Note 6 - Leases

6 Months Ended

Oct. 30, 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 and 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 30, 2021 and October 31, 2020 was $3.6 million and $3.3 million, respectively. Operating lease cost was $7.3 million for the six months ended October 30, 2021 and $6.6 million for the six months ended October 31, 2020. As of October 30, 2021, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.25 years and 3.08%, 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 $4.0 million and $3.5 million, respectively, for operating leases for the three months ended October 30, 2021 and October 31, 2020. Cash payments were $7.6 million for the six months ended October 30, 2021 and $7.0 million for the six months ended October 31, 2020.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of October 30, 2021:

	(In thousands)
Fiscal 2022 – Remaining 2 quarters	$	7,962
Fiscal 2023		10,548
Fiscal 2024		8,230
Fiscal 2025		5,289
Fiscal 2026		3,339
Thereafter		4,720
Total minimum lease payments including interest		40,088
Less: Amounts representing interest		(2,413	)
Present value of minimum lease payments		37,675
Less: Current portion of lease obligations		(13,149	)
Non-current portion of lease obligations	$	24,526