Annual report pursuant to Section 13 and 15(d)

Note 8 - Leases

v3.21.1
Note 8 - Leases
12 Months Ended
Mar. 28, 2021
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
Note
8
Leases
 
The Company made cash payments related to its recognized operating leases of
$1.8
million and
$1.4
million during the fiscal years ended
March 28, 2021
and
March 29, 2020,
respectively. Such payments reduced the operating lease liabilities and were included in the cash flows provided by operating activities in the accompanying consolidated statements of cash flows. As of
March 28, 2021,
the Company's operating leases have a weighted-average discount rate 
3.66%
and a weighted-average remaining lease term of
2.6
years.
 
During the fiscal years ended
March 28, 2021
and
March 29, 2020,
the Company classified its operating lease costs within the accompanying consolidated statements of income as follows (in thousands):
 
   
Fiscal Year
 
   
2021
   
2020
 
Cost of products sold
  $
1,691
    $
1,383
 
Marketing and administrative expenses
   
202
     
210
 
Total operating lease costs
  $
1,893
    $
1,593
 
 
The maturities of the Company's operating lease liabilities as of
March 28, 2021
are as follows (in thousands):
 
Fiscal Year
 
 
 
2022
$
1,933
 
2023
 
1,896
 
2024
 
491
 
2025
 
187
 
2026
 
158
 
Total undiscounted operating lease payments
 
4,665
 
Imputed interest
 
(222
)
Total operating lease liabilities
$
4,443