Leases

6 Months Ended

Jan. 02, 2021

Leases [Abstract]

Leases

7. Leases

Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space and integration facilities with a lease term of up to 17 years. The Company’s equipment leases are primarily for automobiles and equipment, and are not material to the consolidated financial statements.

The components of lease cost related to the Company’s operating leases were as follows (in thousands):

	Second Quarters Ended				Six Months Ended
	January 2,		December 28,		January 2,		December 28,
	2021		2019		2021		2019
Operating lease cost	$	18,095	$	19,574	$	36,497	$	38,376
Variable lease cost		5,423		4,829		11,711		10,097
Total lease cost	$	23,518	$	24,403	$	48,208	$	48,473

Future minimum operating lease payments as of January 2, 2021 are as follows (in thousands):

Fiscal Year
Remainder of fiscal 2021	$	35,838
2022		62,146
2023		52,673
2024		38,642
2025		32,572
Thereafter		162,937
Total future operating lease payments		384,808
Total imputed interest on operating lease liabilities		(66,809)
Total operating lease liabilities	$	317,999

Other information pertaining to operating leases as of January 2, 2021 consists of the following:

Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	9.3
Weighted-average discount rate	3.8	%

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):

	Six Months Ended
	January 2,		December 28,
	2021		2019
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	29,157	$	33,044
Operating lease assets obtained from new operating lease liabilities		28,346		18,560