Income Taxes (Tables)
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12 Months Ended |
Aug. 31, 2015 |
Aug. 31, 2014 |
Income Tax Disclosure [Abstract] |
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Schedule of components of income tax expense (benefit) |
The provision for income taxes for the years ended August 31, 2015, 2014 and 2013 is as follows:
| | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (Dollars in thousands) | Current: | | | | | | Federal | $ | (47,695 | ) | | $ | 38,653 |
| | $ | (18,018 | ) | State | 3,891 |
| | 31,203 |
| | 11,805 |
| Foreign | 1,335 |
| | 2,837 |
| | 3,162 |
| | (42,469 | ) | | 72,693 |
| | (3,051 | ) | Deferred: | | | | | | Federal | 29,348 |
| | (23,444 | ) | | 92,102 |
| State | (2,799 | ) | | (1,893 | ) | | 1,685 |
| Foreign | 3,755 |
| | 940 |
| | (1,070 | ) | | 30,304 |
| | (24,397 | ) | | 92,717 |
| Total | $ | (12,165 | ) | | $ | 48,296 |
| | $ | 89,666 |
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Schedule of deferred tax assets and liabilities |
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Deferred tax assets and liabilities as of August 31, 2015 and 2014 were as follows: | | | | | | | | | | 2015 | | 2014 | | (Dollars in thousands) | Deferred tax assets: | |
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| Accrued expenses | $ | 96,270 |
| | $ | 76,255 |
| Postretirement health care and deferred compensation | 89,934 |
| | 83,346 |
| Tax credit carryforwards | 109,756 |
| | 70,881 |
| Loss carryforwards | 85,860 |
| | 53,793 |
| Other | 68,625 |
| | 52,956 |
| Deferred tax assets valuation | (98,024 | ) | | (111,509 | ) | Total deferred tax assets | 352,421 |
| | 225,722 |
| Deferred tax liabilities: | |
| | |
| Pension | 20,732 |
| | 12,855 |
| Investments | 98,291 |
| | 88,425 |
| Major maintenance | 36,135 |
| | 26,020 |
| Property, plant and equipment | 654,057 |
| | 576,007 |
| Other | 25,836 |
| | — |
| Total deferred tax liabilities | 835,051 |
| | 703,307 |
| Net deferred tax liabilities | $ | 482,630 |
| | $ | 477,585 |
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Schedule of effective income tax rate reconciliation |
The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2015, 2014 and 2013 is as follows: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Statutory federal income tax rate | 35.0 | % | | 35.0 | % | | 35.0 | % | State and local income taxes, net of federal income tax benefit | (0.5 | ) | | 1.6 |
| | 0.9 |
| Patronage earnings | (29.0 | ) | | (20.5 | ) | | (22.9 | ) | Domestic production activities deduction | (5.6 | ) | | (10.0 | ) | | (8.5 | ) | Export activities at rates other than the U.S. statutory rate | (0.2 | ) | | 1.2 |
| | 0.6 |
| Valuation allowance | (0.1 | ) | | 1.7 |
| | 2.3 |
| Tax credits | (0.8 | ) | | (3.1 | ) | | (0.5 | ) | Non-controlling interests | — |
| | — |
| | (0.1 | ) | Other | (0.4 | ) | | (1.6 | ) | | 1.5 |
| Effective tax rate | (1.6 | )% | | 4.3 | % | | 8.3 | % |
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Schedule of unrecognized tax benefits roll forward |
econciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods presented follows: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (Dollars in thousands) | Balance at beginning of period | $ | 72,181 |
| | $ | 67,271 |
| | $ | 67,271 |
| Additions attributable to prior year tax positions | — |
| | 35,718 |
| | — |
| Reductions attributable to prior year tax positions | — |
| | (9,867 | ) | | — |
| Reductions attributable to statute expiration | — |
| | (20,941 | ) | | — |
| Balance at end of period | $ | 72,181 |
| | $ | 72,181 |
| | $ | 67,271 |
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