Note 6 - Leases |
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Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] |
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6 – Leases
The Company is a party to various operating leases for offices, warehousing facilities and certain office equipment. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. The Company recognizes as expense non-variable lease payments ratably over the lease term. The key estimates for the Company's leases include the discount rate used to discount the unpaid lease payment to present value and the lease term. The Company's leases generally do not include a readily determinable implicit rate; therefore, management determined the incremental borrowing rate to discount the lease payment based on the information available at lease commencement. For purposes of such estimates, a lease term includes the noncancellable period under the applicable lease.The Company made cash payments related to its recognized operating leases of $408,000 and $352,000 during the three months ended June 28, 2020 and June 30, 2019, respectively. Such payments reduced the operating lease liabilities and were included in the cash flows provided by operating activities in the accompanying unaudited condensed consolidated statements of cash flows. As of June 28, 2020, the Company's operating leases have a weighted-average remaining lease term of 2.8 years and the weighted-average discount rate is 3.81%.
During the three -month periods ended June 28, 2020 and June 30, 2019, the Company classified its operating lease costs within the accompanying unaudited condensed consolidated statements of income as follows (in thousands):
The maturities of the Company's operating lease liabilities as of June 28, 2020 and March 29, 2020 are as follows (in thousands):
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