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Leases | 9 Months Ended
--- | ---
Jan. 02, 2022
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 January 2, 2022 |  | As of March 31, 2021
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 63,699 |  |  | $ | 62,159 |
Operating lease current liabilities |  | Accrued expenses |  | 20,108 |  |  | 21,774 |
Operating lease non-current liabilities |  | Other liabilities |  | 45,701 |  |  | 42,528 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 402 |  |  | $ | 573 |
Finance lease current liabilities |  | Accrued expenses |  | 203 |  |  | 236 |
Finance lease non-current liabilities |  | Other liabilities |  | 280 |  |  | 435 |
The components of lease expense for the third quarter and nine months ended January 2, 2022 and January 3, 2021 were as follows:
|  |  |  | Quarter ended |  | Nine months ended
|  | Classification |  | January 2, 2022 |  | January 3, 2021 |  | January 2, 2022 |  | January 3, 2021
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,649 |  |  | $ | 6,635 |  |  | $ | 19,787 |  |  | $ | 20,316 |
Variable lease cost |  | Operating expenses |  | 2,288 |  |  | 1,797 |  |  | 7,215 |  |  | 5,529 |
Short term lease cost |  | Operating expenses |  | 1,497 |  |  | 1,610 |  |  | 5,067 |  |  | 5,016 |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 58 |  |  | $ | 53 |  |  | $ | 177 |  |  | $ | 141 |
Interest expense |  | Interest expense |  | 6 |  |  | 8 |  |  | 21 |  |  | 22 |
Total |  |  |  | $ | 10,498 |  |  | $ | 10,103 |  |  | $ | 32,267 |  |  | $ | 31,024 |
The following table presents the weighted average lease term and discount rates for leases as of January 2, 2022 and March 31, 2021:
|  | January 2, 2022 |  | March 31, 2021
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.7 years |  | 5.5 years
Weighted average discount rate |  | 4.61% |  | 5.16%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.5 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 January 2, 2022:
|  | Finance Leases |  | Operating Leases
Three months ended March 31, 2022 |  | $ | 65 |  |  | $ | 6,459 |
Year ended March 31, |  |  |  |
2023 |  | 214 |  |  | 20,462 |
2024 |  | 155 |  |  | 14,561 |
2025 |  | 47 |  |  | 10,125 |
2026 |  | 25 |  |  | 7,008 |
Thereafter |  | — |  |  | 16,680 |
Total undiscounted lease payments |  | 506 |  |  | 75,295 |
Present value discount |  | 23 |  |  | 9,486 |
Lease liability |  | $ | 483 |  |  | $ | 65,809 |
The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 2, 2022 and January 3, 2021:
|  | Quarter ended |  | Nine months ended
|  | January 2, 2022 |  | January 3, 2021 |  | January 2, 2022 |  | January 3, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 6 |  |  | $ | 8 |  |  | $ | 21 |  |  | $ | 22 |
Operating cash flows from operating leases |  | 6,775 |  |  | 6,710 |  |  | 20,024 |  |  | 20,370 |
Financing cash flows from finance leases |  | 59 |  |  | 52 |  |  | 179 |  |  | 138 |
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 |  | 13,987 |  |  | 2,181 |  |  | 19,577 |  |  | 9,313 |
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 January 2, 2022 |  | As of March 31, 2021
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 63,699 |  |  | $ | 62,159 |
Operating lease current liabilities |  | Accrued expenses |  | 20,108 |  |  | 21,774 |
Operating lease non-current liabilities |  | Other liabilities |  | 45,701 |  |  | 42,528 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 402 |  |  | $ | 573 |
Finance lease current liabilities |  | Accrued expenses |  | 203 |  |  | 236 |
Finance lease non-current liabilities |  | Other liabilities |  | 280 |  |  | 435 |
The components of lease expense for the third quarter and nine months ended January 2, 2022 and January 3, 2021 were as follows:
|  |  |  | Quarter ended |  | Nine months ended
|  | Classification |  | January 2, 2022 |  | January 3, 2021 |  | January 2, 2022 |  | January 3, 2021
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,649 |  |  | $ | 6,635 |  |  | $ | 19,787 |  |  | $ | 20,316 |
Variable lease cost |  | Operating expenses |  | 2,288 |  |  | 1,797 |  |  | 7,215 |  |  | 5,529 |
Short term lease cost |  | Operating expenses |  | 1,497 |  |  | 1,610 |  |  | 5,067 |  |  | 5,016 |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 58 |  |  | $ | 53 |  |  | $ | 177 |  |  | $ | 141 |
Interest expense |  | Interest expense |  | 6 |  |  | 8 |  |  | 21 |  |  | 22 |
Total |  |  |  | $ | 10,498 |  |  | $ | 10,103 |  |  | $ | 32,267 |  |  | $ | 31,024 |
The following table presents the weighted average lease term and discount rates for leases as of January 2, 2022 and March 31, 2021:
|  | January 2, 2022 |  | March 31, 2021
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.7 years |  | 5.5 years
Weighted average discount rate |  | 4.61% |  | 5.16%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.5 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 January 2, 2022:
|  | Finance Leases |  | Operating Leases
Three months ended March 31, 2022 |  | $ | 65 |  |  | $ | 6,459 |
Year ended March 31, |  |  |  |
2023 |  | 214 |  |  | 20,462 |
2024 |  | 155 |  |  | 14,561 |
2025 |  | 47 |  |  | 10,125 |
2026 |  | 25 |  |  | 7,008 |
Thereafter |  | — |  |  | 16,680 |
Total undiscounted lease payments |  | 506 |  |  | 75,295 |
Present value discount |  | 23 |  |  | 9,486 |
Lease liability |  | $ | 483 |  |  | $ | 65,809 |
The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 2, 2022 and January 3, 2021:
|  | Quarter ended |  | Nine months ended
|  | January 2, 2022 |  | January 3, 2021 |  | January 2, 2022 |  | January 3, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 6 |  |  | $ | 8 |  |  | $ | 21 |  |  | $ | 22 |
Operating cash flows from operating leases |  | 6,775 |  |  | 6,710 |  |  | 20,024 |  |  | 20,370 |
Financing cash flows from finance leases |  | 59 |  |  | 52 |  |  | 179 |  |  | 138 |
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 |  | 13,987 |  |  | 2,181 |  |  | 19,577 |  |  | 9,313 |

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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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