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Divestitures and Held-For-Sale | 12 Months Ended
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Aug. 31, 2018
Discontinued Operations And Disposal Groups [Abstract] |
Divestitures and Held-For-Sale | Note 3 – Divestitures and Held-For-Sale During fiscal 2018, in connection with a portfolio review of business investments, the Company committed to a plan of divestiture of its pump and filtration businesses, a Company-owned irrigation dealership, and a Company-owned water resource consulting firm, all of which are reported in the Irrigation segment. The Company determined that the divestiture of these businesses does not meet the criteria for discontinued operations presentation as the commitment to divest these businesses does not represent a strategic shift that will have a major effect on its operations and financial results. The Company completed the divestiture of its pump and filtration businesses and the Company-owned water resource consulting firm during the fourth quarter of fiscal 2018. The Company has recorded a loss on sale of businesses of $4.1 million included in general and administrative expense on the consolidated statement of earnings in the fiscal year ended August 31, 2018. The Company expects the sale of the Company-owned irrigation dealership to close before the end of the current calendar year. Because the divestiture does not meet the criteria for discontinued operations presentation, the assets and liabilities of the Company-owned irrigation dealership are separately presented within the captions “Assets held-for-sale” and “Liabilities held-for-sale” in the consolidated balance sheet as of August 31, 2018. Additionally, during the fourth quarter of fiscal 2018, the Company closed one of its infrastructure manufacturing facilities in North America and consolidated its operations with an irrigation manufacturing facility. The building related to the closure is currently listed for sale and is included within the caption “Assets held-for-sale” in the consolidated balance sheet as of August 31, 2018. The carrying amounts of the major classes of assets and liabilities that were classified as held-for-sale at August 31, 2018, are as follows:
($ in thousands) |  | August 31, 2018 |
Receivables, net of allowance of $244 |  | $ | 3,473 |
Inventories, net |  |  | 3,676 |
Property, plant, and equipment, net |  |  | 3,637 |
Intangibles, net |  |  | 51 |
Total assets |  |  | 10,837 |
Accounts payable |  |  | 1,476 |
Other current liabilities |  |  | 948 |
Total liabilities |  |  | 2,424 |
Net assets |  | $ | 8,413 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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