LEASES (Tables)

3 Months Ended

Nov. 30, 2020

Schedule of Balance Sheet Components of 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:


(in thousands)	Classification in Condensed Consolidated Balance Sheets	November 30, 2020		August 31, 2020
Assets:
Operating assets	Other noncurrent assets	$	117,582	$	114,905
Finance assets	Property, plant and equipment, net	53,561		50,642
Total leased assets		$	171,143	$	165,547

Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	27,030	$	27,604
Long-term	Other noncurrent liabilities	98,881		95,810
Total operating lease liabilities		125,911		123,414
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	15,060		14,373
Long-term	Long-term debt	37,421		35,851
Total finance lease liabilities		52,481		50,224
Total lease liabilities		$	178,392	$	173,638

Lease Cost

The components of lease cost were as follows:


	Three Months Ended November 30,
(in thousands)	2020		2019
Operating lease expense	$	8,722	$	8,790
Finance lease expense:
Amortization of assets	3,239		2,165
Interest on lease liabilities	555		401
Total finance lease expense	3,794		2,566
Variable and short term-lease expense	4,962		3,933
Total lease expense	$	17,478	$	15,289

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


	November 30, 2020		August 31, 2020
Weighted-average remaining lease term (years)
Operating leases	6.5		6.3
Finance leases	3.8		3.8

Weighted-average discount rate
Operating leases	4.426	%	4.283	%
Finance leases	4.302	%	4.270	%

Cash Flow and Other Information Related to Leases

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


	Three Months Ended November 30,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	9,047	$	8,746
Operating cash outflows from finance leases	560		336
Financing cash outflows from finance leases	3,795		3,298

Right of use ("ROU") assets obtained in exchange for lease obligations:
Operating leases	12,267		6,369
Finance leases	6,300		5,312

Maturity of Operating Lease Liabilities

Maturities of lease liabilities at November 30, 2020 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,040	$	17,018
Year 2	26,550		14,639
Year 3	22,686		12,374
Year 4	17,312		9,542
Year 5	12,889		3,294
Thereafter	35,301		163
Total lease payments	146,778		57,030
Less: Imputed interest	20,867		4,549
Present value of lease liabilities	$	125,911	$	52,481

Maturity of Finance Lease Liabilities

Maturities of lease liabilities at November 30, 2020 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,040	$	17,018
Year 2	26,550		14,639
Year 3	22,686		12,374
Year 4	17,312		9,542
Year 5	12,889		3,294
Thereafter	35,301		163
Total lease payments	146,778		57,030
Less: Imputed interest	20,867		4,549
Present value of lease liabilities	$	125,911	$	52,481