Divestitures and Held-For-Sale

9 Months Ended

May 31, 2019

Discontinued Operations And Disposal Groups [Abstract]

Note 3 – Divestitures and Held-For-Sale

The Company completed the divestiture of its Company-owned irrigation dealership during the first quarter of fiscal 2019 and recorded a loss on sale of $0.3 million included in general and administrative expense on the condensed consolidated statement of earnings for the nine months ended May 31, 2019. The Company received a note of $5.6 million as proceeds for this sale. This is included as a noncash investing activity on the condensed consolidated statement of cash flows.

Additionally, during the fourth quarter of fiscal 2018, the Company closed one of its infrastructure manufacturing facilities in North America and consolidated its operations with an irrigation manufacturing facility. The building related to the closure is currently listed for sale and is included within the caption “Assets held-for-sale” in the condensed consolidated balance sheet as of May 31, 2019.

The carrying amounts of the major classes of assets and liabilities that were classified as held-for-sale at May 31, 2019, May 31, 2018, and August 31, 2018 are as follows:

($ in thousands)	May 31, 2019		May 31, 2018		August 31, 2018
Receivables, net of allowance of $0, $547, and $244	$	—	$	12,212	$	3,473
Inventories, net		—		11,210		3,676
Prepaid expenses		—		178		—
Other current assets		—		55		—
Property, plant, and equipment, net		2,744		10,693		3,637
Intangibles, net		—		10,827		51
Goodwill		—		6,341		—
Total assets		2,744		51,516		10,837

Accounts payable		—		7,522		1,476
Other current liabilities		—		6,243		948
Other noncurrent liabilities		—		510		—
Total liabilities		—		14,275		2,424

Net assets	$	2,744	$	37,241	$	8,413