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

LEASES (Tables)

12 Months Ended

Dec. 30, 2023

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


(In thousands)	December 2023			December 2022
Assets
Operating lease assets, noncurrent	$	54,812		$	51,029
Total lease assets	$	54,812		$	51,029

Liabilities
Operating lease liabilities, current	$	21,003		$	19,898
Operating lease liabilities, noncurrent	36,753			31,506
Total lease liabilities	$	57,756		$	51,404

Weighted-average remaining lease term (in years)
Operating leases	4.19			3.99
Weighted-average discount rate
Operating leases	5.67		%	4.39		%

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


	Year Ended December

(In thousands)	2023		2022		2021
Operating lease costs	$	31,543	$	26,634	$	30,394
Short-term lease costs (excluding leases of one month or less)	603		279		272
Variable lease costs	4,070		3,145		3,505
Total lease costs	$	36,216	$	30,058	$	34,171

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


	Year Ended December

(In thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	31,457	$	29,977	$	37,474
Right-of-use operating lease assets obtained in exchange for new operating leases - non-cash activity	$	14,964	$	17,684	$	4,323

The following table presents future maturities of operating lease liabilities as of December 2023:


(In thousands)	Lease Obligations
2024	$	23,353
2025	15,923
2026	8,372
2027	6,334
2028	3,556
Thereafter	7,010
Total future minimum lease payments	64,548
Less: amounts related to imputed interest	(6,792)
Present value of future minimum lease payments	57,756
Less: operating lease liabilities, current	(21,003)
Operating lease liabilities, noncurrent	$	36,753