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LEASES
3 Months Ended
May 31, 2020
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

 

May 31, 2020

 

Assets

 

 

 

 

 

 

Operating lease right-of-use assets

 

Operating lease right-of-use assets

 

$

24,220

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Operating lease liabilities (current)

 

Other current liabilities

 

$

5,987

 

Operating lease liabilities (noncurrent)

 

Operating lease liabilities

 

 

25,692

 

Total lease liabilities

 

 

 

$

31,679

 

 

 

 

 

 

 

 

 

Lease Costs

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

 

 

 

Three Months Ended

May 31, 2020

 

 

 

 

Three Months Ended

May 31, 2019

 

Operating lease cost

 

$

1,932

 

 

 

 

$

2,001

 

Short-term lease cost

 

 

871

 

 

 

 

 

312

 

Variable lease cost

 

 

304

 

 

 

 

 

30

 

Total lease cost

 

$

3,107

 

 

 

 

$

2,343

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

The table below presents supplemental information related to operating leases during the three months ended May 31, 2020 (in thousands, except weighted-average information):

 

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

 

$

2,100

 

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

 

$

4,683

 

Weighted average remaining lease term

 

6.5 years

 

Weighted average discount rate

 

 

5.24

%

 

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 May 31, 2020 (in thousands):

 

Remainder of 2021

 

$

5,525

 

2022

 

 

6,781

 

2023

 

 

6,308

 

2024

 

 

4,761

 

2025

 

 

3,019

 

Thereafter

 

 

9,613

 

Total minimum lease payments

 

 

36,007

 

Less imputed interest

 

 

(4,328

)

Present value of future minimum lease payments

 

 

31,679

 

Less current obligations under leases

 

 

(5,987

)

Long-term lease obligations

 

$

25,692