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Note 17 - Leases | 9 Months Ended
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Sep. 26, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
17. | Leases
Leases are recorded in accordance with FASB ASC 842, Leases which requires lessees to recognize a right-of-use (“ROU”) asset and an operating right of use liability for all leases with terms greater than 12 months and requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments . The ROU asset also consists of any lease incentives received. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company has lease agreements which require payments for lease and non-lease components. The Company has elected to account for these as a single lease component with the exception of its real estate leases. The components of lease expense were as follows:
|  | Thirteen Week Periods Ended |  |  | Thirty-Nine Week Periods Ended |
|  | September 26, 2020 |  |  | September 28, 2019 |  |  | September 26, 2020 |  |  | September 28, 2019 |
Operating lease cost |  | $ | 640 |  |  | $ | 654 |  |  | $ | 1,943 |  |  | $ | 1,643 |
Amortization of ROU assets |  | $ | 120 |  |  | $ | 72 |  |  | $ | 275 |  |  | $ | 218 |
Interest on lease liabilities |  |  | 4 |  |  |  | 1 |  |  |  | 8 |  |  |  | 4 |
Total finance lease cost |  | $ | 124 |  |  | $ | 73 |  |  | $ | 283 |  |  | $ | 222 |
Supplemental Cash Flow information related to leases was as follows:
|  | Thirteen Week Period Ended |  |  | Thirty-Nine Week Period Ended |
|  | September 26, 2020 |  |  | September 28, 2019 |  |  | September 26, 2020 |  |  | September 28, 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 659 |  |  | $ | 665 |  |  | $ | 1,986 |  |  | $ | 1,605 |
Operating cash flows from finance leases |  | $ | 2 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 4 |
Financing cash flows from finance leases |  | $ | 167 |  |  | $ | 72 |  |  | $ | 328 |  |  | $ | 216 |
Right of use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 318 |  |  | $ | 774 |  |  | $ | 600 |  |  | $ | 7,756 |
Finance leases |  | $ | 258 |  |  | $ | - |  |  | $ | 258 |  |  | $ | - |
Supplemental Balance Sheet information as of September 26, 2020 and December 28, 2019 related to leases was as follows:
|  | September 26, 2020 |  |  | December 28, 2019 |
Operating leases |  |  |  |  |  |  |  |
Operating lease right of use assets |  | $ | 4,686 |  |  | $ | 5,820 |
Operating right of use liability - current |  | $ | (1,984 | ) |  | $ | (2,134 | )
Operating right of use liability - non-current |  |  | (2,922 | ) |  |  | (3,921 | )
Total operating lease liabilities |  | $ | (4,906 | ) |  | $ | (6,055 | )
Property and equipment - (ROU assets) |  | $ | 1,140 |  |  | $ | 985 |
Accumulated depreciation |  |  | (655 | ) |  |  | (475 | )
Property and equipment, net |  | $ | 485 |  |  | $ | 510 |
Finance lease liability - current |  | $ | (311 | ) |  | $ | (315 | )
Finance lease liability - non-current |  |  | (115 | ) |  |  | (189 | )
Total finance lease liabilities |  | $ | (426 | ) |  | $ | (504 | )
Weighted average remaining lease term |  |  |  |  |  |  |  |
Operating leases (in years) |  |  | 1.63 |  |  |  | 2.54 |
Finance leases (in years) |  |  | 1.56 |  |  |  | 1.62 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 4.24 | % |  |  | 4.11 | %
Finance leases |  |  | 2.47 | % |  |  | 1.78 | %
Maturities of lease liabilities are as follows:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2020 |  | $ | 594 |  |  | $ | 75 |
2021 |  |  | 2,006 |  |  |  | 255 |
2022 |  |  | 1,481 |  |  |  | 108 |
2023 |  |  | 910 |  |  |  | - |
2024 |  |  | 187 |  |  |  | - |
Thereafter |  |  | - |  |  |  | - |
Total lease payments |  |  | 5,178 |  |  |  | 438 |
Less: imputed interest |  |  | (272 | ) |  |  | (12 | )
Total |  | $ | 4,906 |  |  | $ | 426 |

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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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