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LEASES | 3 Months Ended
--- | ---
Nov. 30, 2021
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 sheets:
(in thousands) |  | Classification in Condensed Consolidated Balance Sheets |  | November 30, 2021 |  | August 31, 2021
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 118,855 |  |  | $ | 112,202 |
Finance assets |  | Property, plant and equipment, net |  | 53,221 |  |  | 55,308 |
Total leased assets |  |  |  | $ | 172,076 |  |  | $ | 167,510 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 28,327 |  |  | $ | 26,433 |
Long-term |  | Other noncurrent liabilities |  | 97,891 |  |  | 93,409 |
Total operating lease liabilities |  |  |  | 126,218 |  |  | 119,842 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 15,808 |  |  | 16,040 |
Long-term |  | Long-term debt |  | 33,128 |  |  | 36,104 |
Total finance lease liabilities |  |  |  | 48,936 |  |  | 52,144 |
Total lease liabilities |  |  |  | $ | 175,154 |  |  | $ | 171,986 |
The components of lease expense were as follows:
|  | Three Months Ended November 30, |  |
(in thousands) |  | 2021 |  | 2020 |  |  |  |
Operating lease expense |  | $ | 8,584 |  |  | $ | 8,722 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of assets |  | 3,235 |  |  | 3,239 |  |  |  |  |
Interest on lease liabilities |  | 514 |  |  | 555 |  |  |  |  |
Total finance lease expense |  | 3,749 |  |  | 3,794 |  |  |  |  |
Variable and short-term lease expense |  | 5,162 |  |  | 4,962 |  |  |  |  |
Total lease expense |  | $ | 17,495 |  |  | $ | 17,478 |  |  |  |  |
The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | November 30, 2021 |  | August 31, 2021
Weighted average remaining lease term (years) |  |  |  |
Operating leases |  | 6.0 |  | 6.2
Finance leases |  | 3.4 |  | 3.6
Weighted average discount rate |  |  |  |
Operating leases |  | 4.275 | % |  | 4.451 | %
Finance leases |  | 4.045 | % |  | 4.079 | %
Cash flow and other information related to leases is included in the following table:
|  | Three Months Ended November 30,
(in thousands) |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 8,749 |  |  | $ | 9,047 |
Operating cash outflows from finance leases |  | 519 |  |  | 560 |
Financing cash outflows from finance leases |  | 4,199 |  |  | 3,795 |
Right of use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 15,912 |  |  | $ | 12,267 |
Finance leases |  | 1,002 |  |  | 6,300 |
Future maturities of lease liabilities at November 30, 2021 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
Year 1 |  | $ | 33,528 |  |  | $ | 17,480 |
Year 2 |  | 28,441 |  |  | 15,170 |
Year 3 |  | 22,763 |  |  | 12,163 |
Year 4 |  | 17,842 |  |  | 5,719 |
Year 5 |  | 12,984 |  |  | 1,362 |
Thereafter |  | 29,033 |  |  | 512 |
Total lease payments |  | 144,591 |  |  | 52,406 |
Less imputed interest |  | 18,373 |  |  | 3,470 |
Present value of lease liabilities |  | $ | 126,218 |  |  | $ | 48,936 |
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 sheets:
(in thousands) |  | Classification in Condensed Consolidated Balance Sheets |  | November 30, 2021 |  | August 31, 2021
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 118,855 |  |  | $ | 112,202 |
Finance assets |  | Property, plant and equipment, net |  | 53,221 |  |  | 55,308 |
Total leased assets |  |  |  | $ | 172,076 |  |  | $ | 167,510 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 28,327 |  |  | $ | 26,433 |
Long-term |  | Other noncurrent liabilities |  | 97,891 |  |  | 93,409 |
Total operating lease liabilities |  |  |  | 126,218 |  |  | 119,842 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 15,808 |  |  | 16,040 |
Long-term |  | Long-term debt |  | 33,128 |  |  | 36,104 |
Total finance lease liabilities |  |  |  | 48,936 |  |  | 52,144 |
Total lease liabilities |  |  |  | $ | 175,154 |  |  | $ | 171,986 |
The components of lease expense were as follows:
|  | Three Months Ended November 30, |  |
(in thousands) |  | 2021 |  | 2020 |  |  |  |
Operating lease expense |  | $ | 8,584 |  |  | $ | 8,722 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of assets |  | 3,235 |  |  | 3,239 |  |  |  |  |
Interest on lease liabilities |  | 514 |  |  | 555 |  |  |  |  |
Total finance lease expense |  | 3,749 |  |  | 3,794 |  |  |  |  |
Variable and short-term lease expense |  | 5,162 |  |  | 4,962 |  |  |  |  |
Total lease expense |  | $ | 17,495 |  |  | $ | 17,478 |  |  |  |  |
The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table:
|  | November 30, 2021 |  | August 31, 2021
Weighted average remaining lease term (years) |  |  |  |
Operating leases |  | 6.0 |  | 6.2
Finance leases |  | 3.4 |  | 3.6
Weighted average discount rate |  |  |  |
Operating leases |  | 4.275 | % |  | 4.451 | %
Finance leases |  | 4.045 | % |  | 4.079 | %
Cash flow and other information related to leases is included in the following table:
|  | Three Months Ended November 30,
(in thousands) |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 8,749 |  |  | $ | 9,047 |
Operating cash outflows from finance leases |  | 519 |  |  | 560 |
Financing cash outflows from finance leases |  | 4,199 |  |  | 3,795 |
Right of use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 15,912 |  |  | $ | 12,267 |
Finance leases |  | 1,002 |  |  | 6,300 |
Future maturities of lease liabilities at November 30, 2021 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
Year 1 |  | $ | 33,528 |  |  | $ | 17,480 |
Year 2 |  | 28,441 |  |  | 15,170 |
Year 3 |  | 22,763 |  |  | 12,163 |
Year 4 |  | 17,842 |  |  | 5,719 |
Year 5 |  | 12,984 |  |  | 1,362 |
Thereafter |  | 29,033 |  |  | 512 |
Total lease payments |  | 144,591 |  |  | 52,406 |
Less imputed interest |  | 18,373 |  |  | 3,470 |
Present value of lease liabilities |  | $ | 126,218 |  |  | $ | 48,936 |

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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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