v3.24.1.1.u2
Leases
12 Months Ended
Mar. 29, 2024
Leases [Abstract]  
Leases
12.
Leases

The Company leases real estate, equipment and vehicles under operating lease agreements that have initial terms ranging from one to 10 years. Some leases include one or more options to exercise renewal terms, generally at the Company’s sole discretion, that can extend the lease term. Certain leases contain rights to terminate whereby those termination options are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease term only when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.

Operating lease cost is recognized on a straight-line basis over the lease term, while finance lease cost is amortized over the expected term on a straight-line basis. Information regarding the Company’s operating and finance leases are as follows:

 

Fiscal Year Ended

 

 

March 29,
2024

 

 

March 31,
2023

 

 

March 25,
2022

 

Operating leases

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

6,369

 

 

$

4,833

 

 

$

4,648

 

Short term lease expense

 

 

39

 

 

 

326

 

 

 

584

 

Other information:

 

 

 

 

 

 

 

 

 

Cash paid for operating leases

 

$

6,305

 

 

$

5,034

 

 

$

5,289

 

Weighted-average remaining lease term - operating leases

 

4.4 years

 

 

4.57 years

 

 

5.17 years

 

Weighted-average discount rate – operating leases

 

 

6.1

%

 

 

5.3

%

 

 

4.5

%

 

 

 

 

 

Fiscal Year Ended

 

 

 

March 29,
2024

 

 

March 31,
2023

 

 

March 25,
2022

 

Finance leases

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

581

 

 

$

 

 

$

 

Interest on lease liabilities

 

 

29

 

 

 

 

 

 

 

Weighted-average remaining lease term - finance leases

 

5.6 years

 

 

 

 

 

 

 

Weighted-average discount rate - finance leases

 

 

7.7

%

 

 

 

 

 

 

 

Finance leases are recorded in the following line items within the consolidated balance sheets:

 

 

March 29,
2024

 

 

March 31,
2023

 

Property, plant and equipment

 

$

7,641

 

 

$

 

Current portion of long-term debt

 

 

1,429

 

 

 

 

Long-term debt

 

 

7,009

 

 

 

 

 

As of March 29, 2024, future minimum lease payments under operating and finance leases as follows:

 

 

Operating Leases

 

 

Finance Leases

 

2025

 

$

6,428

 

 

$

1,751

 

2026

 

 

5,680

 

 

 

1,751

 

2027

 

 

4,804

 

 

 

1,751

 

2028

 

 

3,890

 

 

 

1,751

 

2029

 

 

2,144

 

 

 

1,751

 

Thereafter

 

 

2,135

 

 

 

1,311

 

Total lease payments

 

$

25,081

 

 

$

10,066

 

Less: imputed interest

 

 

(3,414

)

 

 

(1,628

)

Total lease liabilities

 

$

21,667

 

 

$

8,438