Note 6 - Leases

3 Months Ended

Jul. 31, 2021

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 July 31, 2021 and August 1, 2020 was $3.6 million and $3.4 million, respectively.  As of July 31, 2021, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.14 years and 3.10%, respectively. As of May 1, 2021, the weighted-average remaining lease term and weighted average discount rate of operating leases was 3.06 years and 3.38%, respectively. Cash payments were $3.6 million for operating leases for the three months ended July 31, 2021 and $3.5 million for the three months ended August 1, 2020.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of July 31, 2021:

	(In thousands)
Fiscal 2022 – Remaining 3 quarters	$	11,761
Fiscal 2023		10,446
Fiscal 2024		8,140
Fiscal 2025		5,205
Fiscal 2026		3,255
Thereafter		4,447
Total minimum lease payments including interest		43,254
Less: Amounts representing interest		(2,678	)
Present value of minimum lease payments		40,576
Less: Current portion of lease obligations		(14,278	)
Non-current portion of lease obligations	$	26,298