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Income Taxes | 9 Months Ended
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May 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The provision for income taxes was 23.6% and 23.2% as a percentage of income before income taxes for the three months ended May 31, 2025 and 2024, respectively. There were no significant changes to the effective tax rate for the three months ended May 31, 2025 compared to the three months ended May 31, 2024.
The provision for income taxes was 5.9% and 23.1% as a percentage of income before income taxes for the nine months ended May 31, 2025 and 2024, respectively. This 17.2% decrease in the effective tax rate from period to period was primarily due to the expiration of the statute of limitations on the uncertain tax position associated with the Tax Cuts and Jobs Act’s mandatory onetime “toll tax” on unremitted foreign earnings. The release of the uncertain tax position generated a favorable income tax adjustment of $11.9 million, net of the tax effect of the related interest, during nine months ended May 31, 2025. The Company is subject to taxation in the U.S. and in various state and foreign jurisdictions. Due to expired statutes of limitations, the Company’s federal income tax returns for years prior to fiscal year 2022 are not subject to examination by the U.S. Internal Revenue Service. Generally, for the majority of state and foreign jurisdictions where the Company does business, periods prior to fiscal year 2021 are no longer subject to examination. The Company is currently under audit in various state jurisdictions for fiscal years 2021 through 2023. The Company had an insignificant amount of unrecognized tax positions related to income tax positions that may be affected by the resolution of tax examinations or expiring statutes of limitations within the next twelve months. Audit outcomes and the timing of settlements are subject to significant uncertainty. Income taxes receivable was $4.5 million and $0.5 million as of May 31, 2025 and August 31, 2024, respectively. Income taxes receivable are included in other current assets in the Company’s condensed consolidated balance sheets.

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