Income Taxes (Tables)

12 Months Ended

Aug. 31, 2017

Income Taxes

Schedule of domestic and foreign pre-tax income

	Year Ended August 31,
	2017		2016		2015
United States	$	52,723	$	40,928	$	31,168
Foreign		8,169		9,182		10,058
	$	60,892	$	50,110	$	41,226

Schedule of provision (benefit) for income taxes

	Year Ended August 31,
	2017		2016		2015
Current:
Federal	$	17,714	$	14,777	$	11,831
State		1,872		1,821		1,475
Foreign		1,555		2,023		2,077
Total current income tax provision		21,141		18,621		15,383
Deferred:
Federal		(1,984)		(879)		(405)
State		(453)		(324)		(188)
Foreign		174		(115)		23
Total deferred income tax benefit		(2,263)		(1,318)		(570)
Total income tax provision	$	18,878	$	17,303	$	14,813

Schedule of reconciliation of the effective income tax rate with the U.S. federal statutory income tax rate

	Year Ended August 31,
	2017		2016		2015
Federal statutory rates	35.0	%	35.0	%	35.0	%
Adjustment resulting from the tax effect of:
State and local taxes, net of federal benefit	1.5	%	1.9	%	2.0	%
Domestic production deduction	(2.5)	%	(2.9)	%	(2.0)	%
Foreign tax rate differential	(1.4)	%	(2.5)	%	(3.2)	%
Adjustment to uncertain tax position	0.0	%	0.0	%	0.5	%
Research credit generated	(0.3)	%	(0.3)	%	(0.3)	%
Stock Compensation	(3.1)	%	0.0	%	0.0	%
Noncontrolling partnership interest	0.0	%	0.0	%	(0.1)	%
Permanent items	1.6	%	0.0	%	0.0	%
Tax effect of undistributed earnings	1.4	%	2.7	%	3.4	%
Other	(1.2)	%	0.6	%	0.6	%
Effective income tax rate	31.0	%	34.5	%	35.9	%

Summary of the tax effect of temporary differences on the Company's income tax provision

	Year Ended August 31,
	2017		2016		2015
Current income tax provision	$	21,141	$	18,621	$	15,383
Deferred provision (benefit):
Allowance for doubtful accounts		8		34		3
Inventories		139		(80)		(88)
Pension expense		(39)		(542)		(190)
Deferred compensation		250		272		(68)
Loan finance costs		5		5		6
Accruals		(270)		(95)		(90)
Warranty reserve		(89)		19		37
Depreciation and amortization		(2,714)		(2,166)		(1,794)
Restricted stock grant		(214)		(8)		222
Unrepatriated earnings		832		1,338		1,401
Valuation allowance		24		—		—
Foreign amortization		(2)		(21)		(70)
Other accrued expenses		(193)		(74)		61
Total deferred income tax benefit		(2,263)		(1,318)		(570)
Total income tax provision	$	18,878	$	17,303	$	14,813

Summary of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities

	As of August 31,
	2017		2016
Deferred tax assets:
Allowance for doubtful accounts	$	228	$	236
Inventories		1,462		1,623
Accruals		800		531
Warranty reserve		120		31
Pension accrual		5,078		5,655
Deferred compensation		358		608
Deferred revenue		334		—
Loan finance costs		27		32
Restricted stock grants		792		589
Non-qualified stock options		26		15
Foreign other		—		428
Other		280		11
		9,505		9,759
Deferred tax liabilities:
Prepaid liabilities		(29)		(44)
Unrepatriated earnings		(2,298)		(2,486)
Unrealized gain/loss on restricted investments		(177)		(141)
Depreciation and amortization		(5,362)		(8,078)
Other		(25)		(16)
		(7,891)		(10,765)
Net deferred tax assets (liabilities)	$	1,614	$	(1,006)

Summary of the Company's adjustments to its uncertain tax positions

	2017		2016		2015
Balance, at beginning of the year	$	1,229	$	1,249	$	1,030
Increase for tax positions related to the current year		65		37		75
Increase for tax positions related to prior years		16		98		—
Increase for interest and penalties		6		102		144
Decreases for lapses of statute of limitations		(59)		(257)		—
Balance, at end of year	$	1,257	$	1,229	$	1,249