Leases (Tables)

9 Months Ended

Mar. 28, 2020

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 March 28, 2020:

	Consolidated Balance Sheet Location	Mar. 28, 2020
		(In thousands)
Finance lease right-of-use assets	Plant and equipment at cost, less accumulated depreciation	$	89,914
Current finance lease liabilities	Current maturities of long-term debt	29,436
Long-term finance lease liabilities	Long-term debt	65,409

Schedule of Lease Costs

The following table presents lease costs for each of the presented periods ended March 28, 2020:

	Consolidated Results of Operations Location	13-Week Period Ended Mar. 28, 2020		39-Week Period Ended Mar. 28, 2020
		(In thousands)
Operating lease cost	Operating expenses	$	32,290	$	94,632
Financing lease cost:
Amortization of right-of-use assets	Operating expenses	8,657		27,613
Interest on lease obligations	Interest expense	1,046		3,455
Variable lease cost	Operating expenses	2,608		9,055
Short-term lease cost	Operating expenses	2,285		8,455
Net lease cost		$	46,886	$	143,210

Other information related to lease agreements was as follows:

	39-Week Period Ended Mar. 28, 2020
Cash Paid For Amounts Included In Measurement of Liabilities:	(Dollars in thousands)
Operating cash flows for operating leases	$	95,861
Operating cash flows for financing leases	3,424
Financing cash flows for financing leases	24,773
Supplemental Non-cash Information on Lease Liabilities:
Assets obtained in exchange for operating lease obligations	$	61,646
Assets obtained in exchange for finance lease obligations	11,797
Lease Term and Discount Rate:
Weighted-average remaining lease term (years):
Operating leases	11.55 years
Financing leases	3.99 years
Weighted-average discount rate:
Operating leases	2.46		%
Financing leases	4.60		%

Schedule of Minimum Operating Lease Obligations

Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of March 28, 2020 are as follows:

	Operating Leases		Finance Leases
	(In thousands)
Remainder of fiscal 2020	$	31,191	$	8,902
2021	118,673		32,333
2022	90,938		23,457
2023	75,258		16,782
2024	52,718		10,510
2025	46,088		6,077
Thereafter	337,334		5,859
Total undiscounted lease obligations	752,200		103,920
Less imputed interest	(106,079)		(9,075)
Present value of lease obligations	$	646,121	$	94,845

Schedule of Minimum Finance Lease Obligations

Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of March 28, 2020 are as follows:

	Operating Leases		Finance Leases
	(In thousands)
Remainder of fiscal 2020	$	31,191	$	8,902
2021	118,673		32,333
2022	90,938		23,457
2023	75,258		16,782
2024	52,718		10,510
2025	46,088		6,077
Thereafter	337,334		5,859
Total undiscounted lease obligations	752,200		103,920
Less imputed interest	(106,079)		(9,075)
Present value of lease obligations	$	646,121	$	94,845