XML 51 R14.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Operating Leases | 9 Months Ended
--- | ---
Jan. 31, 2020
Operating Leases [Abstract] |
Operating Leases | Note 5 — Operating Leases On May 1, 2019, we adopted a new accounting standard for leases. For further information, see Note 2, “Recent Accounting Standards.” We have contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment. We determine if an arrangement is a lease at inception of the contract in accordance with guidance detailed in the new standard and we perform the lease classification test as of the lease commencement date. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate, which was determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use an unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate. Under the new leasing standard, leases that are more than one year in duration are capitalized and recorded on the Unaudited Condensed Consolidated Statements of Financial Position. Some of our leases offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. Furthermore, some of our lease payments are based on index rates with minimum annual increases. These represent fixed payments and are captured in the future minimum lease payments calculation. For operating leases, the ROU assets and liabilities are presented in our Unaudited Condensed Consolidated Statement of Financial Position as follows:
|  | January 31, 2020 |
Operating lease right-of-use Assets |  | $ | 142,308 |
Short-term portion of operating lease liabilities |  |  | 18,950 |
Operating lease liabilities, non-current |  | $ | 160,781 |
During the nine months ended January 31, 2020, we added $13.3 million to the ROU assets and $14.9 million to the operating lease liabilities due to new leases as well as modifications and remeasurements to our existing operating leases. Our total net lease costs are as follows:
|  | Three Months Ended January 31, 2020 |  |  | Nine Months Ended January 31, 2020 |
Operating lease cost |  | $ | 6,286 |  |  | $ | 19,346 |
Variable lease cost |  |  | 1,004 |  |  |  | 3,122 |
Sublease income |  |  | (180 | ) |  |  | (519 | )
Total net lease cost |  | $ | 7,110 |  |  | $ | 21,949 |
Other supplemental information includes the following:
|  | Weighted-Average Remaining Contractual Lease Term (Years) |  |  | Nine Months Ended January 31, 2020 |
Operating leases |  |  | 10 |  |  |  |
Weighted-average discount rate: |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 5.91 | %
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  |  | $ | 22,029 |
The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 2020:
Fiscal Year |  | Operating Lease Liabilities |
2020 (remaining 3 months) |  | $ | 9,372 |
2021 |  |  | 28,426 |
2022 |  |  | 25,386 |
2023 |  |  | 22,938 |
2024 |  |  | 22,061 |
Thereafter |  |  | 135,373 |
Total undiscounted lease payments |  |  | 243,556 |
Less: Imputed interest |  |  | 63,825 |
Present Value of Minimum Lease Payments |  |  | 179,731 |
Less: Current portion |  |  | 18,950 |
Noncurrent portion |  | $ | 160,781 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration