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Leases (Tables)

9 Months Ended

May 31, 2020

Schedule of Lease Cost and Other Information Related to Company's Operating Leases

Lease cost and other information related to the Company’s operating leases are as follows:

($ in thousands)	Three months ended May 31, 2020			Nine months ended May 31, 2020
Operating lease cost (cost resulting from lease payments)		1,502			4,412
Variable lease cost (cost excluded from lease payments)		112			312
Total lease cost	$	1,614		$	4,724

Operating cash outflows from operating leases		1,178			3,997
Weighted average lease term - operating leases	9.2 years			9.2 years
Weighted average discount rate - operating leases		3.2	%		3.2	%

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases as of the third quarter of 2020 is as follows:

($ in thousands)	Classification	May 31, 2020
Operating lease ROU assets	Operating lease right-of-use assets	$	27,663

Operating lease short-term liabilities	Other current liabilities		5,046
Operating lease long-term liabilities	Operating lease liabilities		26,333
Total lease liabilities		$	31,379

Schedule of Minimum Lease Payments Under Operating Leases

The minimum lease payments under operating leases expiring subsequent to May 31, 2020 are as follows:

Fiscal year ending	$ in thousands
2020	$	1,748
2021		5,798
2022		5,465
2023		3,771
2024		3,397
Thereafter		16,784
Total lease payments		36,963
Less: interest		5,584
Present value of lease liabilities	$	31,379

Schedule of Future Minimum Lease Payments Under Operating Leases

As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 and under the previous lease accounting standard, future minimum lease payments under operating leases with an initial or remaining term in excess of one year at August 31, 2019 would have been as follows:

Fiscal year ending	$ in thousands
2020	$	6,065
2021		5,266
2022		4,771
2023		3,414
2024		3,107
Thereafter		20,119
Total lease payments	$	42,742