LEASES (Tables)

6 Months Ended

Feb. 28, 2021

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 sheets:


(in thousands)	Classification in Condensed Consolidated Balance Sheets	February 28, 2021		August 31, 2020
Assets:
Operating assets	Other noncurrent assets	$	117,547	$	114,905
Finance assets	Property, plant and equipment, net	52,325		50,642
Total leased assets		$	169,872	$	165,547

Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	27,176	$	27,604
Long-term	Other noncurrent liabilities	98,807		95,810
Total operating lease liabilities		125,983		123,414
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	15,228		14,373
Long-term	Long-term debt	35,992		35,851
Total finance lease liabilities		51,220		50,224
Total lease liabilities		$	177,203	$	173,638

Lease Cost

The components of lease cost were as follows:


	Three Months Ended				Six Months Ended
(in thousands)	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Operating lease expense	$	8,651	$	8,815	$	17,373	$	17,605
Finance lease expense:
Amortization of assets	3,219		2,720		6,458		4,885
Interest on lease liabilities	563		465		1,118		866
Total finance lease expense	3,782		3,185		7,576		5,751
Variable and short-term lease expense	4,324		4,381		9,286		8,314
Total lease expense	$	16,757	$	16,381	$	34,235	$	31,670

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


	February 28, 2021		August 31, 2020
Weighted average remaining lease term (years)
Operating leases	6.4		6.3
Finance leases	3.6		3.8

Weighted average discount rate
Operating leases	4.482	%	4.283	%
Finance leases	4.296	%	4.270	%

Cash Flow and Other Information Related to Leases

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


	Six Months Ended
(in thousands)	February 28, 2021		February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	17,812	$	17,594
Operating cash outflows from finance leases	1,125		787
Financing cash outflows from finance leases	7,761		6,426

Right of use ("ROU") assets obtained in exchange for lease obligations:
Operating leases	20,249		28,942
Finance leases	8,784		13,040

Maturity of Operating Lease Liabilities

Maturities of lease liabilities at February 28, 2021 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,387	$	17,138
Year 2	26,877		14,767
Year 3	22,162		12,336
Year 4	17,182		8,716
Year 5	12,921		2,392
Thereafter	35,374		97
Total lease payments	146,903		55,446
Less: Imputed interest	20,920		4,226
Present value of lease liabilities	$	125,983	$	51,220

Maturity of Finance Lease Liabilities

Maturities of lease liabilities at February 28, 2021 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,387	$	17,138
Year 2	26,877		14,767
Year 3	22,162		12,336
Year 4	17,182		8,716
Year 5	12,921		2,392
Thereafter	35,374		97
Total lease payments	146,903		55,446
Less: Imputed interest	20,920		4,226
Present value of lease liabilities	$	125,983	$	51,220