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Leases (Tables)

3 Months Ended

Nov. 30, 2019

Leases [Abstract]

Supplemental Balance Sheet Information

The following table details the supplemental balance sheet information related to our leases:

(in thousands)	Classification	November 30, 2019
Assets
Operating leases	Operating lease assets	$	30,720
Finance leases	Other assets	4,761
Total lease assets		$	35,481
Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,416
Current: Finance leases	Accrued expenses: Other	516
Non-Current: Operating leases	Operating lease liabilities	28,066
Non-Current: Finance leases	Non-current liabilities: Other	5,275
Total lease liabilities		$	36,273

Schedule of Lease Costs

The following table details the operating lease cost incurred:

		Three Months Ended
(in thousands)	Classification	November 30, 2019
Operating lease expense(1)	Costs of goods sold and SG&A	$	1,763
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	43
Interest on lease liabilities	Interest expense	31
Total lease cost		$	1,837

(1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial.

The following table details additional information related to our leases:

	Three Months Ended
(in thousands)	November 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	554
Operating cash flows from finance leases	31
Financing cash flows from finance leases	46
Leased assets obtained in exchange for lease liabilities:
Operating leases	2,317
Finance leases(1)	5,664
	November 30, 2019
Weighted average remaining lease term (in years):
Operating leases	9.5
Finance leases	8.6
Weighted average discount rate:
Operating leases	6.2		%
Finance leases	6.2		%

(1)

Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.

Future Lease Commitments for Future Fiscal Years of Operating Leases

Our future lease commitments for future fiscal years as of November 30, 2019 included the following related party and non-related party leases:

	Operating Leases												Finance Leases
(in thousands)	Related Party Amount				Non-Related Party Amount				Total				Non-Related Party Amount
Fiscal 2020	$	2,147			$	1,036			$	3,183			$	642
Fiscal 2021	2,863				1,220				4,083				855
Fiscal 2022	2,863				904				3,767				851
Fiscal 2023	3,463				646				4,109				842
Fiscal 2024	3,763				477				4,240				845
Thereafter	20,073				1,371				21,444				3,443
Total future undiscounted lease payments	35,172				5,654				40,826				7,478
Less: Interest	9,422				922				10,344				1,687
Total reported lease liabilities	$	25,750			$	4,732			$	30,482			$	5,791

Future Lease Commitments for Future Fiscal Years of Financing Leases

Our future lease commitments for future fiscal years as of November 30, 2019 included the following related party and non-related party leases:

	Operating Leases												Finance Leases
(in thousands)	Related Party Amount				Non-Related Party Amount				Total				Non-Related Party Amount
Fiscal 2020	$	2,147			$	1,036			$	3,183			$	642
Fiscal 2021	2,863				1,220				4,083				855
Fiscal 2022	2,863				904				3,767				851
Fiscal 2023	3,463				646				4,109				842
Fiscal 2024	3,763				477				4,240				845
Thereafter	20,073				1,371				21,444				3,443
Total future undiscounted lease payments	35,172				5,654				40,826				7,478
Less: Interest	9,422				922				10,344				1,687
Total reported lease liabilities	$	25,750			$	4,732			$	30,482			$	5,791

Schedule of Future Minimum Lease Payments Prior to Adoption of ASC 842

Our future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases, and as disclosed in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019, included the following related party and non-related party leases:

	Operating Leases
(in thousands)	Related Party Amount				Non-Related Party Amount				Total
Fiscal 2020	$	2,864			$	1,236			$	4,100
Fiscal 2021	2,863				1,068				3,931
Fiscal 2022	2,863				759				3,622
Fiscal 2023	3,597				530				4,127
Fiscal 2024	3,963				361				4,324
Thereafter	25,064				1,359				26,423
Total future lease commitments	$	41,214			$	5,313			$	46,527

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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

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-Topic 842
-SubTopic 20
-Section 50
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+ References

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-Section 50
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