XML 25 R14.htm IDEA: XBRL DOCUMENT v3.23.4
Income Taxes
 3 Months Ended
Nov. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 – Income Taxes

The Company recorded income tax expense of $6.0 million and $5.8 million for the three months ended November 30, 2023 and 2022, 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 28.0 percent and 27.3 percent for the three months ended November 30, 2023 and 2022, respectively. The slight increase in the estimated annual effective income tax rate 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 Company recorded discrete items resulting in an income tax expense of $0.1 million and benefit of $0.8 million for the three months ended November 30, 2023 and 2022, respectively, which relate primarily to the vesting of share-based compensation awards.