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Leases (Tables)

3 Months Ended

Nov. 30, 2019

Schedule of Lease Cost and Other Information Related to Company's Operating Leases

Lease cost and other information related to the Company’s operating leases are as follows:

($ in thousands)	November 30, 2019
Operating lease cost (cost resulting from lease payments)		1,418
Variable lease cost (cost excluded from lease payments)		100
Total lease cost	$	1,518

Operating cash outflows from operating leases		1,086
Weighted average lease term - operating leases	10.0 years
Weighted average discount rate - operating leases		3.3	%

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases for the first quarter of 2020 is as follows:

($ in thousands)	Classification	November 30, 2019
Operating lease ROU assets	Operating lease right-of-use assets	$	25,764

Operating lease short-term liabilities	Other current liabilities		4,200
Operating lease long-term liabilities	Operating lease liabilities		25,323
Total lease liabilities		$	29,523

Schedule of Minimum Lease Payments Under Operating Leases

The minimum lease payments under operating leases expiring subsequent to November 30, 2019 are as follows:

Fiscal year ending	$ in thousands
2020	$	4,334
2021		5,233
2022		4,909
2023		3,504
2024		3,110
Thereafter		20,516
Total lease payments		41,606
Less: interest		12,083
Present value of lease liabilities	$	29,523

Schedule of Future Minimum Lease Payments Under Operating Leases

As previously disclosed in our Annual Report on Form 10-K for the year ended August 31, 2019 and under the previous lease accounting standard, future minimum lease payments under operating leases with an initial or remaining term in excess of one year at August 31, 2019 would have been as follows:

Fiscal year ending	$ in thousands
2020	$	6,065
2021		5,266
2022		4,771
2023		3,414
2024		3,107
Thereafter		20,119
Total lease payments	$	42,742