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Leases, Commitments and Contingencies | 12 Months Ended
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Apr. 28, 2024
Leases and Commitments and Contingencies Disclosure [Abstract] |
Leases, Commitments and Contingencies | 12. LEASES, COMMITMENTS, AND CONTINGENCIES Leases Balance Sheet The right of use assets and lease liabilities associated with our operating leases as of April 28, 2024, and April 30, 2023, are as follows:
(dollars in thousands) |  | April 28, 2024 |  |  | April 30, 2023 |
Right of use assets |  | $ | 6,203 |  |  | $ | 8,191 |
Operating lease liability - current |  |  | 2,061 |  |  |  | 2,640 |
Operating lease liability – noncurrent |  |  | 2,422 |  |  |  | 3,612 |
Supplemental Cash Flow Information
(dollars in thousands) | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease liability payments | $ | 2,663 |  |  | $ | 2,497 |  |  | $ | 2,954 |
Right of use assets exchanged for lease liabilities |  | 978 |  |  |  | 731 |  |  |  | 3,762 |
Operating lease costs were $3.1 million, $3.6 million, and $3.9 million during fiscal 2024, 2023, and 2022, respectively. Short-term lease costs were $34,000, $44,000, and $68,000 during fiscal 2024, 2023, and 2022, respectively. Variable lease expense was immaterial for each of fiscal 2024, 2023, and 2022. As of April 28, 2024, the weighted average remaining lease term and discount rate for our operating leases follows:
Weighted average lease term |  | 3.77 years |
Weighted average discount rate |  |  | 3.71 | %
As of April 30, 2023, the weighted average remaining lease term and discount rate for our operating leases follows:
Weighted average lease term |  | 3.87 years |
Weighted average discount rate |  |  | 3.58 | %
Other Information Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows:
(dollars in thousands) |  | Amount |
2025 |  | $ | 2,125 |
2026 |  |  | 945 |
2027 |  |  | 608 |
2028 |  |  | 225 |
2029 |  |  | 227 |
Thereafter |  |  | 577 |
|  |  | 4,707 |
Less: interest |  |  | (224 | )
Present value of lease liabilities |  | $ | 4,483 |
Related Party Lease – Mattress Fabrics Segment On March 23, 2023, we terminated an agreement with a partnership owned by an immediate family member of an officer of the company, pursuant to which we leased a 63,522 square foot facility for our domestic mattress cover operation. Prior to the termination of the lease agreement, rent payments totaled $123,000, and $148,000 during fiscal 2023 and 2022, respectively. In accordance with the termination of the lease agreement, we were reimbursed $67,000 in fiscal 2023 for leasehold improvements we made to the leased property. Accounts Payable – Capital Expenditures As of April 28, 2024, and April 30, 2023, we had total amounts due regarding capital expenditures totaling $343,000 and $56,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. Purchase Commitments - Capital Expenditures As of April 28 2024, we had open purchase commitments to acquire equipment for our U.S. and Canadian mattress fabrics operations totaling $679,000. 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 on our financial position, results of operations, or cash flows.

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