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Divestitures and Held-For-Sale
6 Months Ended
Feb. 29, 2020
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 $0.1 million included in general and administrative expense on the condensed consolidated statement of operations for the six months ended February 28, 2019.  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 for the six months ended February 28, 2019.

 

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. In the second quarter of fiscal 2020, the company sold the building for net proceeds of $3.9 million, resulting in a gain of $1.2 million. The gain on sale is in included in cost of goods sold on the condensed consolidated statement of earnings for the three and six months ended February 29, 2020. The building was included within the caption “Assets held-for-sale” for $2.7 million in the condensed consolidated balance sheet as of February 28, 2019 and August 31, 2019.