Leases

12 Months Ended

Aug. 31, 2024

Leases [Abstract]

Lessee, Operating Leases

Note 10.    Leases

As of August 31, 2024, the Company had operating leases for real estate, vehicles, manufacturing equipment, IT equipment and office equipment. The Company did not have significant finance leases during the year ended August 31, 2024. Our leases typically range in term from 3 to 15 years and may contain renewal options for periods up to 5 years at our discretion. Our leases generally contain payments that are primarily fixed; however, certain lease arrangements contain variable payments, which are expensed as incurred and not included in the measurement of ROU assets and lease liabilities. These amounts include payments affected by changes in the Consumer Price Index and executory costs (such as real estate taxes, utilities and common-area maintenance), which are based on usage or performance. In addition, our leases generally do not include material residual value guarantees or material restrictive covenants.

The components of lease costs for the year ended August 31, 2024, 2023 and 2022 were as follows (in thousands):

	Year Ended August 31,
	2024		2023		2022
Operating lease cost	$	12,610	$	13,155	$	14,316
Short-term lease cost	2,042		2,318		1,714
Variable lease cost	2,850		4,411		3,609

Supplemental cash flow and other information related to leases for the year ended August 31, 2024, 2023 and 2022 were as follows (in thousands):

	Year Ended August 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12,119	$	13,153	$	14,166
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	3,075		1,654		4,584

Supplemental balance sheet information related to leases at August 31, 2024 and 2023 were as follows (in thousands):

	August 31,
	2024			2023
Operating leases:
Other long-term assets	$	32,961		$	37,714
Other current liabilities	9,464			9,786
Other long-term liabilities	25,154			29,245
Total operating lease liabilities	$	34,618		$	39,031
Weighted Average Remaining Lease Term:
Operating leases	7.0 years			6.5 years
Weighted Average Discount Rate:
Operating leases	5.5		%	5.0		%

A summary of the future minimum lease payments due under operating leases with terms of more than one year at August 31, 2024 is as follows (in thousands):

2025	$	10,317
2026	7,912
2027	4,983
2028	4,197
2029	3,053
Thereafter	13,369
Total minimum lease payments	43,831
Less imputed interest	(9,213)
Present value of net minimum lease payments	$	34,618