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v3.22.2.2

Leases | 6 Months Ended
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Oct. 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 October 2, 2022 |  | As of March 31, 2022
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 70,990 |  |  | $ | 71,085 |
Operating lease current liabilities |  | Accrued expenses |  | 20,362 |  |  | 20,086 |
Operating lease non-current liabilities |  | Other liabilities |  | 53,059 |  |  | 52,904 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 122 |  |  | $ | 344 |
Finance lease current liabilities |  | Accrued expenses |  | 53 |  |  | 185 |
Finance lease non-current liabilities |  | Other liabilities |  | 109 |  |  | 231 |
The components of lease expense for the second quarter and six months ended October 2, 2022 and October 3, 2021 were as follows:
|  |  |  | Quarter ended |  | Six months ended
|  | Classification |  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,668 |  |  | $ | 6,422 |  |  | $ | 13,252 |  |  | $ | 13,138 |
Variable lease cost |  | Operating expenses |  | 3,221 |  |  | 2,354 |  |  | 6,628 |  |  | 4,927 |
Short term lease cost |  | Operating expenses |  | 1,411 |  |  | 1,753 |  |  | 2,849 |  |  | 3,570 |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 19 |  |  | $ | 59 |  |  | $ | 71 |  |  | $ | 119 |
Interest expense |  | Interest expense |  | 2 |  |  | 7 |  |  | 6 |  |  | 15 |
Total |  |  |  | $ | 11,321 |  |  | $ | 10,595 |  |  | $ | 22,806 |  |  | $ | 21,769 |
The following table presents the weighted average lease term and discount rates for leases as of October 2, 2022 and March 31, 2022:
|  | October 2, 2022 |  | March 31, 2022
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 6.1 years |  | 6.1 years
Weighted average discount rate |  | 4.56% |  | 4.43%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.6 years |  | 2.3 years
Weighted average discount rate |  | 4.60% |  | 4.79%
The following table presents future payments due under leases reconciled to lease liabilities as of October 2, 2022:
|  | Finance Leases |  | Operating Leases
Six months ended March 31, 2023 |  | $ | 38 |  |  | $ | 12,400 |
Year ended March 31, |  |  |  |
2024 |  | 62 |  |  | 19,209 |
2025 |  | 42 |  |  | 14,024 |
2026 |  | 23 |  |  | 10,401 |
2027 |  | — |  |  | 8,214 |
Thereafter |  | — |  |  | 20,184 |
Total undiscounted lease payments |  | 165 |  |  | 84,432 |
Present value discount |  | 3 |  |  | 11,011 |
Lease liability |  | $ | 162 |  |  | $ | 73,421 |
The following table presents supplemental disclosures of cash flow information related to leases for the second quarter and six months ended October 2, 2022 and October 3, 2021:
|  | Quarter ended |  | Six months ended
|  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 2 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 15 |
Operating cash flows from operating leases |  | 6,576 |  |  | 6,484 |  |  | 12,910 |  |  | 13,249 |
Financing cash flows from finance leases |  | 20 |  |  | 60 |  |  | 72 |  |  | 120 |
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 |  | 2,764 |  |  | 1,909 |  |  | 5,537 |  |  | 5,590 |
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 2, 2022 |  | As of March 31, 2022
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 70,990 |  |  | $ | 71,085 |
Operating lease current liabilities |  | Accrued expenses |  | 20,362 |  |  | 20,086 |
Operating lease non-current liabilities |  | Other liabilities |  | 53,059 |  |  | 52,904 |
Finance Leases: |  |  |  |  |  |
Right-of-use assets |  | Property, plant, and equipment, net |  | $ | 122 |  |  | $ | 344 |
Finance lease current liabilities |  | Accrued expenses |  | 53 |  |  | 185 |
Finance lease non-current liabilities |  | Other liabilities |  | 109 |  |  | 231 |
The components of lease expense for the second quarter and six months ended October 2, 2022 and October 3, 2021 were as follows:
|  |  |  | Quarter ended |  | Six months ended
|  | Classification |  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Operating Leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 6,668 |  |  | $ | 6,422 |  |  | $ | 13,252 |  |  | $ | 13,138 |
Variable lease cost |  | Operating expenses |  | 3,221 |  |  | 2,354 |  |  | 6,628 |  |  | 4,927 |
Short term lease cost |  | Operating expenses |  | 1,411 |  |  | 1,753 |  |  | 2,849 |  |  | 3,570 |
Finance Leases: |  |  |  |  |  |  |  |  |  |
Depreciation |  | Operating expenses |  | $ | 19 |  |  | $ | 59 |  |  | $ | 71 |  |  | $ | 119 |
Interest expense |  | Interest expense |  | 2 |  |  | 7 |  |  | 6 |  |  | 15 |
Total |  |  |  | $ | 11,321 |  |  | $ | 10,595 |  |  | $ | 22,806 |  |  | $ | 21,769 |
The following table presents the weighted average lease term and discount rates for leases as of October 2, 2022 and March 31, 2022:
|  | October 2, 2022 |  | March 31, 2022
Operating Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 6.1 years |  | 6.1 years
Weighted average discount rate |  | 4.56% |  | 4.43%
Finance Leases: |  |  |  |
Weighted average remaining lease term (years) |  | 2.6 years |  | 2.3 years
Weighted average discount rate |  | 4.60% |  | 4.79%
The following table presents future payments due under leases reconciled to lease liabilities as of October 2, 2022:
|  | Finance Leases |  | Operating Leases
Six months ended March 31, 2023 |  | $ | 38 |  |  | $ | 12,400 |
Year ended March 31, |  |  |  |
2024 |  | 62 |  |  | 19,209 |
2025 |  | 42 |  |  | 14,024 |
2026 |  | 23 |  |  | 10,401 |
2027 |  | — |  |  | 8,214 |
Thereafter |  | — |  |  | 20,184 |
Total undiscounted lease payments |  | 165 |  |  | 84,432 |
Present value discount |  | 3 |  |  | 11,011 |
Lease liability |  | $ | 162 |  |  | $ | 73,421 |
The following table presents supplemental disclosures of cash flow information related to leases for the second quarter and six months ended October 2, 2022 and October 3, 2021:
|  | Quarter ended |  | Six months ended
|  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 2 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 15 |
Operating cash flows from operating leases |  | 6,576 |  |  | 6,484 |  |  | 12,910 |  |  | 13,249 |
Financing cash flows from finance leases |  | 20 |  |  | 60 |  |  | 72 |  |  | 120 |
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 |  | 2,764 |  |  | 1,909 |  |  | 5,537 |  |  | 5,590 |

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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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