Leases

9 Months Ended

Dec. 28, 2019

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 condensed consolidated statement of operations is shown below:

(Dollars in thousands)	Three Months Ended December 28, 2019		Nine Months Ended December 28, 2019
Operating lease expense	$	1,359	$	4,234
Short-term lease expense		402		1,005
Total lease expense	$	1,761	$	5,239

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

(Dollars in thousands)	December 28, 2019
Right-of-use assets under operating leases:
Other long-term assets	$	11,616
Lease obligations under operating leases:
Other current liabilities		3,826
Other long-term liabilities		7,790
Total lease obligation	$	11,616

Maturities of lease obligations as of December 28, 2019, are shown below:

(Dollars in thousands)	December 28, 2019
Fiscal 2020 (1)	$	1,133
Fiscal 2021		4,155
Fiscal 2022		3,090
Fiscal 2023		2,234
Fiscal 2024		912
Thereafter		2,214
Total undiscounted cash flows		13,738
Less: imputed interest		(2,122	)
Lease obligations under operating leases	$	11,616

(1) For remaining period in fiscal year.

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

	December 28, 2019
Weighted average remaining lease term (in years)		5.1
Weighted average discount rate		5.6

The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments.

Cash flow information related to operating leases is shown below:

(Dollars in thousands)	Nine Months Ended December 28, 2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	1,711
Operating cash flows:
Cash paid related to operating lease obligations	$	4,262