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Leases | 3 Months Ended
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Aug. 04, 2019
Assets and Liabilities, Lessee [Abstract] |
Leases | 19. Leases Overview We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of 12 months or less are not recognized in our Consolidated Balance Sheets. We recognize a right of use asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term. Our operating leases have remaining lease terms of 1 to 6 years, with renewal options for additional periods ranging up to 10 years. A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive, as defined in Topic 842, to exercise the renewal option on the date a lease arrangement is commenced. Currently, renewal options are not included in the lease terms for any of our leases, as there is not a significant economic incentive for us to exercise any of our renewal options. Most of our leases do not provide an implicit interest rate, and as a result, we use our incremental borrowing rate based on information available on the commencement date of a lease arrangement in determining the present value of lease our payments. Balance Sheet The right of use asset and lease liabilities associated with our operating leases as of August 4, 2019, and April 29, 2019, are as follows:
(dollars in thousands) |  | August 4, 2019 |  |  | (1) April 29, 2019 |
Right of use asset |  | $ | 6,530 |  |  | $ | 7,191 |
Operating lease liability – current |  |  | 2,456 |  |  |  | 2,629 |
Operating lease liability – noncurrent |  |  | 3,955 |  |  |  | 4,473 |
(1) | Represents adoption date of Topic 842.
Supplemental Cash Flow Information
(dollars in thousands) |  | Three Months Ended August 4, 2019 |
Operating lease liability payments |  | $ | 657 |
Right of use assets exchanged for lease liabilities |  |  | — |
Operating lease expense for the three-months ended August 4, 2019, was $719,000. Short-term lease and variable lease expenses were immaterial for the three-months ended August 4, 2019. Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2020, the subsequent next four fiscal years, and thereafter follows:
(dollars in thousands) |  |  |
2020 |  | $ | 2,025 |
2021 |  |  | 2,044 |
2022 |  |  | 1,096 |
2023 |  |  | 683 |
2024 |  |  | 659 |
Thereafter |  |  | 346 |
|  | $ | 6,853 |
Less: interest |  |  | (442 | )
Present value of lease liabilities |  | $ | 6,411 |
As of August 4, 2019, the weighted average remaining lease term and discount rate for our operating leases follows:
(dollars in thousands) |  | August 4, 2019 |
Weighted average lease term |  |  | 3.5 years |
Weighted average discount rate |  |  | 3.82 | %

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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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