Income Taxes (Tables)

12 Months Ended

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