Quarterly report pursuant to Section 13 or 15(d)

Product Warranty Costs

v3.22.1
Product Warranty Costs
6 Months Ended
Feb. 28, 2022
Guarantees [Abstract]  
Product Warranty Costs
Note 6. Product Warranty Costs
The Company generally offers its customers an assurance warranty on products sold, although warranty periods may vary by product type and application. The reserve for future warranty claims, which is recorded within the "Other current liabilities" line in the Condensed Consolidated Balance Sheets, is based on historical claim rates and current warranty cost experience. The following summarizes the changes in product warranty reserves for the six months ended February 28, 2022 and 2021, respectively (in thousands):
  Six Months Ended February 28,
  2022 2021
Beginning balance $ 1,300  $ 892 
Provision for warranties 627  704 
Warranty payments and costs incurred (296) (609)
Impact of changes in foreign currency rates (33) 18 
Ending balance $ 1,598  $ 1,005