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v3.22.2.2

LEASES | 12 Months Ended
--- | ---
Aug. 31, 2022
Leases [Abstract] |
Operating Leases | NOTE 8. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's consolidated balance sheets:
(in thousands) |  | Classification in Consolidated Balance Sheets |  | August 31, 2022 |  | August 31, 2021
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 138,937 |  |  | $ | 112,202 |
Finance assets |  | Property, plant and equipment, net |  | 63,702 |  |  | 55,308 |
Total leased assets |  |  |  | $ | 202,639 |  |  | $ | 167,510 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 31,792 |  |  | $ | 26,433 |
Long-term |  | Other noncurrent liabilities |  | 111,150 |  |  | 93,409 |
Total operating lease liabilities |  |  |  | 142,942 |  |  | 119,842 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 19,340 |  |  | 16,040 |
Long-term |  | Long-term debt |  | 39,196 |  |  | 36,104 |
Total finance lease liabilities |  |  |  | 58,536 |  |  | 52,144 |
Total lease liabilities |  |  |  | $ | 201,478 |  |  | $ | 171,986 |
The components of lease cost were as follows:
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Operating lease expense |  | $ | 35,111 |  |  | $ | 32,752 |  |  | $ | 35,611 |
Finance lease expense: |  |  |  |  |  |
Amortization of assets |  | 13,302 |  |  | 13,050 |  |  | 11,445 |
Interest on lease liabilities |  | 2,105 |  |  | 2,213 |  |  | 1,792 |
Total finance lease expense |  | 15,407 |  |  | 15,263 |  |  | 13,237 |
Variable and short-term lease expense |  | 20,856 |  |  | 20,096 |  |  | 17,020 |
Total lease expense |  | $ | 71,374 |  |  | $ | 68,111 |  |  | $ | 65,868 |
The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | August 31, 2022 |  | August 31, 2021
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 5.3 |  | 6.2
Finance leases |  | 3.4 |  | 3.6
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.076 | % |  | 4.451 | %
Finance leases |  | 4.125 | % |  | 4.079 | %
Cash flow and other information related to leases is included in the following table:
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 35,697 |  |  | $ | 31,686 |  |  | $ | 36,063 |
Operating cash outflows from finance leases |  | 2,093 |  |  | 2,228 |  |  | 1,720 |
Financing cash outflows from finance leases |  | 17,821 |  |  | 16,016 |  |  | 12,774 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 59,035 |  |  | $ | 25,888 |  |  | $ | 43,642 |
Finance leases |  | 24,333 |  |  | 18,006 |  |  | 26,573 |
Future maturities of lease liabilities at August 31, 2022 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
2023 |  | $ | 38,277 |  |  | $ | 21,311 |
2024 |  | 32,108 |  |  | 18,633 |
2025 |  | 26,343 |  |  | 12,583 |
2026 |  | 21,714 |  |  | 6,235 |
2027 |  | 14,019 |  |  | 3,090 |
Thereafter |  | 27,616 |  |  | 672 |
Total lease payments |  | 160,077 |  |  | 62,524 |
Less imputed interest |  | (17,135) |  |  | (3,988) |
Present value of lease liabilities |  | $ | 142,942 |  |  | $ | 58,536 |
As of August 31, 2022, the Company has additional leases that have not yet commenced, primarily for vehicles, with aggregate fixed payments over their terms of approximately $17.0 million. These leases will commence in 2023 and 2024 and have noncancellable terms of 4 to 7 years.
Finance Leases | NOTE 8. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's consolidated balance sheets:
(in thousands) |  | Classification in Consolidated Balance Sheets |  | August 31, 2022 |  | August 31, 2021
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 138,937 |  |  | $ | 112,202 |
Finance assets |  | Property, plant and equipment, net |  | 63,702 |  |  | 55,308 |
Total leased assets |  |  |  | $ | 202,639 |  |  | $ | 167,510 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 31,792 |  |  | $ | 26,433 |
Long-term |  | Other noncurrent liabilities |  | 111,150 |  |  | 93,409 |
Total operating lease liabilities |  |  |  | 142,942 |  |  | 119,842 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 19,340 |  |  | 16,040 |
Long-term |  | Long-term debt |  | 39,196 |  |  | 36,104 |
Total finance lease liabilities |  |  |  | 58,536 |  |  | 52,144 |
Total lease liabilities |  |  |  | $ | 201,478 |  |  | $ | 171,986 |
The components of lease cost were as follows:
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Operating lease expense |  | $ | 35,111 |  |  | $ | 32,752 |  |  | $ | 35,611 |
Finance lease expense: |  |  |  |  |  |
Amortization of assets |  | 13,302 |  |  | 13,050 |  |  | 11,445 |
Interest on lease liabilities |  | 2,105 |  |  | 2,213 |  |  | 1,792 |
Total finance lease expense |  | 15,407 |  |  | 15,263 |  |  | 13,237 |
Variable and short-term lease expense |  | 20,856 |  |  | 20,096 |  |  | 17,020 |
Total lease expense |  | $ | 71,374 |  |  | $ | 68,111 |  |  | $ | 65,868 |
The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | August 31, 2022 |  | August 31, 2021
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 5.3 |  | 6.2
Finance leases |  | 3.4 |  | 3.6
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.076 | % |  | 4.451 | %
Finance leases |  | 4.125 | % |  | 4.079 | %
Cash flow and other information related to leases is included in the following table:
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 35,697 |  |  | $ | 31,686 |  |  | $ | 36,063 |
Operating cash outflows from finance leases |  | 2,093 |  |  | 2,228 |  |  | 1,720 |
Financing cash outflows from finance leases |  | 17,821 |  |  | 16,016 |  |  | 12,774 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 59,035 |  |  | $ | 25,888 |  |  | $ | 43,642 |
Finance leases |  | 24,333 |  |  | 18,006 |  |  | 26,573 |
Future maturities of lease liabilities at August 31, 2022 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
2023 |  | $ | 38,277 |  |  | $ | 21,311 |
2024 |  | 32,108 |  |  | 18,633 |
2025 |  | 26,343 |  |  | 12,583 |
2026 |  | 21,714 |  |  | 6,235 |
2027 |  | 14,019 |  |  | 3,090 |
Thereafter |  | 27,616 |  |  | 672 |
Total lease payments |  | 160,077 |  |  | 62,524 |
Less imputed interest |  | (17,135) |  |  | (3,988) |
Present value of lease liabilities |  | $ | 142,942 |  |  | $ | 58,536 |
As of August 31, 2022, the Company has additional leases that have not yet commenced, primarily for vehicles, with aggregate fixed payments over their terms of approximately $17.0 million. These leases will commence in 2023 and 2024 and have noncancellable terms of 4 to 7 years.

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