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Leases | 12 Months Ended
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Mar. 25, 2023
Leases [Abstract] |
Leases | Note 12 – Leases We lease certain retail stores, 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 35 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 25, 2023 and March 26, 2022, net assets of $3.7 million and $4.3 million, respectively, and liabilities of $6.5 million and $6.9 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) |  |  | 2023 |  |  | 2022 |  |  | 2021
Operating lease cost |  | $ | 41,308 |  | $ | 38,947 |  | $ | 35,998
Finance lease/financing obligations cost: |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 32,515 |  |  | 34,369 |  |  | 30,428
Interest on lease liabilities |  |  | 16,099 |  |  | 18,346 |  |  | 18,344
Short term and variable lease cost |  |  | 1,495 |  |  | 1,425 |  |  | 321
Sublease income |  |  | (115) |  |  | (102) |  |  | (95)
Total lease cost |  | $ | 91,302 |  | $ | 92,985 |  | $ | 84,996
Maturity of Lease Liabilities |  |  |  |  |  | Finance Leases and
(thousands) |  |  | Operating Leases (a) |  |  | Financing Obligations (b)
2024 |  | $ | 44,461 |  | $ | 53,981
2025 |  |  | 41,373 |  |  | 51,169
2026 |  |  | 37,942 |  |  | 48,815
2027 |  |  | 33,682 |  |  | 46,211
2028 |  |  | 27,193 |  |  | 44,278
Thereafter |  |  | 79,013 |  |  | 170,842
Total undiscounted lease obligations |  | $ | 263,664 |  | $ | 415,296
Less: imputed interest |  |  | (35,037) |  |  | (80,033)
Present value of lease obligations |  | $ | 228,627 |  | $ | 335,263
(a)Operating lease obligations include $57.6 million related to options to extend operating leases that are reasonably certain of being exercised. (b)Finance lease payments include $88.5 million related to options to extend finance leases that are reasonably certain of being exercised. Total lease payments exclude $2.7 million of legally binding minimum lease payments for leases signed but not yet commenced.
Lease Term and Discount Rate |  | 2023 |  |  |  | 2022 |  |  | 2021 |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |  |  |
Operating leases |  | 7.8 |  |  |  | 8.2 |  |  | 8.6 |
Finance leases and financing obligations |  | 9.1 |  |  |  | 9.7 |  |  | 10.3 |
Weighted average discount rate |  |  |  |  |  |  |  |  |  |
Operating leases |  | 3.38 | % |  |  | 3.05 | % |  | 2.96 | %
Finance leases and financing obligations |  | 5.67 | % |  |  | 5.77 | % |  | 6.2 | %
Other Information |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2023 |  |  | 2022 |  |  | 2021
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 42,579 |  | $ | 39,426 |  | $ | 34,931
Operating cash flows from finance leases and financing obligations |  |  | 16,327 |  |  | 18,400 |  |  | 18,602
Financing cash flows from finance leases and financing obligations |  |  | 39,512 |  |  | 39,408 |  |  | 33,032
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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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