Company: JOUT
Filing Date: 2025-02-03
Form Type: 10-Q
Source: 0001140361-25-002853
Chunk: 13

Company: JOHNSON OUTDOORS INC
Filing Date: 2025-02-03
Form: 10-Q
Item: Item 8
Chunk 13
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 also contain options to extend or terminate the lease.  To the extent the Company is reasonably certain to exercise these options, they have been considered in the calculation of the right-of-use ("ROU") assets and lease liabilities.  Under current lease agreements, there are no residual value guarantees or restrictive lease covenants.  In calculating the ROU assets and lease liabilities, several assumptions and judgments were made by the Company, including whether a contract is or contains a lease under the applicable definition, and the determination of the discount rate, which is assumed to be the incremental borrowing rate.  The incremental borrowing rate is derived from information available to the Company at the lease commencement date based on lease length and location.  The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three months ended December 27, 2024 and December 29, 2023 were as follows:Three months endedDecember 27, 2024December 29, 2023Lease CostOperating lease costs$2,624 $2,465 Short-term lease costs567 627 Variable lease costs49 43 Total lease cost$3,240 $3,135 Included in the amounts in the table above was rent expense to related parties of $314 and $314 for the three months ended December 27, 2024 and December 29, 2023, respectively.

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IndexJOHNSON OUTDOORS INC.

As of December 27, 2024, the Company did not have any finance leases or sublease agreements.  Additionally, the Company does not have any leases in which it is the lessor.  While the Company extended or renewed various existing leases during the quarter, there were no significant new leases entered into during the quarter ended December 27, 2024.  As of December 27, 2024, the Company did not have any significant operating lease commitments that have not yet commenced.  Supplemental balance sheet, cash flow, and other information related to operating leases was as follows:Three months endedDecember 27, 2024December 29, 2023Operating leases:Operating lease ROU assets$48,248 $51,852 Current operating lease liabilities8,161 7,284 Non-current operating lease liabilities41,897 46,239 Total operating lease liabilities$50,058 $53,523 Weighted average remaining lease term (in years)10.7311.