Retirement Benefits |
12 Months Ended |
|---|---|
May 02, 2026 | |
| Retirement Benefits [Abstract] | |
| Retirement Benefits | Note 9. Retirement Benefits Defined contribution plans The Company has a defined contribution plan covering substantially all U.S. employees to which it makes contributions equal to 3% of eligible compensation. In addition, certain of the Company’s foreign subsidiaries also have defined contribution savings plans. Company contributions to these plans were $1.4 million, $1.5 million and $1.5 million in fiscal 2026, fiscal 2025 and fiscal 2024, respectively. Non-qualified deferred compensation plan The Company previously maintained a non-qualified deferred compensation plan (“NQDC Plan”) for certain eligible employees and members of the Board of Directors. Under the NQDC Plan, employees could have elected to defer up to 75% of their annual base salary and 100% of their annual cash incentive compensation, with an aggregate minimum deferral of $3,000. Directors could have deferred all or a portion of their annual directors’ fees or annual stock awards. The minimum period of deferral was three years. Participants were immediately 100% vested. The Company did not make any contributions to the NQDC Plan. During the third quarter of fiscal year 2026, the Company terminated its deferred compensation plan and it is expected to be fully liquidated by January 2027. The deferred compensation liability for the NDQC Plan was $8.8 million and $9.7 million as of May 2, 2026 and May 3, 2025, respectively. The Company has purchased life insurance policies on certain employees, which are held in a Rabbi trust, to offset these unsecured obligations. These life insurance policies are recorded at their cash surrender value of $7.4 million and $9.3 million as of May 2, 2026 and May 3, 2025, respectively. As of May 2, 2026 and May 3, 2025, the amounts are included in other current assets and long-term assets in the consolidated balance sheets, respectively. The cash surrender value of the life insurance policies approximates fair value and is classified within Level 2 of the fair value hierarchy. The Company also owned and was the beneficiary of a number of life insurance policies on the lives of former key executives that were unrestricted as to use. These life insurance policies, which were recorded at their cash surrender value, were redeemed for $10.8 million in fiscal 2024. |