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v3.21.2

Leases | 3 Months Ended
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May 31, 2021
Leases [Abstract] |
Leases | Leases The Company is a lessee under various operating leases for facilities and equipment. 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 |
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 The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + 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 + Details
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