Note 6 - Leases

6 Months Ended

Oct. 29, 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 offices, buildings and machinery and equipment which expire 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 29, 2022 and October 30, 2021 was $3.7 million and $3.6 million, respectively. Operating lease cost was $7.1 million for the six months ended October 29, 2022 and $7.3 million for the six months ended October 30, 2021. As of October 29, 2022, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.29 years and 2.90%, 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 $3.7 million and $4.0 million, respectively, for operating leases for the three months ended October 29, 2022 and October 30, 2021. Cash payments were $7.1 million for the six months ended October 29, 2022 and $7.6 million for the six months ended October 30, 2021.

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

	(In thousands)
Fiscal 2023 – Remaining two quarters	$	6,632
Fiscal 2024		11,435
Fiscal 2025		8,611
Fiscal 2026		6,783
Fiscal 2027		5,841
Thereafter		4,125
Total minimum lease payments including interest		43,427
Less: Amounts representing interest		(2,584	)
Present value of minimum lease payments		40,843
Less: Current portion of lease obligations		(12,042	)
Non-current portion of lease obligations	$	28,801