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Operating Leases and Other Commitments | 12 Months Ended
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Mar. 25, 2017
Operating Leases and Other Commitments [Abstract] |
Operating Leases and Other Commitments | NOTE 11 – OPERATING LEASES AND OTHER COMMITMENTS ﻿ We lease various facilities under noncancellable lease agreements which expire a t various dates through fiscal 2041. In addition to stated minimum payments, certain real estate leases have provisions for contingent rentals when retail sales exceed specified levels. Generally, the leases provide for renewal for various periods at stipulated rates. Most of the facilities’ leases require payment of property taxes, insurance and maintenance costs in addition to rental payments, and several provide an option to purchase the property at the end of the lease term. ﻿ In recent years, we have entered into agreements for the sale/leaseback of certain stores. Realized gains are deferred and are credited to income as rent expense adjustments over the lease terms. We have lease renewal options under the real estate agreements at projected future fair market values. ﻿ Future minimum payments required under noncancellable leases (including closed stores) are as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  | Less - |  |  |
﻿ |  |  |  |  | Sublease |  |  |
﻿Year Ending Fiscal March |  | Leases |  | Income |  | Net
﻿ |  | (Dollars in thousands)
﻿2018 |  | $ | 35,668 |  | $ | (91) |  | $ | 35,577
﻿2019 |  |  | 29,188 |  |  | (68) |  |  | 29,120
﻿2020 |  |  | 23,081 |  |  | (73) |  |  | 23,008
﻿2021 |  |  | 18,362 |  |  | (74) |  |  | 18,288
﻿2022 |  |  | 13,280 |  |  | (78) |  |  | 13,202
﻿Thereafter |  |  | 35,281 |  |  | (306) |  |  | 34,975
﻿Total |  | $ | 154,860 |  | $ | (690) |  | $ | 154,170
﻿ Rent expense under operating leases, net of sublease income, totaled $3 8,628,000, $36,717,000 and $35,848,000 in fiscal 201 7, 201 6 and 201 5, respectively, including contingent rentals of $46,000, $59,000 and $44,000 in each respective fiscal year. Sublease income totaled $130,000, $149,000 and $161,000, respectively, in fiscal 201 7, 201 6 and 201 5. ﻿ We enter into contracts with parts and tire suppliers, certain of which require us to buy (at market competitive prices) up to 100% of our annual purchases of specific products. The agreements expire at various dates. We believe these agreements provide us with high quality, branded merchandise at preferred pricing, along with strong marketing and training support.

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