Leases

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leases

The Company enters into lease arrangements to facilitate its operations, including manufacturing, storage, as well as engineering, sales, marketing and administration resources. The Company measures its lease obligations in accordance with ASC 842, which requires lessees to record a ROU asset and lease liability for most lease arrangements. 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		As of
	June 30, 2023		July 1, 2022
Operating lease right-of-use assets, net	$	63,015	$	66,366
Accrued expenses(1)	$	10,434	$	11,246
Operating lease liabilities	66,797		69,888
Total operating lease liabilities	$	77,231	$	81,134

    (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:

	For the Fiscal Year Ended			For the Fiscal Year Ended
	June 30, 2023			July 1, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,756		$	11,119
Right-of-use assets obtained in exchange for new lease liabilities	$	10,627		$	10,502
Weighted average remaining lease term	7.0 years			7.6 years
Weighted average discount rate	5.17		%	4.58		%

MATURITIES OF LEASE COMMITMENTS

Maturities of operating lease commitments as of June 30, 2023 were as follows:

Fiscal Year	Totals
2024	$	14,195
2025	14,173
2026	12,921
2027	12,669
2028	11,347
Thereafter	27,349
Total lease payments	92,654
Less: imputed interest	(15,423)
Present value of operating lease liabilities	$	77,231

During fiscal 2023, 2022 and 2021 the Company recognized operating lease expense of $13,763, $14,332, and $11,714, 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 June 30, 2023.