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Leases | 6 Months Ended
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Feb. 29, 2020
Leases [Abstract] |
Leases | ﻿ ﻿ NOTE 5 – LEASES ﻿ Lessee Obligations ﻿ In the normal course of business we rent office space, primarily for international sales administration offices, in commercial office complexes that are conducive to sales and administrative operations. We also rent warehousing and distribution facilities that are designed to provide secure storage and efficient distribution of our training products, books, and accessories. All of these leases are classified as operating leases. Operating lease assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Since most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on the balance sheet. For operating leases, expense is recognized on a straight-line basis over the lease term. We do not have significant amounts of variable lease payments. ﻿ Some of our operating leases contain renewal options that may be exercised at our discretion after the completion of the base rental term. At February 29, 2020, we had operating leases with remaining terms ranging from less than one year to approximately six years. The amounts of assets and liabilities (in thousands) and other information related to our operating leases follows: ﻿
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﻿ |  |  |  |  |  |
﻿ |  | Balance Sheet |  |  | February 29, |
﻿ |  | Caption |  |  | 2020 |
﻿Assets: |  |  |  |  |  |
﻿Operating lease right of use assets |  | Other long-term assets |  | $ | 1,662 |
﻿ |  |  |  |  |  |
﻿Liabilities: |  |  |  |  |  |
﻿ Current: |  |  |  |  |  |
﻿ Operating lease liabilities |  | Accrued liabilities |  |  | 921 |
﻿ Long-Term: |  |  |  |  |  |
﻿ Operating lease liabilities |  | Other long-term liabilities |  |  | 741 |
﻿ |  |  |  | $ | 1,662 |
﻿ |  |  |  |  |  |
﻿Weighted Average Remaining Lease Term: |  |  |  |  |  |
﻿ Operating leases (years) |  |  |  |  | 2.7 |
﻿ |  |  |  |  |  |
﻿Weighted Average Discount Rate: |  |  |  |  |  |
﻿ Operating leases |  |  |  |  | 4.2 | %
﻿ During the quarter and two quarters ended February 29, 2020, lease expense totaled $0.4 million and $0.8 million, respectively. For the quarter and two quarters ended February 28, 2019, lease expense also totaled $0.4 million and $0.8 million. Operating lease expense is reported in selling, general, and administrative expense in our condensed consolidated statements of operations. ﻿ The approximate future minimum lease payments under our operating leases at February 29, 2020, is as follows (in thousands): ﻿
﻿ |  |  |
﻿ |  |  |
﻿YEAR ENDING AUGUST 31, |  |  | Amount
﻿Remainder of 2020 |  | $ | 541
﻿2021 |  |  | 727
﻿2022 |  |  | 202
﻿2023 |  |  | 116
﻿2024 |  |  | 93
﻿Thereafter |  |  | 98
﻿ Total operating lease payments |  |  | 1,777
﻿Less imputed interest |  |  | (115)
﻿ Present value of operating lease liabilities |  | $ | 1,662
﻿ Lessor Accounting ﻿ We have subleased the majority of our corporate headquarters campus located in Salt Lake City, Utah to multiple tenants. These sublease agreements are accounted for as operating leases. We recognize sublease income on a straight-line basis over the life of the sublease agreement. The cost basis of our corporate campus was $36.0 million, which had a carrying value of $6.6 million at February 29, 2020. The following future minimum lease payments due to us from our sublease agreements at February 29, 2020, are as follows (in thousands): ﻿
﻿ |  |  |
﻿ |  |  |
﻿YEAR ENDING AUGUST 31, |  |  | Amount
﻿Remainder of 2020 |  | $ | 1,955
﻿2021 |  |  | 2,341
﻿2022 |  |  | 1,514
﻿2023 |  |  | 1,514
﻿2024 |  |  | 1,527
﻿Thereafter |  |  | 1,275
﻿ |  | $ | 10,126
﻿ For the quarter and two quarters ended February 29, 2020, sublease revenue totaled $1.0 million and $1.9 million, respectively. During the quarter and two quarters ended February 28, 2019, sublease revenue also totaled $1.0 million and $1.9 million. Sublease revenues are included in net sales in the accompanying condensed consolidated statements of operations. ﻿

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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