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Leases (Table) | 12 Months Ended
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Mar. 27, 2021
Leases [Abstract] |
Consolidated Statement of Earnings | Amounts recognized in the Consolidated Statement of Earnings were as follows:
|  | 52 weeks ended March 27, 2021 |  |  | 52 weeks ended March 28, 2020 |
|  | (in thousands) |
Fixed operating lease expense |  | $ | 12,495 |  |  | $ | 12,704 |
Variable operating lease expense (1) |  |  | 927 |  |  |  | 4,437 |
Total lease expense |  | $ | 13,422 |  |  | $ | 17,141 |
(1) | In May 2020, the FASB issued guidance to Topic 842, Leases, exempting lessees from determining whether COVID-19 related rent concessions are lease modifications when certain conditions are met. In accordance with the guidance issued, the Company adopted the amendment effective March 29, 2020 and elected not to treat COVID-19 related rent concessions as lease modifications. As such, rent concessions of $4.1 million were recognized in the consolidated statement of operations for the period ended March 27, 2021 as a negative variable rent expense, and the Company expects to continue seeking further rent concessions as it continues to monitor the impact of COVID-19.
Supplemental Cash Flow Information Operating Lease | The following table provides supplemental cash flow information related to the Company’s operating leases:
|  | 52 weeks ended March 27, 2021 |  |  | 52 weeks ended March 28, 2020 |
|  | (in thousands) |
Cash outflows from operating activities attributable to operating leases (1) |  | $ | 9,186 |  |  | $ | 10,245 |
Right-of-use assets obtained in exchange for operating lease liabilities (2) |  |  | 2,562 |  |  |  | 3,509 |
(1) | Net of $4.2 million rent concessions associated to base rent for the period ended March 27, 2021.
(2) | Right-of-use assets obtained are recognized net of leasehold inducements. For the period ending March 27, 2021, leasehold inducements totaled $2.3 million of which $1.1 million is included in Accounts Receivable. For the period ending March 28, 2020, leasehold inducements totaled $0.9 million, of which $0.3 million is included in Accounts Receivable.
Consolidated Balance Sheet For Operating Leases And Finance Leases |
|  | Minimum Lease Payments |
|  | as of March 27, 2021 |
|  | (in thousands) |
Year ending March: |  | Operating |
2022 |  |  | 13,319 |
2023 |  |  | 13,802 |
2024 |  |  | 13,196 |
2025 |  |  | 11,895 |
2026 |  |  | 10,492 |
Thereafter |  |  | 61,338 |
Total minimum lease payments |  |  | 124,042 |
Less: amount of total minimum lease payments representing interest |  |  | (51,031 | )
Present value of future total minimum lease payments |  |  | 73,011 |
Less: current portion of lease liabilities |  |  | (6,298 | )
Long-term lease liabilities |  | $ | 66,713 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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