Leases

9 Months Ended

Mar. 30, 2024

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):

	Third Quarters Ended				Nine Months Ended
	March 30,		April 1,		March 30,		April 1,
	2024		2023		2024		2023
Operating lease cost	$	17,199	$	14,354	$	46,904	$	47,836
Variable lease cost		6,459		5,043		22,303		17,071
Total lease cost	$	23,658	$	19,397	$	69,207	$	64,907

Future minimum operating lease payments as of March 30, 2024, are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2024	$	17,512
2025		58,941
2026		47,946
2027		29,411
2028		23,191
Thereafter		102,416
Total future operating lease payments		279,417
Total imputed interest on operating lease liabilities		(40,927)
Total operating lease liabilities	$	238,490

Other information pertaining to operating leases consists of the following:

		Nine Months Ended
		March 30,			April 1,
		2024			2023
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		7.7			8.4
Weighted-average discount rate		3.8	%		3.8	%
Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	42,996		$	43,030
Operating lease assets obtained from new operating lease liabilities	$	42,544		$	34,318