Leases

6 Months Ended

Oct. 30, 2022

Assets And Liabilities Lessee [Abstract]

15. Leases

Overview

We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to nine 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 October 30, 2022, October 31, 2021, and May 1, 2022, are as follows:



(dollars in thousands)	October 30, 2022		October 31, 2021		May 1, 2022
Right of use assets	$	11,609	$	13,649	$	15,577
Operating lease liability - current		2,655		2,878		3,219
Operating lease liability – noncurrent		4,194		7,914		7,062

Supplemental Cash Flow Information


	Six Months Ended		Six Months Ended
(dollars in thousands)	October 30, 2022		October 31, 2021
Operating lease liability payments	$	1,068	$	1,436
Right of use assets exchanged for lease liabilities		—		2,614

Operating lease expense for the three-month periods ended October 30, 2022, and October 31, 2021, was $959,000 and $905,000, respectively. Operating lease expense for the six-month periods ended October 30, 2022, and October 31, 2021, was $2.0 million and $1.8 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and six-month periods ended October 30, 2022, and October 31, 2021.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2023, the subsequent next four fiscal years, and thereafter follows:


(dollars in thousands)
2023	$	1,377
2024		2,575
2025		1,578
2026		334
2027		298
Thereafter		1,028
	$	7,190
Less: interest		(341	)
Present value of lease liabilities	$	6,849

As of October 30, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:


	October 30, 2022
Weighted average lease term	4.0 years
Weighted average discount rate		3.39	%

Impairment

See section titled "Impairment" located at Note 6 to the notes to the consolidated financial statements for further details of our assessment and conclusions reached regarding impairment of long-lived assets associated with our mattress fabrics segment that included property, plant, and equipment, right of use assets, and finite-lived intangible assets (i.e., customer relationships and non-compete agreement) that are classified as held and used.