Leases

12 Months Ended

Apr. 30, 2022

Leases [Abstract]

Leases

Leases

Operating Leases - ROU assets related to operating leases are presented as Operating lease right-of-use assets on the consolidated balance sheet. Lease liabilities related to operating leases with lease terms greater than twelve months are presented in Short-term lease liability - operating and Long-term lease liability - operating on the consolidated balance sheet.

Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease

arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value.

Finance Leases - ROU assets related to finance leases are presented in Property, plant and equipment, net on the consolidated balance sheet. Lease liabilities related to finance leases are presented in Current maturities of long-term debt and Long-term debt, less current maturities on the consolidated balance sheet.

Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

The components of lease costs were as follows:

	FISCAL YEAR ENDED APRIL 30,
(in thousands)	2022		2021		2020
Finance lease cost:
Reduction in the carrying value of right-of-use assets	$	1,404	$	635	$	2,582
Interest on lease liabilities	106		73		205
Operating lease cost	27,610		27,192		25,405

Additional information related to leases was as follows:

	FISCAL YEAR ENDED APRIL 30,
(in thousands)	2022			2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	106		$	73		$	205
Operating cash flows for operating leases	25,100			24,371			22,595
Financing cash flows for financing leases	1,379			608			2,512
Right-of-use assets obtained in exchange for new finance lease liabilities	1,862			2,222			1,650
Right-of-use assets obtained in exchange for new operating lease liabilities	7,482			8,914			72,703
Weighted average remaining lease term (years)
Weighted average remaining lease term - finance leases	2.32			2.95			3.36
Weighted average remaining lease term - operating leases	5.77			6.62			7.41
Weighted average discount rate
Weighted average discount rate - finance leases	2.91		%	2.95		%	3.19		%
Weighted average discount rate - operating leases	3.20		%	3.23		%	4.27		%

The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the consolidated balance sheet as of April 30, 2022:

FISCAL YEAR	OPERATING (in thousands)		FINANCING (in thousands)
2023	$	25,298	$	2,372
2024	23,230		1,993
2025	19,529		640
2026	18,973		120
2027	16,404		7
Thereafter	24,959		—
Total lease payments	128,393		5,132
Less imputed interest	(11,324)		(169)
Total lease liability	$	117,069	$	4,963
Current maturities	(21,985)		(2,264)
Lease liability - long-term	$	95,084	$	2,699
Lease assets	$	108,055	$	9,722

Leases

Leases

Operating Leases - ROU assets related to operating leases are presented as Operating lease right-of-use assets on the consolidated balance sheet. Lease liabilities related to operating leases with lease terms greater than twelve months are presented in Short-term lease liability - operating and Long-term lease liability - operating on the consolidated balance sheet.

Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease

arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value.

Finance Leases - ROU assets related to finance leases are presented in Property, plant and equipment, net on the consolidated balance sheet. Lease liabilities related to finance leases are presented in Current maturities of long-term debt and Long-term debt, less current maturities on the consolidated balance sheet.

Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

The components of lease costs were as follows:

	FISCAL YEAR ENDED APRIL 30,
(in thousands)	2022		2021		2020
Finance lease cost:
Reduction in the carrying value of right-of-use assets	$	1,404	$	635	$	2,582
Interest on lease liabilities	106		73		205
Operating lease cost	27,610		27,192		25,405

Additional information related to leases was as follows:

	FISCAL YEAR ENDED APRIL 30,
(in thousands)	2022			2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	106		$	73		$	205
Operating cash flows for operating leases	25,100			24,371			22,595
Financing cash flows for financing leases	1,379			608			2,512
Right-of-use assets obtained in exchange for new finance lease liabilities	1,862			2,222			1,650
Right-of-use assets obtained in exchange for new operating lease liabilities	7,482			8,914			72,703
Weighted average remaining lease term (years)
Weighted average remaining lease term - finance leases	2.32			2.95			3.36
Weighted average remaining lease term - operating leases	5.77			6.62			7.41
Weighted average discount rate
Weighted average discount rate - finance leases	2.91		%	2.95		%	3.19		%
Weighted average discount rate - operating leases	3.20		%	3.23		%	4.27		%

The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the consolidated balance sheet as of April 30, 2022:

FISCAL YEAR	OPERATING (in thousands)		FINANCING (in thousands)
2023	$	25,298	$	2,372
2024	23,230		1,993
2025	19,529		640
2026	18,973		120
2027	16,404		7
Thereafter	24,959		—
Total lease payments	128,393		5,132
Less imputed interest	(11,324)		(169)
Total lease liability	$	117,069	$	4,963
Current maturities	(21,985)		(2,264)
Lease liability - long-term	$	95,084	$	2,699
Lease assets	$	108,055	$	9,722