | 322,167 | 361,103 |
Property, plant and equipment: | |||
Cost | 184,740 | 181,598 | 178,606 |
Less accumulated depreciation | (105,580) | (102,942) | (101,752) |
Property, plant and equipment, net | 79,160 | 78,656 | 76,854 |
Intangibles, net | 48,367 | 51,920 | 52,103 |
Goodwill | 76,778 | 76,801 | 75,124 |
Other noncurrent assets, net of allowance of $0, $2,021 and $0, respectively | 6,153 | 6,924 | 12,710 |
Total assets | 501,705 | 536,468 | 577,894 |
Current liabilities: | |||
Accounts payable | 40,805 | 38,814 | 46,560 |
Current portion of long-term debt | 196 | 193 | 182 |
Other current liabilities | 55,651 | 56,105 | 64,343 |
Total current liabilities | 96,652 | 95,112 | 111,085 |
Pension benefits liabilities | 6,362 | 6,569 | 6,389 |
Long-term debt | 117,025 | 117,173 | 117,222 |
Deferred income taxes | 13,423 | 18,971 | 18,685 |
Other noncurrent liabilities | 23,307 | 10,083 | 9,818 |
Total liabilities | 256,769 | 247,908 | 263,199 |
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, 18,678 and 18,684 shares issued, respectively | 18,713 | 18,684 | 18,678 |
Capital in excess of stated value | 56,766 | 55,184 | 54,268 |
Retained earnings | 462,201 | 458,903 | 465,246 |
Less treasury stock - at cost, 8,083, 7,174 and 7,394 shares, respectively | (277,238) | (228,903) | (210,484) |
Accumulated other comprehensive loss, net | (15,506) | (15,308) | (13,013) |
Total shareholders' equity | 244,936 | 288,560 | 314,695 |
Total liabilities and shareholders' equity | $ 501,705 | $ 536,468 | $ 577,894 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | |||
Receivables, allowance, current | $ 7,979 | $ 9,706 | $ 2,607 |
Receivables, allowance, noncurrent | $ 0 | $ 0 | $ 2,021 |
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 | 0 |
Preferred stock, outstanding | 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 | 18,678,000 |
Treasury stock, shares | 8,083,000 | 7,394,000 | 7,174,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2016 | May 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 12,459 | $ 29,490 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 12,771 | 12,148 |
Provision for uncollectible accounts receivable | (1,161) | 569 |
Deferred income taxes | (4,737) | (1,541) |
Share-based compensation expense | 2,440 | 2,599 |
Other, net | 755 | 4,196 |
Changes in assets and liabilities: | ||
Receivables | (6,704) | (6,326) |
Inventories | (7,732) | (1,244) |
Other current assets | (1,425) | (2,560) |
Accounts payable | 1,452 | 6,212 |
Other current liabilities | (33) | (6,340) |
Current income taxes payable | (225) | (3,730) |
Other noncurrent assets and liabilities | 12,389 | 1,912 |
Net cash provided by operating activities | 20,249 | 35,385 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (10,073) | (11,228) |
Acquisition of business, net of cash acquired | (67,176) | |
Proceeds from settlement of net investment hedges | 2,317 | 7,363 |
Payments for settlement of net investment hedges | (2,719) | (606) |
Other investing activities, net | 1,118 | (1,724) |
Net cash used in investing activities | (9,357) | (73,371) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 113 | 256 |
Common stock withheld for payroll tax withholdings | (712) | (1,706) |
Proceeds from issuance of long-term debt | 115,000 | |
Principal payments on long-term debt | (144) | (75) |
Issuance costs related to debt | (618) | |
Excess tax benefits from share-based compensation | 53 | 510 |
Repurchase of common shares | (48,335) | (78,464) |
Dividends paid | (9,161) | (9,610) |
Net cash provided by (used in) financing activities | (58,186) | 25,293 |
Effect of exchange rate changes on cash and cash equivalents | (301) | (5,131) |
Net change in cash and cash equivalents | (47,595) | (17,824) |
Cash and cash equivalents, beginning of period | 139,093 | 171,842 |
Cash and cash equivalents, end of period | 91,498 | 154,018 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Income taxes paid | 13,608 | 21,221 |
Interest paid | $ 2,413 | $ 159 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 9 Months Ended |
May 31, 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 | 9 Months Ended |
May 31, 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 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 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 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. The Company is currently evaluating the effect that adopting this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. The standard provides guidance for employee share-based compensation payments, including the income tax consequences, classification of awards as either equity or liabilities and the classification on the statement of cash flows. The ASU requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefits in the income statement and to be classified along with other income tax cash flows as an operating activity on the statement of cash flows. The effective date of ASU No. 2016-09 will be the first quarter of fiscal 2018 with early adoption permitted, and the standard will be adopted on a prospective basis. The Company is currently evaluating the effect that adopting this new standard will have on its consolidated financial statements. |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
May 31, 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. The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2016 and May 31, 2015 : Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ and shares in thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net earnings $ 9,644 $ 12,927 $ 12,459 $ 29,490 Denominator: Weighted average shares outstanding 10,709 11,690 10,997 11,965 Diluted effect of stock awards 23 30 22 35 Weighted average shares outstanding assuming dilution 10,732 11,720 11,019 12,000 Basic net earnings per share $ 0.90 $ 1.11 $ 1.13 $ 2.46 Diluted net earnings per share $ 0.90 $ 1.10 $ 1.13 $ 2.46 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: Three months ended Nine months ended May 31, May 31, May 31, May 31, Units and options in thousands 2016 2015 2016 2015 Restricted stock units 1 - 6 4 Stock options 104 47 84 52 |
Income Taxes
Income Taxes | 9 Months Ended |
May 31, 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 nine months ended May 31, 2016 and May 31, 2015 . The Compa ny recorded income tax expense of $4.4 million and $7.5 million for the three months ended May 31, 2016 and May 31, 2015 , respectively. The Company recorded income tax expense of $ 5.8 million and $ 16.7 million for the nine months ended May 31, 2016 and May 31, 2015 , respectively. The estimated annual effective income tax rate was 31.8 percent and 36.2 percent for the fiscal year-to-date periods ended May 31, 2016 and May 31, 2015 , respectively. The decrease in the estimated annual effective income tax rate from May 2015 to May 2016 is primarily the result of proportionately higher earnings from foreign operations with tax rates lower than in the U.S. |
Inventories
Inventories | 9 Months Ended |
May 31, 2016 | |
Inventories [Abstract] | |
Inventories | Note 5 – Inventories Inventories consisted of the following as of May 31, 2016 , May 31, 2015 and August 31, 2015 : May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Raw materials and supplies $ 25,903 $ 25,953 $ 29,427 Work in process 7,730 8,789 7,318 Finished goods and purchased parts 53,731 51,220 44,269 Total inventory value before LIFO adjustment 87,364 85,962 81,014 Less adjustment to LIFO value (4,519) (6,839) (6,084) Inventories, net $ 82,845 $ 79,123 $ 74,930 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
May 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown. May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility - - - Elecsys Series 2006A Bonds 2,221 2,404 2,366 Total debt 117,221 117,404 117,366 Less current portion (196) (182) (193) Total long-term debt $ 117,025 $ 117,222 $ 117,173 Principal payments on the debt are due as follows: Due within: $ in thousands 1 year $ 196 2 years 200 3 years 204 4 years 208 5 years 212 Thereafter 116,201 $ 117,221 |
Financial Derivatives
Financial Derivatives | 9 Months Ended |
May 31, 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 counterpart ies that have investment grade credit rating s . Financial derivatives consist of the following : Fair Values of Derivative Instruments Asset (Liability) May 31, May 31, August 31, ($ in thousands) Balance Sheet Classification 2016 2015 2015 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ 858 $ 19 $ 217 Foreign currency forward contracts Other current liabilities (136) (216) (352) Total derivatives designated as hedging instruments $ 722 $ (197) $ (135) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 16 $ 99 $ 495 Foreign currency forward contracts Other current liabilities (50) - (61) Total derivatives not designated as hedging instruments $ (34) $ 99 $ 434 Accumulated other comprehensive income ("AOCI") included realized and unrealized after-tax gains of $5.9 million, $5.6 million and $5.4 million at May 31, 2016, May 31, 2015 and August 31, 2015, respectively, related to derivative contracts designated as hedging instruments. Net Investment Hedging Relationships Amount of Gain/(Loss) Recognized in OCI on Derivatives Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2016 2015 2016 2015 Foreign currency forward contracts, net of tax (benefit) expense of $(260) , $235 , $149 and $2,283 $ (448) $ 384 $ 450 $ 3,597 For the three months ended May 31, 2016 and May 31, 2015 , the Company settled foreign currency forward contracts resulting in an after-tax net (loss) gain of $(1.4) million and $2.3 million, respectively, which were included in other comprehensive income as part of a currency translation adjustment. For the nine months ended May 31, 2016 and May 31, 2015 , the Company settled foreign currency forward contracts resulting in an after-tax net (loss) gain of $(0.2) million and $4.1 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 nine months ended May 31, 2016 and May 31, 2015 . At May 31, 2016 , May 31, 2015 and August 31, 2015 , the Company had outstanding Euro foreign currency forward contracts to sell 28.5 million Euro, 29.2 million Euro and 29.1 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At May 31, 2016, May 31, 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 The Company generally does not elect hedge accounting treatment for d erivative contracts related to future settlements of foreign denominated intercompany receivables and payables. If the Company does not elect hedge accounting treatment for a derivative , the Company carries the derivative at its fair value in the condensed consolidated balance sheet and recognizes any subsequent changes in its fair value during a period through earnings in the condensed consolidated statement of operations. At May 31, 2016 , May 31, 2015 and August 31, 2015 , the Company had $ 8.4 million, $ 4.8 million and $9.5 million of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
May 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 31, 2016 , May 31, 2015 and August 31, 2015 , respectively. There were no transfers between any levels for the periods presented. May 31, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 91,498 $ - $ - $ 91,498 Derivative assets - 874 - 874 Derivative liabilities - (186) - (186) May 31, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 154,018 $ - $ - $ 154,018 Derivative assets - 118 - 118 Derivative liabilities - (216) - (216) 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 nine months ended May 31, 2016 or May 31, 2015 . |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
May 31, 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 current estimated aggregate accrued cost of $19.6 million is based on consideration of several remediation options that would use different technologies, each of 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 approved by the EPA or the Nebraska Department of Environmental Quality (the “NDEQ”). The Company participated in a preliminary meeting with the EPA and the NDEQ during the third quarter of fiscal 2016 to review remediation alternatives and proposed plans for the site. Based on guidance from third-party environmental experts and the preliminary discussions held in the third quarter of fiscal 2016, the Company 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 May 31, 2016 , May 31, 2015 and August 31, 2015 : Environmental Remediation Liabilities ($ in thousands) May 31, May 31, August 31, Balance Sheet Classification 2016 2015 2015 Other current liabilities $ 980 $ 1,119 $ 1,431 Other noncurrent liabilities 18,571 6,475 6,100 Total environmental remediation liabilities $ 19,551 $ 7,594 $ 7,531 |
Warranties
Warranties | 9 Months Ended |
May 31, 2016 | |
Warranties [Abstract] | |
Warranties | Note 10 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended May 31, May 31, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 6,431 $ 8,467 Liabilities accrued for warranties during the period 1,372 1,374 Warranty claims paid during the period (1,267) (1,258) Changes in estimates (78) (1,279) Product warranty accrual balance, end of period $ 6,458 $ 7,304 Nine months ended May 31, May 31, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 7,271 $ 9,331 Liabilities accrued for warranties during the period 3,676 2,772 Warranty claims paid during the period (3,853) (3,466) Changes in estimates (636) (1,333) Product warranty accrual balance, end of period $ 6,458 $ 7,304 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
May 31, 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, stock appreciation rights, performance shares and performance stock units 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 $ 0.9 million and $0.5 million for the three months ended May 31, 2016 and May 31, 2015 , respectively. Share-based compensation expense was $2.4 million and $2.6 million for the nine months ended May 31, 2016 and May 31, 2015 , respectively. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
May 31, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | Note 12 – Other Current Liabilities May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Other current liabilities: Compensation and benefits $ 17,468 $ 16,031 $ 16,168 Deferred revenues 6,876 9,334 6,146 Warranties 6,458 7,304 7,271 Customer deposits 5,497 3,429 3,161 Dealer related liabilities 4,656 5,287 5,328 Income taxes payable 3,830 8,401 4,034 Other 10,866 14,557 13,997 Total other current liabilities $ 55,651 $ 64,343 $ 56,105 |
Share Repurchases
Share Repurchases | 9 Months Ended |
May 31, 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 nine months ended May 31, 2016 , the Company repurchased 219,578 shares and 688,790 shares, respectively, of common stock for an aggregate purchase price of $ 16.1 million and $ 48.3 million, respectively. During the three and nine months ended May 31, 2015 , the Company repurchased 371,886 shares and 977,812 shares, respectively, of common stock for an aggregate purchase price of $ 29.1 million and $78.5 million, respectively. The remaining amount available under the repurchase program was $63.7 million as of May 31, 2016 . |
Industry Segment Information
Industry Segment Information | 9 Months Ended |
May 31, 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 nine months ended May 31, 2016 and May 31, 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 Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2016 2015 2016 2015 Operating revenues: Irrigation $ 117,325 $ 131,289 $ 321,733 $ 354,336 Infrastructure 23,994 29,418 61,781 82,305 Total operating revenues $ 141,319 $ 160,707 $ 383,514 $ 436,641 Operating income: Irrigation $ 16,560 $ 19,860 $ 40,333 $ 47,771 Infrastructure 4,654 6,498 9,268 16,216 Segment operating income 21,214 26,358 49,601 63,987 Unallocated general and administrative expenses (1) (5,889) (4,870) (27,222) (16,061) Interest and other expense, net (1,260) (1,065) (4,111) (1,704) Earnings before income taxes $ 14,065 $ 20,423 $ 18,268 $ 46,222 Capital expenditures: Irrigation $ 2,157 $ 4,102 $ 7,363 $ 9,567 Infrastructure 524 550 2,710 1,661 $ 2,681 $ 4,652 $ 10,073 $ 11,228 Depreciation and amortization: Irrigation $ 3,077 $ 2,925 $ 9,235 $ 8,450 Infrastructure 1,158 1,206 3,536 3,698 $ 4,235 $ 4,131 $ 12,771 $ 12,148 (1) Includes environmental remediation expenses of $13.0 million and $1.5 million for the nine months ended May 31, 2016 and May 31, 2015, respectively. There were no environmental remediation expenses for the three months ended May 31, 2016 and May 31, 2015, respectively. May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Total assets: Irrigation $ 394,739 $ 447,988 $ 429,224 Infrastructure 106,966 129,906 107,244 $ 501,705 $ 577,894 $ 536,468 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
May 31, 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 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 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 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. The Company is currently evaluating the effect that adopting this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. The standard provides guidance for employee share-based compensation payments, including the income tax consequences, classification of awards as either equity or liabilities and the classification on the statement of cash flows. The ASU requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefits in the income statement and to be classified along with other income tax cash flows as an operating activity on the statement of cash flows. The effective date of ASU No. 2016-09 will be the first quarter of fiscal 2018 with early adoption permitted, and the standard will be adopted on a prospective basis. The Company is currently evaluating the effect that adopting this new standard will have on its consolidated financial statements. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
May 31, 2016 | |
Net Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ and shares in thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net earnings $ 9,644 $ 12,927 $ 12,459 $ 29,490 Denominator: Weighted average shares outstanding 10,709 11,690 10,997 11,965 Diluted effect of stock awards 23 30 22 35 Weighted average shares outstanding assuming dilution 10,732 11,720 11,019 12,000 Basic net earnings per share $ 0.90 $ 1.11 $ 1.13 $ 2.46 Diluted net earnings per share $ 0.90 $ 1.10 $ 1.13 $ 2.46 |
Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share | Three months ended Nine months ended May 31, May 31, May 31, May 31, Units and options in thousands 2016 2015 2016 2015 Restricted stock units 1 - 6 4 Stock options 104 47 84 52 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May 31, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Raw materials and supplies $ 25,903 $ 25,953 $ 29,427 Work in process 7,730 8,789 7,318 Finished goods and purchased parts 53,731 51,220 44,269 Total inventory value before LIFO adjustment 87,364 85,962 81,014 Less adjustment to LIFO value (4,519) (6,839) (6,084) Inventories, net $ 82,845 $ 79,123 $ 74,930 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
May 31, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Outstanding Principal Balances Of Long-Term Debt | May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility - - - Elecsys Series 2006A Bonds 2,221 2,404 2,366 Total debt 117,221 117,404 117,366 Less current portion (196) (182) (193) Total long-term debt $ 117,025 $ 117,222 $ 117,173 |
Schedule Of Principal Payments Due On Debt | Due within: $ in thousands 1 year $ 196 2 years 200 3 years 204 4 years 208 5 years 212 Thereafter 116,201 $ 117,221 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 9 Months Ended |
May 31, 2016 | |
Financial Derivatives [Abstract] | |
Schedule Of Financial Derivatives | Fair Values of Derivative Instruments Asset (Liability) May 31, May 31, August 31, ($ in thousands) Balance Sheet Classification 2016 2015 2015 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ 858 $ 19 $ 217 Foreign currency forward contracts Other current liabilities (136) (216) (352) Total derivatives designated as hedging instruments $ 722 $ (197) $ (135) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 16 $ 99 $ 495 Foreign currency forward contracts Other current liabilities (50) - (61) Total derivatives not designated as hedging instruments $ (34) $ 99 $ 434 |
Schedule Of Net Investment Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI on Derivatives Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2016 2015 2016 2015 Foreign currency forward contracts, net of tax (benefit) expense of $(260) , $235 , $149 and $2,283 $ (448) $ 384 $ 450 $ 3,597 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
May 31, 2016 | |
Fair Value Measurements [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value | May 31, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 91,498 $ - $ - $ 91,498 Derivative assets - 874 - 874 Derivative liabilities - (186) - (186) May 31, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 154,018 $ - $ - $ 154,018 Derivative assets - 118 - 118 Derivative liabilities - (216) - (216) 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) | 9 Months Ended |
May 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Summary Of Undiscounted Environmental Remediation Liability Classifications | Environmental Remediation Liabilities ($ in thousands) May 31, May 31, August 31, Balance Sheet Classification 2016 2015 2015 Other current liabilities $ 980 $ 1,119 $ 1,431 Other noncurrent liabilities 18,571 6,475 6,100 Total environmental remediation liabilities $ 19,551 $ 7,594 $ 7,531 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended |
May 31, 2016 | |
Warranties [Abstract] | |
Schedule Of Product Warranty Liability | Three months ended May 31, May 31, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 6,431 $ 8,467 Liabilities accrued for warranties during the period 1,372 1,374 Warranty claims paid during the period (1,267) (1,258) Changes in estimates (78) (1,279) Product warranty accrual balance, end of period $ 6,458 $ 7,304 Nine months ended May 31, May 31, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 7,271 $ 9,331 Liabilities accrued for warranties during the period 3,676 2,772 Warranty claims paid during the period (3,853) (3,466) Changes in estimates (636) (1,333) Product warranty accrual balance, end of period $ 6,458 $ 7,304 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
May 31, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Other current liabilities: Compensation and benefits $ 17,468 $ 16,031 $ 16,168 Deferred revenues 6,876 9,334 6,146 Warranties 6,458 7,304 7,271 Customer deposits 5,497 3,429 3,161 Dealer related liabilities 4,656 5,287 5,328 Income taxes payable 3,830 8,401 4,034 Other 10,866 14,557 13,997 Total other current liabilities $ 55,651 $ 64,343 $ 56,105 |
Industry Segment Information (T
Industry Segment Information (Tables) | 9 Months Ended |
May 31, 2016 | |
Industry Segment Information [Abstract] | |
Schedule Of Segment Reporting Information By Segment | Three months ended Nine months ended May 31, May 31, May 31, May 31, ($ in thousands) 2016 2015 2016 2015 Operating revenues: Irrigation $ 117,325 $ 131,289 $ 321,733 $ 354,336 Infrastructure 23,994 29,418 61,781 82,305 Total operating revenues $ 141,319 $ 160,707 $ 383,514 $ 436,641 Operating income: Irrigation $ 16,560 $ 19,860 $ 40,333 $ 47,771 Infrastructure 4,654 6,498 9,268 16,216 Segment operating income 21,214 26,358 49,601 63,987 Unallocated general and administrative expenses (1) (5,889) (4,870) (27,222) (16,061) Interest and other expense, net (1,260) (1,065) (4,111) (1,704) Earnings before income taxes $ 14,065 $ 20,423 $ 18,268 $ 46,222 Capital expenditures: Irrigation $ 2,157 $ 4,102 $ 7,363 $ 9,567 Infrastructure 524 550 2,710 1,661 $ 2,681 $ 4,652 $ 10,073 $ 11,228 Depreciation and amortization: Irrigation $ 3,077 $ 2,925 $ 9,235 $ 8,450 Infrastructure 1,158 1,206 3,536 3,698 $ 4,235 $ 4,131 $ 12,771 $ 12,148 (1) Includes environmental remediation expenses of $13.0 million and $1.5 million for the nine months ended May 31, 2016 and May 31, 2015, respectively. There were no environmental remediation expenses for the three months ended May 31, 2016 and May 31, 2015, respectively. |
Reconciliation Of Assets From Segment To Consolidated | May 31, May 31, August 31, ($ in thousands) 2016 2015 2015 Total assets: Irrigation $ 394,739 $ 447,988 $ 429,224 Infrastructure 106,966 129,906 107,244 $ 501,705 $ 577,894 $ 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 | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Net Earnings Per Share [Abstract] | ||||
Net earnings | $ 9,644 | $ 12,927 | $ 12,459 | $ 29,490 |
Weighted average shares outstanding | 10,709 | 11,690 | 10,997 | 11,965 |
Diluted effect of stock awards | 23 | 30 | 22 | 35 |
Weighted average shares outstanding assuming dilution | 10,732 | 11,720 | 11,019 | 12,000 |
Basic net earnings per share | $ 0.90 | $ 1.11 | $ 1.13 | $ 2.46 |
Diluted net earnings per share | $ 0.90 | $ 1.10 | $ 1.13 | $ 2.46 |
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 | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
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 | 1 | 6 | 4 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of earnings per share | 104 | 47 | 84 | 52 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Income Taxes [Abstract] | ||||
Favorable discrete items | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax expense | $ 4,421 | $ 7,496 | $ 5,809 | $ 16,732 |
Estimated annual effective income tax rate | 31.80% | 36.20% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Inventories [Abstract] | |||
Raw materials and supplies | $ 25,903 | $ 29,427 | $ 25,953 |
Work in process | 7,730 | 7,318 | 8,789 |
Finished goods and purchased parts | 53,731 | 44,269 | 51,220 |
Total inventory value before LIFO adjustment | 87,364 | 81,014 | 85,962 |
Less adjustment to LIFO value | (4,519) | (6,084) | (6,839) |
Inventories, net | $ 82,845 | $ 74,930 | $ 79,123 |
Long-Term Debt (Schedule Of Out
Long-Term Debt (Schedule Of Outstanding Principal Balances Of Long-Term Debt) (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Debt Instrument [Line Items] | |||
Total debt | $ 117,221 | $ 117,366 | $ 117,404 |
Less current portion | (196) | (193) | (182) |
Total long-term debt | 117,025 | 117,173 | 117,222 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | |||
Elecsys Series 2006A Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 2,221 | 2,366 | 2,404 |
Series A Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 115,000 | $ 115,000 | $ 115,000 |
Long-Term Debt (Schedule Of Pri
Long-Term Debt (Schedule Of Principal Payments Due On Debt) (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Long-Term Debt [Abstract] | |||
1 year | $ 196 | ||
2 years | 200 | ||
3 years | 204 | ||
4 years | 208 | ||
5 years | 212 | ||
Thereafter | 116,201 | ||
Total debt | $ 117,221 | $ 117,366 | $ 117,404 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) € in Millions, ZAR in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
May 31, 2016USD ($) | May 31, 2015USD ($) | May 31, 2016USD ($) | May 31, 2015USD ($) | May 31, 2016ZAR | May 31, 2016EUR (€) | Aug. 31, 2015USD ($) | Aug. 31, 2015ZAR | Aug. 31, 2015EUR (€) | May 31, 2015ZAR | May 31, 2015EUR (€) | |
Derivatives, Fair Value [Line Items] | |||||||||||
Realized and unrealized after-tax gains included in AOCI | $ 5.9 | $ 5.6 | $ 5.9 | $ 5.6 | $ 5.4 | ||||||
Outstanding foreign currency forward contracts to sell | ZAR 43 | € 28.5 | ZAR 43 | € 29.1 | ZAR 43 | € 29.2 | |||||
Foreign Currency Forward Contracts [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative contracts resulting in after-tax net (loss) gain | (1.4) | 2.3 | (0.2) | 4.1 | |||||||
Derivative contracts ineffective amount | 0 | 0 | 0 | 0 | |||||||
Outstanding foreign currency forward contracts to sell | $ 8.4 | $ 4.8 | $ 8.4 | $ 4.8 | $ 9.5 |
Financial Derivatives (Schedule
Financial Derivatives (Schedule Of Financial Derivatives) (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 874 | $ 712 | $ 118 |
Derivative liabilities | (186) | (413) | (216) |
Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | 722 | (135) | (197) |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 858 | 217 | 19 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (136) | (352) | (216) |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | (34) | 434 | 99 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 16 | 495 | $ 99 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | $ (50) | $ (61) |
Financial Derivatives (Schedu40
Financial Derivatives (Schedule Of Net Investment Hedging Relationships) (Details) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain/(Loss) Recognized in OCI on Derivatives | $ (448) | $ 384 | $ 450 | $ 3,597 |
Foreign currency forward contracts, tax (benefit) expense | $ (260) | $ 235 | $ 149 | $ 2,283 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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 | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 | Aug. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 91,498 | $ 139,093 | $ 154,018 | $ 171,842 |
Derivative assets | 874 | 712 | 118 | |
Derivative liabilities | (186) | (413) | (216) | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 91,498 | 139,093 | 154,018 | |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 874 | 712 | 118 | |
Derivative liabilities | (186) | (413) | (216) | |
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 Contingencies43
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Feb. 29, 2016 | Nov. 30, 2014 | Aug. 31, 2012 | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 | |
Commitments And Contingencies [Abstract] | ||||||
Environmental remediation expense | $ 13,000 | $ 1,500 | $ 7,200 | |||
Estimated aggregate accrued cost | $ 19,551 | $ 7,531 | $ 7,594 |
Commitments And Contingencies44
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Commitments And Contingencies [Abstract] | |||
Other current liabilities | $ 980 | $ 1,431 | $ 1,119 |
Other noncurrent liabilities | 18,571 | 6,100 | 6,475 |
Total environmental remediation liabilities | $ 19,551 | $ 7,531 | $ 7,594 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Warranties [Abstract] | ||||
Product warranty accrual balance, beginning of period | $ 6,431 | $ 8,467 | $ 7,271 | $ 9,331 |
Liabilities accrued for warranties during the period | 1,372 | 1,374 | 3,676 | 2,772 |
Warranty claims paid during the period | (1,267) | (1,258) | (3,853) | (3,466) |
Changes in estimates | (78) | (1,279) | (636) | (1,333) |
Product warranty accrual balance, end of period | $ 6,458 | $ 7,304 | $ 6,458 | $ 7,304 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Share-Based Compensation [Abstract] | ||||
Share-based compensation expense | $ 0.9 | $ 0.5 | $ 2.4 | $ 2.6 |
Other Current Liabilities (Othe
Other Current Liabilities (Other Current Liabilities) (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Other Current Liabilities [Abstract] | |||
Compensation and benefits | $ 17,468 | $ 16,168 | $ 16,031 |
Deferred revenues | 6,876 | 6,146 | 9,334 |
Warranties | 6,458 | 7,271 | 7,304 |
Customer deposits | 5,497 | 3,161 | 3,429 |
Dealer related liabilities | 4,656 | 5,328 | 5,287 |
Income tax payable | 3,830 | 4,034 | 8,401 |
Other | 10,866 | 13,997 | 14,557 |
Total other current liabilities | $ 55,651 | $ 56,105 | $ 64,343 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | Jul. 22, 2015 | Jan. 03, 2014 | |
Repurchase authorization increase amount | $ 100 | |||||
Shares repurchased | 219,578 | 371,886 | 688,790 | 977,812 | ||
Aggregate purchase price of shares repurchased | $ 16.1 | $ 29.1 | $ 48.3 | $ 78.5 | ||
Remaining amount available under the repurchase program | $ 63.7 | $ 63.7 | ||||
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 | 9 Months Ended | 12 Months Ended | |||||
May 31, 2016USD ($) | Feb. 29, 2016USD ($) | May 31, 2015USD ($) | Nov. 30, 2014USD ($) | May 31, 2016USD ($)segment | May 31, 2015USD ($) | Aug. 31, 2012USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | segment | 2 | |||||||
Total operating revenues | $ 141,319 | $ 160,707 | $ 383,514 | $ 436,641 | ||||
Segment operating income | 15,325 | 21,488 | 22,379 | 47,926 | ||||
Unallocated general and administrative expenses | (11,882) | (10,719) | (43,925) | (35,270) | ||||
Earnings before income taxes | 14,065 | 20,423 | 18,268 | 46,222 | ||||
Capital expenditures | 2,681 | 4,652 | 10,073 | 11,228 | ||||
Depreciation and amortization | 4,235 | 4,131 | 12,771 | 12,148 | ||||
Environmental remediation expenses | $ 13,000 | $ 1,500 | $ 7,200 | |||||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment operating income | 21,214 | 26,358 | 49,601 | 63,987 | ||||
Segment Reconciling Items [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Unallocated general and administrative expenses | [1] | (5,889) | (4,870) | (27,222) | (16,061) | |||
Interest and other expense, net | (1,260) | (1,065) | (4,111) | (1,704) | ||||
Environmental remediation expenses | $ 0 | $ 0 | $ 13,000 | $ 1,500 | ||||
Total Revenue [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | ||||
Irrigation [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Number of operating segments | segment | 5 | |||||||
Total operating revenues | $ 117,325 | $ 131,289 | $ 321,733 | $ 354,336 | ||||
Segment operating income | 16,560 | 19,860 | 40,333 | 47,771 | ||||
Capital expenditures | 2,157 | 4,102 | 7,363 | 9,567 | ||||
Depreciation and amortization | 3,077 | 2,925 | $ 9,235 | 8,450 | ||||
Infrastructure [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Number of operating segments | segment | 1 | |||||||
Total operating revenues | 23,994 | 29,418 | $ 61,781 | 82,305 | ||||
Segment operating income | 4,654 | 6,498 | 9,268 | 16,216 | ||||
Capital expenditures | 524 | 550 | 2,710 | 1,661 | ||||
Depreciation and amortization | $ 1,158 | $ 1,206 | $ 3,536 | $ 3,698 | ||||
[1] | Includes environmental remediation expenses of $13.0 million and $1.5 million for the nine months ended May 31, 2016 and May 31, 2015, respectively. There were no environmental remediation expenses for the three months ended May 31, 2016 and May 31, 2015, respectively. |
Industry Segment Information (R
Industry Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) - USD ($) $ in Thousands | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 501,705 | $ 536,468 | $ 577,894 |
Irrigation [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 394,739 | 429,224 | 447,988 |
Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 106,966 | $ 107,244 | $ 129,906 |