Kontoor Brands, Inc. Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

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


(In thousands)	December 2022			December 2021
Assets
Operating lease assets, noncurrent	$	51,029		$	54,950
Total lease assets	$	51,029		$	54,950

Liabilities
Operating lease liabilities, current	$	19,898		$	24,195
Operating lease liabilities, noncurrent	31,506			32,993
Total lease liabilities	$	51,404		$	57,188

Weighted-average remaining lease term (in years)
Operating leases	3.99			3.62
Weighted-average discount rate
Operating leases	4.39		%	2.85		%

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


	Year Ended December

(In thousands)		2022		2021		2020
Operating lease costs		$	26,634	$	30,394	$	40,906
Short-term lease costs (excluding leases of one month or less)		279		272		1,114
Variable lease costs		3,145		3,505		3,960
Total lease costs		$	30,058	$	34,171	$	45,980

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


	Year Ended December

(In thousands)		2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows		$	29,977	$	37,474	$	45,225
Right-of-use operating lease assets obtained in exchange for new operating leases - non-cash activity		$	17,684	$	4,323	$	2,591

The following table presents future maturities of operating lease liabilities as of December 2022:


(In thousands)	Lease Obligations
2023	$	21,507
2024	13,995
2025	8,625
2026	4,093
2027	2,944
Thereafter	5,210
Total future minimum lease payments	56,374
Less: amounts related to imputed interest	(4,970)
Present value of future minimum lease payments	51,404
Less: operating lease liabilities, current	19,898
Operating lease liabilities, noncurrent	$	31,506