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Leasing | 12 Months Ended
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Mar. 28, 2020
Leasing [Abstract] |
Leasing | NOTE 12 – LEASING We enter into lease agreements for certain retail stores, warehouses, distribution centers, office space and land as well as service contracts that are considered leases. Our leases have remaining lease terms, including renewals reasonably certain to be exercised, of less than one year to approximately 38 years. Most of our leases include one or more options to extend the lease, for periods ranging from one year to 30 years or more. Historical failed sale leasebacks that were assumed through acquisitions and do not qualify for sale leaseback accounting continue to be accounted for as financing obligations. As of March 28, 2020, net assets of $4.5 million and liabilities of $7.5 million due to failed sale leaseback arrangements were included with finance lease assets and liabilities, respectively, on the Consolidated Balance Sheet. The components of operating and finance lease cost for the year ended March 28, 2020 is as follows:
|  | (Dollars in thousands)
Operating lease cost |  | $ | 38,525
Finance lease/financing obligations cost: |  |  |
Amortization of assets |  |  | 21,033
Interest on liabilities |  |  | 21,330
Short term and variable lease cost |  |  | 2,194
Sublease income |  |  | (166)
Total lease cost |  | $ | 82,916
As reported under the previous accounting standard, net rental expense and lease amortization for the years ended March 30, 2019 and March 31, 2018 is comprised of the following:
|  | Year Ended Fiscal March
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Gross rental expense |  | $ | 38,024 |  | $ | 39,003
Sublease rental income |  |  | (64) |  |  | (149)
Rental expense, net |  | $ | 37,960 |  | $ | 38,854
Amortization of finance (capital) lease assets |  | $ | 14,721 |  | $ | 12,026
Supplemental cash flow information related to leases for the year ended March 28, 2020 is as follows:
Cash paid for amounts included in measurement of lease obligations: |  | (Dollars in thousands)
Operating cash flows from operating leases |  | $ | 36,808
Operating cash flows from finance leases/financing obligations |  |  | 21,340
Financing cash flows from finance leases/financing obligations |  |  | 27,212
The following table summarizes weighted average remaining lease term and discount rates:
|  | Operating ‎Leases |  | Finance ‎ Leases and ‎ Financing ‎Obligations
Weighted average remaining lease term, in years |  | 9.4 |  |  | 9.9 |
Weighted average discount rate |  | 3.51 | % |  | 8.73 | %
Future maturities of our lease liabilities, excluding subleases, as of March 28, 2020 are as follows:
|  | Operating ‎Leases |  | Finance ‎ Leases and ‎ Financing ‎Obligations
|  | (Dollars in thousands)
2021 |  | $ | 36,590 |  | $ | 52,480
2022 |  |  | 33,321 |  |  | 52,270
2023 |  |  | 29,253 |  |  | 53,607
2024 |  |  | 24,778 |  |  | 45,794
2025 |  |  | 21,448 |  |  | 42,072
Thereafter |  |  | 93,232 |  |  | 214,964
Total undiscounted lease obligations |  | $ | 238,622 |  | $ | 461,187
Less: imputed interest |  |  | (37,487) |  |  | (130,557)
Net lease obligation |  | $ | 201,135 |  | $ | 330,630
Total lease payments include $74.5 million related to options to extend operating leases that are reasonably certain of being exercised, include $115.8 million related to options to extend finance leases that are reasonably certain of being exercised and exclude $11.9 million of legally binding lease payments for leases signed but not yet commenced as of March 28, 2020.

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- Definition The entire disclosure for operating and finance leases of lessee. Includes, but is not limited to, description of lease and maturity analysis of lease liability. + References No definition available. + Details
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- References No definition available. + Details
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