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INCOME TAX (Tables) | 12 Months Ended
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Aug. 31, 2015
Income Tax Disclosure [Abstract] |
Components of earnings from continuing operations before income taxes (benefit) | The components of earnings from continuing operations before income taxes are as follows:
|  | Year Ended August 31,
(in thousands) |  | 2015 |  | 2014 |  | 2013
United States |  | $ | 217,008 |  |  | $ | 108,882 |  |  | $ | 147,204 |
Foreign |  | 27,520 |  |  | 42,933 |  |  | 15,498 |
Total |  | $ | 244,528 |  |  | $ | 151,815 |  |  | $ | 162,702 |
Income taxes (benefit) included in the consolidated statements of operations | The income taxes (benefit) included in the consolidated statements of earnings are as follows:
|  | Year Ended August 31,
(in thousands) |  | 2015 |  | 2014 |  | 2013
Current: |  |  |  |  |  |
United States |  | $ | 53,258 |  |  | $ | 11,798 |  |  | $ | 849 |
Foreign |  | 3,329 |  |  | 2,965 |  |  | 1,970 |
State and local |  | 2,830 |  |  | 4,157 |  |  | 1,815 |
Current taxes |  | $ | 59,417 |  |  | $ | 18,920 |  |  | $ | 4,634 |
Deferred: |  |  |  |  |  |
United States |  | $ | 19,269 |  |  | $ | 30,427 |  |  | $ | 45,908 |
Foreign |  | 722 |  |  | 4,457 |  |  | 4,980 |
State and local |  | 3,362 |  |  | (2,536 | ) |  | 3,767 |
Deferred taxes |  | $ | 23,353 |  |  | $ | 32,348 |  |  | $ | 54,655 |
Total income taxes on income |  | $ | 82,770 |  |  | $ | 51,268 |  |  | $ | 59,289 |
Income taxes (benefit) on discontinued operations |  | (436 | ) |  | 8,544 |  |  | 1,310 |
Income taxes on continuing operations |  | $ | 83,206 |  |  | $ | 42,724 |  |  | $ | 57,979 |
Reconciliation of the federal statutory rate to effective tax rate from continuing operations | A reconciliation of the federal statutory rate to the Company's effective income tax rate from continuing operations is as follows:
|  | Year Ended August 31,
(in thousands) |  | 2015 |  | 2014 |  | 2013
Income tax expense at statutory rate of 35% |  | $ | 85,585 |  |  | $ | 53,135 |  |  | $ | 56,946 |
State and local taxes |  | 4,020 |  |  | 88 |  |  | 3,460 |
Section 199 manufacturing deduction |  | (4,017 | ) |  | (1,199 | ) |  | — |
Foreign rate differential |  | (2,404 | ) |  | (6,290 | ) |  | (4,783 | )
Change in valuation allowance |  | 12,305 |  |  | 19,978 |  |  | 5,334 |
Deferred compensation |  | 772 |  |  | (4,164 | ) |  | (2,890 | )
Nontaxable foreign interest |  | (16,712 | ) |  | (16,506 | ) |  | (5,445 | )
Disposition of foreign subsidiaries |  | — |  |  | — |  |  | 6,292 |
Australian reorganization |  | — |  |  | — |  |  | (7,245 | )
Other |  | 3,657 |  |  | (2,318 | ) |  | 6,310 |
Income tax expense on continuing operations |  | $ | 83,206 |  |  | $ | 42,724 |  |  | $ | 57,979 |
Effective income tax rates from continuing operations |  | 34.0 | % |  | 28.1 | % |  | 35.6 | %
Tax effects of significant temporary differences giving rise to deferred tax assets and liabilities | The income tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:
|  | August 31,
(in thousands) |  | 2015 |  | 2014
Deferred tax assets: |  |  |  |
Deferred compensation and employee benefits |  | $ | 48,309 |  |  | $ | 51,956 |
Net operating losses and credits |  | 78,838 |  |  | 68,736 |
Reserves and other accrued expenses |  | 21,380 |  |  | 45,246 |
Allowance for doubtful accounts |  | 3,334 |  |  | 3,760 |
Intangibles |  | 8,086 |  |  | 6,707 |
Other |  | 9,562 |  |  | 8,766 |
Total deferred tax assets |  | 169,509 |  |  | 185,171 |
Valuation allowance for deferred tax assets |  | (79,965 | ) |  | (69,762 | )
Deferred tax assets, net |  | $ | 89,544 |  |  | $ | 115,409 |
Deferred tax liabilities: |  |  |  |
Fixed assets |  | $ | 102,144 |  |  | $ | 99,016 |
Inventory |  | 3,774 |  |  | 8,320 |
Other |  | 3,981 |  |  | 4,066 |
Total deferred tax liabilities |  | $ | 109,899 |  |  | $ | 111,402 |
Deferred tax assets, net of deferred tax liabilities |  | $ | (20,355 | ) |  | $ | 4,007 |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows:
|  | August 31,
(in thousands) |  | 2015 |  | 2014 |  | 2013
Balance at September 1 |  | $ | 27,349 |  |  | $ | 28,551 |  |  | $ | 27,384 |
Change in tax positions of current year |  | — |  |  | — |  |  | 1,255 |
Change for tax positions of prior years |  | — |  |  | (1,202 | ) |  | — |
Reductions due to settlements with taxing authorities |  | — |  |  | — |  |  | (88 | )
Balance at August 31 |  | $ | 27,349 |  |  | $ | 27,349 |  |  | $ | 28,551 |

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- Definition Tabular disclosure of the components of income tax expense in the consolidated statements of 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 No definition available. + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of 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 (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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