Leases

9 Months Ended

Mar. 27, 2020

Leases [Abstract]

Leases

LeasesThe Company enters into lease arrangements to facilitate its operations, including manufacturing, storage, as well as engineering, sales, marketing, and administration resources. As described in Note B to the consolidated financial statements, effective July 1, 2019, the Company adopted ASC 842 using the optional transition method and, as a result, did not recast prior period unaudited consolidated comparative financial statements. As such, all prior period amounts and disclosures are presented under ASC 840, Leases (Topic 840). Finance leases are not material to the Company's consolidated financial statements and therefore are excluded from the following disclosures.

SUPPLEMENTAL BALANCE SHEET INFORMATION

Supplemental operating lease balance sheet information is summarized as follows:

	As of
	March 27, 2020
Operating lease right-of-use assets	$	61,112
Accrued expenses(1)	$	6,805
Operating lease liabilities	67,028
Total operating lease liabilities	$	73,833

        (1) The short term portion of the Operating lease liabilities is included within Accrued expenses on the Consolidated Balance Sheet.

OTHER SUPPLEMENTAL INFORMATION

Other supplemental operating lease information is summarized as follows:

	Nine Months Ended
	March 27, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,251
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	18,675
Weighted average remaining lease term	9.4 years
Weighted average discount rate	4.89		%

(1) This balance includes $2,485 of Right-of-use assets associated with the acquisition of APC on September 23, 2019. 

MATURITIES OF LEASE COMMITMENTS

Maturities of operating lease commitments as of March 27, 2020 were as follows:

Fiscal Year	Totals
2020(1)	$	2,583
2021	8,902
2022	10,642
2023	9,897
2024	8,951
Thereafter	53,580
Total lease payments	94,555
Less: imputed interest	(20,722)
Present value of operating lease liabilities	$	73,833

        (1) Excludes the nine months ended March 27, 2020.

As previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2019, future minimum lease payments for non-cancelable operating leases were as follows:

Fiscal Year	Totals
2020	$	10,205
2021	8,949
2022	8,280
2023	7,414
2024	6,496
Thereafter	28,286
Total minimum lease payments	$	69,630

        During the third quarter and nine months ended March 27, 2020, the Company recognized operating lease expense of $2,550 and $7,541, respectively. There were no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees imposed by the Company's leases at March 27, 2020.