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Leases (Tables)

12 Months Ended

Aug. 31, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information, Lease Terms and Discount Rates

The following table sets forth the amount of lease assets and lease liabilities included on the Company's Consolidated Balance Sheets, as of the period indicated (in thousands):

		Financial Statement Line Item		August 31, 2020
Assets
Operating lease assets (1)		Operating lease right-of-use assets		$	362,847
Finance lease assets (2)		Property, plant and equipment, net		160,015
Total lease assets				$	522,862
Liabilities
Current
Operating lease liabilities		Current operating lease liabilities		$	110,723
Finance lease liabilities		Accrued expenses		7,465
Non-current
Operating lease liabilities		Non-current operating lease liabilities		302,035
Finance lease liabilities		Other liabilities		160,747
Total lease liabilities				$	580,970

⁽¹⁾  Net of accumulated amortization of $96.2 million.

⁽²⁾ 

Net of accumulated amortization of $12.8 million.

Schedule of Expenses and Income and Supplemental Cash Flow Information

The following table is a summary of expenses related to leases included on the Company's Consolidated Statements of Operations, for the periods indicated (in thousands):

	Fiscal Year Ended August 31,
	2020
Operating lease cost	$	114,290
Finance lease cost
Amortization of leased assets	5,470
Interest on lease liabilities	4,950
Other	15,038
Net lease cost(1)	$	139,748

⁽¹⁾  Lease costs are primarily recognized in cost of revenue.

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the period indicated:

	August 31, 2020
	Weighted-average remaining lease term		Weighted-average discount rate
Operating leases	5.4 years		3.18	%
Finance leases	5.7 years		4.28	%

The following table sets forth other supplemental information related to the Company's lease portfolio (in thousands):

	Fiscal Year Ended August 31,
	2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)	$	112,267
Operating cash flows for finance leases(1)	4,950
Financing activities for finance leases(2)	6,242
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	91,350
Finance leases	111,591

⁽¹⁾  Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Company's Consolidated Statements of Cash Flows.

⁽²⁾ 

Included in payments toward debt agreements in Financing Activities of the Company's Consolidated Statements of Cash Flows.

Schedule of Future Minimum Lease Payments Under Operating Leases

The future minimum lease payments under operating and finance leases as of August 31, 2020 were as follows (in thousands):

Fiscal Year Ending August 31,	Operating Leases(1)				Finance Leases				Total
2021	$	121,196			$	12,383			$	133,579
2022	89,143				12,864				102,007
2023	67,952				12,363				80,315
2024	56,153				12,505				68,658
2025	36,924				43,185				80,109
Thereafter	85,799				101,111				186,910
Total minimum lease payments	$	457,167			$	194,411			$	651,578
Less: Interest	(44,409		)		(26,199		)		(70,608		)
Present value of lease liabilities	$	412,758			$	168,212			$	580,970

⁽¹⁾ 

Excludes $137.8 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

Schedule of Future Minimum Lease Payments Under Finance Leases

The future minimum lease payments under operating and finance leases as of August 31, 2020 were as follows (in thousands):

Fiscal Year Ending August 31,	Operating Leases(1)				Finance Leases				Total
2021	$	121,196			$	12,383			$	133,579
2022	89,143				12,864				102,007
2023	67,952				12,363				80,315
2024	56,153				12,505				68,658
2025	36,924				43,185				80,109
Thereafter	85,799				101,111				186,910
Total minimum lease payments	$	457,167			$	194,411			$	651,578
Less: Interest	(44,409		)		(26,199		)		(70,608		)
Present value of lease liabilities	$	412,758			$	168,212			$	580,970

⁽¹⁾ 

Excludes $137.8 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases

As disclosed in the Company’s Form 10-K for the fiscal year ended August 31, 2019, the future minimum lease payments of non-cancelable operating leases prior to the adoption of ASU 2016-02 were as follows (in thousands):

Fiscal Year Ending August 31,	Amount
2020	$	118,312
2021	102,915
2022	84,729
2023	63,206
2024	51,091
Thereafter	182,932
Total minimum lease payments	$	603,185

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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