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Income Taxes (Tables)

12 Months Ended

Aug. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for (benefit from) income taxes

The (benefit from) provision for income taxes for the years ended August 31, 2020, 2019 and 2018 is as follows:

			2020						2019						2018
			(Dollars in thousands)
Current:
Federal			$	4,519					$	211					$	15,576
State			(2,231)						3,815						7,041
Foreign			2,748						(2,630)						20,268
Total Current			5,036						1,396						42,885
Deferred:
Federal			(36,231)						(4,923)						(146,780)
State			(5,263)						(8,491)						(127)
Foreign			(273)						(438)						(54)
Total Deferred			(41,767)						(13,852)						(146,961)
Total			$	(36,731)					$	(12,456)					$	(104,076)

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities as of August 31, 2020 and 2019, are as follows:

			2020						2019
			(Dollars in thousands)
Deferred tax assets:
Accrued expenses			$	51,560					$	62,245
Postretirement health care and deferred compensation			42,898						42,747
Tax credit carryforwards			123,193						152,347
Loss carryforwards			116,741						136,435
Nonqualified equity			344,924						290,447
Lease obligations			64,140						—
Other			85,856						97,071
Deferred tax assets valuation reserve			(219,891)						(246,344)
Total deferred tax assets			609,421						534,948
Deferred tax liabilities:
Pension			17,131						11,237
Investments			95,916						99,838
Major maintenance			91						4,679
Property, plant and equipment			556,160						560,334
Right of use asset			64,140						—
Other			15,326						1,760
Total deferred tax liabilities			748,764						677,848
Net deferred tax liabilities			$	139,343					$	142,900

Reconciliation of the statutory federal income tax rates to effective tax rates

The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2020, 2019 and 2018 is as follows:

			2020						2019						2018
Statutory federal income tax rate			21.0		%				21.0		%				25.7		%
State and local income taxes, net of federal income tax benefit			(1.8)						(0.7)						0.7
Patronage earnings			(13.1)						(14.3)						(13.6)
Domestic production activities deduction			(19.0)						(9.9)						(8.4)
Export activities at rates other than the U.S. statutory rate			1.8						(2.1)						5.7
U.S. tax reform			—						—						(23.2)
Intercompany transfer of business assets			(1.6)						—						(6.1)
Increase in unrecognized tax benefits			4.2						0.2						6.8
Valuation allowance			(1.0)						2.6						(3.0)
Tax credits			0.2						0.4						0.7
Other			(0.2)						1.3						(0.8)
Effective tax rate			(9.5)		%				(1.5)		%				(15.5)		%

Reconciliation of the gross beginning and ending amounts of unrecognized tax benefits

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

			2020						2019						2018
			(Dollars in thousands)
Balance at beginning of period			$	101,128					$	91,135					$	37,830
Additions attributable to current year tax positions			14,410						14,162						3,640
Additions attributable to prior year tax positions			6,128						—						49,665
Reductions attributable to prior year tax positions			(2,516)						(4,169)						—
Balance at end of period			$	119,150					$	101,128					$	91,135

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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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