Leases (Tables)

3 Months Ended

Nov. 30, 2021

The following table reconciles our future undiscounted cash flows related to our operating leases and the reconciliation to the Current and Long-term lease liabilities as of November 30, 2021:


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31,
2022 (remaining nine months)	$	32,200
2023	39,966
2024	37,460
2025	35,648
2026	35,022
Thereafter	160,126
Total	$	340,422
Less: Imputed interest	59,430
Present value	$	280,992

Schedule of other information related to operating leases

The components of lease cost related to the operating leases were as follows:


	Three Months Ended
	November 30,
(in millions)	2021		2020
Operating lease cost1	$	10.5	$	10.7
Variable lease cost2	$	2.9	$	3.4

1.Operating lease costs included costs associated with fixed lease payments and index-based variable payments that qualified for lease accounting under ASC 842, Leases and complied with the practical expedients and exceptions elected by us.

2.Variable lease costs were not included in the measurement of lease liabilities. These costs primarily included variable non-lease costs and leases that qualified for the short-term lease exception. Our variable non-lease costs included costs that were not fixed at the lease commencement date and are not dependent on an index or rate. These costs relate to utilities, real estate taxes, insurance and maintenance.

The following table summarizes our lease term and discount rate assumptions related to the operating leases recorded on the Consolidated Balance Sheets:


	November 30, 2021		August 31, 2021
Weighted average remaining lease term (in years)	9.2		9.4
Weighted average discount rate (IBR)	4.3	%	4.3	%

The following table summarizes supplemental cash flow information related to our operating leases:


	Three Months Ended
	November 30,
(in millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	11.1	$	9.7
Lease ROU assets obtained in exchange for lease liabilities	$	1.4	$	1.1