XML 71 R36.htm IDEA: XBRL DOCUMENT
v3.21.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Aug. 31, 2021
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, 2021, 2020 and 2019 is as follows:
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Current: |  |  |  |  |
Federal | $ | (533) |  |  | $ | 4,519 |  |  | $ | 211 |
State | 2,943 |  |  | (2,231) |  |  | 3,815 |
Foreign | 56 |  |  | 2,748 |  |  | (2,630) |
Total Current | 2,466 |  |  | 5,036 |  |  | 1,396 |
Deferred: |  |  |  |  |
Federal | (24,676) |  |  | (36,231) |  |  | (4,923) |
State | (15,666) |  |  | (5,263) |  |  | (8,491) |
Foreign | (373) |  |  | (273) |  |  | (438) |
Total Deferred | (40,715) |  |  | (41,767) |  |  | (13,852) |
Total | $ | (38,249) |  |  | $ | (36,731) |  |  | $ | (12,456) |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities as of August 31, 2021 and 2020, are as follows:
| 2021 |  | 2020
| (Dollars in thousands)
Deferred tax assets: |  |  |
Accrued expenses | $ | 57,245 |  |  | $ | 51,560 |
Postretirement health care and deferred compensation | 42,217 |  |  | 42,898 |
Tax credit carryforwards | 128,824 |  |  | 123,193 |
Loss carryforwards | 115,327 |  |  | 116,741 |
Nonqualified equity | 391,309 |  |  | 344,924 |
Lease obligations | 62,770 |  |  | 64,140 |
Other | 92,325 |  |  | 85,856 |
Deferred tax assets valuation allowance | (208,810) |  |  | (219,891) |
Total deferred tax assets | 681,207 |  |  | 609,421 |
Deferred tax liabilities: |  |  |
Pension | 24,277 |  |  | 17,131 |
Investments | 110,910 |  |  | 95,916 |
Property, plant and equipment | 557,129 |  |  | 556,160 |
Right of use assets | 61,870 |  |  | 64,140 |
Other | 28,549 |  |  | 15,417 |
Total deferred tax liabilities | 782,735 |  |  | 748,764 |
Net deferred tax liabilities | $ | 101,528 |  |  | $ | 139,343 |
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, 2021, 2020 and 2019 is as follows:
| 2021 |  | 2020 |  | 2019
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal income tax benefit | (2.6) |  |  | (1.8) |  |  | (0.7) |
Patronage earnings | (11.4) |  |  | (13.1) |  |  | (14.3) |
Domestic production activities deduction | (8.2) |  |  | (19.0) |  |  | (9.9) |
Export activities at rates other than the U.S. statutory rate | 0.5 |  |  | 1.8 |  |  | (2.1) |
Intercompany transfer of business assets | (4.7) |  |  | (1.6) |  |  | — |
Increase in unrecognized tax benefits | 0.8 |  |  | 4.2 |  |  | 0.2 |
Valuation allowance | (0.2) |  |  | (1.0) |  |  | 2.6 |
Tax credits | — |  |  | 0.2 |  |  | 0.4 |
Other | (2.6) |  |  | (0.2) |  |  | 1.3 |
Effective tax rate | (7.4) | % |  | (9.5) | % |  | (1.5) | %
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:
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Balance at beginning of period | $ | 119,150 |  |  | $ | 101,128 |  |  | $ | 91,135 |
Additions attributable to current year tax positions | 2,000 |  |  | 14,410 |  |  | 14,162 |
Additions attributable to prior year tax positions | 15,974 |  |  | 6,128 |  |  | — |
Reductions attributable to prior year tax positions | (14,975) |  |  | (2,516) |  |  | (4,169) |
Balance at end of period | $ | 122,149 |  |  | $ | 119,150 |  |  | $ | 101,128 |

X
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration