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Leases | 6 Months Ended
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Oct. 31, 2019
Leases [Abstract] |
Leases | (3) Leases: We lease certain of our real estate, machinery, photocopiers, and vehicles under non-cancelable operating lease agreements. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, expense is recognized on a straight-line basis over the lease term. Tenant improvement allowances are recorded as an offsetting adjustment included in our calculation of the respective right-of-use asset. Many of our leases include renewal options that can extend the lease term. The execution of those renewal options is at our sole discretion and reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The amounts of assets and liabilities related to our operating and financing leases as of October 31, 2019 are as follows (in thousands):
|  | Balance Sheet Caption |  | October 31, 2019 |
Operating Leases |  |  |  |  |  |
Right-of-use assets |  |  |  | $ | 11,805 |
Accumulated amortization |  |  |  |  | (1,309 | )
Right-of-use assets, net |  | Other assets |  | $ | 10,496 |
Current liabilities |  | Accrued expenses and deferred revenue |  | $ | 2,833 |
Non-current liabilities |  | Other non-current liabilities |  |  | 8,824 |
Total operating lease liabilities |  |  |  | $ | 11,657 |
Finance Leases |  |  |  |  |  |
Right-of-use assets |  |  |  | $ | 41,070 |
Accumulated depreciation |  |  |  |  | (1,078 | )
Right-of-use assets, net |  | Property, plant, and equipment, net |  | $ | 39,992 |
Current liabilities |  | Accrued expenses and deferred revenue |  |  | 946 |
Non-current liabilities |  | Finance lease payable, net of current portion |  |  | 40,389 |
Total finance lease liabilities |  |  |  | $ | 41,335 |
We recorded $928,000 of operating lease costs, of which $279,000 were short-term, $526,000 of financing lease amortization, and $518,000 of financing lease interest expense during the three months ended October 31, 2019. We recorded $1.9 million of operating lease costs, of which $479,000 were short-term, $1.1 million of financing lease amortization, and $1.0 million of financing lease interest expense during the six months ended October 31, 2019. As of October 31, 2019, our weighted average lease term and weighted average discount rate for our operating leases was 4.6 years and 4.5%, respectively. As of October 31, 2019, our weighted average lease term and weighted average discount rate for our financing leases was 19.0 years and 5.0%, respectively, and consists primarily of our national logistics facility located in Columbia, Missouri. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease. Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):
|  |  |  | Operating |  |  | Financing |  |  | Total |
2020 |  |  |  | $ | 1,774 |  |  | $ | 1,495 |  |  | $ | 3,269 |
2021 |  |  |  |  | 3,122 |  |  |  | 3,016 |  |  |  | 6,138 |
2022 |  |  |  |  | 2,921 |  |  |  | 3,056 |  |  |  | 5,977 |
2023 |  |  |  |  | 2,769 |  |  |  | 3,071 |  |  |  | 5,840 |
2024 |  |  |  |  | 1,722 |  |  |  | 3,125 |  |  |  | 4,847 |
2025 |  |  |  |  | 330 |  |  |  | 3,180 |  |  |  | 3,510 |
Thereafter |  |  |  |  | 679 |  |  |  | 48,783 |  |  |  | 49,462 |
Total future lease payments |  |  |  |  | 13,317 |  |  |  | 65,726 |  |  |  | 79,043 |
Less amounts representing interest |  |  |  |  | (1,660 | ) |  |  | (24,391 | ) |  |  | (26,051 | )
Present value of lease payments |  |  |  |  | 11,657 |  |  |  | 41,335 |  |  |  | 52,992 |
Less current maturities of lease liabilities |  |  |  |  | (2,833 | ) |  |  | (946 | ) |  |  | (3,779 | )
Long-term maturities of lease liabilities |  |  |  | $ | 8,824 |  |  | $ | 40,389 |  |  | $ | 49,213 |
During the three and six months ended October 31, 2019, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $1.4 million and $2.8 million, respectively.

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