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Income Taxes (Tables) | 12 Months Ended
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Aug. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense consisted of the following:
(in millions) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 10.4 |  |  | $ | 38.2 |  |  | $ | 105.9 |
State | 6.9 |  |  | 8.8 |  |  | 24.9 |
Total | 17.3 |  |  | 47.0 |  |  | 130.8 |
Deferred |  |  |  |  |
Federal | 7.1 |  |  | 15.9 |  |  | (5.6) |
State | 1.0 |  |  | 0.4 |  |  | (1.1) |
Total | 8.1 |  |  | 16.3 |  |  | (6.7) |
Provision for income taxes | $ | 25.4 |  |  | $ | 63.3 |  |  | $ | 124.1 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory income tax rate to our effective income tax rate is as follows:
| 2024 |  | 2023 |  | 2022
U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 8.4 | % |  | 3.1 | % |  | 3.5 | %
Income tax credits | (8.9) | % |  | (1.1) | % |  | (0.5) | %
Non-deductible compensation | 6.6 | % |  | 1.1 | % |  | 0.9 | %
Non-deductible debt inducement | 19.4 | % |  | — | % |  | — | %
Non-deductible goodwill impairment | 16.6 | % |  | — | % |  | — | %
Valuation allowance | 5.0 | % |  | — | % |  | — | %
Tax-free and dividend income | (1.1) | % |  | (0.1) | % |  | (0.1) | %
Uncertain tax position settlements and adjustments | (1.7) | % |  | 0.1 | % |  | (0.1) | %
Other items | 0.9 | % |  | (1.4) | % |  | (0.6) | %
Effective tax provision rate | 66.2 | % |  | 22.7 | % |  | 24.1 | %
Schedule of Deferred Income Taxes | The tax effects of temporary differences that give rise to deferred income taxes were as follows:
(in millions) | August 31, 2024 |  | August 26, 2023
Warranty reserves | $ | 19.3 |  |  | $ | 23.5 |
Deferred compensation | 2.5 |  |  | 2.4 |
Self-insurance reserve | 4.4 |  |  | 5.1 |
Stock-based compensation | 4.5 |  |  | 4.2 |
Leases | 15.0 |  |  | 13.8 |
Convertible notes | 16.5 |  |  | 5.8 |
Capitalized research and development costs | 23.8 |  |  | 11.1 |
Other | 18.1 |  |  | 13.9 |
Valuation allowance | (1.9) |  |  | — |
Total deferred tax assets | 102.2 |  |  | 79.8 |
Intangibles | 61.5 |  |  | 50.5 |
Depreciation | 30.2 |  |  | 28.7 |
Leases | 13.5 |  |  | 12.3 |
Total deferred tax liabilities | 105.2 |  |  | 91.5 |
Total deferred income tax liabilities, net | $ | 3.0 |  |  | $ | 11.7 |
Schedule of Unrecognized Tax Benefits | Changes in the unrecognized tax benefits are as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 5.5 |  |  | $ | 5.0 |  |  | $ | 5.5 |
Gross decreases-tax positions in a prior year | (1.7) |  |  | (1.5) |  |  | (1.1) |
Gross increases-tax positions in a prior year | 0.2 |  |  | 1.0 |  |  | — |
Gross increases-current year tax positions | 0.9 |  |  | 1.0 |  |  | 0.6 |
Balance at end of year | 4.9 |  |  | 5.5 |  |  | 5.0 |
Accrued interest and penalties | 0.5 |  |  | 0.6 |  |  | 0.7 |
Total unrecognized tax benefits | $ | 5.4 |  |  | $ | 6.1 |  |  | $ | 5.7 |

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