Income Taxes	3 Months Ended
Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 5 – Income Taxes The Company recorded income tax expense of $2.9 million and $0.5 million for the three months ended November 30, 2019 and 2018, respectively. It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 25.8 percent and 27.9 percent for the three months ended November 30, 2019 and 2018, respectively. The decrease in the estimated annual effective income tax rate from November 2018 to November 2019 relates primarily to the change in earnings mix among foreign operations. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur, but the Company did not record any such effects within income tax expense for the three months ended November 30, 2019 or 2018. The United States enacted significant tax reform into law on December 22, 2017. U.S. Tax Reform made complex and broad changes to the U.S. tax laws. U.S. Tax Reform established new income tax provisions that will affect the Company’s fiscal year 2020, including, but not limited to, establishing a new minimum tax on global intangible low-taxed income (“GILTI”). The Company has elected to account for GILTI as a period cost, the effect of which is reflected in the estimated annual effective tax rate of 25.8 percent for the three months ended November 30, 2019.

Income Taxes

3 Months Ended

Nov. 30, 2019

Note 5 – Income Taxes

The Company recorded income tax expense of $2.9 million and $0.5 million for the three months ended November 30, 2019 and 2018, respectively.

It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 25.8 percent and 27.9 percent for the three months ended November 30, 2019 and 2018, respectively. The decrease in the estimated annual effective income tax rate from November 2018 to November 2019 relates primarily to the change in earnings mix among foreign operations. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur, but the Company did not record any such effects within income tax expense for the three months ended November 30, 2019 or 2018.

The United States enacted significant tax reform into law on December 22, 2017. U.S. Tax Reform made complex and broad changes to the U.S. tax laws. U.S. Tax Reform established new income tax provisions that will affect the Company’s fiscal year 2020, including, but not limited to, establishing a new minimum tax on global intangible low-taxed income (“GILTI”). The Company has elected to account for GILTI as a period cost, the effect of which is reflected in the estimated annual effective tax rate of 25.8 percent for the three months ended November 30, 2019.