Leases (Tables)

3 Months Ended

Nov. 30, 2019

Leases [Abstract]

Supplemental Balance Sheet Information, Lease Terms and Discount Rates

The following table sets forth the amount of lease assets and lease liabilities included on the Company's Condensed Consolidated Balance Sheets, as of the period indicated (in thousands):

	Financial Statement Line Item	November 30, 2019
Assets
Operating lease assets (1)	Operating lease right-of-use assets	$	405,895
Finance lease assets (2)	Property, plant and equipment, net	152,846
Total lease assets		$	558,741
Liabilities
Current
Operating lease liabilities	Current operating lease liabilities	$	98,640
Finance lease liabilities	Accrued expenses	6,635
Non-current
Operating lease liabilities	Non-current operating lease liabilities	337,981
Finance lease liabilities	Other liabilities	154,801
Total lease liabilities		$	598,057

⁽¹⁾  Net of accumulated amortization of $24.6 million.

⁽²⁾ 

Net of accumulated amortization of $8.1 million.

Summary of Expenses and Income and Supplemental Cash Flow Information

The following table is a summary of expenses and income related to leases included on the Company's Condensed Consolidated Statements of Operations, for the period indicated (in thousands):

	November 30, 2019
Operating lease cost	$	27,735
Finance lease cost
Amortization of leased assets	1,136
Interest on lease liabilities	1,189
Other	2,691
Net lease cost(1)	$	32,751

⁽¹⁾  Lease costs are primarily recognized in cost of revenue.

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the period indicated:

	November 30, 2019
	Weighted-average remaining lease term	Weighted-average discount rate
Operating leases	5.7 years	3.25	%
Finance leases	6.5 years	4.35	%

The following table sets forth other supplemental information related to the Company's lease portfolio (in thousands):

	November 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)	$	26,864
Operating cash flows from finance leases(1)	1,189
Financing activities from finance leases(2)	1,120
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	17,901
Finance leases	111,591

⁽¹⁾  Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Company's Condensed Consolidated Statements of Cash Flows.

⁽²⁾ 

Included in payments toward debt agreements in Financing Activities of the Company's Condensed Consolidated Statements of Cash Flows.

Future Minimum Lease Payments under Operating Leases

The future minimum lease payments under operating and finance leases as of November 30, 2019 were as follows (in thousands):

Twelve months ended November 30,	Operating Leases(1)			Finance Leases			Total
2020	$	110,223		$	11,635		$	121,858
2021	93,597			11,676			105,273
2022	75,609			12,140			87,749
2023	56,764			11,694			68,458
2024	46,447			11,829			58,276
Thereafter	103,899			132,235			236,134
Total minimum lease payments	$	486,539		$	191,209		$	677,748
Less: Interest	(49,918		)	(29,773		)	(79,691		)
Present value of lease liabilities	$	436,621		$	161,436		$	598,057

⁽¹⁾ 

Excludes $18.4 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

Future Minimum Lease Payments under Finance Leases

The future minimum lease payments under operating and finance leases as of November 30, 2019 were as follows (in thousands):

Twelve months ended November 30,	Operating Leases(1)			Finance Leases			Total
2020	$	110,223		$	11,635		$	121,858
2021	93,597			11,676			105,273
2022	75,609			12,140			87,749
2023	56,764			11,694			68,458
2024	46,447			11,829			58,276
Thereafter	103,899			132,235			236,134
Total minimum lease payments	$	486,539		$	191,209		$	677,748
Less: Interest	(49,918		)	(29,773		)	(79,691		)
Present value of lease liabilities	$	436,621		$	161,436		$	598,057

⁽¹⁾ 

Excludes $18.4 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

Future Minimum Lease Payments under Non-Cancelable Operating Leases

As disclosed in the Company’s Form 10-K for the fiscal year ended August 31, 2019, the future minimum lease payments of non-cancelable operating leases prior to the adoption of ASU 2016-02 were as follows (in thousands):

Fiscal Year Ending August 31,	Amount
2020	$	118,312
2021	102,915
2022	84,729
2023	63,206
2024	51,091
Thereafter	182,932
Total minimum lease payments	$	603,185