Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Leases

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Note 12 - Leases
3 Months Ended
Jun. 27, 2021
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

Note 12 Leases

 

The Company made cash payments related to its recognized operating leases of $497,000 and $408,000 during the three months ended June 27, 2021 and June 28, 2020, 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 27, 2021, the Company’s operating leases have a weighted-average remaining lease term of 2.4 years and the weighted-average discount rate is 3.6%.

 

During the three-month periods ended June 27, 2021 and June 28, 2020, the Company classified its operating lease costs within the accompanying unaudited condensed consolidated statements of income as follows (in thousands):

 

   

Three-Month Periods Ended

 
   

June 27, 2021

   

June 28, 2020

 

Cost of products sold

  $ 400     $ 423  

Marketing and administrative expenses

    47       51  

Total operating lease costs

  $ 447     $ 474  

 

The maturities of the Company’s operating lease liabilities as of June 27, 2021 are as follows (in thousands):

 

 

Fiscal Year

     

2022

  $ 1,437

2023

    1,896

2024

    491

2025

    187

2026

    158

Total undiscounted operating lease payments

    4,169

Less imputed interest

    183

Operating lease liabilities - net

  $ 3,986