Note 11 – Leases

During the three- and nine-month periods ended December 31, 2023, the Company recognized operating lease obligations as right of use assets and recognized corresponding lease liabilities in the amount of $959,000, and entered into no such transactions during the three- and nine-month periods ended January 1, 2023. The Company made cash payments related to its recognized operating leases of $1.1 million and $492,000 during the three-month periods ended December 31, 2023 and January 1, 2023, respectively, and $2.5 million and $1.5 million for the nine-month periods ended December 31, 2023 and January 1, 2023, 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. The Company recognized noncash reductions to its operating right of use assets resulting from reductions to its lease liabilities in the amount of $254,000 and $16,000 during the three-month periods ended December 31, 2023 and January 1, 2023, respectively, and $757,000 and $59,000 during the nine-month periods ended December 31, 2023 and January 1, 2023, respectively. As of December 31, 2023 and April 2, 2023, the Company’s operating leases had weighted-average remaining lease terms of 4.2 years and 5.0 years, respectively, and weighted-average discount rates of 6.0% and 5.9%, respectively.

During the three- and nine-month periods ended December 31, 2023 and January 1, 2023, 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 December 31, 2023 are as follows (in thousands):