Lindsay (LNN) 10-Q 7 Jan 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Nov. 30, 2020	Jan. 04, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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		10,865,246
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 Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Operating revenues	$ 108,485	$ 109,393
Cost of operating revenues	77,077	75,319
Gross profit	31,408	34,074
Operating expenses:
Selling expense	7,331	6,492
General and administrative expense	13,452	11,804
Engineering and research expense	3,090	3,502
Total operating expenses	23,873	21,798
Operating income	7,535	12,276
Other (expense) income:
Interest expense	(1,201)	(1,186)
Interest income	303	615
Other income (expense), net	246	(450)
Total other (expense) income	(652)	(1,021)
Earnings before income taxes	6,883	11,255
Income tax (benefit) expense	(212)	2,910
Net earnings	$ 7,095	$ 8,345
Earnings per share:
Basic	$ 0.65	$ 0.77
Diluted	$ 0.65	$ 0.77
Shares used in computing earnings per share:
Basic	10,845	10,795
Diluted	10,888	10,828
Cash dividends declared per share	$ 0.32	$ 0.31

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 7,095	$ 8,345
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax	43	43
Foreign currency translation adjustment, net of hedging activities and tax	1,384	(293)
Unrealized loss on marketable securities, net of tax	(32)	0
Total other comprehensive income (loss), net of tax (benefit) expense of ($32), and $76, respectively	1,395	(250)
Total comprehensive income	$ 8,490	$ 8,095

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss), tax (benefit) expense	$ (32)	$ 76

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Current assets:
Cash and cash equivalents	$ 126,802	$ 121,403	$ 120,910
Marketable securities	19,624	19,511	0
Receivables, net of allowance of $2,960, $2,785, and $2,780, respectively	74,909	84,604	79,317
Inventories, net	114,278	104,792	97,284
Assets held-for-sale	0	0	2,744
Other current assets, net	20,837	17,625	16,376
Total current assets	356,450	347,935	316,631
Property, plant, and equipment:
Cost	212,725	208,107	193,000
Less accumulated depreciation	(131,430)	(128,526)	(122,695)
Property, plant, and equipment, net	81,295	79,581	70,305
Intangibles, net	22,817	23,477	23,739
Goodwill	68,027	68,004	64,358
Operating lease right-of-use assets	26,008	27,457	25,764
Deferred income tax assets	9,924	9,935	9,902
Other noncurrent assets	10,681	14,137	16,112
Total assets	575,202	570,526	526,811
Current liabilities:
Accounts payable	36,263	29,554	30,097
Current portion of long-term debt	214	195	210
Other current liabilities	65,910	72,646	54,494
Total current liabilities	102,387	102,395	84,801
Pension benefits liabilities	6,293	6,374	5,948
Long-term debt	115,641	115,682	115,805
Operating lease liabilities	24,863	25,862	25,323
Deferred income tax liabilities	902	889	845
Other noncurrent liabilities	21,215	20,806	21,089
Total liabilities	271,301	272,008	253,811
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; 18,948, 18,897, and 18,918 shares issued, respectively	18,948	18,918	18,897
Capital in excess of stated value	78,026	77,686	71,706
Retained earnings	503,342	499,724	479,732
Less treasury stock - at cost, 8,083 shares	(277,238)	(277,238)	(277,238)
Accumulated other comprehensive loss, net	(19,177)	(20,572)	(20,097)
Total shareholders' equity	303,901	298,518	273,000
Total liabilities and shareholders' equity	$ 575,202	$ 570,526	$ 526,811

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Statement Of Financial Position [Abstract]
Receivables, allowance	$ 2,960	$ 2,780	$ 2,785
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	18,948,000	18,918,000	18,897,000
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, Net [Member]
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	8,345	$ 0	$ 0	0	8,345	0
Other comprehensive income (loss)	(250)	0	0	0	0	(250)
Total comprehensive income	8,095	0	0	0	0	0
Cash dividends per share	(3,353)	0	0	0	(3,353)	0
Issuance of common shares under share compensation plans, net	(1,111)	$ 27	$ 0	(1,138)	0	0
Issuance of common shares under share compensation plans, net, shares		27	0
Share-based compensation expense	1,160	$ 0	$ 0	1,160	0	0
Ending balance, value at Nov. 30, 2019	273,000	$ 18,897	$ (277,238)	71,706	479,732	(20,097)
Ending Balance, shares at Nov. 30, 2019		18,897	8,083
Beginning balance, value at Aug. 31, 2020	298,518	$ 18,918	$ (277,238)	77,686	499,724	(20,572)
Beginning balance, shares at Aug. 31, 2020		18,918	8,083
Net earnings	7,095	$ 0	$ 0	0	7,095	0
Other comprehensive income (loss)	1,395	0	0	0	0	1,395
Total comprehensive income	8,490	0	0	0	0	0
Cash dividends per share	(3,477)	0	0	0	(3,477)	0
Repurchase of common stock	0	0	0	0	0	0
Issuance of common shares under share compensation plans, net	(1,213)	$ 30	$ 0	(1,243)	0	0
Issuance of common shares under share compensation plans, net, shares		30	0
Share-based compensation expense	1,583	$ 0	$ 0	1,583	0	0
Ending balance, value at Nov. 30, 2020	$ 303,901	$ 18,948	$ (277,238)	$ 78,026	$ 503,342	$ (19,177)
Ending Balance, shares at Nov. 30, 2020		18,948	8,083

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement Of Stockholders Equity [Abstract]
Cash dividends per share	$ 0.32	$ 0.31

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 7,095	$ 8,345
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	5,140	4,748
Provision for uncollectible accounts receivable	158	248
Deferred income taxes	140	1,987
Share-based compensation expense	1,583	1,160
Foreign currency transaction (gain) loss	(203)	668
Other, net	36	(294)
Changes in assets and liabilities:
Receivables	8,896	(4,122)
Inventories	(8,294)	(4,931)
Other current assets	(3,068)	(2,466)
Accounts payable	7,286	725
Other current liabilities	(7,146)	(1,901)
Other noncurrent assets and liabilities	3,750	(2,626)
Net cash provided by operating activities	15,373	1,541
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment	(5,614)	(4,322)
Purchases of marketable securities available-for-sale	(3,844)	0
Proceeds from maturities of marketable securities available-for-sale	3,616	0
Proceeds from settlement of net investment hedges	0	1,092
Other investing activities, net	0	24
Net cash used in investing activities	(5,842)	(3,206)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	56	0
Common stock withheld for payroll tax obligations	(1,269)	(1,111)
Principal payments on long-term debt	(35)	(52)
Dividends paid	(3,477)	(3,353)
Net cash used in financing activities	(4,725)	(4,516)
Effect of exchange rate changes on cash and cash equivalents	593	(113)
Net change in cash and cash equivalents	5,399	(6,294)
Cash and cash equivalents, beginning of period	121,403	127,204
Cash and cash equivalents, end of period	126,802	120,910
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid, net of refunds	418	(56)
Interest paid	$ 77	$ 67

Basis of Presentation

Basis of Presentation	3 Months Ended
	Nov. 30, 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, 2020. 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 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 In January 2017, the FASB issues ASU 2017-04, Simplifying the Test for Goodwill Impairment

Revenue Recognition

Revenue Recognition	3 Months Ended
	Nov. 30, 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 months ended November 30, 2020 is as follows: Three months ended November 30, 2020 ($ in thousands) Irrigation Infrastructure Total Point in time $ 80,060 $ 15,452 $ 95,512 Over time 7,296 1,639 8,935 Revenue from the contracts with customers 87,356 17,091 104,447 Lease revenue — 4,038 4,038 Total operating revenues $ 87,356 $ 21,129 $ 108,485 Three months ended November 30, 2019 ($ in thousands) Irrigation Infrastructure Total Point in time $ 73,818 $ 21,162 $ 94,980 Over time 9,509 2,125 11,634 Revenue from the contracts with customers 83,327 23,287 106,614 Lease revenue — 2,779 2,779 Total operating revenues $ 83,327 $ 26,066 $ 109,393 Further disaggregation of revenue is disclosed in the Note 13 – Industry Segment Information. For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were $11.3 million at November 30, 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 November 30, 2020, November 30, 2019, and August 31, 2019, contract assets amounted to $1.2 million, $1.2 million, and $0.9 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 November 30, 2020, November 30, 2019, and August 31, 2019, contract liabilities amounted to $21.3 million, $14.7 million, and $19.6 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s three months ended November 30, 2020 and 2019, the Company recognized $6.5 million and $6.4 million of revenue that were included in the liabilities as of August 31, 2020 and 2019, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Net Earnings Per Share	Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. 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 months ended November 30, 2020 and November 30, 2019: Three months ended ($ and shares in thousands, except per share amounts) November 30, 2020 November 30, 2019 Numerator: Net earnings $ 7,095 $ 8,345 Denominator: Weighted average shares outstanding 10,845 10,795 Diluted effect of stock awards 43 33 Weighted average shares outstanding assuming dilution 10,888 10,828 Basic net earnings per share $ 0.65 $ 0.77 Diluted net earnings per share $ 0.65 $ 0.77 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive: Three months ended (Units and options in thousands) November 30, 2020 November 30, 2019 Restricted stock units — 19 Stock options 79 — Performance stock units 10 20

Income Taxes

Income Taxes	3 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Taxes The Company recorded income tax benefit of $0.2 million for the three months ended November 30, 2020 and income tax expense of $2.9 million for the three months ended November 30, 2019. 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 23.8 percent and 25.8 percent for the three months ended November 30, 2020 and 2019, respectively. The decrease in the estimated annual effective income tax rate from November 2019 to November 2020 relates primarily to the change in earnings mix among foreign operations. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded discrete items resulting in an income tax benefit of $1.8 million for the three months ended November 30, 2020, which included a benefit of $1.7 million related to the release of a valuation allowance primarily related to net operating loss carryforwards in a foreign jurisdiction that are now expected be realizable. The tax effects of discrete items did not have a significant impact on income tax expense for the three months ended November 30, 2019 .

Inventories

Inventories	3 Months Ended
	Nov. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Note 5 – Inventories Inventories consisted of the following as of November 30, 2020, November 30, 2019, and August 31, 2020: ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Raw materials and supplies $ 52,374 $ 47,266 $ 51,205 Work in process 8,041 6,235 6,464 Finished goods and purchased parts, net 58,284 51,908 51,684 Total inventory value before LIFO adjustment 118,699 105,409 109,353 Less adjustment to LIFO value (4,421 ) (8,125 ) (4,561 ) Inventories, net $ 114,278 $ 97,284 $ 104,792

Long-Term Debt

Long-Term Debt	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Note 6 – Long-Term Debt The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown: ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,309 1,519 1,344 Total debt 116,309 116,519 116,344 Less current portion (214 ) (210 ) (195 ) Less unamortized debt issuance costs (454 ) (504 ) (467 ) Total long-term debt $ 115,641 $ 115,805 $ 115,682 Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 214 2 years 218 3 years 222 4 years 227 5 years 231 Thereafter 115,197 $ 116,309

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2020, November 30, 2019, and August 31, 2020. There were no transfers between any levels for the periods presented. November 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 126,802 $ — $ — $ 126,802 Marketable securities: Corporate bonds — 14,564 — 14,564 U.S. treasury securities — 5,060 — 5,060 Earn-out liability — — (1,112 ) (1,112 ) November 30, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 120,910 $ — $ — $ 120,910 Derivative assets — 13 — 13 Derivative liabilities — (115 ) — (115 ) August 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 121,403 $ — $ — $ 121,403 Marketable securities: Corporate bonds — 14,426 — 14,426 U.S. treasury securities — 5,085 — 5,085 Derivative assets — 21 — 21 Earn-out liability — — (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 earnings. As of November 30, 2020, approximately 72% of the Company’s marketable securities investments mature within one year and 28% mature within one to three years. The Company’s earn-out liability relates to its acquisition of Net Irrigate, LLC during the third quarter of fiscal 2020. The value of the earn-out liability is based on active customers one year subsequent to the closing date. The fair value of this earn-out payment was calculated using the weighted average probability for each potential outcome and has a maximum potential payout of $1.5 million. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2020 or November 30, 2019.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – 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 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 consolidated financial statements. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. 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 In previous years, the Company committed to a plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the “site”). The current estimated aggregate accrued cost of $16.1 million is based on consideration of remediation options which the Company believes could be successful in meeting the long-term regulatory requirements of the site. The Company submitted a revised remedial alternatives evaluation report to the U.S. Environmental Protection Agency (“EPA”) and the Nebraska Department of Environment and Energy (the “NDEE”) in August 2020 to review remediation alternatives and proposed plans for the site. The proposed remediation plan is preliminary and has not been approved by the EPA or the NDEE. Based on guidance from third-party environmental experts and the preliminary discussions with the regulatory agencies, the Company anticipates that a definitive plan will not be agreed upon until the latter half of fiscal 2021 or later. An increase to the liability of $1.0 million was recorded within general and administrative expense on the condensed consolidated statement of earnings in the fourth quarter of fiscal 2020. Of the total liability, $11.0 million was calculated on a discounted basis using a discount rate of 1.2%, which represents a risk-free rate. This discounted portion of the liability amounts to $12.4 million on an undiscounted basis. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the plan has not formally been approved by the EPA, the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site; however, the estimate of costs and their timing could change as a result of a number of factors, including (1) EPA input on the proposed remediation plan and any changes which it may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the undiscounted environmental remediation liability classifications included in the condensed consolidated balance sheets as of November 30, 2020, November 30, 2019, and August 31, 2020: ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Other current liabilities $ 1,105 $ 1,243 $ 1,115 Other noncurrent liabilities 15,021 14,548 15,030 Total environmental remediation liabilities $ 16,126 $ 15,791 $ 16,145

Warranties

Warranties	3 Months Ended
	Nov. 30, 2020
Product Warranties Disclosures [Abstract]
Warranties	Note 9 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended ($ in thousands) November 30, 2020 November 30, 2019 Product warranty accrual balance, beginning of period $ 10,765 $ 8,960 Liabilities accrued for warranties during the period 1,734 1,480 Warranty claims paid during the period (1,641 ) (1,652 ) Product warranty accrual balance, end of period $ 10,858 $ 8,788

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Nov. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 10 – 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 $1.7 million and $1.2 million for the three months ended November 30, 2020 and 2019, respectively. The following table illustrates the type and fair value of share-based compensation awards granted during the three months ended November 30, 2020 and 2019, respectively: Three months ended November 30, 2020 November 30, 2019 Number of units granted Weighted average grant-date fair value per award Number of units granted Weighted average grant-date fair value per award Stock options 35,168 $ 30.68 44,347 $ 24.18 RSUs 26,314 $ 106.72 30,235 $ 90.73 PSUs 19,533 $ 125.23 22,715 $ 102.28 The RSUs granted during the three months ended November 30, 2020 and 2019 consisted of 2,162 and 2,730, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $110.21 and $94.36 per award for the three months ended November 30, 2020 and 2019, respectively. Share issuances are presented net of share repurchases to cover payroll taxes of $1.3 million and $1.1 million for the three month periods ended November 30, 2020 and 2019, respectively. The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2020 and 2019: Three months ended November 30, 2020 2019 Weighted-average dividend yield 1.2 % 1.3 % Weighted-average volatility 32.8 % 28.4 % Risk-free interest rate 0.5 % 1.6 % Weighted-average expected life 6 years 6 years The PSUs granted during fiscal 2021 include performance goals based on a return on net assets and total shareholder return (TSR) relative to the Company’s peers during the performance period. The awards actually earned will range from zero to two hundred three-year The fair value of the TSR portion of the awards granted during the three months ended November 30, 2020 and 2019 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions: Three months ended November 30, 2020 2019 Expected term (years) 3 3 Risk-free interest rate 0.2 % 1.5 % Volatility 38.6 % 29.5 % Dividend yield 1.2 % 1.3 %

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Nov. 30, 2020
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Note 11 – Other Current Liabilities ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Other current liabilities: Contract liabilities $ 18,497 $ 13,280 $ 17,296 Compensation and benefits 13,759 11,400 20,945 Warranties 10,858 8,788 10,765 Operating lease liabilities 5,004 4,200 5,123 Dealer related liabilities 3,696 3,536 3,664 Deferred revenue - lease 3,165 2,431 1,822 Accrued insurance 1,253 1,555 1,348 Accrued environmental liabilities 1,105 1,243 1,115 Tax related liabilities 443 2,400 3,726 Other 8,130 5,661 6,842 Total other current liabilities $ 65,910 $ 54,494 $ 72,646

Share Repurchases

Share Repurchases	3 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Share Repurchases	Note 12 – Share Repurchases There were no shares repurchased during the three months ended November 30, 2020 and November 30, 2019 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2020.

Industry Segment Information

Industry Segment Information	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Industry Segment Information	Note 13 – 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 months ended November 30, 2020 and 2019. Irrigation - This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing 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 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 infrastructure reporting segment consists of one operating segment. Certain immaterial reclassifications have been made to the prior year operating results to conform with current year presentation, as revenues and operating income from certain product lines previously included within the infrastructure reporting segment are now included within the irrigation reporting segment. Three months ended ($ in thousands) November 30, 2020 November 30, 2019 Operating revenues: Irrigation: North America $ 52,790 $ 53,588 International 34,566 29,739 Irrigation total 87,356 83,327 Infrastructure 21,129 26,066 Total operating revenues $ 108,485 $ 109,393 Operating income: Irrigation $ 10,633 $ 9,784 Infrastructure 4,256 8,741 Corporate (7,354 ) (6,249 ) Total operating income 7,535 12,276 Interest and other expense, net (652 ) (1,021 ) Earnings before income taxes $ 6,883 $ 11,255 ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Total assets: Irrigation $ 331,045 $ 305,928 $ 307,537 Infrastructure 88,995 84,813 113,111 Corporate 155,162 136,070 149,878 $ 575,202 $ 526,811 $ 570,526

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Nov. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
New Accounting Pronouncements	Recent Accounting Guidance 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 In January 2017, the FASB issues ASU 2017-04, Simplifying the Test for Goodwill Impairment

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Nov. 30, 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 months ended November 30, 2020 is as follows: Three months ended November 30, 2020 ($ in thousands) Irrigation Infrastructure Total Point in time $ 80,060 $ 15,452 $ 95,512 Over time 7,296 1,639 8,935 Revenue from the contracts with customers 87,356 17,091 104,447 Lease revenue — 4,038 4,038 Total operating revenues $ 87,356 $ 21,129 $ 108,485 Three months ended November 30, 2019 ($ in thousands) Irrigation Infrastructure Total Point in time $ 73,818 $ 21,162 $ 94,980 Over time 9,509 2,125 11,634 Revenue from the contracts with customers 83,327 23,287 106,614 Lease revenue — 2,779 2,779 Total operating revenues $ 83,327 $ 26,066 $ 109,393

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Nov. 30, 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 months ended November 30, 2020 and November 30, 2019: Three months ended ($ and shares in thousands, except per share amounts) November 30, 2020 November 30, 2019 Numerator: Net earnings $ 7,095 $ 8,345 Denominator: Weighted average shares outstanding 10,845 10,795 Diluted effect of stock awards 43 33 Weighted average shares outstanding assuming dilution 10,888 10,828 Basic net earnings per share $ 0.65 $ 0.77 Diluted net earnings per share $ 0.65 $ 0.77
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 (Units and options in thousands) November 30, 2020 November 30, 2019 Restricted stock units — 19 Stock options 79 — Performance stock units 10 20

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following as of November 30, 2020, November 30, 2019, and August 31, 2020: ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Raw materials and supplies $ 52,374 $ 47,266 $ 51,205 Work in process 8,041 6,235 6,464 Finished goods and purchased parts, net 58,284 51,908 51,684 Total inventory value before LIFO adjustment 118,699 105,409 109,353 Less adjustment to LIFO value (4,421 ) (8,125 ) (4,561 ) Inventories, net $ 114,278 $ 97,284 $ 104,792

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Nov. 30, 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) November 30, 2020 November 30, 2019 August 31, 2020 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,309 1,519 1,344 Total debt 116,309 116,519 116,344 Less current portion (214 ) (210 ) (195 ) Less unamortized debt issuance costs (454 ) (504 ) (467 ) Total long-term debt $ 115,641 $ 115,805 $ 115,682
Schedule of Principal Payments Due on Long-Term Debt	Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 214 2 years 218 3 years 222 4 years 227 5 years 231 Thereafter 115,197 $ 116,309

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Nov. 30, 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 November 30, 2020, November 30, 2019, and August 31, 2020. There were no transfers between any levels for the periods presented. November 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 126,802 $ — $ — $ 126,802 Marketable securities: Corporate bonds — 14,564 — 14,564 U.S. treasury securities — 5,060 — 5,060 Earn-out liability — — (1,112 ) (1,112 ) November 30, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 120,910 $ — $ — $ 120,910 Derivative assets — 13 — 13 Derivative liabilities — (115 ) — (115 ) August 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 121,403 $ — $ — $ 121,403 Marketable securities: Corporate bonds — 14,426 — 14,426 U.S. treasury securities — 5,085 — 5,085 Derivative assets — 21 — 21 Earn-out liability — — (1,112 ) (1,112 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Nov. 30, 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 November 30, 2020, November 30, 2019, and August 31, 2020: ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Other current liabilities $ 1,105 $ 1,243 $ 1,115 Other noncurrent liabilities 15,021 14,548 15,030 Total environmental remediation liabilities $ 16,126 $ 15,791 $ 16,145

Warranties (Tables)

Warranties (Tables)	3 Months Ended
	Nov. 30, 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 ($ in thousands) November 30, 2020 November 30, 2019 Product warranty accrual balance, beginning of period $ 10,765 $ 8,960 Liabilities accrued for warranties during the period 1,734 1,480 Warranty claims paid during the period (1,641 ) (1,652 ) Product warranty accrual balance, end of period $ 10,858 $ 8,788

Shared-Based Compensation (Tabl

Shared-Based Compensation (Tables)	3 Months Ended
	Nov. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Type and Fair Value of Share-Based Compensation Awards	The following table illustrates the type and fair value of share-based compensation awards granted during the three months ended November 30, 2020 and 2019, respectively: Three months ended November 30, 2020 November 30, 2019 Number of units granted Weighted average grant-date fair value per award Number of units granted Weighted average grant-date fair value per award Stock options 35,168 $ 30.68 44,347 $ 24.18 RSUs 26,314 $ 106.72 30,235 $ 90.73 PSUs 19,533 $ 125.23 22,715 $ 102.28
Schedule of Assumptions Used	The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2020 and 2019: Three months ended November 30, 2020 2019 Weighted-average dividend yield 1.2 % 1.3 % Weighted-average volatility 32.8 % 28.4 % Risk-free interest rate 0.5 % 1.6 % Weighted-average expected life 6 years 6 years
Schedule of Assumptions Used to Estimate Fair Value of TSR Portion of Awards Granted	The fair value of the TSR portion of the awards granted during the three months ended November 30, 2020 and 2019 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions: Three months ended November 30, 2020 2019 Expected term (years) 3 3 Risk-free interest rate 0.2 % 1.5 % Volatility 38.6 % 29.5 % Dividend yield 1.2 % 1.3 %

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Nov. 30, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities Current	Other Current Liabilities ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Other current liabilities: Contract liabilities $ 18,497 $ 13,280 $ 17,296 Compensation and benefits 13,759 11,400 20,945 Warranties 10,858 8,788 10,765 Operating lease liabilities 5,004 4,200 5,123 Dealer related liabilities 3,696 3,536 3,664 Deferred revenue - lease 3,165 2,431 1,822 Accrued insurance 1,253 1,555 1,348 Accrued environmental liabilities 1,105 1,243 1,115 Tax related liabilities 443 2,400 3,726 Other 8,130 5,661 6,842 Total other current liabilities $ 65,910 $ 54,494 $ 72,646

Industry Segment Information (T

Industry Segment Information (Tables)	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three months ended ($ in thousands) November 30, 2020 November 30, 2019 Operating revenues: Irrigation: North America $ 52,790 $ 53,588 International 34,566 29,739 Irrigation total 87,356 83,327 Infrastructure 21,129 26,066 Total operating revenues $ 108,485 $ 109,393 Operating income: Irrigation $ 10,633 $ 9,784 Infrastructure 4,256 8,741 Corporate (7,354 ) (6,249 ) Total operating income 7,535 12,276 Interest and other expense, net (652 ) (1,021 ) Earnings before income taxes $ 6,883 $ 11,255 ($ in thousands) November 30, 2020 November 30, 2019 August 31, 2020 Total assets: Irrigation $ 331,045 $ 305,928 $ 307,537 Infrastructure 88,995 84,813 113,111 Corporate 155,162 136,070 149,878 $ 575,202 $ 526,811 $ 570,526

Revenue Recognition (Schedule o

Revenue Recognition (Schedule of Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	$ 104,447	$ 106,614
Lease revenue	4,038	2,779
Total operating revenues	108,485	109,393
Irrigation [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	87,356	83,327
Lease revenue	0	0
Total operating revenues	87,356	83,327
Infrastructure [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	17,091	23,287
Lease revenue	4,038	2,779
Total operating revenues	21,129	26,066
Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	95,512	94,980
Point in Time [Member] | Irrigation [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	80,060	73,818
Point in Time [Member] | Infrastructure [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	15,452	21,162
Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	8,935	11,634
Over Time [Member] | Irrigation [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	7,296	9,509
Over Time [Member] | Infrastructure [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	$ 1,639	$ 2,125

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2019
Disaggregation Of Revenue [Line Items]
Unsatisfied performance obligation amount	$ 11.3
Revenue recognized	6.5	$ 6.4
Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract assets	1.2	1.2	$ 0.9
Other Current Liabilities [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 21.3	$ 14.7	$ 19.6

Net Earnings Per Share (Schedul

Net Earnings Per Share (Schedule of Computation of Basic and Diluted Net Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Net earnings	$ 7,095	$ 8,345
Weighted average shares outstanding	10,845	10,795
Diluted effect of stock awards	43	33
Weighted average shares outstanding assuming dilution	10,888	10,828
Basic net earnings per share	$ 0.65	$ 0.77
Diluted net earnings per share	$ 0.65	$ 0.77

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
	Nov. 30, 2020	Nov. 30, 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	0	19
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	79	0
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	10	20

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Taxes [Line Items]
Income tax expense (benefit)	$ (212,000)	$ 2,910,000
Estimated annual effective income tax rate	23.80%	25.80%
Tax adjustment for unusual items	$ (1,800,000)	$ 0
Foreign Jurisdiction [Member]
Income Taxes [Line Items]
Valuation allowance	$ 1,700,000

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 52,374	$ 51,205	$ 47,266
Work in process	8,041	6,464	6,235
Finished goods and purchased parts, net	58,284	51,684	51,908
Total inventory value before LIFO adjustment	118,699	109,353	105,409
Less adjustment to LIFO value	(4,421)	(4,561)	(8,125)
Inventories, net	$ 114,278	$ 104,792	$ 97,284

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Total debt	$ 116,309	$ 116,344	$ 116,519
Less current portion	(214)	(195)	(210)
Less unamortized debt issuance costs	(454)	(467)	(504)
Total long-term debt	115,641	115,682	115,805
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	0	0	0
Elecsys Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Total debt	1,309	1,344	1,519
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	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Debt Disclosure [Abstract]
1 year	$ 214
2 years	218
3 years	222
4 years	227
5 years	231
Thereafter	115,197
Total debt	$ 116,309	$ 116,344	$ 116,519

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 126,802	$ 121,403	$ 120,910
Marketable securities:
Derivative assets		21	13
Derivative liabilities			(115)
Earn-out liability	(1,112)	(1,112)
Corporate Bonds [Member]
Marketable securities:
Marketable securities	14,564	14,426
U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	5,060	5,085
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	126,802	121,403	120,910
Marketable securities:
Derivative assets		0	0
Derivative liabilities			0
Earn-out liability	0	0
Level 1 [Member] | Corporate Bonds [Member]
Marketable securities:
Marketable securities	0	0
Level 1 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	0	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		21	13
Derivative liabilities			(115)
Earn-out liability	0	0
Level 2 [Member] | Corporate Bonds [Member]
Marketable securities:
Marketable securities	14,564	14,426
Level 2 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	5,060	5,085
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
Derivative liabilities			$ 0
Earn-out liability	(1,112)	(1,112)
Level 3 [Member] | Corporate Bonds [Member]
Marketable securities:
Marketable securities	0	0
Level 3 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Percentage of marketable securities investments mature within one year	72.00%
Percentage of marketable securities investments mature within one to three years	28.00%
Fair Value, Measurements, Nonrecurring [Member]
Assets fair value adjustments	$ 0		$ 0
Liabilities fair value adjustments	$ 0		$ 0
Net Irrigate, LLC [Member]
Earn-out liability payment period		1 year
Maximum potential payout		$ 1,500,000

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Commitments And Contingencies [Line Items]
Liabilities	$ 271,301	$ 272,008	$ 253,811
Lindsay, Nebraska Facility [Member]
Commitments And Contingencies [Line Items]
Current environmental remediation accrual	16,100
Liabilities	$ 11,000
Liabilities discounted risk Free interest rate	1.20%
Discounted portion of liabilities	$ 12,400
Lindsay, Nebraska Facility [Member] | General and Administrative Expense [Member]
Commitments And Contingencies [Line Items]
Liabilities		$ 1,000

Commitments and Contingencies_3

Commitments and Contingencies (Summary of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Other current liabilities	$ 1,105	$ 1,115	$ 1,243
Other noncurrent liabilities	15,021	15,030	14,548
Total environmental remediation liabilities	$ 16,126	$ 16,145	$ 15,791

Warranties (Schedule of Product

Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Product Warranties Disclosures [Abstract]
Product warranty accrual balance, beginning of period	$ 10,765	$ 8,960
Liabilities accrued for warranties during the period	1,734	1,480
Warranty claims paid during the period	(1,641)	(1,652)
Product warranty accrual balance, end of period	$ 10,858	$ 8,788

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,700	$ 1,200
Share withheld for payroll tax obligations	$ 1,269	$ 1,111
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be settled in cash	2,162	2,730
Weighted average grant-date stock price of awards to be settled in cash	$ 110.21	$ 94.36
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
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%

Share-Based Compensation (Summa

Share-Based Compensation (Summary Of Type And Fair Value Of Share-Based Compensation Awards) (Details) - $ / shares	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Stock Options [Member]
Number of units granted	35,168	44,347
Weighted average grant-date fair value per award	$ 30.68	$ 24.18
Restricted Stock Units [Member]
Number of units granted	26,314	30,235
Weighted average grant-date fair value per award	$ 106.72	$ 90.73
Performance Stock Units [Member]
Number of units granted	19,533	22,715
Weighted average grant-date fair value per award	$ 125.23	$ 102.28

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Assumptions Used) (Details)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted-average dividend yield	1.20%	1.30%
Weighted-average volatility	32.80%	28.40%
Risk-free interest rate	0.50%	1.60%
Weighted-average expected life	6 years	6 years

Share-Based Compensation (Sch_2

Share-Based Compensation (Schedule of Assumptions Used to Estimate Fair Value of TSR Portion of Awards Granted) (Details)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years	6 years
Risk-free interest rate	0.50%	1.60%
Volatility	32.80%	28.40%
Dividend yield	1.20%	1.30%
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	3 years	3 years
Risk-free interest rate	0.20%	1.50%
Volatility	38.60%	29.50%
Dividend yield	1.20%	1.30%

Other Current Liabilities (Sche

Other Current Liabilities (Schedule of Other Liabilities Current) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Other Liabilities Disclosure [Abstract]
Contract liabilities	$ 18,497	$ 17,296	$ 13,280
Compensation and benefits	13,759	20,945	11,400
Warranties	10,858	10,765	8,788
Operating lease liabilities	5,004	5,123	4,200
Dealer related liabilities	3,696	3,664	3,536
Deferred revenue - lease	3,165	1,822	2,431
Accrued insurance	1,253	1,348	1,555
Accrued environmental liabilities	1,105	1,115	1,243
Tax related liabilities	443	3,726	2,400
Other	8,130	6,842	5,661
Total other current liabilities	$ 65,910	$ 72,646	$ 54,494

Share Repurchases (Narrative) (

Share Repurchases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Equity [Abstract]
Number of shares of common stock repurchased during the period	0	0
Remaining amount available under the repurchase program	$ 63.7

Industry Segment Information (N

Industry Segment Information (Narrative) (Details)	3 Months Ended
	Nov. 30, 2020Segmentcustomer	Nov. 30, 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%
Number of major customers | customer	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
	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Total operating revenues	$ 108,485	$ 109,393
Total operating income	7,535	12,276
Interest and other expense, net	(652)	(1,021)
Earnings before income taxes	6,883	11,255
Irrigation [Member]
Segment Reporting Information [Line Items]
Total operating revenues	87,356	83,327
Total operating income	10,633	9,784
Irrigation [Member] | North America [Member]
Segment Reporting Information [Line Items]
Total operating revenues	52,790	53,588
Irrigation [Member] | International [Member]
Segment Reporting Information [Line Items]
Total operating revenues	34,566	29,739
Infrastructure [Member]
Segment Reporting Information [Line Items]
Total operating revenues	21,129	26,066
Total operating income	4,256	8,741
Corporate Segment
Segment Reporting Information [Line Items]
Total operating income	$ (7,354)	$ (6,249)

Industry Segment Information _2

Industry Segment Information (Schedule of Segment Reporting Information Impacts on Balance Sheet, by Segment) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Total assets	$ 575,202	$ 570,526	$ 526,811
Irrigation [Member]
Segment Reporting Information [Line Items]
Total assets	331,045	307,537	305,928
Infrastructure [Member]
Segment Reporting Information [Line Items]
Total assets	88,995	113,111	84,813
Corporate Segment
Segment Reporting Information [Line Items]
Total assets	$ 155,162	$ 149,878	$ 136,070