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Leases | 12 Months Ended
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May 31, 2023
Leases [Abstract] |
Leases | Note T – Leases We lease office space, warehouses, vehicles, and equipment. Leases have remaining lease terms of 1 year to 37 years, some of which have renewal and termination options. Termination options are exercisable at our option. The lease terms used to recognize ROU assets and lease liabilities include periods covered by options to extend the lease where we are reasonably certain to exercise that option and periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option. We determine if an arrangement meets the definition of a lease at inception. Operating lease ROU assets include any initial direct costs and prepayments less lease incentives. Lease terms include options to renew or terminate the lease when it is reasonably certain we will exercise such options. As most of our leases do not include an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of goods sold or SG&A expense depending on the underlying nature of the leased assets. We lease certain property and equipment from third parties under non-cancellable operating lease agreements. Certain lease agreements provide for payment of property taxes, maintenance and insurance by us. Under Topic 842, we elected the practical expedient to account for lease and non-lease components as a single component for all asset classes. Certain leases include variable lease payments based on usage or an index or rate. The components of lease expense for fiscal 2023 and fiscal 2022 were as follows:
(In thousands) |  | 2023 |  |  | 2022 |
Operating lease expense |  | $ | 17,234 |  |  | $ | 15,726 |
Financing lease expense: |  |  |  |  |  |
Amortization of leased assets |  |  | 658 |  |  |  | 653 |
Interest on lease liabilities |  |  | 119 |  |  |  | 124 |
Total financing lease expense |  |  | 777 |  |  |  | 777 |
Short-term lease expense |  |  | 4,351 |  |  |  | 2,991 |
Variable lease expense |  |  | 572 |  |  |  | 612 |
Total lease expense |  | $ | 22,934 |  |  | $ | 20,106 |
Other information related to our leases, as of and for the fiscal years ended May 31, 2023 and May 31, 2022, is provided below:
|  | 2023 |  |  | 2022 |
(Dollars in thousands) |  | Operating Leases |  |  | Financing Leases |  |  | Operating Leases |  |  | Financing Leases |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  | $ | 12,393 |  |  | $ | 119 |  |  | $ | 13,514 |  |  | $ | 123 |
Financing cash flows |  | $ | - |  |  | $ | 54 |  |  | $ | - |  |  | $ | 101 |
ROU assets obtained in exchange for lease liabilities |  | $ | 16,272 |  |  | $ | - |  |  | $ | 75,986 |  |  | $ | 2 |
Weighted-average remaining lease term (in years) |  |  | 12.07 |  |  |  | 36.45 |  |  |  | 13.48 |  |  |  | 37.36 |
Weighted-average discount rate |  |  | 3.30 | % |  |  | 3.75 | % |  |  | 2.97 | % |  |  | 3.75 | %
Future minimum lease payments for non-cancelable leases having an initial or remaining term in excess of one year at May 31, 2023, were as follows:
(In thousands) |  | Operating Leases |  |  | Financing Leases |
2024 |  | $ | 15,709 |  |  | $ | 177 |
2025 |  |  | 14,377 |  |  |  | 182 |
2026 |  |  | 12,682 |  |  |  | 186 |
2027 |  |  | 11,256 |  |  |  | 186 |
2028 |  |  | 9,653 |  |  |  | 187 |
Thereafter |  |  | 61,273 |  |  |  | 5,105 |
Total |  |  | 124,950 |  |  |  | 6,023 |
Less: imputed interest |  |  | (22,360 | ) |  |  | (2,306 | )
Present value of lease liabilities |  | $ | 102,590 |  |  | $ | 3,717 |

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