Leases

12 Months Ended

Mar. 25, 2023

Leases [Abstract]

Leases

Leases

The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 26 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. 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. All of the Company’s leases have been classified as operating leases.

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

	Fiscal Years Ended
	March 25, 2023		March 26, 2022
Operating lease - in excess of 12 months	$	18,071	$	14,901
Variable lease	6,226		4,954
Short-term lease	86		22
Operating lease income	(464)		(1,518)
Total net operating lease expense	$	23,919	$	18,359

Supplemental operating lease information:

	Fiscal Years Ended
	March 25, 2023			March 26, 2022
Balance Sheet Information (in thousands)
Operating lease right-of-use assets	$	128,145		$	171,003
Operating lease liabilities	$	141,073		$	177,842
Cash Flow Information (in thousands)
Operating cash flows from operating leases	$	14,531		$	14,634
Non-Cash Information
Right-of-use assets obtained in exchange for new operating lease liabilities	4,381			46,123
Lease remeasurements	(28,965)			—
Lease impairments	(5,579)			—
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)	13			16
Weighted-average discount rate - operating leases	4		%	4		%

As of March 25, 2023, we have an additional operating lease, that has not yet commenced, with estimated lease obligations of approximately $24 million. This operating lease will commence in fiscal year 2024 with a lease term of approximately 10 years.

Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 25, 2023, are as follows (in thousands):

Fiscal Year	Operating Lease Expense
2024	$	18,631
2025	19,598
2026	18,043
2027	16,489
2028	16,882
Thereafter	106,651
Total	$	196,294
Less imputed interest and other	(55,221)
Total	$	141,073

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

	March 25, 2023		March 26, 2022
Current lease liabilities	$	18,442	$	14,680
Non-current lease liabilities	122,631		163,162
Total operating lease liabilities	$	141,073	$	177,842