Note 6 - Leases

3 Months Ended

Jul. 29, 2023

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 July 2035. 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 29, 2023 and July 30, 2022 was $3.7 million and $3.4 million, respectively.  As of July 29, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.40 years and 3.40%, respectively. As of April 29, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.34 years and 3.30%, respectively. Cash payments were $3.7 million for operating leases for the three months ended July 29, 2023 and $3.4 million for the three months ended July 30, 2022.

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

	(In thousands)
Fiscal 2024 – Remaining 3 quarters	$	10,061
Fiscal 2025		10,719
Fiscal 2026		8,892
Fiscal 2027		7,428
Fiscal 2028		3,522
Thereafter		4,519
Total minimum lease payments including interest		45,141
Less: Amounts representing interest		(3,354	)
Present value of minimum lease payments		41,787
Less: Current portion of lease obligations		(11,876	)
Non-current portion of lease obligations	$	29,911