Leases

3 Months Ended

Jul. 27, 2019

We lease certain warehouses, office space, vehicles and equipment. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. We recognize lease expense for these leases on a straight-line basis over the lease term. We do not separate lease and non-lease components, and instead account for each lease and non-lease component associated with that lease as a single lease component. Some leases include one or more options to renew. The exercise of renewal options is at our sole discretion. Our lease agreements do not contain significant residual value guarantees, restrictions or covenants.

Total lease cost for the three months ended July 27, 2019 was $7,460, which includes variable lease costs and short-term lease costs, which are immaterial.

The following table presents future maturities of lease liabilities.



Remainder of 2020	$	26,409
2021	28,128
2022	20,860
2023	11,630
2024	4,665
After 2024	1,339
Total lease payments	93,031
Less: imputed interest	(5,418		)
Present value of lease liabilities	$	87,613

The following tables present other supplemental information related to leases.



	Three months ended
	July 27, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,319
Lease assets obtained in exchange for new operating lease liabilities	$	8,073



	July 27, 2019
Weighted-average remaining lease term - operating leases	3.31 years
Weighted-average discount rate - operating leases	3.65	%