Leases (Tables)

6 Months Ended

Nov. 30, 2019

The components of lease expense were as follows:

(in thousands)	Three Months Ended November 30, 2019		Six Months Ended November 30, 2019
Operating lease expense	$	2,880	$	6,222
Financing lease expense:
Amortization of leased assets		65		110
Interest on lease liabilities		9		19
Total financing lease expense		74		129
Short-term lease expense		590		996
Variable lease expense		150		304
Total lease expense	$	3,694	$	7,651

Other Information Related to Company' s Leases

Other information related to the Company’s leases, as of and for the six-month period ended November 30, 2019, is provided below:

(dollars in thousands)	Operating Leases			Financing Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	5,702		$	19
Financing cash flows	$	-		$	173
ROU assets obtained in exchange for lease liabilities	$	3,722		$	8,028
Weighted-average remaining lease term (in years)		5.45		3.12
Weighted-average discount rate		3.44	%		3.23	%

Schedule of Future Minimum Lease Payments for Non-Cancelable Leases

Future minimum lease payments for non-cancelable leases having an initial or remaining term in excess of one year at November 30, 2019, were as follows:

(in thousands)	Operating Leases			Financing Leases
Year 1	$	12,436		$	384
Year 2		10,312			376
Year 3		8,014			369
Year 4		5,256			53
Year 5		3,265			-
Thereafter		6,554			-
Total		45,837			1,182
Less: imputed interest		(4,571	)		(56	)
Present value of lease liabilities	$	41,266		$	1,126

As previously disclosed in our 2019 Form 10-K, under the prior accounting guidance, future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at May 31, 2019, were as follows:

(in thousands)
Year 1	$	10,774
Year 2		8,398
Year 3		5,428
Year 4		4,054
Year 5		2,098
Thereafter		2,637
Total	$	33,389