XML 20 R11.htm IDEA: XBRL DOCUMENT v3.22.4

Leases

9 Months Ended

Jan. 01, 2023

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 1, 2023						As of March 31, 2022
Operating Leases:
Right-of-use assets						Other assets						$	79,081					$	71,085
Operating lease current liabilities						Accrued expenses						21,219						20,086
Operating lease non-current liabilities						Other liabilities						60,587						52,904
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	233					$	344
Finance lease current liabilities						Accrued expenses						74						185
Finance lease non-current liabilities						Other liabilities						191						231

The components of lease expense for the third quarter and nine months ended January 1, 2023 and January 2, 2022 were as follows:

												Quarter ended												Nine months ended
						Classification						January 1, 2023						January 2, 2022						January 1, 2023						January 2, 2022
Operating Leases:
Operating lease cost						Operating expenses						$	6,980					$	6,649					$	20,232					$	19,787
Variable lease cost						Operating expenses						3,189						2,288						9,817						7,215
Short term lease cost						Operating expenses						1,461						1,497						4,310						5,067
Finance Leases:
Depreciation						Operating expenses						$	23					$	58					$	94					$	177
Interest expense						Interest expense						3						6						9						21
Total												$	11,656					$	10,498					$	34,462					$	32,267

The following table presents the weighted average lease term and discount rates for leases as of January 1, 2023 and March 31, 2022:

January 1, 2023

March 31, 2022

Operating Leases:

Weighted average remaining lease term (years)

6.0 years

6.1 years

Weighted average discount rate

4.61%

4.43%

Finance Leases:

Weighted average remaining lease term (years)

3.5 years

2.3 years

Weighted average discount rate

5.39%

4.79%

The following table presents future payments due under leases reconciled to lease liabilities as of January 1, 2023:

						Finance Leases						Operating Leases
Three months ended March 31, 2023						$	27					$	6,926
Year ended March 31,
2024						92						22,321
2025						72						17,263
2026						51						13,517
2027						27						10,993
Thereafter						14						23,092
Total undiscounted lease payments						283						94,112
Present value discount						18						12,306
Lease liability						$	265					$	81,806

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 1, 2023 and January 2, 2022:

						Quarter ended												Nine months ended
						January 1, 2023						January 2, 2022						January 1, 2023						January 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	3					$	6					$	9					$	21
Operating cash flows from operating leases						6,778						6,775						19,688						20,024
Financing cash flows from finance leases						22						59						94						179
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						$	121					$	—					$	121					$	—
Right-of-use assets obtained in exchange for new operating lease liabilities						6,424						13,987						11,961						19,577

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 1, 2023						As of March 31, 2022
Operating Leases:
Right-of-use assets						Other assets						$	79,081					$	71,085
Operating lease current liabilities						Accrued expenses						21,219						20,086
Operating lease non-current liabilities						Other liabilities						60,587						52,904
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	233					$	344
Finance lease current liabilities						Accrued expenses						74						185
Finance lease non-current liabilities						Other liabilities						191						231

The components of lease expense for the third quarter and nine months ended January 1, 2023 and January 2, 2022 were as follows:

												Quarter ended												Nine months ended
						Classification						January 1, 2023						January 2, 2022						January 1, 2023						January 2, 2022
Operating Leases:
Operating lease cost						Operating expenses						$	6,980					$	6,649					$	20,232					$	19,787
Variable lease cost						Operating expenses						3,189						2,288						9,817						7,215
Short term lease cost						Operating expenses						1,461						1,497						4,310						5,067
Finance Leases:
Depreciation						Operating expenses						$	23					$	58					$	94					$	177
Interest expense						Interest expense						3						6						9						21
Total												$	11,656					$	10,498					$	34,462					$	32,267

The following table presents the weighted average lease term and discount rates for leases as of January 1, 2023 and March 31, 2022:

January 1, 2023

March 31, 2022

Operating Leases:

Weighted average remaining lease term (years)

6.0 years

6.1 years

Weighted average discount rate

4.61%

4.43%

Finance Leases:

Weighted average remaining lease term (years)

3.5 years

2.3 years

Weighted average discount rate

5.39%

4.79%

The following table presents future payments due under leases reconciled to lease liabilities as of January 1, 2023:

						Finance Leases						Operating Leases
Three months ended March 31, 2023						$	27					$	6,926
Year ended March 31,
2024						92						22,321
2025						72						17,263
2026						51						13,517
2027						27						10,993
Thereafter						14						23,092
Total undiscounted lease payments						283						94,112
Present value discount						18						12,306
Lease liability						$	265					$	81,806

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 1, 2023 and January 2, 2022:

						Quarter ended												Nine months ended
						January 1, 2023						January 2, 2022						January 1, 2023						January 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	3					$	6					$	9					$	21
Operating cash flows from operating leases						6,778						6,775						19,688						20,024
Financing cash flows from finance leases						22						59						94						179
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						$	121					$	—					$	121					$	—
Right-of-use assets obtained in exchange for new operating lease liabilities						6,424						13,987						11,961						19,577

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