Leases (Tables)

12 Months Ended

May 31, 2020

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for fiscal 2020 were as follows:

(in thousands)
Operating lease expense	$	12,454
Financing lease expense:
Amortization of leased assets		451
Interest on lease liabilities		61
Total financing lease expense		512
Short-term lease expense		599
Variable lease expense		2,580
Total lease expense	$	16,145

Other Information Related to Company' s Leases

Other information related to the Company’s leases, as of and for the twelve-month period ended May 31, 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	$	11,531		$	61
Financing cash flows	$	-		$	361
ROU assets obtained in exchange for lease liabilities	$	4,954		$	15,217
Weighted-average remaining lease term (in years)		5.24			31.38
Weighted-average discount rate		2.89	%		3.68	%

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 May 31, 2020, were as follows:

(in thousands)	Operating Leases			Financing Leases
2021	$	11,814		$	537
2022		9,542			527
2023		6,890			399
2024		4,009			167
2025		2,828			171
Thereafter		5,035			5,649
Total		40,118			7,450
Less: imputed interest		(3,504	)		(3,263	)
Present value of lease liabilities	$	36,614		$	4,187

As previously disclosed in our Annual Report on Form 10-K for fiscal 2019, under the prior applicable 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