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Note 4 - Leases | 12 Months Ended
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Apr. 29, 2023
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 was $14.4 million in Fiscal 2023, $14.5 million in Fiscal 2022 and $14.6 million in Fiscal 2021. The weighted-average remaining lease term and weighted average discount rate of operating leases was 4.34 years and 3.30%, respectively, at April 29, 2023 and 4.0 years and 3.08%, respectively, at April 30, 2022. Net cash provided by operations was impacted by $14.3 million for operating leases for the year ended April 29, 2023, $14.7 million for the year ended April 30, 2022 and $14.1 million 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 at April 29, 2023:
|  | (In thousands) |
Fiscal 2024 |  | $ | 12,798 |
Fiscal 2025 |  |  | 9,864 |
Fiscal 2026 |  |  | 8,039 |
Fiscal 2027 |  |  | 7,105 |
Fiscal 2028 |  |  | 3,199 |
Thereafter |  |  | 3,669 |
Total minimum lease payments including interest |  |  | 44,674 |
Less: Amounts representing interest |  |  | (3,147 | )
Present value of minimum lease payments |  |  | 41,527 |
Less: Current portion of operating lease liabilities |  |  | (11,745 | )
Non-current portion of operating lease liabilities |  | $ | 29,782 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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