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Leases | 3 Months Ended
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Jul. 27, 2019
Leases |
Leases | Note 5: Leases ​ During the first quarter of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use (“ROU”) asset and a lease liability. ​ The Company leases real estate for retail stores, distribution centers, warehouses, plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet this criteria are included in the lease term at lease commencement. ​ Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability. ​ The Company has elected to apply the practical expedients permitted under transition guidance to forgo the restatement of comparative periods and to not reassess leases entered into prior to adoption. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability. We have also made an accounting policy election to not recognize an ROU asset and lease liability on the balance sheet for those leases with an initial term of one year or less and instead such liabilities will be expensed on a straight-line basis over the lease term. ​ Supplemental balance sheet information (in thousands) related to leases as of July 27, 2019: ​
​ | ​ | ​ | ​
Operating leases | ​ | ​ | ​
ROU assets |  | $ | 312,312
Lease liabilities, short-term |  | ​ | 64,031
Lease liabilities, long-term |  | ​ | 262,264
​ | ​ | ​ | ​
Finance leases |  | ​ |
ROU assets |  | $ | 121
Lease liabilities, short-term |  | ​ | 127
Lease liabilities, long-term |  | ​ | —
​ The ROU assets by segment are as follows (in thousands) as of July 27, 2019: ​
​ | ​ | ​ | ​
Upholstery |  | $ | 55,057
Casegoods | ​ |  | 2,205
Retail | ​ |  | 248,338
Corporate & Other | ​ |  | 6,833
Total ROU assets | ​ | $ | 312,433
​ The components of lease cost are as follows (in thousands) for the quarter ended July 27, 2019: ​
​ | ​ | ​ | ​
Operating lease cost |  | $ | 19,018
Financing lease cost | ​ |  | 49
Short-term lease cost | ​ |  | 25
Variable lease cost | ​ |  | 40
Less: Sublease income | ​ |  | (628)
Total lease cost | ​ | $ | 18,504
​ The following table presents supplemental lease disclosures for the quarter ended July 27, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | Operating |  | Financing |
Cash paid for amounts included in the measurement of lease liabilities | ​ | $ | 19,303 | ​ | $ | 49 | ​
Lease liabilities arising from new ROU assets | ​ | ​ | 14,353 | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term (years) | ​ |  | 6.6 |  | ​ | 0.8 | ​
Weighted-average discount rate | ​ |  | 3.9 | % | ​ | 3.9 | %
​ The following table presents our undiscounted cash flows as of July 27, 2019 and our minimum contractual obligations on our leases as of April 27, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 7/27/19 | ​ | 4/27/19
(Amounts in thousands) |  | Operating Leases |  | Financing Leases |  | Operating Leases |  | Financing Leases
Within one year | ​ | $ | 75,357 | ​ | $ | 129 | ​ | $ | 76,508 | ​ | $ | 180
After one year and within two years | ​ |  | 68,610 | ​ |  | — | ​ |  | 71,544 | ​ |  | 19
After two years and within three years | ​ |  | 55,219 | ​ |  | — | ​ |  | 58,763 | ​ |  | —
After three years and within four years | ​ |  | 43,029 | ​ |  | — | ​ |  | 46,541 | ​ |  | —
After four years and within five years | ​ |  | 34,193 | ​ |  | — | ​ |  | 36,082 | ​ |  | —
After five years | ​ |  | 93,658 | ​ |  | — | ​ |  | 102,782 | ​ |  | —
Total lease payments | ​ |  | 370,066 | ​ |  | 129 | ​ | $ | 392,220 | ​ | $ | 199
Less: Interest | ​ |  | 43,771 | ​ |  | 2 | ​ |  | ​ | ​ |  | ​
Total lease obligations | ​ | $ | 326,295 | ​ | $ | 127 | ​ | ​ | ​ | ​ | ​ | ​
​

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