WD 40 CO, 10-Q filed on 1/10/2025
Quarterly Report
v3.24.4
Cover Page - shares
 3 Months Ended
Nov. 30, 2024
Jan. 06, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 30, 2024  
Document Transition Report false  
Entity File Number 000-06936  
Entity Registrant Name WD-40 COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 95-1797918  
Entity Address, Address Line One 9715 Businesspark Avenue  
Entity Address, City or Town San Diego  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92131  
City Area Code 619  
Local Phone Number 275-1400  
Title of 12(b) Security Common stock, par value $0.001 per share  
Trading Symbol WDFC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   13,546,239
Entity Central Index Key 0000105132  
Current Fiscal Year End Date --08-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment flag false  
v3.24.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Current assets:    
Cash and cash equivalents $ 54,914 $ 46,699
Trade and other accounts receivable, net 111,433 117,493
Inventories 74,887 79,088
Other current assets 21,567 12,161
Total current assets 262,801 255,441
Property and equipment, net 59,384 62,983
Goodwill 96,584 96,985
Other intangible assets, net 2,287 6,222
Right-of-use assets 10,581 11,611
Deferred tax assets, net 948 993
Other assets 14,739 14,804
Total assets 447,324 449,039
Current liabilities:    
Accounts payable 32,212 35,960
Accrued liabilities 29,132 31,272
Accrued payroll and related expenses 20,581 26,055
Short-term borrowings 23,429 8,659
Income taxes payable 2,148 1,554
Total current liabilities 107,502 103,500
Long-term borrowings 84,552 85,977
Deferred tax liabilities, net 9,228 9,066
Long-term operating lease liabilities 5,297 5,904
Other long-term liabilities 14,448 14,066
Total liabilities 221,027 218,513
Commitments and Contingencies (Note 11)
Stockholders’ equity:    
Common stock — authorized 36,000,000 shares, $0.001 par value; 19,940,370 and 19,925,212 shares issued at November 30, 2024 and August 31, 2024, respectively; and 13,549,989 and 13,548,581 shares outstanding at November 30, 2024 and August 31, 2024, respectively 20 20
Additional paid-in capital 174,258 175,642
Retained earnings 506,898 499,931
Accumulated other comprehensive loss (35,453) (29,268)
Common stock held in treasury, at cost — 6,390,381 and 6,376,631 shares at November 30, 2024 and August 31, 2024, respectively (419,426) (415,799)
Total stockholders’ equity 226,297 230,526
Total liabilities and stockholders’ equity $ 447,324 $ 449,039
v3.24.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Nov. 30, 2024
Aug. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, authorized (in shares) 36,000,000 36,000,000
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, issued (in shares) 19,940,370 19,925,212
Common stock, outstanding (in shares) 13,549,989 13,548,581
Treasury stock, shares (in shares) 6,390,381 6,376,631
v3.24.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Income Statement [Abstract]    
Net sales $ 153,495 $ 140,416
Cost of products sold 69,408 64,863
Gross profit 84,087 75,553
Operating expenses:    
Selling, general and administrative 50,525 44,135
Advertising and sales promotion 8,393 6,983
Amortization of definite-lived intangible assets 47 251
Total operating expenses 58,965 51,369
Income from operations 25,122 24,184
Other income (expense):    
Interest income 148 74
Interest expense (873) (1,146)
Other expense, net (141) (40)
Income before income taxes 24,256 23,072
Provision for income taxes 5,331 5,590
Net income $ 18,925 $ 17,482
Earnings per common share:    
Basic (in dollars per share) $ 1.39 $ 1.28
Diluted (in dollars per share) $ 1.39 $ 1.28
Shares used in per share calculations:    
Basic (in shares) 13,548 13,560
Diluted (in shares) 13,573 13,584
v3.24.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 18,925 $ 17,482
Other comprehensive income (loss):    
Foreign currency translation adjustment (6,185) 390
Total comprehensive income $ 12,740 $ 17,872
v3.24.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance (in shares) at Aug. 31, 2023   19,905,815        
Beginning balance at Aug. 31, 2023 $ 210,178 $ 20 $ 171,546 $ 477,488 $ (31,206) $ (407,670)
Beginning balance (in shares) at Aug. 31, 2023           6,342,381
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under share-based compensation plan, net of shares withheld for taxes (in shares)   5,680        
Issuance of common stock under share-based compensation plan, net of shares withheld for taxes (678)   (678)      
Stock-based compensation 2,271   2,271      
Cash dividends (11,297)     (11,297)    
Repurchases of common stock (in shares)           11,500
Repurchases of common stock (2,414)         $ (2,414)
Foreign currency translation adjustment 390       390  
Net income 17,482     17,482    
Ending balance (in shares) at Nov. 30, 2023   19,911,495        
Ending balance at Nov. 30, 2023 $ 215,932 $ 20 173,139 483,673 (30,816) $ (410,084)
Ending balance (in shares) at Nov. 30, 2023           6,353,881
Beginning balance (in shares) at Aug. 31, 2024 13,548,581 19,925,212        
Beginning balance at Aug. 31, 2024 $ 230,526 $ 20 175,642 499,931 (29,268) $ (415,799)
Beginning balance (in shares) at Aug. 31, 2024 6,376,631         6,376,631
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under share-based compensation plan, net of shares withheld for taxes (in shares)   15,158        
Issuance of common stock under share-based compensation plan, net of shares withheld for taxes $ (2,883)   (2,883)      
Stock-based compensation 1,499   1,499      
Cash dividends (11,958)     (11,958)    
Repurchases of common stock (in shares)           13,750
Repurchases of common stock (3,627)         $ (3,627)
Foreign currency translation adjustment (6,185)       (6,185)  
Net income $ 18,925     18,925    
Ending balance (in shares) at Nov. 30, 2024 13,549,989 19,940,370        
Ending balance at Nov. 30, 2024 $ 226,297 $ 20 $ 174,258 $ 506,898 $ (35,453) $ (419,426)
Ending balance (in shares) at Nov. 30, 2024 6,390,381         6,390,381
v3.24.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Statement of Stockholders' Equity [Abstract]    
Cash dividends (in dollars per share) $ 0.88 $ 0.83
v3.24.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Aug. 31, 2024
Operating activities:      
Net income $ 18,925 $ 17,482  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,075 2,261  
Amortization of cloud computing implementation costs 416 57  
Net gains on sales and disposals of property and equipment (41) (58)  
Deferred income taxes 522 625  
Stock-based compensation 1,499 2,271  
Unrealized foreign currency exchange (gains) losses (330) 322  
Provision for credit losses 994 42  
Write-off of inventories 255 811  
Changes in assets and liabilities:      
Trade and other accounts receivable (293) 2,886  
Inventories (2,651) 4,042  
Other assets (1,177) 139  
Operating lease assets and liabilities, net 14 (8)  
Accounts payable and accrued liabilities (1,730) (4,697)  
Accrued payroll and related expenses (4,954) (998)  
Other long-term liabilities and income taxes payable 1,406 1,739  
Net cash provided by operating activities 14,930 26,916  
Investing activities:      
Purchases of property and equipment (691) (786)  
Proceeds from sales of property and equipment 124 115  
Net cash used in investing activities (567) (671)  
Financing activities:      
Treasury stock purchases (3,627) (2,414)  
Dividends paid (11,958) (11,297)  
Repayments of long-term senior notes (400) (400)  
Net proceeds (repayments) from revolving credit facility 14,771 (9,713)  
Shares withheld to cover taxes upon conversions of equity awards (2,883) (678)  
Net cash used in financing activities (4,097) (24,502)  
Effect of exchange rate changes on cash and cash equivalents (2,051) 431  
Net increase in cash and cash equivalents 8,215 2,174  
Cash and cash equivalents at beginning of period 46,699 48,143 $ 48,143
Cash and cash equivalents at end of period 54,914 50,317 $ 46,699
Supplemental disclosure of noncash investing activities:      
Accrued capital expenditures 188 190  
Finance lease obligation settled with prepaid deposit $ 0 $ 3,855  
v3.24.4
The Company
 3 Months Ended
Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company The Company
WD-40 Company (the “Company”), incorporated in Delaware and based in San Diego, California, is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company owns a wide range of brands that include maintenance products and homecare and cleaning products: WD-40® Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava® and Solvol®. Certain of our homecare and cleaning businesses are classified as held for sale as of November 30, 2024. Please refer to Note 3 Assets Held for Sale for additional information.
The Company’s products are sold in various locations around the world. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America, the United Kingdom (“U.K.”) and Australia. The Company’s products are sold primarily through hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, warehouse club stores, farm supply, sport retailers, and independent bike dealers.
v3.24.4
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Nov. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Consolidation
The unaudited condensed consolidated financial statements included herein have been prepared by the Company according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The August 31, 2024 year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
In the opinion of management, the unaudited financial information for the interim periods shown reflects all adjustments necessary for a fair statement thereof and such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024, which was filed with the SEC on October 21, 2024.
The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
Global economies have experienced significant volatility in recent years. Although the Company’s estimates consider current conditions, the inputs into certain of the Company’s significant and critical accounting estimates include judgments and assumptions about the economic implications of factors that have been subject to such volatility and how management expects them to change in the future, as appropriate. It is possible that actual results experienced may materially differ from the Company’s estimates in future periods, which could materially affect its results of operations and financial condition.
Foreign Currency Forward Contracts
In the normal course of business, the Company employs established policies and procedures to manage its exposure to fluctuations in foreign currency exchange rates. The Company utilizes foreign currency forward contracts to limit its exposure to net asset balances held in non-functional currencies, primarily at its U.K. subsidiary. The Company monitors its foreign currency exchange rate exposures to ensure the overall effectiveness of its foreign currency hedge positions.
While the Company engages in foreign currency hedging activity to reduce its risk, for accounting purposes, none of its foreign currency forward contracts are designated as hedges.
Foreign currency forward contracts are carried at fair value, with net realized and unrealized gains and losses recognized in other income (expense), net in the Company’s condensed consolidated statements of operations. Cash flows from settlements of foreign currency forward contracts are included in operating activities in the condensed consolidated statements of cash flows. Foreign currency forward contracts in an asset position at the end of the reporting period are included in other current assets, while foreign currency forward contracts in a liability position at the end of the reporting period are included in accrued liabilities in the Company’s condensed consolidated balance sheets. At November 30, 2024, the Company had a notional amount of $8.3 million outstanding in foreign currency forward contracts, which will mature in January 2025. Unrealized net gains and losses related to foreign currency forward contracts were not significant at November 30, 2024 and August 31, 2024. Realized net gains and losses related to foreign currency forward contracts were not significant for the three months ended November 30, 2024 and 2023. Both unrealized and realized net gains and losses are recorded in other (expense) income, net in the Company’s condensed consolidated statements of operations.
Functional Currencies
The reporting currency of the Company is the U.S. Dollar. The functional currency of each of the Company’s subsidiaries is based on the currency of the economic environment in which it operates. Management periodically assesses the functional currency of each subsidiary in accordance with Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters”.
The functional currency of the Company’s U.K. subsidiary, the entity in which the EIMEA results are generated, has been the Pound Sterling through August 31, 2024. However, trends within EIMEA have indicated a shift towards the Euro over time. During the first quarter of fiscal year 2025, management determined that changes in economic facts and circumstances, such as additional shifts in the currency mix of our operating income, represented a significant change that was other-than-temporary and required a change in functional currency from Pound Sterling to Euro at the Company’s U.K. subsidiary. In accordance with ASC 830-10-45-7, a change in functional currency should be made on the date that significant changes in economic facts and circumstances occurred. Although such a change could occur on any date during the fiscal year, the use of a date at the beginning of the most recent reporting period is permissible. Accordingly, the change in functional currency from Pound Sterling to Euro at the Company’s U.K. subsidiary was accounted for prospectively from September 1, 2024.
In the period of a functional currency change, nonmonetary assets and liabilities at the impacted subsidiary are remeasured into the new functional currency using the exchange rate on the date the asset or liability arose. These amounts are then translated into the Company’s reporting currency, the U.S. Dollar, based on the exchange rate at the date of the change in functional currency. The difference between this amount and the prior translated balance was not material and was recorded in accumulated other comprehensive loss in the Company’s consolidated balance sheet as of September 1, 2024. The balances previously recorded in accumulated comprehensive loss for prior periods through August 31, 2024 were not reversed upon this prospective change in functional currency. Monetary assets and liabilities not denominated in the new functional currency, the Euro, will create transaction gains and losses subsequent to the change in functional currency. The Company does not expect that the impact of such gains and losses will be material to the Company’s consolidated statements of operations.
Fair Value of Financial Instruments
ASC 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company categorizes its financial assets and liabilities measured at fair value into a hierarchy that categorizes fair value measurements into the following three levels based on the types of inputs used in measuring their fair value:
Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities;
Level 2: Observable market-based inputs or observable inputs that are corroborated by market data; and
Level 3: Unobservable inputs reflecting the Company’s own assumptions.
Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of November 30, 2024, the Company had no assets or liabilities that are measured at fair value in the financial statements on a recurring basis, with the exception of the foreign currency forward contracts, which are classified as Level 2 within the fair value hierarchy. The carrying values of cash equivalents and short-term borrowings are recorded at cost, which approximates their fair values, primarily due to their short-term nature. In
addition, the carrying value of borrowings held under the Company’s revolving credit facility approximates fair value, based on Level 2 inputs, due to the variable nature of underlying interest rates, which generally reflect market conditions. The Company’s fixed rate long-term borrowings consist of senior notes and are recorded at carrying value. The Company estimates that the fair value of its senior notes, based on Level 2 inputs, was approximately $60.3 million as of November 30, 2024, which was determined based on a discounted cash flow analysis using current market interest rates for instruments with similar terms, compared to their carrying value of $66.4 million. During the three months ended November 30, 2024, the Company did not record any significant nonrecurring fair value measurements for assets or liabilities in periods subsequent to their initial recognition.
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments primarily require enhanced disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker and included within each reported measure of segment profit or loss. The amendments are effective for the Company’s annual periods beginning September 1, 2024, and interim periods beginning September 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company has been evaluating this ASU to determine its impact on the Company’s disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning September 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is in the process of evaluating this ASU to determine its impact on the Company’s disclosures.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” which includes amendments that require disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments are effective for the Company’s annual periods beginning September 1, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is in the process of evaluating this ASU to determine its impact on the Company’s disclosures.
v3.24.4
Assets Held for Sale
 3 Months Ended
Nov. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale Assets Held for Sale
Reclassification to Held for Sale of Certain Homecare and Cleaning Product Businesses
In the first quarter of fiscal year 2025, the Company’s homecare and cleaning product businesses in the Americas and EIMEA segments met the criteria to be classified as held for sale. Management has determined that the planned sale of these brands does not represent a strategic shift having a major effect on the Company’s operations and financial results and therefore does not meet the criteria for classification as discontinued operations in the first quarter of fiscal year 2025. The Company expects to sell these homecare and cleaning product businesses in the Americas and EIMEA segments in fiscal year 2025.
Assets included as part of the disposal group classified as held for sale consisted of intangible assets, goodwill and inventory. There are no liabilities in the disposal group.
The following table summarizes assets held for sale (in thousands):
November 30,
2024
Intangibles, Net 3,897 
Goodwill1,069 
Inventory4,899 
Total assets held for sale (1)
$9,865 
(1)    Total assets held for sale are included in other current assets on the Company’s condensed consolidated balance sheets.
v3.24.4
Inventories
 3 Months Ended
Nov. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Product held at third-party contract manufacturers$6,035 $8,199 
Raw materials and components9,356 10,037 
Work-in-process521 521 
Finished goods63,874 60,331 
Inventory held for sale (1)
(4,899)— 
Total$74,887 $79,088 
(1)    Inventory held for sale consists mostly of finished goods inventory and is included in other current assets on the Company’s condensed consolidated balance sheets.
v3.24.4
Property and Equipment and Capitalized Cloud Computing Implementation Costs
 3 Months Ended
Nov. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment and Capitalized Cloud Computing Implementation Costs Property and Equipment and Capitalized Cloud Computing Implementation Costs
Property and equipment, net, consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Machinery, equipment and vehicles$52,886 $53,844 
Buildings and improvements27,524 28,433 
Computer and office equipment6,573 6,652 
Internal-use software9,370 9,799 
Furniture and fixtures3,076 3,165 
Capital in progress2,732 3,344 
Land4,187 4,260 
Subtotal106,348 109,497 
Less: accumulated depreciation and amortization(46,964)(46,514)
Total$59,384 $62,983 
As of November 30, 2024 and August 31, 2024, the Company’s condensed consolidated balance sheets included $13.7 million and $13.4 million, respectively, of capitalized cloud computing implementation costs recorded as other assets within the Company’s condensed consolidated balance sheets. Accumulated amortization associated with these assets was $2.5 million and $2.1 million as of November 30, 2024 and August 31, 2024, respectively. Amortization expense associated with these assets was $0.4 million for the three months ended November 30, 2024 and was not significant for the three months ended November 30, 2023.
v3.24.4
Goodwill and Other Intangible Assets
 3 Months Ended
Nov. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

The following table summarizes the changes in the carrying amounts of goodwill by segment (in thousands):
AmericasEIMEAAsia-PacificTotal
Balance as of August 31, 2024$86,765 $9,011 $1,209 $96,985 
Translation adjustments86 582 - 668 
Goodwill held for sale (1)
(995)(74)- (1,069)
Balance as of November 30, 2024$85,856 $9,519 $1,209 $96,584 
(1)    Goodwill held for sale is included in other current assets on the Company’s condensed consolidated balance sheets.
There were no indicators of impairment identified as a result of the Company’s review of events and circumstances related to its goodwill as of November 30, 2024. To date, there have been no impairment losses identified and recorded related to the Company’s goodwill.
Definite-lived Intangible Assets
The Company’s definite-lived intangible assets include the trade names Spot Shot, Carpet Fresh, 1001, EZ REACH and GT85 trade names, as well as intangible assets related to customer relationships and a non-compete agreement acquired in connection with the Company’s purchase of a Brazilian distributor during the fiscal year ended August 31, 2024. All of these assets are included in other intangible assets, net in the Company’s condensed consolidated balance sheets.
In the first quarter of fiscal year 2025, the Company’s homecare and cleaning product businesses in the Americas and EIMEA segments was classified as held for sale. Definite-lived intangible assets included in homecare and cleaning include Spot Shot and Carpet Fresh in the Americas segment as well as the 1001 trade name in the EIMEA segment. Spot Shot in the Americas segment was recorded at an acquisition-date fair value of $13.7 million and was being amortized on a straight-line basis over the useful life of 17 years. Accumulated amortization expense was $10.9 million and the carrying value of this asset was $2.8 million as of August 31, 2024. Carpet Fresh in the Americas segment was recorded at an acquisition-date fair value of $2.8 million, was being amortized on a straight-line basis over the useful life of 13 years and was fully amortized as of August 31, 2022. 1001 trade name in the EIMEA segment was recorded at an acquisition-date fair value of $3.3 million and was being amortized on a straight-line basis over the useful life of 20 years. Accumulated amortization expense was $2.2 million and the carrying value of this asset was $1.1 million as of August 31, 2024. Amortization of the Spot Shot and 1001 trade names ceased as of September 1, 2024.
The following table summarizes the definite-lived intangible assets and the related accumulated amortization (in thousands):
November 30,
2024		August 31,
2024
Gross carrying amount$39,091 $38,863 
Accumulated amortization(32,907)(32,641)
Less: intangibles, net current held for sale (1)
(3,897)-
Net carrying amount$2,287 $6,222 
(1)    Intangibles, current held for sale are included in other current assets on the Company’s condensed consolidated balance sheets.
There has been no impairment charge for the three months ended November 30, 2024 and there were no indicators of impairment identified as a result of the Company’s review of events and circumstances related to its existing definite-lived intangible assets.
Changes in the carrying amounts of definite-lived intangible assets by segment for the three months ended November 30, 2024 are summarized below (in thousands):
AmericasEIMEAAsia-PacificTotal
Balance as of August 31, 2024$5,354 $868 - $6,222 
Amortization expense(47)- - (47)
Translation adjustments(114)123 - 9 
Less: Intangibles, net current held for sale (1)
(2,820)(1,077)- (3,897)
Balance as of November 30, 2024$2,373 $(86)$- $2,287 
(1)    Intangibles, current held for sale are included in other current assets on the Company’s condensed consolidated balance sheets.
The estimated amortization expense for the Company’s definite-lived intangible assets is not significant in any future individual fiscal year.
v3.24.4
Accrued and Other Liabilities
 3 Months Ended
Nov. 30, 2024
Payables and Accruals [Abstract]  
Accrued and Other Liabilities Accrued and Other Liabilities
Accrued liabilities consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Accrued advertising and sales promotion expenses$13,896 $15,091 
Accrued professional services fees2,160 2,058 
Accrued sales taxes and other taxes3,044 2,885 
Deferred revenue3,044 4,288 
Short-term operating lease liability2,140 2,294 
Other4,848 4,656 
Total$29,132 $31,272 
Accrued payroll and related expenses consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Accrued incentive compensation$3,828 $13,532 
Accrued payroll5,685 4,559 
Accrued payroll taxes4,696 2,907 
Accrued profit sharing5,646 4,403 
Other726 654 
Total$20,581 $26,055 
v3.24.4
Debt
 3 Months Ended
Nov. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
As of November 30, 2024, the Company held borrowings under two separate agreements as detailed below.
Note Purchase and Private Shelf Agreement
The Company holds borrowings under its Note Purchase and Private Shelf Agreement, as amended (the “Note Agreement”) by and among the Company, PGIM, Inc. (“Prudential”), and certain affiliates and managed accounts of Prudential (the “Note Purchasers”). As of November 30, 2024, the Company had outstanding balances on its series A, B and C notes issued under the Note Agreement.
The Note Agreement was most recently amended on April 30, 2024 (the “Fourth Amendment”). The Fourth Amendment permitted the Company to enter into an amendment to its revolving credit agreement with Bank of America, N.A. and also included certain conforming amendments to the credit agreement, including the revision of financial and restrictive covenants.
Credit Agreement
On April 30, 2024, the Company and certain subsidiaries of the Company, entered into a Second Amended and Restated Credit Agreement with Bank of America, N.A. (the “Credit Agreement”). The Credit Agreement modified certain terms and conditions of the Company’s previous Amended and Restated Agreement dated March 16, 2020 (as amended on September 30, 2020, and November 29, 2021), and extended the maturity date for the revolving credit facility from September 30, 2025 to April 30, 2029. Borrowings under the Credit Agreement will be used for the Company’s various operating, investing and financing needs.
The Company’s Credit Agreement with Bank of America, N.A. consists of a revolving commitment for borrowing by the Company up to $125.0 million with a sublimit of $95.0 million for WD-40 Company Limited, a wholly owned operating subsidiary of the Company for Europe, India, the Middle East and Africa. In addition, the Company’s index rate under the Credit Agreement for U.S. Dollar borrowings changed from the Bloomberg Short-term Bank Yield Index rate to the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York.
Short-term and long-term borrowings under the Company’s Credit Agreement and Note Agreement consisted of the following (in thousands):
IssuanceMaturitiesNovember 30,
2024		August 31,
2024
Credit Agreement – revolving credit facility (1)
Various4/30/2029$41,581 $27,836 
Note Agreement
Series A Notes – 3.39% fixed rate(2)
11/15/2017
2025-2032
14,400 14,800 
Series B Notes – 2.50% fixed rate(3)
9/30/202011/15/202726,000 26,000 
Series C Notes – 2.69% fixed rate(3)
9/30/202011/15/203026,000 26,000 
Total borrowings107,981 94,636 
Short-term portion of borrowings(23,429)(8,659)
Total long-term borrowings$84,552 $85,977 
(1)The Company has the ability to refinance any draw under the line of credit with successive short-term borrowings through the maturity date. Outstanding draws for which management has the ability and intent to refinance with successive short-term borrowings for a period of at least twelve months are classified as long-term. As of November 30, 2024, $19.0 million of this facility was classified as long-term and was entirely denominated in Euros. $22.6 million was classified as short-term and was denominated in U.S. Dollars. Euro and Pound Sterling denominated draws fluctuate in U.S. Dollars from period to period due to changes in foreign currency exchange rates.
(2)Principal payments are required semi-annually in May and November of each year in equal installments of $0.4 million through May 15, 2032, resulting in $0.8 million classified as short-term. The remaining outstanding principal in the amount of $8.4 million will become due on November 15, 2032.
(3)Interest on notes is payable semi-annually in May and November of each year with no principal due until the maturity date.
Both the Note Agreement and the Credit Agreement contain representations, warranties, events of default and remedies, as well as affirmative, negative and other financial covenants customary for these types of agreements. These covenants include, among other things, certain limitations on the ability of the Company and its subsidiaries to incur indebtedness, create liens, dispose of assets, make investments, declare, make or incur obligations to make certain restricted payments, including payments for the repurchase of the Company’s capital stock and enter into certain merger or consolidation transactions. The Credit Agreement includes, among other limitations on indebtedness, a $125.0 million limit on other unsecured indebtedness.
Each agreement also includes a most favored lender provision which requires that any time any other lender has the benefit of one or more financial or operational covenants that is different than, or similar to, but more restrictive than those contained in its own agreement, those covenants shall be immediately and automatically incorporated by reference to the other lender’s agreement. Both the Note Agreement and the Credit Agreement require the Company to adhere to the same financial covenants. For the financial covenants, the definition of consolidated EBITDA includes the add back of non-cash stock-based compensation to consolidated net income when arriving at consolidated EBITDA. The terms of the financial covenants are as follows:
•The consolidated leverage ratio cannot be greater than three and a half to one. The consolidated leverage ratio means, as of any date of determination, the ratio of (a) consolidated funded indebtedness as of such date to (b) consolidated EBITDA for the most recently completed four fiscal quarters.
•The consolidated interest coverage ratio cannot be less than three to one. The consolidated interest coverage ratio means, as of any date of determination, the ratio of (a) consolidated EBITDA for the most recently completed four fiscal quarters to (b) consolidated interest charges for the most recently completed four fiscal quarters.
As of November 30, 2024, the Company was in compliance with all debt covenants under both the Note Agreement and the Credit Agreement.
v3.24.4
Share Repurchase Plan
 3 Months Ended
Nov. 30, 2024
Equity [Abstract]  
Share Repurchase Plan Share Repurchase Plan
On June 19, 2023, the Company’s Board (the “Board”) approved a share repurchase plan (the “2023 Repurchase Plan”). Under the 2023 Repurchase Plan, which became effective on September 1, 2023, the Company is authorized to acquire up to $50.0 million of its outstanding shares through August 31, 2025. The timing and amount of repurchases are based on terms and conditions as may be acceptable to the Company’s Chief Executive Officer and Chief Financial Officer, subject
to present loan covenants and in compliance with all laws and regulations applicable thereto. During the three months ended November 30, 2024, the Company repurchased 13,750 shares at an average price of $263.75 per share, for a total cost of $3.6 million under this $50.0 million plan. As of November 30, 2024, the Company is authorized to purchase an additional $38.3 million under the 2023 Repurchase Plan.
v3.24.4
Earnings per Common Share
 3 Months Ended
Nov. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The table below reconciles net income to net income available to common stockholders (in thousands):
Three Months Ended November 30,
20242023
Net income$18,925 $17,482 
Less: Net income allocated to participating securities(64)(66)
Net income available to common stockholders$18,861 $17,416 
The table below summarizes the weighted-average number of common shares outstanding included in the calculation of basic and diluted EPS (in thousands):
Three Months Ended November 30,
20242023
Weighted-average common shares outstanding, basic13,548 13,560 
Weighted-average dilutive securities25 24 
Weighted-average common shares outstanding, diluted13,573 13,584 
For the three months ended November 30, 2024 and 2023, weighted-average stock-based equity awards outstanding that are non-participating securities in the amount of 6,188 and 5,404, respectively, were excluded from the calculation of diluted EPS under the treasury stock method as they were anti-dilutive.
v3.24.4
Revenue
 3 Months Ended
Nov. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents the Company’s revenues by segment and major source (in thousands):
Three Months Ended November 30, 2024
AmericasEIMEAAsia-PacificTotal
WD-40 Multi-Use Product$52,901 $44,866 $20,780 $118,547 
WD-40 Specialist8,233 7,817 3,122 19,172 
Other maintenance products (1)
4,274 3,194 320 7,788 
Total maintenance products65,408 55,877 24,222 145,507 
HCCP (2)
4,028 1,606 2,354 7,988 
Total net sales$69,436 $57,483 $26,576 $153,495 
Three Months Ended November 30, 2023
AmericasEIMEAAsia-PacificTotal
WD-40 Multi-Use Product$48,511 $37,044 $22,122 $107,677 
WD-40 Specialist7,108 6,666 3,068 16,842 
Other maintenance products (1)
4,126 3,062 438 7,626 
Total maintenance products59,745 46,772 25,628 132,145 
HCCP (2)
4,330 1,982 1,959 8,271 
Total net sales$64,075 $48,754 $27,587 $140,416 
(1)Other maintenance products consist of the 3-IN-ONE and GT85 brands.
(2)Homecare and cleaning products (“HCCP”).
Contract Balances
Contract liabilities consist of deferred revenue related to undelivered products. Deferred revenue is recorded when payments have been received from customers for undelivered products. Revenue is subsequently recognized when revenue
recognition criteria are met, generally when control of the product transfers to the customer. The Company had contract liabilities of $3.0 million and $4.3 million as of November 30, 2024 and August 31, 2024, respectively. Substantially all of the $4.3 million that was included in contract liabilities as of August 31, 2024 was recognized to revenue during the three months ended November 30, 2024. These contract liabilities are recorded in accrued liabilities on the Company’s condensed consolidated balance sheets. Contract assets are recorded if the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration. The Company did not have any contract assets as of November 30, 2024 and August 31, 2024. The Company has an unconditional right to payment for its trade and other accounts receivable on the Company’s condensed consolidated balance sheets. These receivables are presented net of an allowance for credit losses of $1.8 million as of November 30, 2024 and which was not significant as of August 31, 2024.
v3.24.4
Commitments and Contingencies
 3 Months Ended
Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
The Company has ongoing relationships with various suppliers (contract manufacturers) that manufacture the Company’s products and third-party distribution centers that warehouse and ship the Company’s products to customers. The contract manufacturers maintain title and control of certain raw materials and components, materials utilized in finished products, and the finished products themselves until shipment to the Company’s third-party distribution centers or customers in accordance with agreed upon shipment terms. Although the Company has contractual minimum purchase obligations with certain contract manufacturers, such obligations are either immaterial or below the volume of goods that the Company has historically purchased. In the ordinary course of business, supply needs are communicated by the Company to its contract manufacturers based on orders and short-term projections, ranging from two months to six months. The Company is committed to purchase the products produced by the contract manufacturers based on the projections provided.
Upon the termination of contracts with contract manufacturers, the Company obtains certain inventory control rights and is obligated to work with the contract manufacturer to sell through all product held by or manufactured by the contract manufacturer on behalf of the Company during the termination notification period. If any inventory remains at the contract manufacturer at the termination date, the Company is obligated to purchase such inventory, which may include raw materials, components and finished goods. The amounts for inventory purchased under termination commitments have been immaterial.
In addition to the commitments to purchase products from contract manufacturers described above, the Company may also enter into commitments with other manufacturers to purchase finished goods and components to support innovation and renovation initiatives and/or supply chain initiatives. As of November 30, 2024, no such commitments were outstanding.
Litigation
From time to time, the Company is subject to various claims, lawsuits, investigations and proceedings arising in the ordinary course of business, including but not limited to, product liability litigation and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. As of November 30, 2024, there were no unasserted claims or pending proceedings for claims against the Company that the Company believes will result in a probable loss. As to claims that the Company believes may result in a reasonably possible loss, the Company believes that no reasonably possible outcome of any such claim will have a materially adverse impact on the Company’s financial condition, results of operations or cash flows.
Indemnifications
As permitted under Delaware law, the Company has agreements whereby it indemnifies senior officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not capped; however, the Company maintains Director and Officer insurance coverage that mitigates the Company’s exposure with respect to such obligations. As a result of the Company’s insurance coverage, management believes that the estimated fair value of these indemnification agreements is minimal. Thus, no liabilities have been recorded for these agreements as of November 30, 2024.
From time to time, the Company enters into indemnification agreements with certain parties in the ordinary course of business, including agreements with lenders, lessors, contract manufacturers, marketing distributors, customers and certain vendors. Indemnification agreements are generally entered into in the context of the particular agreements and are provided in an attempt to allocate risk of loss in connection with the consummation of the underlying contractual arrangements. Although the maximum amount of future payments that the Company could be required to make under these
indemnification agreements is not capped, management believes that the Company maintains adequate levels of insurance coverage to protect the Company with respect to most potential claims arising from such agreements and that such agreements do not otherwise have value separate and apart from the liabilities incurred in the ordinary course of the Company’s business. Thus, no liabilities have been recorded with respect to such indemnification agreements as of November 30, 2024.
v3.24.4
Income Taxes
 3 Months Ended
Nov. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter.
The provision for income taxes was 22.0% and 24.2% of income before income taxes for the three months ended November 30, 2024 and 2023, respectively. This 2.2% decrease in the effective tax rate from period to period was primarily due to an increase in excess tax benefits from settlements of stock-based equity awards that are recognized in the provision for income taxes.
The Company is subject to taxation in the U.S. and in various state and foreign jurisdictions. Due to expired statutes of limitations, the Company’s federal income tax returns for years prior to fiscal year 2018 are not subject to examination by the U.S. Internal Revenue Service. Generally, for the majority of state and foreign jurisdictions where the Company does business, periods prior to fiscal year 2020 are no longer subject to examination. The Company is currently under audit in various state jurisdictions for fiscal years 2021 through 2022. The Company has estimated that up to $13.4 million of unrecognized tax benefits related to income tax positions may be affected by the resolution of tax examinations or expiring statutes of limitations within the next twelve months. This includes $13.1 million associated with the Tax Cuts and Jobs Act’s mandatory one-time “toll tax” on unremitted foreign earnings. Audit outcomes and the timing of settlements are subject to significant uncertainty. Please refer to subsequent events for potential unrecognized tax benefits related to income tax positions after the period ending November 30, 2024.
v3.24.4
Business Segments and Foreign Operations
 3 Months Ended
Nov. 30, 2024
Segment Reporting [Abstract]  
Business Segments and Foreign Operations Business Segments and Foreign Operations
The Company evaluates the performance of its segments and allocates resources to them based on sales and income from operations. The Company is organized on the basis of geographical area into the following three segments: the Americas; EIMEA; and Asia-Pacific. Segment data does not include inter-segment revenues. Unallocated corporate expenses are general corporate overhead expenses not directly attributable to the business segments and are reported separate from the Company’s identified segments. Corporate overhead costs include expenses for the Company’s accounting and finance, information technology, legal, human resources, research and development, quality control and executive management functions, as well as all direct costs associated with public company compliance matters including legal, audit and other professional services costs.
Summary information about reportable segments is as follows (in thousands):
For the Three Months EndedAmericasEIMEAAsia-Pacific
Unallocated
Corporate (1)
Total
November 30, 2024
Net sales$69,436 $57,483 $26,576 $- $153,495 
Income from operations$12,652 $13,681 $10,180 $(11,391)$25,122 
Depreciation and amortization expense (2)
$931 $1,040 $58 $46 $2,075 
Interest income$58 $63 $27 $- $148 
Interest expense$653 $219 $1 $- $873 
November 30, 2023
Net sales$64,075 $48,754 $27,587 $- $140,416 
Income from operations$14,196 $9,515 $11,025 $(10,552)$24,184 
Depreciation and amortization expense (2)
$1,051 $1,074 $57 $79 $2,261 
Interest income$- $46 $28 $- $74 
Interest expense$560 $584 $2 $- $1,146 
(1)These expenses are reported separately from the Company’s identified segments and are included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.
(2)Amortization presented above includes amortization of definite-lived intangible assets and excludes amortization of implementation costs associated with cloud computing arrangements.
The Company’s Chief Operating Decision Maker does not review assets by segment as part of the financial information provided, and therefore, no asset information is provided in the above table.
v3.24.4
Subsequent Events
 3 Months Ended
Nov. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividend Declaration
On December 11, 2024, the Company’s Board approved a 7% increase in the regular quarterly cash dividend, increasing it from $0.88 per share to $0.94 per share. The $0.94 per share dividend declared on December 11, 2024 is payable on January 31, 2025 to stockholders of record at the close of business on January 17, 2025.
Release of Uncertain Tax Position
Due to the expiration of federal statutes on December 17, 2024, the Company released an unrecognized tax benefit associated with the Tax Cuts and Jobs Act of 2017 mandatory onetime “toll tax” on unremitted foreign earnings. The release of this unrecognized tax benefit is expected to generate a favorable income tax adjustment of $11.9 million, net of federal benefit, in the fiscal second quarter ending February 28, 2025.
v3.24.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Pay vs Performance Disclosure    
Net income $ 18,925 $ 17,482
v3.24.4
Insider Trading Arrangements
 3 Months Ended
Nov. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Nov. 30, 2024
Accounting Policies [Abstract]  
Basis of Consolidation
Basis of Consolidation
The unaudited condensed consolidated financial statements included herein have been prepared by the Company according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The August 31, 2024 year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
In the opinion of management, the unaudited financial information for the interim periods shown reflects all adjustments necessary for a fair statement thereof and such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024, which was filed with the SEC on October 21, 2024.
The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
Global economies have experienced significant volatility in recent years. Although the Company’s estimates consider current conditions, the inputs into certain of the Company’s significant and critical accounting estimates include judgments and assumptions about the economic implications of factors that have been subject to such volatility and how management expects them to change in the future, as appropriate. It is possible that actual results experienced may materially differ from the Company’s estimates in future periods, which could materially affect its results of operations and financial condition.
Foreign Currency Forward Contracts and Functional Currencies
Foreign Currency Forward Contracts
In the normal course of business, the Company employs established policies and procedures to manage its exposure to fluctuations in foreign currency exchange rates. The Company utilizes foreign currency forward contracts to limit its exposure to net asset balances held in non-functional currencies, primarily at its U.K. subsidiary. The Company monitors its foreign currency exchange rate exposures to ensure the overall effectiveness of its foreign currency hedge positions.
While the Company engages in foreign currency hedging activity to reduce its risk, for accounting purposes, none of its foreign currency forward contracts are designated as hedges.
Foreign currency forward contracts are carried at fair value, with net realized and unrealized gains and losses recognized in other income (expense), net in the Company’s condensed consolidated statements of operations. Cash flows from settlements of foreign currency forward contracts are included in operating activities in the condensed consolidated statements of cash flows. Foreign currency forward contracts in an asset position at the end of the reporting period are included in other current assets, while foreign currency forward contracts in a liability position at the end of the reporting period are included in accrued liabilities in the Company’s condensed consolidated balance sheets. At November 30, 2024, the Company had a notional amount of $8.3 million outstanding in foreign currency forward contracts, which will mature in January 2025. Unrealized net gains and losses related to foreign currency forward contracts were not significant at November 30, 2024 and August 31, 2024. Realized net gains and losses related to foreign currency forward contracts were not significant for the three months ended November 30, 2024 and 2023. Both unrealized and realized net gains and losses are recorded in other (expense) income, net in the Company’s condensed consolidated statements of operations.
Functional Currencies
The reporting currency of the Company is the U.S. Dollar. The functional currency of each of the Company’s subsidiaries is based on the currency of the economic environment in which it operates. Management periodically assesses the functional currency of each subsidiary in accordance with Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters”.
The functional currency of the Company’s U.K. subsidiary, the entity in which the EIMEA results are generated, has been the Pound Sterling through August 31, 2024. However, trends within EIMEA have indicated a shift towards the Euro over time. During the first quarter of fiscal year 2025, management determined that changes in economic facts and circumstances, such as additional shifts in the currency mix of our operating income, represented a significant change that was other-than-temporary and required a change in functional currency from Pound Sterling to Euro at the Company’s U.K. subsidiary. In accordance with ASC 830-10-45-7, a change in functional currency should be made on the date that significant changes in economic facts and circumstances occurred. Although such a change could occur on any date during the fiscal year, the use of a date at the beginning of the most recent reporting period is permissible. Accordingly, the change in functional currency from Pound Sterling to Euro at the Company’s U.K. subsidiary was accounted for prospectively from September 1, 2024.
In the period of a functional currency change, nonmonetary assets and liabilities at the impacted subsidiary are remeasured into the new functional currency using the exchange rate on the date the asset or liability arose. These amounts are then translated into the Company’s reporting currency, the U.S. Dollar, based on the exchange rate at the date of the change in functional currency. The difference between this amount and the prior translated balance was not material and was recorded in accumulated other comprehensive loss in the Company’s consolidated balance sheet as of September 1, 2024. The balances previously recorded in accumulated comprehensive loss for prior periods through August 31, 2024 were not reversed upon this prospective change in functional currency. Monetary assets and liabilities not denominated in the new functional currency, the Euro, will create transaction gains and losses subsequent to the change in functional currency. The Company does not expect that the impact of such gains and losses will be material to the Company’s consolidated statements of operations.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
ASC 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company categorizes its financial assets and liabilities measured at fair value into a hierarchy that categorizes fair value measurements into the following three levels based on the types of inputs used in measuring their fair value:
Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities;
Level 2: Observable market-based inputs or observable inputs that are corroborated by market data; and
Level 3: Unobservable inputs reflecting the Company’s own assumptions.
Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of November 30, 2024, the Company had no assets or liabilities that are measured at fair value in the financial statements on a recurring basis, with the exception of the foreign currency forward contracts, which are classified as Level 2 within the fair value hierarchy. The carrying values of cash equivalents and short-term borrowings are recorded at cost, which approximates their fair values, primarily due to their short-term nature. In
addition, the carrying value of borrowings held under the Company’s revolving credit facility approximates fair value, based on Level 2 inputs, due to the variable nature of underlying interest rates, which generally reflect market conditions. The Company’s fixed rate long-term borrowings consist of senior notes and are recorded at carrying value. The Company estimates that the fair value of its senior notes, based on Level 2 inputs, was approximately $60.3 million as of November 30, 2024, which was determined based on a discounted cash flow analysis using current market interest rates for instruments with similar terms, compared to their carrying value of $66.4 million. During the three months ended November 30, 2024, the Company did not record any significant nonrecurring fair value measurements for assets or liabilities in periods subsequent to their initial recognition.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments primarily require enhanced disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker and included within each reported measure of segment profit or loss. The amendments are effective for the Company’s annual periods beginning September 1, 2024, and interim periods beginning September 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company has been evaluating this ASU to determine its impact on the Company’s disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning September 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is in the process of evaluating this ASU to determine its impact on the Company’s disclosures.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” which includes amendments that require disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments are effective for the Company’s annual periods beginning September 1, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is in the process of evaluating this ASU to determine its impact on the Company’s disclosures.
v3.24.4
Assets Held for Sale (Tables)
 3 Months Ended
Nov. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Assets Held for Sale
The following table summarizes assets held for sale (in thousands):
November 30,
2024
Intangibles, Net 3,897 
Goodwill1,069 
Inventory4,899 
Total assets held for sale (1)
$9,865 
(1)    Total assets held for sale are included in other current assets on the Company’s condensed consolidated balance sheets.
v3.24.4
Inventories (Tables)
 3 Months Ended
Nov. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Product held at third-party contract manufacturers$6,035 $8,199 
Raw materials and components9,356 10,037 
Work-in-process521 521 
Finished goods63,874 60,331 
Inventory held for sale (1)
(4,899)— 
Total$74,887 $79,088 
(1)    Inventory held for sale consists mostly of finished goods inventory and is included in other current assets on the Company’s condensed consolidated balance sheets.
v3.24.4
Property and Equipment and Capitalized Cloud Computing Implementation Costs (Tables)
 3 Months Ended
Nov. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Machinery, equipment and vehicles$52,886 $53,844 
Buildings and improvements27,524 28,433 
Computer and office equipment6,573 6,652 
Internal-use software9,370 9,799 
Furniture and fixtures3,076 3,165 
Capital in progress2,732 3,344 
Land4,187 4,260 
Subtotal106,348 109,497 
Less: accumulated depreciation and amortization(46,964)(46,514)
Total$59,384 $62,983 
v3.24.4
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Nov. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Carrying Amounts of Goodwill
The following table summarizes the changes in the carrying amounts of goodwill by segment (in thousands):
AmericasEIMEAAsia-PacificTotal
Balance as of August 31, 2024$86,765 $9,011 $1,209 $96,985 
Translation adjustments86 582 - 668 
Goodwill held for sale (1)
(995)(74)- (1,069)
Balance as of November 30, 2024$85,856 $9,519 $1,209 $96,584 
(1)    Goodwill held for sale is included in other current assets on the Company’s condensed consolidated balance sheets.
Summary of Definite-Lived Intangible Assets
The following table summarizes the definite-lived intangible assets and the related accumulated amortization (in thousands):
November 30,
2024		August 31,
2024
Gross carrying amount$39,091 $38,863 
Accumulated amortization(32,907)(32,641)
Less: intangibles, net current held for sale (1)
(3,897)-
Net carrying amount$2,287 $6,222 
(1)    Intangibles, current held for sale are included in other current assets on the Company’s condensed consolidated balance sheets.
Summary of Changes in Carrying Amounts of Definite-Lived Intangible Assets by Segment
Changes in the carrying amounts of definite-lived intangible assets by segment for the three months ended November 30, 2024 are summarized below (in thousands):
AmericasEIMEAAsia-PacificTotal
Balance as of August 31, 2024$5,354 $868 - $6,222 
Amortization expense(47)- - (47)
Translation adjustments(114)123 - 9 
Less: Intangibles, net current held for sale (1)
(2,820)(1,077)- (3,897)
Balance as of November 30, 2024$2,373 $(86)$- $2,287 
(1)    Intangibles, current held for sale are included in other current assets on the Company’s condensed consolidated balance sheets.
v3.24.4
Accrued and Other Liabilities (Tables)
 3 Months Ended
Nov. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Accrued advertising and sales promotion expenses$13,896 $15,091 
Accrued professional services fees2,160 2,058 
Accrued sales taxes and other taxes3,044 2,885 
Deferred revenue3,044 4,288 
Short-term operating lease liability2,140 2,294 
Other4,848 4,656 
Total$29,132 $31,272 
Schedule of Accrued Payroll and Related Expenses
Accrued payroll and related expenses consisted of the following (in thousands):
November 30,
2024		August 31,
2024
Accrued incentive compensation$3,828 $13,532 
Accrued payroll5,685 4,559 
Accrued payroll taxes4,696 2,907 
Accrued profit sharing5,646 4,403 
Other726 654 
Total$20,581 $26,055 
v3.24.4
Debt (Tables)
 3 Months Ended
Nov. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term and Long-term Borrowings
Short-term and long-term borrowings under the Company’s Credit Agreement and Note Agreement consisted of the following (in thousands):
IssuanceMaturitiesNovember 30,
2024		August 31,
2024
Credit Agreement – revolving credit facility (1)
Various4/30/2029$41,581 $27,836 
Note Agreement
Series A Notes – 3.39% fixed rate(2)
11/15/2017
2025-2032
14,400 14,800 
Series B Notes – 2.50% fixed rate(3)
9/30/202011/15/202726,000 26,000 
Series C Notes – 2.69% fixed rate(3)
9/30/202011/15/203026,000 26,000 
Total borrowings107,981 94,636 
Short-term portion of borrowings(23,429)(8,659)
Total long-term borrowings$84,552 $85,977 
(1)The Company has the ability to refinance any draw under the line of credit with successive short-term borrowings through the maturity date. Outstanding draws for which management has the ability and intent to refinance with successive short-term borrowings for a period of at least twelve months are classified as long-term. As of November 30, 2024, $19.0 million of this facility was classified as long-term and was entirely denominated in Euros. $22.6 million was classified as short-term and was denominated in U.S. Dollars. Euro and Pound Sterling denominated draws fluctuate in U.S. Dollars from period to period due to changes in foreign currency exchange rates.
(2)Principal payments are required semi-annually in May and November of each year in equal installments of $0.4 million through May 15, 2032, resulting in $0.8 million classified as short-term. The remaining outstanding principal in the amount of $8.4 million will become due on November 15, 2032.
(3)Interest on notes is payable semi-annually in May and November of each year with no principal due until the maturity date.
v3.24.4
Earnings per Common Share (Tables)
 3 Months Ended
Nov. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Net Income to Net Income Available to Common Shareholders
The table below reconciles net income to net income available to common stockholders (in thousands):
Three Months Ended November 30,
20242023
Net income$18,925 $17,482 
Less: Net income allocated to participating securities(64)(66)
Net income available to common stockholders$18,861 $17,416 
Schedule of Weighted Average Number of Shares
The table below summarizes the weighted-average number of common shares outstanding included in the calculation of basic and diluted EPS (in thousands):
Three Months Ended November 30,
20242023
Weighted-average common shares outstanding, basic13,548 13,560 
Weighted-average dilutive securities25 24 
Weighted-average common shares outstanding, diluted13,573 13,584 
v3.24.4
Revenue (Tables)
 3 Months Ended
Nov. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Segment and Major Source
The following table presents the Company’s revenues by segment and major source (in thousands):
Three Months Ended November 30, 2024
AmericasEIMEAAsia-PacificTotal
WD-40 Multi-Use Product$52,901 $44,866 $20,780 $118,547 
WD-40 Specialist8,233 7,817 3,122 19,172 
Other maintenance products (1)
4,274 3,194 320 7,788 
Total maintenance products65,408 55,877 24,222 145,507 
HCCP (2)
4,028 1,606 2,354 7,988 
Total net sales$69,436 $57,483 $26,576 $153,495 
Three Months Ended November 30, 2023
AmericasEIMEAAsia-PacificTotal
WD-40 Multi-Use Product$48,511 $37,044 $22,122 $107,677 
WD-40 Specialist7,108 6,666 3,068 16,842 
Other maintenance products (1)
4,126 3,062 438 7,626 
Total maintenance products59,745 46,772 25,628 132,145 
HCCP (2)
4,330 1,982 1,959 8,271 
Total net sales$64,075 $48,754 $27,587 $140,416 
(1)Other maintenance products consist of the 3-IN-ONE and GT85 brands.
(2)Homecare and cleaning products (“HCCP”).
v3.24.4
Business Segments and Foreign Operations (Tables)
 3 Months Ended
Nov. 30, 2024
Segment Reporting [Abstract]  
Summary Information by Reportable Segments
Summary information about reportable segments is as follows (in thousands):
For the Three Months EndedAmericasEIMEAAsia-Pacific
Unallocated
Corporate (1)
Total
November 30, 2024
Net sales$69,436 $57,483 $26,576 $- $153,495 
Income from operations$12,652 $13,681 $10,180 $(11,391)$25,122 
Depreciation and amortization expense (2)
$931 $1,040 $58 $46 $2,075 
Interest income$58 $63 $27 $- $148 
Interest expense$653 $219 $1 $- $873 
November 30, 2023
Net sales$64,075 $48,754 $27,587 $- $140,416 
Income from operations$14,196 $9,515 $11,025 $(10,552)$24,184 
Depreciation and amortization expense (2)
$1,051 $1,074 $57 $79 $2,261 
Interest income$- $46 $28 $- $74 
Interest expense$560 $584 $2 $- $1,146 
(1)These expenses are reported separately from the Company’s identified segments and are included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.
(2)Amortization presented above includes amortization of definite-lived intangible assets and excludes amortization of implementation costs associated with cloud computing arrangements.
v3.24.4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
 3 Months Ended 12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Aug. 31, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Unrealized foreign currency gains (losses) $ 330,000 $ (322,000)  
Total long-term borrowings 84,552,000   $ 85,977,000
Level 2 | Senior Notes      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Fair value of senior notes 60,300,000    
Total long-term borrowings 66,400,000    
Level 2 | Recurring      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Assets, fair value disclosure 0    
Liabilities, fair value disclosure 0    
Level 2 | Nonrecurring      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Assets, fair value disclosure 0    
Liabilities, fair value disclosure 0    
Foreign Currency Forward Contracts      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Foreign currency forward contracts outstanding 8,300,000    
Unrealized foreign currency gains (losses) 0   $ 0
Realized foreign currency gains (losses) $ 0 $ 0  
v3.24.4
Assets Held for Sale (Details) - Held for sale, not discontinued operations - Homecare and Cleaning Product Businesses
$ in Thousands
Nov. 30, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Intangibles, Net $ 3,897
Goodwill 1,069
Inventory 4,899
Total assets held for sale $ 9,865
v3.24.4
Inventories - Schedule Of Inventories (Details) - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Inventory Disclosure [Abstract]    
Product held at third-party contract manufacturers $ 6,035 $ 8,199
Raw materials and components 9,356 10,037
Work-in-process 521 521
Finished goods 63,874 60,331
Inventory held for sale (4,899) 0
Total $ 74,887 $ 79,088
v3.24.4
Property and Equipment and Capitalized Cloud Computing Implementation Costs - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Property, Plant and Equipment [Line Items]    
Subtotal $ 106,348 $ 109,497
Less: accumulated depreciation and amortization (46,964) (46,514)
Total 59,384 62,983
Machinery, equipment and vehicles    
Property, Plant and Equipment [Line Items]    
Subtotal 52,886 53,844
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Subtotal 27,524 28,433
Computer and office equipment    
Property, Plant and Equipment [Line Items]    
Subtotal 6,573 6,652
Internal-use software    
Property, Plant and Equipment [Line Items]    
Subtotal 9,370 9,799
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Subtotal 3,076 3,165
Capital in progress    
Property, Plant and Equipment [Line Items]    
Subtotal 2,732 3,344
Land    
Property, Plant and Equipment [Line Items]    
Subtotal $ 4,187 $ 4,260
v3.24.4
Property and Equipment and Capitalized Cloud Computing Implementation Costs - Narrative (Details) - Capitalized Cloud-Based Asset - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Aug. 31, 2024
Business Acquisition [Line Items]      
Capitalized computer software, net $ 13.7   $ 13.4
Capitalized computer software, accumulated amortization 2.5   $ 2.1
Capitalized computer software, amortization $ 0.4 $ 0.0  
v3.24.4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amounts of Goodwill (Details)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 96,985
Translation adjustments 668
Goodwill held for sale (1,069)
Ending balance 96,584
Americas  
Goodwill [Roll Forward]  
Beginning balance 86,765
Translation adjustments 86
Goodwill held for sale (995)
Ending balance 85,856
EIMEA  
Goodwill [Roll Forward]  
Beginning balance 9,011
Translation adjustments 582
Goodwill held for sale (74)
Ending balance 9,519
Asia-Pacific  
Goodwill [Roll Forward]  
Beginning balance 1,209
Translation adjustments 0
Goodwill held for sale 0
Ending balance $ 1,209
v3.24.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended
Nov. 30, 2024
Aug. 31, 2024
Aug. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Goodwill, accumulated impairment loss $ 0    
Gross carrying amount 39,091,000 $ 38,863,000  
Accumulated amortization 32,907,000 32,641,000  
Net carrying amount 2,287,000 6,222,000  
Intangible assets, impairment charge $ 0    
Americas | Spot Shot      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount   $ 13,700,000  
Useful life   17 years  
Accumulated amortization   $ 10,900,000  
Net carrying amount   2,800,000  
Americas | Carpet Fresh      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount     $ 2,800,000
Useful life     13 years
EIMEA | 1001 Trade Name      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount   $ 3,300,000  
Useful life   20 years  
Accumulated amortization   $ 2,200,000  
Net carrying amount   $ 1,100,000  
v3.24.4
Goodwill and Other Intangible Assets - Summary of Definite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Gross carrying amount $ 39,091 $ 38,863
Accumulated amortization (32,907) (32,641)
Less: intangibles, net current held for sale (3,897) 0
Net carrying amount $ 2,287 $ 6,222
v3.24.4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amounts of Definite-Lived Intangible Assets by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Finite-Lived Intangible Assets [Roll Forward]    
Beginning balance $ 6,222  
Amortization expense (47) $ (251)
Translation adjustments 9  
Less: Intangibles, net current held for sale (3,897)  
Ending balance 2,287  
Americas    
Finite-Lived Intangible Assets [Roll Forward]    
Beginning balance 5,354  
Amortization expense (47)  
Translation adjustments (114)  
Less: Intangibles, net current held for sale (2,820)  
Ending balance 2,373  
EIMEA    
Finite-Lived Intangible Assets [Roll Forward]    
Beginning balance 868  
Amortization expense 0  
Translation adjustments 123  
Less: Intangibles, net current held for sale (1,077)  
EIMEA | Netting adjustment    
Finite-Lived Intangible Assets [Roll Forward]    
Ending balance (86)  
Asia-Pacific    
Finite-Lived Intangible Assets [Roll Forward]    
Beginning balance 0  
Amortization expense 0  
Translation adjustments 0  
Less: Intangibles, net current held for sale 0  
Ending balance $ 0  
v3.24.4
Accrued and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Payables and Accruals [Abstract]    
Accrued advertising and sales promotion expenses $ 13,896 $ 15,091
Accrued professional services fees 2,160 2,058
Accrued sales taxes and other taxes 3,044 2,885
Deferred revenue 3,044 4,288
Short-term operating lease liability 2,140 2,294
Other 4,848 4,656
Total $ 29,132 $ 31,272
v3.24.4
Accrued and Other Liabilities - Schedule of Accrued Payroll and Related Expenses (Details) - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Payables and Accruals [Abstract]    
Accrued incentive compensation $ 3,828 $ 13,532
Accrued payroll 5,685 4,559
Accrued payroll taxes 4,696 2,907
Accrued profit sharing 5,646 4,403
Other 726 654
Total $ 20,581 $ 26,055
v3.24.4
Debt - Narrative (Details)
 3 Months Ended
Nov. 30, 2024
USD ($)
agreement
Apr. 30, 2024
USD ($)
Debt Instrument [Line Items]    
Number of agreements | agreement 2  
Other Unsecured Debt    
Debt Instrument [Line Items]    
Revolving credit facility, amount $ 125,000,000.0  
Note Agreement and the Credit Agreement    
Debt Instrument [Line Items]    
Consolidated leverage ratio 3.5  
Consolidated interest coverage ratio 3  
Credit Agreement - Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving credit facility, amount   $ 125,000,000.0
Credit Agreement - Revolving Credit Facility | Europe, The Middle East, Africa And India Subsidiary    
Debt Instrument [Line Items]    
Revolving credit facility, amount   $ 95,000,000.0
v3.24.4
Debt - Schedule of Short-term and Long-term Borrowings (Details) - USD ($)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
Aug. 31, 2024
Debt Instrument [Line Items]    
Total borrowings $ 107,981 $ 94,636
Short-term portion of borrowings (23,429) (8,659)
Total long-term borrowings $ 84,552 85,977
Series A Notes    
Debt Instrument [Line Items]    
Interest rate 3.39%  
Issuance Nov. 15, 2017  
Total borrowings $ 14,400 14,800
Short term portion of long-term debt 800  
Periodic payment amount 400  
Remaining principal payment $ 8,400  
Series B Notes    
Debt Instrument [Line Items]    
Interest rate 2.50%  
Issuance Sep. 30, 2020  
Total borrowings $ 26,000 26,000
Series C Notes    
Debt Instrument [Line Items]    
Interest rate 2.69%  
Issuance Sep. 30, 2020  
Total borrowings $ 26,000 26,000
Credit Agreement - revolving credit facility    
Debt Instrument [Line Items]    
Total borrowings 41,581 $ 27,836
Total long-term borrowings 19,000  
Short term portion of long-term debt $ 22,600  
v3.24.4
Share Repurchase Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Jun. 19, 2023
Equity [Abstract]      
Share repurchase plan, amount authorized     $ 50,000
Number of shares repurchased (in shares) 13,750    
Average price of shares repurchased (in dollars per share) $ 263.75    
Total cost of repurchased shares $ 3,627 $ 2,414  
Share repurchase plan, remaining amount authorized $ 38,300    
v3.24.4
Earnings per Common Share - Schedule of Reconciliation of Net Income to Net Income Available to Common Shareholders (Details) - USD ($)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Earnings Per Share [Abstract]    
Net income $ 18,925 $ 17,482
Less: Net income allocated to participating securities (64) (66)
Net income available to common stockholders, basic 18,861 17,416
Net income available to common stockholders, diluted $ 18,861 $ 17,416
v3.24.4
Earnings per Common Share - Schedule of Weighted Average Number of Shares (Details) - shares
shares in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Earnings Per Share [Abstract]    
Weighted-average common shares outstanding, basic (in shares) 13,548 13,560
Weighted-average dilutive securities (in shares) 25 24
Weighted-average common shares outstanding, diluted (in shares) 13,573 13,584
v3.24.4
Earnings per Common Share- Narrative (Details) - shares
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Earnings Per Share [Abstract]    
Anti-dilutive stock options outstanding (in shares) 6,188 5,404
v3.24.4
Revenue - Schedule of Revenues by Segment and Major Source (Details) - USD ($)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Revenue from External Customer [Line Items]    
Total net sales $ 153,495 $ 140,416
Total maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 145,507 132,145
WD-40 Multi-Use Product    
Revenue from External Customer [Line Items]    
Total net sales 118,547 107,677
WD-40 Specialist    
Revenue from External Customer [Line Items]    
Total net sales 19,172 16,842
Other maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 7,788 7,626
HCCP    
Revenue from External Customer [Line Items]    
Total net sales 7,988 8,271
Americas    
Revenue from External Customer [Line Items]    
Total net sales 69,436 64,075
Americas | Total maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 65,408 59,745
Americas | WD-40 Multi-Use Product    
Revenue from External Customer [Line Items]    
Total net sales 52,901 48,511
Americas | WD-40 Specialist    
Revenue from External Customer [Line Items]    
Total net sales 8,233 7,108
Americas | Other maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 4,274 4,126
Americas | HCCP    
Revenue from External Customer [Line Items]    
Total net sales 4,028 4,330
EIMEA    
Revenue from External Customer [Line Items]    
Total net sales 57,483 48,754
EIMEA | Total maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 55,877 46,772
EIMEA | WD-40 Multi-Use Product    
Revenue from External Customer [Line Items]    
Total net sales 44,866 37,044
EIMEA | WD-40 Specialist    
Revenue from External Customer [Line Items]    
Total net sales 7,817 6,666
EIMEA | Other maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 3,194 3,062
EIMEA | HCCP    
Revenue from External Customer [Line Items]    
Total net sales 1,606 1,982
Asia-Pacific    
Revenue from External Customer [Line Items]    
Total net sales 26,576 27,587
Asia-Pacific | Total maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 24,222 25,628
Asia-Pacific | WD-40 Multi-Use Product    
Revenue from External Customer [Line Items]    
Total net sales 20,780 22,122
Asia-Pacific | WD-40 Specialist    
Revenue from External Customer [Line Items]    
Total net sales 3,122 3,068
Asia-Pacific | Other maintenance products    
Revenue from External Customer [Line Items]    
Total net sales 320 438
Asia-Pacific | HCCP    
Revenue from External Customer [Line Items]    
Total net sales $ 2,354 $ 1,959
v3.24.4
Revenue - Narrative (Details) - USD ($)
$ in Thousands
Nov. 30, 2024
Aug. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract liabilities $ 3,000 $ 4,300
Contract assets 0 0
Allowance for credit loss $ 1,800 $ 0
v3.24.4
Commitments and Contingencies (Details)
 3 Months Ended
Nov. 30, 2024
USD ($)
Indemnification Agreement 1 | Senior Officers and Directors  
Loss Contingencies [Line Items]  
Liabilities related to indemnification agreement $ 0
Indemnification Agreement 2  
Loss Contingencies [Line Items]  
Liabilities related to indemnification agreement 0
Purchase Commitment  
Loss Contingencies [Line Items]  
Commitment outstanding $ 0
Minimum | Purchase Commitment  
Loss Contingencies [Line Items]  
Purchase commitment period 2 months
Maximum | Purchase Commitment  
Loss Contingencies [Line Items]  
Purchase commitment period 6 months
v3.24.4
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Income Tax Disclosure [Abstract]    
Provision for income taxes 22.00% 24.20%
Increase in effective tax rate (2.20%)  
Unrecognized tax benefits, amount that may be affected within next twelve months $ 13.4  
Tax Cuts and Jobs Act, toll tax for accumulated foreign earnings $ 13.1  
v3.24.4
Business Segments and Foreign Operations - Summary Information by Reportable Segments (Details)
$ in Thousands
 3 Months Ended
Nov. 30, 2024
USD ($)
segment
Nov. 30, 2023
USD ($)
Segment Reporting Information [Line Items]    
Number of reportable segments | segment 3  
Net sales $ 153,495 $ 140,416
Income from operations 25,122 24,184
Depreciation and amortization expense 2,075 2,261
Interest income 148 74
Interest expense 873 1,146
Unallocated Corporate    
Segment Reporting Information [Line Items]    
Net sales 0 0
Income from operations (11,391) (10,552)
Depreciation and amortization expense 46 79
Interest income 0 0
Interest expense 0 0
Americas    
Segment Reporting Information [Line Items]    
Net sales 69,436 64,075
Americas | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 69,436 64,075
Income from operations 12,652 14,196
Depreciation and amortization expense 931 1,051
Interest income 58 0
Interest expense 653 560
EIMEA    
Segment Reporting Information [Line Items]    
Net sales 57,483 48,754
EIMEA | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 57,483 48,754
Income from operations 13,681 9,515
Depreciation and amortization expense 1,040 1,074
Interest income 63 46
Interest expense 219 584
Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 26,576 27,587
Asia-Pacific | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 26,576 27,587
Income from operations 10,180 11,025
Depreciation and amortization expense 58 57
Interest income 27 28
Interest expense $ 1 $ 2
v3.24.4
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 11, 2024
Aug. 31, 2024
Dec. 17, 2024
Subsequent Events [Line Items]      
Cash dividend declared (in dollars per share)   $ 0.88  
Subsequent event      
Subsequent Events [Line Items]      
Dividend declared, increase 7.00%    
Cash dividend declared (in dollars per share) $ 0.94    
Increase in unrecognized tax benefits, favorable adjustment     $ 11.9