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Financing Obligation | 12 Months Ended
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Aug. 31, 2014
Financing Obligation [Abstract] |
Financing Obligation | 6.FINANCING OBLIGATION In connection with the sale and leaseback of our corporate headquarters facility located in Salt Lake City, Utah, we entered into a 20-year master lease agreement with the purchaser, an unrelated private investment group. The 20-year master lease agreement also contains six five-year renewal options that will allow us to maintain our operations at the current location for up to 50 years. Although the corporate headquarters facility was sold and the Company has no legal ownership of the property, under applicable accounting guidance we were prohibited from recording the transaction as a sale since we have subleased a significant portion of the property that was sold. Accordingly, we account for the sale as a financing transaction, which requires us to continue reporting the corporate headquarters facility as an asset and to record a financing obligation for the sale price. The financing obligation on our corporate campus was comprised of the following (in thousands):
AUGUST 31, |  | 2014 |  | 2013
Financing obligation payable in |  |  |  |
monthly installments of $280 at |  |  |  |
August 31, 2014, including |  |  |  |
principal and interest, with two |  |  |  |
percent annual increases |  |  |  |
(imputed interest at 7.7%), |  |  |  |
through June 2025 | $ | 27,376 | $ | 28,515
Less current portion |  | (1,298) |  | (1,139)
Total financing obligation, |  |  |  |
less current portion | $ | 26,078 | $ | 27,376
Future principal maturities of our financing obligation were as follows at August 31, 2014 (in thousands):
YEAR ENDING |  |
AUGUST 31, |  |
2015 | $ | 1,298
2016 |  | 1,473
2017 |  | 1,662
2018 |  | 1,868
2019 |  | 2,092
Thereafter |  | 18,983
| $ | 27,376
Our remaining future minimum payments under the financing obligation in the initial 20-year lease term are as follows (in thousands):
YEAR ENDING |  |
AUGUST 31, |  |
2015 | $ | 3,373
2016 |  | 3,440
2017 |  | 3,509
2018 |  | 3,579
2019 |  | 3,651
Thereafter |  | 22,679
Total future minimum financing |  |
obligation payments |  | 40,231
Less interest |  | (14,167)
Present value of future minimum |  |
financing obligation payments | $ | 26,064
The $1.3 million difference between the carrying value of the financing obligation and the present value of the future minimum financing obligation payments represents the carrying value of the land sold in the financing transaction, which is not depreciated. At the conclusion of the master lease agreement, the remaining financing obligation and carrying value of the land will be written off our financial statements.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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