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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
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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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