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Leases | 9 Months Ended
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Dec. 26, 2020
Leases [Abstract] |
Leases |
9. | 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 income statements is shown below:
|  | Three Months Ended |
(Dollars in thousands) |  | December 26, 2020 |  |  | December 28, 2019 |
Operating lease expense |  | $ | 1,362 |  |  | $ | 1,359 |
Short-term lease expense |  |  | 266 |  |  |  | 402 |
Total lease expense |  | $ | 1,628 |  |  | $ | 1,761 |
|  | Nine Months Ended |
(Dollars in thousands) |  | December 26, 2020 |  |  | December 28, 2019 |
Operating lease expense |  | $ | 4,102 |  |  | $ | 4,234 |
Short-term lease expense |  |  | 1,251 |  |  |  | 1,005 |
Total lease expense |  | $ | 5,353 |  |  | $ | 5,239 |
Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are below:
(Dollars in thousands) |  | December 26, 2020 |  |  | March 28, 2020 |
Right-of-use assets under operating leases: |  |  |  |  |  |  |  |
Other long-term assets |  | $ | 12,515 |  |  | $ | 14,808 |
Lease obligations under operating leases: |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 4,305 |  |  | $ | 4,789 |
Other long-term liabilities |  |  | 8,210 |  |  |  | 10,019 |
Total lease obligation |  | $ | 12,515 |  |  | $ | 14,808 |
Maturities of lease obligations as of December 26, 2020, are shown below:
(Dollars in thousands) |  | December 26, 2020 |
Fiscal 2021 (1) |  | $ | 1,294 |
Fiscal 2022 |  |  | 4,694 |
Fiscal 2023 |  |  | 3,754 |
Fiscal 2024 |  |  | 1,803 |
Fiscal 2025 |  |  | 1,124 |
Thereafter |  |  | 1,879 |
Total undiscounted cash flows |  |  | 14,548 |
Less: imputed interest |  |  | (2,033 | )
Lease obligations under operating leases |  | $ | 12,515 |
(1) | For remaining period in fiscal year.
The weighted-average lease term and discount rate for operating leases are shown below:
|  | December 26, 2020 |
Weighted-average remaining lease term (in years) |  |  | 4.6 |
Weighted-average discount rate |  |  | 5.5 |
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:
|  | Nine Months Ended |
(Dollars in thousands) |  | December 26, 2020 |  |  | December 28, 2019 |
Non-cash activity: |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease obligations |  | $ | 1,430 |  |  | $ | 1,711 |
Operating cash flows: |  |  |  |  |  |  |  |
Cash paid related to operating lease obligations |  | $ | 4,255 |  |  | $ | 4,262 |

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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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