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Note 4 - Leases | 12 Months Ended
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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 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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