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)

6 Months Ended

Jun. 29, 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)	June 2019
Assets
Operating lease assets, noncurrent	$	90,416
Total lease assets	$	90,416

Liabilities
Operating lease liabilities, current	$	34,439
Operating lease liabilities, noncurrent	58,594
Total lease liabilities	$	93,033

Weighted-average remaining lease term (in years)
Operating leases	4.08
Weighted-average discount rate
Operating leases	2.46		%

Schedule of Lease Costs

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



(in thousands)	Three Months Ended June 2019		Six Months Ended June 2019
Operating lease cost	$	11,343	$	18,956
Short-term lease cost (excluding leases of one month or less)	1,015		1,506
Variable lease cost	735		3,551
Total lease costs	$	13,093	$	24,013

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



(in thousands)	Six Months Ended June 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows impact - operating leases	$	22,950
Right-of-use assets obtained in exchange for new operating leases	$	23,446

Schedule of Maturities of Operating Leases

The following table reconciles maturities of operating lease liabilities as of June 2019 to the lease liabilities reflected in the Company's balance sheet:



(in thousands)	Lease Obligations
2019 (excluding the six months ended June 2019)	$	29,732
2020	29,141
2021	17,358
2022	8,285
2023	5,379
Thereafter	9,647
Total future minimum lease payments	99,542
Less: amounts related to imputed interest	(6,509		)
Present value of future minimum lease payments	93,033
Less: operating lease liabilities, current	(34,439		)
Operating lease liabilities, noncurrent	$	58,594

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 presented under ASC 840:



(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