LEASES (Tables)

3 Months Ended

Nov. 30, 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	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

Lease Cost

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


	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

Maturity of Operating Lease Liabilities

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

Maturity of Finance Lease Liabilities

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