Leases

6 Months Ended

Sep. 26, 2021

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

Lease Obligations. As of September 26, 2021, we were obligated under operating lease agreements for certain manufacturing facilities, warehouse space, the land on which some of our facilities sit, vehicles and information technology equipment. Our leases have remaining original lease terms of 1 year to 23 years, some of which include options to extend the lease for up to 10 years.

As of September 26, 2021, our operating lease components with initial or remaining terms in excess of one year were classified on the condensed consolidated balance sheet within right of use assets, short-term lease liability and long-term lease liability.

Expense for leases less than 12 months was not material for the three and six months ended September 26, 2021 and September 27, 2020. Total lease expense was $0.7 million for both the three months ended September 26, 2021 and September 27, 2020, and was $1.4 million for both the six months ended September 26, 2021 and September 27, 2020.

Other information related to our operating leases was as follows:

	September 26, 2021		March 28, 2021
Lease Term and Discount Rate
Weighted average remaining lease term (years)	9.40		9.73
Weighted average discount rate	2.6	%	2.7	%

Maturities of lease liabilities as of September 26, 2021 were as follows:

(In thousands)	Operating Leases
Remaining fiscal 2022	$	866
Fiscal 2023	1,713
Fiscal 2024	1,360
Fiscal 2025	1,305
Fiscal 2026	1,251
Thereafter	6,280
Total	$	12,775
Less: Interest	(1,597)
Present value of lease liabilities	$	11,178