Income Taxes (Tables)
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12 Months Ended |
Aug. 31, 2014
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Income Tax Disclosure [Abstract] |
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Schedule of Income before Income Tax, Domestic and Foreign |
Income (loss) from continuing operations before income taxes was as follows for the years ended August 31 (in thousands): | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | United States | $ | 10,796 |
| | $ | (196,289 | ) | | $ | 54,304 |
| Foreign | (61 | ) | | (141,160 | ) | | (11,348 | ) | Total | $ | 10,735 |
| | $ | (337,449 | ) | | $ | 42,956 |
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Schedule of Components of Income Tax Expense (Benefit) |
Income tax expense (benefit) from continuing operations consisted of the following for the years ended August 31 (in thousands): | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Current: | | | | | | Federal | $ | 5,927 |
| | $ | 556 |
| | $ | 5,267 |
| State | 229 |
| | 356 |
| | 453 |
| Foreign | 177 |
| | 764 |
| | (2 | ) | Total current tax expense (benefit) | $ | 6,333 |
| | $ | 1,676 |
| | $ | 5,718 |
| Deferred: | | | | | | Federal | $ | (4,911 | ) | | $ | (58,194 | ) | | $ | 13,166 |
| State | 880 |
| | (264 | ) | | (2,748 | ) | Foreign | (301 | ) | | (644 | ) | | (2,097 | ) | Total deferred tax expense (benefit) | (4,332 | ) | | (59,102 | ) | | 8,321 |
| Total income tax expense (benefit) | $ | 2,001 |
| | $ | (57,426 | ) | | $ | 14,039 |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the difference between the federal statutory rate and the Company’s effective tax rate for the years ended August 31 is as follows: | | | | | | | | | | | 2014 | | 2013 | | 2012 | Federal statutory rate | 35.0 | % | | 35.0 | % | | 35.0 | % | State taxes, net of credits | (7.1 | ) | | 1.2 |
| | (5.7 | ) | Foreign income taxed at different rates | (8.1 | ) | | (3.5 | ) | | 4.2 |
| Section 199 deduction | (6.9 | ) | | 0.5 |
| | (0.3 | ) | Non-deductible officers’ compensation | 2.7 |
| | (0.1 | ) | | 1.5 |
| Noncontrolling interests | (12.1 | ) | | 0.2 |
| | (2.2 | ) | Research and development credits | (1.0 | ) | | 0.2 |
| | (2.0 | ) | Fixed asset tax basis adjustment | (21.3 | ) | | — |
| | — |
| Valuation allowance on deferred tax assets | 21.8 |
| | (8.6 | ) | | — |
| Unrecognized tax benefits | 18.0 |
| | — |
| | — |
| Non-deductible goodwill | — |
| | (7.1 | ) | | — |
| Foreign interest income | — |
| | — |
| | 0.7 |
| Other | (2.4 | ) | | (0.8 | ) | | 1.5 |
| Effective tax rate | 18.6 | % | | 17.0 | % | | 32.7 | % |
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Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities were comprised of the following as of August 31 (in thousands): | | | | | | | | | | 2014 | | 2013 | Deferred tax assets: | | | | Environmental liabilities | $ | 11,975 |
| | $ | 12,390 |
| Employee benefit accruals | 14,983 |
| | 9,378 |
| State income tax and other | 3,096 |
| | 2,478 |
| Net operating loss carryforwards | 11,357 |
| | 11,758 |
| State credit carryforwards | 5,567 |
| | 5,360 |
| Inventory valuation methods | 242 |
| | 1,390 |
| Amortizable goodwill and other intangibles | 34,102 |
| | 38,820 |
| Valuation allowances | (32,086 | ) | | (29,696 | ) | Total deferred tax assets | $ | 49,236 |
| | $ | 51,878 |
| Deferred tax liabilities: | | | | Accelerated depreciation and other basis differences | $ | 62,774 |
| | $ | 68,609 |
| Prepaid expense acceleration | 2,250 |
| | 2,418 |
| Foreign currency translation adjustment | 93 |
| | 30 |
| Total deferred tax liabilities | 65,117 |
| | 71,057 |
| Net deferred tax liability | $ | 15,881 |
| | $ | 19,179 |
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Summary of Income Tax Contingencies |
The following table summarizes the activity related to the Company’s reserve for unrecognized tax benefits, excluding interest and penalties, for the years ended August 31 (in thousands): | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Unrecognized tax benefits, as of the beginning of the year | $ | 526 |
| | $ | 491 |
| | $ | 303 |
| Additions for tax positions of prior years | 1 |
| | — |
| | — |
| Reductions for tax positions of prior years | — |
| | (31 | ) | | (143 | ) | Additions for tax positions of the current year | 2,253 |
| | 66 |
| | 331 |
| Unrecognized tax benefits, as of the end of the year | $ | 2,780 |
| | $ | 526 |
| | $ | 491 |
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