LEASES

3 Months Ended

Nov. 30, 2021

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 sheets:

(in thousands)	Classification in Condensed Consolidated Balance Sheets	November 30, 2021		August 31, 2021
Assets:
Operating assets	Other noncurrent assets	$	118,855	$	112,202
Finance assets	Property, plant and equipment, net	53,221		55,308
Total leased assets		$	172,076	$	167,510
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	28,327	$	26,433
Long-term	Other noncurrent liabilities	97,891		93,409
Total operating lease liabilities		126,218		119,842
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	15,808		16,040
Long-term	Long-term debt	33,128		36,104
Total finance lease liabilities		48,936		52,144
Total lease liabilities		$	175,154	$	171,986

The components of lease expense were as follows:

	Three Months Ended November 30,
(in thousands)	2021		2020
Operating lease expense	$	8,584	$	8,722
Finance lease expense:
Amortization of assets	3,235		3,239
Interest on lease liabilities	514		555
Total finance lease expense	3,749		3,794
Variable and short-term lease expense	5,162		4,962
Total lease expense	$	17,495	$	17,478

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

	November 30, 2021		August 31, 2021
Weighted average remaining lease term (years)
Operating leases	6.0		6.2
Finance leases	3.4		3.6
Weighted average discount rate
Operating leases	4.275	%	4.451	%
Finance leases	4.045	%	4.079	%

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

	Three Months Ended November 30,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	8,749	$	9,047
Operating cash outflows from finance leases	519		560
Financing cash outflows from finance leases	4,199		3,795
Right of use assets obtained in exchange for lease obligations:
Operating leases	$	15,912	$	12,267
Finance leases	1,002		6,300

Future maturities of lease liabilities at November 30, 2021 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	33,528	$	17,480
Year 2	28,441		15,170
Year 3	22,763		12,163
Year 4	17,842		5,719
Year 5	12,984		1,362
Thereafter	29,033		512
Total lease payments	144,591		52,406
Less imputed interest	18,373		3,470
Present value of lease liabilities	$	126,218	$	48,936

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 sheets:

(in thousands)	Classification in Condensed Consolidated Balance Sheets	November 30, 2021		August 31, 2021
Assets:
Operating assets	Other noncurrent assets	$	118,855	$	112,202
Finance assets	Property, plant and equipment, net	53,221		55,308
Total leased assets		$	172,076	$	167,510
Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	28,327	$	26,433
Long-term	Other noncurrent liabilities	97,891		93,409
Total operating lease liabilities		126,218		119,842
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	15,808		16,040
Long-term	Long-term debt	33,128		36,104
Total finance lease liabilities		48,936		52,144
Total lease liabilities		$	175,154	$	171,986

The components of lease expense were as follows:

	Three Months Ended November 30,
(in thousands)	2021		2020
Operating lease expense	$	8,584	$	8,722
Finance lease expense:
Amortization of assets	3,235		3,239
Interest on lease liabilities	514		555
Total finance lease expense	3,749		3,794
Variable and short-term lease expense	5,162		4,962
Total lease expense	$	17,495	$	17,478

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

	November 30, 2021		August 31, 2021
Weighted average remaining lease term (years)
Operating leases	6.0		6.2
Finance leases	3.4		3.6
Weighted average discount rate
Operating leases	4.275	%	4.451	%
Finance leases	4.045	%	4.079	%

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

	Three Months Ended November 30,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	8,749	$	9,047
Operating cash outflows from finance leases	519		560
Financing cash outflows from finance leases	4,199		3,795
Right of use assets obtained in exchange for lease obligations:
Operating leases	$	15,912	$	12,267
Finance leases	1,002		6,300

Future maturities of lease liabilities at November 30, 2021 are presented in the following table:

(in thousands)	Operating Leases		Finance Leases
Year 1	$	33,528	$	17,480
Year 2	28,441		15,170
Year 3	22,763		12,163
Year 4	17,842		5,719
Year 5	12,984		1,362
Thereafter	29,033		512
Total lease payments	144,591		52,406
Less imputed interest	18,373		3,470
Present value of lease liabilities	$	126,218	$	48,936