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Leases
 12 Months Ended
Apr. 02, 2022
Leases [Abstract]  
Leases
10.
Leases

The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. Lease expense included in the accompanying consolidated statement of operations is shown below:

 

 

Year ended

 

(Dollars in thousands)

 

April 2,
2022

 

 

April 3,
2021

 

 

 

 

 

 

 

 

Operating lease expense

 

$

6,621

 

 

$

5,387

 

Short-term lease expense

 

 

1,197

 

 

 

1,925

 

Total lease expense

 

$

7,818

 

 

$

7,312

 


Operating lease assets and obligations included in the accompanying consolidated balance sheet are shown below:

(Dollars in thousands)

 

April 2,
2022

 

 

April 3,
2021

 

 

 

 

 

 

 

 

Right-of-use assets under operating leases:

 

 

 

 

 

 

Other long-term assets

 

$

11,171

 

 

$

11,473

 

Lease obligations under operating leases:

 

 

 

 

 

 

Other current liabilities

 

 

4,618

 

 

 

4,250

 

Other long-term liabilities

 

 

6,553

 

 

 

7,223

 

Total lease obligation

 

$

11,171

 

 

$

11,473

 

 


Maturities of lease obligations as of April 2, 2022 are shown below:

(Dollars in thousands)

 

April 2,
2022

 

 

 

 

 

Fiscal 2023

 

$

5,005

 

Fiscal 2024

 

 

2,949

 

Fiscal 2025

 

 

2,042

 

Fiscal 2026

 

 

1,118

 

Fiscal 2027

 

 

394

 

Thereafter

 

 

1,410

 

Total undiscounted cash flows

 

 

12,918

 

Less: imputed interest

 

 

(1,747

)

Lease obligations under operating leases

 

$

11,171

 


The weighted average lease term and discount rate for operating leases are shown below:

 

 

April 2,
2022

 

 

 

 

 

Weighted average remaining lease term (in years)

 

 

4.4

 

Weighted average discount rate (as percent)

 

 

5.4

 


Other information related to leases is as follows:

 

 

Year ended

 

(Dollars in thousands)

 

April 2,
2022

 

 

April 3,
2021

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

Right-of-use assets obtained in exchange for operating lease obligations

 

$

4,817

 

 

$

1,469

 

Operating cash flows:

 

 

 

 

 

 

Cash paid related to operating lease obligations

 

$

6,643

 

 

$

5,624