Commitments and Contingencies

9 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Leases

During fiscal year 2021, the Company entered into new operating and finance leases. The future minimum lease payments under these new leases as of May 31, 2021 are summarized below.

	Payments due by period (in thousands)
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Operating lease obligations	$	92,963	$	20,728	$	38,034	$	23,929	$	10,272
Finance lease obligations(1)	$	83,737	$	44,759	$	29,230	$	7,397	$	2,351

(1)As of May 31, 2021 , the future minimum lease payments exclude $154.9 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees. Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities.

Legal Proceedings

The Company is party to certain lawsuits in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.