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LEASES | 12 Months Ended
--- | ---
Aug. 31, 2024
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 consolidated balance sheets:
(in thousands) |  | Classification in Consolidated Balance Sheets |  | August 31, 2024 |  | August 31, 2023
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 178,006 |  |  | $ | 160,767 |
Finance assets |  | Property, plant and equipment, net |  | 160,361 |  |  | 104,537 |
Total leased assets |  |  |  | $ | 338,367 |  |  | $ | 265,304 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 36,675 |  |  | $ | 34,445 |
Long-term |  | Other noncurrent liabilities |  | 140,109 |  |  | 129,800 |
Total operating lease liabilities |  |  |  | 176,784 |  |  | 164,245 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 36,985 |  |  | 28,037 |
Long-term |  | Long-term debt |  | 104,286 |  |  | 67,433 |
Total finance lease liabilities |  |  |  | 141,271 |  |  | 95,470 |
Total lease liabilities |  |  |  | $ | 318,055 |  |  | $ | 259,715 |
The components of lease cost were as follows:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 46,515 |  |  | $ | 40,093 |  |  | $ | 35,111 |
Finance lease expense: |  |  |  |  |  |
Amortization of assets |  | 23,825 |  |  | 16,574 |  |  | 13,302 |
Interest on lease liabilities |  | 5,712 |  |  | 3,642 |  |  | 2,105 |
Total finance lease expense |  | 29,537 |  |  | 20,216 |  |  | 15,407 |
Variable and short-term lease expense |  | 19,481 |  |  | 20,810 |  |  | 20,856 |
Total lease expense |  | $ | 95,533 |  |  | $ | 81,119 |  |  | $ | 71,374 |
The weighted average remaining lease terms and discount rates for operating and finance leases are presented in the following table:
|  | August 31, 2024 |  | August 31, 2023
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 6.2 |  | 5.6
Finance leases |  | 4.1 |  | 4.1
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.934 | % |  | 4.730 | %
Finance leases |  | 5.134 | % |  | 4.926 | %
Cash flow and other information related to leases is included in the following table:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 47,508 |  |  | $ | 40,645 |  |  | $ | 35,697 |
Operating cash outflows from finance leases |  | 5,712 |  |  | 3,642 |  |  | 2,093 |
Financing cash outflows from finance leases |  | 34,508 |  |  | 22,837 |  |  | 17,821 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 57,746 |  |  | $ | 55,588 |  |  | $ | 59,035 |
Finance leases |  | 79,841 |  |  | 59,499 |  |  | 24,333 |
Future maturities of lease liabilities at August 31, 2024 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
2025 |  | $ | 44,856 |  |  | $ | 43,376 |
2026 |  | 40,369 |  |  | 36,953 |
2027 |  | 33,391 |  |  | 33,836 |
2028 |  | 24,992 |  |  | 27,198 |
2029 |  | 16,542 |  |  | 12,771 |
Thereafter |  | 49,492 |  |  | 3,264 |
Total lease payments |  | 209,642 |  |  | 157,398 |
Less imputed interest |  | (32,858) |  |  | (16,127) |
Present value of lease liabilities |  | $ | 176,784 |  |  | $ | 141,271 |
As of August 31, 2024, the Company has additional leases that have not yet commenced, primarily for vehicles, with aggregate fixed payments over their terms of approximately $18.1 million to commence in 2025. These leases have noncancellable terms of 5 to 12 years.
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 consolidated balance sheets:
(in thousands) |  | Classification in Consolidated Balance Sheets |  | August 31, 2024 |  | August 31, 2023
Assets: |  |  |  |  |  |
Operating assets |  | Other noncurrent assets |  | $ | 178,006 |  |  | $ | 160,767 |
Finance assets |  | Property, plant and equipment, net |  | 160,361 |  |  | 104,537 |
Total leased assets |  |  |  | $ | 338,367 |  |  | $ | 265,304 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities: |  |  |  |  |  |
Current |  | Accrued expenses and other payables |  | $ | 36,675 |  |  | $ | 34,445 |
Long-term |  | Other noncurrent liabilities |  | 140,109 |  |  | 129,800 |
Total operating lease liabilities |  |  |  | 176,784 |  |  | 164,245 |
Finance lease liabilities: |  |  |  |  |  |
Current |  | Current maturities of long-term debt and short-term borrowings |  | 36,985 |  |  | 28,037 |
Long-term |  | Long-term debt |  | 104,286 |  |  | 67,433 |
Total finance lease liabilities |  |  |  | 141,271 |  |  | 95,470 |
Total lease liabilities |  |  |  | $ | 318,055 |  |  | $ | 259,715 |
The components of lease cost were as follows:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 46,515 |  |  | $ | 40,093 |  |  | $ | 35,111 |
Finance lease expense: |  |  |  |  |  |
Amortization of assets |  | 23,825 |  |  | 16,574 |  |  | 13,302 |
Interest on lease liabilities |  | 5,712 |  |  | 3,642 |  |  | 2,105 |
Total finance lease expense |  | 29,537 |  |  | 20,216 |  |  | 15,407 |
Variable and short-term lease expense |  | 19,481 |  |  | 20,810 |  |  | 20,856 |
Total lease expense |  | $ | 95,533 |  |  | $ | 81,119 |  |  | $ | 71,374 |
The weighted average remaining lease terms and discount rates for operating and finance leases are presented in the following table:
|  | August 31, 2024 |  | August 31, 2023
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 6.2 |  | 5.6
Finance leases |  | 4.1 |  | 4.1
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.934 | % |  | 4.730 | %
Finance leases |  | 5.134 | % |  | 4.926 | %
Cash flow and other information related to leases is included in the following table:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 47,508 |  |  | $ | 40,645 |  |  | $ | 35,697 |
Operating cash outflows from finance leases |  | 5,712 |  |  | 3,642 |  |  | 2,093 |
Financing cash outflows from finance leases |  | 34,508 |  |  | 22,837 |  |  | 17,821 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 57,746 |  |  | $ | 55,588 |  |  | $ | 59,035 |
Finance leases |  | 79,841 |  |  | 59,499 |  |  | 24,333 |
Future maturities of lease liabilities at August 31, 2024 are presented in the following table:
(in thousands) |  | Operating Leases |  | Finance Leases
2025 |  | $ | 44,856 |  |  | $ | 43,376 |
2026 |  | 40,369 |  |  | 36,953 |
2027 |  | 33,391 |  |  | 33,836 |
2028 |  | 24,992 |  |  | 27,198 |
2029 |  | 16,542 |  |  | 12,771 |
Thereafter |  | 49,492 |  |  | 3,264 |
Total lease payments |  | 209,642 |  |  | 157,398 |
Less imputed interest |  | (32,858) |  |  | (16,127) |
Present value of lease liabilities |  | $ | 176,784 |  |  | $ | 141,271 |
As of August 31, 2024, the Company has additional leases that have not yet commenced, primarily for vehicles, with aggregate fixed payments over their terms of approximately $18.1 million to commence in 2025. These leases have noncancellable terms of 5 to 12 years.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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