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Income Taxes (Tables) | 12 Months Ended
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Aug. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes | For financial reporting purposes earnings (losses) before income taxes include the following components:
|  | For the years ended August 31, |
($ in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 34,465 |  |  | $ | 28,605 |  |  | $ | 38,928 |
Foreign |  |  | 53,403 |  |  |  | 21,781 |  |  |  | 9,915 |
|  | $ | 87,868 |  |  | $ | 50,386 |  |  | $ | 48,843 |
Schedule of Significant Components of Income Tax Provision | Significant components of the income tax provision are as follows:
|  | For the years ended August 31, |
($ in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 5,678 |  |  | $ | 2,432 |  |  | $ | 4,231 |
State |  |  | 1,310 |  |  |  | 733 |  |  |  | 1,421 |
Foreign |  |  | 17,474 |  |  |  | 2,738 |  |  |  | 3,178 |
Total current |  |  | 24,462 |  |  |  | 5,903 |  |  |  | 8,830 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 244 |  |  |  | 2,251 |  |  |  | 2,630 |
State |  |  | 34 |  |  |  | 281 |  |  |  | 121 |
Foreign |  |  | (2,341 | ) |  |  | (621 | ) |  |  | (1,367 | )
Total deferred |  |  | (2,063 | ) |  |  | 1,911 |  |  |  | 1,384 |
Total income tax provision |  | $ | 22,399 |  |  | $ | 7,814 |  |  | $ | 10,214 |
Schedule of Effective Income Tax Rate Reconciliation |
|  | For the years ended August 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
($ in thousands) |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
U.S. statutory rate |  | $ | 18,452 |  |  |  | 21.0 |  |  | $ | 10,581 |  |  |  | 21.0 |  |  | $ | 10,257 |  |  |  | 21.0 |
State and local taxes, net of federal tax benefit |  |  | 1,069 |  |  |  | 1.2 |  |  |  | 859 |  |  |  | 1.7 |  |  |  | 1,079 |  |  |  | 2.2 |
Foreign tax rate differences |  |  | 3,318 |  |  |  | 3.8 |  |  |  | (390 | ) |  |  | (0.8 | ) |  |  | (292 | ) |  |  | (0.6 | )
U.S. tax reform |  |  | 313 |  |  |  | 0.4 |  |  |  | 339 |  |  |  | 0.7 |  |  |  | (165 | ) |  |  | (0.3 | )
Deferred tax asset valuation allowance |  | — |  |  | — |  |  |  | (2,169 | ) |  |  | (4.3 | ) |  |  | (479 | ) |  |  | (1.0 | )
Federal credits |  |  | (444 | ) |  |  | (0.6 | ) |  |  | (629 | ) |  |  | (1.2 | ) |  |  | (419 | ) |  |  | (0.9 | )
Uncertain tax benefits |  |  | (369 | ) |  |  | (0.4 | ) |  |  | (622 | ) |  |  | (1.2 | ) |  |  | 165 |  |  |  | 0.3 |
Other |  |  | 60 |  |  |  | 0.1 |  |  |  | (155 | ) |  |  | (0.3 | ) |  |  | 68 |  |  |  | 0.1 |
Effective rate |  | $ | 22,399 |  |  |  | 25.5 |  |  | $ | 7,814 |  |  |  | 15.5 |  |  | $ | 10,214 |  |  |  | 20.9 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | August 31, |
($ in thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Accrued expenses |  | $ | 13,438 |  |  | $ | 10,172 |
Warranty |  |  | 3,336 |  |  |  | 3,096 |
Defined benefit pension plan |  |  | 1,391 |  |  |  | 1,626 |
Inventory |  |  | 2,544 |  |  |  | 2,403 |
Share-based compensation |  |  | 1,474 |  |  |  | 1,197 |
Vacation |  |  | 773 |  |  |  | 749 |
Net operating loss and capital loss carry forwards |  |  | 1,208 |  |  |  | 2,245 |
Deferred revenue |  |  | 1,422 |  |  |  | 1,565 |
Allowance for doubtful accounts |  |  | 1,122 |  |  |  | 870 |
Other |  |  | 878 |  |  |  | 1,169 |
Gross deferred tax assets |  |  | 27,586 |  |  |  | 25,092 |
Valuation allowance |  |  | (1,203 | ) |  |  | (1,091 | )
Net deferred tax assets |  | $ | 26,383 |  |  | $ | 24,001 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  | $ | (5,389 | ) |  | $ | (5,607 | )
Property, plant, and equipment |  |  | (11,441 | ) |  |  | (11,113 | )
Derivative contract |  |  | (1,294 | ) |  | — |
Total deferred tax liabilities |  | $ | (18,124 | ) |  | $ | (16,720 | )
Net deferred tax assets |  | $ | 8,259 |  |  | $ | 7,281 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of changes in unrecognized tax benefits is as follows:
|  | August 31, |
($ in thousands) |  | 2022 |  |  | 2021 |
Unrecognized tax benefits at beginning of the year |  | $ | 724 |  |  | $ | 1,141 |
Increases for positions taken in current year |  |  | 158 |  |  |  | — |
Decreases for positions taken in prior years |  |  | — |  |  |  | (36 | )
Reduction resulting from lapse of applicable statute of limitations |  |  | (308 | ) |  |  | (287 | )
Decreases for settlements with tax authorities |  |  | — |  |  |  | (94 | )
Unrecognized tax benefits at end of the year |  | $ | 574 |  |  | $ | 724 |

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