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Note 4 - Leases | 12 Months Ended
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Dec. 25, 2021
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | (4) Leases The Company had one real estate lease in 2021 expiring in February 2026. CPS also has a few other leases for equipment which are minor in nature and are generally short-term in duration. None of these equipment leases have been capitalized as the Company elected an accounting policy for short-term leases, which allows lessees to avoid recognizing right-of-use assets and liabilities for leases with terms of 12 months or fewer. The real estate lease expiring in 2026 (the “Norton facility lease’) is included as a right-of-use lease asset and corresponding lease liability on the balance sheet. This asset and liability are based on the present value of remaining lease payments over the remaining lease term using the Company’s incremental borrowing rate at date of the current lease. The Company does not separate lease components from non-lease components. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Norton facility lease comprises approximately 38 thousand square feet. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to buy the property and a first right of refusal during the term of the lease. Annual rental payments are through maturity are reflected in the table below. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating leases as of December 25, 2021:
(Dollars in Thousands) |  | December 25, 2021 |
Maturity of capitalized lease liabilities |  | Lease payments |
2022 |  |  | 160 |
2023 |  |  | 162 |
2024 |  |  | 165 |
2025 |  |  | 165 |
2026 |  |  | 28 |
Total undiscounted operating lease payments |  | $ | 680 |
Less: Imputed interest |  |  | (94 | )
Present value of operating lease liability |  | $ | 586 |
Balance Sheet Classification |  |  |  |
Current lease liability |  | $ | 155 |
Long-term lease liability |  |  | 431 |
Total operating lease liability |  | $ | 586 |
Other Information |  |  |  |
Weighted-average remaining lease term for capitalized operating leases (in months) |  |  | 50 |
Weighted-average discount rate for capitalized operating leases |  |  | 6.6 | %
Operating Lease Costs and Cash Flows Operating lease cost and cash paid was $38 thousand during the fourth quarter of 2021 and $152 thousand for the twelve months ended December 25, 2021. These costs are related to its long-term operating lease. All other short-term leases were immaterial. Finance Leases The Company does not have any finance leases. Estimated monthly payments under the terms of the Norton facility lease, escalate from $13 thousand to $14 thousand over the lease term

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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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