XML 61 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2014

Aug. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The provision for income taxes for the years ended August 31, 2014, 2013 and 2012 is as follows:

	2014				2013				2012
	(Dollars in thousands)
Current
Federal	$	38,653			$	(18,018	)		$	9,565
State	31,203				11,805				7,851
Foreign	2,837				3,162				4,812
	72,693				(3,051		)		22,228
Deferred
Federal	(23,444		)		92,102				66,707
State	(1,893		)		1,685				1,617
Foreign	940				(1,070		)		(9,700		)
	(24,397		)		92,717				58,624
Total	$	48,296			$	89,666			$	80,852

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities as of August 31, 2014 and 2013 were as follows:

	2014				2013
	(Dollars in thousands)
Deferred tax assets:
Accrued expenses	$	76,255			$	66,973
Postretirement health care and deferred compensation	83,346				57,130
Tax credit carryforwards	70,881				97,242
Loss carryforwards	53,793				57,174
Other	52,956				40,868
Deferred tax assets valuation	(111,509		)		(79,623		)
Total deferred tax assets	225,722				239,764
Deferred tax liabilities:
Pension	12,855				6,752
Investments	88,425				91,453
Major maintenance	26,020				31,960
Property, plant and equipment	576,007				529,101
Total deferred tax liabilities	703,307				659,266
Net deferred tax liabilities	$	477,585			$	419,502

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, 2014, 2013 and 2012 is as follows:

	2014			2013			2012
Statutory federal income tax rate	35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit	1.6			0.9			0.5
Patronage earnings	(20.5	)		(22.9	)		(24.2	)
Domestic production activities deduction	(10.0	)		(8.5	)		(3.5	)
Export activities at rates other than the U.S. statutory rate	1.2			0.6			0.4
Valuation allowance	1.7			2.3			0.6
Tax credits	(3.1	)		(0.5	)		(1.3	)
Non-controlling interests	—			(0.1	)		(1.9	)
Other	(1.6	)		1.5			0.1
Effective tax rate	4.3	%		8.3	%		5.7	%

Schedule of unrecognized tax benefits roll forward

econciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods presented follows:

	2014				2013				2012
	(Dollars in thousands)
Balance at beginning of period	$	67,271			$	67,271			$	67,271
Additions attributable to prior year tax positions	35,718				—				—
Reductions attributable to prior year tax positions	(9,867		)		—				—
Reductions attributable to statute expiration	(20,941		)		—				—
Balance at end of period	$	72,181			$	67,271			$	67,271

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15A

-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration