Note 4 - Leases

12 Months Ended

May 01, 2021

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 2021 was $13.1 million. The weighted-average remaining lease term and weighted average discount rate of operating leases was 3.06 years and 3.38%, respectively as of May 1, 2021. Net cash provided by operations was impacted by $11.1 million for operating leases 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 as of May 1, 2021:

	(In thousands)
Fiscal 2022	$	15,729
Fiscal 2023		10,290
Fiscal 2024		7,996
Fiscal 2025		5,108
Fiscal 2026		3,180
Thereafter		4,311
Total minimum lease payments including interest		46,614
Less: Amounts representing interest		(2,977	)
Present value of minimum lease payments		43,637
Less: Current portion of lease liabilities		(14,800	)
Non-Current portion of operating lease liabilities	$	28,837