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Leases
 3 Months Ended
Nov. 30, 2021
Leases [Abstract]  
Leases LEASES
On September 1, 2019, we adopted ASC 842, Leases ("ASC 842"). As part of this adoption, we elected to not record operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less. We elected the practical expedient not to separate lease components from non-lease components but, rather, to combine them into one single lease component, which we recognize over the expected term on a straight-line expense basis in occupancy costs (a component of SG&A expense). We review new arrangements at inception to evaluate whether we obtain substantially all the economic benefits of and have the right to control the use of an asset.
Our lease portfolio is primarily related to our office space, under various operating lease agreements. Our lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments at lease commencement (which includes fixed lease payments and certain qualifying index-based variable payments) over the reasonably certain lease term, leveraging an estimated incremental borrowing rate ("IBR"). Certain adjustments to our lease ROU assets may be required for items such as the payment of initial direct costs or incentives received.
As of November 30, 2021, we recognized $227.9 million of Lease right-of-use assets, net and $281.0 million of combined Current and Long-term lease liabilities in the Consolidated Balance Sheets. Such leases have a remaining lease term ranging from less than one year to just over 14 years and did not include any renewal or termination options that were not yet reasonably certain to be exercised.
The following table reconciles our future undiscounted cash flows related to our operating leases and the reconciliation to the Current and Long-term lease liabilities as of November 30, 2021:
(in thousands)
Minimum Lease
Payments
Fiscal Years Ended August 31,
2022 (remaining nine months)$32,200 
202339,966 
202437,460 
202535,648 
202635,022 
Thereafter160,126 
Total $340,422 
Less: Imputed interest59,430 
Present value $280,992 
The components of lease cost related to the operating leases were as follows:
Three Months Ended
November 30,
(in millions)
20212020
Operating lease cost1
$10.5 $10.7 
Variable lease cost2
$2.9 $3.4 
1.Operating lease costs included costs associated with fixed lease payments and index-based variable payments that qualified for lease accounting under ASC 842, Leases and complied with the practical expedients and exceptions elected by us.
2.Variable lease costs were not included in the measurement of lease liabilities. These costs primarily included variable non-lease costs and leases that qualified for the short-term lease exception. Our variable non-lease costs included costs that were not fixed at the lease commencement date and are not dependent on an index or rate. These costs relate to utilities, real estate taxes, insurance and maintenance.
The following table summarizes our lease term and discount rate assumptions related to the operating leases recorded on the Consolidated Balance Sheets:
November 30, 2021August 31, 2021
Weighted average remaining lease term (in years)
9.29.4
Weighted average discount rate (IBR)
4.3 %4.3 %

The following table summarizes supplemental cash flow information related to our operating leases:
Three Months Ended
November 30,
(in millions)
20212020
Cash paid for amounts included in the measurement of lease liabilities$11.1 $9.7 
Lease ROU assets obtained in exchange for lease liabilities$1.4 $1.1