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Leases (Tables)

9 Months Ended

May 30, 2020

Leases [Abstract]

Supplemental Balance Sheet Information

The following table details the supplemental balance sheet information related to the Company's leases:

(in thousands)			Classification			May 30, 2020
Assets
Operating leases			Operating lease assets			$	29,790
Finance leases			Other assets			$	4,542
Total lease assets						$	34,332
Liabilities
Current: Operating leases			Accrued expenses: Other			$	2,507
Current: Finance leases			Accrued expenses: Other			532
Non-Current: Operating leases			Operating lease liabilities			27,366
Non-Current: Financing leases			Non-current liabilities: Other			$	5,005
Total lease liabilities						$	35,410

Schedule of Lease Costs

The following table details the operating lease cost incurred:

						Three Months Ended						Nine Months Ended
(in thousands)			Classification			May 30, 2020						May 30, 2020
Operating lease expense(1)			Costs of goods sold and SG&A			$	1,647					$	5,183
Finance lease cost:
Depreciation of lease assets			Costs of goods sold and SG&A			144						331
Interest on lease liabilities			Interest expense			86						205
Total lease cost						$	1,877					$	5,719

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

The following table details additional information related to the Company's leases:

			Nine Months Ended
(in thousands)			May 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	1,807
Operating cash flows from finance leases			205
Financing cash flows from finance leases			232
Leased assets obtained in exchange for lease liabilities:
Operating leases			1,663
Finance leases(1)			5,664
			May 30, 2020
Weighted average remaining lease term (in years):
Operating leases			8.9
Finance leases			8.0
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

The Company's future lease commitments for future fiscal years as of May 30, 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			$	225					$	854					$	1,079					$	214
Fiscal 2021			900						3,330						4,230						855
Fiscal 2022			900						3,014						3,914						851
Fiscal 2023			1,500						2,757						4,257						842
Fiscal 2024			1,800						2,587						4,387						845
Thereafter			9,600						11,912						21,512						3,443
Total future undiscounted lease payments			14,925						24,454						39,379						7,050
Less: Interest			4,042						5,464						9,506						1,513
Total reported lease liabilities			$	10,883					$	18,990					$	29,873					$	5,537

Future Lease Commitments for Future Fiscal Years of Financing Leases

The Company's future lease commitments for future fiscal years as of May 30, 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			$	225					$	854					$	1,079					$	214
Fiscal 2021			900						3,330						4,230						855
Fiscal 2022			900						3,014						3,914						851
Fiscal 2023			1,500						2,757						4,257						842
Fiscal 2024			1,800						2,587						4,387						845
Thereafter			9,600						11,912						21,512						3,443
Total future undiscounted lease payments			14,925						24,454						39,379						7,050
Less: Interest			4,042						5,464						9,506						1,513
Total reported lease liabilities			$	10,883					$	18,990					$	29,873					$	5,537

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

The Company's future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases, and as disclosed in the Company's 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ 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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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

+ References

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