Note 9 – Leases

During fiscal year 2023, the Company capitalized operating lease obligations as right of use assets and recognized corresponding lease liabilities in the amount of $17.3 million, and entered into no such transactions during fiscal year 2022.  The Company made cash payments related to its recognized operating leases of $2.3 million and $1.9 million during the fiscal years ended April 2, 2023 and April 3, 2022, 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. The Company recognized noncash reductions to its operating right of use assets resulting from reductions to its lease liabilities in the amount of $224,000 and $131,000 during the fiscal years ended April 2, 2023 and April 2, 2022, respectively.  As of April 2, 2023 and April 3, 2022, the Company’s operating leases have weighted-average discount rates of 5.9% and 3.6%, respectively, and weighted-average remaining lease terms of 5.0 years and 1.8 years, respective.

During the fiscal years ended April 2, 2023 and April 3, 2022, the Company classified its operating lease costs within the accompanying consolidated statements of income as follows (in thousands):

The maturities of the Company’s operating lease liabilities as of April 2, 2023 are as follows (in thousands):