Leases

9 Months Ended

Apr. 02, 2022

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 16 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 2,		April 3,		April 2,		April 3,
	2022		2021		2022		2021
Operating lease cost	$	17,220	$	18,608	$	52,196	$	55,105
Variable lease cost		6,853		5,584		19,704		17,296
Total lease cost	$	24,073	$	24,192	$	71,900	$	72,401

Future minimum operating lease payments as of April 2, 2022, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2022	$	18,447
2023		62,316
2024		45,467
2025		35,680
2026		30,059
Thereafter		135,164
Total future operating lease payments		327,133
Total imputed interest on operating lease liabilities		(53,842)
Total operating lease liabilities	$	273,291

Other information pertaining to operating leases consists of the following:

	Nine Months Ended
	April 2,		April 3,
	2022		2021
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	8.8		9.2
Weighted-average discount rate	3.8	%	3.8	%

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

	Nine Months Ended
	April 2,		April 3,
	2022		2021
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	43,109	$	44,219
Operating lease assets obtained from new operating lease liabilities		25,897		36,150