Quarterly report pursuant to Section 13 or 15(d)

17. Lease Obligations

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17. Lease Obligations
6 Months Ended
Jun. 29, 2019
Leases [Abstract]  
Lease Obligations

Note 17:        Lease Obligations

 

The Company adopted ASC 842 Leases as of December 30, 2018, the beginning of our fiscal year. Using the modified retrospective approach with transition relief, we recorded operating lease right of use assets and obligations of approximately $2,272 and made no adjustments to retained earnings. Adoption of the new standard did not materially impact our consolidated net earnings or cash flows. The amounts recognized reflect the present value of remaining lease payments for all leases. The discount rate used is an estimate of the Company’s incremental borrowing rate based on information available at lease commencement. In considering the lease asset value, the company considers fixed and variable payment terms, prepayments and options to extend, terminate or purchase. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. See the Note 2 on Lease Accounting.

 

Total present value of lease payments as of June 29, 2019:

 

2019   $ 604  
2020     1,067  
2021     657  
2022     162  
2023     50  
2024      
Total     2,540  
Interest     239  
Present Value of Payments   $ 2,301