XML 50 R37.htm IDEA: XBRL DOCUMENT v3.23.3

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

For financial reporting purposes earnings before income taxes include the following components:

		For the years ended August 31,
($ in thousands)		2023				2022				2021
United States		$	40,066			$	34,465			$	28,605
Foreign			60,309				53,403				21,781
		$	100,375			$	87,868			$	50,386

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)		2023				2022				2021
Current:
Federal		$	8,119			$	5,678			$	2,432
State			1,690				1,310				733
Foreign			18,187				17,474				2,738
Total current			27,996				24,462				5,903
Deferred:
Federal			(684	)			244				2,251
State			(76	)			34				281
Foreign			760				(2,341	)			(621	)
Total deferred		—					(2,063	)			1,911
Total income tax provision		$	27,996			$	22,399			$	7,814

Schedule of Effective Income Tax Rate Reconciliation

		For the years ended August 31,
		2023								2022								2021
($ in thousands)		Amount				%				Amount				%				Amount				%
U.S. statutory rate		$	21,079				21.0			$	18,452				21.0			$	10,581				21.0
State and local taxes, net of federal tax benefit			1,259				1.3				1,069				1.2				859				1.7
Foreign tax rate differences			6,017				6.0				3,318				3.8				(390	)			(0.8	)
U.S. tax reform			(103	)			(0.1	)			313				0.4				339				0.7
Deferred tax asset valuation allowance			(610	)			(0.6	)		—				—					(2,169	)			(4.3	)
Federal credits			(445	)			(0.4	)			(444	)			(0.6	)			(629	)			(1.2	)
Uncertain tax benefits			(84	)			(0.1	)			(369	)			(0.4	)			(622	)			(1.2	)
Capital gains			529				0.5			—				—				—				—
Other			354				0.3				60				0.1				(155	)			(0.3	)
Effective rate		$	27,996				27.9			$	22,399				25.5			$	7,814				15.5

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)		2023				2022
Deferred tax assets:
Accrued expenses		$	11,467			$	12,569
Warranty			3,433				3,336
Defined benefit pension plan			1,253				1,391
Inventory			2,749				2,544
Share-based compensation			1,722				1,474
Vacation			935				773
Net operating loss and capital loss carry forwards			189				1,208
Deferred revenue			1,379				1,422
Allowance for doubtful accounts			1,338				1,122
Lease liabilities			3,656				3,868
Capitalized research and development expenditures			2,009				—
Other			1,490				878
Gross deferred tax assets			31,620				30,585
Valuation allowance			(491	)			(1,203	)
Net deferred tax assets		$	31,129			$	29,382
Deferred tax liabilities:
Intangible assets		$	(5,085	)		$	(5,389	)
Property, plant, and equipment			(12,718	)			(11,441	)
Lease assets			(2,844	)			(2,999	)
Derivative contract			(286	)			(1,294	)
Total deferred tax liabilities		$	(20,933	)		$	(21,123	)
Net deferred tax assets		$	10,196			$	8,259

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of changes in unrecognized tax benefits is as follows:

		August 31,
($ in thousands)		2023				2022
Unrecognized tax benefits at beginning of the year		$	574			$	724
Increases for positions taken in current year			33				158
Decreases for positions taken in prior years			(15	)			—
Reduction resulting from lapse of applicable    statute of limitations			(144	)			(308	)
Decreases for settlements with tax authorities			(48	)			—
Unrecognized tax benefits at end of the year		$	400			$	574

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration