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Leases (Tables)

12 Months Ended

May 31, 2020

Leases [Abstract]

Components of lease cost and supplemental cash flow information

The components of lease cost were as follows:

			Year Ended
(In thousands, except term and discount rate)			May 31, 2020
Finance lease cost:
Amortization of leased assets			$	116
Interest on lease liabilities			358
Operating lease cost			6,343
Variable lease cost and other			1,951
Total lease cost			$	8,768
Weighted-average remaining lease term:
Operating leases			11.06
Finance leases			2.60
Weighted-average discount rate:
Operating leases			5.24%
Finance leases			10.00%

Supplemental cash flow information related to leases are as follows:

			Year Ended
(in thousands)			May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$7,853
Operating cash flows from finance leases			328
Financing cash flows from finance leases			118
Lease liabilities arising from obtaining right-of-use assets:
Operating leases			$3,752

Future minimum annual lease payments under operating leases

The future minimum annual lease payments required under the Company’s existing operating lease agreements as of May 26, 2019 prior to the adoption of ASC 842 were as follows:

(in thousands)			Operating Leases
Fiscal year 2020			$	5,056
Fiscal year 2021			4,044
Fiscal year 2022			3,589
Fiscal year 2023			3,350
Fiscal year 2024			3,047
Thereafter			9,335
Total			$	28,421

Future minimum annual lease payments under capital leases

The future minimum annual lease payments required under the Company’s existing capital lease agreements as of May 26, 2019, prior to the adoption of ASC 842 were as follows:

(in thousands)			Capital Leases
Fiscal year 2020			$	486
Fiscal year 2021			489
Fiscal year 2022			460
Fiscal year 2023			3,490
Fiscal year 2024			—
Thereafter			—
Total minimum lease payment			4,925
Less: amounts representing interest and taxes			(1,291)
Total			3,634
Less: current portion included in other accrued liabilities			(102)
Long-term capital lease obligation			$	3,532

Maturity analysis of operating lease liability

The Company’s maturity analysis of operating and finance lease liabilities as of May 31, 2020 are as follows:

(in thousands)			Operating Leases						Finance Leases						Total
Fiscal year 2021			$	5,615					$	455					$	6,070
Fiscal year 2022			4,500						466						4,966
Fiscal year 2023			3,809						3,497						7,306
Fiscal year 2024			3,137						9						3,146
Fiscal year 2025			2,501						2						2,503
Thereafter			17,721						—						17,721
Total lease payments			37,283						4,429						41,712
Less: interest			(10,043)						(868)						(10,911)
Present value of lease liabilities			27,240						3,561						30,801
Less: current obligation of lease liabilities			(4,298)						(125)						(4,423)
Total long-term lease liabilities			$	22,942					$	3,436					$	26,378

Maturity analysis of finance lease liability

The Company’s maturity analysis of operating and finance lease liabilities as of May 31, 2020 are as follows:

(in thousands)			Operating Leases						Finance Leases						Total
Fiscal year 2021			$	5,615					$	455					$	6,070
Fiscal year 2022			4,500						466						4,966
Fiscal year 2023			3,809						3,497						7,306
Fiscal year 2024			3,137						9						3,146
Fiscal year 2025			2,501						2						2,503
Thereafter			17,721						—						17,721
Total lease payments			37,283						4,429						41,712
Less: interest			(10,043)						(868)						(10,911)
Present value of lease liabilities			27,240						3,561						30,801
Less: current obligation of lease liabilities			(4,298)						(125)						(4,423)
Total long-term lease liabilities			$	22,942					$	3,436					$	26,378

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121616839&loc=d3e45280-112737

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- Definition

Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
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