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Commitments and Contingencies | 12 Months Ended
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May 01, 2022
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies |
1 3. | COMMITMENTS AND CONTINGENCIES
Leases Balance Sheet The right of use assets and lease liabilities associated with our operating leases as of May 1, 2022, and May 2, 2021, are as follows:
(dollars in thousands) |  | May 1, 2022 |  |  | May 2, 2021 |
Right of use assets |  | $ | 15,577 |  |  | $ | 11,730 |
Operating lease liability - current |  |  | 3,219 |  |  |  | 2,736 |
Operating lease liability – noncurrent |  |  | 7,062 |  |  |  | 6,821 |
Supplemental Cash Flow Information
(dollars in thousands) | 2022 |  |  | 2021 |  |  | 2020 |
Operating lease liability payments | $ | 2,954 |  |  | $ | 2,634 |  |  | $ | 2,524 |
Right of use assets exchanged for lease liabilities |  | 3,762 |  |  |  | 8,014 |  |  |  | 344 |
Operating lease costs associated with continuing operations were $3.9 million, $2.9 million, and $2.6 million during fiscal 2022, 2021, and 2020, respectively. During fiscal 2020, operating lease costs totaling $204,000 were associated with our former home accessories segment and were presented within loss from discontinued operations in the fiscal 2020 Consolidated Statement of Net Loss. Short-term lease costs were $68,000, $55,000, and $148,000 during fiscal 2022, 2021, and 2020, respectively. Variable lease expense was immaterial for fiscal 2022, 2021, and 2020. As of May 1, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:
Weighted average lease term |  | 3.29 years |
Weighted average discount rate |  |  | 1.77 | %
As of May 2, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:
Weighted average lease term |  | 4.36 years |
Weighted average discount rate |  |  | 2.41 | %
Other Information Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows:
(dollars in thousands) |  | Amount |
2023 |  | $ | 3,367 |
2024 |  |  | 2,986 |
2025 |  |  | 1,945 |
2026 |  |  | 493 |
2027 |  |  | 457 |
Thereafter |  |  | 1,409 |
|  |  | 10,657 |
Less: interest |  |  | (376 | )
Present value of lease liabilities |  | $ | 10,281 |
Related Party Lease – Mattress Fabrics Segment We have an agreement to lease a facility totaling 65,886 square feet from a partnership owned by an immediate family member of an officer of the company. The current non-cancelable lease term for this facility ends September 30, 2023. Rents paid to the entity owned by an immediate family member of an officer totaled $148,000, $151,000, and $157,000 in fiscal 2022, 2021, and 2020, respectively. Litigation The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that these actions, when ultimately concluded and settled, will not have a material adverse effect upon the financial position, results of operations, or cash flows of the company. Accounts Payable – Capital Expenditures As of May 1, 2022, and May 2, 2021, we had total amounts due regarding capital expenditures totaling $473,000 and $348,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. Purchase Commitments - Capital Expenditures As of May 1, 2022, we had open purchase commitments to acquire equipment for our U.S. and Canadian mattress fabrics operations totaling $580,000.

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