Leases (Tables)

9 Months Ended

Dec. 26, 2020

Leases

Schedule of ROU assets and liabilities

ROU assets and lease liabilities as of December 26, 2020 and March 28, 2020 consist of the following:

	Balance Sheet Classification	December 26, 2020 (in thousands)		March 28, 2020 (in thousands)
Assets
Finance lease assets	Right-of-use assets, net	$	8,267	$	10,444
Operating lease assets	Right-of-use assets, net		162,044		159,799
Total lease assets		$	170,311	$	170,243
Liabilities
Current
Finance	Short-term lease liabilities	$	1,148	$	1,019
Operating	Short-term lease liabilities		35,648		33,760
Total short-term lease liabilities		$	36,796	$	34,779
Non-Current
Finance	Long-term lease liabilities	$	13,703	$	12,954
Operating	Long-term lease liabilities		151,473		147,981
Total long-term lease liabilities		$	165,176	$	160,935
Total lease liabilities		$	201,972	$	195,714

Schedule of total lease cost

Total lease costs for the thirteen and thirty-nine weeks ended December 26, 2020 and December 28, 2019 were:

		Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in thousands)	Statement of Operations Classification	December 26, 2020		December 28, 2019		December 26, 2020		December 28, 2019
Finance lease cost
Amortization of right-of-use assets	Cost of goods sold	$	200	$	178	$	648	$	535
Interest on lease liabilities	Interest expense, net		209		178		589		551
Total finance lease cost		$	409	$	356	$	1,237	$	1,086
Operating lease cost	Cost of goods sold	$	10,931	$	10,116	$	32,587	$	29,541
Operating lease cost	Selling, general and administrative expenses		702		422		966		1,275
Short-term lease cost	Selling, general and administrative expenses		709		932		1,573		2,092
Variable lease cost	Selling, general and administrative expenses		584		758		1,441		1,909
Sublease income	Cost of goods sold		(156)		(22)		(468)		(22)
Total lease cost		$	13,179	$	12,562	$	37,336	$	35,881

Schedule of future lease payments

The following table summarizes future lease payments as of December 26, 2020:

	Operating Leases		Finance Leases
Fiscal Year	(in thousands)		(in thousands)
2021	$	11,536	$	389
2022		44,665		1,550
2023		39,177		1,484
2024		32,793		1,447
2025		27,283		1,396
Thereafter		71,858		15,398
Total		227,312		21,664
Less: Imputed interest		(40,191)		(6,813)
Present value of net lease payments	$	187,121	$	14,851

Schedule of supplemental lease information

The following table includes supplemental lease information:

	Thirty-Nine Weeks Ended			Thirty-Nine Weeks Ended
Supplemental Cash Flow Information (dollars in thousands)	December 26, 2020			December 28, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	33,739		$	30,583
Operating cash flows from finance leases		2			551
Financing cash flows from finance leases		1,057			461
	$	34,798		$	31,595
Lease liabilities arising from new right-of-use assets
Operating leases	$	36,481		$	33,646
Finance leases	$	2,733		$	—
Weighted average remaining lease term (in years)
Operating leases		6.3			6.4
Finance leases		21.0			10.6
Weighted average discount rate
Operating leases		6.0	%		6.3	%
Finance leases		12.1	%		10.2	%