Leases (Tables)

9 Months Ended

May 31, 2022

Leases [Abstract]

Schedule of future minimum commitments

The following table reconciles our future undiscounted cash flows related to our operating leases and the reconciliation to the combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets as of May 31, 2022:

(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31,
2022 (remaining three months)	$	10,286
2023	40,638
2024	37,710
2025	35,638
2026	34,449
Thereafter	150,925
Total	$	309,646
Less: Imputed interest	51,842
Present value	$	257,804

Schedule of other information related to operating leases

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

	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in millions)	2022		2021		2022		2021
Operating lease cost1	$	9.8	$	10.7	$	30.5	$	32.2
Variable lease cost2	$	3.2	$	2.6	$	8.9	$	10.3

1.Operating lease costs include 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 include variable non-lease costs and leases that qualified for the short-term lease exception. Our variable non-lease costs include 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:

	May 31, 2022		August 31, 2021
Weighted average remaining lease term (in years)	8.7		9.4
Weighted average discount rate (IBR)	4.3	%	4.3	%

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

	Nine Months Ended
	May 31,
(in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities	$	32.9	$	30.9
Lease ROU assets obtained in exchange for lease liabilities	$	9.3	$	5.5
Reductions to ROU assets resulting from reductions to lease liabilities1	$	(11.7)	$	—

1.Primarily related to lease term reassessments based on contractual options to early terminate, resulting in a reduction to the lease liability and the corresponding Lease ROU asset.