Leases

3 Months Ended

Oct. 01, 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):

	First Quarters Ended
	October 1,		October 2,
	2022		2021
Operating lease cost	$	16,566	$	17,847
Variable lease cost		6,313		6,118
Total lease cost	$	22,879	$	23,965

Future minimum operating lease payments as of October 1, 2022, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2023	$	48,296
2024		50,028
2025		39,406
2026		30,797
2027		20,424
Thereafter		110,738
Total future operating lease payments		299,689
Total imputed interest on operating lease liabilities		(48,169)
Total operating lease liabilities	$	251,520

Other information pertaining to operating leases consists of the following:

	First Quarters Ended
	October 1,		October 2,
	2022		2021
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	8.5		9.0
Weighted-average discount rate	3.9	%	3.8	%

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

	First Quarters Ended
	October 1,		October 2,
	2022		2021
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	14,062	$	14,826
Operating lease assets obtained from new operating lease liabilities		20,796		7,578