Leases

12 Months Ended

May 01, 2021

Leases [Abstract]

Leases

Note 3. Leases

The Company leases real estate, automobiles and certain equipment under both operating and finance leases. The Company does not have any significant arrangements where it is the lessor. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. As of May 1, 2021, the Company's leases have remaining lease terms of up to 10.3 years, some of which include optional renewals or terminations, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. Any variable payments related to the lease will be recorded as lease expense when and as incurred. The Company’s lease payments are largely fixed. As of May 1, 2021, the operating leases that the Company has signed but have not yet commenced are immaterial.

In addition to the operating lease assets presented on the consolidated balance sheets, assets under finance leases of $0.7 million and $1.0 million are included in property, plant and equipment, net on the consolidated balance sheets as of May 1, 2021 and May 2, 2020, respectively. Finance lease obligations were $1.0 million and $1.4 million as of May 1, 2021 and May 2, 2020, respectively, and are split between other accrued expenses for the short-term portion and other long-term liabilities for the long-term portion on the consolidated balance sheets. The Company had an immaterial amount of finance lease expense in the years ended May 1, 2021 and May 2, 2020.

The components of lease expense were as follows:

	Fiscal Year Ended
	May 1, 2021		May 2, 2020
(in millions)	(52 Weeks)		(53 Weeks)
Lease cost:
Operating lease cost	$	8.4	$	9.0
Variable lease cost		1.6		1.3
Total lease cost	$	10.0	$	10.3

Supplemental cash flow and other information related to operating leases was as follows:

	Fiscal Year Ended
	May 1, 2021			May 2, 2020
(in millions)	(52 Weeks)			(53 Weeks)
Operating cash flows:
Cash paid related to operating lease obligations	$	9.3		$	8.7
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	5.7		$	5.5
Weighted-average remaining lease term	5.0 years			5.7 years
Weighted-average discount rate		4.6	%		4.7	%

Maturities of operating lease liabilities as of May 1, 2021, are shown below:

(in millions)
Fiscal Year:
2022	$	6.9
2023		6.0
2024		4.5
2025		3.0
2026		2.3
Thereafter		3.9
Total lease payments		26.6
Less: imputed interest		(3.0	)
Present value of lease liabilities	$	23.6