Income Taxes (Tables)
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12 Months Ended |
Aug. 31, 2015 |
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): | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | United States | $ | (113,084 | ) | | $ | 12,286 |
| | $ | (194,816 | ) | Foreign | (87,380 | ) | | 2,696 |
| | (137,908 | ) | Total | $ | (200,464 | ) | | $ | 14,982 |
| | $ | (332,724 | ) |
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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): | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Current: | | | | | | Federal | $ | (11,275 | ) | | $ | 6,508 |
| | $ | 556 |
| State | (84 | ) | | 229 |
| | 356 |
| Foreign | 732 |
| | 177 |
| | 764 |
| Total current tax expense (benefit) | $ | (10,627 | ) | | $ | 6,914 |
| | $ | 1,676 |
| Deferred: | | | | | | Federal | $ | (4,752 | ) | | $ | (4,911 | ) | | $ | (57,733 | ) | State | 2,805 |
| | 880 |
| | (242 | ) | Foreign | (41 | ) | | (301 | ) | | (644 | ) | Total deferred tax expense (benefit) | (1,988 | ) | | (4,332 | ) | | (58,619 | ) | Total income tax expense (benefit) | $ | (12,615 | ) | | $ | 2,582 |
| | $ | (56,943 | ) |
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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: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Federal statutory rate | 35.0 | % | | 35.0 | % | | 35.0 | % | State taxes, net of credits | 1.1 |
| | (2.5 | ) | | 1.2 |
| Foreign income taxed at different rates | (7.7 | ) | | (8.6 | ) | | (3.5 | ) | Section 199 deduction | — |
| | (5.3 | ) | | 0.5 |
| Non-deductible officers’ compensation | (0.1 | ) | | 2.0 |
| | (0.1 | ) | Noncontrolling interests | 0.3 |
| | (8.7 | ) | | 0.2 |
| Research and development credits | 0.3 |
| | (0.8 | ) | | 0.2 |
| Fixed asset tax basis adjustment | — |
| | (15.3 | ) | | — |
| Valuation allowance on deferred tax assets | (25.2 | ) | | 10.2 |
| | (8.4 | ) | Unrecognized tax benefits | (0.6 | ) | | 12.9 |
| | — |
| Non-deductible goodwill | (2.5 | ) | | — |
| | (7.1 | ) | Realized foreign investment basis | 6.3 |
| | — |
| | — |
| Other | (0.6 | ) | | (1.7 | ) | | (0.9 | ) | Effective tax rate | 6.3 | % | | 17.2 | % | | 17.1 | % |
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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): | | | | | | | | | | 2015 | | 2014 | Deferred tax assets: | | | | Environmental liabilities | $ | 11,623 |
| | $ | 11,864 |
| Employee benefit accruals | 13,471 |
| | 14,977 |
| State income tax and other | 4,601 |
| | 3,119 |
| Net operating loss carryforwards | 20,485 |
| | 10,692 |
| State credit carryforwards | 5,935 |
| | 5,567 |
| Inventory valuation methods | 975 |
| | 242 |
| Amortizable goodwill and other intangibles | 51,459 |
| | 32,545 |
| Valuation allowances | (78,304 | ) | | (30,265 | ) | Total deferred tax assets | $ | 30,245 |
| | $ | 48,741 |
| Deferred tax liabilities: | | | | Accelerated depreciation and other basis differences | $ | 44,131 |
| | $ | 62,372 |
| Prepaid expense acceleration | 2,460 |
| | 2,250 |
| Total deferred tax liabilities | 46,591 |
| | 64,622 |
| Net deferred tax liability | $ | 16,346 |
| | $ | 15,881 |
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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): | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Unrecognized tax benefits, as of the beginning of the year | $ | 2,780 |
| | $ | 526 |
| | $ | 491 |
| Additions for tax positions of prior years | — |
| | 1 |
| | — |
| Reductions for tax positions of prior years | — |
| | — |
| | (31 | ) | Additions for tax positions of the current year | 1,571 |
| | 2,253 |
| | 66 |
| Settlements with tax authorities | (381 | ) | | — |
| | — |
| Unrecognized tax benefits, as of the end of the year | $ | 3,970 |
| | $ | 2,780 |
| | $ | 526 |
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