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LEASES
6 Months Ended
Aug. 31, 2019
Leases [Abstract]  
LEASES

NOTE 9 – LEASES

We have various non-cancelable operating leases for our offices in California, Texas, Massachusetts, Indiana, Minnesota and Virginia in the United States, and Italy, Mexico and the United Kingdom. We also have various non-cancelable operating leases for towers and vehicles throughout the United States, Italy and Mexico. These leases expire at various times through 2028. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

The table below presents lease-related assets and liabilities recorded on the condensed consolidated balance sheet (in thousands):

 

 

 

Classification

 

August 31, 2019

 

Assets

 

 

 

 

 

 

Operating lease right-of-use assets

 

Operating lease right-of-use assets

 

$

27,977

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Operating lease liabilities (current)

 

Other current liabilities

 

$

6,087

 

Operating lease liabilities (noncurrent)

 

Operating lease liabilities

 

 

29,780

 

Total lease liabilities

 

 

 

$

35,867

 

 

 

 

 

 

 

 

 

Lease Costs

The following lease costs were included in our condensed consolidated statements of comprehensive income (loss) as follows (in thousands):

 

 

 

Three Months Ended

August 31, 2019

 

 

 

 

Six Months Ended

August 31, 2019

 

Operating lease cost

 

$

1,972

 

 

 

 

$

3,973

 

Short-term lease cost

 

 

252

 

 

 

 

 

564

 

Variable lease cost

 

 

43

 

 

 

 

 

73

 

Total lease cost

 

$

2,267

 

 

 

 

$

4,610

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

The table below presents supplemental information related to operating leases during the six months ended August 31, 2019 (in thousands, except weighted-average information):

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

 

 

$

4,067

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

 

$

3,728

 

Weighted average remaining lease term

 

 

 

7.4 years

 

Weighted average discount rate

 

 

 

 

5.47

%

 

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of August 31, 2019 (in thousands):

 

Remainder of 2020

 

$

3,853

 

2021

 

 

7,208

 

2022

 

 

6,348

 

2023

 

 

6,089

 

2024

 

 

5,728

 

Thereafter

 

 

15,074

 

Total minimum lease payments

 

 

44,300

 

Less imputed interest

 

 

(8,433

)

Present value of future minimum lease payments

 

 

35,867

 

Less current obligations under leases

 

 

(6,087

)

Long-term lease obligations

 

$

29,780

 

 

Disclosures Related to Periods Prior to Adoption of New Lease Standard

Minimum lease payments under operating leases with non-cancelable terms in excess of one year as of February 28, 2019, were as follows (in thousands):

 

2020

 

$

7,565

 

2021

 

 

6,386

 

2022

 

 

6,242

 

2023

 

 

6,199

 

2024

 

 

6,126

 

Thereafter

 

 

7,659

 

Total minimum lease payments

 

$

40,177