XML 23 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
 3 Months Ended
Jun. 27, 2020
Leases [Abstract]  
Operating Leases Leases
The Company leases certain production and retail locations, office space and equipment. The Company determines if a contract or arrangement is, or contains, a lease at inception. Lease agreements with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term by one to three years or more. Generally, the exercise of lease renewal options is at the Company's discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option that the Company is reasonably certain to exercise.
 The following table provides information about the financial statement classification of the Company's lease balances reported within the Consolidated Balance Sheets as of June 27, 2020 and March 28, 2020 (in thousands):
ClassificationJune 27,
2020		March 28,
2020
ROU assets
Operating lease assets
Operating lease right-of-use assets
$18,378  $13,894  
Finance lease assets
Property, plant and equipment, net (1)
1,015  1,025  
Total lease assets$19,393  $14,919  
Lease Liabilities
Current:
   Operating lease liabilitiesAccrued expenses and other current liabilities$4,097  $4,170  
   Finance lease liabilities
Current portion of secured credit facilities and other
74  77  
Non-current:
   Operating lease liabilitiesOperating lease liabilities15,398  10,743  
   Finance lease liabilitiesSecured credit facilities and other275  289  
Total lease liabilities$19,844  $15,279  
        (1) Recorded net of accumulated amortization of $113,000 and $103,000 as of June 27, 2020 and March 28, 2020, respectively.
The balance increased from a five-year lease extension at one of our active manufacturing facilities.
The present value of the minimum payments for future fiscal years under non-cancelable leases as of June 27, 2020 were as follows (in thousands):
Operating LeasesFinance LeasesTotal
Remainder of 2021$3,189  $58  $3,247  
20224,148  73  4,221  
20233,814  73  3,887  
20243,480  73  3,553  
20252,706  73  2,779  
Thereafter5,005  49  5,054  
Total lease payments22,342  399  22,741  
Less: Amount representing interest(2,847) (50) (2,897) 
Present value of lease liabilities$19,495  $349  $19,844  
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of June 27, 2020:
Remaining Lease Term (Years)Discount Rate
   Operating leases5.84.5 %
   Finance leases5.35.0 %
Finance Leases Leases
The Company leases certain production and retail locations, office space and equipment. The Company determines if a contract or arrangement is, or contains, a lease at inception. Lease agreements with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term by one to three years or more. Generally, the exercise of lease renewal options is at the Company's discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option that the Company is reasonably certain to exercise.
 The following table provides information about the financial statement classification of the Company's lease balances reported within the Consolidated Balance Sheets as of June 27, 2020 and March 28, 2020 (in thousands):
ClassificationJune 27,
2020		March 28,
2020
ROU assets
Operating lease assets
Operating lease right-of-use assets
$18,378  $13,894  
Finance lease assets
Property, plant and equipment, net (1)
1,015  1,025  
Total lease assets$19,393  $14,919  
Lease Liabilities
Current:
   Operating lease liabilitiesAccrued expenses and other current liabilities$4,097  $4,170  
   Finance lease liabilities
Current portion of secured credit facilities and other
74  77  
Non-current:
   Operating lease liabilitiesOperating lease liabilities15,398  10,743  
   Finance lease liabilitiesSecured credit facilities and other275  289  
Total lease liabilities$19,844  $15,279  
        (1) Recorded net of accumulated amortization of $113,000 and $103,000 as of June 27, 2020 and March 28, 2020, respectively.
The balance increased from a five-year lease extension at one of our active manufacturing facilities.
The present value of the minimum payments for future fiscal years under non-cancelable leases as of June 27, 2020 were as follows (in thousands):
Operating LeasesFinance LeasesTotal
Remainder of 2021$3,189  $58  $3,247  
20224,148  73  4,221  
20233,814  73  3,887  
20243,480  73  3,553  
20252,706  73  2,779  
Thereafter5,005  49  5,054  
Total lease payments22,342  399  22,741  
Less: Amount representing interest(2,847) (50) (2,897) 
Present value of lease liabilities$19,495  $349  $19,844  
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of June 27, 2020:
Remaining Lease Term (Years)Discount Rate
   Operating leases5.84.5 %
   Finance leases5.35.0 %