Note 6 - Leases

6 Months Ended

Oct. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain of our offices, buildings, machinery and equipment expiring at various dates through January 2029. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease cost for the three months ended October 31, 2020 and October 26, 2019 was $3.5 million and $3.4 million, respectively. Operating lease cost totaled $7.3 million for the six months ended October 31, 2020 and $6.7 million for the six months ended October 26, 2019. As of October 31, 2020, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.1 years and 3.1%, respectively. As of May 2, 2020, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.3 years and 3.38%, respectively. Cash payments were $3.5 million and $3.7 million, respectively, for operating leases for the three months ended October 31, 2020 and October 26, 2019. Cash payments totaled $7.0 million for the six months ended October 31, 2020 and $7.5 million for the six months ended October 26, 2019.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of October 31, 2020:

	(In thousands)
Fiscal 2021 - Remaining 2 quarters	$	8,993
Fiscal 2022		13,278
Fiscal 2023		9,367
Fiscal 2024		7,308
Fiscal 2025		4,399
Thereafter		3,823
Total minimum lease payments including interest		47,168
Less: Amounts representing interest		(2,662	)
Present value of minimum lease payments		44,506
Less: Current portion of lease liabilities		(15,796	)
Non-current portion of lease liabilities	$	28,710

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of May 2, 2020:

	(In thousands)
Fiscal 2021	$	14,206
Fiscal 2022		13,276
Fiscal 2023		8,975
Fiscal 2024		7,361
Fiscal 2025		4,475
Thereafter		4,101
Total minimum lease payments including interest		52,394
Less: Amounts representing interest		(3,255	)
Present value of minimum lease payments		49,139
Less: Current portion of lease liabilities		(16,980	)
Non-current portion of lease liabilities	$	32,159