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Income Taxes (Tables)

12 Months Ended

Aug. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit) of Continuing Operations

Components of income tax expense (benefit) were as follows:

		Years ended August 31,
(In thousands)		2021				2020				2019
Current
Federal		$	(95,875	)		$	21,040			$	18,894
State			1,853				785				4,775
Foreign			4,321				25,346				37,391
			(89,701	)			47,171				61,060
Deferred
Federal			54,106				(8,294	)			(8,559	)
State			(2,351	)			688				(2,542	)
Foreign			(3,362	)			495				(8,433	)
			48,393				(7,111	)			(19,534	)
Change in valuation allowance			1,085				124				62
Income tax expense (benefit)		$	(40,223	)		$	40,184			$	41,588

Reconciliation Between Effective and Statutory Tax Rates on Operations

The reconciliation between effective and statutory tax rates on operations is as follows:

		Years ended August 31,
		2021				2020				2019
Federal statutory rate			(21.0	)%			21.0	%			21.0	%
State income taxes, net of federal benefit			(15.0	)			2.0				1.3
Foreign operations			25.5				4.5				5.8
Carryback rate benefit			(379.1	)			—				—
Permanent differences			(45.6	)			8.9				3.6
Change in valuation allowance			12.6				0.1				—
Uncertain tax positions			(44.0	)			3.1				—
Noncontrolling interest in flow-through entity			(2.9	)			(6.1	)			(5.7	)
Other			0.7				(1.3	)			1.1
Effective tax rate			(468.8	)%			32.2	%			27.1	%

Tax Effects of Temporary Differences that give rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities were as follows:

		As of August 31,
(In thousands)		2021				2020
Deferred tax assets:
Accrued payroll and related liabilities		$	23,724			$	20,702
Deferred revenue			7,375				7,943
Inventories and other			16,760				17,191
Maintenance and warranty accruals			2,538				3,044
Lease liability			8,546				8,788
Net operating losses			15,929				12,247
Investment, asset tax credits and other			1,287				1,576
			76,159				71,491
Valuation allowance			(10,356	)			(9,195	)
Deferred tax liabilities:
Fixed assets			(106,051	)			(53,180	)
Original issue discount			(17,106	)			(4,992	)
Intangibles			(3,014	)			(2,820	)
Right-of-use asset			(8,921	)			(9,005	)
Other			(3,960	)			—
			(139,052	)			(69,997	)
Net deferred tax liability		$	(73,249	)		$	(7,701	)

Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

		Years ended August 31,
(In thousands)		2021				2020				2019
Unrecognized Tax Benefit – Opening Balance		$	5,502			$	1,605			$	1,608
Gross increases – tax positions in prior period			—				4,034				—
Gross decreases – tax positions in prior period			(3,602	)			—				(3	)
Settlements			—				—				—
Lapse of statute of limitations			(335	)			(137	)			—
Unrecognized Tax Benefit – Ending Balance		$	1,565			$	5,502			$	1,605

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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.

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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 the change in unrecognized tax benefits.

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