Note 4 - Leases

12 Months Ended

Apr. 29, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

4. 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 our 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 was $14.4 million in Fiscal 2023, $14.5 million in Fiscal 2022 and $14.6 million in Fiscal 2021. The weighted-average remaining lease term and weighted average discount rate of operating leases was 4.34 years and 3.30%, respectively, at April 29, 2023 and 4.0 years and 3.08%, respectively, at April 30, 2022. Net cash provided by operations was impacted by $14.3 million for operating leases for the year ended April 29, 2023, $14.7 million for the year ended April 30, 2022 and $14.1 million for the year ended May 1, 2021. 

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases at April 29, 2023:

	(In thousands)
Fiscal 2024	$	12,798
Fiscal 2025		9,864
Fiscal 2026		8,039
Fiscal 2027		7,105
Fiscal 2028		3,199
Thereafter		3,669
Total minimum lease payments including interest		44,674
Less: Amounts representing interest		(3,147	)
Present value of minimum lease payments		41,527
Less: Current portion of operating lease liabilities		(11,745	)
Non-current portion of operating lease liabilities	$	29,782