3. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain of its offices, buildings, machinery and equipment expiring at various dates through June 2037. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease costs were $4.6 million for each of the three fiscal months ended August 1, 2026 and August 2, 2025. As of August 1, 2026, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.24 years and 4.56%, respectively. As of May 2, 2026, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.37 years and 4.58%, respectively. Cash payments were $4.8 million and $4.7 million for operating leases for the three fiscal months ended August 1, 2026 and August 2, 2025, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of August 1, 2026: