Annual report pursuant to Section 13 and 15(d)

Leases

v3.19.3
Leases
 12 Months Ended
Aug. 31, 2019
Leases [Abstract]  
Leases
Note 10.    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, 2019, future obligations under non-cancelable operating leases associated with continuing operations were as follows: $15.8 million in fiscal 2020; $12.3 million in fiscal 2021; $10.1 million in fiscal 2022; $6.9 million in fiscal 2023; $5.2 million in fiscal 2024; and $21.6 million in aggregate thereafter. Total rental expense under operating leases was $26.5 million, $24.3 million and $27.6 million in fiscal 2019, 2018 and 2017, respectively.
As discussed in Note 16, “Commitments and Contingencies” the Company remains contingently liable for lease payments under leases of businesses that it previously divested or spun off. Further, the Company continues to work with the buyer in the pending divestiture of the EC&S segment and the respective lessors of certain assets leased within those businesses (but in the name of Actuant Corporation or a retained subsidiary) to either transfer the lease to the name of the buyer or buyout existing leases.