Lindsay (LNN) 10-Q 1 Jul 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	May 31, 2021	Jun. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2021
Document Fiscal Year Focus	2021
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		10,907,229
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		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Statement [Abstract]
Operating revenues	$ 161,936	$ 123,106	$ 413,998	$ 346,287
Cost of operating revenues	117,880	83,410	297,360	239,111
Gross profit	44,056	39,696	116,638	107,176
Operating expenses:
Selling expense	7,570	7,417	22,680	22,101
General and administrative expense	12,043	13,055	39,770	38,026
Engineering and research expense	3,102	3,396	9,504	10,303
Total operating expenses	22,715	23,868	71,954	70,430
Operating income	21,341	15,828	44,684	36,746
Other (expense) income:
Interest expense	(1,178)	(1,197)	(3,584)	(3,574)
Interest income	227	408	798	1,412
Other expense, net	764	(2,774)	699	(4,197)
Total other (expense) income	(187)	(3,563)	(2,087)	(6,359)
Earnings before income taxes	21,154	12,265	42,597	30,387
Income tax expense	3,357	2,171	5,829	6,432
Net earnings	$ 17,797	$ 10,094	$ 36,768	$ 23,955
Earnings per share:
Basic	$ 1.63	$ 0.93	$ 3.38	$ 2.21
Diluted	$ 1.61	$ 0.93	$ 3.35	$ 2.21
Shares used in computing earnings per share:
Basic	10,907	10,835	10,879	10,818
Diluted	11,033	10,877	10,967	10,854
Cash dividends declared per share	$ 0.33	$ 0.32	$ 0.97	$ 0.94

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 17,797	$ 10,094	$ 36,768	$ 23,955
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax	51	43	153	129
Foreign currency translation adjustment, net of hedging activities and tax	1,858	(2,642)	3,722	(3,831)
Unrealized (loss) gain on marketable securities, net of tax	(10)	59	(66)	121
Total other comprehensive income (loss), net of tax expense of $127, $297, $115, and $670, respectively	1,899	(2,540)	3,809	(3,581)
Total comprehensive income	$ 19,696	$ 7,554	$ 40,577	$ 20,374

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss), tax expense	$ 127	$ 297	$ 115	$ 670

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Current assets:
Cash and cash equivalents	$ 120,801	$ 121,403	$ 102,474
Marketable securities	19,663	19,511	19,012
Receivables, net of allowance of $3,145, $2,607, and $2,780, respectively	107,713	84,604	84,931
Inventories, net	136,601	104,792	113,301
Other current assets, net	32,947	17,625	19,469
Total current assets	417,725	347,935	339,187
Property, plant, and equipment:
Cost	230,205	208,107	198,180
Less accumulated depreciation	(137,688)	(128,526)	(125,353)
Property, plant, and equipment, net	92,517	79,581	72,827
Intangibles, net	21,893	23,477	24,053
Goodwill	68,134	68,004	67,635
Operating lease right-of-use assets	19,360	27,457	27,663
Deferred income tax assets	10,247	9,935	11,118
Other noncurrent assets	12,341	14,137	15,003
Total assets	642,217	570,526	557,486
Current liabilities:
Accounts payable	49,351	29,554	35,310
Current portion of long-term debt	216	195	195
Other current liabilities	94,589	72,646	71,712
Total current liabilities	144,156	102,395	107,217
Pension benefits liabilities	6,086	6,374	5,787
Long-term debt	115,557	115,682	115,723
Operating lease liabilities	19,369	25,862	26,333
Deferred income tax liabilities	881	889	835
Other noncurrent liabilities	19,995	20,806	18,633
Total liabilities	306,044	272,008	274,528
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; 18,991, 18,918, and 18,918 shares issued, respectively	18,991	18,918	18,918
Capital in excess of stated value	85,257	77,686	76,188
Retained earnings	525,926	499,724	488,518
Less treasury stock - at cost, 8,083 shares	(277,238)	(277,238)	(277,238)
Accumulated other comprehensive loss, net	(16,763)	(20,572)	(23,428)
Total shareholders' equity	336,173	298,518	282,958
Total liabilities and shareholders' equity	$ 642,217	$ 570,526	$ 557,486

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Statement Of Financial Position [Abstract]
Receivables, allowance	$ 3,145	$ 2,780	$ 2,607
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	18,991,000	18,918,000	18,918,000
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	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	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
Net earnings (loss)	23,955	$ 0	$ 0	0	23,955	0
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
Issuance of common shares under share compensation plans, net	0	$ 0	$ 0	0	0	0
Issuance of common shares under share compensation plans, net, shares		0	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
Net earnings (loss)	10,094	$ 0	$ 0	0	10,094	0
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	36,768	$ 0	$ 0	0	36,768	0
Other comprehensive income (loss)	3,809	0	0	0	0	3,809
Total comprehensive income	40,577	0	0	0	0	0
Cash dividends per share	(10,566)	0	0	0	(10,566)	0
Issuance of common shares under share compensation plans, net	2,623	$ 73	$ 0	2,550	0	0
Issuance of common shares under share compensation plans, net, shares		73	0
Share-based compensation expense	5,021	$ 0	$ 0	5,021	0	0
Ending balance, value at May. 31, 2021	336,173	$ 18,991	$ (277,238)	85,257	525,926	(16,763)
Ending Balance, shares at May. 31, 2021		18,991	8,083
Net earnings (loss)	36,768	$ 0	$ 0	0	36,768	0
Beginning balance, value at Feb. 28, 2021	319,024	$ 18,990	$ (277,238)	84,206	511,728	(18,662)
Beginning balance, shares at Feb. 28, 2021		18,990	8,083
Net earnings	17,797	$ 0	$ 0	0	17,797	0
Other comprehensive income (loss)	1,899	0	0	0	0	1,899
Total comprehensive income	19,696	0	0	0	0	0
Cash dividends per share	(3,599)	0	0	0	(3,599)	0
Issuance of common shares under share compensation plans, net	78	$ 1	$ 0	77	0	0
Issuance of common shares under share compensation plans, net, shares		1	0
Share-based compensation expense	974	$ 0	$ 0	974	0	0
Ending balance, value at May. 31, 2021	336,173	$ 18,991	$ (277,238)	85,257	525,926	(16,763)
Ending Balance, shares at May. 31, 2021		18,991	8,083
Net earnings (loss)	$ 17,797	$ 0	$ 0	$ 0	$ 17,797	$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividends per share	$ 0.33	$ 0.32	$ 0.97	$ 0.94

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2021	May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 36,768	$ 23,955
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	14,688	14,146
Gain on sale of assets held-for-sale	0	(1,191)
Provision for uncollectible accounts receivable	304	466
Deferred income taxes	205	27
Share-based compensation expense	5,021	4,118
Unrealized foreign currency transaction (gain) loss	(1,934)	3,632
Other, net	(2,123)	1,575
Changes in assets and liabilities:
Receivables	(22,934)	(11,379)
Inventories	(28,612)	(23,765)
Other current assets	(14,025)	(6,681)
Accounts payable	20,828	5,385
Other current liabilities	20,149	14,485
Other noncurrent assets and liabilities	2,325	(8,810)
Net cash provided by operating activities	30,660	15,963
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment	(22,532)	(12,268)
Proceeds from sale of property and equipment held-for-sale	0	3,955
Purchases of marketable securities available-for-sale	(13,067)	(23,389)
Proceeds from maturities of marketable securities available-for-sale	12,592	4,320
Other investing activities, net	(1,960)	1,503
Net cash used in investing activities	(24,967)	(28,913)
Acquisition of business, net of cash acquired	0	(3,034)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	3,892	1,545
Common stock withheld for payroll tax obligations	(1,269)	(1,111)
Principal payments on long-term debt	(141)	(174)
Dividends paid	(10,566)	(10,177)
Net cash used in financing activities	(8,084)	(9,917)
Effect of exchange rate changes on cash and cash equivalents	1,789	(1,863)
Net change in cash and cash equivalents	(602)	(24,730)
Cash and cash equivalents, beginning of period	121,403	127,204
Cash and cash equivalents, end of period	120,801	102,474
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	2,929	2,910
Interest paid	2,402	2,409
NONCASH INVESTING ACTIVITIES:
Earn-out liability related to business acquisition	0	1,195
Holdback related to business acquisition	$ 0	$ 300

Basis of Presentation

Basis of Presentation	9 Months Ended
	May 31, 2021
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 issued ASU 2017-04, Simplifying the Test for Goodwill Impairment

Revenue Recognition

Revenue Recognition	9 Months Ended
	May 31, 2021
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, 2021 and May 31, 2020 is as follows: Three months ended Three months ended May 31, 2021 May 31, 2020 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 131,032 $ 16,790 $ 147,822 $ 84,356 $ 23,271 $ 107,627 Over time 9,143 1,383 10,526 11,145 1,871 13,016 Revenue from the contracts with customers 140,175 18,173 158,348 95,501 25,142 120,643 Lease revenue — 3,588 3,588 — 2,463 2,463 Total operating revenues $ 140,175 $ 21,761 $ 161,936 $ 95,501 $ 27,605 $ 123,106 Nine months ended Nine months ended May 31, 2021 May 31, 2020 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 321,960 $ 53,060 $ 375,020 $ 232,017 $ 61,769 $ 293,786 Over time 24,144 4,557 28,701 40,304 5,421 45,725 Revenue from the contracts with customers 346,104 57,617 403,721 272,321 67,190 339,511 Lease revenue — 10,277 10,277 — 6,776 6,776 Total operating revenues $ 346,104 $ 67,894 $ 413,998 $ 272,321 $ 73,966 $ 346,287 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 $6.8 million at May 31, 2021. 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, 2021 and 2020, and August 31, 2020, contract assets amounted to $1.5 million, $0.8 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 May 31, 2021, May 31, 2020, and August 31, 2020, contract liabilities amounted to $35.5 million, $16.9 million, and $19.6 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, 2021 and May 31, 2020, the Company recognized $16.7 million and $13.5 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	9 Months Ended
	May 31, 2021
Earnings Per Share [Abstract]
Net Earnings Per Share	Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2021 and 2020: Three months ended Nine months ended ($ and shares in thousands, except per share amounts) May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Numerator: Net earnings $ 17,797 $ 10,094 $ 36,768 $ 23,955 Denominator: Weighted average shares outstanding 10,907 10,835 10,879 10,818 Diluted effect of stock awards 126 42 88 36 Weighted average shares outstanding assuming dilution 11,033 10,877 10,967 10,854 Basic net earnings per share $ 1.63 $ 0.93 $ 3.38 $ 2.21 Diluted net earnings per share $ 1.61 $ 0.93 $ 3.35 $ 2.21 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 Nine months ended (Units and options in thousands) May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Restricted stock units — 3 — 9 Stock options — 115 28 42 Performance stock units — — 4 7

Income Taxes

Income Taxes	9 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Taxes The Company recorded income tax expense of $3.4 million and $2.2 million for the three months ended May 31, 2021 and 2020 respectively, and recorded income tax expense of $5.8 million and $6.4 million for the nine months ended May 31, 2021 and 2020, 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 21.4 percent and 23.6 percent for the nine months ended May 31, 2021 and 2020, respectively. 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 $3.3 million and $0.3 million for the nine months ended May 31, 2021 and 2020, respectively, The discrete items recorded in the nine months ended May 31, 2021 includes a benefit of $1.7 million related to the release of a valuation allowance related to net operating loss carryforwards in a foreign jurisdiction that are now expected to be realizable.

Inventories

Inventories	9 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Inventories	Note 5 – Inventories Inventories consisted of the following as of May 31, 2021, May 31, 2020, and August 31, 2020: ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Raw materials and supplies $ 64,087 $ 50,820 $ 51,205 Work in process 9,440 7,819 6,464 Finished goods and purchased parts, net 71,414 59,496 51,684 Total inventory value before LIFO adjustment 144,941 118,135 109,353 Less adjustment to LIFO value (8,340 ) (4,834 ) (4,561 ) Inventories, net $ 136,601 $ 113,301 $ 104,792

Long-Term Debt

Long-Term Debt	9 Months Ended
	May 31, 2021
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) May 31, 2021 May 31, 2020 August 31, 2020 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,203 1,397 1,344 Total debt 116,203 116,397 116,344 Less current portion (216 ) (195 ) (195 ) Less unamortized debt issuance costs (430 ) (479 ) (467 ) Total long-term debt $ 115,557 $ 115,723 $ 115,682 Principal payments on the debt are due as follows: Due within $ in thousands 1 year $ 216 2 years 220 3 years 225 4 years 229 5 years 234 Thereafter 115,079 $ 116,203

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	May 31, 2021
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 May 31, 2021, May 31, 2020, and August 31, 2020. There were no transfers between any levels for the periods presented. May 31, 2021 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 120,801 $ — $ — $ 120,801 Marketable securities: Corporate bonds — 15,114 — 15,114 U.S. treasury securities — 4,549 — 4,549 Earn-out liability — — (1,098 ) (1,098 ) 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 ) 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 May 31, 2021, approximately 69% of the Company’s marketable securities investments mature within one year and 31% 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 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 nine months ended May 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May 31, 2021
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 calendar 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 May 31, 2021, May 31, 2020, and August 31, 2020: ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Other current liabilities $ 971 $ 1,182 $ 1,115 Other noncurrent liabilities 15,155 14,257 15,030 Total environmental remediation liabilities $ 16,126 $ 15,439 $ 16,145

Warranties

Warranties	9 Months Ended
	May 31, 2021
Product Warranties Disclosures [Abstract]
Warranties	Note 9 – Warranties The following table provides the changes in the Company’s product warranties: Three months ended Nine months ended ($ in thousands) May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Product warranty accrual balance, beginning of period $ 11,786 $ 8,990 $ 10,765 $ 8,960 Liabilities accrued for warranties during the period 2,883 2,744 6,864 6,360 Warranty claims paid during the period (1,062 ) (2,031 ) (4,081 ) (5,617 ) Changes in estimates — 110 59 110 Product warranty accrual balance, end of period $ 13,607 $ 9,813 $ 13,607 $ 9,813

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	May 31, 2021
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 $ 1.0 million and $ 1.5 million for the three months ended May 31, 2021 and 2020 , respectively, and $ 5.3 and $ 4.1 million for the nine months ended May 31, 2021 and 2020 , respectively .

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	May 31, 2021
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Note 11 – Other Current Liabilities ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Other current liabilities: Contract liabilities $ 34,072 $ 16,029 $ 17,296 Compensation and benefits 19,558 17,072 20,945 Warranties 13,607 9,813 10,765 Deferred revenue - lease 4,206 3,526 1,822 Operating lease liabilities 3,955 5,046 5,123 Dealer related liabilities 3,902 3,505 3,664 Tax related liabilities 3,547 6,733 3,726 Accrued insurance 1,068 1,462 1,348 Accrued environmental liabilities 971 1,182 1,115 Other 9,703 7,344 6,842 Total other current liabilities $ 94,589 $ 71,712 $ 72,646

Share Repurchases

Share Repurchases	9 Months Ended
	May 31, 2021
Equity [Abstract]
Share Repurchases	Note 12 – Share Repurchases There were no shares repurchased during the three and nine months ended May 31, 2021 and 2020 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of May 31, 2021.

Industry Segment Information

Industry Segment Information	9 Months Ended
	May 31, 2021
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 revenues, 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, 2021 or 2020. 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 internet of things, or “IIoT”, 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’s operating results to conform with the current year’s 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 Nine months ended ($ in thousands) May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Operating revenues: Irrigation: North America $ 87,364 $ 62,895 $ 220,332 $ 183,570 International 52,811 32,606 125,772 88,751 Irrigation total 140,175 95,501 346,104 272,321 Infrastructure 21,761 27,605 67,894 73,966 Total operating revenues $ 161,936 $ 123,106 $ 413,998 $ 346,287 Operating income: Irrigation $ 23,925 $ 15,417 $ 52,603 $ 35,282 Infrastructure 3,767 8,157 14,364 22,788 Corporate (6,351 ) (7,746 ) (22,283 ) (21,324 ) Total operating income 21,341 15,828 44,684 36,746 Interest and other expense, net (187 ) (3,563 ) (2,087 ) (6,359 ) Earnings before income taxes $ 21,154 $ 12,265 $ 42,597 $ 30,387 ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Total assets: Irrigation $ 402,304 $ 313,216 $ 307,537 Infrastructure 92,436 105,832 113,111 Corporate 147,477 138,438 149,878 $ 642,217 $ 557,486 $ 570,526

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	May 31, 2021
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 issued ASU 2017-04, Simplifying the Test for Goodwill Impairment

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	May 31, 2021
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, 2021 and May 31, 2020 is as follows: Three months ended Three months ended May 31, 2021 May 31, 2020 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 131,032 $ 16,790 $ 147,822 $ 84,356 $ 23,271 $ 107,627 Over time 9,143 1,383 10,526 11,145 1,871 13,016 Revenue from the contracts with customers 140,175 18,173 158,348 95,501 25,142 120,643 Lease revenue — 3,588 3,588 — 2,463 2,463 Total operating revenues $ 140,175 $ 21,761 $ 161,936 $ 95,501 $ 27,605 $ 123,106 Nine months ended Nine months ended May 31, 2021 May 31, 2020 ($ in thousands) Irrigation Infrastructure Total Irrigation Infrastructure Total Point in time $ 321,960 $ 53,060 $ 375,020 $ 232,017 $ 61,769 $ 293,786 Over time 24,144 4,557 28,701 40,304 5,421 45,725 Revenue from the contracts with customers 346,104 57,617 403,721 272,321 67,190 339,511 Lease revenue — 10,277 10,277 — 6,776 6,776 Total operating revenues $ 346,104 $ 67,894 $ 413,998 $ 272,321 $ 73,966 $ 346,287

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	May 31, 2021
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, 2021 and 2020: Three months ended Nine months ended ($ and shares in thousands, except per share amounts) May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Numerator: Net earnings $ 17,797 $ 10,094 $ 36,768 $ 23,955 Denominator: Weighted average shares outstanding 10,907 10,835 10,879 10,818 Diluted effect of stock awards 126 42 88 36 Weighted average shares outstanding assuming dilution 11,033 10,877 10,967 10,854 Basic net earnings per share $ 1.63 $ 0.93 $ 3.38 $ 2.21 Diluted net earnings per share $ 1.61 $ 0.93 $ 3.35 $ 2.21
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, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Restricted stock units — 3 — 9 Stock options — 115 28 42 Performance stock units — — 4 7

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following as of May 31, 2021, May 31, 2020, and August 31, 2020: ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Raw materials and supplies $ 64,087 $ 50,820 $ 51,205 Work in process 9,440 7,819 6,464 Finished goods and purchased parts, net 71,414 59,496 51,684 Total inventory value before LIFO adjustment 144,941 118,135 109,353 Less adjustment to LIFO value (8,340 ) (4,834 ) (4,561 ) Inventories, net $ 136,601 $ 113,301 $ 104,792

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	May 31, 2021
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, 2021 May 31, 2020 August 31, 2020 Series A Senior Notes $ 115,000 $ 115,000 $ 115,000 Revolving Credit Facility — — — Elecsys Series 2006A Bonds 1,203 1,397 1,344 Total debt 116,203 116,397 116,344 Less current portion (216 ) (195 ) (195 ) Less unamortized debt issuance costs (430 ) (479 ) (467 ) Total long-term debt $ 115,557 $ 115,723 $ 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 $ 216 2 years 220 3 years 225 4 years 229 5 years 234 Thereafter 115,079 $ 116,203

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	May 31, 2021
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, 2021, May 31, 2020, and August 31, 2020. There were no transfers between any levels for the periods presented. May 31, 2021 ($ in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 120,801 $ — $ — $ 120,801 Marketable securities: Corporate bonds — 15,114 — 15,114 U.S. treasury securities — 4,549 — 4,549 Earn-out liability — — (1,098 ) (1,098 ) 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 ) 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)	9 Months Ended
	May 31, 2021
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, 2021, May 31, 2020, and August 31, 2020: ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Other current liabilities $ 971 $ 1,182 $ 1,115 Other noncurrent liabilities 15,155 14,257 15,030 Total environmental remediation liabilities $ 16,126 $ 15,439 $ 16,145

Warranties (Tables)

Warranties (Tables)	9 Months Ended
	May 31, 2021
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, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Product warranty accrual balance, beginning of period $ 11,786 $ 8,990 $ 10,765 $ 8,960 Liabilities accrued for warranties during the period 2,883 2,744 6,864 6,360 Warranty claims paid during the period (1,062 ) (2,031 ) (4,081 ) (5,617 ) Changes in estimates — 110 59 110 Product warranty accrual balance, end of period $ 13,607 $ 9,813 $ 13,607 $ 9,813

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	May 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities Current	Other Current Liabilities ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Other current liabilities: Contract liabilities $ 34,072 $ 16,029 $ 17,296 Compensation and benefits 19,558 17,072 20,945 Warranties 13,607 9,813 10,765 Deferred revenue - lease 4,206 3,526 1,822 Operating lease liabilities 3,955 5,046 5,123 Dealer related liabilities 3,902 3,505 3,664 Tax related liabilities 3,547 6,733 3,726 Accrued insurance 1,068 1,462 1,348 Accrued environmental liabilities 971 1,182 1,115 Other 9,703 7,344 6,842 Total other current liabilities $ 94,589 $ 71,712 $ 72,646

Industry Segment Information (T

Industry Segment Information (Tables)	9 Months Ended
	May 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three months ended Nine months ended ($ in thousands) May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Operating revenues: Irrigation: North America $ 87,364 $ 62,895 $ 220,332 $ 183,570 International 52,811 32,606 125,772 88,751 Irrigation total 140,175 95,501 346,104 272,321 Infrastructure 21,761 27,605 67,894 73,966 Total operating revenues $ 161,936 $ 123,106 $ 413,998 $ 346,287 Operating income: Irrigation $ 23,925 $ 15,417 $ 52,603 $ 35,282 Infrastructure 3,767 8,157 14,364 22,788 Corporate (6,351 ) (7,746 ) (22,283 ) (21,324 ) Total operating income 21,341 15,828 44,684 36,746 Interest and other expense, net (187 ) (3,563 ) (2,087 ) (6,359 ) Earnings before income taxes $ 21,154 $ 12,265 $ 42,597 $ 30,387 ($ in thousands) May 31, 2021 May 31, 2020 August 31, 2020 Total assets: Irrigation $ 402,304 $ 313,216 $ 307,537 Infrastructure 92,436 105,832 113,111 Corporate 147,477 138,438 149,878 $ 642,217 $ 557,486 $ 570,526

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, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	$ 158,348	$ 120,643	$ 403,721	$ 339,511
Lease revenue	3,588	2,463	10,277	6,776
Total operating revenues	161,936	123,106	413,998	346,287
Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	147,822	107,627	375,020	293,786
Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	10,526	13,016	28,701	45,725
Irrigation [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	140,175	95,501	346,104	272,321
Lease revenue	0	0	0	0
Total operating revenues	140,175	95,501	346,104	272,321
Irrigation [Member] | Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	131,032	84,356	321,960	232,017
Irrigation [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	9,143	11,145	24,144	40,304
Infrastructure [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	18,173	25,142	57,617	67,190
Lease revenue	3,588	2,463	10,277	6,776
Total operating revenues	21,761	27,605	67,894	73,966
Infrastructure [Member] | Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	16,790	23,271	53,060	61,769
Infrastructure [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue from the contracts with customers	$ 1,383	$ 1,871	$ 4,557	$ 5,421

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	May 31, 2021	May 31, 2020	Aug. 31, 2020
Disaggregation Of Revenue [Line Items]
Unsatisfied performance obligation amount	$ 6.8
Revenue recognized	16.7	$ 13.5
Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract assets	1.5	0.8	$ 0.9
Other Current Liabilities [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 35.5	$ 16.9	$ 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		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Earnings Per Share [Abstract]
Net earnings	$ 17,797	$ 10,094	$ 36,768	$ 23,955
Weighted average shares outstanding	10,907	10,835	10,879	10,818
Diluted effect of stock awards	126	42	88	36
Weighted average shares outstanding assuming dilution	11,033	10,877	10,967	10,854
Basic net earnings per share	$ 1.63	$ 0.93	$ 3.38	$ 2.21
Diluted net earnings per share	$ 1.61	$ 0.93	$ 3.35	$ 2.21

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, 2021	May 31, 2020	May 31, 2021	May 31, 2020
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	3	0	9
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	0	115	28	42
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	4	7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Taxes [Line Items]
Income tax expense	$ 3,357	$ 2,171	$ 5,829	$ 6,432
Estimated annual effective income tax rate			21.40%	23.60%
Tax adjustment for unusual items			$ (3,300)	$ (300)
Foreign Jurisdiction [Member]
Income Taxes [Line Items]
Valuation allowance	$ 1,700		$ 1,700

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 64,087	$ 51,205	$ 50,820
Work in process	9,440	6,464	7,819
Finished goods and purchased parts, net	71,414	51,684	59,496
Total inventory value before LIFO adjustment	144,941	109,353	118,135
Less adjustment to LIFO value	(8,340)	(4,561)	(4,834)
Inventories, net	$ 136,601	$ 104,792	$ 113,301

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Debt Instrument [Line Items]
Total debt	$ 116,203	$ 116,344	$ 116,397
Less current portion	(216)	(195)	(195)
Less unamortized debt issuance costs	(430)	(467)	(479)
Total long-term debt	115,557	115,682	115,723
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	0	0	0
Elecsys Series 2006A Bonds [Member]
Debt Instrument [Line Items]
Total debt	1,203	1,344	1,397
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, 2021	Aug. 31, 2020	May 31, 2020
Debt Disclosure [Abstract]
1 year	$ 216
2 years	220
3 years	225
4 years	229
5 years	234
Thereafter	115,079
Total debt	$ 116,203	$ 116,344	$ 116,397

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 120,801	$ 121,403	$ 102,474
Marketable securities:
Derivative assets		21	909
Derivative liabilities			(528)
Earn-out liability	(1,098)	(1,112)	(1,195)
Corporate Bonds [Member]
Marketable securities:
Marketable securities	15,114	14,426	14,554
U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	4,549	5,085	4,458
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	120,801	121,403	102,474
Marketable securities:
Derivative assets		0	0
Derivative liabilities			0
Earn-out liability	0	0	0
Level 1 [Member] | Corporate Bonds [Member]
Marketable securities:
Marketable securities	0	0	0
Level 1 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	0	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	909
Derivative liabilities			(528)
Earn-out liability	0	0	0
Level 2 [Member] | Corporate Bonds [Member]
Marketable securities:
Marketable securities	15,114	14,426	14,554
Level 2 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	4,549	5,085	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
Derivative liabilities			0
Earn-out liability	(1,098)	(1,112)	(1,195)
Level 3 [Member] | Corporate Bonds [Member]
Marketable securities:
Marketable securities	0	0	0
Level 3 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	$ 0	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	9 Months Ended
	May 31, 2021	May 31, 2020
Percentage of marketable securities investments mature within one year	69.00%
Percentage of marketable securities investments mature within one to three years	31.00%
Fair Value, Measurements, Nonrecurring [Member]
Assets fair value adjustments	$ 0
Liabilities fair value adjustments	$ 0
Net Irrigate, LLC [Member]
Maximum potential payout		$ 1,500,000

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2021	Aug. 31, 2020	May 31, 2020
Commitments And Contingencies [Line Items]
Liabilities	$ 306,044	$ 272,008	$ 274,528
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	May 31, 2021	Aug. 31, 2020	May 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Other current liabilities	$ 971	$ 1,115	$ 1,182
Other noncurrent liabilities	15,155	15,030	14,257
Total environmental remediation liabilities	$ 16,126	$ 16,145	$ 15,439

Warranties (Schedule of Product

Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Product Warranties Disclosures [Abstract]
Product warranty accrual balance, beginning of period	$ 11,786	$ 8,990	$ 10,765	$ 8,960
Liabilities accrued for warranties during the period	2,883	2,744	6,864	6,360
Warranty claims paid during the period	(1,062)	(2,031)	(4,081)	(5,617)
Changes in estimates	0	110	59	110
Product warranty accrual balance, end of period	$ 13,607	$ 9,813	$ 13,607	$ 9,813

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense	$ 1	$ 1.5	$ 5.3	$ 4.1

Other Current Liabilities (Sche

Other Current Liabilities (Schedule of Other Liabilities Current) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Other Liabilities Disclosure [Abstract]
Contract liabilities	$ 34,072	$ 17,296	$ 16,029
Compensation and benefits	19,558	20,945	17,072
Warranties	13,607	10,765	9,813
Deferred revenue - lease	4,206	1,822	3,526
Operating lease liabilities	3,955	5,123	5,046
Dealer related liabilities	3,902	3,664	3,505
Tax related liabilities	3,547	3,726	6,733
Accrued insurance	1,068	1,348	1,462
Accrued environmental liabilities	971	1,115	1,182
Other	9,703	6,842	7,344
Total other current liabilities	$ 94,589	$ 72,646	$ 71,712

Share Repurchases (Narrative) (

Share Repurchases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
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, 2021customer	May 31, 2020customer	May 31, 2021Segmentcustomer	May 31, 2020customer
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, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Segment Reporting Information [Line Items]
Total operating revenues	$ 161,936	$ 123,106	$ 413,998	$ 346,287
Total operating income	21,341	15,828	44,684	36,746
Interest and other expense, net	(187)	(3,563)	(2,087)	(6,359)
Earnings before income taxes	21,154	12,265	42,597	30,387
Irrigation [Member]
Segment Reporting Information [Line Items]
Total operating revenues	140,175	95,501	346,104	272,321
Total operating income	23,925	15,417	52,603	35,282
Irrigation [Member] | North America [Member]
Segment Reporting Information [Line Items]
Total operating revenues	87,364	62,895	220,332	183,570
Irrigation [Member] | International [Member]
Segment Reporting Information [Line Items]
Total operating revenues	52,811	32,606	125,772	88,751
Infrastructure [Member]
Segment Reporting Information [Line Items]
Total operating revenues	21,761	27,605	67,894	73,966
Total operating income	3,767	8,157	14,364	22,788
Corporate Segment
Segment Reporting Information [Line Items]
Total operating income	$ (6,351)	$ (7,746)	$ (22,283)	$ (21,324)

Industry Segment Information _2

Industry Segment Information (Schedule of Segment Reporting Information Impacts on Balance Sheet, by Segment) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020	May 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 642,217	$ 570,526	$ 557,486
Irrigation [Member]
Segment Reporting Information [Line Items]
Total assets	402,304	307,537	313,216
Infrastructure [Member]
Segment Reporting Information [Line Items]
Total assets	92,436	113,111	105,832
Corporate Segment
Segment Reporting Information [Line Items]
Total assets	$ 147,477	$ 149,878	$ 138,438