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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 SheetAugust 31, 2020
Assets:
Operating assetsOther noncurrent assets$114,905 
Finance assetsProperty, plant and equipment, net50,642 
Total leased assets$165,547 
Liabilities:
Operating lease liabilities:
CurrentAccrued expenses and other payables$27,604 
Long-termOther noncurrent liabilities95,810 
Total operating lease liabilities123,414 
Finance lease liabilities:
CurrentCurrent maturities of long-term debt and short-term borrowings14,373 
Long-termLong-term debt35,851 
Total finance lease liabilities50,224 
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 assets11,445 
Interest on lease liabilities1,792 
Total finance lease expense13,237 
Variable and short term-lease expense17,020 
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 leases6.3
Finance leases3.8
Weighted average discount rate
Operating leases4.283 %
Finance leases4.270 %

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 leases1,720 
Financing cash outflows from finance leases12,774 
ROU assets obtained in exchange for lease obligations:
Operating leases43,642 
Finance leases26,573 

Maturities of lease liabilities at August 31, 2020 are presented in the following table:
(in thousands)Operating LeasesFinance Leases
2021$32,350 $16,227 
202227,015 14,037 
202322,035 11,675 
202416,761 8,968 
202512,052 3,569 
Thereafter32,312 69 
Total lease payments142,525 54,545 
Less: Imputed interest19,111 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)Total20202021202220232024Thereafter
Capital lease obligations$41,331 $13,104 $10,004 $7,758 $5,831 $3,904 $730 
Long-term non-cancelable operating leases124,817 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 SheetAugust 31, 2020
Assets:
Operating assetsOther noncurrent assets$114,905 
Finance assetsProperty, plant and equipment, net50,642 
Total leased assets$165,547 
Liabilities:
Operating lease liabilities:
CurrentAccrued expenses and other payables$27,604 
Long-termOther noncurrent liabilities95,810 
Total operating lease liabilities123,414 
Finance lease liabilities:
CurrentCurrent maturities of long-term debt and short-term borrowings14,373 
Long-termLong-term debt35,851 
Total finance lease liabilities50,224 
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 assets11,445 
Interest on lease liabilities1,792 
Total finance lease expense13,237 
Variable and short term-lease expense17,020 
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 leases6.3
Finance leases3.8
Weighted average discount rate
Operating leases4.283 %
Finance leases4.270 %

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 leases1,720 
Financing cash outflows from finance leases12,774 
ROU assets obtained in exchange for lease obligations:
Operating leases43,642 
Finance leases26,573 

Maturities of lease liabilities at August 31, 2020 are presented in the following table:
(in thousands)Operating LeasesFinance Leases
2021$32,350 $16,227 
202227,015 14,037 
202322,035 11,675 
202416,761 8,968 
202512,052 3,569 
Thereafter32,312 69 
Total lease payments142,525 54,545 
Less: Imputed interest19,111 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)Total20202021202220232024Thereafter
Capital lease obligations$41,331 $13,104 $10,004 $7,758 $5,831 $3,904 $730 
Long-term non-cancelable operating leases124,817 34,511 27,383 22,074 17,433 10,478 12,938