XML 60 R37.htm IDEA: XBRL DOCUMENT v3.23.3

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following components during the periods presented (in millions):

			Year Ended August 31,
			2023						2022						2021
Provision for current federal taxes			$	105.8					$	67.6					$	65.4
Provision for current state taxes			15.7						16.3						12.8
Provision for current foreign taxes			27.0						25.4						14.4
(Benefit from) provision for deferred taxes			(47.8)						0.6						(2.7)
Total provision for income taxes			$	100.7					$	109.9					$	89.9

Schedule of Reconciliation of Federal Statutory Rate to Total Provision for Income Taxes

The following table reconciles the provision at the federal statutory rate to the total provision for income taxes during the periods presented (in millions):

			Year Ended August 31,
			2023						2022						2021
Federal income tax computed at statutory rate			$	93.8					$	103.7					$	83.2
State income tax, net of federal income tax benefit			11.4						13.5						10.7
Federal permanent differences			2.2						(4.3)						0.6
Foreign permanent differences and rate differential			4.4						4.3						2.4
Research and development tax credits			(8.3)						(7.6)						(7.6)
Unrecognized tax benefits			1.9						2.1						0.7
Other, net			(4.7)						(1.8)						(0.1)
Total provision for income taxes			$	100.7					$	109.9					$	89.9

Schedule of Components of Net Deferred Income Taxes

Components of the net deferred income tax liabilities as of the dates presented include (in millions):

			August 31,
			2023						2022
Deferred income tax liabilities:
Depreciation			$	(21.5)					$	(18.6)
Goodwill and intangibles			(151.2)						(154.2)
Operating lease right of use assets			(19.8)						(18.3)
Other liabilities			(3.4)						(7.4)
Total deferred income tax liabilities			(195.9)						(198.5)
Deferred income tax assets:
Self-insurance			1.7						1.6
Pension			5.9						7.1
Deferred compensation			23.1						22.2
Net operating losses			6.2						5.8
Other accruals not yet deductible			43.4						42.9
Operating lease liabilities			22.6						20.3
Capitalized research and development			41.5						—
Other assets			15.4						9.3
Total deferred income tax assets			159.8						109.2
Valuation allowance			(19.9)						(11.5)
Net deferred income tax liabilities			$	(56.0)					$	(100.8)

Schedule of Change in Unrecognized Income Tax Benefit

The following table reconciles the change in the unrecognized income tax benefit (reported in Other long-term liabilities on the Consolidated Balance Sheets) during the periods presented (in millions):

			Year Ended August 31,
			2023						2022						2021
Unrecognized tax benefits balance at beginning of year			$	19.5					$	17.7					$	17.2
Additions based on tax positions related to the current year			4.3						3.5						5.2
Additions for tax positions of prior years			1.4						0.1						0.1
Reductions for tax positions of prior years			(1.7)						(0.2)						(0.1)
Reductions due to settlements			(0.5)						—						(4.6)
Reductions due to lapse of statute of limitations			(2.9)						(1.6)						(0.1)
Unrecognized tax benefits balance at end of year			$	20.1					$	19.5					$	17.7

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration