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Leases | 9 Months Ended
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Jan. 30, 2022
Assets And Liabilities Lessee [Abstract] |
Leases | 15. Leases Overview We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have noncancellable lease terms of one to ten years, with renewal options for additional periods ranging up to twelve years. Balance Sheet The right of use assets and lease liabilities associated with our operating leases as of January 30, 2022, January 31, 2021, and May 2, 2021, are as follows:
(dollars in thousands) |  | January 30, 2022 |  |  | January 31, 2021 |  |  | May 2, 2021 |
Right of use assets |  | $ | 16,595 |  |  | $ | 6,206 |  |  | $ | 11,730 |
Operating lease liability - current |  |  | 3,295 |  |  |  | 2,273 |  |  |  | 2,736 |
Operating lease liability – noncurrent |  |  | 7,848 |  |  |  | 4,179 |  |  |  | 6,821 |
Supplemental Cash Flow Information
|  | Nine Months Ended |  |  | Nine Months Ended |
(dollars in thousands) |  | January 30, 2022 |  |  | January 31, 2021 |
Operating lease liability payments |  | $ | 2,249 |  |  | $ | 1,930 |
Right of use assets exchanged for lease liabilities |  |  | 3,763 |  |  |  | 4,309 |
Operating lease expense for the three-month periods ended January 30, 2022, and January 31, 2021, was $1.0 million and $713,000, respectively. Operating lease expense for the nine-month periods ended January 30, 2022, and January 31, 2021, was $2.8 million and $2.1 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 30, 2022, and January 31, 2021. Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows:
(dollars in thousands) |  |  |  |
2022 |  | $ | 740 |
2023 |  |  | 3,440 |
2024 |  |  | 3,045 |
2025 |  |  | 1,983 |
2026 |  |  | 493 |
Thereafter |  |  | 1,868 |
|  | $ | 11,569 |
Less: interest |  |  | (426 | )
Present value of lease liabilities |  | $ | 11,143 |
As of January 30, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:
|  | January 30, 2022 |
Weighted average lease term |  | 4.6 years |
Weighted average discount rate |  |  | 1.77 | %
As of January 31, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:
|  | January 31, 2021 |
Weighted average lease term |  | 3.3 years |
Weighted average discount rate |  |  | 2.39 | %
Lease Contracts Culp Upholstery Fabrics – Haiti, Ltd. Effective April 9, 2021, we entered into an agreement to lease a 90,000 square foot facility located in a modern industrial park on the northeastern border of Haiti that is dedicated to the production of cut and sewn upholstery kits. The lease agreement has an initial non-cancelable lease term of eight years that commenced during December 2021 after the construction of the facility was completed, and at such time we obtained control of the facility based on the terms of the lease. The rent payments for the initial non-cancelable lease term totaled $2.8 million and was paid in advance of the commencement of the lease. As of January 30, 2022, the $2.8 million of rent payments were classified as right of use assets in the accompanying Consolidated Balance Sheets. The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year periods by written communication as defined in the lease agreement. High Point, NC – Design and Innovation Campus Effective May 7, 2021, we entered into an agreement to lease showroom and office space encompassing 21,000 square feet located in downtown High Point, NC. This facility will advance synergies between our upholstery fabrics and mattress fabrics business segments by bringing our creative talent together to collaborate, develop new products through shared innovation and technology, and meet with new and existing customers. The lease agreement commenced during the second quarter of fiscal 2022, has an initial non-cancelable lease term of ten years, and requires lease payments totaling $2.2 million to be made in monthly installments that began on November 1, 2021. In addition to the required lease payments, we invested $995,000 in certain leasehold improvements that were determined to be lessor owned assets in accordance with ASC Topic 842, Leases and therefore, are classified as a right of use asset in the accompanying Consolidated Balance Sheets. The initial noncancellable term of the lease can be subsequently renewed and extended up to four additional periods of three years each by written communication as defined in the lease agreement.

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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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