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Income Taxes Income Taxes (Tables)

9 Months Ended

May 31, 2019

Income Tax Disclosure [Abstract]

Summary of Tax Act Impact

The following table summarizes the tax expense (benefit) related to the Tax Act recognized during the SAB 118 measurement period (in millions):

	One-time transition tax, inclusive of unrecognized tax benefits (1)				Re-measurement of the Company's U.S. deferred tax attributes				Change in indefinite reinvestment assertion (2)				Other				Income tax expense (benefit)
Provisional income tax expense (benefit) - recognized in fiscal year 2018	$	65.9			$	(10.5	)		$	85.0			$	1.9			$	142.3
Income tax expense (benefit) adjustment - recognized in fiscal year 2019	$	(14.9	)		$	1.6			$	—			$	—			$	(13.3	)
Income tax expense (benefit) related to the Tax Act through November 30, 2018	$	51.0			$	(8.9	)		$	85.0			$	1.9			$	129.0

⁽¹⁾  The calculation of the one-time transition tax is based upon estimates of post-1986 earnings and profits, applicable foreign tax credits and relevant limitations, utilization of U.S. federal net operating losses and tax credits and the amount of foreign earnings held in cash and non-cash assets. The adjustment during the first quarter of fiscal year 2019 was primarily related to further analysis of the Company’s utilization of foreign tax credits and applicable limitations. No other material adjustments were made to the net provisional income tax expense recognized in fiscal year 2018 related to the Tax Act under SAB 118.

⁽²⁾  The liability recorded for a change in the indefinite reinvestment assertion on certain earnings from the Company's foreign subsidiaries is primarily associated with foreign withholding taxes that would be incurred upon such future remittances of cash. The Company intends to indefinitely reinvest the remaining earnings from the Company’s foreign subsidiaries for which a deferred tax liability has not already been recorded. The accumulated earnings are the most significant component of the basis differences which are indefinitely reinvested.

Schedule of Effective Income Tax Rate Reconciliation

The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows:

	Three months ended						Nine months ended
	May 31, 2019			May 31, 2018			May 31, 2019			May 31, 2018
U.S. federal statutory income tax rate	21.0	%		25.7	%		21.0	%		25.7	%
Effective income tax rate	47.0	%		40.0	%		32.4	%		45.6	%

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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