Note 4 - Leases

12 Months Ended

Apr. 27, 2024

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 July 2035. 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 $15.9 million, $14.4 million and $14.5 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. As of April 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases were 4.80 years and 4.30%, respectively. As of April 29, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases were 4.34 years and 3.30%, respectively. Cash paid for amounts included in the measurement of operating lease liabilities were $15.4 million, $14.3 million and $14.7 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases at April 27, 2024:

	(In thousands)
Fiscal 2025	$	15,068
Fiscal 2026		13,382
Fiscal 2027		11,847
Fiscal 2028		6,946
Fiscal 2029		5,770
Thereafter		8,156
Total minimum lease payments including interest		61,168
Less: Amounts representing interest		(6,401	)
Present value of minimum lease payments		54,767
Less: Current portion of operating lease liabilities		(13,079	)
Non-current portion of operating lease liabilities	$	41,688