Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May 31, 2020 | Jun. 26, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | LNN | |
Entity Registrant Name | Lindsay Corporation | |
Entity Central Index Key | 0000836157 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-13419 | |
Entity Tax Identification Number | 47-0554096 | |
Entity Address, Address Line One | 18135 Burke Street | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 68022 | |
City Area Code | 402 | |
Local Phone Number | 829-6800 | |
Entity Common Stock, Shares Outstanding | 10,834,763 | |
Entity Interactive Data Current | Yes | |
Entity Ex Transition Period | Common Stock, $1.00 par value | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Income Statement [Abstract] | ||||
Operating revenues | $ 123,106 | $ 121,054 | $ 346,287 | $ 342,187 |
Cost of operating revenues | 83,410 | 91,055 | 239,111 | 259,066 |
Gross profit | 39,696 | 29,999 | 107,176 | 83,121 |
Operating expenses: | ||||
Selling expense | 7,417 | 7,515 | 22,101 | 23,934 |
General and administrative expense | 13,055 | 14,695 | 38,026 | 46,585 |
Engineering and research expense | 3,396 | 3,314 | 10,303 | 10,547 |
Total operating expenses | 23,868 | 25,524 | 70,430 | 81,066 |
Operating income | 15,828 | 4,475 | 36,746 | 2,055 |
Other income (expense): | ||||
Interest expense | (1,197) | (1,169) | (3,574) | (3,552) |
Interest income | 408 | 525 | 1,412 | 1,930 |
Other expense, net | (2,774) | (602) | (4,197) | (591) |
Earnings (loss) before income taxes | 12,265 | 3,229 | 30,387 | (158) |
Income tax expense (benefit) | 2,171 | 332 | 6,432 | (827) |
Net earnings | $ 10,094 | $ 2,897 | $ 23,955 | $ 669 |
Earnings per share: | ||||
Basic | $ 0.93 | $ 0.27 | $ 2.21 | $ 0.06 |
Diluted | $ 0.93 | $ 0.27 | $ 2.21 | $ 0.06 |
Shares used in computing earnings per share: | ||||
Basic | 10,835 | 10,786 | 10,818 | 10,779 |
Diluted | 10,877 | 10,814 | 10,854 | 10,807 |
Cash dividends declared per share | $ 0.32 | $ 0.31 | $ 0.94 | $ 0.93 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 10,094 | $ 2,897 | $ 23,955 | $ 669 |
Other comprehensive (loss) income: | ||||
Defined benefit pension plan adjustment, net of tax | 43 | 38 | 129 | 104 |
Foreign currency translation adjustment, net of hedging activities and tax | (2,642) | (1,831) | (3,831) | 125 |
Unrealized gains on marketable securities, net of tax | 59 | 0 | 121 | 0 |
Total other comprehensive (loss) income, net of tax expense of $297, $120, $670 and $421, respectively | (2,540) | (1,793) | (3,581) | 229 |
Total comprehensive income | $ 7,554 | $ 1,104 | $ 20,374 | $ 898 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Other comprehensive income, tax expense | $ 297 | $ 120 | $ 670 | $ 421 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 102,474 | $ 127,204 | $ 110,839 |
Marketable securities | 19,012 | 0 | 0 |
Receivables, net of allowance of $2,607, $2,498, and $2,635, respectively | 84,931 | 75,551 | 94,584 |
Inventories, net | 113,301 | 92,287 | 91,091 |
Assets held-for-sale | 0 | 2,744 | 2,744 |
Other current assets, net | 19,469 | 15,704 | 17,903 |
Total current assets | 339,187 | 313,490 | 317,161 |
Property, plant, and equipment: | |||
Cost | 198,180 | 188,695 | 188,215 |
Less accumulated depreciation | (125,353) | (119,727) | (117,848) |
Property, plant, and equipment, net | 72,827 | 68,968 | 70,367 |
Intangibles, net | 24,053 | 24,382 | 25,103 |
Goodwill | 67,635 | 64,387 | 64,454 |
Operating lease right-of-use assets | 27,663 | 0 | 0 |
Deferred income tax assets | 11,118 | 11,758 | 8,783 |
Other noncurrent assets | 15,003 | 17,329 | 20,054 |
Total assets | 557,486 | 500,314 | 505,922 |
Current liabilities: | |||
Accounts payable | 35,310 | 29,434 | 37,509 |
Current portion of long-term debt | 195 | 209 | 208 |
Other current liabilities | 71,712 | 52,488 | 49,102 |
Total current liabilities | 107,217 | 82,131 | 86,819 |
Pension benefits liabilities | 5,787 | 6,029 | 5,661 |
Long-term debt | 115,723 | 115,846 | 115,885 |
Operating lease liabilities | 26,333 | 0 | 0 |
Deferred income tax liabilities | 835 | 872 | 918 |
Other noncurrent liabilities | 18,633 | 27,227 | 26,245 |
Total liabilities | 274,528 | 232,105 | 235,528 |
Shareholders' equity: | |||
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding | 0 | 0 | 0 |
Common stock of $1 par value - authorized 25,000 shares; 18,918, 18,870, and 18,870 shares issued, respectively | 18,918 | 18,870 | 18,870 |
Capital in excess of stated value | 76,188 | 71,684 | 70,566 |
Retained earnings | 488,518 | 474,740 | 476,580 |
Less treasury stock - at cost, 8,083 shares | (277,238) | (277,238) | (277,238) |
Accumulated other comprehensive loss, net | (23,428) | (19,847) | (18,384) |
Total shareholders' equity | 282,958 | 268,209 | 270,394 |
Total liabilities and shareholders' equity | $ 557,486 | $ 500,314 | $ 505,922 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Statement Of Financial Position [Abstract] | |||
Receivables, allowance | $ 2,607 | $ 2,635 | $ 2,498 |
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 | 0 |
Preferred stock, outstanding | 0 | 0 | 0 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, issued | 18,918,000 | 18,870,000 | 18,870,000 |
Treasury stock, shares | 8,083,000 | 8,083,000 | 8,083,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Capital In Excess Of Stated Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income, Net [Member] |
Beginning balance, value at Aug. 31, 2018 | $ 276,866 | $ 18,841 | $ (277,238) | $ 68,465 | $ 484,886 | $ (18,088) |
Beginning balance, shares at Aug. 31, 2018 | 18,841 | 8,083 | ||||
Net earnings | 669 | $ 0 | $ 0 | 0 | 669 | 0 |
Other comprehensive income (loss) | 229 | 0 | 0 | 0 | 0 | 229 |
Total comprehensive income | 898 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (10,032) | 0 | 0 | 0 | (10,032) | 0 |
Issuance of common shares under share compensation plans, net, value | (947) | $ 29 | $ 0 | (976) | 0 | 0 |
Issuance of common shares under share compensation plans, net, shares | 29 | 0 | ||||
Share-based compensation expense | 3,077 | $ 0 | $ 0 | 3,077 | 0 | 0 |
Cumulative impact of ASC/ASU adoption | ASC 606 [Member] | 532 | 0 | 0 | 0 | 532 | 0 |
Cumulative impact of ASC/ASU adoption | ASU 2018-02 [Member] | 0 | 0 | 0 | 0 | 525 | (525) |
Ending balance, value at May. 31, 2019 | 270,394 | $ 18,870 | $ (277,238) | 70,566 | 476,580 | (18,384) |
Ending Balance, shares at May. 31, 2019 | 18,870 | 8,083 | ||||
Beginning balance, value at Feb. 28, 2019 | 271,840 | $ 18,870 | $ (277,238) | 69,772 | 477,027 | (16,591) |
Beginning balance, shares at Feb. 28, 2019 | 18,870 | 8,083 | ||||
Net earnings | 2,897 | $ 0 | $ 0 | 0 | 2,897 | 0 |
Other comprehensive income (loss) | (1,793) | 0 | 0 | 0 | 0 | (1,793) |
Total comprehensive income | 1,104 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (3,344) | 0 | 0 | 0 | (3,344) | 0 |
Share-based compensation expense | 794 | 0 | 0 | 794 | 0 | 0 |
Ending balance, value at May. 31, 2019 | 270,394 | $ 18,870 | $ (277,238) | 70,566 | 476,580 | (18,384) |
Ending Balance, shares at May. 31, 2019 | 18,870 | 8,083 | ||||
Beginning balance, value at Aug. 31, 2019 | 268,209 | $ 18,870 | $ (277,238) | 71,684 | 474,740 | (19,847) |
Beginning balance, shares at Aug. 31, 2019 | 18,870 | 8,083 | ||||
Net earnings | 23,955 | $ 0 | $ 0 | 0 | 23,955 | 0 |
Other comprehensive income (loss) | (3,581) | 0 | 0 | 0 | 0 | (3,581) |
Total comprehensive income | 20,374 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (10,177) | 0 | 0 | 0 | (10,177) | 0 |
Issuance of common shares under share compensation plans, net, value | 434 | $ 48 | $ 0 | 386 | 0 | 0 |
Issuance of common shares under share compensation plans, net, shares | 48 | 0 | ||||
Share-based compensation expense | 4,118 | $ 0 | $ 0 | 4,118 | 0 | 0 |
Ending balance, value at May. 31, 2020 | 282,958 | $ 18,918 | $ (277,238) | 76,188 | 488,518 | (23,428) |
Ending Balance, shares at May. 31, 2020 | 18,918 | 8,083 | ||||
Beginning balance, value at Feb. 29, 2020 | 277,327 | $ 18,918 | $ (277,238) | 74,645 | 481,890 | (20,888) |
Beginning balance, shares at Feb. 29, 2020 | 18,918 | 8,083 | ||||
Net earnings | 10,094 | $ 0 | $ 0 | 0 | 10,094 | 0 |
Other comprehensive income (loss) | (2,540) | 0 | 0 | 0 | 0 | (2,540) |
Total comprehensive income | 7,554 | 0 | 0 | 0 | 0 | 0 |
Cash dividends per share | (3,466) | 0 | 0 | 0 | (3,466) | 0 |
Share-based compensation expense | 1,543 | 0 | 0 | 1,543 | 0 | 0 |
Ending balance, value at May. 31, 2020 | $ 282,958 | $ 18,918 | $ (277,238) | $ 76,188 | $ 488,518 | $ (23,428) |
Ending Balance, shares at May. 31, 2020 | 18,918 | 8,083 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends per share | $ 0.32 | $ 0.31 | $ 0.94 | $ 0.93 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2020 | May 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 23,955 | $ 669 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 14,146 | 10,452 |
Gain on sale of assets held-for-sale | (1,191) | 0 |
Loss on sale of business | 0 | 301 |
Provision for uncollectible accounts receivable | 466 | (726) |
Deferred income taxes | 27 | (2,556) |
Share-based compensation expense | 4,118 | 3,226 |
Foreign currency transaction loss | 3,632 | 99 |
Other, net | 1,575 | (113) |
Changes in assets and liabilities: | ||
Receivables | (11,379) | (26,371) |
Inventories | (23,765) | (14,467) |
Other current assets | (6,681) | 546 |
Accounts payable | 5,385 | 9,072 |
Other current liabilities | 14,485 | (4,078) |
Other noncurrent assets and liabilities | (8,810) | 4,318 |
Net cash provided by (used in) operating activities | 15,963 | (19,628) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, and equipment | (12,268) | (20,210) |
Proceeds from sale of assets held-for-sale | 3,955 | 0 |
Purchases of marketable securities available-for-sale | (23,389) | 0 |
Proceeds from maturities of marketable securities available-for-sale | 4,320 | 0 |
Proceeds from settlement of net investment hedges | 1,503 | 2,262 |
Payments for settlement of net investment hedges | 0 | (327) |
Acquisition of business, net of cash acquired | (3,034) | 0 |
Other investing activities, net | 0 | 60 |
Net cash used in investing activities | (28,913) | (18,215) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 1,545 | 177 |
Common stock withheld for payroll tax obligations | (1,111) | (1,124) |
Principal payments on long-term debt | (174) | (153) |
Payment of debt issuance costs | 0 | (115) |
Dividends paid | (10,177) | (10,032) |
Net cash used in financing activities | (9,917) | (11,247) |
Effect of exchange rate changes on cash and cash equivalents | (1,863) | (858) |
Net change in cash and cash equivalents | (24,730) | (49,948) |
Cash and cash equivalents, beginning of period | 127,204 | 160,787 |
Cash and cash equivalents, end of period | 102,474 | 110,839 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Income taxes paid, net of refunds | 2,910 | 6,278 |
Interest paid | 2,409 | 2,379 |
NONCASH INVESTING ACTIVITIES: | ||
Earn-out liability related to business acquisition | 1,195 | 0 |
Holdback related to business acquisition | 300 | 0 |
Note receivable from sale of business | $ 0 | $ 5,589 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
May 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2019. In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Recent Accounting Guidance Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Recent Accounting Guidance Adopted In February 2016, the FASB issued ASU 2016-02, Leases In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
May 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 2 – Revenue Recognition Disaggregation of Revenue A breakout by segment of revenue recognized over time versus at a point in time for the three and nine months ended May 31, 2020 and May 31, 2019 is as follows: Three months ended Three months ended May 31, 2020 May 31, 2019 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 83,128 $ 24,499 $ 107,627 $ 89,442 $ 19,429 $ 108,871 Over time 10,395 2,621 13,016 9,176 1,589 10,765 Revenue from the contracts with customers 93,523 27,120 120,643 98,618 21,018 119,636 Lease revenue — 2,463 2,463 — 1,418 1,418 Total operating revenues $ 93,523 $ 29,583 $ 123,106 $ 98,618 $ 22,436 $ 121,054 Nine months ended Nine months ended May 31, 2020 May 31, 2019 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 229,529 $ 64,257 $ 293,786 $ 256,466 $ 51,593 $ 308,059 Over time 38,419 7,306 45,725 25,528 4,372 29,900 Revenue from the contracts with customers 267,948 71,563 339,511 281,994 55,965 337,959 Lease revenue — 6,776 6,776 — 4,228 4,228 Total operating revenues $ 267,948 $ 78,339 $ 346,287 $ 281,994 $ 60,193 $ 342,187 Further disaggregation of revenue is disclosed in the Note 16 – Industry Segment Information. For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were $6.1 million at May 31, 2020. Contract Balances Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At May 31, 2020, May 31, 2019, and August 31, 2019, contract assets amounted to $0.8 million, $1.4 million, and $1.3 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheet. Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At May 31, 2020, May 31, 2019, and August 31, 2019, contract liabilities amounted to $16.9 million, $13.1 million, and $18.4 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s nine months ended May 31, 2020 and 2019, the Company recognized $13.5 million and $0.8 million of revenue that were included in the liabilities as of August 31, 2019 and 2018, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
May 31, 2020 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions and Divestitures | Note 3 – Acquisitions and Divestitures Net Irrigate, LLC On April 8, 2020, the Company completed the acquisition of the membership interests of Net Irrigate, LLC (“Net Irrigate”). Net Irrigate is an agriculture technology company based in Indiana that provides remote monitoring services for irrigation customers. The purchase price of $4.5 million consisted of (i) $3.0 million, net of cash acquired, paid in cash at closing and financed from the Company’s cash on hand, (ii) $0.3 million of cash to be paid within ninety days of closing, and (iii) an earn-out payment, initially valued at $1.2 million, based on active customers one year subsequent to the closing date. The fair value of the earn-out payment was calculated using the weighted average probability for each potential outcome and has a maximum potential payout of $1.5 million. The Company’s allocation of purchase price consists of goodwill of $ 3.2 million and various other assets and liabilities amounting to $ 1.3 million. The allocation of purchase price is considered preliminary, largely with the respect to the valuation of certain acquired intangible assets. Divestitures and held-for-sale The Company completed the divestiture of its Company-owned irrigation dealership during the first quarter of fiscal 2019 and recorded a loss on sale of $0.3 million included in general and administrative expense on the condensed consolidated statement of operations for the nine months ended May 31, 2019. The Company received a note of $5.6 million as proceeds for this sale. This is included as a noncash investing activity on the condensed consolidated statement of cash flows for the nine months ended May 31, 2019. 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. In the second quarter of fiscal 2020, the company sold the building for net proceeds of $3.9 million, resulting in a gain of $1.2 million. The gain on sale is included in cost of goods sold on the condensed consolidated statement of earnings for the nine months ended May 31, 2020. The building was included within the caption “Assets held-for-sale” for $2.7 million in the condensed consolidated balance sheet as of May 31, 2019 and August 31, 2019. |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
May 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Note 4 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. When a period results in a net loss, the impact of outstanding stock awards is excluded from the diluted loss per share calculation as the inclusion would have an anti-dilutive effect. The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2020 and May 31, 2019: Three months ended Nine months ended ($ and shares in thousands, except per share amounts) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Numerator: Net earnings $ 10,094 $ 2,897 $ 23,955 $ 669 Denominator: Weighted average shares outstanding 10,835 10,786 10,818 10,779 Diluted effect of stock awards 42 28 36 28 Weighted average shares outstanding assuming dilution 10,877 10,814 10,854 10,807 Basic net earnings per share $ 0.93 $ 0.27 $ 2.21 $ 0.06 Diluted net earnings per share $ 0.93 $ 0.27 $ 2.21 $ 0.06 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. In addition, the following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: Three months ended Nine months ended (Units and options in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Restricted stock units 3 — 9 11 Stock options 115 88 42 66 Performance stock units — — 7 3 |
Income Taxes
Income Taxes | 9 Months Ended |
May 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes The Company recorded income tax expense of $2.2 million and $0.3 million for the three months ended May 31, 2020 and 2019, respectively, and recorded income tax expense of $6.4 million and income tax benefit of $0.8 million for the nine months ended May 31, 2020 and 2019, respectively. It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 23.6 percent and 42.6 percent for the nine months ended May 31, 2020 and 2019, respectively. The decrease in the estimated annual effective income tax rate from May 2019 to May 2020 relates primarily to the change in earnings mix between U.S. and foreign operations. A larger percentage of earnings for the nine months ended May 31, 2019 was generated in foreign jurisdictions taxed at a higher statutory rate than the 21 percent U.S. federal tax rate. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The impact of such events within income tax expense amounted to a net benefit of $0.3 million and $0.8 million for the nine months ended May 31, 2020 and 2019, respectively. The United States enacted significant tax reform into law on December 22, 2017 by enacting the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”). U.S. Tax Reform made complex and broad changes to the U.S. tax laws. U.S. Tax Reform established new income tax provisions that will affect the Company’s fiscal year 2020, including, but not limited to, establishing a new minimum tax on global intangible low-taxed income (“GILTI”). The Company has elected to account for GILTI as a period cost, the effect of which is reflected in the estimated annual effective tax rate of 23.6 percent for the nine months ended May 31, 2020. |
Inventories
Inventories | 9 Months Ended |
May 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories consisted of the following as of May 31, 2020, May 31, 2019, and August 31, 2019: ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Raw materials and supplies $ 50,820 $ 44,742 $ 49,047 Work in process 7,819 6,917 4,514 Finished goods and purchased parts, net 59,496 47,659 46,812 Total inventory value before LIFO adjustment 118,135 99,318 100,373 Less adjustment to LIFO value (4,834 ) (8,227 ) (8,086 ) Inventories, net $ 113,301 $ 91,091 $ 92,287 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
May 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7 – Long-Term Debt The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown: ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,397 1,622 1,571 Total debt 116,397 116,622 116,571 Less current portion (195 ) (208 ) (209 ) Less unamortized debt issuance costs (479 ) (529 ) (516 ) Total long-term debt $ 115,723 $ 115,885 $ 115,846 Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 195 2 years 216 3 years 220 4 years 225 5 years 229 Thereafter 115,312 $ 116,397 |
Financial Derivatives
Financial Derivatives | 9 Months Ended |
May 31, 2020 | |
Derivative Instruments And Hedges [Abstract] | |
Financial Derivatives | Note 8 – Financial Derivatives The Company uses certain financial derivatives to mitigate its exposure to volatility in foreign currency exchange rates. The Company uses these derivative instruments to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with counterparties that have investment grade credit ratings. Fair values of derivative instruments are as follows: ($ in thousands) Balance sheet location May 31, 2020 May 31, 2019 August 31, 2019 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ — $ 533 $ 1,073 Foreign currency forward contracts Other current liabilities — — — Total derivatives designated as hedging instruments $ — $ 533 $ 1,073 Derivatives not designated as hedging instruments: Foreign currency option contracts Other current assets $ 909 $ 1 $ 39 Foreign currency forward contracts Other current liabilities (528 ) (22 ) — Total derivatives not designated as hedging instruments $ 381 $ (21 ) $ 39 Accumulated other comprehensive income included realized and unrealized after-tax gains of $7.3 million, $6.3 million, and $7.0 million at May 31, 2020, May 31, 2019, and August 31, 2019, respectively, related to derivative contracts designated as hedging instruments. Net Investment Hedging Relationships The amount of gain recognized in other comprehensive income is as follows: Three months ended Nine months ended ($ in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foreign currency forward contracts, net of tax expense of $63, $182, $123 and $368, respectively $ 101 $ 682 $ 304 $ 1,324 For the three months ended May 31, 2020 and 2019, the Company settled foreign currency forward contracts resulting in an after-tax net gain of $0.3 million and $0.6 million, respectively, which was included in other comprehensive income as part of a currency translation adjustment. For the nine months ended May 31, 2020 and May 31, 2019, the Company settled foreign currency forward contracts resulting in an after-tax net gain of $1.1 million and $1.5 million, respectively, which were included in other comprehensive income as part of a currency translation adjustment. There were no amounts recorded in the condensed consolidated statements of operations related to ineffectiveness of foreign currency forward contracts related to net investment hedges for the three and nine months ended May 31, 2020 and May 31, 2019. At May 31, 2020, the Company had no foreign currency forward contracts qualifying as a hedge of a net investment in foreign operations. However, at May 31, 2019, and August 31, 2019, the Company had outstanding foreign currency forward contracts to sell a notional amount of 32.7 million Euro, on each date, at fixed prices to settle during the next fiscal quarter. Additionally, at May 31, 2019, the Company had an outstanding foreign currency forward contract to sell a notional amount of 43.0 million South African Rand at a fixed price settled during the next fiscal quarter. These foreign currency forward contracts qualify as hedges of a net investment in foreign operations. Derivatives Not Designated as Hedging Instruments The Company generally does not elect hedge accounting treatment for derivative contracts related to future settlements of foreign denominated intercompany receivables and payables. If the Company does not elect hedge accounting treatment for a derivative, the Company carries the derivative at its fair value in the condensed consolidated balance sheets and recognizes any subsequent changes in its fair value during a period through earnings in the condensed consolidated statements of operations. At May 31, 2020, May 31, 2019 and August 31, 2019, the Company had notional value of $8.5 million, $1.9 million, and $1.8 million, respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments. Additionally, during the third quarter of fiscal 2020, the Company entered into a foreign exchange option contract with a notional amount of 15 million British Pounds to mitigate the risk related to a revenue contract and related costs denominated in British Pounds over an approximate six-month period. The contract is not speculative and was not designated as a hedging instrument. Gains and losses on this contract are recorded within cost of goods sold in the condensed consolidated statement of operations. |
Leases
Leases | 9 Months Ended |
May 31, 2020 | |
Leases [Abstract] | |
Leases | Note 9 – Leases The Company, as lessee, has operating leases primarily for office space, manufacturing facilities, equipment, and vehicles. The Company determines if a contract is or contains a lease at the inception of the contract based on whether the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. The Company elected, for all classes of underlying assets, to not separate lease and non-lease components and instead will treat the lease agreement as a single lease component for all asset classes. The Company additionally elected practical expedients to not reassess whether existing contracts are or contain leases, the classification of any existing leases, accounting for initial direct costs for any existing leases, and hindsight in determining the lease term and in assessing impairment of the right-of-use (“ROU”) asset. Short-term operating leases, which have an initial expected term of twelve months or less, are not recorded on the condensed consolidated balance sheet. Such fixed lease payments are recognized within the condensed consolidated statement of earnings on a straight-line basis over the lease term. Any variable payments associated with short-term operating leases are recognized within the condensed consolidated statement of earnings as they are incurred. The Company did not recognize any expense for such leases during the three and nine months ended May 31, 2020. Many of the Company’s leases contain renewal or extension options. The Company includes all renewal or extension periods that it is reasonably certain to exercise at lease commencement within the measurement of the ROU asset and lease liability. The Company’s lease portfolio consists of operating leases which are included in operating lease ROU assets and operating lease liabilities in the condensed consolidated balance sheet. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To calculate the present value of future lease payments, the Company uses an incremental borrowing rate that estimates a collateralized rate based on the expected term of the lease. Lease cost and other information related to the Company’s operating leases are as follows: ($ in thousands) Three months ended May 31, 2020 Nine months ended May 31, 2020 Operating lease cost (cost resulting from lease payments) 1,502 4,412 Variable lease cost (cost excluded from lease payments) 112 312 Total lease cost $ 1,614 $ 4,724 Operating cash outflows from operating leases 1,178 3,997 Weighted average lease term - operating leases 9.2 years 9.2 years Weighted average discount rate - operating leases 3.2 % 3.2 % Supplemental balance sheet information related to operating leases as of the third quarter of 2020 is as follows: ($ in thousands) Classification May 31, 2020 Operating lease ROU assets Operating lease right-of-use assets $ 27,663 Operating lease short-term liabilities Other current liabilities 5,046 Operating lease long-term liabilities Operating lease liabilities 26,333 Total lease liabilities $ 31,379 The minimum lease payments under operating leases expiring subsequent to May 31, 2020 are as follows: Fiscal year ending $ in thousands 2020 $ 1,748 2021 5,798 2022 5,465 2023 3,771 2024 3,397 Thereafter 16,784 Total lease payments 36,963 Less: interest 5,584 Present value of lease liabilities $ 31,379 As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 and under the previous lease accounting standard, future minimum lease payments under operating leases with an initial or remaining term in excess of one year at August 31, 2019 would have been as follows: Fiscal year ending $ in thousands 2020 $ 6,065 2021 5,266 2022 4,771 2023 3,414 2024 3,107 Thereafter 20,119 Total lease payments $ 42,742 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
May 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 31, 2020, May 31, 2019, and August 31, 2019. There were no transfers between any levels for the periods presented. May 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 102,474 $ — $ — $ 102,474 Marketable securities: Corporate bonds — 14,554 — 14,554 U.S. treasury securities — 4,458 — 4,458 Derivative assets — 909 — 909 Derivative liabilities — (528 ) — (528 ) Earn-out liability — — 1,195 1,195 May 31, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 110,839 $ — $ — $ 110,839 Derivative assets — 534 — 534 Derivative liabilities — (22 ) — (22 ) August 31, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 127,204 $ — $ — $ 127,204 Derivative assets — 1,112 — 1,112 The Company’s investment in marketable securities consists of United States treasury bonds and investment grade corporate bonds. The marketable securities are classified as available-for-sale and are carried at fair value with the change in unrealized gains and losses reported as a separate component on the condensed consolidated statements of comprehensive income (loss) until realized. The Company determines fair value using data points that are observable, such as quoted prices and interest rates. The amortized cost of the investments approximates fair value. Investment income is recorded within other (expense) income on the condensed consolidated statements of operations. As of May 31, 2020, approximately 67% of the Company’s marketable securities investments mature within one year and 33% mature within one to three years. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the nine months ended May 31, 2020 or May 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 – Commitments and Contingencies In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, business disputes and other legal proceedings. The Company has established accruals for certain proceedings where those proceedings present loss contingencies that are both probable and reasonably estimable at the time of determination. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below. Infrastructure Products The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company’s X-Lite The Company, certain of its subsidiaries, and certain third parties which originally designed the X-Lite end terminal have also been named in a lawsuit filed on June 9, 2020 in the Circuit Court of Cole County, Missouri by Missouri Highways and Transportation Commission (“MHTC”). MHTC alleges, among other things, that the X-Lite end terminal was defectively designed and failed to perform as designed, intended, and advertised, leading to MHTC’s removal and replacement of X-Lite end terminals from Missouri’s roadways. MHTC alleges strict liability (defective design and failure to warn), negligence, breach of express warranties, breach of implied warranties (merchantability and fitness for a particular purpose), fraud, and public nuisance. MHTC seeks compensatory damages, interest, attorneys’ fees, and punitive damages. The Company believes it has meritorious factual and legal defenses to each of the lawsuits discussed above and is prepared to vigorously defend its interests. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company’s condensed cons olidated financial statements. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits . However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in these lawsuits and does not expect that these lawsuits will have a material adverse effect on its business or its consolidated financial statements. In June 2019, the Company was informed by letter that the Department of Justice, Civil Division and U.S. Attorney’s Office for the Northern District of New York, with the assistance of the Department of Transportation, Office of Inspector General, are conducting an investigation of the Company relating to the Company’s X-Lite end terminal and potential violations of the federal civil False Claims Act. Depending on the outcome of this matter, there could be a material adverse effect on the Company’s business or its consolidated financial statements. Given the current posture of the matter, the Company is unable to estimate a range of potential loss, if any, or to express an opinion regarding the ultimate outcome. Environmental Remediation The Company has committed to a preliminary plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the “site”) as a result of discussions with the U.S. Environmental Protection Agency (the “EPA”) and the Nebraska Department of Environmental Quality (the “NDEQ”) during the third quarter of fiscal 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 the final quarter of fiscal 2020 or the first quarter of fiscal 2021. The current estimated aggregate accrued cost of this remediation plan of $15.4 million is based on consideration of several remediation options that would use different technologies, each of which the Company believes could be successful in meeting the long-term regulatory requirements of the site. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site based on the preliminary analysis available at the time of this filing, the estimate of costs and their timing could change as a result of a number of factors, including (1) EPA and NDEQ input on the proposed remediation plan and any changes which they may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the undiscounted environmental remediation liability classifications included in the condensed consolidated balance sheets as of May 31, 2020, May 31, 2019, and August 31, 2019: ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Other current liabilities $ 1,182 $ 1,243 $ 1,243 Other noncurrent liabilities 14,257 14,871 14,674 Total environmental remediation liabilities $ 15,439 $ 16,114 $ 15,917 |
Warranties
Warranties | 9 Months Ended |
May 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Note 12 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended Nine months ended ($ in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Product warranty accrual balance, beginning of period $ 8,990 $ 7,971 $ 8,960 $ 7,109 Liabilities accrued for warranties during the period 2,744 2,642 6,360 5,472 Warranty claims paid during the period (2,031 ) (1,954 ) (5,617 ) (4,260 ) Changes in estimates 110 44 110 382 Product warranty accrual balance, end of period $ 9,813 $ 8,703 $ 9,813 $ 8,703 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
May 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 13 – Share-Based Compensation The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares, and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $ 1.5 million and $ 0.8 million for the three months ended May 31, 2020 and 2019 , respectively. Share-based compensation expense was $ 4.1 million and $ 3.2 million for the nine months ended May 31, 2020 and 2019 , respectively . |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
May 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 14 – Other Current Liabilities ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Other current liabilities: Compensation and benefits $ 17,072 $ 13,490 $ 13,960 Contract liabilities 16,029 11,683 14,763 Warranties 9,813 8,703 8,960 Tax related liabilities 6,733 2,087 1,469 Operating lease liabilities 5,046 — — Deferred revenue - lease 3,526 214 2,985 Dealer related liabilities 3,505 3,679 3,246 Accrued insurance 1,462 1,594 1,482 Accrued environmental liabilities 1,182 1,243 1,243 Other 7,344 6,409 4,380 Total other current liabilities $ 71,712 $ 49,102 $ 52,488 |
Share Repurchases
Share Repurchases | 9 Months Ended |
May 31, 2020 | |
Equity [Abstract] | |
Share Repurchases | Note 15 – Share Repurchases There were no shares repurchased during the three and nine months ended May 31, 2020 and May 31, 2019 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of May 31, 2020. |
Industry Segment Information
Industry Segment Information | 9 Months Ended |
May 31, 2020 | |
Segment Reporting [Abstract] | |
Industry Segment Information | Note 16 – Industry Segment Information The Company manages its business activities in two reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment sales, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three or nine months ended May 31, 2020 and 2019. 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, remote irrigation management and scheduling technology, irrigation consulting and design and industrial “internet of things”, or IoT, solutions. 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. Three months ended Nine months ended ($ in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Operating revenues: Irrigation: North America $ 60,917 $ 62,974 $ 179,197 $ 177,118 International 32,606 35,644 88,751 104,876 Irrigation total 93,523 98,618 267,948 281,994 Infrastructure 29,583 22,436 78,339 60,193 Total operating revenues $ 123,106 $ 121,054 $ 346,287 $ 342,187 Operating income: Irrigation $ 15,014 $ 11,037 $ 34,385 $ 26,341 Infrastructure 8,560 3,537 23,686 7,259 Corporate (7,746 ) (10,099 ) (21,325 ) (31,545 ) Total operating income 15,828 4,475 36,746 2,055 Interest and other expense, net (3,563 ) (1,246 ) (6,359 ) (2,213 ) Earnings (loss) before income taxes $ 12,265 $ 3,229 $ 30,387 $ (158 ) ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Total assets: Irrigation $ 313,216 $ 306,714 $ 292,202 Infrastructure 105,832 80,971 85,848 Corporate 138,438 118,237 122,264 $ 557,486 $ 505,922 $ 500,314 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
May 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
New Accounting Pronouncements | Recent Accounting Guidance Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Recent Accounting Guidance Adopted In February 2016, the FASB issued ASU 2016-02, Leases In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
May 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Segment | A breakout by segment of revenue recognized over time versus at a point in time for the three and nine months ended May 31, 2020 and May 31, 2019 is as follows: Three months ended Three months ended May 31, 2020 May 31, 2019 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 83,128 $ 24,499 $ 107,627 $ 89,442 $ 19,429 $ 108,871 Over time 10,395 2,621 13,016 9,176 1,589 10,765 Revenue from the contracts with customers 93,523 27,120 120,643 98,618 21,018 119,636 Lease revenue — 2,463 2,463 — 1,418 1,418 Total operating revenues $ 93,523 $ 29,583 $ 123,106 $ 98,618 $ 22,436 $ 121,054 Nine months ended Nine months ended May 31, 2020 May 31, 2019 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 229,529 $ 64,257 $ 293,786 $ 256,466 $ 51,593 $ 308,059 Over time 38,419 7,306 45,725 25,528 4,372 29,900 Revenue from the contracts with customers 267,948 71,563 339,511 281,994 55,965 337,959 Lease revenue — 6,776 6,776 — 4,228 4,228 Total operating revenues $ 267,948 $ 78,339 $ 346,287 $ 281,994 $ 60,193 $ 342,187 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
May 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Earnings Per Share | The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2020 and May 31, 2019: Three months ended Nine months ended ($ and shares in thousands, except per share amounts) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Numerator: Net earnings $ 10,094 $ 2,897 $ 23,955 $ 669 Denominator: Weighted average shares outstanding 10,835 10,786 10,818 10,779 Diluted effect of stock awards 42 28 36 28 Weighted average shares outstanding assuming dilution 10,877 10,814 10,854 10,807 Basic net earnings per share $ 0.93 $ 0.27 $ 2.21 $ 0.06 Diluted net earnings per share $ 0.93 $ 0.27 $ 2.21 $ 0.06 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | the following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: Three months ended Nine months ended (Units and options in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Restricted stock units 3 — 9 11 Stock options 115 88 42 66 Performance stock units — — 7 3 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of May 31, 2020, May 31, 2019, and August 31, 2019: ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Raw materials and supplies $ 50,820 $ 44,742 $ 49,047 Work in process 7,819 6,917 4,514 Finished goods and purchased parts, net 59,496 47,659 46,812 Total inventory value before LIFO adjustment 118,135 99,318 100,373 Less adjustment to LIFO value (4,834 ) (8,227 ) (8,086 ) Inventories, net $ 113,301 $ 91,091 $ 92,287 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
May 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown: ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,397 1,622 1,571 Total debt 116,397 116,622 116,571 Less current portion (195 ) (208 ) (209 ) Less unamortized debt issuance costs (479 ) (529 ) (516 ) Total long-term debt $ 115,723 $ 115,885 $ 115,846 |
Schedule of Principal Payments Due on Long-Term Debt | Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 195 2 years 216 3 years 220 4 years 225 5 years 229 Thereafter 115,312 $ 116,397 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 9 Months Ended |
May 31, 2020 | |
Derivative Instruments And Hedges [Abstract] | |
Schedule of Financial Derivatives | Fair values of derivative instruments are as follows: ($ in thousands) Balance sheet location May 31, 2020 May 31, 2019 August 31, 2019 Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets $ — $ 533 $ 1,073 Foreign currency forward contracts Other current liabilities — — — Total derivatives designated as hedging instruments $ — $ 533 $ 1,073 Derivatives not designated as hedging instruments: Foreign currency option contracts Other current assets $ 909 $ 1 $ 39 Foreign currency forward contracts Other current liabilities (528 ) (22 ) — Total derivatives not designated as hedging instruments $ 381 $ (21 ) $ 39 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income | The amount of gain recognized in other comprehensive income is as follows: Three months ended Nine months ended ($ in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foreign currency forward contracts, net of tax expense of $63, $182, $123 and $368, respectively $ 101 $ 682 $ 304 $ 1,324 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
May 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Cost and Other Information Related to Company's Operating Leases | Lease cost and other information related to the Company’s operating leases are as follows: ($ in thousands) Three months ended May 31, 2020 Nine months ended May 31, 2020 Operating lease cost (cost resulting from lease payments) 1,502 4,412 Variable lease cost (cost excluded from lease payments) 112 312 Total lease cost $ 1,614 $ 4,724 Operating cash outflows from operating leases 1,178 3,997 Weighted average lease term - operating leases 9.2 years 9.2 years Weighted average discount rate - operating leases 3.2 % 3.2 % |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases as of the third quarter of 2020 is as follows: ($ in thousands) Classification May 31, 2020 Operating lease ROU assets Operating lease right-of-use assets $ 27,663 Operating lease short-term liabilities Other current liabilities 5,046 Operating lease long-term liabilities Operating lease liabilities 26,333 Total lease liabilities $ 31,379 |
Schedule of Minimum Lease Payments Under Operating Leases | The minimum lease payments under operating leases expiring subsequent to May 31, 2020 are as follows: Fiscal year ending $ in thousands 2020 $ 1,748 2021 5,798 2022 5,465 2023 3,771 2024 3,397 Thereafter 16,784 Total lease payments 36,963 Less: interest 5,584 Present value of lease liabilities $ 31,379 |
Schedule of Future Minimum Lease Payments Under Operating Leases | As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 and under the previous lease accounting standard, future minimum lease payments under operating leases with an initial or remaining term in excess of one year at August 31, 2019 would have been as follows: Fiscal year ending $ in thousands 2020 $ 6,065 2021 5,266 2022 4,771 2023 3,414 2024 3,107 Thereafter 20,119 Total lease payments $ 42,742 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
May 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 31, 2020, May 31, 2019, and August 31, 2019. There were no transfers between any levels for the periods presented. May 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 102,474 $ — $ — $ 102,474 Marketable securities: Corporate bonds — 14,554 — 14,554 U.S. treasury securities — 4,458 — 4,458 Derivative assets — 909 — 909 Derivative liabilities — (528 ) — (528 ) Earn-out liability — — 1,195 1,195 May 31, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 110,839 $ — $ — $ 110,839 Derivative assets — 534 — 534 Derivative liabilities — (22 ) — (22 ) August 31, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 127,204 $ — $ — $ 127,204 Derivative assets — 1,112 — 1,112 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
May 31, 2020 | |
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 condensed consolidated balance sheets as of May 31, 2020, May 31, 2019, and August 31, 2019: ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Other current liabilities $ 1,182 $ 1,243 $ 1,243 Other noncurrent liabilities 14,257 14,871 14,674 Total environmental remediation liabilities $ 15,439 $ 16,114 $ 15,917 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended |
May 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following table provides the changes in the Company’s product warranties: Three months ended Nine months ended ($ in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Product warranty accrual balance, beginning of period $ 8,990 $ 7,971 $ 8,960 $ 7,109 Liabilities accrued for warranties during the period 2,744 2,642 6,360 5,472 Warranty claims paid during the period (2,031 ) (1,954 ) (5,617 ) (4,260 ) Changes in estimates 110 44 110 382 Product warranty accrual balance, end of period $ 9,813 $ 8,703 $ 9,813 $ 8,703 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
May 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities Current | Other Current Liabilities ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Other current liabilities: Compensation and benefits $ 17,072 $ 13,490 $ 13,960 Contract liabilities 16,029 11,683 14,763 Warranties 9,813 8,703 8,960 Tax related liabilities 6,733 2,087 1,469 Operating lease liabilities 5,046 — — Deferred revenue - lease 3,526 214 2,985 Dealer related liabilities 3,505 3,679 3,246 Accrued insurance 1,462 1,594 1,482 Accrued environmental liabilities 1,182 1,243 1,243 Other 7,344 6,409 4,380 Total other current liabilities $ 71,712 $ 49,102 $ 52,488 |
Industry Segment Information (T
Industry Segment Information (Tables) | 9 Months Ended |
May 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three months ended Nine months ended ($ in thousands) May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Operating revenues: Irrigation: North America $ 60,917 $ 62,974 $ 179,197 $ 177,118 International 32,606 35,644 88,751 104,876 Irrigation total 93,523 98,618 267,948 281,994 Infrastructure 29,583 22,436 78,339 60,193 Total operating revenues $ 123,106 $ 121,054 $ 346,287 $ 342,187 Operating income: Irrigation $ 15,014 $ 11,037 $ 34,385 $ 26,341 Infrastructure 8,560 3,537 23,686 7,259 Corporate (7,746 ) (10,099 ) (21,325 ) (31,545 ) Total operating income 15,828 4,475 36,746 2,055 Interest and other expense, net (3,563 ) (1,246 ) (6,359 ) (2,213 ) Earnings (loss) before income taxes $ 12,265 $ 3,229 $ 30,387 $ (158 ) ($ in thousands) May 31, 2020 May 31, 2019 August 31, 2019 Total assets: Irrigation $ 313,216 $ 306,714 $ 292,202 Infrastructure 105,832 80,971 85,848 Corporate 138,438 118,237 122,264 $ 557,486 $ 505,922 $ 500,314 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands | May 31, 2020 | Sep. 01, 2019 | Aug. 31, 2019 | May 31, 2019 |
Basis Of Presentation [Line Items] | ||||
Right of use asset | $ 27,663 | $ 0 | $ 0 | |
Lease liability | $ 31,379 | |||
ASU 2016-02 [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Right of use asset | $ 26,200 | |||
Lease liability | $ 29,500 |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | $ 120,643 | $ 119,636 | $ 339,511 | $ 337,959 |
Lease revenue | 2,463 | 1,418 | 6,776 | 4,228 |
Operating revenues | 123,106 | 121,054 | 346,287 | 342,187 |
Irrigation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 93,523 | 98,618 | 267,948 | 281,994 |
Lease revenue | 0 | 0 | 0 | 0 |
Operating revenues | 93,523 | 98,618 | 267,948 | 281,994 |
Infrastructure [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 27,120 | 21,018 | 71,563 | 55,965 |
Lease revenue | 2,463 | 1,418 | 6,776 | 4,228 |
Operating revenues | 29,583 | 22,436 | 78,339 | 60,193 |
Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 107,627 | 108,871 | 293,786 | 308,059 |
Point in Time [Member] | Irrigation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 83,128 | 89,442 | 229,529 | 256,466 |
Point in Time [Member] | Infrastructure [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 24,499 | 19,429 | 64,257 | 51,593 |
Over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 13,016 | 10,765 | 45,725 | 29,900 |
Over Time [Member] | Irrigation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | 10,395 | 9,176 | 38,419 | 25,528 |
Over Time [Member] | Infrastructure [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from the contracts with customers | $ 2,621 | $ 1,589 | $ 7,306 | $ 4,372 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | Aug. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Unsatisfied performance obligation amount | $ 6.1 | ||
Revenue recognized | 13.5 | $ 0.8 | |
Other Current Assets [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Contract assets | 0.8 | 1.4 | $ 1.3 |
Other Current Liabilities [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Contract liabilities | $ 16.9 | $ 13.1 | $ 18.4 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Narrative) (Details) $ in Thousands | Apr. 08, 2020USD ($) | Feb. 29, 2020USD ($) | May 31, 2020USD ($) | May 31, 2019USD ($) | Aug. 31, 2019USD ($) | Aug. 31, 2018Facility |
Acquisitions And Divestitures [Line Items] | ||||||
Net of cash acquired, paid in cash | $ 3,034 | $ 0 | ||||
Goodwill | 67,635 | 64,454 | $ 64,387 | |||
Loss on sale of irrigation dealership | 0 | 301 | ||||
Note receivable from sale of business | 0 | 5,589 | ||||
Assets held-for-sale | 0 | 2,744 | $ 2,744 | |||
Net proceeds from the sale of building | $ 3,900 | 3,955 | 0 | |||
Gain from the sale of building | $ 1,200 | $ 1,191 | 0 | |||
North America [Member] | Infrastructure [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Number of manufacturing facilities closed | Facility | 1 | |||||
General and Administrative Expense [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Loss on sale of irrigation dealership | $ 300 | |||||
Net Irrigate, LLC [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Acquisition date | Apr. 8, 2020 | |||||
Total purchase price | $ 4,500 | |||||
Net of cash acquired, paid in cash | 3,000 | |||||
Cash payable | $ 300 | |||||
Cash payable period | 90 days | |||||
Earn-out liability payment period | 1 year | |||||
Earn-out payment amount | $ 1,200 | |||||
Maximum potential payout | 1,500 | |||||
Goodwill | 3,200 | |||||
Business combination, various other assets and liabilities | $ 1,300 |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule of Computation of Basic and Diluted Net Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net earnings | $ 10,094 | $ 2,897 | $ 23,955 | $ 669 |
Weighted average shares outstanding | 10,835 | 10,786 | 10,818 | 10,779 |
Diluted effect of stock awards | 42 | 28 | 36 | 28 |
Weighted average shares outstanding assuming dilution | 10,877 | 10,814 | 10,854 | 10,807 |
Basic net earnings per share | $ 0.93 | $ 0.27 | $ 2.21 | $ 0.06 |
Diluted net earnings per share | $ 0.93 | $ 0.27 | $ 2.21 | $ 0.06 |
Net Earnings Per Share (Sched_2
Net Earnings Per Share (Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
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 | 3 | 0 | 9 | 11 |
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 | 115 | 88 | 42 | 66 |
Performance 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 | 0 | 0 | 7 | 3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 2,171 | $ 332 | $ 6,432 | $ (827) |
Estimated annual effective income tax rate | 23.60% | 42.60% | ||
U.S. federal tax rate | 21.00% | |||
Tax adjustment for unusual items | $ 300 | $ 800 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $ 50,820 | $ 49,047 | $ 44,742 |
Work in process | 7,819 | 4,514 | 6,917 |
Finished goods and purchased parts, net | 59,496 | 46,812 | 47,659 |
Total inventory value before LIFO adjustment | 118,135 | 100,373 | 99,318 |
Less adjustment to LIFO value | (4,834) | (8,086) | (8,227) |
Inventories, net | $ 113,301 | $ 92,287 | $ 91,091 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Debt Instrument [Line Items] | |||
Total debt | $ 116,397 | $ 116,571 | $ 116,622 |
Less current portion | (195) | (209) | (208) |
Less unamortized debt issuance costs | (479) | (516) | (529) |
Total long-term debt | 115,723 | 115,846 | 115,885 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | 0 |
Elecsys Series 2006A Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,397 | 1,571 | 1,622 |
Series A Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 115,000 | $ 115,000 | $ 115,000 |
Long-Term Debt (Schedule of Pri
Long-Term Debt (Schedule of Principal Payments Due on Long-Term Debt) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Debt Disclosure [Abstract] | |||
1 year | $ 195 | ||
2 years | 216 | ||
3 years | 220 | ||
4 years | 225 | ||
5 years | 229 | ||
Thereafter | 115,312 | ||
Total debt | $ 116,397 | $ 116,571 | $ 116,622 |
Financial Derivatives (Schedule
Financial Derivatives (Schedule of Financial Derivatives) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | $ 0 | $ 1,073 | $ 533 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 1,073 | 533 |
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 0 | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivatives | 381 | 39 | (21) |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 909 | 39 | 1 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | $ (528) | $ 0 | $ (22) |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) € in Millions, £ in Millions, R in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
May 31, 2020USD ($) | May 31, 2019USD ($) | May 31, 2020USD ($) | May 31, 2019USD ($) | May 31, 2020GBP (£) | Aug. 31, 2019USD ($) | Aug. 31, 2019EUR (€) | May 31, 2019EUR (€) | May 31, 2019ZAR (R) | |
Foreign Exchange Forward [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Outstanding foreign currency forward contracts | $ 8.5 | $ 1.9 | $ 8.5 | $ 1.9 | $ 1.8 | ||||
Foreign Exchange Option Contract [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Outstanding foreign currency forward contracts | £ | £ 15 | ||||||||
Fair Value Hedging [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Realized and unrealized gains, net of related income tax effects | 7.3 | 6.3 | 7.3 | 6.3 | $ 7 | ||||
Net Investment Hedging [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Foreign currency translation forward contracts, after tax net gain | 0.3 | 0.6 | 1.1 | 1.5 | |||||
Derivative contracts ineffective amount | 0 | $ 0 | 0 | $ 0 | |||||
Outstanding foreign currency forward contracts | $ 0 | $ 0 | € 32.7 | € 32.7 | R 43 |
Financial Derivatives (Schedu_2
Financial Derivatives (Schedule of Derivative Instruments, Effect on Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Foreign Currency Forward Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign currency forward contracts, net of tax expense of $63, $182, $123 and $368, respectively | $ 101 | $ 682 | $ 304 | $ 1,324 |
Financial Derivatives (Schedu_3
Financial Derivatives (Schedule of Derivative Instruments, Effect on Other Comprehensive Income) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Foreign Currency Forward Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Tax expense | $ 63 | $ 182 | $ 123 | $ 368 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2020 | May 31, 2020 | |
Leases [Abstract] | ||
Lease expense | $ 0 | $ 0 |
Leases (Schedule of Lease Cost
Leases (Schedule of Lease Cost and Other Information Related to Company's Operating Leases) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
May 31, 2020USD ($) | May 31, 2020USD ($) | |
Lease Cost [Abstract] | ||
Operating lease cost (cost resulting from lease payments) | $ 1,502 | $ 4,412 |
Variable lease cost (cost excluded from lease payments) | 112 | 312 |
Total lease cost | 1,614 | 4,724 |
Operating cash outflows from operating leases | $ 1,178 | $ 3,997 |
Weighted average lease term - operating leases | 9 years 2 months 12 days | 9 years 2 months 12 days |
Weighted average discount rate - operating leases | 3.20% | 3.20% |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Leases [Abstract] | |||
Operating lease ROU assets | $ 27,663 | $ 0 | $ 0 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseRightOfUseAsset | ||
Operating lease short-term liabilities | $ 5,046 | 0 | 0 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | ||
Operating lease long-term liabilities | $ 26,333 | $ 0 | $ 0 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseLiabilityNoncurrent | ||
Total lease liabilities | $ 31,379 |
Leases (Schedule of Minimum Lea
Leases (Schedule of Minimum Lease Payments Under Operating Leases) (Details) $ in Thousands | May 31, 2020USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2020 | $ 1,748 |
2021 | 5,798 |
2022 | 5,465 |
2023 | 3,771 |
2024 | 3,397 |
Thereafter | 16,784 |
Total lease payments | 36,963 |
Less: interest | 5,584 |
Present value of lease liabilities | $ 31,379 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Payments Under Operating Leases) (Details) $ in Thousands | Aug. 31, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2020 | $ 6,065 |
2021 | 5,266 |
2022 | 4,771 |
2023 | 3,414 |
2024 | 3,107 |
Thereafter | 20,119 |
Total lease payments | $ 42,742 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 102,474 | $ 127,204 | $ 110,839 |
Marketable securities: | |||
Derivative assets | 909 | 1,112 | 534 |
Derivative liabilities | (528) | (22) | |
Earn-out liability | 1,195 | ||
Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 14,554 | ||
U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | 4,458 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 102,474 | 127,204 | 110,839 |
Marketable securities: | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | |
Earn-out liability | 0 | ||
Level 1 [Member] | Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 0 | ||
Level 1 [Member] | U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | 0 | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Marketable securities: | |||
Derivative assets | 909 | 1,112 | 534 |
Derivative liabilities | (528) | (22) | |
Earn-out liability | 0 | ||
Level 2 [Member] | Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 14,554 | ||
Level 2 [Member] | U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | 4,458 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Marketable securities: | |||
Derivative assets | 0 | $ 0 | 0 |
Derivative liabilities | 0 | $ 0 | |
Earn-out liability | 1,195 | ||
Level 3 [Member] | Corporate Bonds [Member] | |||
Marketable securities: | |||
Marketable securities | 0 | ||
Level 3 [Member] | U.S. Treasury Securities [Member] | |||
Marketable securities: | |||
Marketable securities | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 9 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Percentage of marketable securities investments mature within one year | 67.00% | |
Percentage of marketable securities investments mature within one to three years | 33.00% | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets fair value adjustments | $ 0 | $ 0 |
Liabilities fair value adjustments | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Millions | May 31, 2020USD ($) |
Lindsay, Nebraska Facility [Member] | |
Commitments And Contingencies [Line Items] | |
Current environmental remediation accrual | $ 15.4 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | |||
Other current liabilities | $ 1,182 | $ 1,243 | $ 1,243 |
Other noncurrent liabilities | 14,257 | 14,674 | 14,871 |
Total environmental remediation liabilities | $ 15,439 | $ 15,917 | $ 16,114 |
Warranties (Schedule of Product
Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty accrual balance, beginning of period | $ 8,990 | $ 7,971 | $ 8,960 | $ 7,109 |
Liabilities accrued for warranties during the period | 2,744 | 2,642 | 6,360 | 5,472 |
Warranty claims paid during the period | (2,031) | (1,954) | (5,617) | (4,260) |
Changes in estimates | 110 | 44 | 110 | 382 |
Product warranty accrual balance, end of period | $ 9,813 | $ 8,703 | $ 9,813 | $ 8,703 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Share-based compensation expense | $ 1.5 | $ 0.8 | $ 4.1 | $ 3.2 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule of Other Liabilities Current) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Other Liabilities Disclosure [Abstract] | |||
Compensation and benefits | $ 17,072 | $ 13,960 | $ 13,490 |
Contract liabilities | 16,029 | 14,763 | 11,683 |
Warranties | 9,813 | 8,960 | 8,703 |
Tax related liabilities | 6,733 | 1,469 | 2,087 |
Operating lease liabilities | 5,046 | 0 | 0 |
Deferred revenue - lease | 3,526 | 2,985 | 214 |
Dealer related liabilities | 3,505 | 3,246 | 3,679 |
Accrued insurance | 1,462 | 1,482 | 1,594 |
Accrued environmental liabilities | 1,182 | 1,243 | 1,243 |
Other | 7,344 | 4,380 | 6,409 |
Total other current liabilities | $ 71,712 | $ 52,488 | $ 49,102 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Equity [Abstract] | ||||
Number of shares of common stock repurchased during the period | 0 | 0 | 0 | 0 |
Remaining amount available under the repurchase program | $ 63.7 | $ 63.7 |
Industry Segment Information (N
Industry Segment Information (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
May 31, 2020customer | May 31, 2019customer | May 31, 2020Segmentcustomer | May 31, 2019customer | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Irrigation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 1 | |||
Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 1 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Number of major customers | customer | 0 | 0 | 0 | 0 |
Industry Segment Information (S
Industry Segment Information (Schedule of Segment Reporting Information Impacts on Statement of Operations, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 123,106 | $ 121,054 | $ 346,287 | $ 342,187 |
Total operating income | 15,828 | 4,475 | 36,746 | 2,055 |
Interest and other expense, net | (3,563) | (1,246) | (6,359) | (2,213) |
Earnings (loss) before income taxes | 12,265 | 3,229 | 30,387 | (158) |
Irrigation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 93,523 | 98,618 | 267,948 | 281,994 |
Total operating income | 15,014 | 11,037 | 34,385 | 26,341 |
Irrigation [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 60,917 | 62,974 | 179,197 | 177,118 |
Irrigation [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 32,606 | 35,644 | 88,751 | 104,876 |
Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 29,583 | 22,436 | 78,339 | 60,193 |
Total operating income | 8,560 | 3,537 | 23,686 | 7,259 |
Corporate Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total operating income | $ (7,746) | $ (10,099) | $ (21,325) | $ (31,545) |
Industry Segment Information _2
Industry Segment Information (Schedule of Segment Reporting Information Impacts on Balance Sheet, by Segment) (Details) - USD ($) $ in Thousands | May 31, 2020 | Aug. 31, 2019 | May 31, 2019 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 557,486 | $ 500,314 | $ 505,922 |
Irrigation [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 313,216 | 292,202 | 306,714 |
Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 105,832 | 85,848 | 80,971 |
Corporate Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 138,438 | $ 122,264 | $ 118,237 |