Leases (Tables)

6 Months Ended

Dec. 28, 2019

Leases [Abstract]

Schedule of Leases, Financial Statement Presentation

The following table presents the location of the finance lease ROU assets and lease liabilities in the company’s Consolidated Balance Sheet at December 28, 2019:

	Consolidated Balance Sheet Location	Dec. 28, 2019
		(In thousands)
Finance lease right-of-use assets	Plant and equipment at cost, less accumulated depreciation	$	98,006
Current finance lease liabilities	Current maturities of long-term debt	30,280
Long-term finance lease liabilities	Long-term debt	72,176

Schedule of Lease Costs

Other information related to lease agreements was as follows:

	26-Week Period Ended Dec. 28, 2019
Cash Paid For Amounts Included In Measurement of Liabilities:	(Dollars in thousands)
Operating cash flows for operating leases	$	62,101
Operating cash flows for financing leases	2,409
Financing cash flows for financing leases	16,634
Supplemental Non-cash Information on Lease Liabilities:
Assets obtained in exchange for operating lease obligations	$	29,249
Assets obtained in exchange for finance lease obligations	9,700
Lease Term and Discount Rate:
Weighted-average remaining lease term (years):
Operating leases	11.49 years
Financing leases	4.11 years
Weighted-average discount rate:
Operating leases	2.44		%
Financing leases	4.67		%

The following table presents lease costs for each of the presented periods ended December 28, 2019:

	Consolidated Results of Operations Location	13-Week Period Ended Dec. 28, 2019		26-Week Period Ended Dec. 28, 2019
		(In thousands)
Operating lease cost	Operating expenses	$	31,917	$	62,342
Financing lease cost:
Amortization of right-of-use assets	Operating expenses	10,343		18,956
Interest on lease obligations	Interest expense	1,227		2,409
Variable lease cost	Operating expenses	5,979		6,447
Short-term lease cost	Operating expenses	3,274		6,170
Net lease cost		$	52,740	$	96,324

Schedule of Minimum Operating Lease Obligations

Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of December 28, 2019 are as follows:

	Operating Leases			Finance Leases
	(In thousands)
Remainder of fiscal 2020	$	60,961		$	18,004
2021	114,626			32,199
2022	88,350			23,470
2023	72,233			16,784
2024	50,433			10,398
2025	44,622			5,977
Thereafter	314,928			5,828
Total undiscounted lease obligations	746,153			112,660
Less imputed interest	(80,580		)	(10,204		)
Present value of lease obligations	$	665,573		$	102,456

Schedule of Minimum Finance Lease Obligations

Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of December 28, 2019 are as follows:

	Operating Leases			Finance Leases
	(In thousands)
Remainder of fiscal 2020	$	60,961		$	18,004
2021	114,626			32,199
2022	88,350			23,470
2023	72,233			16,784
2024	50,433			10,398
2025	44,622			5,977
Thereafter	314,928			5,828
Total undiscounted lease obligations	746,153			112,660
Less imputed interest	(80,580		)	(10,204		)
Present value of lease obligations	$	665,573		$	102,456