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LEASES (Tables) | 3 Months Ended
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Nov. 30, 2020
Leases [Abstract] |
Schedule of Balance Sheet Components of 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:
(in thousands) |  | Classification in Condensed Consolidated Balance Sheets |  | November 30, 2020 |  | August 31, 2020
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 117,582 |  |  | $ | 114,905 |
Finance assets |  | Property, plant and equipment, net |  | 53,561 |  |  | 50,642 |
Total leased assets |  |  |  | $ | 171,143 |  |  | $ | 165,547 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 27,030 |  |  | $ | 27,604 |
Long-term |  | Other noncurrent liabilities |  | 98,881 |  |  | 95,810 |
Total operating lease liabilities |  |  |  | 125,911 |  |  | 123,414 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 15,060 |  |  | 14,373 |
Long-term |  | Long-term debt |  | 37,421 |  |  | 35,851 |
Total finance lease liabilities |  |  |  | 52,481 |  |  | 50,224 |
Total lease liabilities |  |  |  | $ | 178,392 |  |  | $ | 173,638 |
Lease Cost | The components of lease cost were as follows:
|  | Three Months Ended November 30, |  |
(in thousands) |  | 2020 |  | 2019 |  |
Operating lease expense |  | $ | 8,722 |  |  | $ | 8,790 |  |  |
Finance lease expense: |  |  |  |  |  |
Amortization of assets |  | 3,239 |  |  | 2,165 |  |  |
Interest on lease liabilities |  | 555 |  |  | 401 |  |  |
Total finance lease expense |  | 3,794 |  |  | 2,566 |  |  |
Variable and short term-lease expense |  | 4,962 |  |  | 3,933 |  |  |
Total lease expense |  | $ | 17,478 |  |  | $ | 15,289 |  |  |
The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | November 30, 2020 |  | August 31, 2020
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 6.5 |  | 6.3
Finance leases |  | 3.8 |  | 3.8
Weighted-average discount rate |  |  |  |
Operating leases |  | 4.426 | % |  | 4.283 | %
Finance leases |  | 4.302 | % |  | 4.270 | %
Cash Flow and Other Information Related to Leases | Cash flow and other information related to leases is included in the following table:
|  | Three Months Ended November 30,
(in thousands) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash outflows from operating leases |  | $ | 9,047 |  |  | $ | 8,746 |
Operating cash outflows from finance leases |  | 560 |  |  | 336 |
Financing cash outflows from finance leases |  | 3,795 |  |  | 3,298 |
Right of use ("ROU") assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | 12,267 |  |  | 6,369 |
Finance leases |  | 6,300 |  |  | 5,312 |
Maturity of Operating Lease Liabilities | Maturities of lease liabilities at November 30, 2020 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
Year 1 |  | $ | 32,040 |  |  | $ | 17,018 |
Year 2 |  | 26,550 |  |  | 14,639 |
Year 3 |  | 22,686 |  |  | 12,374 |
Year 4 |  | 17,312 |  |  | 9,542 |
Year 5 |  | 12,889 |  |  | 3,294 |
Thereafter |  | 35,301 |  |  | 163 |
Total lease payments |  | 146,778 |  |  | 57,030 |
Less: Imputed interest |  | 20,867 |  |  | 4,549 |
Present value of lease liabilities |  | $ | 125,911 |  |  | $ | 52,481 |
Maturity of Finance Lease Liabilities | Maturities of lease liabilities at November 30, 2020 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
Year 1 |  | $ | 32,040 |  |  | $ | 17,018 |
Year 2 |  | 26,550 |  |  | 14,639 |
Year 3 |  | 22,686 |  |  | 12,374 |
Year 4 |  | 17,312 |  |  | 9,542 |
Year 5 |  | 12,889 |  |  | 3,294 |
Thereafter |  | 35,301 |  |  | 163 |
Total lease payments |  | 146,778 |  |  | 57,030 |
Less: Imputed interest |  | 20,867 |  |  | 4,549 |
Present value of lease liabilities |  | $ | 125,911 |  |  | $ | 52,481 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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