Leases

6 Months Ended

Dec. 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 14 years. The Company’s equipment leases are primarily for automobiles and distribution center 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):

	Second Quarters Ended				Six Months Ended
	December 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022
Operating lease cost	$	14,166	$	16,917	$	29,705	$	33,482
Variable lease cost		8,677		5,715		15,844		12,028
Total lease cost	$	22,843	$	22,632	$	45,549	$	45,510

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

Fiscal Year
Remainder of fiscal 2024	$	33,028
2025		57,085
2026		46,490
2027		28,901
2028		22,718
Thereafter		101,473
Total future operating lease payments		289,695
Total imputed interest on operating lease liabilities		(42,750)
Total operating lease liabilities	$	246,945

Other information pertaining to operating leases consists of the following:

		Six Months Ended
		December 30,			December 31,
		2023			2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		7.8			8.4
Weighted-average discount rate		3.8	%		3.8	%
Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	28,073		$	28,463
Operating lease assets obtained from new operating lease liabilities	$	30,399		$	29,640