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Leases (Tables)
12 Months Ended
Mar. 28, 2020
Leases  
Schedule of ROU assets and liabilities

ROU assets and lease liabilities as of March 28, 2020 consist of the following:

Balance Sheet Classification

March 28, 2020
(in thousands)

Assets

Finance lease assets

Right-of-use assets, net

$

10,444

Operating lease assets

Right-of-use assets, net

 

159,799

Total lease assets

$

170,243

Liabilities

 

Current

Finance

Short-term lease liabilities

$

1,019

Operating

Short-term lease liabilities

33,760

Total short-term lease liabilities

$

34,779

Non-Current

Finance

Long-term lease liabilities

$

12,954

Operating

Long-term lease liabilities

147,981

Total long-term lease liabilities

$

160,935

Total lease liabilities

$

195,714

Schedule of total lease cost

Balance Sheet Classification

March 28, 2020
(in thousands)

Assets

Finance lease assets

Right-of-use assets, net

$

10,444

Operating lease assets

Right-of-use assets, net

 

159,799

Total lease assets

$

170,243

Liabilities

 

Current

Finance

Short-term lease liabilities

$

1,019

Operating

Short-term lease liabilities

33,760

Total short-term lease liabilities

$

34,779

Non-Current

Finance

Long-term lease liabilities

$

12,954

Operating

Long-term lease liabilities

147,981

Total long-term lease liabilities

$

160,935

Total lease liabilities

$

195,714

Schedule of future lease payments

Fiscal Year Ended

(in thousands)

  

Statement of Operations Classification

  

March 28, 2020

Finance lease cost

Amortization of right-of-use assets

Cost of goods sold

$

800

Interest on lease liabilities

Interest expense, net

790

Total finance lease cost

$

1,590

Operating lease cost

Cost of goods sold

$

40,100

Operating lease cost

Selling, general and administrative expenses

1,530

Short-term lease cost

Selling, general and administrative expenses

2,653

Variable lease cost

Selling, general and administrative expenses

1,607

Sublease income

Cost of goods sold

(177)

Total lease cost

$

47,303

The following table summarizes future lease payments as of March 28, 2020:

Operating Leases

Finance Leases

Fiscal Year

(in thousands)

(in thousands)

2021

$

44,354

$

1,345

2022

 

38,779

 

1,353

2023

 

33,595

 

1,294

2024

27,518

1,264

2025

22,103

1,220

Thereafter

 

56,787

 

14,046

Total

223,136

20,522

Less: Imputed interest

(41,395)

(6,549)

Present value of net lease payments

$

181,741

$

13,973

Prior to the Company’s adoption of ASC 842, its future minimum operating lease commitments as of March 30, 2019 under ASC 840 were (in thousands):

    

 

Fiscal Year

    

Total

 

2020

$

37,877

2021

 

36,352

2022

 

31,732

2023

 

26,649

2024

 

20,536

Thereafter

 

44,061

Total

$

197,207

Schedule of future minimum operating lease commitments under ASC 840

Operating Leases

Finance Leases

Fiscal Year

(in thousands)

(in thousands)

2021

$

44,354

$

1,345

2022

 

38,779

 

1,353

2023

 

33,595

 

1,294

2024

27,518

1,264

2025

22,103

1,220

Thereafter

 

56,787

 

14,046

Total

223,136

20,522

Less: Imputed interest

(41,395)

(6,549)

Present value of net lease payments

$

181,741

$

13,973

Schedule of supplemental lease information

The following table includes supplemental lease information:

Fiscal Year Ended

Supplemental Cash Flow Information (dollars in thousands)

March 28, 2020

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases

$

41,227

Operating cash flows from finance leases

 

552

Financing cash flows from finance leases

466

$

42,245

Lease liabilities arising from new right-of-use assets

Operating leases

$

42,420

Finance leases

$

Weighted average remaining lease term (in years)

Operating leases

6.4

Finance leases

22.1

Weighted average discount rate

Operating leases

6.2

%

Finance leases

12.0

%

Schedule of other liabilities, primarily long-term lease liabilities

Other liabilities are as follows:

    

March 28,

    

March 30,

 

(in thousands)

    

2020

    

2019

 

Above-market leases

$

$

256

Long-term deferred rent

 

 

17,312

Capital lease residual value

3,968

Other

635

220

Total other liabilities

$

635

$

21,756