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v3.22.2

Leases | 3 Months Ended
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Jul. 03, 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 July 3, 2022 |  | As of March 31, 2022
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 68,504 |  |  | $ | 71,085 |
Operating lease current liabilities |  | Accrued expenses |  | 21,303 |  |  | 20,086 |
Operating lease non-current liabilities |  | Other liabilities |  | 49,475 |  |  | 52,904 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 279 |  |  | $ | 344 |
Finance lease current liabilities |  | Accrued expenses |  | 164 |  |  | 185 |
Finance lease non-current liabilities |  | Other liabilities |  | 180 |  |  | 231 |
The components of lease expense for the first quarter ended July 3, 2022 and July 4, 2021 were as follows:
|  |  |  | Quarter ended |  |
|  | Classification |  | July 3, 2022 |  | July 4, 2021 |  |  |  |
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,584 |  |  | $ | 6,716 |  |  |  |  |
Variable lease cost |  | Operating expenses |  | 3,407 |  |  | 2,573 |  |  |  |  |
Short term lease cost |  | Operating expenses |  | 1,438 |  |  | 1,817 |  |  |  |  |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 52 |  |  | $ | 60 |  |  |  |  |
Interest expense |  | Interest expense |  | 4 |  |  | 8 |  |  |  |  |
Total |  |  |  | $ | 11,485 |  |  | $ | 11,174 |  |  |  |  |
The following table presents the weighted average lease term and discount rates for leases as of July 3, 2022 and March 31, 2022:
|  | July 3, 2022 |  | March 31, 2022
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.9 years |  | 6.1 years
Weighted average discount rate |  | 4.49% |  | 4.43%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.2 years |  | 2.3 years
Weighted average discount rate |  | 4.78% |  | 4.79%
The following table presents future payments due under leases reconciled to lease liabilities as of July 3, 2022:
|  | Finance Leases |  | Operating Leases
Nine months ended March 31, 2023 |  | $ | 143 |  |  | $ | 18,345 |
Year ended March 31, |  |  |  |
2024 |  | 145 |  |  | 18,311 |
2025 |  | 44 |  |  | 13,009 |
2026 |  | 24 |  |  | 9,296 |
2027 |  | — |  |  | 7,196 |
Thereafter |  | — |  |  | 16,446 |
Total undiscounted lease payments |  | 356 |  |  | 82,603 |
Present value discount |  | 12 |  |  | 11,825 |
Lease liability |  | $ | 344 |  |  | $ | 70,778 |
The following table presents supplemental disclosures of cash flow information related to leases for the first quarter July 3, 2022 and July 4, 2021:
|  | Quarter ended |  |
|  | July 3, 2022 |  | July 4, 2021 |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 4 |  |  | $ | 8 |  |  |  |  |
Operating cash flows from operating leases |  | 6,334 |  |  | 6,765 |  |  |  |  |
Financing cash flows from finance leases |  | 52 |  |  | 60 |  |  |  |  |
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 |  | 2,773 |  |  | 3,681 |  |  |  |  |
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 3, 2022 |  | As of March 31, 2022
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 68,504 |  |  | $ | 71,085 |
Operating lease current liabilities |  | Accrued expenses |  | 21,303 |  |  | 20,086 |
Operating lease non-current liabilities |  | Other liabilities |  | 49,475 |  |  | 52,904 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 279 |  |  | $ | 344 |
Finance lease current liabilities |  | Accrued expenses |  | 164 |  |  | 185 |
Finance lease non-current liabilities |  | Other liabilities |  | 180 |  |  | 231 |
The components of lease expense for the first quarter ended July 3, 2022 and July 4, 2021 were as follows:
|  |  |  | Quarter ended |  |
|  | Classification |  | July 3, 2022 |  | July 4, 2021 |  |  |  |
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,584 |  |  | $ | 6,716 |  |  |  |  |
Variable lease cost |  | Operating expenses |  | 3,407 |  |  | 2,573 |  |  |  |  |
Short term lease cost |  | Operating expenses |  | 1,438 |  |  | 1,817 |  |  |  |  |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 52 |  |  | $ | 60 |  |  |  |  |
Interest expense |  | Interest expense |  | 4 |  |  | 8 |  |  |  |  |
Total |  |  |  | $ | 11,485 |  |  | $ | 11,174 |  |  |  |  |
The following table presents the weighted average lease term and discount rates for leases as of July 3, 2022 and March 31, 2022:
|  | July 3, 2022 |  | March 31, 2022
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.9 years |  | 6.1 years
Weighted average discount rate |  | 4.49% |  | 4.43%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.2 years |  | 2.3 years
Weighted average discount rate |  | 4.78% |  | 4.79%
The following table presents future payments due under leases reconciled to lease liabilities as of July 3, 2022:
|  | Finance Leases |  | Operating Leases
Nine months ended March 31, 2023 |  | $ | 143 |  |  | $ | 18,345 |
Year ended March 31, |  |  |  |
2024 |  | 145 |  |  | 18,311 |
2025 |  | 44 |  |  | 13,009 |
2026 |  | 24 |  |  | 9,296 |
2027 |  | — |  |  | 7,196 |
Thereafter |  | — |  |  | 16,446 |
Total undiscounted lease payments |  | 356 |  |  | 82,603 |
Present value discount |  | 12 |  |  | 11,825 |
Lease liability |  | $ | 344 |  |  | $ | 70,778 |
The following table presents supplemental disclosures of cash flow information related to leases for the first quarter July 3, 2022 and July 4, 2021:
|  | Quarter ended |  |
|  | July 3, 2022 |  | July 4, 2021 |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 4 |  |  | $ | 8 |  |  |  |  |
Operating cash flows from operating leases |  | 6,334 |  |  | 6,765 |  |  |  |  |
Financing cash flows from finance leases |  | 52 |  |  | 60 |  |  |  |  |
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 |  | 2,773 |  |  | 3,681 |  |  |  |  |

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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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