XML 108 R19.htm IDEA: XBRL DOCUMENT
v3.20.1

LEASES | 12 Months Ended
--- | ---
Mar. 28, 2020
Leases [Abstract] |
LEASES | LEASES The assets and liabilities related to operating and finance leases were as follows:
(In thousands) | Location in Consolidated Balance Sheet |  |  | March 2020 |
Assets: |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  |  | $ | 1,273,514 |  |
Finance lease assets | Property, plant and equipment, net |  |  | 18,260 |  |
Total lease assets |  |  |  | $ | 1,291,774 |  |
Liabilities: |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Accrued liabilities |  |  | $ | 352,578 |  |
Finance lease liabilities | Current portion of long-term debt |  |  | 1,018 |  |
Noncurrent |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  |  | 1,020,651 |  |
Finance lease liabilities | Long-term debt |  |  | 22,755 |  |
Total lease liabilities |  |  |  | $ | 1,397,002 |  |
The components of lease costs were as follows:
(In thousands) |  | Year Ended March 2020 |
Operating lease cost |  | $ | 420,175 |  |
Finance lease cost – amortization of right-of-use assets |  | 3,700 |  |
Finance lease cost – interest on lease liabilities |  | 1,018 |  |
Short-term lease cost |  | 3,696 |  |
Variable lease cost |  | 109,935 |  |
Impairment |  | 10,728 |  |
Gain recognized from sale-leaseback transactions |  | (11,329 | ) |
Total lease cost |  | $ | 537,923 |  |
Supplemental cash flow information related to leases was as follows:
(In thousands) |  | Year Ended March 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows – operating leases |  | $ | 391,344 |  |
Operating cash flows – finance leases |  | 1,018 |  |
Financing cash flows – finance leases |  | 4,890 |  |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Operating leases (a) |  | 478,879 |  |
Finance leases |  | — |  |
(a) | Excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
|  | March 2020 |
Weighted average remaining lease term: |  |  |
Operating leases |  | 5.23 years |  |
Finance leases |  | 16.51 years |  |
Weighted average discount rate: |  |  |
Operating leases |  | 2.23 | % |
Finance leases |  | 2.71 | % |
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2020 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
2021 |  | $ | 377,563 |  |  | $ | 1,663 |  |  | $ | 379,226 |  |
2022 |  | 319,804 |  |  | 1,536 |  |  | 321,340 |  |
2023 |  | 244,412 |  |  | 1,626 |  |  | 246,038 |  |
2024 |  | 167,055 |  |  | 1,550 |  |  | 168,605 |  |
2025 |  | 109,448 |  |  | 1,691 |  |  | 111,139 |  |
Thereafter |  | 252,153 |  |  | 21,805 |  |  | 273,958 |  |
Total lease payments |  | 1,470,435 |  |  | 29,871 |  |  | 1,500,306 |  |
Less: present value adjustment |  | 97,206 |  |  | 6,098 |  |  | 103,304 |  |
Present value of lease liabilities |  | $ | 1,373,229 |  |  | $ | 23,773 |  |  | $ | 1,397,002 |  |
The Company excluded approximately $319.6 million of leases (undiscounted basis) that have not yet commenced, relating primarily to distribution centers. These leases will commence beginning in Fiscal 2021 with lease terms of 2 to 15 years. Future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of March 2019, prior to the adoption of ASC 842, were as follows:
(In thousands) |  | Operating Leases
2020 |  | $ | 317,506 |
2022 |  | 285,226 |
2023 |  | 210,647 |
2024 |  | 153,154 |
2025 |  | 99,376 |
Thereafter |  | 247,743 |
Total lease payments |  | $ | 1,313,652 |
Rent expense recorded under ASC 840 was included in the Consolidated Statements of Income as follows:
|  | Year Ended March |  | Three Months Ended March (Transition Period) |  | Year Ended December
(In thousands) |  | 2019 |  | 2018 |  | 2017
Minimum rent expense |  | $ | 349,173 |  |  | $ | 85,354 |  |  | $ | 314,862 |
Contingent rent expense |  | 34,209 |  |  | 6,678 |  |  | 23,954 |
Rent expense |  | $ | 383,382 |  |  | $ | 92,032 |  |  | $ | 338,816 |
LEASES | LEASES The assets and liabilities related to operating and finance leases were as follows:
(In thousands) | Location in Consolidated Balance Sheet |  |  | March 2020 |
Assets: |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  |  | $ | 1,273,514 |  |
Finance lease assets | Property, plant and equipment, net |  |  | 18,260 |  |
Total lease assets |  |  |  | $ | 1,291,774 |  |
Liabilities: |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Accrued liabilities |  |  | $ | 352,578 |  |
Finance lease liabilities | Current portion of long-term debt |  |  | 1,018 |  |
Noncurrent |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  |  | 1,020,651 |  |
Finance lease liabilities | Long-term debt |  |  | 22,755 |  |
Total lease liabilities |  |  |  | $ | 1,397,002 |  |
The components of lease costs were as follows:
(In thousands) |  | Year Ended March 2020 |
Operating lease cost |  | $ | 420,175 |  |
Finance lease cost – amortization of right-of-use assets |  | 3,700 |  |
Finance lease cost – interest on lease liabilities |  | 1,018 |  |
Short-term lease cost |  | 3,696 |  |
Variable lease cost |  | 109,935 |  |
Impairment |  | 10,728 |  |
Gain recognized from sale-leaseback transactions |  | (11,329 | ) |
Total lease cost |  | $ | 537,923 |  |
Supplemental cash flow information related to leases was as follows:
(In thousands) |  | Year Ended March 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows – operating leases |  | $ | 391,344 |  |
Operating cash flows – finance leases |  | 1,018 |  |
Financing cash flows – finance leases |  | 4,890 |  |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Operating leases (a) |  | 478,879 |  |
Finance leases |  | — |  |
(a) | Excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
|  | March 2020 |
Weighted average remaining lease term: |  |  |
Operating leases |  | 5.23 years |  |
Finance leases |  | 16.51 years |  |
Weighted average discount rate: |  |  |
Operating leases |  | 2.23 | % |
Finance leases |  | 2.71 | % |
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2020 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
2021 |  | $ | 377,563 |  |  | $ | 1,663 |  |  | $ | 379,226 |  |
2022 |  | 319,804 |  |  | 1,536 |  |  | 321,340 |  |
2023 |  | 244,412 |  |  | 1,626 |  |  | 246,038 |  |
2024 |  | 167,055 |  |  | 1,550 |  |  | 168,605 |  |
2025 |  | 109,448 |  |  | 1,691 |  |  | 111,139 |  |
Thereafter |  | 252,153 |  |  | 21,805 |  |  | 273,958 |  |
Total lease payments |  | 1,470,435 |  |  | 29,871 |  |  | 1,500,306 |  |
Less: present value adjustment |  | 97,206 |  |  | 6,098 |  |  | 103,304 |  |
Present value of lease liabilities |  | $ | 1,373,229 |  |  | $ | 23,773 |  |  | $ | 1,397,002 |  |
The Company excluded approximately $319.6 million of leases (undiscounted basis) that have not yet commenced, relating primarily to distribution centers. These leases will commence beginning in Fiscal 2021 with lease terms of 2 to 15 years. Future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of March 2019, prior to the adoption of ASC 842, were as follows:
(In thousands) |  | Operating Leases
2020 |  | $ | 317,506 |
2022 |  | 285,226 |
2023 |  | 210,647 |
2024 |  | 153,154 |
2025 |  | 99,376 |
Thereafter |  | 247,743 |
Total lease payments |  | $ | 1,313,652 |
Rent expense recorded under ASC 840 was included in the Consolidated Statements of Income as follows:
|  | Year Ended March |  | Three Months Ended March (Transition Period) |  | Year Ended December
(In thousands) |  | 2019 |  | 2018 |  | 2017
Minimum rent expense |  | $ | 349,173 |  |  | $ | 85,354 |  |  | $ | 314,862 |
Contingent rent expense |  | 34,209 |  |  | 6,678 |  |  | 23,954 |
Rent expense |  | $ | 383,382 |  |  | $ | 92,032 |  |  | $ | 338,816 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration