Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2018 | Oct. 15, 2018 | Feb. 28, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Aug. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | lnn | ||
Entity Registrant Name | LINDSAY CORP | ||
Entity Central Index Key | 836,157 | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 936,720,708 | ||
Entity Common Stock, Shares Outstanding | 10,757,318 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Income Statement [Abstract] | |||
Operating revenues | $ 547,705 | $ 517,985 | $ 516,411 |
Cost of operating revenues | 396,243 | 372,973 | 367,798 |
Gross profit | 151,462 | 145,012 | 148,613 |
Operating expenses: | |||
Selling expense | 40,885 | 40,705 | 41,973 |
General and administrative expense | 55,962 | 46,959 | 56,419 |
Engineering and research expense | 16,052 | 17,147 | 15,846 |
Total operating expenses | 112,899 | 104,811 | 114,238 |
Operating income | 38,563 | 40,201 | 34,375 |
Other income (expense): | |||
Interest expense | (4,687) | (4,757) | (4,751) |
Interest income | 1,640 | 1,178 | 645 |
Other (expense) income, net | (1,663) | (907) | (981) |
Earnings before income taxes | 33,853 | 35,715 | 29,288 |
Income tax expense | 13,576 | 12,536 | 9,021 |
Net earnings | $ 20,277 | $ 23,179 | $ 20,267 |
Earnings per share: | |||
Basic | $ 1.89 | $ 2.17 | $ 1.86 |
Diluted | $ 1.88 | $ 2.17 | $ 1.85 |
Shares used in computing earnings per share: | |||
Basic | 10,741 | 10,666 | 10,906 |
Diluted | 10,772 | 10,694 | 10,930 |
Cash dividends declared per share | $ 1.21 | $ 1.17 | $ 1.13 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net earnings | $ 20,277 | $ 23,179 | $ 20,267 |
Other comprehensive income (loss): | |||
Defined benefit pension plan adjustment, net of tax | 251 | 331 | (258) |
Foreign currency translation adjustment, net of hedging activities and tax | (6,231) | 1,733 | 1,394 |
Total other comprehensive income (loss), net of tax expense (benefit) of $267, ($582), and $79 | (5,980) | 2,064 | 1,136 |
Total comprehensive income | $ 14,297 | $ 25,243 | $ 21,403 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Other comprehensive income, tax expense (benefit) | $ 267 | $ (582) | $ 79 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 160,787 | $ 121,620 |
Receivables, net of allowance of $3,585 and $7,447, respectively | 69,107 | 73,850 |
Inventories, net | 79,233 | 86,155 |
Prepaid expenses | 3,883 | 4,384 |
Assets held-for-sale | 10,837 | |
Other current assets | 7,204 | 6,925 |
Total current assets | 331,051 | 292,934 |
Property, plant, and equipment, net | 57,248 | 74,498 |
Intangible assets, net | 27,376 | 42,808 |
Goodwill | 64,671 | 77,131 |
Deferred income tax assets | 6,645 | 5,311 |
Other noncurrent assets | 13,265 | 13,350 |
Total assets | 500,256 | 506,032 |
Current liabilities: | ||
Accounts payable | 30,530 | 36,717 |
Current portion of long-term debt | 205 | 201 |
Liabilities held-for-sale | 2,424 | |
Other current liabilities | 46,935 | 55,119 |
Total current liabilities | 80,094 | 92,037 |
Pension benefits liabilities | 5,874 | 6,295 |
Long-term debt | 116,570 | 116,775 |
Deferred income tax liabilities | 1,083 | 1,191 |
Other noncurrent liabilities | 19,769 | 19,679 |
Total liabilities | 223,390 | 235,977 |
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; 18,841 and 18,780 shares issued at August 31, 2018 and 2017, respectively | 18,841 | 18,780 |
Capital in excess of stated value | 68,465 | 63,006 |
Retained earnings | 484,886 | 477,615 |
Less treasury stock - at cost, 8,083 shares | (277,238) | (277,238) |
Accumulated other comprehensive loss, net | (18,088) | (12,108) |
Total shareholders' equity | 276,866 | 270,055 |
Total liabilities and shareholders' equity | $ 500,256 | $ 506,032 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance | $ 3,585 | $ 7,447 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 25,000,000 | 25,000,000 |
Common stock, issued | 18,841,000 | 18,780,000 |
Treasury stock, shares | 8,083,000 | 8,083,000 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital In Excess Of Stated Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income, Net [Member] |
Beginning balance, value at Aug. 31, 2015 | $ 288,560 | $ 18,684 | $ 55,184 | $ 458,903 | $ (228,903) | $ (15,308) |
Beginning balance, shares at Aug. 31, 2015 | 18,684,000 | 7,394,000 | ||||
Net earnings | 20,267 | 20,267 | ||||
Other comprehensive income | 1,136 | 1,136 | ||||
Total comprehensive income | 21,403 | |||||
Cash dividends per share | (12,244) | (12,244) | ||||
Repurchase of common stock, value | $ (48,335) | $ (48,335) | ||||
Repurchase of common stock, shares | 688,790 | 689,000 | ||||
Issuance of common shares under share compensation plans, value | $ (599) | $ 29 | (628) | |||
Issuance of common shares under share compensation plans, shares | 29,000 | |||||
Excess tax benefits from share-based compensation | (84) | (84) | ||||
Share-based compensation expense | 2,866 | 2,866 | ||||
Ending balance, value at Aug. 31, 2016 | 251,567 | $ 18,713 | 57,338 | 466,926 | $ (277,238) | (14,172) |
Ending Balance, shares at Aug. 31, 2016 | 18,713,000 | 8,083,000 | ||||
Net earnings | 23,179 | 23,179 | ||||
Other comprehensive income | 2,064 | 2,064 | ||||
Total comprehensive income | 25,243 | |||||
Cash dividends per share | $ (12,490) | (12,490) | ||||
Repurchase of common stock, shares | 0 | |||||
Issuance of common shares under share compensation plans, value | $ 2,385 | $ 67 | 2,318 | |||
Issuance of common shares under share compensation plans, shares | 67,000 | |||||
Share-based compensation expense | 3,350 | 3,350 | ||||
Ending balance, value at Aug. 31, 2017 | 270,055 | $ 18,780 | 63,006 | 477,615 | $ (277,238) | (12,108) |
Ending Balance, shares at Aug. 31, 2017 | 18,780,000 | 8,083,000 | ||||
Net earnings | 20,277 | 20,277 | ||||
Other comprehensive income | (5,980) | (5,980) | ||||
Total comprehensive income | 14,297 | |||||
Cash dividends per share | $ (13,006) | (13,006) | ||||
Repurchase of common stock, shares | 0 | |||||
Issuance of common shares under share compensation plans, value | $ 1,955 | $ 61 | 1,894 | |||
Issuance of common shares under share compensation plans, shares | 61,000 | |||||
Share-based compensation expense | 3,565 | 3,565 | ||||
Ending balance, value at Aug. 31, 2018 | $ 276,866 | $ 18,841 | $ 68,465 | $ 484,886 | $ (277,238) | $ (18,088) |
Ending Balance, shares at Aug. 31, 2018 | 18,841,000 | 8,083,000 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends per share | $ 1.21 | $ 1.17 | $ 1.13 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 20,277 | $ 23,179 | $ 20,267 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 16,514 | 16,678 | 16,881 |
Loss on sale of businesses | 4,056 | ||
Provision for uncollectible accounts receivable | (2,587) | (574) | (843) |
Deferred income taxes | (50) | (903) | (5,755) |
Share-based compensation expense | 3,891 | 3,598 | 3,060 |
Other, net | 2,903 | 626 | 89 |
Changes in assets and liabilities: | |||
Receivables | (3,714) | 7,959 | (4,730) |
Inventories | (8,173) | (10,092) | 1,330 |
Prepaid expenses and other current assets | (1,150) | 4,581 | (1,047) |
Accounts payable | 159 | 4,076 | (7,101) |
Other current liabilities | 3,671 | (3,821) | (1,043) |
Other noncurrent assets and liabilities | (1,863) | (5,858) | 12,017 |
Net cash provided by operating activities | 33,934 | 39,449 | 33,125 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant, and equipment | (11,054) | (8,863) | (11,496) |
Proceeds from sale of businesses | 29,888 | ||
Proceeds from settlement of net investment hedges | 2,278 | 2,117 | 3,381 |
Payments for settlement of net investment hedges | (3,089) | (3,466) | (2,924) |
Other investing activities, net | 82 | 233 | 1,141 |
Net cash provided by (used in) investing activities | 18,105 | (9,979) | (9,898) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 2,788 | 3,020 | 113 |
Common stock withheld for payroll tax obligations | (833) | (635) | (712) |
Principal payments on long-term debt | (201) | (197) | (193) |
Repurchase of common shares | (48,335) | ||
Dividends paid | (13,006) | (12,490) | (12,244) |
Net cash used in financing activities | (11,252) | (10,302) | (61,371) |
Effect of exchange rate changes on cash and cash equivalents | (1,620) | 1,206 | 297 |
Net change in cash and cash equivalents | 39,167 | 20,374 | (37,847) |
Cash and cash equivalents, beginning of period | 121,620 | 101,246 | 139,093 |
Cash and cash equivalents, end of period | 160,787 | 121,620 | 101,246 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Income taxes paid | 11,184 | 16,214 | 18,395 |
Interest paid | $ 4,626 | $ 4,696 | $ 4,674 |
Description Of Business And Sig
Description Of Business And Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description Of Business And Significant Accounting Policies | Note 1 – Description of Business and Significant Accounting Policies Lindsay Corporation, along with its subsidiaries (collectively called “Lindsay” or the “Company”), is a global leader in providing a variety of proprietary water management and road infrastructure products and services. The Company has been involved in the manufacture and distribution of agricultural irrigation equipment since 1955 and has grown from a regional company to an international water efficiency solutions and highway infrastructure firm with worldwide sales and distribution. Lindsay, a Delaware corporation, maintains its corporate offices in Omaha, Nebraska. The Company has operations which are categorized into two major reporting segments. Irrigation Segment The Company’s irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy and labor Infrastructure Segment The Company’s infrastructure segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, large diameter steel tubing, and railroad signals and structures. The infrastructure segment also provides outsourced manufacturing and production services. The principal infrastructure manufacturing facilities are located in Rio Vista, California; Milan, Italy; and Lindsay, Nebraska. Notes to the consolidated financial statements describe various elements of the financial statements and the accounting policies, estimates, and assumptions applied by management. While actual results could differ from those estimated at the time of preparation of the consolidated financial statements, management believes that the accounting policies, assumptions, and estimates applied promote the representational faithfulness, verifiability, neutrality, and transparency of the accounting information included in the consolidated financial statements. The significant accounting policies of the Company are as follows: Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. Reclassifications Certain reclassifications have been made to prior financial statements to conform to the current-year presentation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company’s basic criteria necessary for revenue recognition are: 1) evidence of a sales arrangement exists, 2) delivery of goods has occurred, 3) the sales price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. The Company generally has no post-delivery obligations to its independent dealers other than standard warranties. Revenues and gross profits on intercompany sales are eliminated in consolidation. Revenues from the sale of the Company’s products are recognized based on the delivery terms in the sales contract. If an arrangement involves multiple deliverables, revenues from the arrangement are allocated to the separate units of accounting based on their relative selling price. The Company offers a subscription-based service for wireless management and recognizes subscription revenue on a straight-line basis over the contract term. The Company leases certain infrastructure property held for lease to customers such as moveable concrete barriers and Road Zipper Systems ® The costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Customer rebates, cash discounts and other sales incentives are recorded as a reduction of revenues at the time of the original sale. Estimates used in the recognition of operating revenues and cost of operating revenues include, but are not limited to, estimates for product warranties, product rebates, cash discounts and fair value of separate units of accounting on multiple deliverables. Share-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock units or performance stock units from new stock issuances. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statement of Operations over the periods during which the employee or director is required to perform a service in exchange for the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) as its valuation method for stock option awards. Under the Black-Scholes model, the fair value of stock option awards on the date of grant is estimated using an option-pricing model that is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Restricted stock, restricted stock units, performance shares and performance stock units issued under the 2015 Long-Term Incentive Plan will have a grant-date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. Warranty Costs The Company’s provision for product warranty reflects management’s best estimate of probable liability under its product warranties. At the time a sale is recognized, the company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims. This provision is periodically adjusted to reflect actual experience. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less. Receivables and Allowances Trade receivables are reported on the balance sheet net of any doubtful accounts. Losses are recognized when it is probable that an asset has been impaired and the amount of the loss can be reasonably estimated. In estimating probable losses, the Company reviews specific accounts that are significant and past due, in bankruptcy or otherwise identified as at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of default. In assessing the likelihood of collection of receivable, the Company considers (for example) the Company’s history of collections, the current status of discussions and repayment plans, collateral received, and other evidence and information regarding collection or default risk that is available in the market place. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic condition and credit risk quality. As the Company’s international business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability or with governments with which the Company has limited experience or where there is a lack of transparency as to the current credit condition of governmental units. The Company’s allowance for all doubtful accounts related to outstanding receivables decreased to $3.6 million at August 31, 2018 from $7.4 million at August 31, 2017. The Company’s evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances available to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. Inventories Inventories are stated at the lower of cost or market. Cost is determined by the last‑in, first‑out (“LIFO”) method, the first-in, first-out (“FIFO”) method, or the weighted average cost method for inventory depending on the operations at each specific location. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory. Property, Plant, and Equipment Property, plant, equipment, and capitalized assets held for lease are stated at cost. The Company capitalizes major expenditures and charges to operating expenses the cost of current maintenance and repairs. Provisions for depreciation and amortization have been computed principally on the straight-line method for property, plant, and equipment. Rates used for depreciation are based principally on the following expected lives: buildings ‑‑ 15 to 30 years; equipment ‑‑ 3 to 7 years; leased barrier transfer machines -- 8 to 10 years; leased barriers -- 12 years; other ‑‑ 2 to 20 years and leasehold improvements – shorter of the economic life or term of the lease. All of the Company’s long‑lived asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized based upon the difference between the fair value of the asset and its carrying value. No impairments were recorded during the fiscal years ended August 31, 2018, 2017, and 2016. The cost and accumulated depreciation relating to assets retired or otherwise disposed of are eliminated from the respective accounts at the time of disposition. The resulting gain or loss is included in operating income in the consolidated statements of earnings. Valuation of Goodwill and Identifiable Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Acquired intangible assets are recognized separately from goodwill. Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually at August 31 and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Assessment of the potential impairment of goodwill and identifiable intangible assets is an integral part of the Company’s normal ongoing review of operations. Testing for potential impairment of these assets is significantly dependent on numerous assumptions and reflects management’s best estimates at a particular point in time. The dynamic economic environments in which the Company’s businesses operate and key economic and business assumptions related to projected selling prices, market growth, inflation rates and operating expense ratios, can significantly affect the outcome of impairment tests. Estimates based on these assumptions may differ significantly from actual results. Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and magnitude of impairments, as well as the time in which such impairments are recognized. In fiscal 2018, in conjunction with the Company’s annual review for impairment, the Company performed a qualitative analysis of goodwill for each of the Company’s reporting units, which are the same as its operating segments, and did not identify any potential impairment. Also in fiscal 2018, the Company performed a qualitative analysis of other intangible assets not subject to amortization and concluded there were no indicators of impairment. Income Taxes Income taxes are accounted for utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. These expected future tax consequences are measured based on currently enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s evaluation of the adequacy of any potential allowance is based on facts and circumstances available to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. Net Earnings per Share Basic net earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period. Employee stock options, non-vested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, and the amount of compensation cost for future service that the Company has not yet recognized, are assumed to be used to repurchase shares. Derivative Instruments and Hedging Activities The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. All derivative instruments are recorded on the balance sheet at their respective fair values. The Company uses these derivative instruments only to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in earnings. All changes in derivative fair values due to ineffectiveness are recognized currently in income. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of August 31, 2018, the Company’s derivative counterparty had investment grade credit ratings. Fair Value Measurements The Company’s disclosure of the fair value of assets and liabilities is based on a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: • Level 1 – inputs to valuation techniques are quoted prices in active markets for identical assets or liabilities • Level 2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly • Level 3 – inputs to the valuation techniques are unobservable for the assets or liabilities Treasury Stock When the Company repurchases its outstanding stock, it records the repurchased shares at cost as a reduction to shareholders’ equity. The weighted average cost method is utilized for share re-issuances. The difference between the cost and the re-issuance price is charged or credited to a “capital in excess of stated value – treasury stock” account to the extent that there is a sufficient balance to absorb the charge. If the treasury stock is sold for an amount less than its cost and there is not a sufficient balance in the capital in excess of stated value – treasury stock account, the excess is charged to retained earnings. Contingencies The Company’s accounting for contingencies covers a variety of business activities including contingencies for legal exposures and environmental exposures. The Company accrues these contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. Environmental Remediation Liabilities Environmental remediation liabilities include costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and can be reasonably estimated. Estimates used to record environmental remediation liabilities are based on the Company’s best estimate of probable future costs based on site-specific facts and circumstances. The Company records the undiscounted environmental remediation liabilities that represent the points in the range of estimates that are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. Translation of Foreign Currency The Company’s portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Aug. 31, 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. During fiscal 2018, the Company performed an evaluation of the effect of the ASU on the Company’s operations, accounting policies, internal control over financial reporting, consolidated financial statements, and disclosures. The Company has identified the key changes in the ASU that could impact the Company’s revenue recognition relate to contracts with terms and conditions that allow the Company to bill a customer for full compensation on a canceled order for the performance completed to date, and that include inventory which is custom engineered to a single customer’s specifications. In these cases, revenue will be recognized over the production period and not the historical practice of upon shipment or time of delivery to the customer. Within both the Irrigation and Infrastructure segments, the Company has certain product lines with customer specifications resulting in limited ability for the asset to be used for another customer. The Company estimates that an immaterial difference in sales and pre-tax operating income would have been recognized prior to August 31, 2018 if the Company followed the new accounting guidance instead of the previously applied revenue recognition guidance. The Company will adopt the new standard using the modified retrospective approach effective the first day of fiscal 2019. Based on work performed to date, the Company expects to record an immaterial adjustment to retained earnings related to the adoption of the ASU. From a balance sheet perspective, a contract asset will be recorded for the amount of revenue recognized over the production period in excess of billings to that customer. The contract asset will be offset by lower reported inventory, resulting in an immaterial effect on the balance sheet. Although there were no significant changes to the Company's accounting systems or controls upon adoption of the ASU, certain existing controls were modified to incorporate the revisions made to the Company’s accounting policies and practices. 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 |
Divestitures and Held-For-Sale
Divestitures and Held-For-Sale | 12 Months Ended |
Aug. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Divestitures and Held-For-Sale | Note 3 – Divestitures and Held-For-Sale During fiscal 2018, in connection with a portfolio review of business investments, the Company committed to a plan of divestiture of its pump and filtration businesses, a Company-owned irrigation dealership, and a Company-owned water resource consulting firm The Company expects the sale of the Company-owned irrigation dealership to close before the end of the current calendar year. Because the divestiture does not meet the criteria for discontinued operations presentation, the assets and liabilities of the Company-owned irrigation dealership are separately presented within the captions “Assets held-for-sale” and “Liabilities held-for-sale” in the consolidated balance sheet as of August 31, 2018. Additionally, during the fourth quarter of fiscal 2018, the Company closed one of its infrastructure manufacturing facilities in North America and consolidated its operations with an irrigation manufacturing facility. The building related to the closure is currently listed for sale and is included within the caption “Assets held-for-sale” in the consolidated balance sheet as of August 31, 2018. The carrying amounts of the major classes of assets and liabilities that were classified as held-for-sale at August 31, 2018, are as follows: ($ in thousands) August 31, 2018 Receivables, net of allowance of $244 $ 3,473 Inventories, net 3,676 Property, plant, and equipment, net 3,637 Intangibles, net 51 Total assets 10,837 Accounts payable 1,476 Other current liabilities 948 Total liabilities 2,424 Net assets $ 8,413 |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Aug. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Note 4 – Net Earnings Per Share The following table shows the computation of basic and diluted net earnings per share for fiscal 2018, 2017, and 2016: For the years ended August 31, ($ and shares in thousands, except per share amounts) 2018 2017 2016 Numerator: Net earnings $ 20,277 $ 23,179 $ 20,267 Denominator: Weighted average shares outstanding 10,741 10,666 10,906 Diluted effect of stock equivalents 31 28 24 Weighted average shares outstanding assuming dilution 10,772 10,694 10,930 Basic net earnings per share $ 1.89 $ 2.17 $ 1.86 Diluted net earnings per share $ 1.88 $ 2.17 $ 1.85 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: For the years ended August 31, (Units and options in thousands) 2018 2017 2016 Restricted stock units 19 10 5 Stock options 65 108 89 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Aug. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Note 5 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the accompanying consolidated balance sheets in the shareholders’ equity section, and consists of the following components: August 31, ($ in thousands) 2018 2017 Accumulated other comprehensive loss: Defined benefit pension plan, net of tax benefit of $1,362 and $1,451 $ (2,199 ) $ (2,450 ) Foreign currency translation, net of hedging activities, net of tax expense of $2,686 and $2,508 (15,889 ) (9,658 ) Total accumulated other comprehensive loss $ (18,088 ) $ (12,108 ) The following is a roll-forward of the balances in accumulated other comprehensive income (loss), net of tax. Defined Foreign Accumulated benefit currency other pension plan translation comprehensive ($ in thousands) adjustment adjustment loss Balance at August 31, 2016 $ (2,781 ) $ (11,391 ) $ (14,172 ) Current-period change 331 1,733 2,064 Balance at August 31, 2017 (2,450 ) (9,658 ) (12,108 ) Current-period change 251 (6,231 ) (5,980 ) Balance at August 31, 2018 $ (2,199 ) $ (15,889 ) $ (18,088 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 – Income Taxes The United States enacted significant tax reform into law on December 22, 2017. U.S. Tax Reform made complex and broad changes to the U.S. tax laws that affect our fiscal year 2018 in two primary ways. First, effective as of January 1, 2018, U.S. Tax Reform reduces the U.S. federal corporate income tax rate from 35 percent to 21 percent. Since the Company’s fiscal year ends in August, Lindsay has a blended U.S. federal statutory income tax rate for fiscal year 2018 of 25.7% (four months at 35% and eight months at 21%). The U.S. federal statutory income tax rate is expected to be 21 percent for fiscal year 2019 and future years. As a result of the enactment of a lower U.S. statutory corporate income tax rate, the Company remeasured U.S. deferred income tax assets and liabilities based on the rates at which they are expected to reverse in the future. The Company recorded a $0.8 million expense related to this required remeasurement. Second, U.S. Tax Reform requires companies to pay a one-time deemed repatriation tax on certain undistributed earnings of foreign subsidiaries. The Company recorded a $1.7 million provisional expense for the deemed repatriation tax. U.S. Tax Reform also established new income tax provisions that will affect the Company’s fiscal year 2019, including, but not limited to, eliminating the U.S. manufacturing deduction, and establishing a new minimum tax on global intangible low-taxed income (“GILTI”). The Company is allowed to make an accounting policy election to either treat the GILTI tax as a period expense or to provide U.S. deferred income taxes on certain foreign differences between the financial statement and tax basis of foreign assets and liabilities. An analysis of the new GILTI rules and how they may impact the Company is incomplete. Accordingly, no policy election has been made regarding the treatment of the GILTI tax. Further, we did not record a deferred tax liability for these differences. The U.S. Securities and Exchange Commission issued SAB 118, which provides guidance on accounting for the tax effects of U.S. Tax Reform. SAB 118 provides a measurement period that should not extend beyond one year from the U.S. Tax Reform enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of U.S. Tax Reform for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of U.S. Tax Reform is incomplete but it can determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before U.S. Tax Reform. The deemed repatriation tax expense is provisional, and may be adjusted during the following fiscal year within the measurement period, as a result of continuing analysis of U.S. Tax Reform, which may include additional implementation guidance from the IRS, state tax authorities, the SEC, the FASB, or the Joint Committee on Taxation, and updated information from foreign affiliates. For financial reporting purposes earnings (losses) before income taxes include the following components: For the years ended August 31, ($ in thousands) 2018 2017 2016 United States $ 25,116 $ 21,969 $ 17,805 Foreign 8,737 13,746 11,483 $ 33,853 $ 35,715 $ 29,288 Significant components of the income tax provision are as follows: For the years ended August 31, ($ in thousands) 2018 2017 2016 Current: Federal $ 9,313 $ 7,873 $ 10,570 State 1,047 781 976 Foreign 3,266 4,785 3,230 Total current 13,626 13,439 14,776 Deferred: Federal 517 (688 ) (5,456 ) State (47 ) (43 ) (268 ) Foreign (520 ) (172 ) (31 ) Total deferred (50 ) (903 ) (5,755 ) Total income tax provision $ 13,576 $ 12,536 $ 9,021 Total income tax provision resulted in effective tax rates differing from that of the statutory United States federal income tax rates. The reasons for these differences are: For the years ended August 31, ($ in thousands) 2018 2017 2016 Amount % Amount % Amount % U.S. statutory rate $ 8,700 25.7 $ 12,500 35.0 $ 10,251 35.0 State and local taxes, net of federal tax benefit 743 2.2 480 1.3 350 1.2 Foreign tax rate differences 809 2.4 (486 ) (1.4 ) (195 ) (0.7 ) U.S. tax reform 2,496 7.4 — — — — Deferred tax asset valuation allowance 758 2.2 (21 ) — (124 ) (0.4 ) Domestic production activities deduction (727 ) (2.1 ) (700 ) (2.0 ) (960 ) (3.3 ) Other 797 2.3 763 2.2 (301 ) (1.0 ) Effective rate $ 13,576 40.1 $ 12,536 35.1 $ 9,021 30.8 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: August 31, ($ in thousands) 2018 2017 Deferred tax assets: Allowance for doubtful accounts $ 947 $ 2,084 Accrued expenses 8,142 12,459 Warranty 1,648 2,957 Defined benefit pension plan 1,528 2,666 Inventory 1,935 1,923 Share-based compensation 925 1,578 Vacation 797 1,422 Net operating loss and capital loss carry forwards 2,868 1,420 Deferred revenue 536 793 Other 665 964 Gross deferred tax assets 19,991 28,266 Valuation allowance (3,562 ) (2,804 ) Net deferred tax assets $ 16,429 $ 25,462 Deferred tax liabilities: Intangible assets $ (6,648 ) $ (15,422 ) Property, plant, and equipment (4,219 ) (5,920 ) Total deferred tax liabilities $ (10,867 ) $ (21,342 ) Net deferred tax assets $ 5,562 $ 4,120 In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Because the Company has a recent history of generating cumulative losses in a certain foreign tax jurisdiction, management did not consider projections of future taxable income as persuasive evidence for the recoverability of deferred tax assets in that jurisdiction. Therefore, the Company recorded a valuation allowance of $2.9 million as of August 31, 2015, which has decreased to $2.4 million as of August 31, 2018 for the certain foreign tax jurisdiction. Additionally, in fiscal 2018 the Company sold its filtration business, generating a $5.1 million capital loss. The Company believes it is more likely than not that the benefit from the capital loss will not be realized. Therefore, the Company recorded a valuation allowance of $1.2 million as of August 31, 2018. The Company does not intend to, and has not historically, repatriated earnings of its foreign subsidiaries. Thus, the Company has not provided a deferred income tax liability on these undistributed earnings that are indefinitely reinvested. The Company would recognize a deferred income tax liability if the Company were to determine that such earnings were no longer indefinitely reinvested. During fiscal year 2018, U.S. Tax Reform was enacted, requiring companies to pay a one-time deemed repatriation tax on certain unrepatriated earnings of foreign subsidiaries, and generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries. There are other taxes that may be incurred if the Company would repatriate earnings of its foreign subsidiaries. It is not practicable to estimate the amount of income taxes that would be incurred if the Company would repatriate earnings of its foreign subsidiaries. The Company recognizes tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. A reconciliation of changes in unrecognized tax benefits is as follows: August 31, ($ in thousands) 2018 2017 Unrecognized tax benefits at September 1 $ 1,498 $ 1,260 Increases for positions taken in current year 117 371 Increases for positions taken in prior years 43 129 Decreases for positions taken in prior years (21 ) — Reduction resulting from lapse of applicable statute of limitations (38 ) (224 ) Decreases for settlements with tax authorities (200 ) (38 ) Unrecognized tax benefits at August 31 $ 1,399 $ 1,498 The net amount of unrecognized tax benefits at both August 31, 2018 and 2017 that, if recognized, would impact the Company’s effective tax rate was $1.1 million. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. Total accrued liabilities for interest and penalties included in the unrecognized tax benefits liability were $1.0 million and $0.8 million for the years ended August 31, 2018 and 2017, respectively. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months as a result of the expiration of statutes of limitations, the Company does not expect this change to have a significant impact on its results of operations or financial position. The Company files income tax returns in the United States and in state, local, and foreign jurisdictions. The U.S. Internal Revenue Service (“IRS”) began an income tax audit for fiscal year 2016 in the fall of 2017. At August 31, 2018, the Company does not believe the outcome of the IRS examination is likely to be material to our consolidated financial statements. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from three to five years. |
Inventories
Inventories | 12 Months Ended |
Aug. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 - Inventories August 31, ($ in thousands) 2018 2017 Raw materials and supplies $ 36,316 $ 31,158 Work in process 9,176 7,113 Finished goods and purchased parts 40,197 52,382 Total inventory value before LIFO adjustment 85,689 90,653 Less adjustment to LIFO value (6,456 ) (4,498 ) Inventories, net $ 79,233 $ 86,155 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Aug. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant And Equipment | Note 8 – Property, Plant, and Equipment August 31, ($ in thousands) 2018 2017 Operating property, plant, and equipment: Land $ 2,799 $ 4,869 Buildings 37,220 49,977 Machinery and equipment 75,635 80,442 Furniture and fixtures 22,727 24,547 Construction in progress 6,733 3,004 Total operating property, plant, and equipment 145,114 162,839 Accumulated depreciation (98,191 ) (99,912 ) Total operating property, plant, and equipment, net $ 46,923 $ 62,927 Property held for lease: Machines $ 8,214 $ 7,833 Barriers 18,122 18,468 Total property held for lease 26,336 26,301 Accumulated depreciation (16,011 ) (14,730 ) Total property held for lease, net $ 10,325 $ 11,571 Property, plant, and equipment, net $ 57,248 $ 74,498 Depreciation expense was $12.5 million, $12.2 million, and $12.2 million for fiscal 2018, 2017, and 2016, respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Aug. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Note 9 – Goodwill and Other Intangible Assets The carrying amount of goodwill by reportable segment for the year ended August 31, 2018 and 2017 is as follows: ($ in thousands) Irrigation Infrastructure Total Balance as of August 31, 2016 $ 60,942 $ 15,861 $ 76,803 Foreign currency translation 36 292 328 Balance as of August 31, 2017 $ 60,978 $ 16,153 $ 77,131 Divestiture of businesses (12,294 ) — (12,294 ) Foreign currency translation (93 ) (73 ) (167 ) Balance as of August 31, 2018 $ 48,591 $ 16,080 $ 64,671 The components of the Company’s identifiable intangible assets at August 31, 2018 and 2017 are included in the table below. August 31, 2018 2017 Weighted Gross Weighted Gross average carrying Accumulated average carrying Accumulated ($ in thousands) years amount amortization years amount amortization Amortizable intangible assets: Patents and developed technology 3.2 $ 26,831 $ (19,656 ) 5.1 $ 34,038 $ (21,581 ) Customer relationships 5.2 16,459 (8,668 ) 5.8 19,975 (10,419 ) Non-compete agreements 0.4 1,137 (1,048 ) 1.6 2,354 (1,806 ) Other 1.1 110 (85 ) 8.8 210 (84 ) Unamortizable intangible assets: Tradenames N/A 12,297 — N/A 20,121 — Total 3.7 $ 56,834 $ (29,457 ) 5.1 $ 76,698 $ (33,890 ) Amortization expense for amortizable intangible assets was $4.0 million, $4.4 million, and $4.7 million for fiscal 2018, 2017, and 2016, respectively. Future estimated amortization of intangible assets for the next five years is as follows: Fiscal years $ in thousands 2019 $ 2,919 2020 2,513 2021 1,875 2022 1,699 2023 1,595 Thereafter 4,479 $ 15,080 The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2018. No impairment losses were indicated as a result of the annual impairment testing for fiscal 2018, 2017 and 2016. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Aug. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 10 – Other Current Liabilities August 31, ($ in thousands) 2018 2017 Other current liabilities: Compensation and benefits $ 17,850 $ 18,926 Warranties 7,109 8,411 Deferred revenues 6,337 6,166 Dealer related liabilities 3,057 3,500 Customer deposits 2,591 4,096 Tax related liabilities 1,293 2,813 Accrued environmental liabilities 1,264 2,095 Other 7,434 9,112 Total other current liabilities $ 46,935 $ 55,119 |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Aug. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | Note 11 – Credit Arrangements Senior Notes The Company has outstanding $115.0 million in aggregate principal amount of Senior Notes, Series A (the “Senior Notes”). The entire principal of the Senior Notes is due and payable on February 19, 2030. Interest on the Senior Notes is payable semi-annually at a fixed annual rate of 3.82 percent and borrowings under the Senior Notes are unsecured. The Company used the proceeds of the sale of the Senior Notes for general corporate purposes, including acquisitions and dividends. Revolving Credit Facility The Company has outstanding a $50.0 million unsecured Amended and Restated Revolving Credit Facility (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”) expiring May 31, 2020. The Company intends to use borrowings under the Revolving Credit Facility for working capital purposes and to fund acquisitions. At August 31, 2018 and August 31, 2017 , the Company had no outstanding borrowings under the Revolving Credit Facility. The amount of borrowings available at any time under the Revolving Credit Facility is reduced by the amount of standby letters of credit issued by Wells Fargo then outstanding. At August 31, 2018, the Company had the ability to borrow up to $44.6 million under the Revolving Credit Facility, after consideration of outstanding standby letters of credit of $5.4 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate equal to LIBOR plus 90 basis points (3.01 percent at August 31, 2018), subject to adjustment as set forth in the loan documents for the Revolving Credit Facility. Interest is paid on a monthly to quarterly basis depending on loan type. The Company also pays an annual commitment fee of 0.25 percent on the unused portion of the Revolving Credit Facility. Borrowings under the Revolving Credit Facility have equal priority with borrowings under the Company’s Senior Notes. Each of the credit arrangements described above include certain covenants relating primarily to the Company’s financial condition. These financial covenants include a funded debt to EBITDA leverage ratio and an interest coverage ratio. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts outstanding thereunder may be declared to be immediately due and payable. At August 31, 2018 and August 31, 2017, the Company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates. Series 2006A Bonds Elecsys International Corporation, a wholly owned subsidiary of the Company, has outstanding $1.8 million in principal amount of industrial revenue bonds that were issued in 2006 (the “Series 2006A Bonds”). Principal and interest on the Series 2006A Bonds are payable monthly through maturity on September 1, 2026. The interest rate is adjustable every five years based on the yield of the 5-year United States Treasury Notes, plus 0.45 percent (1.92 percent as of August 31, 2018). This rate was adjusted on September 1, 2016 in accordance with the terms of the bonds, and the adjusted rate will be in force until September 1, 2021. The obligations under the Series 2006A Bonds are secured by a first priority security interest in certain real estate. Long-term debt consists of the following: August 31, ($ in thousands) 2018 2017 Senior Notes $ 115,000 $ 115,000 Revolving Credit Facility — — Series 2006A Bonds 1,775 1,976 Total debt 116,775 116,976 Less current portion (205 ) (201 ) Total long-term debt $ 116,570 $ 116,775 Principal payments due on the debt are as follows: Due within $ in thousands 1 year $ 205 2 years 209 3 years 213 4 years 217 5 years 221 Thereafter 115,710 $ 116,775 |
Financial Derivatives
Financial Derivatives | 12 Months Ended |
Aug. 31, 2018 | |
Derivative Instruments And Hedges [Abstract] | |
Financial Derivatives | Note 12 – Financial Derivatives Fair values of derivative instruments are as follows: August 31, ($ in thousands) Balance sheet location 2018 2017 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ 775 $ — Foreign currency forward contracts Other current liabilities — (1,633 ) Total derivatives designated as hedging instruments $ 775 $ (1,633 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 123 $ 9 Foreign currency forward contracts Other current liabilities (12 ) (114 ) Total derivatives not designated as hedging instruments $ 111 $ (105 ) Accumulated other comprehensive income included realized and unrealized after-tax gains of $5.0 million, $3.9 million, and $5.6 million at August 31, 2018, 2017, and 2016, respectively, related to derivative contracts designated as hedging instruments. Net Investment Hedging Relationships The amount of loss recognized in OCI on derivatives is as follows: For the years ended August 31, ($ in thousands) 2018 2017 2016 Foreign currency forward contracts, net of tax expense (benefit) of $498, ($927), and $52 $ (1,103 ) $ 1,710 $ (204 ) During fiscal 2018, 2017, and 2016, the Company settled Euro foreign currency forward contracts resulting in an after-tax net loss of $0.5 million and $0.9 million, and an after-tax net gain of $0.3 million, respectively, which were included in OCI as part of a currency translation adjustment. There were no amounts recorded in the consolidated statement of operations related to ineffectiveness of Euro foreign currency forward contracts for the years ended August 31, 2018, 2017, and 2016. At August 31, 2018 and 2017, the Company had outstanding Euro foreign currency forward contracts to sell 32.7 million Euro and 32.8 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At August 31, 2018 and 2017, the Company also had an outstanding foreign currency forward contract to sell 43.0 million South African rand at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts qualify as hedges of a net investment in foreign operations. Derivatives Not Designated as Hedging Instruments In order to reduce exposures related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of the Company’s operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. The Company may choose whether or not to designate these contracts as hedges. For those contracts not designated, changes in fair value are recognized currently in the income statement. At August 31, 2018 and 2017, the Company had $5.0 million, respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Aug. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 31, 2018 and 2017, respectively: August 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 160,787 $ — $ — $ 160,787 Derivative assets — 898 — $ 898 Derivative liabilities — (12 ) — $ (12 ) 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 ) The carrying value of long-term debt (including current portion) was $116.8 million and $117.0 million at August 31, 2018 and 2017, respectively. The fair value of this debt was estimated to be $107.3 million |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Aug. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 14 – 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 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 involving 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 consolidated financial statements. Because of the complexity and early stage of these lawsuits, the Company is unable to estimate a range of possible loss. Environmental Remediation In 1992, the Company entered into a consent decree with the U.S. Environmental Protection Agency (the “EPA”) in which the Company committed to remediate environmental contamination of the groundwater that was discovered from 1982 through 1990 at and adjacent to its Lindsay, Nebraska facility (the “site”). The site was added to the EPA’s list of priority superfund sites in 1989. Between 1993 and 1995, remediation plans for the site were approved by the EPA and fully implemented by the Company. Since 1998, the primary remaining contamination at the site has been the presence of volatile organic compounds in the soil and groundwater. To date, the remediation process has consisted primarily of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration. In fiscal 2012, the Company undertook an investigation to assess further potential site remediation and containment actions. In connection with the receipt of preliminary results of this investigation and other evaluations, the Company estimated that it would incur $7.2 million in remediation of source area contamination and operating costs and accrued that undiscounted amount. In addition to this source area, the Company determined that volatile organic compounds also existed under one of the manufacturing buildings on the site. Due to the location, the Company had not yet determined the extent of these compounds or the extent to which they were contributing to groundwater contamination. Based on the uncertainty of the remediation actions that might be required with respect to this affected area, the Company believed that meaningful estimates of costs or range of costs could not be made and accordingly were not accrued. In December 2014, the EPA requested that the Company prepare a feasibility study related to the site, including the area covered by the building, which resulted in a revision to the Company’s remediation timeline. In the first quarter of fiscal 2015, the Company accrued $1.5 million of incremental operating costs to reflect its updated timeline. The Company began soil and groundwater testing in preparation for developing this feasibility study during the first quarter of fiscal 2016. During the second quarter of fiscal 2016, the Company completed its testing which clarified the extent of contamination, including the identification of a source of contamination near the manufacturing building that was not part of the area for which reserves were previously established. The Company, with the assistance of third-party environmental experts, 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 consolidated statement of operations. The current estimated aggregate accrued cost of $16.6 million is based on consideration of several remediation options that would use different technologies, each of which the Company believes could be successful in meeting the long-term regulatory requirements of the site. 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 the preliminary discussions with the EPA, the Company anticipates that a definitive plan will not be agreed upon until fiscal 2019 or later. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site based on preliminary analysis available at this time, the estimate of costs and their timing could change as a result of a number of factors, including (1) EPA and NDEQ input on the proposed remediation plan and any changes which they may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, 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 accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of August 31, 2018 and 2017: ($ in thousands) August 31, Balance sheet location 2018 2017 Other current liabilities $ 1,264 $ 2,095 Other noncurrent liabilities 15,319 15,937 Total environmental remediation liabilities $ 16,583 $ 18,032 Leases The Company leases land, buildings, machinery, equipment, and computer equipment under various non-cancelable operating lease agreements. At August 31, 2018, future minimum lease payments under non-cancelable operating leases were as follows: Fiscal years $ in thousands 2019 $ 3,964 2020 3,996 2021 3,971 2022 3,831 2023 3,318 Thereafter 20,059 $ 39,138 Lease expense was $5.0 million, $5.1 million, and $5.0 million for fiscal 2018, 2017, and 2016, respectively. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Aug. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | Note 15 – Retirement Plans The Company has defined contribution profit‑sharing plans covering substantially all of its full-time U.S. employees. Participants may voluntarily contribute a percentage of compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The plans provide for a matching contribution by the Company. The Company’s total contributions charged to expense under the plans were $1.7 million, $1.7 million, and $1.5 million for the years ended August 31, 2018, 2017, and 2016, respectively. A supplementary non‑qualified, non‑funded retirement plan for five former executives is also maintained. Plan benefits are based on the executive’s average total compensation during the three highest compensation years of employment. This unfunded supplemental retirement plan is not subject to the minimum funding requirements of ERISA. While the plan is unfunded, the Company has purchased life insurance policies on certain former executives named in this supplemental retirement plan to provide funding for this liability. The cash surrender value of these insurance policies are recorded as other noncurrent assets. As of August 31, 2018 and 2017, the funded status of the supplemental retirement plan was recorded in the consolidated balance sheets. The Company utilizes an August 31 measurement date for plan obligations related to the supplemental retirement plan. As this is an unfunded retirement plan, the funded status is equal to the benefit obligation. The funded status of the plan and the net amount recognized in the accompanying balance sheets as of August 31 is as follows: August 31, ($ in thousands) 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 6,825 $ 7,426 Interest cost 243 236 Actuarial (gain) loss (134 ) (287 ) Benefits paid (530 ) (550 ) Benefit obligation at end of year $ 6,404 $ 6,825 Amounts recognized in the statement of financial position consist of: August 31, ($ in thousands) 2018 2017 Other current liabilities $ 530 $ 530 Pension benefit liabilities 5,874 6,295 Net amount recognized $ 6,404 $ 6,825 The before-tax amounts recognized in accumulated other comprehensive loss consists of: August 31, ($ in thousands) 2018 2017 Net actuarial loss $ (3,561 ) $ (3,901 ) For the years ended August 31, 2018 and 2017, the Company assumed a discount rate of 4.00 percent and 3.70 percent, respectively, for the determination of the liability. The assumptions used to determine benefit obligations and costs are selected based on current and expected market conditions. The discount rate is based on a hypothetical portfolio of long-term corporate bonds with cash flows approximating the timing of expected benefit payments. For the years ended August 31, 2018, 2017, and 2016, the Company assumed a discount rate of 3.70 percent, 3.30 percent, and 4.10 percent, respectively, for the determination of the net periodic benefit cost. The components of the net periodic benefit cost for the supplemental retirement plan are as follows: For the years ended August 31, ($ in thousands) 2018 2017 2016 Interest cost $ 243 $ 236 $ 281 Net amortization and deferral 206 241 209 Total $ 449 $ 477 $ 490 The estimated actuarial loss for the supplemental retirement plan that will be amortized, on a pre-tax basis, from accumulated other comprehensive loss into net periodic benefit cost during fiscal 2019 will be $0.2 million. The Company’s future annual contributions to the supplemental retirement plan will be equal to expected net benefit payments since the plan is unfunded. The following net benefit payments are expected to be paid: Fiscal years $ in thousands 2019 $ 518 2020 511 2021 504 2022 496 2023 487 Thereafter 3,889 $ 6,404 |
Warranties
Warranties | 12 Months Ended |
Aug. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Note 16 - Warranties Product Warranties The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods and/or usage of the product. The accrued product warranty costs are for a combination of specifically identified items and other incurred, but not identified, items based primarily on historical experience of actual warranty claims. This reserve is classified within other current liabilities. The following tables provide the changes in the Company’s product warranties: For the years ended August 31, ($ in thousands) 2018 2017 Product warranty accrual balance, beginning of period $ 8,411 $ 7,443 Liabilities accrued for warranties during the period 5,228 6,914 Warranty claims paid during the period (5,848 ) (6,312 ) Changes in estimates 141 366 Transfers to liabilities held-for-sale and divested businesses (823 ) — Product warranty accrual balance, end of period $ 7,109 $ 8,411 Warranty costs were $5.4 million, $7.3 million, and $5.4 million for fiscal 2018, 2017, and 2016, respectively. |
Industry Segment Information
Industry Segment Information | 12 Months Ended |
Aug. 31, 2018 | |
Segment Reporting [Abstract] | |
Industry Segment Information | Note 17 – Industry Segment Information The Company manages its business activities in two reportable segments: Irrigation and Infrastructure. The accounting policies of the two reportable segments are the same as those described in Note 1, Description of Business and Significant Accounting Policies. The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. Irrigation This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, M2M communication technology, and smartphone applications. The irrigation reporting segment consists of one operating segment. Infrastructure This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment; the manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services. The infrastructure reporting segment consists of one operating segment. The Company has no single major customer representing ten percent or more of its total revenues during fiscal 2018, 2017, or 2016. Summarized financial information concerning the Company’s reportable segments is shown in the following tables: ($ in thousands) 2018 2017 2016 Operating revenues: Irrigation $ 439,858 $ 418,041 $ 421,641 Infrastructure 107,847 99,944 94,770 Total operating revenues $ 547,705 $ 517,985 $ 516,411 Operating income: Irrigation $ 41,933 $ 42,774 $ 49,232 Infrastructure 23,857 20,131 18,535 Corporate (27,227 ) (22,704 ) (33,392 ) Total operating income 38,563 40,201 34,375 Interest and other income (expense), net (4,710 ) (4,486 ) (5,087 ) Earnings before income taxes $ 33,853 $ 35,715 $ 29,288 Total capital expenditures: Irrigation $ 9,259 $ 6,313 $ 8,375 Infrastructure 938 1,562 2,977 Corporate 857 988 144 $ 11,054 $ 8,863 $ 11,496 Depreciation and amortization: Irrigation $ 11,412 $ 11,840 $ 11,774 Infrastructure 4,611 4,452 4,648 Corporate 491 386 459 $ 16,514 $ 16,678 $ 16,881 Total assets: Irrigation $ 277,712 $ 337,446 $ 332,294 Infrastructure 69,919 80,187 81,160 Corporate 152,625 88,399 74,061 $ 500,256 $ 506,032 $ 487,515 Summarized financial information concerning the Company’s geographical areas is shown in the following tables. For the years ended August 31, ($ in thousands) 2018 2017 2016 Revenues % of total Revenues % of total Revenues % of total United States $ 321,698 59 $ 297,261 57 $ 321,554 62 International 226,007 41 220,724 43 194,857 38 Total revenues $ 547,705 100 $ 517,985 100 $ 516,411 100 For the years ended August 31, ($ in thousands) 2018 2017 2016 Long-lived tangible assets % of total Long-lived tangible assets % of total Long-lived tangible assets % of total United States $ 39,290 69 $ 54,199 73 $ 58,098 75 International 17,958 31 20,299 27 19,529 25 Total long-lived assets $ 57,248 100 $ 74,498 100 $ 77,627 100 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Aug. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 18 – Share-Based Compensation Share-Based Compensation Program Share-based compensation is designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share grants are based on competitive practices, operating results of the Company, and individual performance. As of August 31, 2018, the Company’s share-based compensation plan was the 2015 Long-Term Incentive Plan (the “2015 Plan”). The 2015 Plan was approved by the shareholders of the Company, and became effective on January 26, 2015, and replaced the Company’s 2010 Long Term Incentive Plan. At August 31, 2018, the Company had share-based awards outstanding under its 2010 and 2015 Long-Term Incentive Plans. The 2015 Plan provides for awards of stock options, restricted shares, restricted stock units, stock appreciation rights, performance shares and performance stock units to employees and non-employee directors of the Company. The maximum number of shares as to which stock awards may be granted under the 2015 Plan is 626,968 shares, exclusive of any forfeitures from the 2010 Long Term Incentive Plan. At August 31, 2018, 466,505 shares of common stock (including forfeitures from prior plans) remained available for issuance under the 2015 Plan. All stock awards will be counted against the 2015 Plan in a 1 to 1 ratio. If options, restricted stock units or performance stock units awarded under the 2010 Plan terminate without being fully vested or exercised, those shares will be available again for grant under the 2015 Plan. The 2015 Plan also limits the total awards that may be made to any individual. Share-Based Compensation Information The following table summarizes share-based compensation expense for fiscal 2018, 2017, and 2016: For the years ended August 31, ($ in thousands) 2018 2017 2016 Share-based compensation expense included in cost of operating revenues $ 113 $ 231 $ 207 Research and development 150 162 140 Sales and marketing 461 397 455 General and administrative 3,169 2,807 2,258 Share-based compensation expense included in operating expenses 3,780 3,366 2,853 Total share-based compensation expense 3,893 3,597 3,060 Tax benefit (1,090 ) (1,338 ) (1,138 ) Share-based compensation expense, net of tax $ 2,803 $ 2,259 $ 1,922 As of August 31, 2018, there was $6.6 million pre-tax of total unrecognized compensation cost related to non-vested share-based compensation arrangements which is expected to be recognized over a weighted average period of 2.1 years. Stock Options – Stock option awards have an exercise price equal to the closing price on the date of grant, expire no later than ten years from the date of grant and vest over a four-year period at 25 percent per year. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The table below shows the annual weighted average assumptions used for valuation purposes. Grant year Fiscal 2018 Fiscal 2017 Risk-free interest rate 2.2 % 1.5 % Dividend yield 1.3 % 1.5 % Expected life (years) 7 7 Volatility 33.9 % 36.5 % Weighted average grant-date fair value of options granted $ 30.72 $ 26.25 The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and volatility is based on the historical volatility of the Company’s stock price over the expected life of the option. The following table summarizes information about stock options outstanding as of and for the years ended August 31, 2018, 2017, and 2016: Number of stock options Average exercise price Average remaining contractual term (years) Aggregate intrinsic value (thousands) Stock options outstanding at August 31, 2016 127,286 $ 71.24 7.4 $ 521 Granted 47,223 $ 78.23 Exercised (43,556 ) $ 69.33 $ 681 Forfeited / cancelled (8,434 ) $ 73.90 Stock options outstanding at August 31, 2017 122,519 $ 74.43 7.5 $ 1,487 Granted 46,306 $ 91.52 Exercised (37,651 ) $ 74.02 $ 538 Forfeited / cancelled (54,371 ) $ 78.49 Stock options outstanding at August 31, 2018 76,803 $ 82.06 7.7 $ 1,053 Exercisable at August 31, 2016 57,250 $ 68.57 6.1 $ 362 Exercisable at August 31, 2017 36,348 $ 71.37 5.8 $ 553 Exercisable at August 31, 2018 25,469 $ 72.70 5.5 $ 587 There were 27,811, 25,285, and 23,164 outstanding stock options that vested during fiscal 2018, 2017, and 2016, respectively. Additional information regarding stock option exercises is summarized in the table below. For the years ended August 31, ($ in thousands) 2018 2017 2016 Intrinsic value of stock options exercised $ 538 $ 681 $ 181 Cash received from stock option exercises $ 2,788 $ 3,020 $ 113 Tax benefit realized from stock option exercises $ 151 $ 254 $ 67 Aggregate grant-date fair value of stock options vested $ 31.37 $ 35.79 $ 37.70 Restricted stock units - The restricted stock units have a grant-date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. The restricted stock units granted to employees vest over a three-year period at approximately 33 percent per year. The restricted stock units granted to non-employee directors generally vest over a nine-month period. The following table summarizes information about restricted stock units as of and for the years ended August 31, 2018, 2017, and 2016: Number of restricted stock units Weighted average grant- date fair value Restricted stock units outstanding at August 31, 2016 67,054 $ 69.11 Granted 44,647 74.75 Vested (34,312 ) 69.89 Forfeited / Cancelled (8,366 ) 70.51 Restricted stock units outstanding at August 31, 2017 69,023 $ 72.25 Granted 79,550 87.80 Vested (34,857 ) 72.82 Forfeited / Cancelled (23,107 ) 76.99 Restricted stock units outstanding at August 31, 2018 90,609 $ 84.38 Restricted stock units are generally settled with the issuance of shares with the exception of certain restricted stock units awarded to internationally-based employees that are settled in cash. At August 31, 2018, 2017, and 2016, outstanding restricted stock units included 6,474, 6,709, and 6,155 units, respectively, that will be settled in cash. The fair value of restricted stock units that vested during the period was $3.2 million and $2.4 million for each of the years ended August 31, 2018 and 2017, respectively. Performance stock units - The performance stock units have a grant-date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. The performance stock units granted to employees cliff vest after a three-year period and a specified number of shares of common stock will be awarded under the terms of the performance stock units, if performance measures relating to revenue growth and a return on net assets are achieved. The table below summarizes the status of the Company’s performance stock units as of and for the year ended August 31, 2018, 2017, and 2016: Number of performance stock units Weighted average grant- date fair value Performance stock units outstanding at August 31, 2016 38,148 $ 72.20 Granted 15,902 74.80 Forfeited / cancelled (15,361 ) 74.10 Performance stock units outstanding at August 31, 2017 38,689 $ 72.52 Granted 15,524 88.02 Forfeited / cancelled (34,261 ) 74.61 Performance stock units outstanding at August 31, 2018 19,952 80.99 In connection with the performance stock units, the performance goals are based upon revenue growth and a return on net assets during the performance period. The awards actually earned will range from zero to two hundred percent of the targeted number of performance stock units and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. The Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. If defined performance goals are not met, no compensation cost will be recognized and any previously recognized compensation expense will be reversed. In fiscal 2018 and 2017, no performance stock units vested. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Share Repurchases | Note 19 – Share Repurchases The Company’s Board of Directors authorized a share repurchase program of up to $250.0 million of common stock with no expiration date. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. There were no shares repurchased during the twelve months ended August 31, 2018 and 2017. During the twelve months ended August 31, 2016, the Company repurchased 688,790 shares of common stock for an aggregate purchase price of $ 48.3 |
Quarterly Results Of Operations
Quarterly Results Of Operations | 12 Months Ended |
Aug. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results Of Operations | Note 20 – Quarterly Results of Operations (Unaudited) First Second Third Fourth ($ in thousands, except per share amounts) Quarter Quarter Quarter Quarter Year ended August 31, 2018 Operating revenues $ 124,526 $ 130,339 $ 169,571 $ 123,269 Cost of operating revenues $ 92,129 $ 95,023 $ 118,093 $ 90,998 Earnings before income taxes $ 4,792 $ 5,676 $ 17,445 $ 5,940 Net earnings $ 3,185 $ 1,735 $ 10,379 $ 4,978 Diluted net earnings per share $ 0.30 $ 0.16 $ 0.96 $ 0.46 Year ended August 31, 2017 Operating revenues $ 110,390 $ 124,125 $ 151,533 $ 131,937 Cost of operating revenues $ 82,016 $ 91,184 $ 105,627 $ 94,146 Earnings before income taxes $ 1,335 $ 7,636 $ 16,197 $ 10,547 Net earnings $ 873 $ 5,012 $ 10,952 $ 6,342 Diluted net earnings per share $ 0.08 $ 0.47 $ 1.02 $ 0.59 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Aug. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | (a)(2) Financial Statement Schedules. Lindsay Corporation and Subsidiaries VALUATION AND QUALIFYING ACCOUNTS Years ended August 31, 2018, 2017, and 2016 Additions (in thousands) Balance at beginning of period Charges to costs and expenses Charged to other accounts Deductions Balance at end of period Year ended August 31, 2018: Deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts (1) $ 7,447 $ 744 $ — $ 4,606 $ 3,585 Deferred tax asset valuation allowance (2) 2,804 758 — — 3,562 Year ended August 31, 2017: Deducted in the balance sheet from the Valuation Allowance for doubtful accounts (1) $ 8,312 $ 483 $ — $ 1,348 $ 7,447 Deferred tax asset valuation allowance (2) 2,825 — — 21 2,804 Year ended August 31, 2016: Deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts (1) $ 9,706 $ 800 $ — $ 2,194 $ 8,312 Deferred tax asset valuation allowance (2) 2,949 — — 124 2,825 (1) Deductions consist of uncollectible items reserved, less recoveries of items previously reserved. (2) Additions and deductions consist of changes to deferred tax assets not expected to be realized. (a)(3) Exhibits. The list of the Exhibits in the Exhibit Index is incorporated into this item by reference. |
Description Of Business And S_2
Description Of Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Irrigation Segment | Irrigation Segment The Company’s irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy and labor |
Infrastructure Segment | Infrastructure Segment The Company’s infrastructure segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, large diameter steel tubing, and railroad signals and structures. The infrastructure segment also provides outsourced manufacturing and production services. The principal infrastructure manufacturing facilities are located in Rio Vista, California; Milan, Italy; and Lindsay, Nebraska. |
Principles Of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior financial statements to conform to the current-year presentation. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company’s basic criteria necessary for revenue recognition are: 1) evidence of a sales arrangement exists, 2) delivery of goods has occurred, 3) the sales price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. The Company generally has no post-delivery obligations to its independent dealers other than standard warranties. Revenues and gross profits on intercompany sales are eliminated in consolidation. Revenues from the sale of the Company’s products are recognized based on the delivery terms in the sales contract. If an arrangement involves multiple deliverables, revenues from the arrangement are allocated to the separate units of accounting based on their relative selling price. The Company offers a subscription-based service for wireless management and recognizes subscription revenue on a straight-line basis over the contract term. The Company leases certain infrastructure property held for lease to customers such as moveable concrete barriers and Road Zipper Systems ® The costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Customer rebates, cash discounts and other sales incentives are recorded as a reduction of revenues at the time of the original sale. Estimates used in the recognition of operating revenues and cost of operating revenues include, but are not limited to, estimates for product warranties, product rebates, cash discounts and fair value of separate units of accounting on multiple deliverables. |
Share-Based Compensation | Share-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock units or performance stock units from new stock issuances. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statement of Operations over the periods during which the employee or director is required to perform a service in exchange for the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) as its valuation method for stock option awards. Under the Black-Scholes model, the fair value of stock option awards on the date of grant is estimated using an option-pricing model that is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Restricted stock, restricted stock units, performance shares and performance stock units issued under the 2015 Long-Term Incentive Plan will have a grant-date fair value equal to the fair market value of the underlying stock on the grant date less present value of expected dividends. |
Warranty Costs | Warranty Costs The Company’s provision for product warranty reflects management’s best estimate of probable liability under its product warranties. At the time a sale is recognized, the company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims. This provision is periodically adjusted to reflect actual experience. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less. |
Receivables And Allowances | Receivables and Allowances Trade receivables are reported on the balance sheet net of any doubtful accounts. Losses are recognized when it is probable that an asset has been impaired and the amount of the loss can be reasonably estimated. In estimating probable losses, the Company reviews specific accounts that are significant and past due, in bankruptcy or otherwise identified as at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of default. In assessing the likelihood of collection of receivable, the Company considers (for example) the Company’s history of collections, the current status of discussions and repayment plans, collateral received, and other evidence and information regarding collection or default risk that is available in the market place. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic condition and credit risk quality. As the Company’s international business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability or with governments with which the Company has limited experience or where there is a lack of transparency as to the current credit condition of governmental units. The Company’s allowance for all doubtful accounts related to outstanding receivables decreased to $3.6 million at August 31, 2018 from $7.4 million at August 31, 2017. The Company’s evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances available to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined by the last‑in, first‑out (“LIFO”) method, the first-in, first-out (“FIFO”) method, or the weighted average cost method for inventory depending on the operations at each specific location. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory. |
Property, Plant And Equipment | Property, Plant, and Equipment Property, plant, equipment, and capitalized assets held for lease are stated at cost. The Company capitalizes major expenditures and charges to operating expenses the cost of current maintenance and repairs. Provisions for depreciation and amortization have been computed principally on the straight-line method for property, plant, and equipment. Rates used for depreciation are based principally on the following expected lives: buildings ‑‑ 15 to 30 years; equipment ‑‑ 3 to 7 years; leased barrier transfer machines -- 8 to 10 years; leased barriers -- 12 years; other ‑‑ 2 to 20 years and leasehold improvements – shorter of the economic life or term of the lease. All of the Company’s long‑lived asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized based upon the difference between the fair value of the asset and its carrying value. No impairments were recorded during the fiscal years ended August 31, 2018, 2017, and 2016. The cost and accumulated depreciation relating to assets retired or otherwise disposed of are eliminated from the respective accounts at the time of disposition. The resulting gain or loss is included in operating income in the consolidated statements of earnings. |
Valuation Of Goodwill And Identifiable Intangible Assets | Valuation of Goodwill and Identifiable Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Acquired intangible assets are recognized separately from goodwill. Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually at August 31 and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Assessment of the potential impairment of goodwill and identifiable intangible assets is an integral part of the Company’s normal ongoing review of operations. Testing for potential impairment of these assets is significantly dependent on numerous assumptions and reflects management’s best estimates at a particular point in time. The dynamic economic environments in which the Company’s businesses operate and key economic and business assumptions related to projected selling prices, market growth, inflation rates and operating expense ratios, can significantly affect the outcome of impairment tests. Estimates based on these assumptions may differ significantly from actual results. Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and magnitude of impairments, as well as the time in which such impairments are recognized. In fiscal 2018, in conjunction with the Company’s annual review for impairment, the Company performed a qualitative analysis of goodwill for each of the Company’s reporting units, which are the same as its operating segments, and did not identify any potential impairment. Also in fiscal 2018, the Company performed a qualitative analysis of other intangible assets not subject to amortization and concluded there were no indicators of impairment. |
Income Taxes | Income Taxes Income taxes are accounted for utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. These expected future tax consequences are measured based on currently enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s evaluation of the adequacy of any potential allowance is based on facts and circumstances available to the Company at the date the consolidated financial statements are issued and considers any significant changes in circumstances occurring through the date that the financial statements are issued. |
Net Earnings Per Share | Net Earnings per Share Basic net earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period. Employee stock options, non-vested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, and the amount of compensation cost for future service that the Company has not yet recognized, are assumed to be used to repurchase shares. |
Derivative Instruments And Hedging Activities | Derivative Instruments and Hedging Activities The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. All derivative instruments are recorded on the balance sheet at their respective fair values. The Company uses these derivative instruments only to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in earnings. All changes in derivative fair values due to ineffectiveness are recognized currently in income. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of August 31, 2018, the Company’s derivative counterparty had investment grade credit ratings. |
Fair Value Measurements | Fair Value Measurements The Company’s disclosure of the fair value of assets and liabilities is based on a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: • Level 1 – inputs to valuation techniques are quoted prices in active markets for identical assets or liabilities • Level 2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly • Level 3 – inputs to the valuation techniques are unobservable for the assets or liabilities |
Treasury Stock | Treasury Stock When the Company repurchases its outstanding stock, it records the repurchased shares at cost as a reduction to shareholders’ equity. The weighted average cost method is utilized for share re-issuances. The difference between the cost and the re-issuance price is charged or credited to a “capital in excess of stated value – treasury stock” account to the extent that there is a sufficient balance to absorb the charge. If the treasury stock is sold for an amount less than its cost and there is not a sufficient balance in the capital in excess of stated value – treasury stock account, the excess is charged to retained earnings. |
Contingencies | Contingencies The Company’s accounting for contingencies covers a variety of business activities including contingencies for legal exposures and environmental exposures. The Company accrues these contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. |
Environmental Remediation Liabilities | Environmental Remediation Liabilities Environmental remediation liabilities include costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and can be reasonably estimated. Estimates used to record environmental remediation liabilities are based on the Company’s best estimate of probable future costs based on site-specific facts and circumstances. The Company records the undiscounted environmental remediation liabilities that represent the points in the range of estimates that are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. |
Translation Of Foreign Currency | Translation of Foreign Currency The Company’s portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss. |
New Accounting Pronouncements | 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. During fiscal 2018, the Company performed an evaluation of the effect of the ASU on the Company’s operations, accounting policies, internal control over financial reporting, consolidated financial statements, and disclosures. The Company has identified the key changes in the ASU that could impact the Company’s revenue recognition relate to contracts with terms and conditions that allow the Company to bill a customer for full compensation on a canceled order for the performance completed to date, and that include inventory which is custom engineered to a single customer’s specifications. In these cases, revenue will be recognized over the production period and not the historical practice of upon shipment or time of delivery to the customer. Within both the Irrigation and Infrastructure segments, the Company has certain product lines with customer specifications resulting in limited ability for the asset to be used for another customer. The Company estimates that an immaterial difference in sales and pre-tax operating income would have been recognized prior to August 31, 2018 if the Company followed the new accounting guidance instead of the previously applied revenue recognition guidance. The Company will adopt the new standard using the modified retrospective approach effective the first day of fiscal 2019. Based on work performed to date, the Company expects to record an immaterial adjustment to retained earnings related to the adoption of the ASU. From a balance sheet perspective, a contract asset will be recorded for the amount of revenue recognized over the production period in excess of billings to that customer. The contract asset will be offset by lower reported inventory, resulting in an immaterial effect on the balance sheet. Although there were no significant changes to the Company's accounting systems or controls upon adoption of the ASU, certain existing controls were modified to incorporate the revisions made to the Company’s accounting policies and practices. 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 |
Divestitures and Held-For-Sale
Divestitures and Held-For-Sale (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Carrying Amounts of Major classes of Assets and Liabilities Classified as Held-for-Sale | ($ in thousands) August 31, 2018 Receivables, net of allowance of $244 $ 3,473 Inventories, net 3,676 Property, plant, and equipment, net 3,637 Intangibles, net 51 Total assets 10,837 Accounts payable 1,476 Other current liabilities 948 Total liabilities 2,424 Net assets $ 8,413 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Net Earnings Per Share | For the years ended August 31, ($ and shares in thousands, except per share amounts) 2018 2017 2016 Numerator: Net earnings $ 20,277 $ 23,179 $ 20,267 Denominator: Weighted average shares outstanding 10,741 10,666 10,906 Diluted effect of stock equivalents 31 28 24 Weighted average shares outstanding assuming dilution 10,772 10,694 10,930 Basic net earnings per share $ 1.89 $ 2.17 $ 1.86 Diluted net earnings per share $ 1.88 $ 2.17 $ 1.85 |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | For the years ended August 31, (Units and options in thousands) 2018 2017 2016 Restricted stock units 19 10 5 Stock options 65 108 89 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | August 31, ($ in thousands) 2018 2017 Accumulated other comprehensive loss: Defined benefit pension plan, net of tax benefit of $1,362 and $1,451 $ (2,199 ) $ (2,450 ) Foreign currency translation, net of hedging activities, net of tax expense of $2,686 and $2,508 (15,889 ) (9,658 ) Total accumulated other comprehensive loss $ (18,088 ) $ (12,108 ) |
Roll Forward Of Balances In Accumulated Other Comprehensive Income (Loss) | Defined Foreign Accumulated benefit currency other pension plan translation comprehensive ($ in thousands) adjustment adjustment loss Balance at August 31, 2016 $ (2,781 ) $ (11,391 ) $ (14,172 ) Current-period change 331 1,733 2,064 Balance at August 31, 2017 (2,450 ) (9,658 ) (12,108 ) Current-period change 251 (6,231 ) (5,980 ) Balance at August 31, 2018 $ (2,199 ) $ (15,889 ) $ (18,088 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Earnings Before Income Taxes | For the years ended August 31, ($ in thousands) 2018 2017 2016 United States $ 25,116 $ 21,969 $ 17,805 Foreign 8,737 13,746 11,483 $ 33,853 $ 35,715 $ 29,288 |
Schedule Of Significant Components Of Income Tax Provision | For the years ended August 31, ($ in thousands) 2018 2017 2016 Current: Federal $ 9,313 $ 7,873 $ 10,570 State 1,047 781 976 Foreign 3,266 4,785 3,230 Total current 13,626 13,439 14,776 Deferred: Federal 517 (688 ) (5,456 ) State (47 ) (43 ) (268 ) Foreign (520 ) (172 ) (31 ) Total deferred (50 ) (903 ) (5,755 ) Total income tax provision $ 13,576 $ 12,536 $ 9,021 |
Schedule of Effective Income Tax Rate Reconciliation | For the years ended August 31, ($ in thousands) 2018 2017 2016 Amount % Amount % Amount % U.S. statutory rate $ 8,700 25.7 $ 12,500 35.0 $ 10,251 35.0 State and local taxes, net of federal tax benefit 743 2.2 480 1.3 350 1.2 Foreign tax rate differences 809 2.4 (486 ) (1.4 ) (195 ) (0.7 ) U.S. tax reform 2,496 7.4 — — — — Deferred tax asset valuation allowance 758 2.2 (21 ) — (124 ) (0.4 ) Domestic production activities deduction (727 ) (2.1 ) (700 ) (2.0 ) (960 ) (3.3 ) Other 797 2.3 763 2.2 (301 ) (1.0 ) Effective rate $ 13,576 40.1 $ 12,536 35.1 $ 9,021 30.8 |
Schedule of Deferred Tax Assets and Liabilities | August 31, ($ in thousands) 2018 2017 Deferred tax assets: Allowance for doubtful accounts $ 947 $ 2,084 Accrued expenses 8,142 12,459 Warranty 1,648 2,957 Defined benefit pension plan 1,528 2,666 Inventory 1,935 1,923 Share-based compensation 925 1,578 Vacation 797 1,422 Net operating loss and capital loss carry forwards 2,868 1,420 Deferred revenue 536 793 Other 665 964 Gross deferred tax assets 19,991 28,266 Valuation allowance (3,562 ) (2,804 ) Net deferred tax assets $ 16,429 $ 25,462 Deferred tax liabilities: Intangible assets $ (6,648 ) $ (15,422 ) Property, plant, and equipment (4,219 ) (5,920 ) Total deferred tax liabilities $ (10,867 ) $ (21,342 ) Net deferred tax assets $ 5,562 $ 4,120 |
Schedule of Unrecognized Tax Benefits Roll Forward | August 31, ($ in thousands) 2018 2017 Unrecognized tax benefits at September 1 $ 1,498 $ 1,260 Increases for positions taken in current year 117 371 Increases for positions taken in prior years 43 129 Decreases for positions taken in prior years (21 ) — Reduction resulting from lapse of applicable statute of limitations (38 ) (224 ) Decreases for settlements with tax authorities (200 ) (38 ) Unrecognized tax benefits at August 31 $ 1,399 $ 1,498 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | August 31, ($ in thousands) 2018 2017 Raw materials and supplies $ 36,316 $ 31,158 Work in process 9,176 7,113 Finished goods and purchased parts 40,197 52,382 Total inventory value before LIFO adjustment 85,689 90,653 Less adjustment to LIFO value (6,456 ) (4,498 ) Inventories, net $ 79,233 $ 86,155 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | August 31, ($ in thousands) 2018 2017 Operating property, plant, and equipment: Land $ 2,799 $ 4,869 Buildings 37,220 49,977 Machinery and equipment 75,635 80,442 Furniture and fixtures 22,727 24,547 Construction in progress 6,733 3,004 Total operating property, plant, and equipment 145,114 162,839 Accumulated depreciation (98,191 ) (99,912 ) Total operating property, plant, and equipment, net $ 46,923 $ 62,927 Property held for lease: Machines $ 8,214 $ 7,833 Barriers 18,122 18,468 Total property held for lease 26,336 26,301 Accumulated depreciation (16,011 ) (14,730 ) Total property held for lease, net $ 10,325 $ 11,571 Property, plant, and equipment, net $ 57,248 $ 74,498 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount In Goodwill By Segment | ($ in thousands) Irrigation Infrastructure Total Balance as of August 31, 2016 $ 60,942 $ 15,861 $ 76,803 Foreign currency translation 36 292 328 Balance as of August 31, 2017 $ 60,978 $ 16,153 $ 77,131 Divestiture of businesses (12,294 ) — (12,294 ) Foreign currency translation (93 ) (73 ) (167 ) Balance as of August 31, 2018 $ 48,591 $ 16,080 $ 64,671 |
Schedule Of Intangible Assets Finite And Infinite Excluding Goodwill | August 31, 2018 2017 Weighted Gross Weighted Gross average carrying Accumulated average carrying Accumulated ($ in thousands) years amount amortization years amount amortization Amortizable intangible assets: Patents and developed technology 3.2 $ 26,831 $ (19,656 ) 5.1 $ 34,038 $ (21,581 ) Customer relationships 5.2 16,459 (8,668 ) 5.8 19,975 (10,419 ) Non-compete agreements 0.4 1,137 (1,048 ) 1.6 2,354 (1,806 ) Other 1.1 110 (85 ) 8.8 210 (84 ) Unamortizable intangible assets: Tradenames N/A 12,297 — N/A 20,121 — Total 3.7 $ 56,834 $ (29,457 ) 5.1 $ 76,698 $ (33,890 ) |
Schedule Of Future Estimated Amortization Of Intangible Assets | Fiscal years $ in thousands 2019 $ 2,919 2020 2,513 2021 1,875 2022 1,699 2023 1,595 Thereafter 4,479 $ 15,080 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Liabilities Current | August 31, ($ in thousands) 2018 2017 Other current liabilities: Compensation and benefits $ 17,850 $ 18,926 Warranties 7,109 8,411 Deferred revenues 6,337 6,166 Dealer related liabilities 3,057 3,500 Customer deposits 2,591 4,096 Tax related liabilities 1,293 2,813 Accrued environmental liabilities 1,264 2,095 Other 7,434 9,112 Total other current liabilities $ 46,935 $ 55,119 |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | August 31, ($ in thousands) 2018 2017 Senior Notes $ 115,000 $ 115,000 Revolving Credit Facility — — Series 2006A Bonds 1,775 1,976 Total debt 116,775 116,976 Less current portion (205 ) (201 ) Total long-term debt $ 116,570 $ 116,775 |
Schedule Of Principal Payments Due On Long-Term Debt | Due within $ in thousands 1 year $ 205 2 years 209 3 years 213 4 years 217 5 years 221 Thereafter 115,710 $ 116,775 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Derivative Instruments And Hedges [Abstract] | |
Schedule Of Financial Derivatives | August 31, ($ in thousands) Balance sheet location 2018 2017 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ 775 $ — Foreign currency forward contracts Other current liabilities — (1,633 ) Total derivatives designated as hedging instruments $ 775 $ (1,633 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 123 $ 9 Foreign currency forward contracts Other current liabilities (12 ) (114 ) Total derivatives not designated as hedging instruments $ 111 $ (105 ) |
Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss) | For the years ended August 31, ($ in thousands) 2018 2017 2016 Foreign currency forward contracts, net of tax expense (benefit) of $498, ($927), and $52 $ (1,103 ) $ 1,710 $ (204 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value | August 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 160,787 $ — $ — $ 160,787 Derivative assets — 898 — $ 898 Derivative liabilities — (12 ) — $ (12 ) 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) | 12 Months Ended |
Aug. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary Of Undiscounted Environmental Remediation Liability Classifications | The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of August 31, 2018 and 2017: ($ in thousands) August 31, Balance sheet location 2018 2017 Other current liabilities $ 1,264 $ 2,095 Other noncurrent liabilities 15,319 15,937 Total environmental remediation liabilities $ 16,583 $ 18,032 |
Schedule Of Future Minimum Lease Payments | At August 31, 2018, future minimum lease payments under non-cancelable operating leases were as follows: Fiscal years $ in thousands 2019 $ 3,964 2020 3,996 2021 3,971 2022 3,831 2023 3,318 Thereafter 20,059 $ 39,138 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Amounts Recognized in Balance Sheet | August 31, ($ in thousands) 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 6,825 $ 7,426 Interest cost 243 236 Actuarial (gain) loss (134 ) (287 ) Benefits paid (530 ) (550 ) Benefit obligation at end of year $ 6,404 $ 6,825 |
Schedule Of Amounts Recognized In Statement Of Financial Position | August 31, ($ in thousands) 2018 2017 Other current liabilities $ 530 $ 530 Pension benefit liabilities 5,874 6,295 Net amount recognized $ 6,404 $ 6,825 |
Schedule Of Before-tax Amounts Recognized In Accumulated Other Comprehensive Loss | August 31, ($ in thousands) 2018 2017 Net actuarial loss $ (3,561 ) $ (3,901 ) |
Schedules Of Net Periodic Benefit Costs | For the years ended August 31, ($ in thousands) 2018 2017 2016 Interest cost $ 243 $ 236 $ 281 Net amortization and deferral 206 241 209 Total $ 449 $ 477 $ 490 |
Schedule of Expected Benefit Payments | Fiscal years $ in thousands 2019 $ 518 2020 511 2021 504 2022 496 2023 487 Thereafter 3,889 $ 6,404 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule Of Product Warranty Liability | The following tables provide the changes in the Company’s product warranties: For the years ended August 31, ($ in thousands) 2018 2017 Product warranty accrual balance, beginning of period $ 8,411 $ 7,443 Liabilities accrued for warranties during the period 5,228 6,914 Warranty claims paid during the period (5,848 ) (6,312 ) Changes in estimates 141 366 Transfers to liabilities held-for-sale and divested businesses (823 ) — Product warranty accrual balance, end of period $ 7,109 $ 8,411 |
Industry Segment Information (T
Industry Segment Information (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | ($ in thousands) 2018 2017 2016 Operating revenues: Irrigation $ 439,858 $ 418,041 $ 421,641 Infrastructure 107,847 99,944 94,770 Total operating revenues $ 547,705 $ 517,985 $ 516,411 Operating income: Irrigation $ 41,933 $ 42,774 $ 49,232 Infrastructure 23,857 20,131 18,535 Corporate (27,227 ) (22,704 ) (33,392 ) Total operating income 38,563 40,201 34,375 Interest and other income (expense), net (4,710 ) (4,486 ) (5,087 ) Earnings before income taxes $ 33,853 $ 35,715 $ 29,288 Total capital expenditures: Irrigation $ 9,259 $ 6,313 $ 8,375 Infrastructure 938 1,562 2,977 Corporate 857 988 144 $ 11,054 $ 8,863 $ 11,496 Depreciation and amortization: Irrigation $ 11,412 $ 11,840 $ 11,774 Infrastructure 4,611 4,452 4,648 Corporate 491 386 459 $ 16,514 $ 16,678 $ 16,881 Total assets: Irrigation $ 277,712 $ 337,446 $ 332,294 Infrastructure 69,919 80,187 81,160 Corporate 152,625 88,399 74,061 $ 500,256 $ 506,032 $ 487,515 |
Schedule Of Revenue And Long-Lived Assets By Geographical Areas | For the years ended August 31, ($ in thousands) 2018 2017 2016 Revenues % of total Revenues % of total Revenues % of total United States $ 321,698 59 $ 297,261 57 $ 321,554 62 International 226,007 41 220,724 43 194,857 38 Total revenues $ 547,705 100 $ 517,985 100 $ 516,411 100 For the years ended August 31, ($ in thousands) 2018 2017 2016 Long-lived tangible assets % of total Long-lived tangible assets % of total Long-lived tangible assets % of total United States $ 39,290 69 $ 54,199 73 $ 58,098 75 International 17,958 31 20,299 27 19,529 25 Total long-lived assets $ 57,248 100 $ 74,498 100 $ 77,627 100 |
Shared-Based Compensation (Tabl
Shared-Based Compensation (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule Of Share-Based Compensation Expense | For the years ended August 31, ($ in thousands) 2018 2017 2016 Share-based compensation expense included in cost of operating revenues $ 113 $ 231 $ 207 Research and development 150 162 140 Sales and marketing 461 397 455 General and administrative 3,169 2,807 2,258 Share-based compensation expense included in operating expenses 3,780 3,366 2,853 Total share-based compensation expense 3,893 3,597 3,060 Tax benefit (1,090 ) (1,338 ) (1,138 ) Share-based compensation expense, net of tax $ 2,803 $ 2,259 $ 1,922 |
Schedule Of Assumptions Used | Grant year Fiscal 2018 Fiscal 2017 Risk-free interest rate 2.2 % 1.5 % Dividend yield 1.3 % 1.5 % Expected life (years) 7 7 Volatility 33.9 % 36.5 % Weighted average grant-date fair value of options granted $ 30.72 $ 26.25 |
Summary Of Stock Option Activity | Number of stock options Average exercise price Average remaining contractual term (years) Aggregate intrinsic value (thousands) Stock options outstanding at August 31, 2016 127,286 $ 71.24 7.4 $ 521 Granted 47,223 $ 78.23 Exercised (43,556 ) $ 69.33 $ 681 Forfeited / cancelled (8,434 ) $ 73.90 Stock options outstanding at August 31, 2017 122,519 $ 74.43 7.5 $ 1,487 Granted 46,306 $ 91.52 Exercised (37,651 ) $ 74.02 $ 538 Forfeited / cancelled (54,371 ) $ 78.49 Stock options outstanding at August 31, 2018 76,803 $ 82.06 7.7 $ 1,053 Exercisable at August 31, 2016 57,250 $ 68.57 6.1 $ 362 Exercisable at August 31, 2017 36,348 $ 71.37 5.8 $ 553 Exercisable at August 31, 2018 25,469 $ 72.70 5.5 $ 587 |
Summary Of Share Based Compensation Additional Information | For the years ended August 31, ($ in thousands) 2018 2017 2016 Intrinsic value of stock options exercised $ 538 $ 681 $ 181 Cash received from stock option exercises $ 2,788 $ 3,020 $ 113 Tax benefit realized from stock option exercises $ 151 $ 254 $ 67 Aggregate grant-date fair value of stock options vested $ 31.37 $ 35.79 $ 37.70 |
Summary Of Restricted Stock Units | Number of restricted stock units Weighted average grant- date fair value Restricted stock units outstanding at August 31, 2016 67,054 $ 69.11 Granted 44,647 74.75 Vested (34,312 ) 69.89 Forfeited / Cancelled (8,366 ) 70.51 Restricted stock units outstanding at August 31, 2017 69,023 $ 72.25 Granted 79,550 87.80 Vested (34,857 ) 72.82 Forfeited / Cancelled (23,107 ) 76.99 Restricted stock units outstanding at August 31, 2018 90,609 $ 84.38 |
Schedule Of Performance Stock Status | Number of performance stock units Weighted average grant- date fair value Performance stock units outstanding at August 31, 2016 38,148 $ 72.20 Granted 15,902 74.80 Forfeited / cancelled (15,361 ) 74.10 Performance stock units outstanding at August 31, 2017 38,689 $ 72.52 Granted 15,524 88.02 Forfeited / cancelled (34,261 ) 74.61 Performance stock units outstanding at August 31, 2018 19,952 80.99 |
Quarterly Results Of Operatio_2
Quarterly Results Of Operations (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results | First Second Third Fourth ($ in thousands, except per share amounts) Quarter Quarter Quarter Quarter Year ended August 31, 2018 Operating revenues $ 124,526 $ 130,339 $ 169,571 $ 123,269 Cost of operating revenues $ 92,129 $ 95,023 $ 118,093 $ 90,998 Earnings before income taxes $ 4,792 $ 5,676 $ 17,445 $ 5,940 Net earnings $ 3,185 $ 1,735 $ 10,379 $ 4,978 Diluted net earnings per share $ 0.30 $ 0.16 $ 0.96 $ 0.46 Year ended August 31, 2017 Operating revenues $ 110,390 $ 124,125 $ 151,533 $ 131,937 Cost of operating revenues $ 82,016 $ 91,184 $ 105,627 $ 94,146 Earnings before income taxes $ 1,335 $ 7,636 $ 16,197 $ 10,547 Net earnings $ 873 $ 5,012 $ 10,952 $ 6,342 Diluted net earnings per share $ 0.08 $ 0.47 $ 1.02 $ 0.59 |
Description Of Business And S_3
Description Of Business And Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018USD ($)Segment | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | |
Description Of Business And Significant Accounting Policies [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Allowance for doubtful accounts | $ 3,600 | $ 7,400 | |
Impairments | $ 0 | $ 0 | $ 0 |
Building [Member] | Minimum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 15 years | ||
Building [Member] | Maximum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 30 years | ||
Equipment [Member] | Minimum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 7 years | ||
Leased Barrier Transfer Machines [Member] | Minimum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 8 years | ||
Leased Barrier Transfer Machines [Member] | Maximum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 10 years | ||
Leased Barriers [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 12 years | ||
Other [Member] | Minimum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 2 years | ||
Other [Member] | Maximum [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Useful life | 20 years |
Divestitures and Held-For-Sal_2
Divestitures and Held-For-Sale (Narrative) (Details) $ in Thousands | 12 Months Ended |
Aug. 31, 2018USD ($)Facility | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Loss on sale of businesses | $ 4,056 |
North America [Member] | Infrastructure [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Number of manufacturing facilities closed | Facility | 1 |
General and Administrative Expense [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Loss on sale of businesses | $ 4,100 |
Schedule of Carrying Amounts of
Schedule of Carrying Amounts of Major classes of Assets and Liabilities Classified as Held-for-Sale (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Discontinued Operations And Disposal Groups [Abstract] | |
Receivables, net of allowance of $244 | $ 3,473 |
Inventories, net | 3,676 |
Property, plant, and equipment, net | 3,637 |
Intangibles, net | 51 |
Total assets | 10,837 |
Accounts payable | 1,476 |
Other current liabilities | 948 |
Total liabilities | 2,424 |
Net assets | $ 8,413 |
Schedule of Carrying Amounts _2
Schedule of Carrying Amounts of Major classes of Assets and Liabilities Classified as Held-for-Sale (Parenthetical) (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Discontinued Operations And Disposal Groups [Abstract] | |
Receivables, allowance | $ 244 |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule Of Computation Of Basic And Diluted Net Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings | $ 4,978 | $ 10,379 | $ 1,735 | $ 3,185 | $ 6,342 | $ 10,952 | $ 5,012 | $ 873 | $ 20,277 | $ 23,179 | $ 20,267 |
Weighted average shares outstanding | 10,741 | 10,666 | 10,906 | ||||||||
Diluted effect of stock equivalents | 31 | 28 | 24 | ||||||||
Weighted average shares outstanding assuming dilution | 10,772 | 10,694 | 10,930 | ||||||||
Basic net earnings per share | $ 1.89 | $ 2.17 | $ 1.86 | ||||||||
Diluted net earnings per share | $ 0.46 | $ 0.96 | $ 0.16 | $ 0.30 | $ 0.59 | $ 1.02 | $ 0.47 | $ 0.08 | $ 1.88 | $ 2.17 | $ 1.85 |
Net Earnings Per Share (Sched_2
Net Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
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 | 19 | 10 | 5 |
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 | 65 | 108 | 89 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 |
Accumulated Other Comprehensive Loss [Abstract] | |||
Defined benefit pension plan, net of tax benefit of $1,362 and $1,451 | $ (2,199) | $ (2,450) | |
Foreign currency translation, net of hedging activities, net of tax expense of $2,686 and $2,508 | (15,889) | (9,658) | |
Total accumulated other comprehensive loss | $ (18,088) | $ (12,108) | $ (14,172) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | ||
Defined benefit pension tax | $ 1,362 | $ 1,451 |
Foreign currency adjustment tax | $ 2,686 | $ 2,508 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Roll Forward Of Balances In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (12,108) | $ (14,172) | |
Current-period change | (5,980) | 2,064 | $ 1,136 |
Balance | (18,088) | (12,108) | (14,172) |
Defined Benefit Pension Plan Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2,450) | (2,781) | |
Current-period change | 251 | 331 | |
Balance | (2,199) | (2,450) | (2,781) |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (9,658) | (11,391) | |
Current-period change | (6,231) | 1,733 | |
Balance | $ (15,889) | $ (9,658) | $ (11,391) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | Aug. 31, 2015 | |
Income Taxes [Line Items] | |||||||
U.S. federal corporate income tax rate | 35.00% | 21.00% | 25.70% | 35.00% | 35.00% | ||
Deferred income tax assets and liabilities resulting from U.S. tax reform | $ 517,000 | $ (688,000) | $ (5,456,000) | ||||
Provisional deemed repatriation tax expense | 1,700,000 | ||||||
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability | 0 | ||||||
Valuation allowance | $ 3,562,000 | 3,562,000 | 2,804,000 | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 1,100,000 | 1,100,000 | 1,100,000 | ||||
Accrued interest and penalties | $ 1,000,000 | $ 800,000 | |||||
Maximum [Member] | |||||||
Income Taxes [Line Items] | |||||||
Percentage of Recognized largest amount benefit realized upon settlement | 50.00% | 50.00% | |||||
Statutes of limitation range period | 5 years | ||||||
Minimum [Member] | |||||||
Income Taxes [Line Items] | |||||||
Statutes of limitation range period | 3 years | ||||||
Filtration Business [Member] | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | $ 1,200,000 | $ 1,200,000 | |||||
Capital loss on sale of business | 5,100,000 | 5,100,000 | |||||
U.S. [Member] | |||||||
Income Taxes [Line Items] | |||||||
Deferred income tax assets and liabilities resulting from U.S. tax reform | 800,000 | ||||||
Certain Foreign Tax Jurisdiction [Member] | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | $ 2,400,000 | $ 2,400,000 | $ 2,900,000 | ||||
Scenario, Plan [Member] | |||||||
Income Taxes [Line Items] | |||||||
U.S. federal corporate income tax rate | 21.00% |
Income Taxes (Schedule Of Earni
Income Taxes (Schedule Of Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 25,116 | $ 21,969 | $ 17,805 | ||||||||
Foreign | 8,737 | 13,746 | 11,483 | ||||||||
Earnings before income taxes | $ 5,940 | $ 17,445 | $ 5,676 | $ 4,792 | $ 10,547 | $ 16,197 | $ 7,636 | $ 1,335 | $ 33,853 | $ 35,715 | $ 29,288 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current | $ 9,313 | $ 7,873 | $ 10,570 |
State, Current | 1,047 | 781 | 976 |
Foreign, Current | 3,266 | 4,785 | 3,230 |
Total Current | 13,626 | 13,439 | 14,776 |
Federal, Deferred | 517 | (688) | (5,456) |
State, Deferred | (47) | (43) | (268) |
Foreign, Deferred | (520) | (172) | (31) |
Total Deferred | (50) | (903) | (5,755) |
Total income tax provision | $ 13,576 | $ 12,536 | $ 9,021 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
U.S. statutory rate | $ 8,700 | $ 12,500 | $ 10,251 | ||
State and local taxes, net of federal tax benefit | 743 | 480 | 350 | ||
Foreign tax rate differences | 809 | (486) | (195) | ||
U.S. tax reform | 2,496 | ||||
Deferred tax asset valuation allowance | 758 | (21) | (124) | ||
Domestic production activities deduction | (727) | (700) | (960) | ||
Other | 797 | 763 | (301) | ||
Total income tax provision | $ 13,576 | $ 12,536 | $ 9,021 | ||
U.S statutory rate, percentage | 35.00% | 21.00% | 25.70% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit, percentage | 2.20% | 1.30% | 1.20% | ||
Foreign tax rate differences, percentage | 2.40% | (1.40%) | (0.70%) | ||
U.S. tax reform, percentage | 7.40% | ||||
Deferred tax asset valuation allowance, percentage | 2.20% | (0.40%) | |||
Domestic production activities deduction, percentage | (2.10%) | (2.00%) | (3.30%) | ||
Other, percentage | 2.30% | 2.20% | (1.00%) | ||
Effective rate, percentage | 40.10% | 35.10% | 30.80% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Allowance for doubtful accounts | $ 947 | $ 2,084 |
Deferred Tax Assets, Accrued expenses | 8,142 | 12,459 |
Deferred Tax Assets, Warranty | 1,648 | 2,957 |
Deferred Tax Assets, Defined benefit pension plan | 1,528 | 2,666 |
Deferred Tax Assets, Inventory | 1,935 | 1,923 |
Deferred Tax Assets, Share-based compensation | 925 | 1,578 |
Deferred Tax Assets, Vacation | 797 | 1,422 |
Deferred Tax Assets, Net operating loss and capital loss carryforwards | 2,868 | 1,420 |
Deferred Tax Assets, Deferred revenue | 536 | 793 |
Deferred Tax Assets, Other | 665 | 964 |
Gross deferred tax assets | 19,991 | 28,266 |
Deferred Tax Assets, Valuation allowance | (3,562) | (2,804) |
Net deferred tax assets | 16,429 | 25,462 |
Deferred Tax Liabilities, Intangible assets | (6,648) | (15,422) |
Deferred Tax Liabilities, Property, plant and equipment | (4,219) | (5,920) |
Total deferred tax liabilities | (10,867) | (21,342) |
Net deferred tax assets | $ 5,562 | $ 4,120 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning balance | $ 1,498 | $ 1,260 |
Increases for positions taken in current year | 117 | 371 |
Increases for positions taken in prior years | 43 | 129 |
Decreases for positions taken in prior years | (21) | |
Reduction resulting from lapse of applicable statute of limitations | (38) | (224) |
Decreases for settlements with tax authorities | (200) | (38) |
Unrecognized tax benefits, ending balance | $ 1,399 | $ 1,498 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 36,316 | $ 31,158 |
Work in process | 9,176 | 7,113 |
Finished goods and purchased parts | 40,197 | 52,382 |
Total inventory value before LIFO adjustment | 85,689 | 90,653 |
Less adjustment to LIFO value | (6,456) | (4,498) |
Inventories, net | $ 79,233 | $ 86,155 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total operating property, plant and equipment | $ 145,114 | $ 162,839 |
Accumulated depreciation | (98,191) | (99,912) |
Total operating property, plant, and equipment, net | 46,923 | 62,927 |
Machines | 8,214 | 7,833 |
Barriers | 18,122 | 18,468 |
Total property held for lease | 26,336 | 26,301 |
Accumulated depreciation | (16,011) | (14,730) |
Total property held for lease, net | 10,325 | 11,571 |
Property, plant, and equipment, net | 57,248 | 74,498 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total operating property, plant and equipment | 2,799 | 4,869 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total operating property, plant and equipment | 37,220 | 49,977 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total operating property, plant and equipment | 75,635 | 80,442 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total operating property, plant and equipment | 22,727 | 24,547 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total operating property, plant and equipment | $ 6,733 | $ 3,004 |
Property, Plant And Equipment_3
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 12.5 | $ 12.2 | $ 12.2 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Carrying Amount In Goodwill By Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 77,131 | $ 76,803 |
Divestiture of businesses | (12,294) | |
Foreign currency translation | (167) | 328 |
Goodwill, Ending Balance | 64,671 | 77,131 |
Irrigation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 60,978 | 60,942 |
Divestiture of businesses | (12,294) | |
Foreign currency translation | (93) | 36 |
Goodwill, Ending Balance | 48,591 | 60,978 |
Infrastructure [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 16,153 | 15,861 |
Foreign currency translation | (73) | 292 |
Goodwill, Ending Balance | $ 16,080 | $ 16,153 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets Finite and Infinite Excluding Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 3 years 8 months 12 days | 5 years 1 month 6 days |
Total, gross carrying amount | $ 56,834 | $ 76,698 |
Amortizable intangible assets: accumulated amortization | (29,457) | (33,890) |
Tradenames [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Unamortizable intangible assets: gross carrying amount | $ 12,297 | $ 20,121 |
Patents and Developed Technology [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 3 years 2 months 12 days | 5 years 1 month 6 days |
Amortizable intangible assets: gross carrying amount | $ 26,831 | $ 34,038 |
Amortizable intangible assets: accumulated amortization | $ (19,656) | $ (21,581) |
Customer Relationships [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 5 years 2 months 12 days | 5 years 9 months 18 days |
Amortizable intangible assets: gross carrying amount | $ 16,459 | $ 19,975 |
Amortizable intangible assets: accumulated amortization | $ (8,668) | $ (10,419) |
Non-compete Agreements [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 4 months 24 days | 1 year 7 months 6 days |
Amortizable intangible assets: gross carrying amount | $ 1,137 | $ 2,354 |
Amortizable intangible assets: accumulated amortization | $ (1,048) | $ (1,806) |
Other Intangible Assets [Member] | ||
Finite And Indefinite Intangible Assets [Line Items] | ||
Amortizable intangible assets: weighted average years | 1 year 1 month 6 days | 8 years 9 months 18 days |
Amortizable intangible assets: gross carrying amount | $ 110 | $ 210 |
Amortizable intangible assets: accumulated amortization | $ (85) | $ (84) |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 4,000,000 | $ 4,400,000 | $ 4,700,000 |
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Future Estimated Amortization Of Intangible Assets) (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 2,919 |
2,020 | 2,513 |
2,021 | 1,875 |
2,022 | 1,699 |
2,023 | 1,595 |
Thereafter | 4,479 |
Total | $ 15,080 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Liabilities Current) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 17,850 | $ 18,926 |
Warranties | 7,109 | 8,411 |
Deferred revenues | 6,337 | 6,166 |
Dealer related liabilities | 3,057 | 3,500 |
Customer deposits | 2,591 | 4,096 |
Tax related liabilities | 1,293 | 2,813 |
Accrued environmental liabilities | 1,264 | 2,095 |
Other | 7,434 | 9,112 |
Total other current liabilities | $ 46,935 | $ 55,119 |
Credit Arrangements (Narrative)
Credit Arrangements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 116,775,000 | $ 116,976,000 |
Elecsys Series 2006A Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,775,000 | 1,976,000 |
Maturity date | Sep. 1, 2026 | |
Effective interest rate | 1.92% | |
Basis points | 0.45% | |
Interest rate adjustment period | 5 years | |
Elecsys Series 2006A Bond Adjusted Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 1, 2021 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 31, 2020 | |
Unsecured revolving line of credit, maximum borrowing capacity outstanding | $ 50,000,000 | |
Unsecured revolving line of credit, amount outstanding | 0 | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 44,600,000 | |
Effective interest rate | 3.01% | |
Annual commitment fee | 0.25% | |
Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured revolving line of credit, amount outstanding | $ 5,400,000 | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis points | 0.90% | |
Series A Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 115,000,000 | $ 115,000,000 |
Face amount | $ 115,000,000 | |
Maturity date | Feb. 19, 2030 | |
Interest rate | 3.82% |
Credit Arrangements (Schedule O
Credit Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt | $ 116,775 | $ 116,976 |
Less current portion | (205) | (201) |
Total long-term debt | 116,570 | 116,775 |
Elecsys Series 2006A Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 1,775 | 1,976 |
Series A Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 115,000 | $ 115,000 |
Credit Arrangements (Schedule_2
Credit Arrangements (Schedule Of Principal Payments Due On Long-Term Debt) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Debt Disclosure [Abstract] | ||
1 year | $ 205 | |
2 years | 209 | |
3 years | 213 | |
4 years | 217 | |
5 years | 221 | |
Thereafter | 115,710 | |
Total debt | $ 116,775 | $ 116,976 |
Financial Derivatives (Schedule
Financial Derivatives (Schedule Of Financial Derivatives) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Derivatives Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | $ 775 | $ (1,633) |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 775 | |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (1,633) | |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | 111 | (105) |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 123 | 9 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (12) | $ (114) |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) € in Millions, R in Millions, $ in Millions | 12 Months Ended | ||||||
Aug. 31, 2018USD ($) | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Aug. 31, 2018EUR (€) | Aug. 31, 2018ZAR (R) | Aug. 31, 2017EUR (€) | Aug. 31, 2017ZAR (R) | |
Foreign Exchange Forward [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Outstanding foreign currency forward contracts | $ 5 | $ 5 | |||||
Fair Value Hedging [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Realized and unrealized gains, net of related income tax effects | 5 | 3.9 | $ 5.6 | ||||
Net Investment Hedging [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Foreign currency translation forward contracts, after tax net gains (losses) | (0.5) | (0.9) | 0.3 | ||||
Derivative contracts ineffective amount | $ 0 | $ 0 | $ 0 | ||||
Outstanding foreign currency forward contracts | € 32.7 | R 43 | € 32.8 | R 43 |
Financial Derivatives (Schedu_2
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contracts, net of tax expense (benefit) of $498, ($927), and $52 | $ (1,103) | $ 1,710 | $ (204) |
Tax (benefit) expense | $ 498 | $ (927) | $ 52 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 160,787 | $ 121,620 |
Derivative assets | 898 | 9 |
Derivative liabilities | (12) | (1,747) |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 160,787 | 121,620 |
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 | 898 | 9 |
Derivative liabilities | $ (12) | (1,747) |
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) - USD ($) $ in Millions | Aug. 31, 2018 | Aug. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Carrying amount, long-term debt (including current portion) | $ 116.8 | $ 117 |
Fair value of the long-term debt | $ 107.3 | $ 113.3 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Feb. 29, 2016 | Nov. 30, 2014 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | Aug. 31, 2012 | |
Commitments And Contingencies [Line Items] | ||||||
Lease expense | $ 5 | $ 5.1 | $ 5 | |||
Lindsay, Nebraska Facility [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Environmental Remediation Expense | $ 13 | $ 1.5 | $ 7.2 | |||
Current environmental remediation accrual | $ 16.6 |
Commitments And Contingencies_3
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Other current liabilities | $ 1,264 | $ 2,095 |
Other noncurrent liabilities | 15,319 | 15,937 |
Total environmental remediation liabilities | $ 16,583 | $ 18,032 |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 3,964 |
2,020 | 3,996 |
2,021 | 3,971 |
2,022 | 3,831 |
2,023 | 3,318 |
Thereafter | 20,059 |
Total | $ 39,138 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Aug. 31, 2019USD ($) | Aug. 31, 2018USD ($)item | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 1,700 | $ 1,700 | $ 1,500 | |
Number of former executives | item | 5 | |||
Number of highest compensation years | item | 3 | |||
Discount rate, liability | 4.00% | 3.70% | ||
Discount Rate, net periodic benefit cost | 3.70% | 3.30% | 4.10% | |
Actuarial loss | $ 134 | $ 287 | ||
Scenario, Forecast [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial loss | $ 200 |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Benefit obligation at beginning of year | $ 6,825 | $ 7,426 | |
Interest cost | 243 | 236 | $ 281 |
Actuarial (gain) loss | (134) | (287) | |
Benefits paid | (530) | (550) | |
Benefit obligation at end of year | $ 6,404 | $ 6,825 | $ 7,426 |
Retirement Plans (Schedule Of_2
Retirement Plans (Schedule Of Amounts Recognized In The Statement Of Financial Position) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | |||
Other current liabilities | $ 530 | $ 530 | |
Pension benefit liabilities | 5,874 | 6,295 | |
Net amount recognized | $ 6,404 | $ 6,825 | $ 7,426 |
Retirement Plans (Schedule Of B
Retirement Plans (Schedule Of Before-tax Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Compensation And Retirement Disclosure [Abstract] | ||
Net actuarial loss | $ (3,561) | $ (3,901) |
Retirement Plans (Schedules Of
Retirement Plans (Schedules Of Net Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Interest cost | $ 243 | $ 236 | $ 281 |
Net amortization and deferral | 206 | 241 | 209 |
Total | $ 449 | $ 477 | $ 490 |
Retirement Plans (Schedule of E
Retirement Plans (Schedule of Expected Benefit Payments) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | |||
2,019 | $ 518 | ||
2,020 | 511 | ||
2,021 | 504 | ||
2,022 | 496 | ||
2,023 | 487 | ||
Thereafter | 3,889 | ||
Net amount recognized | $ 6,404 | $ 6,825 | $ 7,426 |
Warranties (Schedule Of Product
Warranties (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Product warranty accrual balance, beginning of period | $ 8,411 | $ 7,443 |
Liabilities accrued for warranties during the period | 5,228 | 6,914 |
Warranty claims paid during the period | (5,848) | (6,312) |
Changes in estimates | 141 | 366 |
Transfers to liabilities held-for-sale and divested businesses | (823) | |
Product warranty accrual balance, end of period | $ 7,109 | $ 8,411 |
Warranties (Narrative) (Details
Warranties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |||
Warranty costs | $ 5.4 | $ 7.3 | $ 5.4 |
Industry Segment Information (N
Industry Segment Information (Narrative) (Details) | 12 Months Ended | ||
Aug. 31, 2018Segmentcustomer | Aug. 31, 2017customer | Aug. 31, 2016customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Number of Major Customers | customer | 0 | 0 | 0 |
Irrigation [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of operating segments | 1 | ||
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 | 12 Months Ended | |||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 123,269 | $ 169,571 | $ 130,339 | $ 124,526 | $ 131,937 | $ 151,533 | $ 124,125 | $ 110,390 | $ 547,705 | $ 517,985 | $ 516,411 |
Total operating income | 38,563 | 40,201 | 34,375 | ||||||||
Earnings before income taxes | 33,853 | 35,715 | 29,288 | ||||||||
Capital expenditures | 11,054 | 8,863 | 11,496 | ||||||||
Depreciation and amortization | 16,514 | 16,678 | 16,881 | ||||||||
Total Assets | 500,256 | 506,032 | 500,256 | 506,032 | 487,515 | ||||||
Irrigation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 9,259 | 6,313 | 8,375 | ||||||||
Depreciation and amortization | 11,412 | 11,840 | 11,774 | ||||||||
Total Assets | 277,712 | 337,446 | 277,712 | 337,446 | 332,294 | ||||||
Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 938 | 1,562 | 2,977 | ||||||||
Depreciation and amortization | 4,611 | 4,452 | 4,648 | ||||||||
Total Assets | 69,919 | 80,187 | 69,919 | 80,187 | 81,160 | ||||||
Corporate Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating income | (27,227) | (22,704) | (33,392) | ||||||||
Capital expenditures | 857 | 988 | 144 | ||||||||
Depreciation and amortization | 491 | 386 | 459 | ||||||||
Total Assets | $ 152,625 | $ 88,399 | 152,625 | 88,399 | 74,061 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 547,705 | 517,985 | 516,411 | ||||||||
Operating Segments [Member] | Irrigation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 439,858 | 418,041 | 421,641 | ||||||||
Total operating income | 41,933 | 42,774 | 49,232 | ||||||||
Operating Segments [Member] | Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 107,847 | 99,944 | 94,770 | ||||||||
Total operating income | 23,857 | 20,131 | 18,535 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest and other income (expense), net | (4,710) | (4,486) | (5,087) | ||||||||
Earnings before income taxes | $ 33,853 | $ 35,715 | $ 29,288 |
Industry Segment Information _2
Industry Segment Information (Schedule Of Revenue By Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | $ 123,269 | $ 169,571 | $ 130,339 | $ 124,526 | $ 131,937 | $ 151,533 | $ 124,125 | $ 110,390 | $ 547,705 | $ 517,985 | $ 516,411 |
Revenues [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | $ 547,705 | $ 517,985 | $ 516,411 | ||||||||
Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Revenues [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | $ 321,698 | $ 297,261 | $ 321,554 | ||||||||
Percentage | 59.00% | 57.00% | 62.00% | ||||||||
Revenues [Member] | International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | $ 226,007 | $ 220,724 | $ 194,857 | ||||||||
Percentage | 41.00% | 43.00% | 38.00% | ||||||||
Long-Lived Tangible Assets [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Long-lived tangible assets | 57,248 | 74,498 | $ 57,248 | $ 74,498 | $ 77,627 | ||||||
Long-Lived Tangible Assets [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 69.00% | 73.00% | 75.00% | ||||||||
Long-lived tangible assets | 39,290 | 54,199 | $ 39,290 | $ 54,199 | $ 58,098 | ||||||
Long-Lived Tangible Assets [Member] | International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percentage | 31.00% | 27.00% | 25.00% | ||||||||
Long-lived tangible assets | $ 17,958 | $ 20,299 | $ 17,958 | $ 20,299 | $ 19,529 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018USD ($)itemshares | Aug. 31, 2017USD ($)shares | Aug. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax total unrecognized compensation cost related to nonvested share-based compensation | $ | $ 6,600 | ||
Weighted average period to be recognized | 2 years 1 month 6 days | ||
Outstanding stock options vested | 27,811 | 25,285 | 23,164 |
Shares outstanding | 76,803 | 122,519 | 127,286 |
Allocated Share-based Compensation Expense | $ | $ 3,893 | $ 3,597 | $ 3,060 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Percentage vested per year | 33.00% | ||
Fair value vested | $ | $ 3,200 | $ 2,400 | |
Number of shares vested | 34,857 | 34,312 | |
Restricted Stock Units Settled In Cash [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 6,474 | 6,709 | 6,155 |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Number of shares vested | 0 | 0 | |
Performance Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of awards actually earned | 0.00% | ||
Performance Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of awards actually earned | 200.00% | ||
Performance Stock Units [Member] | Defined Performance Goal Not Met [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ | $ 0 | ||
2015 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Plan effective date | Jan. 26, 2015 | ||
Maximum number of shares authorized | 626,968 | ||
Number of shares available | 466,505 | ||
Stock award ratio | item | 1 | ||
2015 Long-Term Incentive Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option expire, years | 10 years | ||
Vesting period | 4 years | ||
Percentage vested per year | 25.00% | ||
Non Employee Directors [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 9 months |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 3,893 | $ 3,597 | $ 3,060 |
Tax benefit | (1,090) | (1,338) | (1,138) |
Share-based compensation expense, net of tax | 2,803 | 2,259 | 1,922 |
Cost Of Operating Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 113 | 231 | 207 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 150 | 162 | 140 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 461 | 397 | 455 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 3,169 | 2,807 | 2,258 |
Operating Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 3,780 | $ 3,366 | $ 2,853 |
Share-Based Compensation (Sch_2
Share-Based Compensation (Schedule Of Assumptions Used) (Details) - $ / shares | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 2.20% | 1.50% |
Dividend yield | 1.30% | 1.50% |
Expected life (years) | 7 years | 7 years |
Volatility | 33.90% | 36.50% |
Weighted average grant-date fair value of options granted | $ 30.72 | $ 26.25 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock options outstanding, number of stock options | 122,519 | 127,286 | |
Granted, number of stock options | 46,306 | 47,223 | |
Exercised, number of stock options | (37,651) | (43,556) | |
Forfeited/ cancelled, number of stock options | (54,371) | (8,434) | |
Stock options outstanding, number of stock options | 76,803 | 122,519 | 127,286 |
Exercisable number of stock options | 25,469 | 36,348 | 57,250 |
Stock options outstanding, average exercise price | $ 74.43 | $ 71.24 | |
Granted, average exercise price | 91.52 | 78.23 | |
Exercised, average exercise price | 74.02 | 69.33 | |
Forfeited/ cancelled, average exercise price | 78.49 | 73.90 | |
Stock options outstanding, average exercise price | 82.06 | 74.43 | $ 71.24 |
Exercisable average exercise price | $ 72.70 | $ 71.37 | $ 68.57 |
Aggregate intrinsic value outstanding | $ 1,487 | $ 521 | |
Exercised aggregate intrinsic value | 538 | 681 | |
Aggregate intrinsic value outstanding | 1,053 | 1,487 | $ 521 |
Exercisable aggregate intrinsic value | $ 587 | $ 553 | $ 362 |
Average remaining contractual term (years) | 7 years 8 months 12 days | 7 years 6 months | 7 years 4 months 24 days |
Exercisable average remaining contractual term (years) | 5 years 6 months | 5 years 9 months 18 days | 6 years 1 month 6 days |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary Of Share Based Compensation Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Intrinsic value of stock options exercised | $ 538 | $ 681 | $ 181 |
Cash received from stock option exercises | 2,788 | 3,020 | 113 |
Tax benefit realized from stock option exercises | $ 151 | $ 254 | $ 67 |
Aggregate grant-date fair value of stock options vested | $ 31.37 | $ 35.79 | $ 37.70 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary Of Restricted Stock Units) (Details) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units outstanding | 69,023 | 67,054 |
Granted, number of stock units | 79,550 | 44,647 |
Vested, number of stock units | (34,857) | (34,312) |
Forfeited/ cancelled, number of stock units | (23,107) | (8,366) |
Stock units outstanding | 90,609 | 69,023 |
Stock units, weighted-average grant-date fair value | $ 72.25 | $ 69.11 |
Granted, weighted-average grant-date fair value | 87.80 | 74.75 |
Vested, weighted-average grant-date fair value | 72.82 | 69.89 |
Forfeited/ cancelled, weighted-average grant-date fair value | 76.99 | 70.51 |
Stock units, weighted-average grant-date fair value | $ 84.38 | $ 72.25 |
Share-Based Compensation (Sch_3
Share-Based Compensation (Schedule Of Performance Stock Status) (Details) - Performance Stock Units [Member] - $ / shares | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units outstanding | 38,689 | 38,148 |
Granted, number of stock units | 15,524 | 15,902 |
Forfeited/ cancelled, number of stock units | (34,261) | (15,361) |
Stock units outstanding | 19,952 | 38,689 |
Stock units, weighted-average grant-date fair value | $ 72.52 | $ 72.20 |
Granted, weighted-average grant-date fair value | 88.02 | 74.80 |
Forfeited/ cancelled, weighted-average grant-date fair value | 74.61 | 74.10 |
Stock units, weighted-average grant-date fair value | $ 80.99 | $ 72.52 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Equity [Abstract] | |||
Repurchase authorization amount | $ 250,000 | ||
Number of shares of common stock repurchased during the period | 0 | 0 | 688,790 |
Aggregate purchase price of shares repurchased | $ 48,335 | ||
Remaining amount available under the repurchase program | $ 63,700 |
Quarterly Results Of Operatio_3
Quarterly Results Of Operations (Schedule of Of Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 123,269 | $ 169,571 | $ 130,339 | $ 124,526 | $ 131,937 | $ 151,533 | $ 124,125 | $ 110,390 | $ 547,705 | $ 517,985 | $ 516,411 |
Cost of operating revenues | 90,998 | 118,093 | 95,023 | 92,129 | 94,146 | 105,627 | 91,184 | 82,016 | 396,243 | 372,973 | 367,798 |
Earnings before income taxes | 5,940 | 17,445 | 5,676 | 4,792 | 10,547 | 16,197 | 7,636 | 1,335 | 33,853 | 35,715 | 29,288 |
Net earnings | $ 4,978 | $ 10,379 | $ 1,735 | $ 3,185 | $ 6,342 | $ 10,952 | $ 5,012 | $ 873 | $ 20,277 | $ 23,179 | $ 20,267 |
Diluted net earnings per share | $ 0.46 | $ 0.96 | $ 0.16 | $ 0.30 | $ 0.59 | $ 1.02 | $ 0.47 | $ 0.08 | $ 1.88 | $ 2.17 | $ 1.85 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 7,447 | $ 8,312 | $ 9,706 |
Charges to costs and expenses | 744 | 483 | 800 |
Deductions | 4,606 | 1,348 | 2,194 |
Balance at end of period | 3,585 | 7,447 | 8,312 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,804 | 2,825 | 2,949 |
Charges to costs and expenses | 758 | ||
Deductions | 21 | 124 | |
Balance at end of period | $ 3,562 | $ 2,804 | $ 2,825 |