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v3.21.2

Leases | 6 Months Ended
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Oct. 02, 2021
Leases [Abstract] |
Finance Leases | Leases We lease certain production and retail locations, office space and equipment. During the period ended October 2, 2021, we executed various lease renewals and acquired certain assets under finance leases. The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of October 2, 2021 and April 3, 2021 (in thousands):
| Classification |  | October 2, 2021 |  | April 3, 2021
ROU assets |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 16,706 |  |  | $ | 16,252 |
Finance lease assets | Property, plant and equipment, net (1) |  | 8,352 |  |  | 986 |
Total lease assets |  |  | $ | 25,058 |  |  | $ | 17,238 |
Lease Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities |  | $ | 4,783 |  |  | $ | 4,184 |
Finance lease liabilities | Current portion of secured credit facilities and other |  | 401 |  |  | 71 |
Non-current: |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 13,240 |  |  | 13,361 |
Finance lease liabilities | Secured credit facilities and other |  | 5,923 |  |  | 233 |
Total lease liabilities |  |  | $ | 24,347 |  |  | $ | 17,849 |
(1) Recorded net of accumulated amortization of $149,000 and $143,000 as of October 2, 2021 and April 3, 2021, respectively. The present value of minimum payments for future fiscal years under non-cancelable leases as of October 2, 2021 was as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remainder of 2022 | $ | 2,449 |  |  | $ | 206 |  |  | $ | 2,655 |
2023 | 4,667 |  |  | 411 |  |  | 5,078 |
2024 | 4,121 |  |  | 411 |  |  | 4,532 |
2025 | 3,103 |  |  | 411 |  |  | 3,514 |
2026 | 3,127 |  |  | 387 |  |  | 3,514 |
2027 | 1,087 |  |  | 338 |  |  | 1,425 |
Thereafter | 1,439 |  |  | 10,415 |  |  | 11,854 |
| 19,993 |  |  | 12,579 |  |  | 32,572 |
Less amount representing interest | (1,970) |  |  | (6,255) |  |  | (8,225) |
| 18,023 |  |  | 6,324 |  |  | 24,347 |
Less current portion | (4,783) |  |  | (401) |  |  | (5,184) |
| $ | 13,240 |  |  | $ | 5,923 |  |  | $ | 19,163 |
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of October 2, 2021:
| Remaining Lease Term (Years) |  | Discount Rate
Operating leases | 4.9 |  | 4.5 | %
Finance leases | 34.9 |  | 4.5 | %
Operating Leases | Leases We lease certain production and retail locations, office space and equipment. During the period ended October 2, 2021, we executed various lease renewals and acquired certain assets under finance leases. The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of October 2, 2021 and April 3, 2021 (in thousands):
| Classification |  | October 2, 2021 |  | April 3, 2021
ROU assets |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 16,706 |  |  | $ | 16,252 |
Finance lease assets | Property, plant and equipment, net (1) |  | 8,352 |  |  | 986 |
Total lease assets |  |  | $ | 25,058 |  |  | $ | 17,238 |
Lease Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities |  | $ | 4,783 |  |  | $ | 4,184 |
Finance lease liabilities | Current portion of secured credit facilities and other |  | 401 |  |  | 71 |
Non-current: |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 13,240 |  |  | 13,361 |
Finance lease liabilities | Secured credit facilities and other |  | 5,923 |  |  | 233 |
Total lease liabilities |  |  | $ | 24,347 |  |  | $ | 17,849 |
(1) Recorded net of accumulated amortization of $149,000 and $143,000 as of October 2, 2021 and April 3, 2021, respectively. The present value of minimum payments for future fiscal years under non-cancelable leases as of October 2, 2021 was as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remainder of 2022 | $ | 2,449 |  |  | $ | 206 |  |  | $ | 2,655 |
2023 | 4,667 |  |  | 411 |  |  | 5,078 |
2024 | 4,121 |  |  | 411 |  |  | 4,532 |
2025 | 3,103 |  |  | 411 |  |  | 3,514 |
2026 | 3,127 |  |  | 387 |  |  | 3,514 |
2027 | 1,087 |  |  | 338 |  |  | 1,425 |
Thereafter | 1,439 |  |  | 10,415 |  |  | 11,854 |
| 19,993 |  |  | 12,579 |  |  | 32,572 |
Less amount representing interest | (1,970) |  |  | (6,255) |  |  | (8,225) |
| 18,023 |  |  | 6,324 |  |  | 24,347 |
Less current portion | (4,783) |  |  | (401) |  |  | (5,184) |
| $ | 13,240 |  |  | $ | 5,923 |  |  | $ | 19,163 |
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of October 2, 2021:
| Remaining Lease Term (Years) |  | Discount Rate
Operating leases | 4.9 |  | 4.5 | %
Finance leases | 34.9 |  | 4.5 | %

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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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