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Leases

12 Months Ended

Apr. 29, 2023

The Company leases real estate for retail stores, distribution centers, warehouses, manufacturing plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment, and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement.

Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our right of use ("ROU") lease asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. If an interest rate is implicit in a lease, we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU lease asset and lease liability.

Supplemental balance sheet information pertaining to our leases is as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Operating leases
ROU lease assets	$	415,925	$	405,287
Lease liabilities, short-term	77,626		75,148
Lease liabilities, long-term	367,938		354,493
Finance leases
ROU lease assets	$	344	$	468
Lease liabilities, short-term	125		123
Lease liabilities, long-term	225		350

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Wholesale	$	92,195	$	90,741
Retail	299,536		296,908
Corporate & Other	24,538		18,106
Total ROU lease assets	$	416,269	$	405,755

The components of lease cost are as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Operating lease cost	$	90,500	$	83,520	$	79,072
Finance lease cost	130		130		53
Short-term lease cost	2,459		2,097		545
Variable lease cost	187		159		(245)
Less: Sublease income	(276)		(550)		(1,546)
Total lease cost	$	93,000	$	85,356	$	77,879

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(52 weeks)				(53 weeks)
	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	91,934	$	130	$	84,492	$	130
Lease liabilities arising from new ROU lease assets	92,787		—		140,376		—


	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.0		2.8		7.2		3.8
Weighted-average discount rate	3.5	%	1.7	%	3.0	%	1.7	%

The following table presents our maturity of lease liabilities:


	4/29/2023
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	91,654	$	130
After one year and within two years	81,605		130
After two years and within three years	69,155		98
After three years and within four years	58,890		—
After four years and within five years	50,816		—
After five years	152,855		—
Total lease payments	504,975		358
Less: Interest	59,411		8
Total lease obligations	$	445,564	$	350

Leases

Supplemental balance sheet information pertaining to our leases is as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Operating leases
ROU lease assets	$	415,925	$	405,287
Lease liabilities, short-term	77,626		75,148
Lease liabilities, long-term	367,938		354,493
Finance leases
ROU lease assets	$	344	$	468
Lease liabilities, short-term	125		123
Lease liabilities, long-term	225		350

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Wholesale	$	92,195	$	90,741
Retail	299,536		296,908
Corporate & Other	24,538		18,106
Total ROU lease assets	$	416,269	$	405,755

The components of lease cost are as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Operating lease cost	$	90,500	$	83,520	$	79,072
Finance lease cost	130		130		53
Short-term lease cost	2,459		2,097		545
Variable lease cost	187		159		(245)
Less: Sublease income	(276)		(550)		(1,546)
Total lease cost	$	93,000	$	85,356	$	77,879

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(52 weeks)				(53 weeks)
	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	91,934	$	130	$	84,492	$	130
Lease liabilities arising from new ROU lease assets	92,787		—		140,376		—


	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.0		2.8		7.2		3.8
Weighted-average discount rate	3.5	%	1.7	%	3.0	%	1.7	%

The following table presents our maturity of lease liabilities:


	4/29/2023
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	91,654	$	130
After one year and within two years	81,605		130
After two years and within three years	69,155		98
After three years and within four years	58,890		—
After four years and within five years	50,816		—
After five years	152,855		—
Total lease payments	504,975		358
Less: Interest	59,411		8
Total lease obligations	$	445,564	$	350

(1)Excludes approximately $28.6 million in future lease payments for various operating leases commencing in a future period