LEASES

9 Months Ended

May 31, 2020

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 May 31, 2020:

(in thousands)	Classification in Condensed Consolidated Balance Sheet	May 31, 2020
Assets:
Operating assets	Other noncurrent assets	$	120,931
Finance assets	Property, plant and equipment, net	43,477
Total leased assets		$	164,408
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	28,291
Long-term	Other noncurrent liabilities	98,903
Total operating lease liabilities		127,194
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	12,668
Long-term	Long-term debt	30,837
Total finance lease liabilities		43,505
Total lease liabilities		$	170,699

The components of lease cost were as follows:

(in thousands)	Three Months Ended May 31, 2020		Nine Months Ended May 31, 2020
Operating lease expense	$	9,129	$	26,734
Finance lease expense:
Amortization of assets	3,343		8,228
Interest on lease liabilities	456		1,322
Total finance lease expense	3,799		9,550
Variable and short term-lease expense	4,233		12,547
Total lease expense	$	17,161	$	48,831

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

	May 31, 2020
Weighted-average remaining lease term (years)
Operating leases	6.4
Finance leases	3.8
Weighted-average discount rate
Operating leases	4.178	%
Finance leases	4.180	%

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

(in thousands)	Nine Months Ended May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	27,003
Operating cash outflows from finance leases	1,243
Financing cash outflows from finance leases	9,607
ROU assets obtained in exchange for lease obligations:
Operating leases	38,363
Finance leases	16,277

Maturities of lease liabilities at May 31, 2020 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	33,064	$	14,229
Year 2	27,822		12,103
Year 3	22,499		9,728
Year 4	17,549		7,632
Year 5	12,796		3,336
Thereafter	32,975		108
Total lease payments	146,705		47,136
Less: Imputed interest	19,511		3,631
Present value of lease liabilities	$	127,194	$	43,505

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 May 31, 2020:

(in thousands)	Classification in Condensed Consolidated Balance Sheet	May 31, 2020
Assets:
Operating assets	Other noncurrent assets	$	120,931
Finance assets	Property, plant and equipment, net	43,477
Total leased assets		$	164,408
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	28,291
Long-term	Other noncurrent liabilities	98,903
Total operating lease liabilities		127,194
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	12,668
Long-term	Long-term debt	30,837
Total finance lease liabilities		43,505
Total lease liabilities		$	170,699

The components of lease cost were as follows:

(in thousands)	Three Months Ended May 31, 2020		Nine Months Ended May 31, 2020
Operating lease expense	$	9,129	$	26,734
Finance lease expense:
Amortization of assets	3,343		8,228
Interest on lease liabilities	456		1,322
Total finance lease expense	3,799		9,550
Variable and short term-lease expense	4,233		12,547
Total lease expense	$	17,161	$	48,831

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

	May 31, 2020
Weighted-average remaining lease term (years)
Operating leases	6.4
Finance leases	3.8
Weighted-average discount rate
Operating leases	4.178	%
Finance leases	4.180	%

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

(in thousands)	Nine Months Ended May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	27,003
Operating cash outflows from finance leases	1,243
Financing cash outflows from finance leases	9,607
ROU assets obtained in exchange for lease obligations:
Operating leases	38,363
Finance leases	16,277

Maturities of lease liabilities at May 31, 2020 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	33,064	$	14,229
Year 2	27,822		12,103
Year 3	22,499		9,728
Year 4	17,549		7,632
Year 5	12,796		3,336
Thereafter	32,975		108
Total lease payments	146,705		47,136
Less: Imputed interest	19,511		3,631
Present value of lease liabilities	$	127,194	$	43,505

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