Kontoor Brands, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

LEASES (Tables)

9 Months Ended

Sep. 28, 2019

Schedule of Supplemental Balance Sheet Information

The following table presents the lease-related assets and liabilities recorded in the Company's balance sheet:



(in thousands)	September 2019
Assets
Operating lease assets, noncurrent	$	96,590
Total lease assets	$	96,590

Liabilities
Operating lease liabilities, current	$	35,992
Operating lease liabilities, noncurrent	64,328
Total lease liabilities	$	100,320

Weighted-average remaining lease term (in years)
Operating leases	4.14
Weighted-average discount rate
Operating leases	2.73		%

Schedule of Lease Costs

The following table presents certain information related to the lease costs for operating leases:



(in thousands)	Three Months Ended September 2019		Nine Months Ended September 2019
Operating lease cost	$	9,924	$	28,880
Short-term lease cost (excluding leases of one month or less)	877		2,383
Variable lease cost	873		4,424
Total lease costs	$	11,674	$	35,687

The following table presents supplemental cash flow and non-cash information related to leases:



(in thousands)	Nine Months Ended September 2019
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	34,486
Right-of-use assets obtained in exchange for new operating leases - non-cash activity	$	38,939

Schedule of Maturities of Operating Leases

The following table presents maturities of operating lease liabilities as of September 2019:



(in thousands)	Lease Obligations
2019 (excluding the nine months ended September 2019)	$	11,185
2020	36,656
2021	23,796
2022	12,980
2023	9,639
Thereafter	13,013
Total future minimum lease payments	107,269
Less: amounts related to imputed interest	(6,949		)
Present value of future minimum lease payments	100,320
Less: operating lease liabilities, current	(35,992		)
Operating lease liabilities, noncurrent	$	64,328

Schedule of Future Minimum Rental Payments Under Previous Accounting Standard

The following table presents the future minimum lease payments during the noncancelable lease terms as of December 2018, prior to the adoption of ASU 2016-02:



(in thousands)	December 2018
2019	$	33,562
2020	29,246
2021	17,810
2022	7,932
2023	4,353
Thereafter	4,582
Total future minimum lease payments	$	97,485