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

LEASES (Tables)

12 Months Ended

Jan. 01, 2022

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


(In thousands)	December 2021			December 2020
Assets
Operating lease assets, noncurrent	$	54,950		$	60,443
Total lease assets	$	54,950		$	60,443

Liabilities
Operating lease liabilities, current	$	24,195		$	27,329
Operating lease liabilities, noncurrent	32,993			39,806
Total lease liabilities	$	57,188		$	67,135

Weighted-average remaining lease term (in years)
Operating leases	3.62			3.89
Weighted-average discount rate
Operating leases	2.85		%	4.08		%

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


	Year Ended December

(In thousands)		2021		2020		2019
Operating lease costs		$	30,394	$	40,906	$	37,743
Short-term lease costs (excluding leases of one month or less)		272		1,114		3,043
Variable lease costs		3,505		3,960		5,300
Total lease costs		$	34,171	$	45,980	$	46,086

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


	Year Ended December

(In thousands)		2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows		$	37,474	$	45,225	$	46,239
Right-of-use operating lease assets obtained in exchange for new operating leases - non-cash activity		$	4,323	$	2,591	$	39,874

The following table presents future maturities of operating lease liabilities as of December 2021:


(In thousands)	Lease Obligations
2022	$	25,261
2023	13,635
2024	9,802
2025	5,556
2026	1,859
Thereafter	3,820
Total future minimum lease payments	59,933
Less: amounts related to imputed interest	(2,745)
Present value of future minimum lease payments	57,188
Less: operating lease liabilities, current	24,195
Operating lease liabilities, noncurrent	$	32,993