Leases (Tables)

9 Months Ended

May 31, 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	May 31, 2020
Assets
Operating lease assets (1)	Operating lease right-of-use assets	$	377,540
Finance lease assets (2)	Property, plant and equipment, net	149,956
Total lease assets		$	527,496
Liabilities
Current
Operating lease liabilities	Current operating lease liabilities	$	102,284
Finance lease liabilities	Accrued expenses	7,047
Non-current
Operating lease liabilities	Non-current operating lease liabilities	311,939
Finance lease liabilities	Other liabilities	155,546
Total lease liabilities		$	576,816

⁽¹⁾  Net of accumulated amortization of $72.3 million.

⁽²⁾ 

Net of accumulated amortization of $11.0 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		Nine months ended
	May 31, 2020		May 31, 2020
Operating lease cost	$	28,472	$	84,018
Finance lease cost
Amortization of leased assets	1,445		4,026
Interest on lease liabilities	1,250		3,693
Other	3,526		7,709
Net lease cost(1)	$	34,693	$	99,446

⁽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:

	May 31, 2020
	Weighted-average remaining lease term	Weighted-average discount rate
Operating leases	5.5 years	3.21	%
Finance leases	6.0 years	4.32	%

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

	Nine months ended
	May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)	$	83,427
Operating cash flows for finance leases(1)	3,693
Financing activities for finance leases(2)	4,451
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	82,552
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 May 31, 2020 were as follows (in thousands):

Twelve months ended May 31,	Operating Leases(1)			Finance Leases			Total
2020	$	112,866		$	11,964		$	124,830
2021	88,654			12,354			101,008
2022	68,909			11,783			80,692
2023	56,144			11,917			68,061
2024	41,127			43,059			84,186
Thereafter	92,130			98,846			190,976
Total minimum lease payments	$	459,830		$	189,923		$	649,753
Less: Interest	(45,607		)	(27,330		)	(72,937		)
Present value of lease liabilities	$	414,223		$	162,593		$	576,816

⁽¹⁾ 

Excludes $43.4 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.

Schedule of Future Minimum Lease Payments under Finance Leases

The future minimum lease payments under operating and finance leases as of May 31, 2020 were as follows (in thousands):

Twelve months ended May 31,	Operating Leases(1)			Finance Leases			Total
2020	$	112,866		$	11,964		$	124,830
2021	88,654			12,354			101,008
2022	68,909			11,783			80,692
2023	56,144			11,917			68,061
2024	41,127			43,059			84,186
Thereafter	92,130			98,846			190,976
Total minimum lease payments	$	459,830		$	189,923		$	649,753
Less: Interest	(45,607		)	(27,330		)	(72,937		)
Present value of lease liabilities	$	414,223		$	162,593		$	576,816

⁽¹⁾ 

Excludes $43.4 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.

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