Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Nov. 30, 2016 | Dec. 16, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 10,653,479 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||
Operating revenues | $ 110,390 | $ 121,622 |
Cost of operating revenues | 82,016 | 87,208 |
Gross profit | 28,374 | 34,414 |
Operating expenses: | ||
Selling expense | 9,982 | 9,992 |
General and administrative expense | 11,355 | 9,015 |
Engineering and research expense | 4,302 | 3,659 |
Total operating expenses | 25,639 | 22,666 |
Operating income | 2,735 | 11,748 |
Other income (expense): | ||
Interest expense | (1,209) | (1,196) |
Interest income | 165 | 164 |
Other expense, net | (356) | (320) |
Earnings before income taxes | 1,335 | 10,396 |
Income tax expense | 462 | 3,452 |
Net earnings | $ 873 | $ 6,944 |
Earnings per share: | ||
Basic | $ 0.08 | $ 0.62 |
Diluted | $ 0.08 | $ 0.62 |
Shares used in computing earnings per share: | ||
Basic | 10,638 | 11,259 |
Diluted | 10,666 | 11,288 |
Cash dividends declared per share | $ 0.29 | $ 0.28 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net earnings | $ 873 | $ 6,944 |
Other comprehensive income (loss): | ||
Defined benefit pension plan adjustment, net of tax | 37 | 5 |
Foreign currency translation adjustment, net of hedging activities and tax | (1,434) | (1,566) |
Total other comprehensive loss, net of tax expense of $566 and $644, respectively | (1,397) | (1,561) |
Total comprehensive (loss) income | $ (524) | $ 5,383 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Other comprehensive loss, tax expense | $ 566 | $ 644 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 103,058 | $ 101,246 | $ 129,260 |
Restricted cash | 2,030 | 2,027 | |
Receivables, net of allowance of $7,808, $8,485 and $8,312, respectively | 69,774 | 80,610 | 70,403 |
Inventories, net | 80,139 | 74,750 | 78,246 |
Prepaid expenses | 3,295 | 3,671 | 3,570 |
Other current assets | 18,622 | 14,468 | 12,897 |
Total current assets | 274,888 | 276,775 | 296,403 |
Property, plant, and equipment: | |||
Cost | 182,848 | 182,696 | 183,630 |
Less accumulated depreciation | (107,287) | (105,069) | (104,641) |
Property, plant and equipment, net | 75,561 | 77,627 | 78,989 |
Intangibles, net | 45,998 | 47,200 | 50,598 |
Goodwill | 76,562 | 76,803 | 76,497 |
Deferred income tax assets | 3,134 | 4,225 | 3,242 |
Other noncurrent assets | 4,800 | 4,885 | 5,540 |
Total assets | 480,943 | 487,515 | 511,269 |
Current liabilities: | |||
Accounts payable | 32,533 | 32,268 | 39,106 |
Current portion of long-term debt | 198 | 197 | 194 |
Other current liabilities | 51,866 | 55,395 | 48,254 |
Total current liabilities | 84,597 | 87,860 | 87,554 |
Pension benefits liabilities | 6,789 | 6,869 | 6,500 |
Long-term debt | 116,926 | 116,976 | 117,124 |
Deferred income tax liabilities | 2,338 | 1,223 | 8,237 |
Other noncurrent liabilities | 22,105 | 23,020 | 10,162 |
Total liabilities | 232,755 | 235,948 | 229,577 |
Shareholders' equity: | |||
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding | |||
Common stock at $1 par value - authorized 25,000 shares; 18,737, 18,713 and 18,713 shares issued, respectively | 18,737 | 18,713 | 18,713 |
Capital in excess of stated value | 57,548 | 57,338 | 55,287 |
Retained earnings | 464,710 | 466,926 | 462,713 |
Less treasury stock - at cost, 8,083, 7,531 and 8,083 shares, respectively | (277,238) | (277,238) | (238,152) |
Accumulated other comprehensive loss, net | (15,569) | (14,172) | (16,869) |
Total shareholders' equity | 248,188 | 251,567 | 281,692 |
Total liabilities and shareholders' equity | $ 480,943 | $ 487,515 | $ 511,269 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | |||
Receivables, allowance | $ 7,808 | $ 8,312 | $ 8,485 |
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 | 18,737,000 | 18,713,000 | 18,713,000 |
Treasury stock, shares | 8,083,000 | 8,083,000 | 7,531,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 873 | $ 6,944 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 4,035 | 4,295 |
Provision for uncollectible accounts receivable | (255) | 153 |
Deferred income taxes | 1,541 | 2,060 |
Share-based compensation expense | 935 | 906 |
Other, net | 388 | 1,648 |
Changes in assets and liabilities: | ||
Receivables | 10,436 | 2,503 |
Inventories | (5,741) | (3,749) |
Other current assets | 3,000 | 982 |
Accounts payable | 415 | 733 |
Other current liabilities | (2,232) | (6,322) |
Current income taxes payable | (4,344) | (1,036) |
Other noncurrent assets and liabilities | (947) | (614) |
Net cash provided by operating activities | 8,104 | 8,503 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (1,390) | (4,705) |
Proceeds from settlement of net investment hedges | 231 | |
Payments for settlement of net investment hedges | (159) | (512) |
Other investing activities, net | 134 | 749 |
Net cash used in investing activities | (1,415) | (4,237) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 72 | |
Common stock withheld for payroll tax withholdings | (635) | (719) |
Principal payments on long-term debt | (49) | (48) |
Repurchase of common shares | (9,249) | |
Dividends paid | (3,089) | (3,134) |
Net cash used in financing activities | (3,773) | (13,078) |
Effect of exchange rate changes on cash and cash equivalents | (1,104) | (1,021) |
Net change in cash and cash equivalents | 1,812 | (9,833) |
Cash and cash equivalents, beginning of period | 101,246 | 139,093 |
Cash and cash equivalents, end of period | 103,058 | 129,260 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Income taxes paid | 3,061 | 4,897 |
Interest paid | $ 97 | $ 70 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Nov. 30, 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, 2016 . 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 | 3 Months Ended |
Nov. 30, 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 2019. Early adoption is permitted only in fiscal 2018. 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 deferred tax assets will be classified as noncurrent. The guidance allows companies to apply the update either on a retrospective or prospective basis. The Company has early adopted this ASU during the first quarter of fiscal 2017 on a retrospective basis. Accordingly, the Company reclassified current deferred tax assets and liabilities to non-current on its November 30, 2015 and August 31, 2016 condensed consolidated balance sheets, which increased net non-current deferred tax assets by $2.0 million and $3.3 million, respectively, and decreased non-current deferred tax liabilities by $10.3 million and $12.0 million, respectively. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet. Additionally, 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. 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 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 Company elected to early adopt this ASU as of the beginning of fiscal 2017. For the first quarter of fiscal 2017, the Company recognized all excess tax benefits and tax deficiencies as income tax expense or benefit in the quarter. An income tax benefit of approximately $0.1 million was recognized in the first quarter of fiscal 2017 as a result of the adoption of ASU 2016-09. Additionally, as required by the new guidance, when calculating diluted earnings per share, excess tax benefits were excluded from the calculation of assumed proceeds since such amounts are recognized in the income statement. ASU 2016-09 also allows an entity to elect, as an accounting policy, either to estimate the number of forfeited awards or to account for forfeitures as they occur. The Company has elected to account for forfeitures as they occur. This change did not have a material impact on estimated expense. The Company elected to present the cash flow statement on a retrospective transition method and prior periods have been adjusted to present the excess tax benefits as part of cash flows from operating activities. This resulted in an increase in cash flows from operating activities and a decrease in cash flows from financing activities of $0.1 million in the first quarter of fiscal 2016 . |
Net Earnings Per Share
Net Earnings Per Share | 3 Months Ended |
Nov. 30, 2016 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2016 and November 30, 2015 : Three months ended November 30, November 30, ($ and shares in thousands, except per share amounts) 2016 2015 Numerator: Net earnings $ 873 $ 6,944 Denominator: Weighted average shares outstanding 10,638 11,259 Diluted effect of stock awards 28 29 Weighted average shares outstanding assuming dilution 10,666 11,288 Basic net earnings per share $ 0.08 $ 0.62 Diluted net earnings per share $ 0.08 $ 0.62 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. In addition, the following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: Three months ended November 30, November 30, (Units and options in thousands) 2016 2015 Restricted stock units 33 15 Stock options 148 63 |
Income Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 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 months ended November 30, 2016 and November 30, 2015 . The Company recorded income tax expense of $0.5 million and $3.5 million for the three months ended November 30, 2016 and November 30, 2015 , respectively. The estimated annual effective income tax rate was 34.6 percent and 33.2 percent for the fiscal year-to-date periods ended November 30, 2016 and November 30, 2015 , respectively. The increase in the estimated annual effective income tax rate from November 2015 to November 2016 primarily relates to the earnings mix among jurisdictions. |
Inventories
Inventories | 3 Months Ended |
Nov. 30, 2016 | |
Inventories [Abstract] | |
Inventories | Note 5 – Inventories Inventories consisted of the following as of November 30, 2016 , November 30, 2015, and August 31, 2016 : November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Raw materials and supplies $ 27,898 $ 26,611 $ 26,599 Work in process 8,001 8,623 5,742 Finished goods and purchased parts 49,917 48,569 47,805 Total inventory value before LIFO adjustment 85,816 83,803 80,146 Less adjustment to LIFO value (5,677) (5,557) (5,396) Inventories, net $ 80,139 $ 78,246 $ 74,750 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Nov. 30, 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. November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 2,124 2,318 2,173 Total debt 117,124 117,318 117,173 Less current portion (198) (194) (197) Total long-term debt $ 116,926 $ 117,124 $ 116,976 Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 198 2 years 202 3 years 206 4 years 210 5 years 214 Thereafter 116,094 $ 117,124 |
Financial Derivatives
Financial Derivatives | 3 Months Ended |
Nov. 30, 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 counterparties that have investment grade credit ratings. Fair values of derivative instruments are as follows: Balance sheet November 30, November 30, August 31, ($ in thousands) location 2016 2015 2016 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ 1,546 $ 2,092 $ 40 Foreign currency forward contracts Other current liabilities (204) (31) (385) Total derivatives designated as hedging instruments $ 1,342 $ 2,061 $ (345) Foreign currency forward contracts Other current assets $ 123 $ 63 $ 33 Foreign currency forward contracts Other current liabilities (48) (311) (210) Total derivatives not designated as hedging instruments $ 75 $ (248) $ (177) Accumulated other comprehensive income included realized and unrealized after-tax gains of $6.5 million, $6.7 million, and $5.6 million at November 30, 2016, November 30, 2015, and August 31, 2016, respectively, related to derivative contracts designated as hedging instruments. Net Investment Hedging Relationships The amount of gain or (loss) recognized in other comprehensive income is as follows: Three months ended November 30, November 30, ($ in thousands) 2016 2015 Foreign currency forward contracts, net of tax expense of $610 and $649 , respectively $ 918 $ 1,212 For the three months ended November 30, 2016 and November 30, 2015 , the Company settled foreign currency forward contracts resulting in an after-tax net loss of $0.1 million each quarter, which were included in other comprehensive income as part of a currency translation adjustment. There were no amounts recorded in the condensed consolidated statement of operations related to ineffectiveness of foreign currency forward contracts related to net investment hedges for the three months ended November 30, 2016 and November 30, 2015 . At November 30, 2016 , November 30, 2015 and August 31, 2016 , the Company had outstanding Euro foreign currency forward contracts to sell 32.6 million Euro, 28.8 million Euro, and 32.6 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At November 30, 2016, November 30, 2015 , and August 31, 2016 , 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 derivative 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 November 30, 2016 , November 30, 2015 , and August 31, 2016 , the Company had $6.9 million, $ 9.6 million, and $ 8.2 million, respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Nov. 30, 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 November 30, 2016 , November 30, 2015, and August 31, 2016 , respectively. There were no transfers between any levels for the periods presented. November 30, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 103,058 $ — $ — $ 103,058 Derivative assets — 1,669 — 1,669 Derivative liabilities — (252) — (252) November 30, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 129,260 $ — $ — $ 129,260 Derivative assets — 2,155 — 2,155 Derivative liabilities — (342) — (342) August 31, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 101,246 $ — $ — $ 101,246 Derivative assets — 73 — 73 Derivative liabilities — (595) — (595) There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2016 or November 30, 2015. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Nov. 30, 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 would not have a material effect on the business or its consolidated financial statements. Such proceedings are exclusive of environmental remediation matters which are discussed separately below. Environmental Remediation In 1992, the Company entered into a consent decree with the U.S. Environmental Protection Agency (the “EPA”) in which the Company committed to remediate environmental contamination of the groundwater that was discovered 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 at that time. 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, developed and evaluated remediation alternatives, a proposed remediation plan, and estimated costs. Based on these 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 $18.8 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. The Company participated in a preliminary meeting with the EPA and the Nebraska Department of Environmental Quality (the “NDEQ”) during the third quarter of fiscal 2016 to review remediation alternatives and proposed plans for the site and submitted its remedial alternatives evaluation report to the EPA in August 2016. The proposed remediation plan is preliminary and has not been approved by the EPA or the NDEQ. Based on guidance from third-party environmental experts and further discussions with the EPA and the NDEQ, the Company anticipates that a definitive plan will not be agreed upon until later in fiscal 2017 or beyond. 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 the preliminary analysis currently available, 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 become available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site could exceed the amounts currently accrued for this expense. 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 November 30, 2016, November 30, 2015, and August 31, 2016: November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Other current liabilities $ 1,122 $ 1,343 $ 722 Other noncurrent liabilities 17,714 6,100 18,255 Total environmental remediation liabilities $ 18,836 $ 7,443 $ 18,977 |
Warranties
Warranties | 3 Months Ended |
Nov. 30, 2016 | |
Warranties [Abstract] | |
Warranties | Note 10 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended November 30, November 30, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 7,443 $ 7,271 Liabilities accrued for warranties during the period 1,001 1,357 Warranty claims paid during the period (1,202) (1,860) Changes in estimates 330 (483) Product warranty accrual balance, end of period $ 7,572 $ 6,285 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Nov. 30, 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 $ 0.9 million for each of the three month periods ended November 30, 2016 and 2015. The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2016 and 2015: Three months ended November 30, 2016 2015 Number of units granted Weighted average grant-date fair value per award Number of units granted Weighted average grant-date fair value per award Stock options 47,223 $ 26.25 39,999 $ 27.88 RSUs 37,033 $ 74.80 38,438 $ 64.37 PSUs 15,902 $ 74.80 16,466 $ 64.37 The RSUs granted during the three months ended November 30, 2016 and 2015 consisted of 3,634 and 3,496 , respectively of awards that will be settled in cash. The weighted average stock price on the date of the grant was $78.23 and $67.68 for 2016 and 2015, respectively. The following table provides the assumptions used in determining the fair value of the stock options awarded during the three month periods ended November 30, 2016 and 2015: Grant Year 2016 2015 Weighted-average dividend yield 1.5% 1.7% Weighted-average volatility 36.5% 46.3% Range of risk-free interest rates 1.5% 1.8% Weighted-average expected lives 7 years 7 years |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Nov. 30, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | Note 12 – Other Current Liabilities November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Other current liabilities: Compensation and benefits $ 14,154 $ 12,752 $ 19,044 Warranties 7,572 6,285 7,443 Deferred revenues 7,227 5,709 7,594 Customer deposits 4,648 4,843 3,399 Dealer related liabilities 3,384 4,822 4,978 Tax related liabilities 3,592 3,255 4,200 Other 11,289 10,588 8,737 Total other current liabilities $ 51,866 $ 48,254 $ 55,395 |
Share Repurchases
Share Repurchases | 3 Months Ended |
Nov. 30, 2016 | |
Share Repurchases [Abstract] | |
Share Repurchases | Note 13 – Share Repurchases In accordance with its share repurchase program, the Company repurchased 136,263 shares of common stock for an aggregate purchase price of $9.2 million during the three months ended November 30, 2015 . There were no share repurchases during the three months ended November 30, 2016. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2016 . |
Industry Segment Information
Industry Segment Information | 3 Months Ended |
Nov. 30, 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. The Company evaluates the performance of its reportable segments based on segment sales, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes. Operating income for segment purposes 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 included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three month periods ended November 30, 2016 and November 30, 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 three 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 November 30, November 30, ($ in thousands) 2016 2015 Operating revenues: Irrigation $ 89,852 $ 101,327 Infrastructure 20,538 20,295 Total operating revenues $ 110,390 $ 121,622 Operating income: Irrigation $ 5,150 $ 12,692 Infrastructure 2,974 3,082 Segment operating income 8,124 15,774 Unallocated general and administrative expenses (5,389) (4,026) Interest and other expense, net (1,400) (1,352) Earnings before income taxes $ 1,335 $ 10,396 Capital expenditures: Irrigation $ 950 $ 3,152 Infrastructure 440 1,553 Corporate — — $ 1,390 $ 4,705 Depreciation and amortization: Irrigation $ 2,823 $ 2,953 Infrastructure 1,109 1,201 Corporate 103 141 $ 4,035 $ 4,295 November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Total assets: Irrigation $ 340,711 $ 335,920 $ 341,972 Infrastructure 80,002 78,551 83,531 Corporate 60,230 96,798 62,012 $ 480,943 $ 511,269 $ 487,515 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policy) | 3 Months Ended |
Nov. 30, 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 2019. Early adoption is permitted only in fiscal 2018. 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 deferred tax assets will be classified as noncurrent. The guidance allows companies to apply the update either on a retrospective or prospective basis. The Company has early adopted this ASU during the first quarter of fiscal 2017 on a retrospective basis. Accordingly, the Company reclassified current deferred tax assets and liabilities to non-current on its November 30, 2015 and August 31, 2016 condensed consolidated balance sheets, which increased net non-current deferred tax assets by $2.0 million and $3.3 million, respectively, and decreased non-current deferred tax liabilities by $10.3 million and $12.0 million, respectively. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet. Additionally, 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. 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 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 Company elected to early adopt this ASU as of the beginning of fiscal 2017. For the first quarter of fiscal 2017, the Company recognized all excess tax benefits and tax deficiencies as income tax expense or benefit in the quarter. An income tax benefit of approximately $0.1 million was recognized in the first quarter of fiscal 2017 as a result of the adoption of ASU 2016-09. Additionally, as required by the new guidance, when calculating diluted earnings per share, excess tax benefits were excluded from the calculation of assumed proceeds since such amounts are recognized in the income statement. ASU 2016-09 also allows an entity to elect, as an accounting policy, either to estimate the number of forfeited awards or to account for forfeitures as they occur. The Company has elected to account for forfeitures as they occur. This change did not have a material impact on estimated expense. The Company elected to present the cash flow statement on a retrospective transition method and prior periods have been adjusted to present the excess tax benefits as part of cash flows from operating activities. This resulted in an increase in cash flows from operating activities and a decrease in cash flows from financing activities of $0.1 million in the first quarter of fiscal 2016 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Net Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | Three months ended November 30, November 30, ($ and shares in thousands, except per share amounts) 2016 2015 Numerator: Net earnings $ 873 $ 6,944 Denominator: Weighted average shares outstanding 10,638 11,259 Diluted effect of stock awards 28 29 Weighted average shares outstanding assuming dilution 10,666 11,288 Basic net earnings per share $ 0.08 $ 0.62 Diluted net earnings per share $ 0.08 $ 0.62 |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | Three months ended November 30, November 30, (Units and options in thousands) 2016 2015 Restricted stock units 33 15 Stock options 148 63 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Raw materials and supplies $ 27,898 $ 26,611 $ 26,599 Work in process 8,001 8,623 5,742 Finished goods and purchased parts 49,917 48,569 47,805 Total inventory value before LIFO adjustment 85,816 83,803 80,146 Less adjustment to LIFO value (5,677) (5,557) (5,396) Inventories, net $ 80,139 $ 78,246 $ 74,750 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 2,124 2,318 2,173 Total debt 117,124 117,318 117,173 Less current portion (198) (194) (197) Total long-term debt $ 116,926 $ 117,124 $ 116,976 |
Schedule Of Principal Payments Due On Long-Term Debt | Due within $ in thousands 1 year $ 198 2 years 202 3 years 206 4 years 210 5 years 214 Thereafter 116,094 $ 117,124 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Financial Derivatives [Abstract] | |
Schedule Of Financial Derivatives | Balance sheet November 30, November 30, August 31, ($ in thousands) location 2016 2015 2016 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ 1,546 $ 2,092 $ 40 Foreign currency forward contracts Other current liabilities (204) (31) (385) Total derivatives designated as hedging instruments $ 1,342 $ 2,061 $ (345) Foreign currency forward contracts Other current assets $ 123 $ 63 $ 33 Foreign currency forward contracts Other current liabilities (48) (311) (210) Total derivatives not designated as hedging instruments $ 75 $ (248) $ (177) |
Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss) | Three months ended November 30, November 30, ($ in thousands) 2016 2015 Foreign currency forward contracts, net of tax expense of $610 and $649 , respectively $ 918 $ 1,212 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value | November 30, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 103,058 $ — $ — $ 103,058 Derivative assets — 1,669 — 1,669 Derivative liabilities — (252) — (252) November 30, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 129,260 $ — $ — $ 129,260 Derivative assets — 2,155 — 2,155 Derivative liabilities — (342) — (342) August 31, 2016 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 101,246 $ — $ — $ 101,246 Derivative assets — 73 — 73 Derivative liabilities — (595) — (595) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Summary Of Undiscounted Environmental Remediation Liability Classifications | November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Other current liabilities $ 1,122 $ 1,343 $ 722 Other noncurrent liabilities 17,714 6,100 18,255 Total environmental remediation liabilities $ 18,836 $ 7,443 $ 18,977 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Warranties [Abstract] | |
Schedule Of Product Warranty Liability | The following table provides the changes in the Company’s product warranties: Three months ended November 30, November 30, ($ in thousands) 2016 2015 Product warranty accrual balance, beginning of period $ 7,443 $ 7,271 Liabilities accrued for warranties during the period 1,001 1,357 Warranty claims paid during the period (1,202) (1,860) Changes in estimates 330 (483) Product warranty accrual balance, end of period $ 7,572 $ 6,285 |
Shared-Based Compensation (Tabl
Shared-Based Compensation (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Share-Based Compensation [Abstract] | |
Summary Of Type And Fair Value Of Share-Based Compensation Awards | Three months ended November 30, 2016 2015 Number of units granted Weighted average grant-date fair value per award Number of units granted Weighted average grant-date fair value per award Stock options 47,223 $ 26.25 39,999 $ 27.88 RSUs 37,033 $ 74.80 38,438 $ 64.37 PSUs 15,902 $ 74.80 16,466 $ 64.37 |
Schedule Of Assumptions Used | Grant Year 2016 2015 Weighted-average dividend yield 1.5% 1.7% Weighted-average volatility 36.5% 46.3% Range of risk-free interest rates 1.5% 1.8% Weighted-average expected lives 7 years 7 years |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Liabilities Current | November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Other current liabilities: Compensation and benefits $ 14,154 $ 12,752 $ 19,044 Warranties 7,572 6,285 7,443 Deferred revenues 7,227 5,709 7,594 Customer deposits 4,648 4,843 3,399 Dealer related liabilities 3,384 4,822 4,978 Tax related liabilities 3,592 3,255 4,200 Other 11,289 10,588 8,737 Total other current liabilities $ 51,866 $ 48,254 $ 55,395 |
Industry Segment Information (T
Industry Segment Information (Tables) | 3 Months Ended |
Nov. 30, 2016 | |
Industry Segment Information [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Three months ended November 30, November 30, ($ in thousands) 2016 2015 Operating revenues: Irrigation $ 89,852 $ 101,327 Infrastructure 20,538 20,295 Total operating revenues $ 110,390 $ 121,622 Operating income: Irrigation $ 5,150 $ 12,692 Infrastructure 2,974 3,082 Segment operating income 8,124 15,774 Unallocated general and administrative expenses (5,389) (4,026) Interest and other expense, net (1,400) (1,352) Earnings before income taxes $ 1,335 $ 10,396 Capital expenditures: Irrigation $ 950 $ 3,152 Infrastructure 440 1,553 Corporate — — $ 1,390 $ 4,705 Depreciation and amortization: Irrigation $ 2,823 $ 2,953 Infrastructure 1,109 1,201 Corporate 103 141 $ 4,035 $ 4,295 November 30, November 30, August 31, ($ in thousands) 2016 2015 2016 Total assets: Irrigation $ 340,711 $ 335,920 $ 341,972 Infrastructure 80,002 78,551 83,531 Corporate 60,230 96,798 62,012 $ 480,943 $ 511,269 $ 487,515 |
New Accounting Pronouncements33
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Aug. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease non current deferred tax liabilities | $ 2,338 | $ 8,237 | $ 1,223 |
Income tax benefit | 462 | 3,452 | |
New Accounting Pronouncement, Early Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase to net non-current deferred tax assets | 2,000 | 3,300 | |
Decrease non current deferred tax liabilities | 10,300 | $ 12,000 | |
Income tax benefit | $ 100 | ||
Increase in operating activities and decrease from financing activities | $ 100 |
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 | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Net Earnings Per Share [Abstract] | ||
Net earnings | $ 873 | $ 6,944 |
Weighted average shares outstanding | 10,638 | 11,259 |
Diluted effect of stock awards | 28 | 29 |
Weighted average shares outstanding assuming dilution | 10,666 | 11,288 |
Basic net earnings per share | $ 0.08 | $ 0.62 |
Diluted net earnings per share | $ 0.08 | $ 0.62 |
Net Earnings Per Share (Sched35
Net Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 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 | 33 | 15 |
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 | 148 | 63 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Income Taxes [Abstract] | ||
Tax adjustment for unusual items | $ 0 | $ 0 |
Income tax expense | $ 462 | $ 3,452 |
Estimated effective income tax rate | 34.60% | 33.20% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Inventories [Abstract] | |||
Raw materials and supplies | $ 27,898 | $ 26,599 | $ 26,611 |
Work in process | 8,001 | 5,742 | 8,623 |
Finished goods and purchased parts | 49,917 | 47,805 | 48,569 |
Total inventory value before LIFO adjustment | 85,816 | 80,146 | 83,803 |
Less adjustment to LIFO value | (5,677) | (5,396) | (5,557) |
Inventories, net | $ 80,139 | $ 74,750 | $ 78,246 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 117,124 | $ 117,173 | $ 117,318 |
Less current portion | (198) | (197) | (194) |
Total long-term debt | 116,926 | 116,976 | 117,124 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 0 | 0 |
Elecsys Series 2006A Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,124 | 2,173 | 2,318 |
Series A Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 115,000 | $ 115,000 | $ 115,000 |
Long-Term Debt (Schedule Of Pri
Long-Term Debt (Schedule Of Principal Payments Due On Long-Term Debt) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Long-Term Debt [Abstract] | |||
1 year | $ 198 | ||
2 years | 202 | ||
3 years | 206 | ||
4 years | 210 | ||
5 years | 214 | ||
Thereafter | 116,094 | ||
Long-term debt | $ 117,124 | $ 117,173 | $ 117,318 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) € in Millions, ZAR in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2016USD ($) | Nov. 30, 2015USD ($) | Aug. 31, 2016USD ($) | Nov. 30, 2016ZAR | Nov. 30, 2016EUR (€) | Aug. 31, 2016ZAR | Aug. 31, 2016EUR (€) | Nov. 30, 2015ZAR | Nov. 30, 2015EUR (€) | |
Foreign Exchange Forward [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Foreign currency translation forward contracts, after tax net gains (losses) | $ 0.1 | $ 0.1 | |||||||
Fair Value Hedging [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Realized and unrealized gains, net of related income tax effects | 6.5 | 6.7 | $ 5.6 | ||||||
Net Investment Hedging [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Foreign currency translation forward contracts, after tax net gains (losses) | 0 | 0 | |||||||
Outstanding foreign currency forward contracts | ZAR 43 | € 32.6 | ZAR 43 | € 32.6 | ZAR 43 | € 28.8 | |||
Net Investment Hedging [Member] | Foreign Exchange Forward [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Outstanding foreign currency forward contracts | $ 6.9 | $ 9.6 | $ 8.2 |
Financial Derivatives (Schedule
Financial Derivatives (Schedule Of Financial Derivatives) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | $ 1,342 | $ (345) | $ 2,061 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 1,546 | 40 | 2,092 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (204) | (385) | (31) |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | 75 | (177) | (248) |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 123 | 33 | 63 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | $ (48) | $ (210) | $ (311) |
Financial Derivatives (Schedu42
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, net of tax expense | $ 918 | $ 1,212 |
Tax expense | $ 610 | $ 649 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Assets fair value adjustments | $ 0 | $ 0 |
Liabilites fair value adjustments | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 | Aug. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 103,058 | $ 101,246 | $ 129,260 | $ 139,093 |
Derivative assets | 1,669 | 73 | 2,155 | |
Derivative liabilities | (252) | (595) | (342) | |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 103,058 | 101,246 | 129,260 | |
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 1,669 | 73 | 2,155 | |
Derivative liabilities | (252) | (595) | (342) | |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | ||||
Derivative assets | ||||
Derivative liabilities |
Commitments And Contingencies45
Commitments And Contingencies (Narrative) (Details) - Lindsay, Nebraska Facility [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Nov. 30, 2014 | Aug. 31, 2012 | Nov. 30, 2016 | |
Site Contingency [Line Items] | ||||
Environmental Remediation Expense | $ 13 | $ 1.5 | $ 7.2 | |
Current environmental remediation accrual | $ 18.8 |
Commitments And Contingencies46
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Commitments And Contingencies [Abstract] | |||
Other current liabilities | $ 1,122 | $ 722 | $ 1,343 |
Other noncurrent liabilities | 17,714 | 18,255 | 6,100 |
Total environmental remediation liabilities | $ 18,836 | $ 18,977 | $ 7,443 |
Warranties (Schedule Of Product
Warranties (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Warranties [Abstract] | ||
Product warranty accrual balance, beginning of period | $ 7,443 | $ 7,271 |
Liabilities accrued for warranties during the period | 1,001 | 1,357 |
Warranty claims paid during the period | (1,202) | (1,860) |
Changes in estimates | 330 | (483) |
Product warranty accrual balance, end of period | $ 7,572 | $ 6,285 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 0.9 | $ 0.9 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares to be settled in cash | 3,634 | 3,496 |
Weighted average grant-date stock price of awards to be settled in cash | $ 78.23 | $ 67.68 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Type And Fair Value Of Share-Based Compensation Awards) (Details) - $ / shares | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Stock Options [Member] | ||
Number of shares granted | 47,223 | 39,999 |
Weighted average grant-date fair value | $ 26.25 | $ 27.88 |
Restricted Stock Units [Member] | ||
Number of shares granted | 37,033 | 38,438 |
Weighted average grant-date fair value | $ 74.80 | $ 64.37 |
Performance Stock Units [Member] | ||
Number of shares granted | 15,902 | 16,466 |
Weighted average grant-date fair value | $ 74.80 | $ 64.37 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Assumptions Used) (Details) | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Share-Based Compensation [Abstract] | ||
Weighted-average dividend yield | 1.50% | 1.70% |
Weighted-average volatility | 36.50% | 46.30% |
Range of risk-free interest rates | 1.50% | 1.80% |
Weighted-average expected lives | 7 years | 7 years |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Liabilities Current) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Aug. 31, 2016 | Nov. 30, 2015 |
Other Current Liabilities [Abstract] | |||
Compensation and benefits | $ 14,154 | $ 19,044 | $ 12,752 |
Warranties | 7,572 | 7,443 | 6,285 |
Deferred revenues | 7,227 | 7,594 | 5,709 |
Customer deposits | 4,648 | 3,399 | 4,843 |
Dealer related liabilities | 3,384 | 4,978 | 4,822 |
Tax related liabilities | 3,592 | 4,200 | 3,255 |
Other | 11,289 | 8,737 | 10,588 |
Total other current liabilities | $ 51,866 | $ 55,395 | $ 48,254 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Share Repurchases [Abstract] | ||
Number of shares of common stock repurchased during the period | 0 | 136,263 |
Aggregate purchase price of shares repurchased | $ 9.2 | |
Remaining amount available under the repurchase program | $ 63.7 |
Industry Segment Information (N
Industry Segment Information (Narrative) (Details) - segment | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 2 | |
Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Irrigation [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of operating segments | 3 | |
Infrastructure [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of operating segments | 1 |
Industry Segment Information (S
Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Aug. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total operating revenues | $ 110,390 | $ 121,622 | |
Segment operating income | 2,735 | 11,748 | |
Unallocated general and administrative expenses | (11,355) | (9,015) | |
Earnings before income taxes | 1,335 | 10,396 | |
Capital expenditures | 1,390 | 4,705 | |
Depreciation and amortization | 4,035 | 4,295 | |
Assets | 480,943 | 511,269 | $ 487,515 |
Irrigation [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 950 | 3,152 | |
Depreciation and amortization | 2,823 | 2,953 | |
Assets | 340,711 | 335,920 | 341,972 |
Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 440 | 1,553 | |
Depreciation and amortization | 1,109 | 1,201 | |
Assets | 80,002 | 78,551 | 83,531 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 103 | 141 | |
Assets | 60,230 | 96,798 | $ 62,012 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 110,390 | 121,622 | |
Segment operating income | 8,124 | 15,774 | |
Operating Segments [Member] | Irrigation [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 89,852 | 101,327 | |
Segment operating income | 5,150 | 12,692 | |
Operating Segments [Member] | Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 20,538 | 20,295 | |
Segment operating income | 2,974 | 3,082 | |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Unallocated general and administrative expenses | (5,389) | (4,026) | |
Interest and other expense, net | (1,400) | (1,352) | |
Earnings before income taxes | $ 1,335 | $ 10,396 |