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INCOME TAX (Tables)

12 Months Ended

Aug. 31, 2025

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)						2025						2024						2023
United States						$	61,897					$	631,592					$	1,095,099
Foreign						45,648						4,079						26,868
Total						$	107,545					$	635,671					$	1,121,967

Income taxes (benefit) included in the consolidated statements of operations

The income taxes included in the consolidated statements of earnings were as follows:

						Year Ended August 31,
(in thousands)						2025						2024						2023
Current:
United States						$	83,897					$	143,462					$	168,399
Foreign						8,371						163						6,089
State and local						20,669						18,035						32,916
Current taxes						112,937						161,660						207,404
Deferred:
United States						(76,005)						(8,075)						46,008
Foreign						1,126						(7,684)						(847)
State and local						(15,175)						4,279						9,642
Deferred taxes						(90,054)						(11,480)						54,803
Total income taxes						$	22,883					$	150,180					$	262,207

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 presented below:

						Year Ended August 31,
(in thousands)						2025						2024						2023
Income tax expense at statutory rate						$	22,584					$	133,491					$	235,613
State and local taxes(1)						4,341						17,629						33,621
Research and development credit(1)						(7,255)						(1,151)						(7,986)
Foreign rate differential						(1,344)						513						(1,365)
Interest expense related to uncertain tax positions						1,314						2,154						1,052
Non-deductible compensation						1,300						1,651						1,825
Nontaxable gain						(2,131)						(1,786)						(1,055)
TCJA - Toll charge and related foreign tax credits						(2,766)						—						—
Other						6,840						(2,321)						502
Income tax expense						$	22,883					$	150,180					$	262,207
Effective income tax rate						21.3		%				23.6		%				23.4		%

__________________________________

(1) 2025, 2024 and 2023 include impacts of uncertain tax positions.

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)						2025						2024
Deferred tax assets:
Net operating losses and credits						$	273,140					$	278,855
Capitalized research and development						53,651						57,597
ROU operating lease liabilities						41,352						41,838
Deferred compensation and employee benefits						33,905						32,377
Reserves and other accrued expenses						11,924						13,839
Litigation-related reserve						88,756						—
Other						7,300						19,122
Total deferred tax assets						510,028						443,628
Valuation allowance for deferred tax assets						(253,196)						(256,826)
Deferred tax assets, net						256,832						186,802
Deferred tax liabilities:
Property, plant and equipment						(335,705)						(353,439)
Intangible assets						(32,444)						(37,233)
ROU operating lease assets						(40,922)						(41,463)
Derivatives						(11,889)						(6,850)
Other						(13,349)						(13,093)
Total deferred tax liabilities						(434,309)						(452,078)
Net deferred tax liabilities						$	(177,477)					$	(265,276)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is presented below:

(in thousands)						2025						2024						2023
Balance at September 1,						$	45,721					$	44,165					$	29,747
Change for tax positions of current year						—						—						14,792
Change for tax positions of prior years						8,000						1,556						(374)
Reductions due to lapse of statute of limitations						(9,486)						—						—
Balance at August 31,(1)						$	44,235					$	45,721					$	44,165

__________________________________

(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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