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Leases
6 Months Ended
Sep. 28, 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 September 28, 2019

 

 

Six Months Ended September 28, 2019

 

Operating lease expense

 

$

1,470

 

 

$

2,875

 

Short-term lease expense

 

 

230

 

 

 

603

 

Total lease expense

 

$

1,700

 

 

$

3,478

 

 

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

 

(Dollars in thousands)

 

September 28,

2019

 

Right-of-use assets under operating leases:

 

 

 

 

Other long-term assets

 

$

12,712

 

Lease obligations under operating leases:

 

 

 

 

Other current liabilities

 

 

4,073

 

Other long-term liabilities

 

 

8,639

 

Total lease obligation

 

$

12,712

 

 

Maturities of lease obligations as of September 28, 2019, are shown below:

 

(Dollars in thousands)

 

September 28,

2019

 

Fiscal 2020 (1)

 

$

2,500

 

Fiscal 2021

 

 

4,151

 

Fiscal 2022

 

 

3,086

 

Fiscal 2023

 

 

2,232

 

Fiscal 2024

 

 

909

 

Thereafter

 

 

2,213

 

Total undiscounted cash flows

 

 

15,091

 

Less: imputed interest

 

 

(2,379

)

Lease obligations under operating leases

 

$

12,712

 

(1)

For remaining period in fiscal year.

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

 

 

 

September 28,

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)

 

Six Months Ended September 28, 2019

 

Non-cash activity:

 

 

 

 

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

 

$

1,606

 

Operating cash flows:

 

 

 

 

Cash paid related to operating lease obligations

 

$

2,958