Leases (Tables)

12 Months Ended

Aug. 31, 2020

Leases [Abstract]

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)	Year Ended August 31, 2020
Operating lease cost (cost resulting from lease payments)	$	5,999
Variable lease cost (cost excluded from lease payments)		424
Total lease cost	$	6,423
Operating cash outflows from operating leases	$	5,767
Weighted average lease term - operating leases	9.1 years
Weighted average discount rate - operating leases		3.2	%

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases are as follows:

($ in thousands)	Classification	Year Ended August 31, 2020
Operating lease ROU assets	Operating lease right-of-use assets	$	27,457
Operating lease short-term liabilities	Other current liabilities		5,123
Operating lease long-term liabilities	Operating lease liabilities		25,862
Total lease liabilities		$	30,985

Schedule of Minimum Lease Payments Under Operating Leases

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

Fiscal year ending	$ in thousands
2021	$	5,911
2022		5,734
2023		4,075
2024		3,680
2025		2,735
Thereafter		14,370
Total lease payments		36,505
Less: interest		5,520
Present value of lease liabilities	$	30,985

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