XML 59 R26.htm IDEA: XBRL DOCUMENT
v3.20.1

Leases | 9 Months Ended
--- | ---
Feb. 02, 2020
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. For these contracts, an estimated incremental borrowing rate (“IBR”) is utilized, based on information available at the inception of the lease. The IBR represents an estimate of the interest rate we would incur at the lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Balance Sheet The right of use asset and lease liabilities associated with our operating leases as of February 2, 2020, and April 29, 2019, are as follows:
(dollars in thousands) |  | February 2, 2020 |  |  | (1) April 29, 2019 |
Right of use asset |  | $ | 5,524 |  |  | $ | 7,191 |
Operating lease liability - current |  |  | 2,227 |  |  |  | 2,629 |
Operating lease liability – noncurrent |  |  | 3,160 |  |  |  | 4,473 |
(1) | Represents adoption date of Topic 842.
Supplemental Cash Flow Information
(dollars in thousands) |  | Three Months Ended February 2, 2020 |  |  | Nine Months Ended February 2, 2020 |
Operating lease liability payments |  | $ | 671 |  |  | $ | 2,079 |
Right of use assets exchanged for lease liabilities |  |  | 322 |  |  |  | 344 |
Operating lease expense for the three-month and nine-month periods ending February 2, 2020, was $726,000 and $2.2 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ending February 2, 2020. Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2020, the next subsequent four fiscal years, and thereafter follows:
(dollars in thousands) |  |  |  |
2020 |  | $ | 590 |
2021 |  |  | 2,161 |
2022 |  |  | 1,207 |
2023 |  |  | 767 |
2024 |  |  | 659 |
Thereafter |  |  | 347 |
|  | $ | 5,731 |
Less: interest |  |  | (344 | )
Present value of lease liabilities |  | $ | 5,387 |
As of February 2, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:
Weighted average lease term |  | 3.4 years |
Weighted average discount rate |  |  | 3.76 | %

X
- References No definition available. + Details
Name: | us-gaap_AssetsAndLiabilitiesLesseeAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration