Leases |
12 Months Ended |
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Aug. 31, 2016 | |
| Leases [Abstract] | |
| Leases |
Note 8. Leases
The Company leases certain facilities, computers, equipment and vehicles under various lease agreements generally over periods of one to twenty years. Under most arrangements, the Company pays the property taxes, insurance, maintenance and expenses related to the leased property. Many of the leases include provisions that enable the Company to renew the lease based upon fair value rental rates on the date of expiration of the initial lease.
As of August 31, 2016, future obligations under non-cancelable operating leases were as follows: $32.9 million in fiscal 2017; $27.1 million in fiscal 2018; $23.6 million in fiscal 2019; $19.9 million in fiscal 2020; $14.4 million in fiscal 2021; and $45.1 million in aggregate thereafter. Total rental expense under operating leases was $37.6 million, $35.7 million and $31.6 million in fiscal 2016, 2015 and 2014, respectively. In fiscal 2016, the Company completed the sale leaseback of certain facilities and Energy segment rental assets for total proceeds of $7.0 million. In fiscal 2014, the Company also completed the sale leaseback of certain rental assets of the Viking business for proceeds of $41.0 million.
As discussed in Note 14, “Contingencies and Litigation” the Company remains contingently liable for lease payments under leases of businesses that it previously divested or spun off.
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- References No definition available.
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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