Kontoor Brands, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES (Tables)

12 Months Ended

Dec. 28, 2024

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


(In thousands)	December 2024			December 2023
Assets
Operating lease assets, noncurrent	$	47,171		$	54,812
Total lease assets	$	47,171		$	54,812

Liabilities
Operating lease liabilities, current	$	20,890		$	21,003
Operating lease liabilities, noncurrent	29,955			36,753
Total lease liabilities	$	50,845		$	57,756

Weighted-average remaining lease term (in years)
Operating leases	4.00			4.19
Weighted-average discount rate
Operating leases	5.76		%	5.67		%

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


	Year Ended December

(In thousands)	2024		2023		2022
Operating lease costs	$	29,163	$	31,543	$	26,634
Short-term lease costs (excluding leases of one month or less)	558		603		279
Variable lease costs	4,929		4,070		3,145
Total lease costs	$	34,650	$	36,216	$	30,058

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


	Year Ended December

(In thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	33,037	$	31,457	$	29,977
Right-of-use operating lease assets obtained in exchange for new operating lease liabilities - non-cash activity	$	7,891	$	14,964	$	17,684

The following table presents future maturities of operating lease liabilities as of December 2024:


(In thousands)	Lease Obligations
2025	$	24,709
2026	12,485
2027	8,279
2028	4,492
2029	2,939
Thereafter	4,951
Total future minimum lease payments	57,855
Less: amounts related to imputed interest	(7,010)
Present value of future minimum lease payments	50,845
Less: operating lease liabilities, current	(20,890)
Operating lease liabilities, noncurrent	$	29,955