Leases

3 Months Ended

Oct. 02, 2021

Leases [Abstract]

Leases

5. 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):

	First Quarters Ended
	October 2,		October 3,
	2021		2020
Operating lease cost	$	17,847	$	18,402
Variable lease cost		6,118		6,288
Total lease cost	$	23,965	$	24,690

Future minimum operating lease payments as of October 2, 2021, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2022	$	50,480
2023		58,378
2024		41,960
2025		33,060
2026		28,426
Thereafter		133,533
Total future operating lease payments		345,837
Total imputed interest on operating lease liabilities		(58,231)
Total operating lease liabilities	$	287,606

Other information pertaining to operating leases consists of the following:

	First Quarters Ended
	October 2,		October 3,
	2021		2020
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	9.0		9.3
Weighted-average discount rate	3.8	%	3.8	%

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

	First Quarters Ended
	October 2,		October 3,
	2021		2020
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	14,826	$	14,710
Operating lease assets obtained from new operating lease liabilities		7,578		21,718