Leases

12 Months Ended

Mar. 29, 2025

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 33 years. Most of our leases include one or more options to extend the lease, for periods ranging from three years 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 29, 2025 and March 30, 2024, net assets of $2.2 million and $3.3 million, respectively, and liabilities of $4.3 million and $5.9 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)		2025		2024		2023
Operating lease cost	$	45,518	$	44,454	$	41,308
Finance lease/financing obligations cost:
Amortization of leased assets		30,075		30,286		32,515
Interest on lease liabilities		12,083		13,513		16,099
Short term and variable lease cost		1,200		1,749		1,495
Sublease income		(136)		(166)		(115)
Total lease cost	$	88,740	$	89,836	$	91,302



Maturity of Lease Liabilities				Finance Leases and
(thousands)		Operating Leases ^(a)		Financing Obligations ^(b)
2026	$	47,696	$	50,141
2027		43,973		47,062
2028		37,261		44,389
2029		28,962		34,832
2030		21,456		30,775
Thereafter		62,542		107,673
Total undiscounted lease obligations	$	241,890	$	314,872
Less: imputed interest		(34,306)		(54,350)
Present value of lease obligations	$	207,584	$	260,522

(a)Operating lease obligations include approximately $34.9 million related to options to extend operating leases that are reasonably certain of being exercised.

(b)Finance lease payments include approximately $58.5 million related to options to extend finance leases that are reasonably certain of being exercised.



Lease Term and Discount Rate	2025		2024		2023
Weighted average remaining lease term (years)
Operating leases	7.1		7.3		7.8
Finance leases and financing obligations	7.9		8.5		9.1
Weighted average discount rate
Operating leases	4.14	%	3.77	%	3.38	%
Finance leases and financing obligations	5.17	%	5.41	%	5.67	%



Other Information
(thousands)		2025		2024		2023
Cash paid for amounts included in measurement of lease obligations:
Operating cash flows from operating leases	$	47,954	$	46,355	$	42,579
Operating cash flows from finance leases and financing obligations		12,177		13,712		16,327
Financing cash flows from finance leases and financing obligations		39,758		39,031		39,543