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INCOME TAX (Tables) | 12 Months Ended
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Aug. 31, 2024
Income Tax Disclosure [Abstract] |
Components of earnings from continuing operations before income taxes (benefit) | The components of earnings before income taxes were as follows:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
United States |  | $ | 631,592 |  |  | $ | 1,095,099 |  |  | $ | 1,197,769 |
Foreign |  | 4,079 |  |  | 26,868 |  |  | 317,378 |
Total |  | $ | 635,671 |  |  | $ | 1,121,967 |  |  | $ | 1,515,147 |
Income taxes (benefit) included in the consolidated statements of operations | The income taxes (benefit) included in the consolidated statements of earnings were as follows:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
United States |  | $ | 143,462 |  |  | $ | 168,399 |  |  | $ | 122,334 |
Foreign |  | 163 |  |  | 6,089 |  |  | 63,912 |
State and local |  | 18,035 |  |  | 32,916 |  |  | 20,228 |
Current taxes |  | 161,660 |  |  | 207,404 |  |  | 206,474 |
Deferred: |  |  |  |  |  |
United States |  | (8,075) |  |  | 46,008 |  |  | 81,162 |
Foreign |  | (7,684) |  |  | (847) |  |  | (3,388) |
State and local |  | 4,279 |  |  | 9,642 |  |  | 13,637 |
Deferred taxes |  | (11,480) |  |  | 54,803 |  |  | 91,411 |
Total income taxes |  | $ | 150,180 |  |  | $ | 262,207 |  |  | $ | 297,885 |
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, including material items impacting the effective income tax rate, is as follows:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Income tax expense at statutory rate |  | $ | 133,491 |  | $ | 235,613 |  | $ | 318,181
State and local taxes(1) |  | 17,629 |  | 33,621 |  | 26,753
Research and development credit(1) |  | (1,151) |  | (7,986) |  | (13,102)
Capital loss(2) |  | — |  | — |  | (34,736)
Other |  | 211 |  | 959 |  | 789
Income tax expense |  | $ | 150,180 |  | $ | 262,207 |  | $ | 297,885
Effective income tax rate |  | 23.6 | % |  | 23.4 | % |  | 19.7 | %
__________________________________ (1) 2024, 2023 and 2022 include impacts of uncertain tax positions. (2) Resulted from a tax restructuring transaction.
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 were as follows:
|  | August 31,
(in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net operating losses and credits |  | $ | 278,855 |  |  | $ | 298,624 |
Capitalized research and development |  | 57,597 |  |  | 45,669 |
ROU operating lease liabilities |  | 41,838 |  |  | 39,984 |
Deferred compensation and employee benefits |  | 32,377 |  |  | 33,491 |
Reserves and other accrued expenses |  | 13,839 |  |  | 16,510 |
Other |  | 19,122 |  |  | 21,750 |
Total deferred tax assets |  | 443,628 |  |  | 456,028 |
Valuation allowance for deferred tax assets |  | (256,826) |  |  | (280,463) |
Deferred tax assets, net |  | 186,802 |  |  | 175,565 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | (353,439) |  |  | (351,900) |
Intangible assets |  | (37,233) |  |  | (44,168) |
ROU operating lease assets |  | (41,463) |  |  | (38,801) |
Derivatives |  | (6,850) |  |  | (35,992) |
Other |  | (13,093) |  |  | (11,453) |
Total deferred tax liabilities |  | (452,078) |  |  | (482,314) |
Net deferred tax liabilities |  | $ | (265,276) |  |  | $ | (306,749) |
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:
(in thousands) |  | 2024 |  | 2023 |  | 2022
Balance at September 1, |  | $ | 44,165 |  |  | $ | 29,747 |  |  | $ | 5,531 |
Change for tax positions of current year |  | — |  |  | 14,792 |  |  | 17,461 |
Change for tax positions of prior years |  | 1,556 |  |  | (374) |  |  | 6,755 |
Balance at August 31, (1) |  | $ | 45,721 |  |  | $ | 44,165 |  |  | $ | 29,747 |
__________________________________ (1) The full balance of unrecognized income tax benefits in each year, if recognized, would have impacted the Company’s effective income tax rate at the end of each respective year.

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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://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
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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://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
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- 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
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