XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases | 3 Months Ended
--- | ---
Sep. 27, 2020
Leases [Abstract] |
Leases | Leases We have an operating lease for our El Paso, Texas finished goods and service parts distribution warehouse that has a current lease term through October 2023. This lease includes renewal terms that can extend the lease term for five additional years. For purposes of calculating operating lease obligations, we included the option to extend the lease as it is reasonably certain that we will exercise such option. The lease does not contain material residual value guarantees or restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease term. As the lease does not provide an implicit rate, we used our incremental borrowing rate at lease commencement to determine the present value of our lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest we would pay to borrow over a similar term with similar payments. The operating lease asset and obligation related to our El Paso warehouse lease included in the accompanying Condensed Consolidated Balance Sheet are presented below (in thousands):
|  | September 27, 2020 |
Right-of Use Asset Under Operating Lease: |  |  |  |
Other Long-Term Assets |  | $ | 3,668 |
Lease Obligation Under Operating Lease: |  |  |  |
Current Liabilities: Accrued Liabilities: Other |  | $ | 354 |
Other Long-Term Liabilities |  |  | 3,314 |
|  | $ | 3,668 |
Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under the non-cancelable lease are as follows as of September 27, 2020 (in thousands):
2021 (for the remaining nine months) |  | $ | 357 |
2022 |  |  | 484 |
2023 |  |  | 497 |
2024 |  |  | 509 |
2025 |  |  | 522 |
Thereafter |  |  | 1,834 |
Total Future Minimum Lease Payments |  |  | 4,203 |
Less: Imputed Interest |  |  | (535 | )
Total Lease Obligations |  | $ | 3,668 |
Cash flow information related to the operating lease is shown below (in thousands):
|  | Three Months Ended |
|  | September 27, 2020 |
Operating Cash Flows: |  |  |  |
Cash Paid Related to Operating Lease Obligation |  | $ | 116 |
The weighted average lease term and discount rate for the El Paso, Texas operating lease are shown below:
|  | September 27, 2020 |
Weighted Average Remaining Lease Term (in years) |  |  | 8.1 |
Weighted Average Discount Rate |  |  | 3.3 | %
Operating lease expense for the three month periods ended September 27, 2020 and September 29, 2019 totaled $116,000 and $113,000, respectively.

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 lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration