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Leases

6 Months Ended

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

X

- References

No definition available.

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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

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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

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