Note 6 - Leases

3 Months Ended

Jul. 30, 2022

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 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 July 30, 2022 and July 31, 2021 was $3.4 million and $3.6 million, respectively.  As of July 30, 2022, the weighted-average remaining lease term and weighted average discount rate of operating leases was 3.9 years and 3.06%, respectively. As of April 30, 2022, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.0 years and 3.08%, respectively. Cash payments were $3.4 million for operating leases for the three months ended July 30, 2022 and $3.6 million for the three months ended July 31, 2021.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of July 30, 2022:

	(In thousands)
Fiscal 2023 – Remaining 3 quarters	$	9,327
Fiscal 2024		10,576
Fiscal 2025		7,797
Fiscal 2026		6,033
Fiscal 2027		5,156
Thereafter		3,441
Total minimum lease payments including interest		42,330
Less: Amounts representing interest		(1,774	)
Present value of minimum lease payments		40,556
Less: Current portion of lease obligations		(11,929	)
Non-current portion of lease obligations	$	28,627