Leases (Notes)

6 Months Ended

Dec. 27, 2019

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:


	As of
	December 27, 2019
Operating lease right-of-use assets	$	49,826

Accrued expenses⁽¹⁾	$	7,301
Operating lease liabilities	55,257
Total operating lease liabilities	$	62,558

(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:


	Six Months Ended
	December 27, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,524
Right-of-use assets obtained in exchange for new lease liabilities ⁽¹⁾	$	5,606
Weighted average remaining lease term	9.2 years
Weighted average discount rate	4.84		%

MATURITIES OF LEASE COMMITMENTS

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


Fiscal Year	Totals
2020⁽¹⁾	$	5,231
2021	9,638
2022	8,989
2023	8,139
2024	7,153
Thereafter	39,924
Total lease payments	79,074
Less: imputed interest	(16,516)

Present value of operating lease liabilities	$	62,558

(1) Excludes the six months ended December 27, 2019.

As previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2019, future minimum lease payments for non-cancelable operating leases were as follows:


Fiscal Year	Totals
2020	$	10,205
2021	8,949
2022	8,280
2023	7,414
2024	6,496
Thereafter	28,286
Total minimum lease payments	$	69,630

During the second quarter and six months ended December 27, 2019, the Company recognized operating lease expense of $2,375 and $4,991, respectively. There were no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees imposed by the Company's leases at December 27, 2019.