Leases (Tables)

6 Months Ended

Feb. 29, 2020

Leases [Abstract]

Schedule of 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	February 29, 2020
Assets
Operating lease assets (1)	Operating lease right-of-use assets	$	373,413
Finance lease assets (2)	Property, plant and equipment, net	151,401
Total lease assets		$	524,814
Liabilities
Current
Operating lease liabilities	Current operating lease liabilities	$	100,033
Finance lease liabilities	Accrued expenses	6,906
Non-current
Operating lease liabilities	Non-current operating lease liabilities	311,879
Finance lease liabilities	Other liabilities	156,798
Total lease liabilities		$	575,616

⁽¹⁾  Net of accumulated amortization of $49.2 million.

⁽²⁾ 

Net of accumulated amortization of $9.6 million.

Schedule of Expenses and Income and Supplemental Cash Flow Information

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

	Three months ended		Six months ended
	February 29, 2020		February 29, 2020
Operating lease cost	$	27,810	$	55,546
Finance lease cost
Amortization of leased assets	1,445		2,581
Interest on lease liabilities	1,254		2,443
Other	1,655		4,183
Net lease cost(1)	$	32,164	$	64,753

⁽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:

	February 29, 2020
	Weighted-average remaining lease term	Weighted-average discount rate
Operating leases	5.5 years	3.22	%
Finance leases	6.3 years	4.31	%

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

	Six months ended
	February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)	$	55,592
Operating cash flows for finance leases(1)	2,443
Financing activities for finance leases(2)	2,808
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	34,213
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.

Schedule of Future Minimum Lease Payments under Operating Leases

The future minimum lease payments under operating and finance leases as of February 29, 2020 were as follows (in thousands):

Twelve months ended February 29,	Operating Leases(1)			Finance Leases			Total
2020	$	110,692		$	11,849		$	122,541
2021	89,479			12,375			101,854
2022	69,928			11,744			81,672
2023	53,400			11,879			65,279
2024	41,472			15,644			57,116
Thereafter	92,529			128,763			221,292
Total minimum lease payments	$	457,500		$	192,254		$	649,754
Less: Interest	(45,588		)	(28,550		)	(74,138		)
Present value of lease liabilities	$	411,912		$	163,704		$	575,616

⁽¹⁾ 

Excludes $28.2 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.

Schedule of Future Minimum Lease Payments under Finance Leases

The future minimum lease payments under operating and finance leases as of February 29, 2020 were as follows (in thousands):

Twelve months ended February 29,	Operating Leases(1)			Finance Leases			Total
2020	$	110,692		$	11,849		$	122,541
2021	89,479			12,375			101,854
2022	69,928			11,744			81,672
2023	53,400			11,879			65,279
2024	41,472			15,644			57,116
Thereafter	92,529			128,763			221,292
Total minimum lease payments	$	457,500		$	192,254		$	649,754
Less: Interest	(45,588		)	(28,550		)	(74,138		)
Present value of lease liabilities	$	411,912		$	163,704		$	575,616

⁽¹⁾ 

Excludes $28.2 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.

Schedule of 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