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LEASES

9 Months Ended

May 31, 2021

Leases [Abstract]

Operating 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 sheets:

(in thousands)						Classification in Condensed Consolidated Balance Sheets						May 31, 2021						August 31, 2020
Assets:
Operating assets						Other noncurrent assets						$	114,774					$	114,905
Finance assets						Property, plant and equipment, net						54,501						50,642
Total leased assets												$	169,275					$	165,547
Liabilities:
Operating lease liabilities:
Current						Accrued expenses and other payables						$	26,799					$	27,604
Long-term						Other noncurrent liabilities						96,063						95,810
Total operating lease liabilities												122,862						123,414
Finance lease liabilities:
Current						Current maturities of long-term debt and short-term borrowings						15,613						14,373
Long-term						Long-term debt						36,757						35,851
Total finance lease liabilities												52,370						50,224
Total lease liabilities												$	175,232					$	173,638

The components of lease cost were as follows:

						Three Months Ended May 31,												Nine Months Ended May 31,
(in thousands)						2021						2020						2021						2020
Operating lease expense						$	8,377					$	9,129					$	25,750					$	26,734
Finance lease expense:
Amortization of assets						3,270						3,343						9,729						8,228
Interest on lease liabilities						555						456						1,673						1,322
Total finance lease expense						3,825						3,799						11,402						9,550
Variable and short-term lease expense						4,584						4,233						13,871						12,547
Total lease expense						$	16,786					$	17,161					$	51,023					$	48,831

The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:

						May 31, 2021						August 31, 2020
Weighted average remaining lease term (years)
Operating leases						6.4						6.3
Finance leases						3.7						3.8
Weighted average discount rate
Operating leases						4.476		%				4.283		%
Finance leases						4.194		%				4.270		%

Cash flow and other information related to leases is included in the following table:

						Nine Months Ended May 31,
(in thousands)						2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases						$	25,862					$	27,003
Operating cash outflows from finance leases						1,665						1,243
Financing cash outflows from finance leases						11,706						9,607
Right of use assets obtained in exchange for lease obligations:
Operating leases						$	23,019					$	38,363
Finance leases						14,002						16,277

Future maturities of lease liabilities at May 31, 2021 are presented in the following table:

(in thousands)						Operating Leases						Finance Leases
Year 1						$	32,255					$	17,495
Year 2						26,992						15,228
Year 3						21,553						12,637
Year 4						16,576						8,229
Year 5						12,303						2,238
Thereafter						32,922						758
Total lease payments						142,601						56,585
Less imputed interest						19,739						4,215
Present value of lease liabilities						$	122,862					$	52,370

Finance 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 sheets:

(in thousands)						Classification in Condensed Consolidated Balance Sheets						May 31, 2021						August 31, 2020
Assets:
Operating assets						Other noncurrent assets						$	114,774					$	114,905
Finance assets						Property, plant and equipment, net						54,501						50,642
Total leased assets												$	169,275					$	165,547
Liabilities:
Operating lease liabilities:
Current						Accrued expenses and other payables						$	26,799					$	27,604
Long-term						Other noncurrent liabilities						96,063						95,810
Total operating lease liabilities												122,862						123,414
Finance lease liabilities:
Current						Current maturities of long-term debt and short-term borrowings						15,613						14,373
Long-term						Long-term debt						36,757						35,851
Total finance lease liabilities												52,370						50,224
Total lease liabilities												$	175,232					$	173,638

The components of lease cost were as follows:

						Three Months Ended May 31,												Nine Months Ended May 31,
(in thousands)						2021						2020						2021						2020
Operating lease expense						$	8,377					$	9,129					$	25,750					$	26,734
Finance lease expense:
Amortization of assets						3,270						3,343						9,729						8,228
Interest on lease liabilities						555						456						1,673						1,322
Total finance lease expense						3,825						3,799						11,402						9,550
Variable and short-term lease expense						4,584						4,233						13,871						12,547
Total lease expense						$	16,786					$	17,161					$	51,023					$	48,831

The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:

						May 31, 2021						August 31, 2020
Weighted average remaining lease term (years)
Operating leases						6.4						6.3
Finance leases						3.7						3.8
Weighted average discount rate
Operating leases						4.476		%				4.283		%
Finance leases						4.194		%				4.270		%

Cash flow and other information related to leases is included in the following table:

						Nine Months Ended May 31,
(in thousands)						2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases						$	25,862					$	27,003
Operating cash outflows from finance leases						1,665						1,243
Financing cash outflows from finance leases						11,706						9,607
Right of use assets obtained in exchange for lease obligations:
Operating leases						$	23,019					$	38,363
Finance leases						14,002						16,277

Future maturities of lease liabilities at May 31, 2021 are presented in the following table:

(in thousands)						Operating Leases						Finance Leases
Year 1						$	32,255					$	17,495
Year 2						26,992						15,228
Year 3						21,553						12,637
Year 4						16,576						8,229
Year 5						12,303						2,238
Thereafter						32,922						758
Total lease payments						142,601						56,585
Less imputed interest						19,739						4,215
Present value of lease liabilities						$	122,862					$	52,370

X

- References

No definition available.

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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

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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

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