SMTC Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 5 - Debt and Finance Leases (Tables)

Note 5 - Debt and Finance Leases (Tables)

12 Months Ended

Dec. 29, 2019

Notes Tables

Schedule of Debt [Table Text Block]

		December 29, 2019				December 30, 2018
Revolving credit facility		$	34,701			$	25,020

Term loans:
Term loan A facility		$	38,750			$	50,000
Term loan B facility			—				12,000
			38,750				62,000
Less deferred debt issue costs			(2,286	)			(2,750	)
Less unamortized discount on debt			(1,464	)			(1,843	)
Total term loans		$	35,000			$	57,407
Less current portion			(1,250	)			(1,368	)
Long term portion		$	33,750			$	56,039

Schedule of Maturities of Long-term Debt [Table Text Block]

2020		$	1,250
2021			2,500
2022			2,500
2023			32,500
Total			38,750

Lessee, Operating and Finance Leases, Assets and Liabilities [Table Text Block]

Leases		Classification		December 29 , 2019 ($)
Assets
Operating lease assets		Operating lease right-of-use-asset			3,330
Finance lease assets (a)		Property, plant and equipment			9,778
Total leased assets					13,108
Liabilities
Current
Operating leases		Current portion of operating lease obligations			1,128
Finance leases		Current portion of finance lease obligations			1,226
Noncurrent
Operating leases		Operating lease obligations			2,615
Finance leases		Finance lease obligations			8,838
Total lease liabilities					13,807

Lease, Cost [Table Text Block]

Lease Cost		Classification		December 29 , 2019 ($)
Operating lease costs
Fixed lease costs		Cost of sales			2,609

Finance lease costs
Depreciation of leased assets		Cost of sales			1,446
Interest on lease liabilities		Interest expense			843
Sublease income		Selling, general and administrative expenses			244

Maturity of Operating and Finance Lease Liability [Table Text Block]

Maturity of lease liabilities as at December 29, 2019		Operating leases				Finance leases				Total
2020			1,371				1,985				3,356
2021			930				1,667				2,597
2022			632				1,325				1,957
2023			606				1,263				1,869
2024			621				1,252				1,873
Thereafter			251				6,742				6,993
Total lease payments			4,411				14,234				18,645
Less: Interest			(668	)			(4,170	)			(4,838	)
Present value of lease liabilities			3,743				10,064				13,807

Schedule of Non-cancelable Operating Leases [Table Text Block]

Operating lease obligations as at December 30, 2018		$	7,056
Less: Effect of election for “short-term”			(98)
Discounting at 8.0%			(1,043)
Total operating lease liability as at December 31, 2018			5,915

Lessee, Operating and Finance Leases, Weighted Average Remaining Term and Discount Rate [Table Text Block]

Lease term and discount rate		December 29 , 2019
Weighted average remaining term (years)
Operating leases			4.4
Finance leases			9.0
Weighted average discount rate
Operating leases			8.0%
Finance leases			8.0%

Lessee, Operating and Finance Leases, Other Information [Table Text Block]

Other information		December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			2,196
Operating cash flows from finance leases			N/A
Financing cash flows from finance leases			1,565
Leased assets obtained in exchange for new operating lease liabilities			—
Leased assets obtained in exchange for new finance lease liabilities			135