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Leases | 6 Months Ended
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Oct. 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 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 October 3, 2021 |  | As of March 31, 2021
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 56,116 |  |  | $ | 62,159 |
Operating lease current liabilities |  | Accrued expenses |  | 19,334 |  |  | 21,774 |
Operating lease non-current liabilities |  | Other liabilities |  | 39,025 |  |  | 42,528 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 460 |  |  | $ | 573 |
Finance lease current liabilities |  | Accrued expenses |  | 220 |  |  | 236 |
Finance lease non-current liabilities |  | Other liabilities |  | 328 |  |  | 435 |
The components of lease expense for the second quarter and six months ended October 3, 2021 and October 4, 2020 were as follows:
|  |  |  | Quarter ended |  | Six months ended
|  | Classification |  | October 3, 2021 |  | October 4, 2020 |  | October 3, 2021 |  | October 4, 2020
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,422 |  |  | $ | 6,745 |  |  | $ | 13,138 |  |  | $ | 13,681 |
Variable lease cost |  | Operating expenses |  | 2,354 |  |  | 1,613 |  |  | 4,927 |  |  | 3,732 |
Short term lease cost |  | Operating expenses |  | 1,753 |  |  | 1,578 |  |  | 3,570 |  |  | 3,406 |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 59 |  |  | $ | 46 |  |  | $ | 119 |  |  | $ | 88 |
Interest expense |  | Interest expense |  | 7 |  |  | 7 |  |  | 15 |  |  | 14 |
Total |  |  |  | $ | 10,595 |  |  | $ | 9,989 |  |  | $ | 21,769 |  |  | $ | 20,921 |
The following table presents the weighted average lease term and discount rates for leases as of October 3, 2021 and March 31, 2021:
|  | October 3, 2021 |  | March 31, 2021
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.7 years |  | 5.5 years
Weighted average discount rate |  | 5.09% |  | 5.16%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.7 years |  | 3.1 years
Weighted average discount rate |  | 4.80% |  | 4.81%
The following table presents future payments due under leases reconciled to lease liabilities as of October 3, 2021:
|  | Finance Leases |  | Operating Leases
Six months ended March 31, 2022 |  | $ | 132 |  |  | $ | 11,907 |
Year ended March 31, |  |  |  |
2023 |  | 216 |  |  | 17,366 |
2024 |  | 157 |  |  | 11,476 |
2025 |  | 47 |  |  | 7,699 |
2026 |  | 26 |  |  | 5,678 |
Thereafter |  | — |  |  | 13,337 |
Total undiscounted lease payments |  | 578 |  |  | 67,463 |
Present value discount |  | 30 |  |  | 9,104 |
Lease liability |  | $ | 548 |  |  | $ | 58,359 |
The following table presents supplemental disclosures of cash flow information related to leases for the second quarter and six months ended October 3, 2021 and October 4, 2020:
|  | Quarter ended |  | Six months ended
|  | October 3, 2021 |  | October 4, 2020 |  | October 3, 2021 |  | October 4, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 7 |  |  | $ | 7 |  |  | $ | 15 |  |  | $ | 14 |
Operating cash flows from operating leases |  | 6,484 |  |  | 6,739 |  |  | 13,249 |  |  | 13,660 |
Financing cash flows from finance leases |  | 60 |  |  | 45 |  |  | 120 |  |  | 86 |
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 |  | $ | — |  |  | $ | 87 |  |  | $ | — |  |  | $ | 87 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 1,909 |  |  | 955 |  |  | 5,590 |  |  | 7,132 |
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 October 3, 2021 |  | As of March 31, 2021
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 56,116 |  |  | $ | 62,159 |
Operating lease current liabilities |  | Accrued expenses |  | 19,334 |  |  | 21,774 |
Operating lease non-current liabilities |  | Other liabilities |  | 39,025 |  |  | 42,528 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 460 |  |  | $ | 573 |
Finance lease current liabilities |  | Accrued expenses |  | 220 |  |  | 236 |
Finance lease non-current liabilities |  | Other liabilities |  | 328 |  |  | 435 |
The components of lease expense for the second quarter and six months ended October 3, 2021 and October 4, 2020 were as follows:
|  |  |  | Quarter ended |  | Six months ended
|  | Classification |  | October 3, 2021 |  | October 4, 2020 |  | October 3, 2021 |  | October 4, 2020
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,422 |  |  | $ | 6,745 |  |  | $ | 13,138 |  |  | $ | 13,681 |
Variable lease cost |  | Operating expenses |  | 2,354 |  |  | 1,613 |  |  | 4,927 |  |  | 3,732 |
Short term lease cost |  | Operating expenses |  | 1,753 |  |  | 1,578 |  |  | 3,570 |  |  | 3,406 |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 59 |  |  | $ | 46 |  |  | $ | 119 |  |  | $ | 88 |
Interest expense |  | Interest expense |  | 7 |  |  | 7 |  |  | 15 |  |  | 14 |
Total |  |  |  | $ | 10,595 |  |  | $ | 9,989 |  |  | $ | 21,769 |  |  | $ | 20,921 |
The following table presents the weighted average lease term and discount rates for leases as of October 3, 2021 and March 31, 2021:
|  | October 3, 2021 |  | March 31, 2021
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.7 years |  | 5.5 years
Weighted average discount rate |  | 5.09% |  | 5.16%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.7 years |  | 3.1 years
Weighted average discount rate |  | 4.80% |  | 4.81%
The following table presents future payments due under leases reconciled to lease liabilities as of October 3, 2021:
|  | Finance Leases |  | Operating Leases
Six months ended March 31, 2022 |  | $ | 132 |  |  | $ | 11,907 |
Year ended March 31, |  |  |  |
2023 |  | 216 |  |  | 17,366 |
2024 |  | 157 |  |  | 11,476 |
2025 |  | 47 |  |  | 7,699 |
2026 |  | 26 |  |  | 5,678 |
Thereafter |  | — |  |  | 13,337 |
Total undiscounted lease payments |  | 578 |  |  | 67,463 |
Present value discount |  | 30 |  |  | 9,104 |
Lease liability |  | $ | 548 |  |  | $ | 58,359 |
The following table presents supplemental disclosures of cash flow information related to leases for the second quarter and six months ended October 3, 2021 and October 4, 2020:
|  | Quarter ended |  | Six months ended
|  | October 3, 2021 |  | October 4, 2020 |  | October 3, 2021 |  | October 4, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 7 |  |  | $ | 7 |  |  | $ | 15 |  |  | $ | 14 |
Operating cash flows from operating leases |  | 6,484 |  |  | 6,739 |  |  | 13,249 |  |  | 13,660 |
Financing cash flows from finance leases |  | 60 |  |  | 45 |  |  | 120 |  |  | 86 |
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 |  | $ | — |  |  | $ | 87 |  |  | $ | — |  |  | $ | 87 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 1,909 |  |  | 955 |  |  | 5,590 |  |  | 7,132 |

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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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