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Leases (Tables)

6 Months Ended

Feb. 29, 2020

Leases [Abstract]

Supplemental Balance Sheet Information

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

(in thousands)			Classification			February 29, 2020
Assets
Operating leases			Operating lease assets			$	30,460
Finance leases			Other assets			4,686
Total lease assets						$	35,146
Liabilities
Current: Operating leases			Accrued expenses: Other			$	2,500
Current: Finance leases			Accrued expenses: Other			522
Non-Current: Operating leases			Operating lease liabilities			27,882
Non-Current: Finance leases			Non-current liabilities: Other			5,141
Total lease liabilities						$	36,045

Schedule of Lease Costs

The following table details the operating lease cost incurred:

						Three Months Ended						Six Months Ended
(in thousands)			Classification			February 29, 2020						February 29, 2020
Operating lease expense(1)			Costs of goods sold and SG&A			$	1,773					$	3,536
Finance lease cost:
Depreciation of lease assets			Costs of goods sold and SG&A			144						187
Interest on lease liabilities			Interest expense			88						119
Total lease cost						$	2,005					$	3,842

(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:

			Six Months Ended
(in thousands)			February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	1,168
Operating cash flows from finance leases			119
Financing cash flows from finance leases			104
Leased assets obtained in exchange for lease liabilities:
Operating leases			1,801
Finance leases(1)			5,664
			February 29, 2020
Weighted average remaining lease term (in years):
Operating leases			9.2
Finance leases			8.2
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 February 29,2020 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			$	450					$	1,724					$	2,174					$	426
Fiscal 2021			900						3,299						4,199						855
Fiscal 2022			900						2,983						3,883						851
Fiscal 2023			1,500						2,726						4,226						842
Fiscal 2024			1,800						2,556						4,356						845
Thereafter			9,600						11,893						21,493						3,443
Total future undiscounted lease payments			15,150						25,181						40,331						7,262
Less: Interest			4,210						5,739						9,949						1,599
Total reported lease liabilities			$	10,940					$	19,442					$	30,382					$	5,663

Future Lease Commitments for Future Fiscal Years of Financing Leases

Our future lease commitments for future fiscal years as of February 29,2020 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			$	450					$	1,724					$	2,174					$	426
Fiscal 2021			900						3,299						4,199						855
Fiscal 2022			900						2,983						3,883						851
Fiscal 2023			1,500						2,726						4,226						842
Fiscal 2024			1,800						2,556						4,356						845
Thereafter			9,600						11,893						21,493						3,443
Total future undiscounted lease payments			15,150						25,181						40,331						7,262
Less: Interest			4,210						5,739						9,949						1,599
Total reported lease liabilities			$	10,940					$	19,442					$	30,382					$	5,663

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 6
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+ References

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