Note 4 - Leases

12 Months Ended

May 02, 2020

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 for Fiscal 2020 under Topic 842 was $15.1 million.  The weighted-average remaining lease term and weighted average discount rate of operating leases was 4.3 years and 3.38%, respectively as of May 2, 2020.  Net cash provided by operations was impacted by $12.1 million for operating leases for the year ended May 2, 2020.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of May 2, 2020:

	(In thousands)
Fiscal 2021	$	14,206
Fiscal 2022		13,276
Fiscal 2023		8,975
Fiscal 2024		7,361
Fiscal 2025		4,475
Thereafter		4,101
Total minimum lease payments including interest		52,394
Less: Amounts representing interest		(3,255	)
Present value of minimum lease payments		49,139
Less: Current portion of lease liabilities		(16,980	)
Non-Current portion of operating lease liabilities	$	32,159

Under the prior accounting guidance of ASC 840, operating lease expense was $18.2 million and $13.3 million for Fiscal years 2019 and 2018, respectively. 

Minimum lease payments under non-cancelable operating leases as of April 27, 2019 were as follows:

	(In thousands)
Fiscal 2020	$	16,105
Fiscal 2021		12,084
Fiscal 2022		9,894
Fiscal 2023		7,741
Fiscal 2024		4,510
Thereafter		1,703
Total minimum lease payments	$	52,037