Leases

12 Months Ended

Mar. 27, 2021

The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 28 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. Our leases generally contain fixed rental payments, with additional variable payments linked to actual common area maintenance costs incurred by the landlord. These variable payments are therefore not included within the lease liability and ROU asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determined the Incremental Borrowing Rate ("IBR") for each lease based on the information available at the commencement date, taking into consideration necessary adjustments for collateral, currency, and lease term. There are no residual value guarantees in any of our leases. No restrictions or covenants have been imposed on the Company as a result of the lease agreements in place.

The Company also leases a small portion of our office space to tenants under operating leases, receiving monthly rental payments. Payments are generally fixed, with variable payments linked to actual common area maintenance costs incurred. Total fixed lease payments to be received over the life of the lease are recognized on a straight-line basis over the lease term.

All of the Company’s leases have been classified as operating leases. Operating leases in excess of 12 months are recognized on the balance sheet, with future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost is recognized in the income statement over the lease term.

The components of net operating lease expense were as follows (in thousands):


	Fiscal Years Ended
	March 27, 2021		March 28, 2020
Operating lease - in excess of 12 months	$	14,050	$	13,518
Variable lease	4,981		4,721
Short-term lease	151		119
Operating lease income	(1,416)		(1,296)
Total net operating lease expense	$	17,766	$	17,062

Other information related to operating leases was as follows:


	Fiscal Years Ended
	March 27, 2021			March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows from operating leases	$	14,954		$	13,955
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands)	805			1,107
Weighted-average remaining lease term - operating leases (in years)	19			20
Weighted-average discount rate - operating leases	4		%	4		%

As of March 27, 2021, there are no leases that have not yet commenced that would create significant rights and obligations on the Company.

Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 27, 2021, are as follows (in thousands):


Fiscal Year	Operating Lease Expense		Operating Lease Income
2022	$	14,852	$	1,105
2023	14,492		278
2024	14,051		—
2025	13,514		—
2026	11,872		—
Thereafter	139,915		—
Total	$	208,696	$	1,383
Less imputed interest	(66,240)		—
Total	$	142,456	$	1,383

Operating lease liabilities consisted of the following (in thousands):


	March 27, 2021		March 28, 2020
Current lease liabilities	$	14,573	$	13,580
Non-current lease liabilities	127,883		129,312
Total operating lease liabilities	$	142,456	$	142,892

Leases

The components of net operating lease expense were as follows (in thousands):


	Fiscal Years Ended
	March 27, 2021		March 28, 2020
Operating lease - in excess of 12 months	$	14,050	$	13,518
Variable lease	4,981		4,721
Short-term lease	151		119
Operating lease income	(1,416)		(1,296)
Total net operating lease expense	$	17,766	$	17,062

Other information related to operating leases was as follows:


	Fiscal Years Ended
	March 27, 2021			March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows from operating leases	$	14,954		$	13,955
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands)	805			1,107
Weighted-average remaining lease term - operating leases (in years)	19			20
Weighted-average discount rate - operating leases	4		%	4		%

As of March 27, 2021, there are no leases that have not yet commenced that would create significant rights and obligations on the Company.

Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 27, 2021, are as follows (in thousands):


Fiscal Year	Operating Lease Expense		Operating Lease Income
2022	$	14,852	$	1,105
2023	14,492		278
2024	14,051		—
2025	13,514		—
2026	11,872		—
Thereafter	139,915		—
Total	$	208,696	$	1,383
Less imputed interest	(66,240)		—
Total	$	142,456	$	1,383

Operating lease liabilities consisted of the following (in thousands):


	March 27, 2021		March 28, 2020
Current lease liabilities	$	14,573	$	13,580
Non-current lease liabilities	127,883		129,312
Total operating lease liabilities	$	142,456	$	142,892