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COMMITMENTS | 12 Months Ended
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Mar. 27, 2021
Leases, Operating [Abstract] |
COMMITMENTS | NOTE 8 – COMMITMENTS Leases: Transcat leases facilities, equipment, and vehicles under various non-cancelable operating leases. As of March 27, 2021, the remaining lease terms on our operating leases range from approximately one year to less than ten years. Renewal options not yet exercised and termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. The weighted average discount rate for both of the years ended March 27, 2021 and March 28, 2020 was 4.15%. The components of lease expense for the current and prior-year comparative periods were as follows:
|  | FY 2021 |  |  | FY 2020 |
Operating lease cost |  |  | 3,206 |  |  |  | 3,295 |
Variable lease cost |  |  | 577 |  |  |  | 444 |
Total lease cost |  |  | 3,783 |  |  |  | 3,739 |
Supplemental cash flow information related to leases was as follows:
|  | FY 2021 |  |  | FY 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flow from operating leases |  |  | 2,153 |  |  |  | 1,961 |
Right to Use Assets obtained in exchange for lease liabilities |  |  | 2,945 |  |  |  | 2,940 |
Total rental expense was approximately $3.8 million and $3.7 million in fiscal years 2021 and 2020, respectively. The minimum future annual rental payments under the non-cancelable leases at March 27, 2021 are as follows (in millions):
Fiscal Year |  |  |  |
2022 |  | $ | 2.9 |
2023 |  |  | 2.3 |
2024 |  |  | 1.9 |
2025 |  |  | 1.4 |
2026 |  |  | 0.8 |
Thereafter |  |  | 3.2 |
Total minimum lease payments |  | $ | 12.5 |
Less: Imputed interest |  |  | 2.9 |
Present value of remaining lease payments |  | $ | 9.6 |
Effective December 2018, the Company has term loan repayments (principal plus interest) of $0.2 million per month through December 2025. These amounts are not reflected in the table above. Principal payments relating to the 2018 Term Loan will be $2.1 million in fiscal year 2022, $2.2 million in fiscal year 2023, $2.2 million in fiscal year 2024, $2.3 million in fiscal year 2025 and $1.8 million in fiscal year 2026.

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123406913&loc=d3e41499-112717 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123406913&loc=d3e41502-112717 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123389372&loc=d3e36991-112694 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=123403562&loc=d3e38371-112697 + Details
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