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Leases | 9 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Finance Leases | Leases We lease certain production and retail locations, office space and equipment. The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of December 31, 2022 and April 2, 2022 (in thousands):
| Classification |  | December 31, 2022 |  | April 2, 2022
ROU assets |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 17,230 |  |  | $ | 16,952 |
Finance lease assets | Property, plant and equipment, net (1) |  | 6,132 |  |  | 7,070 |
Total lease assets |  |  | $ | 23,362 |  |  | $ | 24,022 |
Lease Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities |  | $ | 5,389 |  |  | $ | 5,085 |
Finance lease liabilities | Accrued expenses and other current liabilities |  | 347 |  |  | 347 |
Non-current: |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 13,058 |  |  | 13,158 |
Finance lease liabilities | Other liabilities |  | 5,914 |  |  | 5,969 |
Total lease liabilities |  |  | $ | 24,708 |  |  | $ | 24,559 |
(1) Recorded net of accumulated amortization of $219,000 and $87,000 as of December 31, 2022 and April 2, 2022, respectively. The following table provides information about the financial statement classification of our lease expenses reported within the Consolidated Statements of Comprehensive Income for the three and nine months ended December 31, 2022 and January 1, 2022 (in thousands):
|  | Three Months Ended |  | Nine Months Ended
Lease Expense Category | Classification | December 31, 2022 |  | January 1, 2022 |  | December 31, 2022 |  | January 1, 2022
Operating lease expense(2): |  |  |  |  |  |  |  |
| Cost of sales | $ | 297 |  |  | $ | 286 |  |  | $ | 898 |  |  | $ | 858 |
| Selling, general and administrative expenses | 1,057 |  |  | 910 |  |  | 3,012 |  |  | 2,640 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of leased assets | Cost of sales | 44 |  |  | 9 |  |  | 131 |  |  | 26 |
Interest on lease liabilities | Interest expense | 71 |  |  | 73 |  |  | 212 |  |  | 80 |
Total lease expense |  | $ | 1,469 |  |  | $ | 1,278 |  |  | $ | 4,253 |  |  | $ | 3,604 |
(2) Excludes short-term and variable lease expenses, which are immaterial. Cash payments for operating and finance leases were as follows (in thousands):
| Three Months Ended | Nine Months Ended
| December 31, 2022 |  | January 1, 2022 |  | December 31, 2022 |  | January 1, 2022
Operating leases | $ | 1,372 |  |  | $ | 1,190 |  |  | $ | 4,003 |  |  | $ | 2,277 |
Finance leases | 89 |  |  | 18 |  |  | 267 |  |  | 37 |
The present value of the minimum payments for future fiscal years under non-cancelable leases as of December 31, 2022 was as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remainder of 2023 | $ | 1,405 |  |  | $ | 89 |  |  | $ | 1,494 |
2024 | 5,308 |  |  | 356 |  |  | 5,664 |
2025 | 4,318 |  |  | 356 |  |  | 4,674 |
2026 | 3,897 |  |  | 356 |  |  | 4,253 |
2027 | 1,686 |  |  | 356 |  |  | 2,042 |
2028 | 1,203 |  |  | 356 |  |  | 1,559 |
Thereafter | 2,795 |  |  | 10,585 |  |  | 13,380 |
Total lease payments | 20,612 |  |  | 12,454 |  |  | 33,066 |
Less amount representing interest | (2,165) |  |  | (6,193) |  |  | (8,358) |
Present value of lease liabilities | $ | 18,447 |  |  | $ | 6,261 |  |  | $ | 24,708 |
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of December 31, 2022:
| Remaining Lease Term (Years) |  | Discount Rate
Operating leases | 4.9 |  | 4.6 | %
Finance leases | 34.9 |  | 4.5 | %
Operating Leases | Leases We lease certain production and retail locations, office space and equipment. The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of December 31, 2022 and April 2, 2022 (in thousands):
| Classification |  | December 31, 2022 |  | April 2, 2022
ROU assets |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 17,230 |  |  | $ | 16,952 |
Finance lease assets | Property, plant and equipment, net (1) |  | 6,132 |  |  | 7,070 |
Total lease assets |  |  | $ | 23,362 |  |  | $ | 24,022 |
Lease Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities |  | $ | 5,389 |  |  | $ | 5,085 |
Finance lease liabilities | Accrued expenses and other current liabilities |  | 347 |  |  | 347 |
Non-current: |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 13,058 |  |  | 13,158 |
Finance lease liabilities | Other liabilities |  | 5,914 |  |  | 5,969 |
Total lease liabilities |  |  | $ | 24,708 |  |  | $ | 24,559 |
(1) Recorded net of accumulated amortization of $219,000 and $87,000 as of December 31, 2022 and April 2, 2022, respectively. The following table provides information about the financial statement classification of our lease expenses reported within the Consolidated Statements of Comprehensive Income for the three and nine months ended December 31, 2022 and January 1, 2022 (in thousands):
|  | Three Months Ended |  | Nine Months Ended
Lease Expense Category | Classification | December 31, 2022 |  | January 1, 2022 |  | December 31, 2022 |  | January 1, 2022
Operating lease expense(2): |  |  |  |  |  |  |  |
| Cost of sales | $ | 297 |  |  | $ | 286 |  |  | $ | 898 |  |  | $ | 858 |
| Selling, general and administrative expenses | 1,057 |  |  | 910 |  |  | 3,012 |  |  | 2,640 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of leased assets | Cost of sales | 44 |  |  | 9 |  |  | 131 |  |  | 26 |
Interest on lease liabilities | Interest expense | 71 |  |  | 73 |  |  | 212 |  |  | 80 |
Total lease expense |  | $ | 1,469 |  |  | $ | 1,278 |  |  | $ | 4,253 |  |  | $ | 3,604 |
(2) Excludes short-term and variable lease expenses, which are immaterial. Cash payments for operating and finance leases were as follows (in thousands):
| Three Months Ended | Nine Months Ended
| December 31, 2022 |  | January 1, 2022 |  | December 31, 2022 |  | January 1, 2022
Operating leases | $ | 1,372 |  |  | $ | 1,190 |  |  | $ | 4,003 |  |  | $ | 2,277 |
Finance leases | 89 |  |  | 18 |  |  | 267 |  |  | 37 |
The present value of the minimum payments for future fiscal years under non-cancelable leases as of December 31, 2022 was as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remainder of 2023 | $ | 1,405 |  |  | $ | 89 |  |  | $ | 1,494 |
2024 | 5,308 |  |  | 356 |  |  | 5,664 |
2025 | 4,318 |  |  | 356 |  |  | 4,674 |
2026 | 3,897 |  |  | 356 |  |  | 4,253 |
2027 | 1,686 |  |  | 356 |  |  | 2,042 |
2028 | 1,203 |  |  | 356 |  |  | 1,559 |
Thereafter | 2,795 |  |  | 10,585 |  |  | 13,380 |
Total lease payments | 20,612 |  |  | 12,454 |  |  | 33,066 |
Less amount representing interest | (2,165) |  |  | (6,193) |  |  | (8,358) |
Present value of lease liabilities | $ | 18,447 |  |  | $ | 6,261 |  |  | $ | 24,708 |
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of December 31, 2022:
| Remaining Lease Term (Years) |  | Discount Rate
Operating leases | 4.9 |  | 4.6 | %
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 https://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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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