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v3.21.2

Leases (Tables) | 3 Months Ended
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May 31, 2021
Leases [Abstract] |
Lease, Cost | Supplemental information related to the Company's portfolio of operating leases was as follows (dollars in thousands):
| Three Months Ended May 31, |  |
| 2021 |  | 2020 |  |  |  |
Operating cash flows from operating leases included in lease liabilities | $ | 2,299 |  |  | $ | 2,119 |  |  |  |  |
Lease liabilities obtained from new ROU assets - operating | 12,661 |  |  | 204 |  |  |  |  |
Weighted-average remaining lease term - operating leases (years) | 8.4 |  | 7.6 |  |  |  |
Weighted-average discount rate - operating leases | 4.6 | % |  | 5.0 | % |  |  |  |
Operating and financing cash flows from financing leases included in lease liabilities | 18 |  |  | — |  |  |  |  |
Lease liabilities obtained from new ROU assets - financing | — |  |  | — |  |  |  |  |
Weighted-average remaining lease term - financing leases (years) | 4.3 |  | — |  |  |  |  |
Weighted-average discount rate - financing leases | 4.3 | % |  | — | % |  |  |  |
The following table outlines the classification of lease expense in the statements of income (dollars in thousands):
| Three Months Ended May 31,
| 2021 |  | 2020
Cost of sales | $ | 2,546 |  |  | $ | 3,225 |
Selling, general and administrative | 1,130 |  |  | 1,249 |
Total lease expense | $ | 3,676 |  |  | $ | 4,474 |
Lessee, Operating Lease, Liability, Maturity | As of May 31, 2021, maturities of the Company's lease liabilities were as follows (dollars in thousands):
Fiscal year: |  | Operating Leases |  | Finance Leases |  | Total
2022 (remaining 9 months) |  | $ | 6,896 |  |  | $ | 53 |  |  | $ | 6,949 |
2023 |  | 8,709 |  |  | 71 |  |  | 8,780 |
2024 |  | 7,818 |  |  | 71 |  |  | 7,889 |
2025 |  | 6,777 |  |  | 68 |  |  | 6,845 |
2026 |  | 5,330 |  |  | 14 |  |  | 5,344 |
Thereafter |  | 21,962 |  |  | — |  |  | 21,962 |
Total lease payments |  | 57,492 |  |  | 277 |  |  | 57,769 |
Less imputed interest |  | (9,872) |  |  | (21) |  |  | (9,893) |
Total |  | $ | 47,620 |  |  | $ | 256 |  |  | $ | 47,876 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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