Leases (Notes)

3 Months Ended

Sep. 27, 2019

Leases [Abstract]

Leases

Leases

The Company enters into lease arrangements to facilitate its operations, including manufacturing, storage, as well as engineering, sales, marketing, and administration resources. As described in Note B to the consolidated financial statements,

effective July 1, 2019, the Company adopted ASC 842 using the optional transition method and, as a result, did not recast prior period unaudited consolidated comparative financial statements. As such, all prior period amounts and disclosures are presented under ASC 840, Leases (Topic 840). Finance leases are not material to the Company's consolidated financial statements and therefore are excluded from the following disclosures.

SUPPLEMENTAL BALANCE SHEET INFORMATION

Supplemental operating lease balance sheet information is summarized as follows:

	First Quarter Ended
	September 27, 2019
Operating lease right-of-use assets	$	51,312
Accrued expenses(1)	$	7,123
Operating lease liabilities	53,063
Total operating lease liabilities	$	60,186

(1) The short term portion of the Operating lease liabilities is included within Accrued expenses on the consolidated balance sheet.

OTHER SUPPLEMENTAL INFORMATION

Other supplemental operating lease information is summarized as follows:

	First Quarter Ended
	September 27, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,845
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	5,015
Weighted average remaining lease term	9.4 years
Weighted average discount rate	4.81		%

(1) This balance includes $2,485 of Right-of-use assets associated with the acquisition of APC on September 23, 2019

MATURITIES OF LEASE COMMITMENTS

Maturities of operating lease commitments as of September 27, 2019 were as follows:

Fiscal Year	Totals
2020(1)	$	8,028
2021	9,628
2022	8,990
2023	8,104
2024	7,117
Thereafter	39,192
Total lease payments	81,059
Less: imputed interest	(17,089		)
Less: unused incentives for tenant improvements	(3,784		)
Present value of operating lease liabilities	$	60,186

(1) Excludes the quarter ended September 27, 2019.

Maturities of operating lease commitments as of September 30, 2018 were as follows:

Fiscal Year	Totals
2019(1)	$	6,995
2020	9,423
2021	8,346
2022	7,847
2023	7,208
Thereafter	23,874
Total lease payments	$	63,693

(1) Excludes the quarter ended September 30, 2018.

During the first quarter ended September 27, 2019, the Company recognized operating lease expense of $2,616. There were no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees imposed by our leases at September 27, 2019.