|
Income Taxes (Tables)
|
12 Months Ended |
|
Aug. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Income Tax Expense from Continuing Operations |
Income tax expense from continuing operations is summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended August 31, |
|
|
|
|
2014 |
|
2013 |
|
2012 |
|
|
Currently payable: |
|
|
|
|
|
|
|
|
Federal |
|
$ |
23,211 |
|
|
$ |
24,809 |
|
|
$ |
22,078 |
|
|
|
Foreign |
|
9,059 |
|
|
13,335 |
|
|
10,396 |
|
|
|
State |
|
(657 |
) |
|
902 |
|
|
1,534 |
|
|
|
|
|
31,613 |
|
|
39,046 |
|
|
34,008 |
|
|
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
|
4,224 |
|
|
(13,514 |
) |
|
(495 |
) |
|
|
Foreign |
|
(4,130 |
) |
|
(9,942 |
) |
|
(4,598 |
) |
|
|
State |
|
866 |
|
|
(218 |
) |
|
439 |
|
|
|
|
|
960 |
|
|
(23,674 |
) |
|
(4,654 |
) |
|
|
|
|
$ |
32,573 |
|
|
$ |
15,372 |
|
|
$ |
29,354 |
|
|
|
| Reconciliation of Income Taxes at Federal Statutory Rate to Effective Tax Rate |
A reconciliation of income taxes at the Federal statutory rate to the effective tax rate is summarized in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended August 31, |
|
|
|
|
2014 |
|
2013 |
|
2012 |
|
|
Federal statutory rate |
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
|
|
State income taxes, net of Federal effect |
|
0.8 |
|
|
0.9 |
|
|
1.2 |
|
|
|
Net effect of foreign tax rates and credits |
|
(10.5 |
) |
|
(8.8 |
) |
|
(14.6 |
) |
|
|
NOL utilization and changes in valuation allowance |
|
(4.1 |
) |
|
(3.1 |
) |
|
0.1 |
|
|
|
Tax contingency reserve |
|
(0.7 |
) |
|
(5.6 |
) |
|
(2.2 |
) |
|
|
Change in income tax accounting method, net |
|
(5.6 |
) |
|
— |
|
|
— |
|
|
|
Business (RV) divestiture |
|
3.0 |
|
|
— |
|
|
— |
|
|
|
Prior period correction (1)
|
|
— |
|
|
(6.5 |
) |
|
— |
|
|
|
Other items |
|
0.8 |
|
|
(2.5 |
) |
|
(0.5 |
) |
|
|
Effective income tax rate |
|
18.7 |
% |
|
9.4 |
% |
|
19.0 |
% |
|
(1) During the fourth quarter of fiscal 2013, the Company recorded a $10.6 million adjustment to properly state deferred income tax balances associated with its equity compensation programs. The correction was not material to current or previously issued financial statements.
|
| Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities |
Temporary differences and carryforwards that gave rise to deferred tax assets and liabilities include the following items (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
|
|
2014 |
|
2013 |
|
|
Deferred income tax assets: |
|
|
|
|
|
|
Operating loss and tax credit carryforwards |
|
$ |
25,295 |
|
|
$ |
29,611 |
|
|
|
Compensation related liabilities |
|
23,496 |
|
|
20,864 |
|
|
|
Postretirement benefits |
|
5,082 |
|
|
7,731 |
|
|
|
Inventory |
|
2,775 |
|
|
8,657 |
|
|
|
Book reserves and other items |
|
12,214 |
|
|
12,643 |
|
|
|
Total deferred income tax assets |
|
68,862 |
|
|
79,506 |
|
|
|
Valuation allowance |
|
(12,841 |
) |
|
(17,268 |
) |
|
|
Net deferred income tax assets |
|
56,021 |
|
|
62,238 |
|
|
|
Deferred income tax liabilities: |
|
|
|
|
|
|
Depreciation and amortization |
|
(124,688 |
) |
|
(151,370 |
) |
|
|
Other items |
|
(5,728 |
) |
|
(2,077 |
) |
|
|
Deferred income tax liabilities |
|
(130,416 |
) |
|
(153,447 |
) |
|
|
Net deferred income tax liability |
|
$ |
(74,395 |
) |
|
$ |
(91,209 |
) |
|
|
| Changes in Gross Liability for Unrecognized Tax benefits, Excluding Interest and Penalties |
Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
Beginning balance |
|
$ |
18,006 |
|
|
$ |
24,608 |
|
|
$ |
26,179 |
|
Increases based on tax positions related to the current year |
|
21,300 |
|
|
3,601 |
|
|
2,776 |
|
Increase (decrease) for tax positions taken in a prior period |
|
— |
|
|
(100 |
) |
|
624 |
|
Decrease due to settlements |
|
— |
|
|
(2,581 |
) |
|
(392 |
) |
Decrease due to lapse of statute of limitations |
|
(7,030 |
) |
|
(7,522 |
) |
|
(4,579 |
) |
Ending balance |
|
$ |
32,276 |
|
|
$ |
18,006 |
|
|
$ |
24,608 |
|
|
| Earnings before Income Taxes, Including both Continuing and Discontinued Operations |
Earnings before income taxes, for continuing operations, are summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, |
|
|
|
|
2014 |
|
2013 |
|
2012 |
|
|
Domestic |
|
$ |
84,854 |
|
|
$ |
67,392 |
|
|
$ |
65,685 |
|
|
|
Foreign |
|
89,172 |
|
|
95,557 |
|
|
88,945 |
|
|
|
|
|
$ |
174,026 |
|
|
$ |
162,949 |
|
|
$ |
154,630 |
|
|
|