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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

X

- References

No definition available.

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X

- 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

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X

- 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

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