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Leases | 9 Months Ended
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Jan. 31, 2020
Leases [Abstract] |
Leases | We lease certain warehouses, manufacturing facilities, office space, equipment, and vehicles, primarily through operating lease agreements. We have elected to not recognize leases with a term of 12 months or less on the balance sheet. Instead, we recognize the related lease expense on a straight-line basis over the lease term. Although the majority of our right-of-use asset and lease liability balances consist of leases with renewal options, we generally are not reasonably certain to exercise them, and therefore, the optional periods do not typically impact the lease term. Certain leases also include termination provisions or options to purchase the leased property. Since we are not reasonably certain to exercise these types of options, minimum lease payments do not include any amounts related to these termination or purchase options. Our lease agreements generally do not contain residual value guarantees or restrictive covenants that are material. We determine if an agreement is or contains a lease at inception by evaluating whether an identified asset exists that we control over the term of the arrangement. A lease commences when the lessor makes the identified asset available for our use. We generally account for lease and non-lease components as a single lease component. Minimum lease payments do not include variable lease payments other than those that depend on an index or rate. For the majority of our leases, the interest rate implicit in the lease cannot be readily determined, so we utilize our incremental borrowing rate to present value lease payments using information available at the lease commencement date. We consider our credit rating and the current economic environment in determining this collateralized rate. For the initial implementation of the lease standard, the incremental borrowing rate at May 1, 2019, was used to calculate all operating lease liabilities. The following table sets forth the right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheet.
| January 31, 2020
Operating lease right-of-use assets | $ | 168.0 |
Operating lease liabilities: |
Current operating lease liabilities | $ | 41.7 |
Noncurrent operating lease liabilities | 133.5 |
Total operating lease liabilities | $ | 175.2 |
Finance lease right-of-use assets: |
Machinery and equipment | $ | 13.4 |
Accumulated depreciation | (6.9) |
Total property, plant, and equipment | $ | 6.5 |
Finance lease liabilities: |
Other current liabilities | $ | 2.2 |
Other noncurrent liabilities | 3.7 |
Total finance lease liabilities | $ | 5.9 |
The following table summarizes the components of lease expense.
| Three Months Ended January 31, 2020 |  |  | Nine Months Ended January 31, 2020 |
Operating lease cost | $ | 13.2 |  |  | $ | 38.5 |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets | 0.7 |  |  | 2.3 |
Interest on lease liabilities | 0.1 |  |  | 0.2 |
Variable lease cost | 5.0 |  |  | 17.6 |
Short-term lease cost | 8.5 |  |  | 25.9 |
Sublease income | (1.1) |  |  | (3.4) |
Net lease cost | $ | 26.4 |  |  | $ | 81.1 |
The following table sets forth cash flow and noncash information related to leases.
|  |  | Nine Months Ended January 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  |  | $ | 38.8 |
Operating cash flows from finance leases |  |  | 0.2 |
Financing cash flows from finance leases |  |  | 2.1 |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |
Operating leases |  |  | 56.6 |
Finance leases |  |  | 2.4 |
The following table summarizes the maturity of our lease liabilities by fiscal year.
| January 31, 2020 |  |
| Operating Leases |  | Finance Leases
2020 (remainder of the year) | $ | 12.3 |  |  | $ | 0.7 |
2021 | 43.8 |  |  | 2.2 |
2022 | 40.5 |  |  | 1.6 |
2023 | 34.6 |  |  | 0.9 |
2024 | 22.8 |  |  | 0.7 |
2025 and beyond | 34.8 |  |  | 0.2 |
Total undiscounted minimum lease payments | $ | 188.8 |  |  | $ | 6.3 |
Less: Imputed interest | 13.6 |  |  | 0.4 |
Lease liabilities | $ | 175.2 |  |  | $ | 5.9 |
As of April 30, 2019, our minimum operating lease obligations were as follows: $43.0 in 2020, $36.7 in 2021, $30.5 in 2022, $24.8 in 2023, and $12.3 in 2024. The following table sets forth the weighted average remaining lease term and discount rate.
| January 31, 2020
Weighted average remaining lease term (in years): |
Operating leases | 4.8
Finance leases | 3.4
Weighted average discount rate: |
Operating leases | 3.1 | %
Finance leases | 3.0 | %

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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