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v3.20.2

Leases | 3 Months Ended
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Jul. 05, 2020
Leases [Abstract] |
Leases | Leases The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years. Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred. The following table presents lease assets and liabilities and their balance sheet classification:
|  | Classification |  | As of July 5, 2020 |  | As of March 31, 2020
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 71,124 |  |  | $ | 70,045 |
Operating lease current liabilities |  | Accrued expenses |  | 21,891 |  |  | 21,128 |
Operating lease non-current liabilities |  | Other liabilities |  | 51,461 |  |  | 51,215 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 513 |  |  | $ | 540 |
Finance lease current liabilities |  | Accrued expenses |  | 169 |  |  | 162 |
Finance lease non-current liabilities |  | Other liabilities |  | 375 |  |  | 407 |
The components of lease expense for the first quarter ended July 5, 2020 and June 30, 2019 were as follows:
|  | Classification |  | Quarter ended July 5, 2020 |  | Quarter ended June 30, 2019
Operating Leases: |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,936 |  |  | $ | 7,295 |
Variable lease cost |  | Operating expenses |  | 2,119 |  |  | 1,706 |
Short term lease cost |  | Operating expenses |  | 1,829 |  |  | 2,184 |
Finance Leases: |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 42 |  |  | $ | 143 |
Interest expense |  | Interest expense |  | 7 |  |  | 12 |
Total |  |  |  | $ | 10,933 |  |  | $ | 11,340 |
The following table presents the weighted average lease term and discount rates for leases as of July 5, 2020:
Operating Leases: |  |
Weighted average remaining lease term |  | 6 years
Weighted average discount rate |  | 5.11%
Finance Leases: |  |
Weighted average remaining lease term |  | 3.2 years
Weighted average discount rate |  | 4.92%
The following table presents future payments due under leases reconciled to lease liabilities as of July 5, 2020:
|  | Finance Leases |  | Operating Leases
Nine months ended March 31, 2021 |  | $ | 149 |  |  | $ | 19,170 |
Year ended March 31, |  |  |  |
2022 |  | 201 |  |  | 21,086 |
2023 |  | 158 |  |  | 14,239 |
2024 |  | 107 |  |  | 8,866 |
2025 |  | 15 |  |  | 5,641 |
Thereafter |  | 10 |  |  | 16,763 |
Total undiscounted lease payments |  | 640 |  |  | 85,765 |
Present value discount |  | 96 |  |  | 12,413 |
Lease liability |  | $ | 544 |  |  | $ | 73,352 |
The following table presents supplemental disclosures of cash flow information related to leases for the first quarter ended July 5, 2020 and June 30, 2019:
|  | Quarter ended July 5, 2020 |  | Quarter ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 7 |  |  | $ | 12 |
Operating cash flows from operating leases |  | 6,921 |  |  | 7,213 |
Financing cash flows from finance leases |  | 41 |  |  | 142 |
Supplemental non-cash information on lease liabilities arising from right-of-use assets: |  |  |  |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | — |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 6,177 |  |  | 2,628 |
Leases | Leases The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years. Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred. The following table presents lease assets and liabilities and their balance sheet classification:
|  | Classification |  | As of July 5, 2020 |  | As of March 31, 2020
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 71,124 |  |  | $ | 70,045 |
Operating lease current liabilities |  | Accrued expenses |  | 21,891 |  |  | 21,128 |
Operating lease non-current liabilities |  | Other liabilities |  | 51,461 |  |  | 51,215 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 513 |  |  | $ | 540 |
Finance lease current liabilities |  | Accrued expenses |  | 169 |  |  | 162 |
Finance lease non-current liabilities |  | Other liabilities |  | 375 |  |  | 407 |
The components of lease expense for the first quarter ended July 5, 2020 and June 30, 2019 were as follows:
|  | Classification |  | Quarter ended July 5, 2020 |  | Quarter ended June 30, 2019
Operating Leases: |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,936 |  |  | $ | 7,295 |
Variable lease cost |  | Operating expenses |  | 2,119 |  |  | 1,706 |
Short term lease cost |  | Operating expenses |  | 1,829 |  |  | 2,184 |
Finance Leases: |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 42 |  |  | $ | 143 |
Interest expense |  | Interest expense |  | 7 |  |  | 12 |
Total |  |  |  | $ | 10,933 |  |  | $ | 11,340 |
The following table presents the weighted average lease term and discount rates for leases as of July 5, 2020:
Operating Leases: |  |
Weighted average remaining lease term |  | 6 years
Weighted average discount rate |  | 5.11%
Finance Leases: |  |
Weighted average remaining lease term |  | 3.2 years
Weighted average discount rate |  | 4.92%
The following table presents future payments due under leases reconciled to lease liabilities as of July 5, 2020:
|  | Finance Leases |  | Operating Leases
Nine months ended March 31, 2021 |  | $ | 149 |  |  | $ | 19,170 |
Year ended March 31, |  |  |  |
2022 |  | 201 |  |  | 21,086 |
2023 |  | 158 |  |  | 14,239 |
2024 |  | 107 |  |  | 8,866 |
2025 |  | 15 |  |  | 5,641 |
Thereafter |  | 10 |  |  | 16,763 |
Total undiscounted lease payments |  | 640 |  |  | 85,765 |
Present value discount |  | 96 |  |  | 12,413 |
Lease liability |  | $ | 544 |  |  | $ | 73,352 |
The following table presents supplemental disclosures of cash flow information related to leases for the first quarter ended July 5, 2020 and June 30, 2019:
|  | Quarter ended July 5, 2020 |  | Quarter ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 7 |  |  | $ | 12 |
Operating cash flows from operating leases |  | 6,921 |  |  | 7,213 |
Financing cash flows from finance leases |  | 41 |  |  | 142 |
Supplemental non-cash information on lease liabilities arising from right-of-use assets: |  |  |  |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | — |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 6,177 |  |  | 2,628 |

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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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