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Divestitures and Held-For-Sale | 9 Months Ended
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May 31, 2019
Discontinued Operations And Disposal Groups [Abstract] |
Divestitures and Held-For-Sale | 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 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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