Leases

3 Months Ended

May 31, 2021

Leases [Abstract]

Leases

Leases

The Company is a lessee under various operating leases for facilities and equipment. Supplemental information related to the Company's portfolio of operating leases was as follows (dollars in thousands):

	Three Months Ended May 31,
	2021			2020
Operating cash flows from operating leases included in lease liabilities	$	2,299		$	2,119
Lease liabilities obtained from new ROU assets - operating	12,661			204
Weighted-average remaining lease term - operating leases (years)	8.4			7.6
Weighted-average discount rate - operating leases	4.6		%	5.0		%
Operating and financing cash flows from financing leases included in lease liabilities	18			—
Lease liabilities obtained from new ROU assets - financing	—			—
Weighted-average remaining lease term - financing leases (years)	4.3			—
Weighted-average discount rate - financing leases	4.3		%	—		%

The following table outlines the classification of lease expense in the statements of income (dollars in thousands):

	Three Months Ended May 31,
	2021		2020
Cost of sales	$	2,546	$	3,225
Selling, general and administrative	1,130		1,249
Total lease expense	$	3,676	$	4,474

As of May 31, 2021, maturities of the Company's lease liabilities were as follows (dollars in thousands):

Fiscal year:	Operating Leases		Finance Leases		Total
2022 (remaining 9 months)	$	6,896	$	53	$	6,949
2023	8,709		71		8,780
2024	7,818		71		7,889
2025	6,777		68		6,845
2026	5,330		14		5,344
Thereafter	21,962		—		21,962
Total lease payments	57,492		277		57,769
Less imputed interest	(9,872)		(21)		(9,893)
Total	$	47,620	$	256	$	47,876