Divestitures and Held-For-Sale

6 Months Ended

Feb. 28, 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 $0.1 million included in general and administrative expense on the condensed consolidated statement of operations for the three months ended November 30, 2018. The Company received a note of $5.8 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 February 28, 2019.

The carrying amounts of the major classes of assets and liabilities that were classified as held-for-sale at February 28, 2019, February 28, 2018, and August 31, 2018 are as follows:

($ in thousands)	February 28, 2019		February 28, 2018		August 31, 2018
Receivables, net of allowance of $244	$	—	$	—	$	3,473
Inventories, net		—		—		3,676
Property, plant, and equipment, net		2,744		—		3,637
Intangibles, net		—		—		51
Total assets		2,744		—		10,837

Accounts payable		—		—		1,476
Other current liabilities		—		—		948
Total liabilities		—		—		2,424

Net assets	$	2,744	$	—	$	8,413