v3.21.1

Leases | 9 Months Ended
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Mar. 26, 2021
Leases [Abstract] |
Leases | LeasesThe Company leases facilities under non-cancelable operating lease agreements. The Company leases a portion of its capital equipment and vehicles, certain land and buildings for its facilities in Thailand, the Cayman Islands, the PRC, the U.S., the U.K. and Israel under operating lease arrangements that expire at various dates through 2025. Certain of these lease arrangements provide the Company the ability to extend the lease from one to five years following the expiration of the current term. However, the Company has excluded all lease extension options from its ROU assets and lease liabilities as the Company is not reasonably assured that it will exercise these options. None of the lease agreements contain residual value guarantees provided by the lessee. The Company also has one intercompany lease transaction in the form of a lease of office and manufacturing space between Fabritek and Fabrinet West. Operating leases As of March 26, 2021, the maturities of the Company’s operating lease liabilities were as follows:
(amount in thousands) | As of March 26, 2021 |
2021 (remaining three months) | $ | 650 |  |
2022 | 2,585 |  |
2023 | 2,468 |  |
2024 | 1,092 |  |
2025 | 41 |  |
Total undiscounted lease payments | 6,836 |  |
Less imputed interest | (348) |  |
Total present value of lease liabilities | $ | 6,488 |  | (1)
(1)Included current portion of operating lease liabilities for the period ended March 26, 2021. Rental expense related to the Company’s operating leases is recognized on a straight-line basis over the lease term. Rental expense for long-term leases for the three and nine months ended March 26, 2021 was $0.7 million and $1.9 million, respectively, and for the three and nine months ended March 27, 2020 was $0.5 million and $1.5 million, respectively. Rental expense for short-term leases for the three and nine months ended March 26, 2021 was $0.1 million and $0.3 million, respectively, and for the three and nine months ended March 27, 2020 was immaterial. The following summarizes additional information related to the Company’s operating leases:
| As of March 26, 2021 |  | As of June 26, 2020
Weighted-average remaining lease term (in years) | 2.9 |  | 3.3
Weighted-average discount rate | 3.7 | % |  | 3.7 | %
The following table presents supplemental disclosure for the unaudited condensed consolidated statement of cash flows related to operating and finance leases for the three and nine months ended March 26, 2021 and March 27, 2020:
| Three Months Ended |  | Nine Months Ended
(amount in thousands) | March 26, 2021 |  | March 27, 2020 |  | March 26, 2021 |  | March 27, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 628 |  |  | $ | 770 |  |  | $ | 1,889 |  |  | $ | 1,794 |
Financing cash flows from finance leases | $ | — |  |  | $ | 115 |  |  | $ | 100 |  |  | $ | 304 |
ROU assets obtained in exchange for lease liabilities | $ | 60 |  |  | $ | 55 |  |  | $ | 1,916 |  |  | $ | 7,175 |

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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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