Note 4 - Leases

12 Months Ended

May 03, 2025

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 its offices, buildings, machinery and equipment expiring at various dates through January 2037. 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 was $17.0 million, $15.9 million and $14.4 million in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. As of May 3, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases were 5.92 years and 4.52%, 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. Cash paid for amounts included in the measurement of operating lease liabilities were $16.4 million, $15.4 million and $14.3 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases at May 3, 2025:

	(In thousands)
Fiscal 2026	$	17,388
Fiscal 2027		16,399
Fiscal 2028		11,611
Fiscal 2029		10,506
Fiscal 2030		9,935
Thereafter		17,017
Total minimum lease payments including interest		82,856
Less: Amounts representing interest		(10,732	)
Present value of minimum lease payments		72,124
Less: Current portion of lease liabilities		(14,533	)
Non-current portion of lease liabilities	$	57,591