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Leases | 3 Months Ended
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Jun. 27, 2020
Leases [Abstract] |
Operating Leases | Leases The Company leases certain production and retail locations, office space and equipment. The Company determines if a contract or arrangement is, or contains, a lease at inception. Lease agreements with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term by one to three years or more. Generally, the exercise of lease renewal options is at the Company's discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option that the Company is reasonably certain to exercise. The following table provides information about the financial statement classification of the Company's lease balances reported within the Consolidated Balance Sheets as of June 27, 2020 and March 28, 2020 (in thousands):
| Classification |  | June 27, 2020 |  | March 28, 2020
ROU assets |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 18,378 |  |  | $ | 13,894 |
Finance lease assets | Property, plant and equipment, net (1) |  | 1,015 |  |  | 1,025 |
Total lease assets |  |  | $ | 19,393 |  |  | $ | 14,919 |
Lease Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities |  | $ | 4,097 |  |  | $ | 4,170 |
Finance lease liabilities | Current portion of secured credit facilities and other |  | 74 |  |  | 77 |
Non-current: |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 15,398 |  |  | 10,743 |
Finance lease liabilities | Secured credit facilities and other |  | 275 |  |  | 289 |
Total lease liabilities |  |  | $ | 19,844 |  |  | $ | 15,279 |
(1) Recorded net of accumulated amortization of $113,000 and $103,000 as of June 27, 2020 and March 28, 2020, respectively. The balance increased from a five-year lease extension at one of our active manufacturing facilities. The present value of the minimum payments for future fiscal years under non-cancelable leases as of June 27, 2020 were as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remainder of 2021 | $ | 3,189 |  |  | $ | 58 |  |  | $ | 3,247 |
2022 | 4,148 |  |  | 73 |  |  | 4,221 |
2023 | 3,814 |  |  | 73 |  |  | 3,887 |
2024 | 3,480 |  |  | 73 |  |  | 3,553 |
2025 | 2,706 |  |  | 73 |  |  | 2,779 |
Thereafter | 5,005 |  |  | 49 |  |  | 5,054 |
Total lease payments | 22,342 |  |  | 399 |  |  | 22,741 |
Less: Amount representing interest | (2,847) |  |  | (50) |  |  | (2,897) |
Present value of lease liabilities | $ | 19,495 |  |  | $ | 349 |  |  | $ | 19,844 |
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of June 27, 2020:
| Remaining Lease Term (Years) |  | Discount Rate
Operating leases | 5.8 |  | 4.5 | %
Finance leases | 5.3 |  | 5.0 | %
Finance Leases | Leases The Company leases certain production and retail locations, office space and equipment. The Company determines if a contract or arrangement is, or contains, a lease at inception. Lease agreements with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term by one to three years or more. Generally, the exercise of lease renewal options is at the Company's discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option that the Company is reasonably certain to exercise. The following table provides information about the financial statement classification of the Company's lease balances reported within the Consolidated Balance Sheets as of June 27, 2020 and March 28, 2020 (in thousands):
| Classification |  | June 27, 2020 |  | March 28, 2020
ROU assets |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 18,378 |  |  | $ | 13,894 |
Finance lease assets | Property, plant and equipment, net (1) |  | 1,015 |  |  | 1,025 |
Total lease assets |  |  | $ | 19,393 |  |  | $ | 14,919 |
Lease Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities |  | $ | 4,097 |  |  | $ | 4,170 |
Finance lease liabilities | Current portion of secured credit facilities and other |  | 74 |  |  | 77 |
Non-current: |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 15,398 |  |  | 10,743 |
Finance lease liabilities | Secured credit facilities and other |  | 275 |  |  | 289 |
Total lease liabilities |  |  | $ | 19,844 |  |  | $ | 15,279 |
(1) Recorded net of accumulated amortization of $113,000 and $103,000 as of June 27, 2020 and March 28, 2020, respectively. The balance increased from a five-year lease extension at one of our active manufacturing facilities. The present value of the minimum payments for future fiscal years under non-cancelable leases as of June 27, 2020 were as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remainder of 2021 | $ | 3,189 |  |  | $ | 58 |  |  | $ | 3,247 |
2022 | 4,148 |  |  | 73 |  |  | 4,221 |
2023 | 3,814 |  |  | 73 |  |  | 3,887 |
2024 | 3,480 |  |  | 73 |  |  | 3,553 |
2025 | 2,706 |  |  | 73 |  |  | 2,779 |
Thereafter | 5,005 |  |  | 49 |  |  | 5,054 |
Total lease payments | 22,342 |  |  | 399 |  |  | 22,741 |
Less: Amount representing interest | (2,847) |  |  | (50) |  |  | (2,897) |
Present value of lease liabilities | $ | 19,495 |  |  | $ | 349 |  |  | $ | 19,844 |
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of June 27, 2020:
| Remaining Lease Term (Years) |  | Discount Rate
Operating leases | 5.8 |  | 4.5 | %
Finance leases | 5.3 |  | 5.0 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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