Leases (Tables)

9 Months Ended

Feb. 29, 2020

The components of lease expense were as follows:

(in thousands)	Three Months Ended February 29, 2020		Nine Months Ended February 29, 2020
Operating lease expense	$	3,067	$	9,289
Financing lease expense:
Amortization of leased assets		178		288
Interest on lease liabilities		9		28
Total financing lease expense		187		316
Short-term lease expense		893		1,889
Variable lease expense		147		451
Total lease expense	$	4,294	$	11,945

Other Information Related to Company' s Leases

Other information related to the Company’s leases, as of and for the nine-month period ended February 29, 2020, is provided below:

(dollars in thousands)	Operating Leases			Financing Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	8,448		$	28
Financing cash flows	$	-		$	260
ROU assets obtained in exchange for lease liabilities	$	3,924		$	11,968
Weighted-average remaining lease term (in years)		5.36		2.87
Weighted-average discount rate		3.46	%		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 February 29, 2020, were as follows:

(in thousands)	Operating Leases			Financing Leases
Year 1	$	11,961		$	384
Year 2		9,850			373
Year 3		7,595			329
Year 4		4,543			-
Year 5		3,043			-
Thereafter		5,856			-
Total		42,848			1,086
Less: imputed interest		(4,250	)		(48	)
Present value of lease liabilities	$	38,598		$	1,038

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