v3.26.3
Income Taxes (Tables)
 12 Months Ended
Aug. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes (Benefit From)
The provision for (benefit from) income taxes for the years ended August 31, 2026, 2025 and 2024, is as follows:
202620252024
(Dollars in thousands)
Current:
Federal$78,708 $48,229 $21,608 
State7 7,181 23,750 
Foreign46 (905)30,338 
Total current78,761 54,505 75,696 
Deferred:
Federal(49,525)(48,079)(63,605)
State3,446 9,028 (15,686)
Foreign55 1,323 (1,277)
Total deferred(46,024)(37,728)(80,568)
Total$32,737 $16,777 $(4,872)
Schedule of Geographic Sources of Pretax Income from Continuing Operations
The geographic sources of pretax income from continuing operations were as follows:
202620252024
(Dollars in thousands)
United States$1,145,888 $610,626 $1,030,838 
Foreign(17,169)4,146 66,949 
Total$1,128,719 $614,772 $1,097,787 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities as of August 31, 2026 and 2025, are as follows:
20262025
(Dollars in thousands)
Deferred tax assets:
Accrued expenses$75,818 $52,850 
Postretirement health care and deferred compensation63,915 56,082 
Tax credit carryforwards104,688 92,421 
Loss carryforwards111,895 114,433 
Nonqualified equity555,351 560,521 
Lease obligations57,366 56,944 
Capitalized research and development68,456 115,499 
Other71,566 9,497 
Deferred tax assets valuation allowance(217,045)(205,637)
Total deferred tax assets892,010 852,610 
Net deferred tax assets$61,476 $13,950 
Deferred tax liabilities:
Pension costs$2,995 $2,083 
Investments91,468 120,667 
Property, plant and equipment673,149 601,539 
Lease right of use assets56,985 56,250 
Software costs5,937 58,121 
Total deferred tax liabilities830,534 838,660 
Net deferred tax liabilities$— $— 
Schedule of Reconciliation of the Statutory Federal Income Tax Rates to the Effective Tax Rates
The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2026, 2025 and 2024, is as follows:

2026
(Dollars in thousands)
AmountPercent
U.S. federal statutory tax rate$237,031 21.0 %
State and local income taxes, net of federal income tax effect (a)
3,452 0.3 
Foreign tax effects3,707 0.3 
Tax credits
Clean fuel production tax credit(39,954)(3.5)
Other(8,344)(0.7)
Changes in valuation allowances11,582 1.0 
Nontaxable or nondeductible items
Cooperative §199 A(g) deduction(79,098)(7.0)
Patronage earnings(101,964)(9.0)
Other220 — 
Changes in unrecognized tax benefits5,610 0.5 
Other adjustments495 — 
Effective tax rate$32,737 2.9 %
(a) State taxes in Minnesota, California and Oklahoma made up the majority (greater than 50%) of this category.

20252024
Statutory federal income tax rate21.0 %21.0 %
State and local income taxes, net of federal income tax benefit2.4 0.5 
Patronage earnings(7.8)(12.6)
Domestic production activities deduction(12.9)(6.8)
Export activities at rates other than the U.S. statutory rate(3.3)1.4 
Increase in unrecognized tax benefits2.8 2.7 
Valuation allowance2.8 (0.1)
Tax credits(4.3)(6.2)
Other2.0 (0.3)
Effective tax rate2.7 %(0.4)%
Schedule of the Gross Beginning and Ending Amount of Unrecognized Tax Benefits A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods is presented as follows:
202620252024
(Dollars in thousands)
Balance at beginning of period$96,549 $65,115 $125,853 
Additions attributable to current year tax positions39,619 3,440 2,027 
Additions attributable to prior year tax positions2,199 27,994 32,569 
Reductions attributable to prior year tax positions— — (85,513)
Reductions attributable to statute expiration— — (9,821)
Balance at end of period$138,367 $96,549 $65,115 
Schedule of Income Taxes Paid
The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within our Consolidated Balance Sheets that aggregates to the amount presented in our Consolidated Statements of Cash Flows.
August 31,
202620252024
(Dollars in thousands)
Cash and cash equivalents$263,603 $327,826 $794,865 
Restricted cash included in other current assets123,217 71,434 78,997 
Total cash and cash equivalents and restricted cash$386,820 $399,260 $873,862 
Cash income tax payments, net of refunds, consisted of the following:

202620252024
(Dollars in thousands)
Federal$10,258 
State(5,366)
Iowa(5,385)
Minnesota(3,309)
California2,687 
Louisiana(1,752)
Other states2,393 
International411 
Total$5,303 $77,070 $129,065