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 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 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 and million during the and -months ended respectively, and and million during the and -months ended 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 the Company's operating leases have a weighted-average remaining lease term of  years and the weighted-average discount rate is 

 

During the and -month periods ended and the Company classified its operating lease costs within the accompanying unaudited condensed consolidated statements of income as follows (in thousands):

 

		Three-Month Periods Ended								Nine-Month Periods Ended
		December 27, 2020				December 29, 2019				December 27, 2020				December 29, 2019
Cost of products sold		$	422			$	382			$	1,269			$	957
Marketing and administrative expenses			50				53				152				153
Total operating lease costs		$	472			$	435			$	1,421			$	1,110

 

The maturities of the Company's operating lease liabilities as of and are as follows (in thousands):

 

Fiscal Year		December 27, 2020				March 29, 2020
2021		$	495			$	1,777
2022			1,934				1,726
2023			1,896				1,685
2024			491				280
2025			187				-
2026			158				-
Total undiscounted operating lease payments			5,161				5,468
Imputed interest			(266	)			(318	)
Total operating lease liabilities		$	4,895			$	5,150