XML 20 R9.htm IDEA: XBRL DOCUMENT v3.22.2

Leases

3 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration