71 / Schnitzer Steel Industries, Inc. Form 10-K 2021 Maturities of lease liabilities by fiscal year as of August 31, 2021 were as follows (in thousands): Year Ending August 31, Finance Leases Operating Leases 2022 $ 1,865 $ 25,519 2023 1,792 24,021 2024 1,498 20,000 2025 714 14,703 2026 595 11,351 Thereafter 1,286 64,784 Total lease payments 7,750 160,378 Less amounts representing interest (1,159) (25,796) Total lease liabilities 6,591 134,582 Less current maturities (1,464) (21,417) Lease liabilities, net of current maturities $ 5,127 $ 113,165 Supplemental cash flow information and non-cash activity related to leases are as follows (in thousands): Year Ended August 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 24,154 $ 22,225 Operating cash flows for finance leases $ 498 $ 628 Financing cash flows for finance leases $ 1,332 $ 1,336 Lease liabilities arising from obtaining right-of-use assets(1): Operating leases $ 8,325 $ 34,586 Finance leases $ 445 $ 1,230 (1) Amounts include new leases and adjustments to lease balances as a result of remeasurement. Note 6 - Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following as of August 31 (in thousands): 2021 2020 Machinery and equipment $ 791,043 $ 746,845 Land and improvements 304,188 295,575 Buildings and leasehold improvements 147,106 138,380 ERP systems 17,760 17,760 Office equipment and other software licenses 37,326 44,103 Construction in progress 102,544 55,964 Property, plant and equipment, gross 1,399,967 1,298,627 Less accumulated depreciation (837,293) (811,623) Property, plant and equipment, net(1) $ 562,674 $ 487,004 (1) Property, plant and equipment, net included $18 million and $16 million as of August 31, 2021 and 2020, respectively, related to the Company’s Canadian operations. Depreciation expense for property, plant and equipment, which includes amortization expense for finance lease right-of-use assets, was $58 million, $57 million, and $53 million for the years ended August 31, 2021, 2020, and 2019, respectively. See Note 5 - Leases for additional disclosure on finance leases.
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