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LEASES | 12 Months Ended
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Aug. 31, 2018
LEASES [Abstract] |
LEASES | ﻿ NOTE 11 – LEASES ﻿ The Company is committed under non-cancelable operating leases for the rental of facilities and land. These leases expire or become subject to renewal between November 30, 2018 and January 29, 2044. The following table summarizes the components of rental expense charged for operating leases of open locations for fiscal years 2018, 2017 and 2016 (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Years Ended August 31,
﻿ |  | 2018 |  | 2017 |  | 2016
﻿Minimum rental payments |  | $ | 12,963 |  | $ | 11,223 |  | $ | 9,986
﻿Deferred rent accruals |  |  | 127 |  |  | (80) |  |  | 1,363
﻿Total straight line rent expense |  |  | 13,090 |  |  | 11,143 |  |  | 11,349
﻿Contingent rental payments |  |  | 3,399 |  |  | 3,320 |  |  | 3,208
﻿Common area maintenance expense |  |  | 723 |  |  | 1,174 |  |  | 1,369
﻿Rental expense |  | $ | 17,212 |  | $ | 15,637 |  | $ | 15,926
﻿ Future minimum lease commitments for facilities under these leases with an initial term in excess of one year are as follows (in thousands): ﻿ ﻿
﻿ |  |  |  |
﻿ |  |  |  |
﻿ |  | Leased |
﻿Years Ended August 31, |  | Locations(1) |
﻿2019 |  | $ | 14,062 |
﻿2020 |  |  | 12,366 |
﻿2021 |  |  | 11,465 |
﻿2022 |  |  | 11,382 |
﻿2023 |  |  | 11,628 |
﻿Thereafter |  |  | 137,343 |
﻿Total |  | $ | 198,246 | (2)(3)
﻿
| (1) |  | Operating lease obligations have been reduced by approximately $3.3 million to reflect expected sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.
| (2) |  | Future minimum lease payments include $2.4 million of lease payment obligations for the prior leased Miami distribution center. For the purposes of calculating the minimum lease payments, a reduction is reflected for the actual sub-lease income the Company expects to receive during the remaining lease term. This sub-lease income was also considered, for the purposes of calculating the exit obligation, which was immaterial as of August 31, 2018.
| (3) |  | In March 2018, the Company acquired Aeropost, Inc., which provides logistics, payment and e-commerce services in Latin America and the Caribbean. Aeropost currently serves customers in 38 countries with Costa Rica, Trinidad and Jamaica as its largest markets. Aeropost leases and operates small retail stores that enable customers to pick up and pay for merchandise. Future minimum lease payments includes amounts related to these small retail locations, Aeropost Corporate Headquarters, central offices and distribution facilities.
﻿ The following table summarizes the components of rental income recorded for operating leases for fiscal years 2018, 2017 and 2016 (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Years Ended August 31,
﻿ |  | 2018 |  | 2017 |  | 2016
﻿Minimum rental receipts |  | $ | 2,750 |  | $ | 2,654 |  | $ | 2,735
﻿Deferred rent accruals |  |  | (26) |  |  | (17) |  |  | 56
﻿Total straight line rent income |  |  | 2,724 |  |  | 2,637 |  |  | 2,791
﻿Contingent rental receipts |  |  | 130 |  |  | 121 |  |  | 112
﻿Common maintenance area income |  |  | 155 |  |  | 141 |  |  | 151
﻿Rental income |  | $ | 3,009 |  | $ | 2,899 |  | $ | 3,054
﻿ The Company is the landlord for rental of land and/or building space for properties it owns. The following is a schedule of future minimum rental income on non-cancelable operating leases with an initial term in excess of one year from owned property as of August 31, 2018 (in thousands): ﻿ ﻿
﻿ |  |  |
﻿ |  |  |
﻿Years Ended August 31, |  | Amount
﻿2019 |  | $ | 3,304
﻿2020 |  |  | 3,089
﻿2021 |  |  | 2,743
﻿2022 |  |  | 1,237
﻿2023 |  |  | 973
﻿Thereafter |  |  | 3,638
﻿Total |  | $ | 14,984

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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