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Leases
3 Months Ended
Jun. 29, 2019
Leases [Abstract]  
Leases

10.

Leases

The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. Lease expense included in the accompanying condensed consolidated statement of operations is shown below:

 

(Dollars in thousands)

 

Three Months Ended June 29, 2019

 

Operating lease expense

 

$

1,405

 

Short-term lease expense

 

 

373

 

Total lease expense

 

$

1,778

 

 

Operating lease assets and obligations included in the accompanying condensed consolidated balance sheet are shown below:

 

(Dollars in thousands)

 

June 29,

2019

 

Right-of-use assets under operating leases:

 

 

 

 

Other long-term assets

 

$

13,185

 

Lease obligations under operating leases:

 

 

 

 

Other current liabilities

 

 

4,208

 

Other long-term liabilities

 

 

8,977

 

Total lease obligation

 

$

13,185

 

 

Maturities of lease obligations as of June 29, 2019, are shown below:

 

(Dollars in thousands)

 

June 29,

2019

 

Fiscal 2020 (1)

 

$

3,744

 

Fiscal 2021

 

 

3,891

 

Fiscal 2022

 

 

2,822

 

Fiscal 2023

 

 

2,035

 

Fiscal 2024

 

 

854

 

Thereafter

 

 

2,214

 

Total undiscounted cash flows

 

 

15,560

 

Less: imputed interest

 

 

(2,375

)

Lease obligations under operating leases

 

$

13,185

 

 

(1)

For remaining period in fiscal year.

The weighted average lease term and discount rate for operating leases are shown below:

 

 

 

June 29,

2019

 

Weighted average remaining lease term (in years)

 

 

5.1

 

Weighted average discount rate

 

 

5.6

 

 

The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments.

Cash flow information related to operating leases is shown below:

 

(Dollars in thousands)

 

Three Months Ended June 29, 2019

 

Non-cash activity:

 

 

 

 

Right-of-use assets obtained in exchange for operating lease obligations

 

$

854

 

Operating cash flows:

 

 

 

 

Cash paid related to operating lease obligations

 

$

1,534