Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 28, 2018 | Mar. 19, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Feb. 28, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | lnn | |
Entity Registrant Name | LINDSAY CORP | |
Entity Central Index Key | 836,157 | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,757,318 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Income Statement [Abstract] | ||||
Operating revenues | $ 130,339 | $ 124,125 | $ 254,865 | $ 234,515 |
Cost of operating revenues | 95,023 | 91,184 | 187,152 | 173,200 |
Gross profit | 35,316 | 32,941 | 67,713 | 61,315 |
Operating expenses: | ||||
Selling expense | 10,020 | 10,132 | 20,245 | 20,114 |
General and administrative expense | 14,311 | 10,230 | 26,229 | 21,585 |
Engineering and research expense | 3,919 | 4,057 | 7,972 | 8,359 |
Total operating expenses | 28,250 | 24,419 | 54,446 | 50,058 |
Operating income | 7,066 | 8,522 | 13,267 | 11,257 |
Other income (expense): | ||||
Interest expense | (1,095) | (1,201) | (2,331) | (2,410) |
Interest income | 311 | 171 | 686 | 336 |
Other (expense) income, net | (606) | 144 | (1,154) | (212) |
Earnings before income taxes | 5,676 | 7,636 | 10,468 | 8,971 |
Income tax expense | 3,941 | 2,624 | 5,548 | 3,086 |
Net earnings | $ 1,735 | $ 5,012 | $ 4,920 | $ 5,885 |
Earnings per share: | ||||
Basic | $ 0.16 | $ 0.47 | $ 0.46 | $ 0.55 |
Diluted | $ 0.16 | $ 0.47 | $ 0.46 | $ 0.55 |
Shares used in computing earnings per share: | ||||
Basic | 10,743 | 10,657 | 10,724 | 10,647 |
Diluted | 10,765 | 10,674 | 10,752 | 10,670 |
Cash dividends declared per share | $ 0.30 | $ 0.29 | $ 0.60 | $ 0.58 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 1,735 | $ 5,012 | $ 4,920 | $ 5,885 |
Other comprehensive income: | ||||
Defined benefit pension plan adjustment, net of tax | 37 | 38 | 69 | 75 |
Foreign currency translation adjustment, net of hedging activities and tax | 1,814 | 1,947 | 780 | 513 |
Total other comprehensive income, net of tax (benefit) expense of ($306), $87, ($274) and $653, respectively | 1,851 | 1,985 | 849 | 588 |
Total comprehensive income | $ 3,586 | $ 6,997 | $ 5,769 | $ 6,473 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Other comprehensive income, tax (benefit) expense | $ (306) | $ 87 | $ (274) | $ 653 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 102,211 | $ 121,620 | $ 102,825 |
Receivables, net of allowance of $7,736, $7,473, and $7,447, respectively | 96,738 | 73,850 | 78,828 |
Inventories, net | 102,975 | 86,155 | 82,847 |
Prepaid expenses | 5,339 | 4,384 | 5,208 |
Other current assets | 6,092 | 6,925 | 15,968 |
Total current assets | 313,355 | 292,934 | 285,676 |
Property, plant, and equipment: | |||
Cost | 192,898 | 189,140 | 185,714 |
Less accumulated depreciation | (120,220) | (114,642) | (110,082) |
Property, plant, and equipment, net | 72,678 | 74,498 | 75,632 |
Intangibles, net | 40,677 | 42,808 | 44,890 |
Goodwill | 77,296 | 77,131 | 76,577 |
Deferred income tax assets | 5,773 | 5,311 | 3,094 |
Other noncurrent assets | 12,575 | 13,350 | 4,747 |
Total assets | 522,354 | 506,032 | 490,616 |
Current liabilities: | |||
Accounts payable | 46,599 | 36,717 | 44,254 |
Current portion of long-term debt | 203 | 201 | 199 |
Other current liabilities | 57,720 | 55,119 | 46,350 |
Total current liabilities | 104,522 | 92,037 | 90,803 |
Pension benefits liabilities | 6,152 | 6,295 | 6,708 |
Long-term debt | 116,673 | 116,775 | 116,876 |
Deferred income tax liabilities | 1,179 | 1,191 | 1,678 |
Other noncurrent liabilities | 20,768 | 19,679 | 20,995 |
Total liabilities | 249,294 | 235,977 | 237,060 |
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; 18,841, 18,746, and 18,780 shares issued, respectively | 18,841 | 18,780 | 18,746 |
Capital in excess of stated value | 66,625 | 63,006 | 59,002 |
Retained earnings | 476,091 | 477,615 | 466,630 |
Less treasury stock - at cost, 8,083, 8,083, and 8,083 shares, respectively | (277,238) | (277,238) | (277,238) |
Accumulated other comprehensive loss, net | (11,259) | (12,108) | (13,584) |
Total shareholders' equity | 273,060 | 270,055 | 253,556 |
Total liabilities and shareholders' equity | $ 522,354 | $ 506,032 | $ 490,616 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 | Nov. 30, 2016 |
Statement Of Financial Position [Abstract] | |||
Receivables, allowance | $ 7,736 | $ 7,447 | $ 7,473 |
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 | 18,841,000 | 18,780,000 | 18,746,000 |
Treasury stock, shares | 8,083,000 | 8,083,000 | 8,083,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 4,920 | $ 5,885 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 8,599 | 8,120 |
Provision for uncollectible accounts receivable | 228 | (609) |
Deferred income taxes | (931) | 1,707 |
Share-based compensation expense | 1,887 | 1,815 |
Other, net | 45 | (594) |
Changes in assets and liabilities: | ||
Receivables | (23,084) | 2,710 |
Inventories | (15,239) | (7,368) |
Prepaid expenses and other current assets | (1,731) | 3,375 |
Accounts payable | 9,728 | 11,926 |
Other current liabilities | 5,313 | (14,122) |
Other noncurrent assets and liabilities | 1,368 | (2,123) |
Net cash (used in) provided by operating activities | (8,897) | 10,722 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, and equipment | (4,715) | (4,194) |
Proceeds from settlement of net investment hedges | 101 | 2,054 |
Payments for settlement of net investment hedges | (1,967) | (482) |
Other investing activities, net | 137 | 136 |
Net cash used in investing activities | (6,444) | (2,486) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 2,788 | 647 |
Common stock withheld for payroll tax obligations | (833) | (635) |
Principal payments on long-term debt | (100) | (98) |
Dividends paid | (6,444) | (6,181) |
Net cash used in financing activities | (4,589) | (6,267) |
Effect of exchange rate changes on cash and cash equivalents | 521 | (390) |
Net change in cash and cash equivalents | (19,409) | 1,579 |
Cash and cash equivalents, beginning of period | 121,620 | 101,246 |
Cash and cash equivalents, end of period | 102,211 | 102,825 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Income taxes paid | 2,141 | 7,233 |
Interest paid | $ 2,301 | $ 2,383 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Feb. 28, 2018 | |
Organization Consolidation And Presentation Of 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 (the “SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2017. In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Certain reclassifications have been made to prior financial statements and notes to conform to the current year presentation. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Feb. 28, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | Note 2 – New Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. Revenue from Contracts with Customers: Deferral of the Effective Date. The Company is currently in the assessment phase, reviewing a representative sample of contracts, holding discussions with key stakeholders, and cataloging potential impacts on the Company’s operations, accounting policies, internal control over financial reporting, and financial statements. The Company has identified that the key changes in the ASU that could potentially impact the Company’s revenue recognition relates to the allocation of contract revenues between various products and services, the timing of when those revenues are recognized, and the deferral of incremental costs to obtain a contract. The Company is continuing to evaluate the impact of the ASU on the consolidated statements of earnings, financial position, and financial statement disclosures, as well as the adoption method. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In March 2017, the FASB issued ASU 2017-07, Presentation of Net Periodic Benefit Cost Related to Defined Benefit Plans In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Recent Accounting Guidance Adopted In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), Income Tax Accounting Implications of the Tax Cuts and Jobs Act Income Taxes |
Net Earnings Per Share
Net Earnings Per Share | 6 Months Ended |
Feb. 28, 2018 | |
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 six months ended February 28, 2018 and February 28, 2017: Three months ended Six months ended ($ and shares in thousands, except per share amounts) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Numerator: Net earnings $ 1,735 $ 5,012 $ 4,920 $ 5,885 Denominator: Weighted average shares outstanding 10,743 10,657 10,724 10,647 Diluted effect of stock awards 22 17 28 23 Weighted average shares outstanding assuming dilution 10,765 10,674 10,752 10,670 Basic net earnings per share $ 0.16 $ 0.47 $ 0.46 $ 0.55 Diluted net earnings per share $ 0.16 $ 0.47 $ 0.46 $ 0.55 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 Six months ended (Units and options in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Restricted stock units 6 7 72 20 Stock options 64 119 167 133 |
Income Taxes
Income Taxes | 6 Months Ended |
Feb. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 – Income Taxes The Company recorded income tax expense of $3.9 million and $2.6 million for the three months ended February 28, 2018 and February 28, 2017, respectively. The Company recorded income tax expense of $5.5 million and $3.1 million for the six months ended February 28, 2018 and February 28, 2017, respectively. The overall income tax rate was 53.0 percent and 34.4 percent for the fiscal year-to-date periods ended February 28, 2018 and February 28, 2017, respectively. On December 22, 2017, the U.S. government enacted comprehensive tax legislation through U.S. Tax Reform which significantly revised the U.S. corporate income tax structure by, among other things, lowering the U.S. corporate income tax rate, repealing certain deductions, and changing the way foreign earnings are taxed. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law is enacted. As such, the Company’s estimated annual effective income tax rate for the current fiscal year includes the impact of the reduction of the U.S. corporate income tax rate from 35% to 21% beginning January 1, 2018. As an August fiscal year end filer, the lower corporate income tax rate will be phased in resulting in a blended U.S. corporate income tax rate of 25.7% for the fiscal year ending August 31, 2018 (effectively the four months of September through December 2017 at 35% and the eight months of January through August 2018 at 21%). Income tax expense for the three and six months ended February 28, 2018 includes discrete items related to the impact of U.S. Tax Reform as required by ASC Topic 740. These include a one-time mandatory deemed repatriation transition tax on previously untaxed accumulated and current earnings and profits of the Company’s foreign subsidiaries. The Company made a reasonable estimate and recorded a provisional deemed repatriation transition tax obligation of $1.8 million. The Company continues to gather information to more precisely compute the amount of the deemed repatriation transition tax. The Company also remeasured or revalued its deferred income tax assets and liabilities during its fiscal 2018 second quarter, resulting in a provisional deferred income tax expense of $0.8 million. This provisional amount incorporates assumptions and estimates made based upon the Company’s current interpretations of U.S. Tax Reform and may change as the Company receives additional clarification and implementation guidance, and as data becomes available allowing for a more accurate scheduling of the deferred income tax assets and liabilities. The Company’s collective provisional estimates of $2.6 million of incremental income tax expense recorded during the second quarter of fiscal 2018 represents all known and estimable impacts of U.S. Tax Reform, and may change as the Company receives additional clarification and implementation guidance, and as data becomes available. The accounting is expected to be finalized by the end of fiscal 2018. Certain other provisions included in U.S. Tax Reform have later effective dates for fiscal year filers and may have an impact on the Company’s future estimated annual effective income tax rate. Other future adjustments to income tax expense may include the impact of actions the Company may take as a result of U.S. Tax Reform. The tax effects of discrete items, such as U.S. Tax Reform, were recognized in the interim period in which the events occurred for the three and six months ended February 28, 2018. The Company recorded no material discrete items for the three and six months ended February 28, 2017. |
Inventories
Inventories | 6 Months Ended |
Feb. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5 – Inventories Inventories consisted of the following as of February 28, 2018, February 28, 2017, and August 31, 2017: ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Raw materials and supplies $ 38,716 $ 27,368 $ 31,158 Work in process 9,371 7,570 7,113 Finished goods and purchased parts 60,925 53,587 52,382 Total inventory value before LIFO adjustment 109,012 88,525 90,653 Less adjustment to LIFO value (6,037 ) (5,678 ) (4,498 ) Inventories, net $ 102,975 $ 82,847 $ 86,155 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Feb. 28, 2018 | |
Debt Disclosure [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: ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,876 2,075 1,976 Total debt 116,876 117,075 116,976 Less current portion (203 ) (199 ) (201 ) Total long-term debt $ 116,673 $ 116,876 $ 116,775 Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 203 2 years 207 3 years 211 4 years 215 5 years 219 Thereafter 115,821 $ 116,876 |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Feb. 28, 2018 | |
Derivative Instruments And Hedges [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: ($ in thousands) Balance sheet location February 28, 2018 February 28, 2017 August 31, 2017 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ — $ — $ — Foreign currency forward contracts Other current liabilities (965 ) (619 ) (1,633 ) Total derivatives designated as hedging instruments $ (965 ) $ (619 ) $ (1,633 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 19 $ — $ 9 Foreign currency forward contracts Other current liabilities (45 ) (249 ) (114 ) Total derivatives not designated as hedging instruments $ (26 ) $ (249 ) $ (105 ) Accumulated other comprehensive income included realized and unrealized after-tax gains of $3.0 million, $6.3 million, and $3.9 million at February 28, 2018, February 28, 2017, and August 31, 2017, respectively, related to derivative contracts designated as hedging instruments. Net Investment Hedging Relationships The amount of gain (loss) recognized in other comprehensive income is as follows: Three months ended Six months ended ($ in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Foreign currency forward contracts, net of tax (benefit) expense of ($330), ($47), ($273), and $563 $ (1,047 ) $ (182 ) $ (924 ) $ 736 For the three months ended February 28, 2018 and February 28, 2017, the Company settled foreign currency forward contracts resulting in an after-tax net loss of $0.6 million and an after-tax net gain of $1.0 million, respectively, which were included in other comprehensive income as part of a currency translation adjustment. For the six months ended February 28, 2018 and February 28, 2017, the Company settled foreign currency forward contracts resulting in an after-tax net loss of $1.3 million and an after-tax net gain of $0.9 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 statements of earnings related to ineffectiveness of foreign currency forward contracts related to net investment hedges for the three and six months ended February 28, 2018 and February 28, 2017. At February 28, 2018, February 28, 2017, and August 31, 2017, the Company had outstanding foreign currency forward contracts to sell 32.8 million Euro, 32.9 million Euro, and 32.8 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At February 28, 2018, February 28, 2017, and August 31, 2017, the Company had an outstanding foreign currency forward contract to sell 43.0 million South African Rand at fixed prices to settle during the next fiscal quarter. The 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 sheets and recognizes any subsequent changes in its fair value during a period through earnings in the condensed consolidated statements of earnings. At February 28, 2018, February 28, 2017, and August 31, 2017, the Company had $6.2 million, $5.6 million, and $5.0 million, respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Feb. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 28, 2018, February 28, 2017, and August 31, 2017, respectively. There were no transfers between any levels for the periods presented. February 28, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 102,211 $ — $ — $ 102,211 Derivative assets — 19 — 19 Derivative liabilities — (1,010 ) — (1,010 ) February 28, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 102,825 $ — $ — $ 102,825 Derivative assets — — — — Derivative liabilities — (868 ) — (868 ) August 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 121,620 $ — $ — $ 121,620 Derivative assets — 9 — 9 Derivative liabilities — (1,747 ) — (1,747 ) There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three and six months ended February 28, 2018 or February 28, 2017. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Feb. 28, 2018 | |
Commitments And Contingencies Disclosure [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 where those proceedings present loss contingencies that are both probable and reasonably estimable at the time of determination. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below. Infrastructure Products Litigation The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company’s X-Lite The Company intends to vigorously defend each of these allegations. The Company maintains insurance to mitigate the impact of adverse judgment exposures in the current product liability cases. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company’s condensed consolidated financial statements. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. 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 statements of earnings. The current estimated aggregate accrued cost of $17.2 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 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 2018 or beyond. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. Costs are charged against the accrual in the period in which they are paid. 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 vary from 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 February 28, 2018, February 28, 2017, and August 31, 2017: ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Other current liabilities $ 1,544 $ 1,722 $ 2,095 Other noncurrent liabilities 15,677 16,933 15,937 Total environmental remediation liabilities $ 17,221 $ 18,655 $ 18,032 |
Warranties
Warranties | 6 Months Ended |
Feb. 28, 2018 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Note 10 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended Six months ended ($ in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Product warranty accrual balance, beginning of period $ 8,187 $ 7,572 $ 8,411 $ 7,443 Liabilities accrued for warranties during the period 647 860 2,103 1,861 Warranty claims paid during the period (1,245 ) (1,420 ) (2,933 ) (2,621 ) Changes in estimates (41 ) (74 ) (33 ) 255 Product warranty accrual balance, end of period $ 7,548 $ 6,938 $ 7,548 $ 6,938 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Feb. 28, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 $0.9 million for the three months ended February 28, 2018 and February 28, 2017, respectively. Share-based compensation expense was $1.9 million and $1.8 million for the six months ended February 28, 2018 and February 28, 2017, respectively. The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended February 28, 2018 and February 28, 2017: Three months ended February 28, 2018 February 28, 2017 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 1,994 $ 30.50 - $ - RSUs 6,401 $ 89.65 7,427 $ 74.47 PSUs 670 $ 87.24 - $ - The following table provides the assumptions used in determining the fair value of the stock options awarded during the three month period ended February 28, 2018: Grant Year 2018 Weighted-average dividend yield 1.3 % Weighted-average volatility 33.1 % Risk-free interest rate 2.6 % Weighted-average expected lives 7 years |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Feb. 28, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 12 – Other Current Liabilities ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Other current liabilities: Compensation and benefits $ 16,146 $ 13,804 $ 18,926 Deferred revenues 12,322 4,873 6,166 Warranties 7,548 6,938 8,411 Customer deposits 6,102 4,757 4,096 Dealer related liabilities 3,445 2,724 3,500 Tax related liabilities 2,654 2,964 2,813 Accrued environmental liabilities 1,544 1,722 2,095 Other 7,959 8,568 9,112 Total other current liabilities $ 57,720 $ 46,350 $ 55,119 |
Share Repurchases
Share Repurchases | 6 Months Ended |
Feb. 28, 2018 | |
Equity [Abstract] | |
Share Repurchases | Note 13 – Share Repurchases There were no shares repurchased during the three and six months ended February 28, 2018 and February 28, 2017 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of February 28, 2018. |
Industry Segment Information
Industry Segment Information | 6 Months Ended |
Feb. 28, 2018 | |
Segment Reporting [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 and six months ended February 28, 2018 and February 28, 2017. 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 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 Six months ended ($ in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Operating revenues: Irrigation $ 111,865 $ 106,209 $ 215,218 $ 196,061 Infrastructure 18,474 17,916 39,647 38,454 Total operating revenues $ 130,339 $ 124,125 $ 254,865 $ 234,515 Operating income: Irrigation $ 11,933 $ 11,304 $ 19,784 $ 16,453 Infrastructure 2,519 1,595 5,810 4,571 Corporate (7,386 ) (4,377 ) (12,327 ) (9,767 ) Total operating income 7,066 8,522 13,267 11,257 Interest and other expense, net (1,390 ) (886 ) (2,799 ) (2,286 ) Earnings before income taxes $ 5,676 $ 7,636 $ 10,468 $ 8,971 Capital expenditures: Irrigation $ 2,362 $ 1,796 $ 4,035 $ 2,746 Infrastructure 268 664 464 1,104 Corporate 94 344 216 344 $ 2,724 $ 2,804 $ 4,715 $ 4,194 Depreciation and amortization: Irrigation $ 2,994 $ 2,880 $ 6,073 $ 5,703 Infrastructure 1,144 1,110 2,282 2,219 Corporate 126 95 244 198 $ 4,264 $ 4,085 $ 8,599 $ 8,120 ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Total assets: Irrigation $ 348,298 $ 343,067 $ 337,446 Infrastructure 79,342 73,280 80,187 Corporate 94,714 74,269 88,399 $ 522,354 $ 490,616 $ 506,032 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 6 Months Ended |
Feb. 28, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | Recent Accounting Guidance Not Yet Adopted In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. Revenue from Contracts with Customers: Deferral of the Effective Date. The Company is currently in the assessment phase, reviewing a representative sample of contracts, holding discussions with key stakeholders, and cataloging potential impacts on the Company’s operations, accounting policies, internal control over financial reporting, and financial statements. The Company has identified that the key changes in the ASU that could potentially impact the Company’s revenue recognition relates to the allocation of contract revenues between various products and services, the timing of when those revenues are recognized, and the deferral of incremental costs to obtain a contract. The Company is continuing to evaluate the impact of the ASU on the consolidated statements of earnings, financial position, and financial statement disclosures, as well as the adoption method. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In March 2017, the FASB issued ASU 2017-07, Presentation of Net Periodic Benefit Cost Related to Defined Benefit Plans In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Recent Accounting Guidance Adopted In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), Income Tax Accounting Implications of the Tax Cuts and Jobs Act Income Taxes |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | Three months ended Six months ended ($ and shares in thousands, except per share amounts) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Numerator: Net earnings $ 1,735 $ 5,012 $ 4,920 $ 5,885 Denominator: Weighted average shares outstanding 10,743 10,657 10,724 10,647 Diluted effect of stock awards 22 17 28 23 Weighted average shares outstanding assuming dilution 10,765 10,674 10,752 10,670 Basic net earnings per share $ 0.16 $ 0.47 $ 0.46 $ 0.55 Diluted net earnings per share $ 0.16 $ 0.47 $ 0.46 $ 0.55 |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | Three months ended Six months ended (Units and options in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Restricted stock units 6 7 72 20 Stock options 64 119 167 133 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Raw materials and supplies $ 38,716 $ 27,368 $ 31,158 Work in process 9,371 7,570 7,113 Finished goods and purchased parts 60,925 53,587 52,382 Total inventory value before LIFO adjustment 109,012 88,525 90,653 Less adjustment to LIFO value (6,037 ) (5,678 ) (4,498 ) Inventories, net $ 102,975 $ 82,847 $ 86,155 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,876 2,075 1,976 Total debt 116,876 117,075 116,976 Less current portion (203 ) (199 ) (201 ) Total long-term debt $ 116,673 $ 116,876 $ 116,775 |
Schedule Of Principal Payments Due On Long-Term Debt | Due within $ in thousands 1 year $ 203 2 years 207 3 years 211 4 years 215 5 years 219 Thereafter 115,821 $ 116,876 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Derivative Instruments And Hedges [Abstract] | |
Schedule Of Financial Derivatives | ($ in thousands) Balance sheet location February 28, 2018 February 28, 2017 August 31, 2017 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ — $ — $ — Foreign currency forward contracts Other current liabilities (965 ) (619 ) (1,633 ) Total derivatives designated as hedging instruments $ (965 ) $ (619 ) $ (1,633 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 19 $ — $ 9 Foreign currency forward contracts Other current liabilities (45 ) (249 ) (114 ) Total derivatives not designated as hedging instruments $ (26 ) $ (249 ) $ (105 ) |
Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss) | Three months ended Six months ended ($ in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Foreign currency forward contracts, net of tax (benefit) expense of ($330), ($47), ($273), and $563 $ (1,047 ) $ (182 ) $ (924 ) $ 736 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value | February 28, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 102,211 $ — $ — $ 102,211 Derivative assets — 19 — 19 Derivative liabilities — (1,010 ) — (1,010 ) February 28, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 102,825 $ — $ — $ 102,825 Derivative assets — — — — Derivative liabilities — (868 ) — (868 ) August 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 121,620 $ — $ — $ 121,620 Derivative assets — 9 — 9 Derivative liabilities — (1,747 ) — (1,747 ) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary Of Undiscounted Environmental Remediation Liability Classifications | ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Other current liabilities $ 1,544 $ 1,722 $ 2,095 Other noncurrent liabilities 15,677 16,933 15,937 Total environmental remediation liabilities $ 17,221 $ 18,655 $ 18,032 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule Of Product Warranty Liability | Three months ended Six months ended ($ in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Product warranty accrual balance, beginning of period $ 8,187 $ 7,572 $ 8,411 $ 7,443 Liabilities accrued for warranties during the period 647 860 2,103 1,861 Warranty claims paid during the period (1,245 ) (1,420 ) (2,933 ) (2,621 ) Changes in estimates (41 ) (74 ) (33 ) 255 Product warranty accrual balance, end of period $ 7,548 $ 6,938 $ 7,548 $ 6,938 |
Shared-Based Compensation (Tabl
Shared-Based Compensation (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Of Type And Fair Value Of Share-Based Compensation Awards | The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended February 28, 2018 and February 28, 2017: Three months ended February 28, 2018 February 28, 2017 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 1,994 $ 30.50 - $ - RSUs 6,401 $ 89.65 7,427 $ 74.47 PSUs 670 $ 87.24 - $ - |
Schedule Of Assumptions Used | The following table provides the assumptions used in determining the fair value of the stock options awarded during the three month period ended February 28, 2018: Grant Year 2018 Weighted-average dividend yield 1.3 % Weighted-average volatility 33.1 % Risk-free interest rate 2.6 % Weighted-average expected lives 7 years |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Liabilities Current | ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Other current liabilities: Compensation and benefits $ 16,146 $ 13,804 $ 18,926 Deferred revenues 12,322 4,873 6,166 Warranties 7,548 6,938 8,411 Customer deposits 6,102 4,757 4,096 Dealer related liabilities 3,445 2,724 3,500 Tax related liabilities 2,654 2,964 2,813 Accrued environmental liabilities 1,544 1,722 2,095 Other 7,959 8,568 9,112 Total other current liabilities $ 57,720 $ 46,350 $ 55,119 |
Industry Segment Information (T
Industry Segment Information (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Three months ended Six months ended ($ in thousands) February 28, 2018 February 28, 2017 February 28, 2018 February 28, 2017 Operating revenues: Irrigation $ 111,865 $ 106,209 $ 215,218 $ 196,061 Infrastructure 18,474 17,916 39,647 38,454 Total operating revenues $ 130,339 $ 124,125 $ 254,865 $ 234,515 Operating income: Irrigation $ 11,933 $ 11,304 $ 19,784 $ 16,453 Infrastructure 2,519 1,595 5,810 4,571 Corporate (7,386 ) (4,377 ) (12,327 ) (9,767 ) Total operating income 7,066 8,522 13,267 11,257 Interest and other expense, net (1,390 ) (886 ) (2,799 ) (2,286 ) Earnings before income taxes $ 5,676 $ 7,636 $ 10,468 $ 8,971 Capital expenditures: Irrigation $ 2,362 $ 1,796 $ 4,035 $ 2,746 Infrastructure 268 664 464 1,104 Corporate 94 344 216 344 $ 2,724 $ 2,804 $ 4,715 $ 4,194 Depreciation and amortization: Irrigation $ 2,994 $ 2,880 $ 6,073 $ 5,703 Infrastructure 1,144 1,110 2,282 2,219 Corporate 126 95 244 198 $ 4,264 $ 4,085 $ 8,599 $ 8,120 ($ in thousands) February 28, 2018 February 28, 2017 August 31, 2017 Total assets: Irrigation $ 348,298 $ 343,067 $ 337,446 Infrastructure 79,342 73,280 80,187 Corporate 94,714 74,269 88,399 $ 522,354 $ 490,616 $ 506,032 |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule Of Computation Of Basic And Diluted Net Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Earnings Per Share [Abstract] | ||||
Net earnings | $ 1,735 | $ 5,012 | $ 4,920 | $ 5,885 |
Weighted average shares outstanding | 10,743 | 10,657 | 10,724 | 10,647 |
Diluted effect of stock awards | 22 | 17 | 28 | 23 |
Weighted average shares outstanding assuming dilution | 10,765 | 10,674 | 10,752 | 10,670 |
Basic net earnings per share | $ 0.16 | $ 0.47 | $ 0.46 | $ 0.55 |
Diluted net earnings per share | $ 0.16 | $ 0.47 | $ 0.46 | $ 0.55 |
Net Earnings Per Share (Sched34
Net Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
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 | 6 | 7 | 72 | 20 |
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 | 64 | 119 | 167 | 133 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2018 | |
Income Taxes [Line Items] | |||||
Income tax expense | $ 3,941 | $ 2,624 | $ 5,548 | $ 3,086 | |
Estimated effective income tax rate | 53.00% | 34.40% | |||
Provisional deemed repatriation transition tax obligation | $ 1,800 | ||||
Deferred income tax expense resulting from U.S. tax reform | 800 | ||||
Provisional estimates incremental income tax expense resulting from U.S. tax reform | $ 2,600 | ||||
Tax adjustment for unusual items | $ 0 | $ 0 | |||
Scenario, Plan [Member] | |||||
Income Taxes [Line Items] | |||||
Blended U.S. corporate income tax rate | 25.70% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $ 38,716 | $ 31,158 | $ 27,368 |
Work in process | 9,371 | 7,113 | 7,570 |
Finished goods and purchased parts | 60,925 | 52,382 | 53,587 |
Total inventory value before LIFO adjustment | 109,012 | 90,653 | 88,525 |
Less adjustment to LIFO value | (6,037) | (4,498) | (5,678) |
Inventories, net | $ 102,975 | $ 86,155 | $ 82,847 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Debt Instrument [Line Items] | |||
Total debt | $ 116,876 | $ 116,976 | $ 117,075 |
Less current portion | (203) | (201) | (199) |
Total long-term debt | 116,673 | 116,775 | 116,876 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | |||
Elecsys Series 2006A Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,876 | 1,976 | 2,075 |
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 Long-Term Debt) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Debt Disclosure [Abstract] | |||
1 year | $ 203 | ||
2 years | 207 | ||
3 years | 211 | ||
4 years | 215 | ||
5 years | 219 | ||
Thereafter | 115,821 | ||
Total debt | $ 116,876 | $ 116,976 | $ 117,075 |
Financial Derivatives (Schedule
Financial Derivatives (Schedule Of Financial Derivatives) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | $ (965) | $ (1,633) | $ (619) |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (965) | (1,633) | (619) |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | (26) | (105) | (249) |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 19 | 9 | |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | $ (45) | $ (114) | $ (249) |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) € in Millions, R in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2018ZAR (R) | Feb. 28, 2018EUR (€) | Aug. 31, 2017USD ($) | Aug. 31, 2017ZAR (R) | Aug. 31, 2017EUR (€) | Feb. 28, 2017ZAR (R) | Feb. 28, 2017EUR (€) | |
Foreign Exchange Forward [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Outstanding foreign currency forward contracts | $ 6.2 | $ 5.6 | $ 6.2 | $ 5.6 | $ 5 | ||||||
Fair Value Hedging [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Realized and unrealized gains, net of related income tax effects | 3 | 6.3 | 3 | 6.3 | $ 3.9 | ||||||
Net Investment Hedging [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Foreign currency translation forward contracts, after tax net gains (losses) | (0.6) | 1 | (1.3) | 0.9 | |||||||
Derivative contracts ineffective amount | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Outstanding foreign currency forward contracts | R 43 | € 32.8 | R 43 | € 32.8 | R 43 | € 32.9 |
Financial Derivatives (Schedu41
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Foreign currency forward contracts, net of tax (benefit) expense of ($330), ($47), ($273), and $563 | $ (1,047) | $ (182) | $ (924) | $ 736 |
Tax (benefit) expense | $ (330) | $ (47) | $ (273) | $ 563 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 102,211 | $ 121,620 | $ 102,825 |
Derivative assets | 19 | 9 | |
Derivative liabilities | (1,010) | (1,747) | (868) |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 102,211 | 121,620 | 102,825 |
Derivative assets | |||
Derivative liabilities | |||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | |||
Derivative assets | 19 | 9 | |
Derivative liabilities | (1,010) | (1,747) | (868) |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | |||
Derivative assets | |||
Derivative liabilities |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Assets fair value adjustments | $ 0 | $ 0 | $ 0 | $ 0 |
Liabilities fair value adjustments | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments And Contingencies44
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 | Feb. 28, 2018 | |
Site Contingency [Line Items] | ||||
Environmental Remediation Expense | $ 13 | $ 1.5 | $ 7.2 | |
Current environmental remediation accrual | $ 17.2 |
Commitments And Contingencies45
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Commitments And Contingencies Disclosure [Abstract] | |||
Other current liabilities | $ 1,544 | $ 2,095 | $ 1,722 |
Other noncurrent liabilities | 15,677 | 15,937 | 16,933 |
Total environmental remediation liabilities | $ 17,221 | $ 18,032 | $ 18,655 |
Warranties (Schedule Of Product
Warranties (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty accrual balance, beginning of period | $ 8,187 | $ 7,572 | $ 8,411 | $ 7,443 |
Liabilities accrued for warranties during the period | 647 | 860 | 2,103 | 1,861 |
Warranty claims paid during the period | (1,245) | (1,420) | (2,933) | (2,621) |
Changes in estimates | (41) | (74) | (33) | 255 |
Product warranty accrual balance, end of period | $ 7,548 | $ 6,938 | $ 7,548 | $ 6,938 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Allocated Share-based Compensation Expense | $ 0.9 | $ 0.9 | $ 1.9 | $ 1.8 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Type And Fair Value Of Share-Based Compensation Awards) (Details) - $ / shares | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Stock Options [Member] | ||
Number of units granted | 1,994 | |
Weighted average grant-date fair value per award | $ 30.50 | |
Restricted Stock Units [Member] | ||
Number of units granted | 6,401 | 7,427 |
Weighted average grant-date fair value per award | $ 89.65 | $ 74.47 |
Performance Stock Units [Member] | ||
Number of units granted | 670 | |
Weighted average grant-date fair value per award | $ 87.24 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Assumptions Used) (Details) - Stock Options [Member] | 3 Months Ended |
Feb. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average dividend yield | 1.30% |
Weighted-average volatility | 33.10% |
Risk-free interest rate | 2.60% |
Weighted-average expected lives | 7 years |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Liabilities Current) (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 |
Other Liabilities Disclosure [Abstract] | |||
Compensation and benefits | $ 16,146 | $ 18,926 | $ 13,804 |
Deferred revenues | 12,322 | 6,166 | 4,873 |
Warranties | 7,548 | 8,411 | 6,938 |
Customer deposits | 6,102 | 4,096 | 4,757 |
Dealer related liabilities | 3,445 | 3,500 | 2,724 |
Tax related liabilities | 2,654 | 2,813 | 2,964 |
Accrued environmental liabilities | 1,544 | 2,095 | 1,722 |
Other | 7,959 | 9,112 | 8,568 |
Total other current liabilities | $ 57,720 | $ 55,119 | $ 46,350 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Equity [Abstract] | ||||
Number of shares of common stock repurchased during the period | 0 | 0 | 0 | 0 |
Remaining amount available under the repurchase program | $ 63.7 | $ 63.7 |
Industry Segment Information (N
Industry Segment Information (Narrative) (Details) - Segment | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Irrigation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 3 | |||
Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 1 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Industry Segment Information (S
Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total operating revenues | $ 130,339 | $ 124,125 | $ 254,865 | $ 234,515 | |
Total operating income | 7,066 | 8,522 | 13,267 | 11,257 | |
Earnings before income taxes | 5,676 | 7,636 | 10,468 | 8,971 | |
Capital expenditures | 2,724 | 2,804 | 4,715 | 4,194 | |
Depreciation and amortization | 4,264 | 4,085 | 8,599 | 8,120 | |
Total Assets | 522,354 | 490,616 | 522,354 | 490,616 | $ 506,032 |
Irrigation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 2,362 | 1,796 | 4,035 | 2,746 | |
Depreciation and amortization | 2,994 | 2,880 | 6,073 | 5,703 | |
Total Assets | 348,298 | 343,067 | 348,298 | 343,067 | 337,446 |
Infrastructure [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 268 | 664 | 464 | 1,104 | |
Depreciation and amortization | 1,144 | 1,110 | 2,282 | 2,219 | |
Total Assets | 79,342 | 73,280 | 79,342 | 73,280 | 80,187 |
Corporate Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total operating income | (7,386) | (4,377) | (12,327) | (9,767) | |
Capital expenditures | 94 | 344 | 216 | 344 | |
Depreciation and amortization | 126 | 95 | 244 | 198 | |
Total Assets | 94,714 | 74,269 | 94,714 | 74,269 | $ 88,399 |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 130,339 | 124,125 | 254,865 | 234,515 | |
Operating Segments [Member] | Irrigation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 111,865 | 106,209 | 215,218 | 196,061 | |
Total operating income | 11,933 | 11,304 | 19,784 | 16,453 | |
Operating Segments [Member] | Infrastructure [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 18,474 | 17,916 | 39,647 | 38,454 | |
Total operating income | 2,519 | 1,595 | 5,810 | 4,571 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest and other expense, net | (1,390) | (886) | (2,799) | (2,286) | |
Earnings before income taxes | $ 5,676 | $ 7,636 | $ 10,468 | $ 8,971 |