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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

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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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