Note 6 - Leases

9 Months Ended

Jan. 29, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. LEASES

The Company has entered into various non-cancelable operating lease agreements of our offices, buildings, machinery and equipment expiring at various dates through January 2030. 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 January 29, 2022 and January 30, 2021 was $3.5 million. Operating lease cost totaled $11.1 million for the nine months ended January 29, 2022 and $10.8 million for the nine months ended January 30, 2021. As of January 29, 2022, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.5 years and 3.1%, 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 $3.7 million for operating leases for the three months ended January 29, 2022 and $3.3 million for the three months ended January 30, 2021. Cash payments totaled $11.3 million for the nine months ended January 29, 2022 and $10.3 million for the nine months ended January 30, 2021.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 29, 2022:

	(In thousands)
Fiscal 2022	$	4,601
Fiscal 2023		11,357
Fiscal 2024		8,836
Fiscal 2025		5,895
Fiscal 2026		3,946
Thereafter		6,536
Total minimum lease payments including interest		41,171
Less: Amounts representing interest		(2,653	)
Present value of minimum lease payments		38,518
Less: Current portion of lease liabilities		(12,780	)
Non-current portion of lease liabilities	$	25,738