Income Taxes (Tables)

12 Months Ended

Aug. 31, 2020

Income Taxes

Schedule of domestic and foreign pre-tax income

	Year Ended August 31,
	2020		2019		2018
United States	$	42,027	$	37,088	$	48,962
Foreign		3,293		6,465		8,003
	$	45,320	$	43,553	$	56,965

Schedule of provision (benefit) for income taxes

	Year Ended August 31,
	2020		2019		2018
Current:
Federal	$	9,157	$	9,880	$	12,872
State		1,813		1,699		1,662
Foreign		962		1,575		1,761
Total current income tax provision		11,932		13,154		16,295
Deferred:
Federal		(520)		(1,699)		(2,214)
State		(184)		(529)		(263)
Foreign		(65)		(84)		4
Total deferred income tax benefit		(769)		(2,312)		(2,473)
Total income tax provision	$	11,163	$	10,842	$	13,822

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

	Year Ended August 31,
	2020		2019		2018
Federal statutory rates	21.0	%	21.0	%	25.7	%
Adjustment resulting from the tax effect of:
State and local taxes, net of federal benefit	3.0	%	2.1	%	1.9	%
Domestic production deduction	0.0	%	0.0	%	(1.6)	%
Foreign tax rate differential	0.0	%	0.1	%	(0.3)	%
Adjustment to uncertain tax position	(1.1)	%	1.0	%	1.1	%
Transaction costs not deductible	0.5	%	0.0	%	0.0	%
Research credit generated	(0.1)	%	(0.3)	%	(0.2)	%
Stock Compensation	(0.3)	%	(0.4)	%	(3.4)	%
Permanent items	0.9	%	1.1	%	0.9	%
Tax effect of undistributed earnings	0.3	%	0.6	%	(0.8)	%
Other	0.4	%	(0.4)	%	(0.8)	%
Change in valuation allowance	0.0	%	0.1	%	0.1	%
Deferred income tax remeasurement	0.0	%	0.0	%	1.7	%
Effective income tax rate	24.6	%	24.9	%	24.3	%

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

	As of August 31,
	2020		2019
Deferred tax assets:
Allowance for doubtful accounts	$	309	$	432
Inventories		994		1,193
Accruals		504		541
Warranty reserve		14		22
Pension accrual		2,749		2,623
Deferred compensation		391		300
Foreign currency loss on previously taxed income		96		96
Loan finance costs		7		34
Restricted stock grants		823		456
Non-qualified stock options		211		258
Right-of-use asset		2,354		—
Foreign net operating loss, net of valuation allowance		247		—
Other		572		353
		9,271		6,308
Deferred tax liabilities:
Prepaid liabilities		(16)		(8)
Lease liability		(2,693)		—
Depreciation and amortization		(1,633)		(2,496)
		(4,342)		(2,504)
Net deferred tax assets (liabilities)	$	4,929	$	3,804

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

	2020		2019		2018
Balance, at beginning of the year	$	2,324	$	1,889	$	1,257
Increase for tax positions related to the current year		101		55		47
(Decrease) increase for tax positions related to prior years		(609)		300		595
Increase for interest and penalties		125		106		71
Decrease for lapses of statute of limitations		—		(26)		(81)
Balance, at end of year	$	1,941	$	2,324	$	1,889