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Leases

3 Months Ended

Jul. 04, 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 on a straight-line basis over the lease term.

The following table presents lease assets and liabilities and their balance sheet classification:

						Classification						As of July 4, 2021						As of March 31, 2021
Operating Leases:
Right-of-use assets						Other assets						$	60,480					$	62,159
Operating lease current liabilities						Accrued expenses						21,057						21,774
Operating lease non-current liabilities						Other liabilities						41,825						42,528
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	524					$	573
Finance lease current liabilities						Accrued expenses						235						236
Finance lease non-current liabilities						Other liabilities						382						435

The components of lease expense for the first quarter ended July 4, 2021 and July 5, 2020 were as follows:

												Quarter ended
						Classification						July 4, 2021						July 5, 2020
Operating Leases:
Operating lease cost						Operating expenses						$	6,716					$	6,936
Variable lease cost						Operating expenses						2,573						2,119
Short term lease cost						Operating expenses						1,817						1,829
Finance Leases:
Depreciation						Operating expenses						$	60					$	42
Interest expense						Interest expense						8						7
Total												$	11,174					$	10,933

The following table presents the weighted average lease term and discount rates for leases as of July 4, 2021 and March 31, 2021:

July 4, 2021

March 31, 2021

Operating Leases:

Weighted average remaining lease term (years)

5.6 years

5.5 years

Weighted average discount rate

5.15%

5.16%

Finance Leases:

Weighted average remaining lease term (years)

2.9 years

3.1 years

Weighted average discount rate

4.81%

4.81%

The following table presents future payments due under leases reconciled to lease liabilities as of July 4, 2021:

						Finance Leases						Operating Leases
Nine months ended March 31, 2022						$	200					$	18,344
Year ended March 31,
2023						220						17,097
2024						160						11,142
2025						47						7,341
2026						26						5,428
Thereafter						—						13,396
Total undiscounted lease payments						653						72,748
Present value discount						36						9,866
Lease liability						$	617					$	62,882

The following table presents supplemental disclosures of cash flow information related to leases for the first quarter ended July 4, 2021 and July 5, 2020:

						Quarter ended
						July 4, 2021						July 5, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	8					$	7
Operating cash flows from operating leases						6,765						6,921
Financing cash flows from finance leases						60						41
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						3,681						6,177

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 on a straight-line basis over the lease term.

The following table presents lease assets and liabilities and their balance sheet classification:

						Classification						As of July 4, 2021						As of March 31, 2021
Operating Leases:
Right-of-use assets						Other assets						$	60,480					$	62,159
Operating lease current liabilities						Accrued expenses						21,057						21,774
Operating lease non-current liabilities						Other liabilities						41,825						42,528
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	524					$	573
Finance lease current liabilities						Accrued expenses						235						236
Finance lease non-current liabilities						Other liabilities						382						435

The components of lease expense for the first quarter ended July 4, 2021 and July 5, 2020 were as follows:

												Quarter ended
						Classification						July 4, 2021						July 5, 2020
Operating Leases:
Operating lease cost						Operating expenses						$	6,716					$	6,936
Variable lease cost						Operating expenses						2,573						2,119
Short term lease cost						Operating expenses						1,817						1,829
Finance Leases:
Depreciation						Operating expenses						$	60					$	42
Interest expense						Interest expense						8						7
Total												$	11,174					$	10,933

The following table presents the weighted average lease term and discount rates for leases as of July 4, 2021 and March 31, 2021:

July 4, 2021

March 31, 2021

Operating Leases:

Weighted average remaining lease term (years)

5.6 years

5.5 years

Weighted average discount rate

5.15%

5.16%

Finance Leases:

Weighted average remaining lease term (years)

2.9 years

3.1 years

Weighted average discount rate

4.81%

4.81%

The following table presents future payments due under leases reconciled to lease liabilities as of July 4, 2021:

						Finance Leases						Operating Leases
Nine months ended March 31, 2022						$	200					$	18,344
Year ended March 31,
2023						220						17,097
2024						160						11,142
2025						47						7,341
2026						26						5,428
Thereafter						—						13,396
Total undiscounted lease payments						653						72,748
Present value discount						36						9,866
Lease liability						$	617					$	62,882

The following table presents supplemental disclosures of cash flow information related to leases for the first quarter ended July 4, 2021 and July 5, 2020:

						Quarter ended
						July 4, 2021						July 5, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	8					$	7
Operating cash flows from operating leases						6,765						6,921
Financing cash flows from finance leases						60						41
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						3,681						6,177

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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