Leases (Tables)

3 Months Ended

Jul. 31, 2019

Leases [Abstract]

Components of Lease Costs and Additional Information

Additional information related to leases was as follows:

	Three Months Ended
	July 31,
(in thousands)	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	53
Operating cash flows for operating leases	5,109
Financing cash flows for financing leases	589
Right-of-use assets obtained in exchange for new finance lease liabilities	485
Right-of-use assets obtained in exchange for new operating lease liabilities	21,118
Weighted average remaining lease term (years)
Weighted average remaining lease term - finance leases	3.52
Weighted average remaining lease term - operating leases	6.71
Weighted average discount rate
Weighted average discount rate - finance leases	3.23		%
Weighted average discount rate - operating leases	4.25		%

The components of lease costs were as follows:

	Three Months Ended
	July 31,
(in thousands)	2019
Finance lease cost:
Amortization of right-of-use assets	$	612
Interest on lease liabilities	53
Operating lease cost	5,344

Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities

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 unaudited condensed consolidated balance sheet as of July 31, 2019:

(in thousands)	Operating leases			Financing leases
Year ending April 30,
2020	$	18,174		$	1,927
2021	21,854			2,089
2022	14,837			1,149
2023	11,251			779
2024	10,410			763
Thereafter	34,881			176
Total lease payments	111,407			6,883
Less imputed interest	(14,847		)	(342		)
Total lease liability	$	96,560		$	6,541
Current maturities	(20,289		)	(2,352		)
Lease liability - long-term	$	76,271		$	4,189
Lease assets	$	95,285		$	10,810

Reconciliation of Future Undiscounted Cash Flows to Finance Lease Liabilities

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 unaudited condensed consolidated balance sheet as of July 31, 2019:

(in thousands)	Operating leases			Financing leases
Year ending April 30,
2020	$	18,174		$	1,927
2021	21,854			2,089
2022	14,837			1,149
2023	11,251			779
2024	10,410			763
Thereafter	34,881			176
Total lease payments	111,407			6,883
Less imputed interest	(14,847		)	(342		)
Total lease liability	$	96,560		$	6,541
Current maturities	(20,289		)	(2,352		)
Lease liability - long-term	$	76,271		$	4,189
Lease assets	$	95,285		$	10,810

Schedule of Future Minimum Lease Payments for Operating Leases Under ASC Topic 840

As we have not restated prior-year information for our adoption of ASC Topic 842, the following presents our future minimum lease payments for operating leases and capital leases under ASC Topic 840 on April 30, 2019:

FISCAL YEAR	OPERATING               (in thousands)		CAPITAL                        (in thousands)
2020	$	17,943	2,456
2021	17,649		1,953
2022	12,435		1,013
2023	10,636		705
2024	9,854		701
2025 (and thereafter)	38,871		166
	$	107,388	$	6,994
Less amounts representing interest (2% - 6.5%)			(349		)
Total obligations under capital leases			$	6,645

Schedule of Future Minimum Lease Payments for Capital Leases Under ASC Topic 840

As we have not restated prior-year information for our adoption of ASC Topic 842, the following presents our future minimum lease payments for operating leases and capital leases under ASC Topic 840 on April 30, 2019:

FISCAL YEAR	OPERATING               (in thousands)		CAPITAL                        (in thousands)
2020	$	17,943	2,456
2021	17,649		1,953
2022	12,435		1,013
2023	10,636		705
2024	9,854		701
2025 (and thereafter)	38,871		166
	$	107,388	$	6,994
Less amounts representing interest (2% - 6.5%)			(349		)
Total obligations under capital leases			$	6,645