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LEASES | 3 Months Ended
--- | ---
Nov. 30, 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:
(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 |
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 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 |
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 |
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:
(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 |
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 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 |
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 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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