Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2018
Accounting Policies [Abstract]  
Reconciliation of Changes in Accrued Product Warranty
Product Warranty Costs: The Company generally offers its customers a 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 on the Consolidated Balance Sheets, is based on historical claim rates and current warranty cost experience. The following is a rollforward of the changes in product warranty reserves for fiscal years 2018 and 2017 (in thousands):
 
 
 
2018
 
2017
Beginning balance
 
$
6,616

 
$
5,592

Provision for warranties
 
5,522

 
5,608

Warranty payments and costs incurred
 
(7,263
)
 
(4,714
)
Acquisitions/divestitures
 
(376
)
 
—

Impact of changes in foreign currency rates
 
(82
)
 
130

Ending balance
 
$
4,417

 
$
6,616