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v3.20.2

LEASES | 12 Months Ended
--- | ---
Aug. 31, 2020
Leases [Abstract] |
Operating Leases | NOTE 9. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's consolidated balance sheet at August 31, 2020:
(in thousands) |  | Classification in Consolidated Balance Sheet |  | August 31, 2020
Assets: |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 114,905 |
Finance assets |  | Property, plant and equipment, net |  | 50,642 |
Total leased assets |  |  |  | $ | 165,547 |
Liabilities: |  |  |  |
Operating lease liabilities: |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 27,604 |
Long-term |  | Other noncurrent liabilities |  | 95,810 |
Total operating lease liabilities |  |  |  | 123,414 |
Finance lease liabilities: |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 14,373 |
Long-term |  | Long-term debt |  | 35,851 |
Total finance lease liabilities |  |  |  | 50,224 |
Total lease liabilities |  |  |  | $ | 173,638 |
The components of lease cost were as follows:
(in thousands) |  | Year Ended August 31, 2020
Operating lease expense |  | $ | 35,611 |
Finance lease expense: |  |
Amortization of assets |  | 11,445 |
Interest on lease liabilities |  | 1,792 |
Total finance lease expense |  | 13,237 |
Variable and short term-lease expense |  | 17,020 |
Total lease expense |  | $ | 65,868 |
The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | August 31, 2020
Weighted average remaining lease term (years) |  |
Operating leases |  | 6.3
Finance leases |  | 3.8
Weighted average discount rate |  |
Operating leases |  | 4.283 | %
Finance leases |  | 4.270 | %
Cash flow and other information related to leases is included in the following table:
(in thousands) |  | Year Ended August 31, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash outflows from operating leases |  | $ | 36,063 |
Operating cash outflows from finance leases |  | 1,720 |
Financing cash outflows from finance leases |  | 12,774 |
ROU assets obtained in exchange for lease obligations: |  |
Operating leases |  | 43,642 |
Finance leases |  | 26,573 |
Maturities of lease liabilities at August 31, 2020 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
2021 |  | $ | 32,350 |  |  | $ | 16,227 |
2022 |  | 27,015 |  |  | 14,037 |
2023 |  | 22,035 |  |  | 11,675 |
2024 |  | 16,761 |  |  | 8,968 |
2025 |  | 12,052 |  |  | 3,569 |
Thereafter |  | 32,312 |  |  | 69 |
Total lease payments |  | 142,525 |  |  | 54,545 |
Less: Imputed interest |  | 19,111 |  |  | 4,321 |
Present value of lease liabilities |  | $ | 123,414 |  |  | $ | 50,224 |
Future maturities of lease liabilities at August 31, 2019, prior to adoption of ASU 2016-02, are presented in the following table:
|  |  |  | Twelve Months Ended August 31, |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Total |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
Capital lease obligations |  | $ | 41,331 |  |  | $ | 13,104 |  |  | $ | 10,004 |  |  | $ | 7,758 |  |  | $ | 5,831 |  |  | $ | 3,904 |  |  | $ | 730 |
Long-term non-cancelable operating leases |  | 124,817 |  |  | 34,511 |  |  | 27,383 |  |  | 22,074 |  |  | 17,433 |  |  | 10,478 |  |  | 12,938 |
Finance Leases | NOTE 9. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's consolidated balance sheet at August 31, 2020:
(in thousands) |  | Classification in Consolidated Balance Sheet |  | August 31, 2020
Assets: |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 114,905 |
Finance assets |  | Property, plant and equipment, net |  | 50,642 |
Total leased assets |  |  |  | $ | 165,547 |
Liabilities: |  |  |  |
Operating lease liabilities: |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 27,604 |
Long-term |  | Other noncurrent liabilities |  | 95,810 |
Total operating lease liabilities |  |  |  | 123,414 |
Finance lease liabilities: |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 14,373 |
Long-term |  | Long-term debt |  | 35,851 |
Total finance lease liabilities |  |  |  | 50,224 |
Total lease liabilities |  |  |  | $ | 173,638 |
The components of lease cost were as follows:
(in thousands) |  | Year Ended August 31, 2020
Operating lease expense |  | $ | 35,611 |
Finance lease expense: |  |
Amortization of assets |  | 11,445 |
Interest on lease liabilities |  | 1,792 |
Total finance lease expense |  | 13,237 |
Variable and short term-lease expense |  | 17,020 |
Total lease expense |  | $ | 65,868 |
The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | August 31, 2020
Weighted average remaining lease term (years) |  |
Operating leases |  | 6.3
Finance leases |  | 3.8
Weighted average discount rate |  |
Operating leases |  | 4.283 | %
Finance leases |  | 4.270 | %
Cash flow and other information related to leases is included in the following table:
(in thousands) |  | Year Ended August 31, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash outflows from operating leases |  | $ | 36,063 |
Operating cash outflows from finance leases |  | 1,720 |
Financing cash outflows from finance leases |  | 12,774 |
ROU assets obtained in exchange for lease obligations: |  |
Operating leases |  | 43,642 |
Finance leases |  | 26,573 |
Maturities of lease liabilities at August 31, 2020 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
2021 |  | $ | 32,350 |  |  | $ | 16,227 |
2022 |  | 27,015 |  |  | 14,037 |
2023 |  | 22,035 |  |  | 11,675 |
2024 |  | 16,761 |  |  | 8,968 |
2025 |  | 12,052 |  |  | 3,569 |
Thereafter |  | 32,312 |  |  | 69 |
Total lease payments |  | 142,525 |  |  | 54,545 |
Less: Imputed interest |  | 19,111 |  |  | 4,321 |
Present value of lease liabilities |  | $ | 123,414 |  |  | $ | 50,224 |
Future maturities of lease liabilities at August 31, 2019, prior to adoption of ASU 2016-02, are presented in the following table:
|  |  |  | Twelve Months Ended August 31, |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Total |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
Capital lease obligations |  | $ | 41,331 |  |  | $ | 13,104 |  |  | $ | 10,004 |  |  | $ | 7,758 |  |  | $ | 5,831 |  |  | $ | 3,904 |  |  | $ | 730 |
Long-term non-cancelable operating leases |  | 124,817 |  |  | 34,511 |  |  | 27,383 |  |  | 22,074 |  |  | 17,433 |  |  | 10,478 |  |  | 12,938 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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