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Income Taxes (Tables) | 12 Months Ended
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Aug. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of provision for (benefit from) income taxes | The provision for (benefit from) income taxes for the years ended August 31, 2023, 2022 and 2021 is as follows:
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Current: |  |  |  |  |
Federal | $ | 66,672 |  |  | $ | 56,582 |  |  | $ | (533) |
State | 36,925 |  |  | 24,224 |  |  | 2,943 |
Foreign | 3,735 |  |  | 9,833 |  |  | 56 |
Total current | 107,332 |  |  | 90,639 |  |  | 2,466 |
Deferred: |  |  |  |  |
Federal | 7,799 |  |  | 41,710 |  |  | (24,676) |
State | (7,661) |  |  | 491 |  |  | (15,666) |
Foreign | 185 |  |  | (724) |  |  | (373) |
Total deferred | 323 |  |  | 41,477 |  |  | (40,715) |
Total | $ | 107,655 |  |  | $ | 132,116 |  |  | $ | (38,249) |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities as of August 31, 2023 and 2022, are as follows:
| 2023 |  | 2022
| (Dollars in thousands)
Deferred tax assets: |  |  |
Accrued expenses | $ | 51,960 |  |  | $ | 61,843 |
Postretirement health care and deferred compensation | 51,635 |  |  | 46,008 |
Tax credit carryforwards | 97,730 |  |  | 101,457 |
Loss carryforwards | 111,963 |  |  | 110,018 |
Nonqualified equity | 467,519 |  |  | 424,869 |
Lease obligations | 62,225 |  |  | 60,329 |
Other | 43,164 |  |  | 95,027 |
Deferred tax assets valuation allowance | (182,466) |  |  | (189,685) |
Total deferred tax assets | 703,730 |  |  | 709,866 |
Deferred tax liabilities: |  |  |
Pension costs | 10,596 |  |  | 14,600 |
Investments | 129,683 |  |  | 169,970 |
Property, plant and equipment | 625,403 |  |  | 605,463 |
Lease right of use assets | 60,501 |  |  | 58,852 |
Total deferred tax liabilities | 826,183 |  |  | 848,885 |
Net deferred tax liabilities | $ | 122,453 |  |  | $ | 139,019 |
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, 2023, 2022 and 2021 is as follows:
| 2023 |  | 2022 |  | 2021
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal income tax benefit | 1.1 |  |  | 1.1 |  |  | (2.6) |
Patronage earnings | (13.0) |  |  | (13.6) |  |  | (11.4) |
Domestic production activities deduction | (3.2) |  |  | (3.2) |  |  | (8.2) |
Export activities at rates other than the U.S. statutory rate | (0.2) |  |  | 0.4 |  |  | 0.5 |
Intercompany transfer of business assets | — |  |  | (0.1) |  |  | (4.7) |
Increase in unrecognized tax benefits | — |  |  | — |  |  | 0.8 |
Valuation allowance | — |  |  | 0.2 |  |  | (0.2) |
Other | (0.3) |  |  | 1.5 |  |  | (2.6) |
Effective tax rate | 5.4 | % |  | 7.3 | % |  | (7.4) | %
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 is presented as follows:
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Balance at beginning of period | $ | 124,959 |  |  | $ | 122,149 |  |  | $ | 119,150 |
Additions attributable to current year tax positions | — |  |  | — |  |  | 2,000 |
Additions attributable to prior year tax positions | 894 |  |  | 2,810 |  |  | 15,974 |
Reductions attributable to prior year tax positions | — |  |  | — |  |  | (14,975) |
Balance at end of period | $ | 125,853 |  |  | $ | 124,959 |  |  | $ | 122,149 |

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