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Leases | 12 Months Ended
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Feb. 28, 2021
Leases [Abstract] |
Leases | Note 3 - Leases We determine if an arrangement is or contains a lease at contract inception and determine its classification as an operating or finance lease at lease commencement. We primarily have leases for office space, which are classified as operating leases. Operating leases are included in operating lease assets, accrued expenses and other current liabilities, and lease liabilities, non-current in our consolidated balance sheets. Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our lease contracts do not provide an explicit interest rate, we use an estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We include options to extend or terminate the lease in the lease term for accounting considerations, when it is reasonably certain that we will exercise that option. Our leases have remaining lease terms of less than 1 year to 12 years. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We do not recognize leases with an initial term of twelve months or less on the balance sheet and instead recognize the related lease payments as expense in the consolidated statements of income on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component for all asset classes. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease expense recognized within SG&A in the consolidated statements of income was $7.0 million and $6.4 million, for fiscal 2021 and 2020, respectively. Short-term lease expense is excluded from this amount and is not material. Rent expense related to all our operating leases was $9.5 million, $7.8 million, and $7.9 million for fiscal 2021, 2020 and 2019, respectively. The non-cash component of lease expense is included as an adjustment to reconcile income from continuing operations to net cash provided by operating activities in the consolidated statements of cash flows. A summary of supplemental lease information is as follows:
| February 28, 2021 |  | February 29, 2020
Weighted average remaining lease term (years) | 9.6 |  | 10.8
Weighted average discount rate | 6.03% |  | 6.13%
Year-to-date cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 6,951 |  | $ | 4,579
Operating lease assets obtained in exchange for operating lease liabilities | $ | 4,163 |  | $ | 166
A summary of our estimated lease payments, imputed interest and liabilities are as follows:
(in thousands) | February 28, 2021
Fiscal 2022 | $ | 8,365 |
Fiscal 2023 | 6,363 |
Fiscal 2024 | 5,332 |
Fiscal 2025 | 5,762 |
Fiscal 2026 | 5,035 |
Thereafter | 29,335 |
Total future lease payments | 60,192 |
Less: imputed interest | (15,868) |
Present value of lease liability | $ | 44,324 |
(in thousands) | February 28, 2021 |  | February 29, 2020
Lease liabilities, current (1) | $ | 5,972 |  |  | $ | 3,641 |
Lease liabilities, non-current | 38,352 |  |  | 40,861 |
Total lease liability | $ | 44,324 |  |  | $ | 44,502 |
(1)Included as part of “Accrued expenses and other current liabilities” on the consolidated balance sheet.

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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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