LEASES (Tables)

12 Months Ended

Aug. 31, 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 consolidated balance sheets:


(in thousands)	Classification in Consolidated Balance Sheets	August 31, 2021		August 31, 2020
Assets:
Operating assets	Other noncurrent assets	$	112,202	$	114,905
Finance assets	Property, plant and equipment, net	55,308		50,642
Total leased assets		$	167,510	$	165,547

Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	26,433	$	27,604
Long-term	Other noncurrent liabilities	93,409		95,810
Total operating lease liabilities		119,842		123,414
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	16,040		14,373
Long-term	Long-term debt	36,104		35,851
Total finance lease liabilities		52,144		50,224
Total lease liabilities		$	171,986	$	173,638

Lease Cost

The components of lease cost were as follows:


	Year Ended August 31,
(in thousands)	2021		2020
Operating lease expense	$	32,752	$	35,611
Finance lease expense:
Amortization of assets	13,050		11,445
Interest on lease liabilities	2,213		1,792
Total finance lease expense	15,263		13,237
Variable and short-term lease expense	20,096		17,020
Total lease expense	$	68,111	$	65,868

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


	August 31, 2021		August 31, 2020
Weighted average remaining lease term (years)
Operating leases	6.2		6.3
Finance leases	3.6		3.8

Weighted average discount rate
Operating leases	4.451	%	4.283	%
Finance leases	4.079	%	4.270	%

Cash Flow and Other Information Related to Leases

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


	Year Ended August 31,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	31,686	$	36,063
Operating cash outflows from finance leases	2,228		1,720
Financing cash outflows from finance leases	16,016		12,774

ROU assets obtained in exchange for lease obligations:
Operating leases	$	25,888	$	43,642
Finance leases	18,006		26,573

Maturity of Operating Lease Liabilities

Future maturities of lease liabilities at August 31, 2021 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
2022	$	31,555	$	17,853
2023	26,726		15,632
2024	21,040		12,859
2025	16,308		7,256
2026	12,106		1,854
Thereafter	30,826		615
Total lease payments	138,561		56,069
Less imputed interest	18,719		3,925
Present value of lease liabilities	$	119,842	$	52,144

Maturity of Finance Lease Liabilities

Future maturities of lease liabilities at August 31, 2021 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
2022	$	31,555	$	17,853
2023	26,726		15,632
2024	21,040		12,859
2025	16,308		7,256
2026	12,106		1,854
Thereafter	30,826		615
Total lease payments	138,561		56,069
Less imputed interest	18,719		3,925
Present value of lease liabilities	$	119,842	$	52,144