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Leases | 12 Months Ended
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Mar. 28, 2020
Leases |
Leases | 11. Leases The Company does not own any real estate. Instead, most of its retail store locations are occupied under operating leases. The store leases generally have a base lease term of five or 10 years, with one or more renewal periods of five years, on average, exercisable at the Company’s option. The Company is generally responsible for the payment of property taxes and insurance, utilities and common area maintenance fees. Some leases also require additional payments based on percentage of sales. Lease terms include the non-cancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Operating and finance lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating and finance lease ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by cash payments received from landlords as lease incentives, plus any prepaid rent and other direct costs from executing the leases. Amortization of both operating and finance lease ROU assets is performed on a straight-line basis and recorded as part of rent expense in selling, general and administrative expenses on the condensed consolidated statements of operations. The interest expense amortization component of the finance lease liabilities is recorded within interest expense on the condensed consolidated statements of operations. ROU assets are tested for impairment in the same manner as long-lived assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. ROU assets and lease liabilities as of March 28, 2020 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance Sheet Classification | ​ | March 28, 2020 (in thousands)
Assets | ​ | ​ | ​ | ​ | ​
Finance lease assets | ​ | Right-of-use assets, net | ​ | $ | 10,444
Operating lease assets | ​ | Right-of-use assets, net | ​ |  | 159,799
Total lease assets | ​ | ​ | ​ | $ | 170,243
​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ |  | ​
Current | ​ | ​ | ​ | ​ | ​
Finance | ​ | Short-term lease liabilities | ​ | $ | 1,019
Operating | ​ | Short-term lease liabilities | ​ | ​ | 33,760
Total short-term lease liabilities | ​ | ​ | ​ | $ | 34,779
​ | ​ | ​ | ​ | ​ | ​
Non-Current | ​ | ​ | ​ | ​ | ​
Finance | ​ | Long-term lease liabilities | ​ | $ | 12,954
Operating | ​ | Long-term lease liabilities | ​ | ​ | 147,981
Total long-term lease liabilities | ​ | ​ | ​ | $ | 160,935
Total lease liabilities | ​ | ​ | ​ | $ | 195,714
​ Total lease costs for the fiscal year ended March 28, 2020 were: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Fiscal Year Ended
(in thousands) |  | Statement of Operations Classification |  | March 28, 2020
Finance lease cost | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | Cost of goods sold | ​ | $ | 800
Interest on lease liabilities | ​ | Interest expense, net | ​ | ​ | 790
Total finance lease cost | ​ | ​ | ​ | $ | 1,590
​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | Cost of goods sold | ​ | $ | 40,100
Operating lease cost | ​ | Selling, general and administrative expenses | ​ | ​ | 1,530
Short-term lease cost | ​ | Selling, general and administrative expenses | ​ | ​ | 2,653
Variable lease cost | ​ | Selling, general and administrative expenses | ​ | ​ | 1,607
Sublease income | ​ | Cost of goods sold | ​ | ​ | (177)
Total lease cost | ​ | ​ | ​ | $ | 47,303
​ The following table summarizes future lease payments as of March 28, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases
Fiscal Year | ​ | (in thousands) | ​ | (in thousands)
2021 | ​ | $ | 44,354 | ​ | $ | 1,345
2022 | ​ |  | 38,779 | ​ |  | 1,353
2023 | ​ |  | 33,595 | ​ |  | 1,294
2024 | ​ | ​ | 27,518 | ​ | ​ | 1,264
2025 | ​ | ​ | 22,103 | ​ | ​ | 1,220
Thereafter | ​ |  | 56,787 | ​ |  | 14,046
Total | ​ | ​ | 223,136 | ​ | ​ | 20,522
Less: Imputed interest | ​ | ​ | (41,395) | ​ | ​ | (6,549)
Present value of net lease payments | ​ | $ | 181,741 | ​ | $ | 13,973
​ Prior to the Company’s adoption of ASC 842, its future minimum operating lease commitments as of March 30, 2019 under ASC 840 were (in thousands):
​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |
Fiscal Year |  | Total |
2020 | ​ | $ | 37,877 | ​
2021 | ​ |  | 36,352 | ​
2022 | ​ |  | 31,732 | ​
2023 | ​ |  | 26,649 | ​
2024 | ​ |  | 20,536 | ​
Thereafter | ​ |  | 44,061 | ​
Total | ​ | $ | 197,207 | ​
​ The following table includes supplemental lease information:
​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended | ​
Supplemental Cash Flow Information (dollars in thousands) | ​ | March 28, 2020 | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 41,227 | ​
Operating cash flows from finance leases | ​ |  | 552 | ​
Financing cash flows from finance leases | ​ | ​ | 466 | ​
​ | ​ | $ | 42,245 | ​
Lease liabilities arising from new right-of-use assets | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 42,420 | ​
Finance leases | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.4 | ​
Finance leases | ​ | ​ | 22.1 | ​
​ | ​ | ​ | ​ | ​
Weighted average discount rate | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.2 | %
Finance leases | ​ | ​ | 12.0 | %
​ Other liabilities are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 28, |  | March 30, |
(in thousands) |  | 2020 |  | 2019 |
Above-market leases | ​ | $ | — | ​ | $ | 256 | ​
Long-term deferred rent | ​ |  | — | ​ |  | 17,312 | ​
Capital lease residual value | ​ | ​ | — | ​ | ​ | 3,968 | ​
Other | ​ | ​ | 635 | ​ | ​ | 220 | ​
Total other liabilities | ​ | $ | 635 | ​ | $ | 21,756 | ​
​

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