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Leases | 3 Months Ended
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May 31, 2023
Leases [Abstract] |
Leases | 6. Leases The Company leases certain of its facilities and equipment under operating leases, which are recorded as right-of-use assets and lease liabilities. The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. The Company currently does not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company. Operating lease expense is recognized on a straight-line basis over the lease term, and variable lease payments are expensed as incurred. The Company had no variable lease costs for the three months ended May 31, 2023 and May 31, 2022. The Company determines whether a contract is or contains a lease at the inception of the contract. A contract will be deemed to be or contain a lease if the contract conveys the right to control and directs the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property, plant, and equipment. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the BBB Corporate Bond Rate at lease commencement date, as rates are not implicitly stated in most leases. Components of lease expense for the three months ended May 31, 2023 and May 31, 2022 were as follows (in thousands):
|  | Three months ended |
|  | May 31, 2023 |  |  | May 31, 2022 |
Operating lease cost |  | $ | 1,433 |  |  | $ | 1,513 |
Supplemental cash flow information related to leases was as follows: |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,441 |  |  | $ | 1,511 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |
Operating leases |  | $ | — |  |  | $ | 806 |
Weighted Average Remaining Lease Terms |  |  |
Operating leases |  | 3 Years |
Weighted Average Discount Rate |  |  |
Operating leases |  |  | 3.85 | %
Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands):
|  | Operating |
|  | Lease |
|  | Commitments |
2024 (remaining 9 months) |  | $ | 3,535 |
2025 |  |  | 4,611 |
2026 |  |  | 2,893 |
2027 |  |  | 1,168 |
2028 |  |  | 153 |
2029 |  |  | — |
Thereafter |  |  | — |
Total future minimum lease payments |  | $ | 12,360 |
Less imputed interest |  |  | 634 |
Present value of lease liabilities |  | $ | 11,726 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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