|9 Months Ended|
May 31, 2021
|Lessee, Operating Leases [Text Block]||
Note 15. Leases
The Company has operating leases for real estate, vehicles, manufacturing equipment, IT equipment and office equipment (the Company does not have any financing leases). Our leases typically range in term from 3 to 15 years and may contain renewal options for periods up to 5 years at our discretion. Operating leases are recorded as operating lease ROU assets in “Other long-term assets” and operating lease liabilities in “Other current liabilities” and “Other long-term liabilities” of the Condensed Consolidated Balance Sheets.
The components of lease expense were as follows (in thousands):
In the three months ended May 31, 2021, the Company sold and subsequently leased back a portion of our manufacturing facility in China as part of our global footprint rationalization initiative. In connection with the transaction, the Company recognized a gain of $10.0 million. The Company also incurred $4.6 million of closing related costs and value-added and land taxes associated with this transaction for a net gain of $5.4 million which is recorded in "Selling, general and administrative expenses" within the Condensed Consolidated Statements of Operations.
Supplemental cash flow and other information related to leases were as follows (in thousands):
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef