Leases

9 Months Ended

Apr. 01, 2023

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 15 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 1,		April 2,		April 1,		April 2,
	2023		2022		2023		2022
Operating lease cost	$	14,354	$	17,220	$	47,836	$	52,196
Variable lease cost		5,043		6,853		17,071		19,704
Total lease cost	$	19,397	$	24,073	$	64,907	$	71,900

Future minimum operating lease payments as of April 1, 2023, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2023	$	17,356
2024		55,302
2025		44,128
2026		34,699
2027		22,835
Thereafter		116,335
Total future operating lease payments		290,655
Total imputed interest on operating lease liabilities		(46,267)
Total operating lease liabilities	$	244,388

Other information pertaining to operating leases consists of the following:

	Nine Months Ended
	April 1,		April 2,
	2023		2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	8.4		8.8
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 1,		April 2,
	2023		2022
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	43,030	$	43,109
Operating lease assets obtained from new operating lease liabilities		34,318		25,897