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Leases | 12 Months Ended
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May 02, 2020
Leases [Abstract] |
Leases | Note 3. Leases The Company leases real estate, automobiles and certain equipment under both operating and finance leases. The Company does not have any significant arrangements where it is the lessor. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. As of May 2, 2020, the Company's leases have remaining lease terms of up to 11.3 years, some of which include optional renewals or terminations, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. Any variable payments related to the lease will be recorded as lease expense when and as incurred. The Company’s lease payments are largely fixed. As of May 2, 2020, the operating leases that the Company has signed but have not yet commenced are immaterial. In addition to the operating lease assets presented on the consolidated balance sheets, assets under finance leases of $1.0 million are included in property, plant and equipment, net on the consolidated balance sheets as of May 2, 2020. Finance lease obligations were $1.4 million as of May 2, 2020 and is split between other accrued expenses for the short-term portion and other long-term liabilities for the long-term portion on the consolidated balance sheets. The Company had an immaterial amount of finance lease expense in the year ended May 2, 2020. The components of lease expense were as follows:
(Dollars in Millions) |  | Fiscal Year Ended May 2, 2020 |
Lease Cost: |  |  |  |
Operating Lease Cost |  | $ | 9.0 |
Variable Lease Cost |  |  | 1.3 |
Total Lease Cost |  | $ | 10.3 |
Supplemental cash flow and other information related to operating leases was as follows:
(Dollars in Millions) |  | Fiscal Year Ended May 2, 2020 |
Operating Cash Flows: |  |  |  |
Cash Paid Related to Operating Lease Obligations |  | $ | 8.7 |
Non-cash Activity: |  |  |  |
Right-of-use Assets Obtained in Exchange for Lease Obligations |  | $ | 5.5 |
Weighted-average Remaining Lease Term |  | 5.7 years |
Weighted-average Discount Rate |  |  | 4.7 | %
Maturities of operating lease liabilities as of May 2, 2020, are shown below:
(Dollars in Millions) |  | Operating Leases |
Fiscal Year: |  |  |  |
2021 |  | $ | 6.6 |
2022 |  |  | 5.9 |
2023 |  |  | 5.2 |
2024 |  |  | 4.0 |
2025 |  |  | 2.3 |
Thereafter |  |  | 5.7 |
Total Lease Payments |  |  | 29.7 |
Less: Imputed Interest |  |  | (3.8 | )
Present Value of Lease Liabilities |  | $ | 25.9 |
Disclosures related to periods prior to the adoption of ASC 842 Total rent expense was $7.6 million and $5.9 million in the years ended April 27, 2019 and April 28, 2018, respectively. Future minimum lease payments for assets under operating leases as of April 27, 2019 were as follows:
(Dollars in Millions) |  | Operating Leases |
Fiscal Years: |  |  |  |
2020 |  | $ | 7.8 |
2021 |  |  | 5.6 |
2022 |  |  | 4.9 |
2023 |  |  | 4.2 |
2024 |  |  | 3.3 |
Thereafter |  |  | 8.4 |
Net Minimum Lease Payments |  | $ | 34.2 |

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- Definition Lessee operating and finance leases. + References No definition available. + Details
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- References No definition available. + Details
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Period Type: | duration