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INCOME TAX (Tables)

12 Months Ended

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.

X

- 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.

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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