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Income Taxes (Tables)

12 Months Ended

Aug. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The provision for income taxes for the years ended August 31, 2012, 2011 and 2010 is as follows:

	2012				2011				2010
	(Dollars in thousands)
Current
Federal	$	9,565			$	10,564			$	3,409
State	7,851				8,922				4,081
Foreign	4,812				53				1,441
	22,228				19,539				8,931
Deferred
Federal	66,707				54,435				43,361
State	1,617				9,454				1,823
Foreign	(9,700		)		3,200				(5,677		)
	58,624				67,089				39,507
Total	$	80,852			$	86,628			$	48,438

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities as of August 31, 2012 and 2011 are as follows:

	2012				2011
	(Dollars in thousands)
Deferred tax assets:
Accrued expenses	$	89,844			$	91,458
Postretirement health care and deferred compensation	107,817				100,256
Tax credit carryforwards	118,752				102,120
Loss carryforwards	30,272				71,470
Other	57,429				55,414
Deferred tax assets valuation	(56,659		)		(47,599		)
Total deferred tax assets	347,455				373,119
Deferred tax liabilities:
Pension	35,516				56,702
Investments	120,879				91,290
Major maintenance	9,141				4,591
Property, plant and equipment	453,863				453,805
Other	175				—
Total deferred tax liabilities	619,574				606,388
Net deferred tax liabilities	$	272,119			$	233,269

Schedule of effective income tax rate reconciliation

The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2012, 2011 and 2010 is as follows:

	2012			2011			2010
Statutory federal income tax rate	35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit	0.5			1.3			0.8
Patronage earnings	(24.2	)		(20.5	)		(23.8	)
Domestic production activities deduction	(3.5	)		(3.2	)		(1.5	)
Export activities at rates other than the U.S. statutory rate	0.4			0.5			1.0
Valuation allowance	0.6			0.9			0.8
Tax credits	(1.3	)		(3.1	)		(0.2	)
Non-controlling interests	(1.9	)		(3.0	)		(2.0	)
Other	0.1			(0.4	)		(1.8	)
Effective tax rate	5.7	%		7.5	%		8.3	%

Schedule of unrecognized tax benefits roll forward

A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods presented is as follows:

	2012				2011				2010
	(Dollars in thousands)
Beginning balances	$	67,271			$	69,357			$	72,519
Reductions attributable to statute expiration					(2,086		)		(3,162		)
Balances at August 31	$	67,271			$	67,271			$	69,357

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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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