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Note 15 - Leases | 9 Months Ended
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Jun. 27, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | (15) Leases We have operating leases for certain equipment, office space and vehicles. We determine whether an arrangement is a lease at its inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with an initial term of twelve months or less are not recorded on our consolidated balance sheet. Lease expense for operating leases with original terms of more than twelve months was $289,000 and $953,000 for the three- and nine-month periods ended June 27, 2020, respectively. Most of our leases include options to extend or terminate the leases which are exercised at our sole discretion. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate as of the commencement date in determining the present value of lease payments. Supplemental cash flow and non-cash information related to leases is as follows:
|  | Nine Months Ended |
(In thousands) |  | June 27, 2020 |
Cash paid for operating leases included in operating cash flows |  | $ | 959 |
Right-of-use assets obtained in exchange for new lease obligations |  |  | 755 |
Supplemental balance sheet information related to leases is as follows:
(In thousands) |  | June 27, 2020 |
Right-of-use assets: |  |  |  |
Other assets |  | $ | 1,838 |
Lease liabilities: |  |  |  |
Accrued expenses |  |  | 942 |
Other liabilities |  |  | 883 |
Total operating lease liabilities |  | $ | 1,825 |
As of June 27, 2020, our operating leases had a weighted average remaining lease term of 2.3 years and a weighted average discount rate of 5.0%. Aggregate future operating lease payments as of June 27, 2020 are as follows:
(In thousands) |  |  |  |
2020 |  | $ | 990 |
2021 |  |  | 633 |
2022 |  |  | 207 |
2023 |  |  | 74 |
2024 |  |  | 4 |
Thereafter |  |  | - |
Total future operating lease payments |  |  | 1,908 |
Less: imputed interest |  |  | (83 | )
Present value of lease liabilities |  | $ | 1,825 |

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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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