Income Taxes (Tables)

12 Months Ended

Aug. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of (Loss) 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):

	2024			2023			2022
United States	$	(305,577	)	$	(32,541	)	$	204,150
Foreign		(15,856	)		4,465			12,526
Total	$	(321,433	)	$	(28,076	)	$	216,676

Schedule of Components of Income Tax (Benefit) Expense

Income tax expense (benefit) from continuing operations consisted of the following for the years ended August 31 (in thousands):

	2024			2023			2022
Current:
Federal	$	(5,161	)	$	(377	)	$	18,114
State		207			974			1,392
Foreign		(318	)		590			39
Total current tax expense (benefit)		(5,272	)		1,187			19,545
Deferred:
Federal		(53,831	)		(4,198	)		21,771
State		(264	)		(686	)		780
Foreign		4,082			950			2,501
Total deferred tax expense (benefit)		(50,013	)		(3,934	)		25,052
Total income tax expense (benefit)	$	(55,285	)	$	(2,747	)	$	44,597

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:

	2024			2023			2022
Federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of credits		2.1			5.0			1.6
Foreign income taxed at different rates		—			(1.2	)		—
Valuation allowance on deferred tax assets		(4.5	)		(6.1	)		0.4
Non-deductible officers’ compensation		(0.3	)		(7.8	)		2.5
Other non-deductible expenses		(0.4	)		(1.6	)		0.3
Research and development credits		0.4			6.4			(0.9	)
Tax return to provision adjustment		—			(1.2	)		(2.4	)
Unrecognized tax benefits		0.1			(8.5	)		1.2
Interest income		0.2			1.4			(0.1	)
Excess tax benefit from stock-based compensation		—			3.2			(1.6	)
Non-deductible goodwill		(1.5	)		—			—
Other		0.1			(0.8	)		(1.4	)
Effective tax rate		17.2	%		9.8	%		20.6	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities comprised the following as of August 31 (in thousands):

	2024			2023
Deferred tax assets:
Operating lease liabilities	$	19,806		$	17,605
Amortizable goodwill and other intangibles		44,193			13,488
Employee benefit accruals		6,709			8,772
Net operating loss carryforwards		35,089			20,280
Environmental liabilities		10,755			10,109
Other contingencies		1,911			5,579
State credit carryforwards		8,360			7,711
Inventory valuation methods		1,755			2,508
163(j) interest expense carryforward		10,138			3,786
Other		5,424			3,407
Valuation allowances		(31,420	)		(17,042	)
Total deferred tax assets		112,720			76,203
Deferred tax liabilities:
Accelerated depreciation and other basis differences		60,193			61,938
Operating lease right-of-use assets		19,786			17,573
Investment in operating partnerships		14,805			25,769
Prepaid expense acceleration and other		3,831			6,827
Total deferred tax liabilities		98,615			112,107
Net deferred tax assets (liabilities)	$	14,105		$	(35,904	)

Summary of Reserve for Unrecognized Tax Benefits, Excluding Interest and Penalties

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):

	2024			2023		2022
Unrecognized tax benefits, as of the beginning of the year	$	11,830		$	10,326	$	8,320
Additions (reductions) for tax positions of prior years		26			281		1,055
Additions for tax positions of the current year		755			1,223		974
Reductions for lapse of statutes		(4,710	)		—		(23	)
Unrecognized tax benefits, as of the end of the year	$	7,901		$	11,830	$	10,326