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Income Taxes (Tables)

12 Months Ended

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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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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