Leases (Tables)

3 Months Ended

Oct. 31, 2019

Components of lease expense for the three months ended October 31, 2019 were as follows:



		Three Months Ended October 31,
(In thousands)		2019
Operating lease expense		$	7,976
Finance lease expense:
	Amortization of right-of-use assets	155
	Interest on finance lease liabilities	7
Short-term lease expense		1,995
Variable lease expense		144
Total lease expense		$	10,277

The weighted-average remaining lease terms and discount rates as of October 31, 2019 are as follows:



(in thousands)	Weighted-Average Remaining Lease Term (in years)	Weighted-Average Discount Rate⁽¹⁾
Operating leases	9.12	3.03	%
Finance leases	2.55	1.73	%

(1)

We cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to our corporate credit rating for a secured or collateralized instrument.

Lessee, Operating Leases [Text Block]

The components of right-of-use assets and lease liabilities on the consolidated balance sheet are as follows (in thousands):



Lease Asset and Liabilities	Balance Sheet Classification (In thousands)	October 31, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	136,368
Finance lease right-of-use assets	Property and equipment, net	1,561
Total lease assets, net		$	137,929

Operating lease liabilities - current	Current portion of operating lease liabilities	$	27,055
Finance lease liabilities - current	Current portion of revolving loan facility and finance lease liabilities	590
Operating lease liabilities - non-current	Operating lease liabilities, net of current portion	113,263
Finance lease liabilities - non-current	Long-term debt, revolving loan facility and finance lease liabilities, net of discount	978
Total lease liabilities		$	141,886

Weighted Average Term and Rate [Table Text Block]

Components of lease expense for the three months ended October 31, 2019 were as follows:



		Three Months Ended October 31,
(In thousands)		2019
Operating lease expense		$	7,976
Finance lease expense:
	Amortization of right-of-use assets	155
	Interest on finance lease liabilities	7
Short-term lease expense		1,995
Variable lease expense		144
Total lease expense		$	10,277

The weighted-average remaining lease terms and discount rates as of October 31, 2019 are as follows:



(in thousands)	Weighted-Average Remaining Lease Term (in years)	Weighted-Average Discount Rate⁽¹⁾
Operating leases	9.12	3.03	%
Finance leases	2.55	1.73	%

(1)

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information related to leases:



(in thousands)		Three Months Ended October 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
	Operating cash flows related to operating leases	$	7,753
	Operating cash flows related to finance leases	7
	Financing cash flows related to finance leases	159
Right-of-use assets obtained in exchange for new operating lease liabilities		9,009
Right-of-use assets obtained in exchange for new finance lease liabilities		—

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The annual maturities of our lease liabilities as of October 31, 2019 are as follows:



Fiscal year (In thousands)	Finance leases			Operating leases
2020 (remaining nine months)	$	478		$	22,918
2021	619			26,450
2022	505			21,574
2023	—			18,831
2024	—			14,492
Thereafter	—			59,518
Total future lease commitments	$	1,602		$	163,783
Less: imputed interest	(34		)	(23,465		)
Present value of lease liabilities	$	1,568		$	140,318