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Income Taxes | 6 Months Ended
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Feb. 29, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Note 5 – Income Taxes The Company recorded income tax expense of $1.4 million and income tax benefit of $1.6 million for the three months ended February 29, 2020 and February 28, 2019, respectively and recorded income tax expense of $4.3 million and income tax benefit of $1.2 million for the six months ended February 29, 2020 and February 28, 2019, 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 23.5 percent and 29.4 percent for the six months ended February 29, 2020 and February 28, 2019, respectively. The decrease in the estimated annual effective income tax rate from February 2019 to February 2020 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. The impact of such events within income tax expense (benefit) was insignificant for the six months ended February 29, 2020 and amounted to a net benefit of $0.3 million for the six months ended February 28, 2019. The United States enacted significant tax reform into law on December 22, 2017 by enacting the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”). 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 23.5 percent for the six months ended February 29, 2020.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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