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Leases | 12 Months Ended
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Mar. 26, 2022
Leases [Abstract] |
Leases | Note 13 – Leases We lease certain retail stores, 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 36 years. Most of our leases include one or more options to extend the lease, for periods ranging from three years to 25 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 26, 2022 and March 27, 2021, net assets of $4.3 million and $4.4 million, respectively, and liabilities of $6.9 million and $7.2 million, respectively, due to failed sale leaseback arrangements were included with finance lease assets and liabilities, respectively, on the Consolidated Balance Sheets.
Lease Cost |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2022 |  |  | 2021 |  |  | 2020
Operating lease cost |  | $ | 38,947 |  | $ | 35,998 |  | $ | 38,525
Finance lease/financing obligations cost: |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 34,369 |  |  | 30,428 |  |  | 21,033
Interest on lease liabilities |  |  | 18,346 |  |  | 18,344 |  |  | 21,330
Short term and variable lease cost |  |  | 1,425 |  |  | 321 |  |  | 2,194
Sublease income |  |  | (102) |  |  | (95) |  |  | (166)
Total lease cost |  | $ | 92,985 |  | $ | 84,996 |  | $ | 82,916
Maturity of Lease Liabilities |  |  |  |  |  | Finance Leases and
(thousands) |  |  | Operating Leases (a) |  |  | Financing Obligations (b)
2023 |  | $ | 40,933 |  | $ | 58,875
2024 |  |  | 38,866 |  |  | 58,127
2025 |  |  | 35,553 |  |  | 55,046
2026 |  |  | 32,136 |  |  | 52,413
2027 |  |  | 27,907 |  |  | 49,488
Thereafter |  |  | 85,448 |  |  | 225,859
Total undiscounted lease obligations |  | $ | 260,843 |  | $ | 499,808
Less: imputed interest |  |  | (33,514) |  |  | (100,241)
Present value of lease obligations |  | $ | 227,329 |  | $ | 399,567
(a)Operating lease obligations include $65.4 million related to options to extend operating leases that are reasonably certain of being exercised. (b) Finance lease payments include $103.5 million related to options to extend finance leases that are reasonably certain of being exercised. Total lease payments exclude $2.4 million of legally binding minimum lease payments for leases signed but not yet commenced.
Lease Term and Discount Rate |  | 2022 |  |  | 2021 |
Weighted average remaining lease term (years) |  |  |  |  |  |
Operating leases |  | 8.2 |  |  | 8.6 |
Finance leases and financing obligations |  | 9.7 |  |  | 10.3 |
Weighted average discount rate |  |  |  |  |  |
Operating leases |  | 3.05 | % |  | 2.96 | %
Finance leases and financing obligations |  | 5.77 | % |  | 6.20 | %
Other Information |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2022 |  |  | 2021 |  |  | 2020
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 39,426 |  | $ | 34,931 |  | $ | 36,808
Operating cash flows from finance leases and financing obligations |  |  | 18,400 |  |  | 18,602 |  |  | 21,340
Financing cash flows from finance leases and financing obligations |  |  | 39,408 |  |  | 33,032 |  |  | 27,212
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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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