The Company’s lease portfolio is comprised of operating leases for office space and equipment and finance leases for equipment. Equipment leases are comprised of vehicles and office equipment. The majority of the Company’s leases include both lease and non-lease components. Non-lease components primarily include maintenance, insurance, taxes and other utilities. The Company has decided to combine fixed payments for non-lease components with its lease payments and account for them as a single lease component, which increases its ROU assets and lease liabilities. Some of the leases include one or more options to renew or terminate the lease at the Company’s discretion. Generally, the renewal and termination options are not included in the ROU assets and lease liabilities as they are not reasonably certain of exercise. The Company has elected not to recognize a ROU asset or lease liability for leases with an initial term of 12 months or less.

As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of the future minimum lease payments. The Company applies the portfolio approach when determining the incremental borrowing rate since it has a centrally managed treasury function. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments in a similar economic environment.

Operating leases contain both office and equipment leases and have remaining terms that range from less than one year to 11 years, some of which also include options to extend or terminate the lease. Finance leases are comprised of equipment leases and have remaining terms that range from less than one year to almost 5 years. Finance lease assets are included in property and equipment, net while finance lease liabilities are included in other accrued liabilities and other liabilities.

As a result of the acquisition of the Acquired Companies in fiscal 2020, the Company recognized ROU assets of $3.2 million with a corresponding liability of $6.7 million. The ROU asset balance was adjusted by reclassification of pre-existing prepaid expenses, restructuring liabilities and deferred rent totaling $3.5 million. As part of the plan for integrating the Acquired Companies, the Company decided to exit 16 office leases and as a result, recorded an impairment charge of the ROU assets of $2.3 million in fiscal 2020 recorded in the consolidated statement of income.

	Year Ended April 30,
	2021			2020
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	1,221		$	1,820
Interest on lease liabilities		114			149
		1,335			1,969
Operating lease cost		56,166			57,683
Short-term lease cost		474			1,111
Variable lease cost		11,592			13,562
Lease impairment cost		—			2,282
Sublease income		(657	)		(447	)
Total lease cost	$	68,910		$	76,160

Rent expense, as previously defined under ASC 840, which includes the Company leased office premises and certain office equipment leases for fiscal 2019 was $58.2 million.

	Year Ended April 30,
	2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	66,991	$	59,631
Financing cash flows from finance leases	$	1,324	$	1,833

ROU assets obtained in exchange for lease obligations:
Operating leases	$	13,638	$	15,246
Finance leases	$	516	$	1,333

	Year Ended April 30,
	2021			2020
	(in thousands)
Finance Leases:

Property and equipment, at cost	$	4,801		$	4,281
Accumulated depreciation		(2,590	)		(1,485	)
Property and equipment, net	$	2,211		$	2,796

Other accrued liabilities	$	1,010		$	1,241
Other liabilities		1,301			1,634
Total finance lease liabilities	$	2,311		$	2,875

Weighted average remaining lease terms:
Operating leases	5.0 years			5.5 years
Finance leases	2.7 years			2.9 years

Weighted average discount rate:
Operating leases		4.8	%		4.8	%
Finance leases		4.2	%		4.1	%

Year Ending April 30,	Operating		Financing
	(in thousands)
2022	$	56,636	$	1,084
2023		48,092		784
2024		41,216		439
2025		34,653		130
2026		29,350		—
Thereafter		20,734		—
Total lease payments		230,681		2,437
Less: imputed interest		26,697		126
Total	$	203,984	$	2,311