LEASES (Tables)

9 Months Ended

May 31, 2021

Leases [Abstract]

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	May 31, 2021		August 31, 2020
Assets:
Operating assets	Other noncurrent assets	$	114,774	$	114,905
Finance assets	Property, plant and equipment, net	54,501		50,642
Total leased assets		$	169,275	$	165,547
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	26,799	$	27,604
Long-term	Other noncurrent liabilities	96,063		95,810
Total operating lease liabilities		122,862		123,414
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	15,613		14,373
Long-term	Long-term debt	36,757		35,851
Total finance lease liabilities		52,370		50,224
Total lease liabilities		$	175,232	$	173,638

Lease Cost

The components of lease cost were as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2021		2020		2021		2020
Operating lease expense	$	8,377	$	9,129	$	25,750	$	26,734
Finance lease expense:
Amortization of assets	3,270		3,343		9,729		8,228
Interest on lease liabilities	555		456		1,673		1,322
Total finance lease expense	3,825		3,799		11,402		9,550
Variable and short-term lease expense	4,584		4,233		13,871		12,547
Total lease expense	$	16,786	$	17,161	$	51,023	$	48,831

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

	May 31, 2021		August 31, 2020
Weighted average remaining lease term (years)
Operating leases	6.4		6.3
Finance leases	3.7		3.8
Weighted average discount rate
Operating leases	4.476	%	4.283	%
Finance leases	4.194	%	4.270	%

Cash Flow and Other Information Related to Leases

	Nine Months Ended May 31,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	25,862	$	27,003
Operating cash outflows from finance leases	1,665		1,243
Financing cash outflows from finance leases	11,706		9,607
Right of use assets obtained in exchange for lease obligations:
Operating leases	$	23,019	$	38,363
Finance leases	14,002		16,277

Maturity of Operating Lease Liabilities

aturities of lease liabilities at May 31, 2021 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,255	$	17,495
Year 2	26,992		15,228
Year 3	21,553		12,637
Year 4	16,576		8,229
Year 5	12,303		2,238
Thereafter	32,922		758
Total lease payments	142,601		56,585
Less imputed interest	19,739		4,215
Present value of lease liabilities	$	122,862	$	52,370

Maturity of Finance Lease Liabilities

aturities of lease liabilities at May 31, 2021 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	32,255	$	17,495
Year 2	26,992		15,228
Year 3	21,553		12,637
Year 4	16,576		8,229
Year 5	12,303		2,238
Thereafter	32,922		758
Total lease payments	142,601		56,585
Less imputed interest	19,739		4,215
Present value of lease liabilities	$	122,862	$	52,370