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LEASES | 6 Months Ended
--- | ---
Feb. 29, 2020
Leases [Abstract] |
Operating Leases | NOTE 7. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet at February 29, 2020:
(in thousands) |  | Classification in Condensed Consolidated Balance Sheet |  | February 29, 2020
Assets: |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 124,749 |
Finance assets |  | Property, plant and equipment, net |  | 43,647 |
Total leased assets |  |  |  | $ | 168,396 |
Liabilities: |  |  |  |
Operating lease liabilities: |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 27,900 |
Long-term |  | Other noncurrent liabilities |  | 99,283 |
Total operating lease liabilities |  |  |  | 127,183 |
Finance lease liabilities: |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 12,604 |
Long-term |  | Long-term debt |  | 31,254 |
Total finance lease liabilities |  |  |  | 43,858 |
Total lease liabilities |  |  |  | $ | 171,041 |
The components of lease cost were as follows:
(in thousands) |  | Three Months Ended February 29, 2020 |  | Six Months Ended February 29, 2020
Operating lease expense |  | $ | 8,815 |  |  | $ | 17,605 |
Finance lease expense: |  |  |  |
Amortization of assets |  | 2,720 |  |  | 4,885 |
Interest on lease liabilities |  | 465 |  |  | 866 |
Total finance lease expense |  | 3,185 |  |  | 5,751 |
Variable and short term-lease expense |  | 4,381 |  |  | 8,314 |
Total lease expense |  | $ | 16,381 |  |  | $ | 31,670 |
The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | February 29, 2020
Weighted-average remaining lease term (years) |  |
Operating leases |  | 6.5
Finance leases |  | 3.9
Weighted-average discount rate |  |
Operating leases |  | 4.160 | %
Finance leases |  | 4.216 | %
Cash flow and other information related to leases is included in the following table:
(in thousands) |  | Six Months Ended February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash outflows from operating leases |  | $ | 17,594 |
Operating cash outflows from finance leases |  | 787 |
Financing cash outflows from finance leases |  | 6,426 |
ROU assets obtained in exchange for lease obligations: |  |
Operating leases |  | 28,942 |
Finance leases |  | 13,040 |
Maturities of lease liabilities at February 29, 2020 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
Year 1 |  | $ | 32,620 |  |  | $ | 14,189 |
Year 2 |  | 27,531 |  |  | 11,963 |
Year 3 |  | 22,156 |  |  | 9,521 |
Year 4 |  | 17,563 |  |  | 7,626 |
Year 5 |  | 12,455 |  |  | 4,277 |
Thereafter |  | 34,680 |  |  | 74 |
Total lease payments |  | 147,005 |  |  | 47,650 |
Less: Imputed interest |  | 19,822 |  |  | 3,792 |
Present value of lease liabilities |  | $ | 127,183 |  |  | $ | 43,858 |
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 7. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet at February 29, 2020:
(in thousands) |  | Classification in Condensed Consolidated Balance Sheet |  | February 29, 2020
Assets: |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 124,749 |
Finance assets |  | Property, plant and equipment, net |  | 43,647 |
Total leased assets |  |  |  | $ | 168,396 |
Liabilities: |  |  |  |
Operating lease liabilities: |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 27,900 |
Long-term |  | Other noncurrent liabilities |  | 99,283 |
Total operating lease liabilities |  |  |  | 127,183 |
Finance lease liabilities: |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 12,604 |
Long-term |  | Long-term debt |  | 31,254 |
Total finance lease liabilities |  |  |  | 43,858 |
Total lease liabilities |  |  |  | $ | 171,041 |
The components of lease cost were as follows:
(in thousands) |  | Three Months Ended February 29, 2020 |  | Six Months Ended February 29, 2020
Operating lease expense |  | $ | 8,815 |  |  | $ | 17,605 |
Finance lease expense: |  |  |  |
Amortization of assets |  | 2,720 |  |  | 4,885 |
Interest on lease liabilities |  | 465 |  |  | 866 |
Total finance lease expense |  | 3,185 |  |  | 5,751 |
Variable and short term-lease expense |  | 4,381 |  |  | 8,314 |
Total lease expense |  | $ | 16,381 |  |  | $ | 31,670 |
The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | February 29, 2020
Weighted-average remaining lease term (years) |  |
Operating leases |  | 6.5
Finance leases |  | 3.9
Weighted-average discount rate |  |
Operating leases |  | 4.160 | %
Finance leases |  | 4.216 | %
Cash flow and other information related to leases is included in the following table:
(in thousands) |  | Six Months Ended February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash outflows from operating leases |  | $ | 17,594 |
Operating cash outflows from finance leases |  | 787 |
Financing cash outflows from finance leases |  | 6,426 |
ROU assets obtained in exchange for lease obligations: |  |
Operating leases |  | 28,942 |
Finance leases |  | 13,040 |
Maturities of lease liabilities at February 29, 2020 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
Year 1 |  | $ | 32,620 |  |  | $ | 14,189 |
Year 2 |  | 27,531 |  |  | 11,963 |
Year 3 |  | 22,156 |  |  | 9,521 |
Year 4 |  | 17,563 |  |  | 7,626 |
Year 5 |  | 12,455 |  |  | 4,277 |
Thereafter |  | 34,680 |  |  | 74 |
Total lease payments |  | 147,005 |  |  | 47,650 |
Less: Imputed interest |  | 19,822 |  |  | 3,792 |
Present value of lease liabilities |  | $ | 127,183 |  |  | $ | 43,858 |
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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