Leases

3 Months Ended

Sep. 30, 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):

	First Quarters Ended
	September 30,		October 1,
	2023		2022
Operating lease cost	$	15,539	$	16,566
Variable lease cost		7,167		6,313
Total lease cost	$	22,706	$	22,879

Future minimum operating lease payments as of September 30, 2023, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2024	$	46,377
2025		52,620
2026		41,715
2027		25,110
2028		19,758
Thereafter		97,740
Total future operating lease payments		283,320
Total imputed interest on operating lease liabilities		(42,918)
Total operating lease liabilities	$	240,402

Other information pertaining to operating leases consists of the following:

	First Quarters Ended
	September 30,		October 1,
	2023		2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	8.0		8.5
Weighted-average discount rate	3.8	%	3.9	%

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

	First Quarters Ended
	September 30,		October 1,
	2023		2022
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	13,856	$	14,062
Operating lease assets obtained from new operating lease liabilities	$	15,132	$	20,796