LEASES

3 Months Ended

Nov. 30, 2019

Leases [Abstract]

Operating Leases

NOTE 7. LEASES

The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet at November 30, 2019:

(in thousands)	Classification in Condensed Consolidated Balance Sheet	November 30, 2019
Assets:
Operating assets	Other noncurrent assets	$	111,230
Finance assets	Property, plant and equipment, net	39,226
Total leased assets		150,456
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	28,614
Long-term	Other noncurrent liabilities	84,843
Total operating lease liabilities		113,457
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	11,878
Long-term	Long-term debt	27,835
Total finance lease liabilities		39,713
Total lease liabilities		$	153,170

The components of lease cost were as follows:

(in thousands)	Three Months Ended November 30, 2019
Operating lease expense	$	8,790
Finance lease expense:
Amortization of assets	2,165
Interest on lease liabilities	401
Total finance lease expense	2,566
Variable and short term-lease expense	3,933
Total lease expense	$	15,289

The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table:

	November 30, 2019
Weighted-average remaining lease term (years)
Operating leases	5.3
Finance leases	3.9
Weighted-average discount rate
Operating leases	3.769	%
Finance leases	4.222	%

Cash flow and other information related to leases is included in the following table:

(in thousands)	Three Months Ended November 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	8,746
Operating cash outflows from finance leases	336
Financing cash outflows from finance leases	3,298
ROU assets obtained in exchange for lease obligations:
Operating leases	6,369
Finance leases	5,312

Maturities of lease liabilities at November 30, 2019 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,436	$	13,300
Year 2	27,186		10,712
Year 3	21,872		8,260
Year 4	17,542		6,488
Year 5	9,494		4,124
Thereafter	18,342		267
Total lease payments	126,872		43,151
Less: Imputed interest	13,415		3,438
Present value of lease liabilities	$	113,457	$	39,713

Future maturities of lease liabilities at August 31, 2019, prior to adoption of ASU 2016-02, are presented in the following table:

			Twelve Months Ended August 31,
(in thousands)	Total		2020	2021	2022	2023	2024	Thereafter
Capital lease obligations	$	41,331	13,104	10,004	7,758	5,831	3,904	730
Long-term non-cancelable operating leases	$	124,817	34,511	27,383	22,074	17,433	10,478	12,938

Finance Leases

NOTE 7. LEASES

The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet at November 30, 2019:

(in thousands)	Classification in Condensed Consolidated Balance Sheet	November 30, 2019
Assets:
Operating assets	Other noncurrent assets	$	111,230
Finance assets	Property, plant and equipment, net	39,226
Total leased assets		150,456
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	28,614
Long-term	Other noncurrent liabilities	84,843
Total operating lease liabilities		113,457
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	11,878
Long-term	Long-term debt	27,835
Total finance lease liabilities		39,713
Total lease liabilities		$	153,170

The components of lease cost were as follows:

(in thousands)	Three Months Ended November 30, 2019
Operating lease expense	$	8,790
Finance lease expense:
Amortization of assets	2,165
Interest on lease liabilities	401
Total finance lease expense	2,566
Variable and short term-lease expense	3,933
Total lease expense	$	15,289

The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table:

	November 30, 2019
Weighted-average remaining lease term (years)
Operating leases	5.3
Finance leases	3.9
Weighted-average discount rate
Operating leases	3.769	%
Finance leases	4.222	%

Cash flow and other information related to leases is included in the following table:

(in thousands)	Three Months Ended November 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	8,746
Operating cash outflows from finance leases	336
Financing cash outflows from finance leases	3,298
ROU assets obtained in exchange for lease obligations:
Operating leases	6,369
Finance leases	5,312

Maturities of lease liabilities at November 30, 2019 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,436	$	13,300
Year 2	27,186		10,712
Year 3	21,872		8,260
Year 4	17,542		6,488
Year 5	9,494		4,124
Thereafter	18,342		267
Total lease payments	126,872		43,151
Less: Imputed interest	13,415		3,438
Present value of lease liabilities	$	113,457	$	39,713

Future maturities of lease liabilities at August 31, 2019, prior to adoption of ASU 2016-02, are presented in the following table:

			Twelve Months Ended August 31,
(in thousands)	Total		2020	2021	2022	2023	2024	Thereafter
Capital lease obligations	$	41,331	13,104	10,004	7,758	5,831	3,904	730
Long-term non-cancelable operating leases	$	124,817	34,511	27,383	22,074	17,433	10,478	12,938