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Income Taxes (Tables) | 12 Months Ended
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Aug. 31, 2024
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, 2024, 2023 and 2022 is as follows:
| 2024 |  | 2023 |  | 2022
| (Dollars in thousands)
Current: |  |  |  |  |
Federal | $ | 21,608 |  |  | $ | 66,672 |  |  | $ | 56,582 |
State | 23,750 |  |  | 36,925 |  |  | 24,224 |
Foreign | 30,338 |  |  | 3,735 |  |  | 9,833 |
Total current | 75,696 |  |  | 107,332 |  |  | 90,639 |
Deferred: |  |  |  |  |
Federal | (63,605) |  |  | 7,799 |  |  | 41,710 |
State | (15,686) |  |  | (7,661) |  |  | 491 |
Foreign | (1,277) |  |  | 185 |  |  | (724) |
Total deferred | (80,568) |  |  | 323 |  |  | 41,477 |
Total | $ | (4,872) |  |  | $ | 107,655 |  |  | $ | 132,116 |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities as of August 31, 2024 and 2023, are as follows:
| 2024 |  | 2023
| (Dollars in thousands)
Deferred tax assets: |  |  |
Accrued expenses | $ | 56,062 |  |  | $ | 51,960 |
Postretirement health care and deferred compensation | 58,866 |  |  | 51,635 |
Tax credit carryforwards | 91,114 |  |  | 97,730 |
Loss carryforwards | 88,887 |  |  | 111,963 |
Nonqualified equity | 533,784 |  |  | 467,519 |
Lease obligations | 52,980 |  |  | 62,225 |
Capitalized research and development | 69,556 |  |  | 17,941 |
Other | 19,592 |  |  | 25,223 |
Deferred tax assets valuation allowance | (166,590) |  |  | (182,466) |
Total deferred tax assets | 804,251 |  |  | 703,730 |
Deferred tax liabilities: |  |  |
Pension costs | 7,003 |  |  | 10,596 |
Investments | 130,171 |  |  | 129,683 |
Property, plant and equipment | 618,419 |  |  | 625,403 |
Lease right of use assets | 51,872 |  |  | 60,501 |
Total deferred tax liabilities | 807,465 |  |  | 826,183 |
Net deferred tax liabilities | $ | 3,214 |  |  | $ | 122,453 |
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, 2024, 2023 and 2022 is as follows:
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal income tax benefit | 0.5 |  |  | 1.1 |  |  | 1.1 |
Patronage earnings | (12.6) |  |  | (13.0) |  |  | (13.6) |
Domestic production activities deduction | (6.8) |  |  | (3.2) |  |  | (3.2) |
Export activities at rates other than the U.S. statutory rate | 1.4 |  |  | (0.2) |  |  | 0.4 |
Intercompany transfer of business assets | — |  |  | — |  |  | (0.1) |
Increase in unrecognized tax benefits | 2.7 |  |  | — |  |  | — |
Valuation allowance | (0.1) |  |  | — |  |  | 0.2 |
Tax credits | (6.2) |  |  | — |  |  | — |
Other | (0.3) |  |  | (0.3) |  |  | 1.5 |
Effective tax rate | (0.4) | % |  | 5.4 | % |  | 7.3 | %
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:
| 2024 |  | 2023 |  | 2022
| (Dollars in thousands)
Balance at beginning of period | $ | 125,853 |  |  | $ | 124,959 |  |  | $ | 122,149 |
Additions attributable to current year tax positions | 2,027 |  |  | — |  |  | — |
Additions attributable to prior year tax positions | 32,569 |  |  | 894 |  |  | 2,810 |
Reductions attributable to prior year tax positions | (85,513) |  |  | — |  |  | — |
Reductions attributable to statute expiration | (9,821) |  |  | — |  |  | — |
Balance at end of period | $ | 65,115 |  |  | $ | 125,853 |  |  | $ | 124,959 |

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