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Leases

9 Months Ended

Jan. 03, 2021

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 January 3, 2021						As of March 31, 2020
Operating Leases:
Right-of-use assets						Other assets						$	64,646					$	70,045
Operating lease current liabilities						Accrued expenses						21,591						21,128
Operating lease non-current liabilities						Other liabilities						45,294						51,215
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	647					$	540
Finance lease current liabilities						Accrued expenses						224						162
Finance lease non-current liabilities						Other liabilities						460						407

The components of lease expense for the third quarter and nine months ended January 3, 2021 and December 29, 2019 were as follows:

												Quarter ended												Nine months ended
						Classification						January 3, 2021						December 29, 2019						January 3, 2021						December 29, 2019
Operating Leases:
Operating lease cost						Operating expenses						$	6,635					$	7,263					$	20,316					$	21,818
Variable lease cost						Operating expenses						1,797						2,130						5,529						5,958
Short term lease cost						Operating expenses						1,610						1,640						5,016						5,751
Finance Leases:
Depreciation						Operating expenses						$	53					$	138					$	141					$	419
Interest expense						Interest expense						8						8						22						30
Total												$	10,103					$	11,179					$	31,024					$	33,976

The following table presents the weighted average lease term and discount rates for leases as of January 3, 2021:

Operating Leases:
Weighted average remaining lease term						6 years
Weighted average discount rate						5.35%
Finance Leases:
Weighted average remaining lease term						3.3 years
Weighted average discount rate						4.88%

The following table presents future payments due under leases reconciled to lease liabilities as of January 3, 2021:

						Finance Leases						Operating Leases
Three months ended March 31, 2021						$	63					$	6,653
Year ended March 31,
2022						251						22,828
2023						203						15,556
2024						147						9,876
2025						48						6,212
Thereafter						28						17,234
Total undiscounted lease payments						740						78,359
Present value discount						56						11,474
Lease liability						$	684					$	66,885

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 3, 2021 and December 29, 2019:

						Quarter ended												Nine months ended
						January 3, 2021						December 29, 2019						January 3, 2021						December 29, 2019
Operating cash flows from finance leases						$	8					$	8					$	22					$	30
Operating cash flows from operating leases						6,710						7,176						20,370						21,559
Financing cash flows from finance leases						52						140						138						421
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						$	98					$	—					$	185					$	—
Right-of-use assets obtained in exchange for new operating lease liabilities						2,181						2,876						9,313						7,822

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 January 3, 2021						As of March 31, 2020
Operating Leases:
Right-of-use assets						Other assets						$	64,646					$	70,045
Operating lease current liabilities						Accrued expenses						21,591						21,128
Operating lease non-current liabilities						Other liabilities						45,294						51,215
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	647					$	540
Finance lease current liabilities						Accrued expenses						224						162
Finance lease non-current liabilities						Other liabilities						460						407

The components of lease expense for the third quarter and nine months ended January 3, 2021 and December 29, 2019 were as follows:

												Quarter ended												Nine months ended
						Classification						January 3, 2021						December 29, 2019						January 3, 2021						December 29, 2019
Operating Leases:
Operating lease cost						Operating expenses						$	6,635					$	7,263					$	20,316					$	21,818
Variable lease cost						Operating expenses						1,797						2,130						5,529						5,958
Short term lease cost						Operating expenses						1,610						1,640						5,016						5,751
Finance Leases:
Depreciation						Operating expenses						$	53					$	138					$	141					$	419
Interest expense						Interest expense						8						8						22						30
Total												$	10,103					$	11,179					$	31,024					$	33,976

The following table presents the weighted average lease term and discount rates for leases as of January 3, 2021:

Operating Leases:
Weighted average remaining lease term						6 years
Weighted average discount rate						5.35%
Finance Leases:
Weighted average remaining lease term						3.3 years
Weighted average discount rate						4.88%

The following table presents future payments due under leases reconciled to lease liabilities as of January 3, 2021:

						Finance Leases						Operating Leases
Three months ended March 31, 2021						$	63					$	6,653
Year ended March 31,
2022						251						22,828
2023						203						15,556
2024						147						9,876
2025						48						6,212
Thereafter						28						17,234
Total undiscounted lease payments						740						78,359
Present value discount						56						11,474
Lease liability						$	684					$	66,885

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 3, 2021 and December 29, 2019:

						Quarter ended												Nine months ended
						January 3, 2021						December 29, 2019						January 3, 2021						December 29, 2019
Operating cash flows from finance leases						$	8					$	8					$	22					$	30
Operating cash flows from operating leases						6,710						7,176						20,370						21,559
Financing cash flows from finance leases						52						140						138						421
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						$	98					$	—					$	185					$	—
Right-of-use assets obtained in exchange for new operating lease liabilities						2,181						2,876						9,313						7,822

X

- References

No definition available.

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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

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X

- 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

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