Leases

9 Months Ended

Apr. 03, 2021

Leases [Abstract]

Leases

7. Leases

Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space and integration facilities with a lease term of up to 17 years. The Company’s equipment leases are primarily for automobiles and equipment and are not material to the consolidated financial statements.

The components of lease cost related to the Company’s operating leases were as follows (in thousands):

	Third Quarters Ended				Nine Months Ended
	April 3,		March 28,		April 3,		March 28,
	2021		2020		2021		2020
Operating lease cost	$	18,608	$	19,257	$	55,105	$	57,633
Variable lease cost		5,584		5,496		17,296		15,594
Total lease cost	$	24,192	$	24,753	$	72,401	$	73,227

Future minimum operating lease payments as of April 3, 2021, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2021	$	18,649
2022		63,946
2023		54,508
2024		39,425
2025		32,493
Thereafter		162,426
Total future operating lease payments		371,447
Total imputed interest on operating lease liabilities		(64,157)
Total operating lease liabilities	$	307,290

Other information pertaining to operating leases as of April 3, 2021, consists of the following:

Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	9.2
Weighted-average discount rate	3.8	%

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):

	Nine Months Ended
	April 3,		March 28,
	2021		2020
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	44,219	$	46,418
Operating lease assets obtained from new operating lease liabilities		36,150		30,750