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v3.22.2.2

LEASES (Tables) | 12 Months Ended
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Jul. 02, 2022
Leases [Abstract] |
Schedule of lease, financial statement presentation | The following table presents the location of the finance lease ROU assets and lease liabilities in the company’s Consolidated Balance Sheets at July 2, 2022 and July 3, 2021:
|  | Consolidated Balance Sheet Location |  | Jul. 2, 2022 |  | Jul. 3, 2021
|  |  |  | (In thousands)
Finance lease right-of-use assets |  | Plant and equipment at cost, less accumulated depreciation |  | $ | 222,372 |  |  | $ | 76,381 |
Current finance lease liabilities |  | Current maturities of long-term debt |  | 39,121 |  |  | 27,910 |
Long-term finance lease liabilities |  | Long-term debt |  | 187,225 |  |  | 51,282 |
Schedule of lease costs | The following table presents lease costs for each of the presented periods ended July 2, 2022 and July 3, 2021:
|  | Consolidated Results of Operations Location |  |  |  | Jul. 2, 2022 |  | Jul. 3, 2021
|  |  |  |  | (In thousands)
Operating lease cost |  | Operating expenses |  |  |  | $ | 126,743 |  |  | $ | 131,503 |
Financing lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | Operating expenses |  |  |  | 41,606 |  |  | 36,981 |
Interest on lease obligations |  | Interest expense |  |  |  | 6,506 |  |  | 3,824 |
Variable lease cost |  | Operating expenses |  |  |  | 44,734 |  |  | 6,083 |
Short-term lease cost |  | Operating expenses |  |  |  | 31,659 |  |  | 10,845 |
Net lease cost |  |  |  |  |  | $ | 251,248 |  |  | $ | 189,236 |
Other information related to lease agreements was as follows:
|  | Jul. 2, 2022 |  | Jul. 3, 2021
Cash Paid For Amounts Included In Measurement of Liabilities: |  | (Dollars in thousands)
Operating cash flows for operating leases |  | $ | 125,741 |  |  | $ | 142,351 |
Operating cash flows for financing leases |  | 6,506 |  |  | 3,824 |
Financing cash flows for financing leases |  | 40,238 |  |  | 37,103 |
Supplemental Non-cash Information on Lease Liabilities: |  |  |  |
Assets obtained in exchange for operating lease obligations |  | $ | 156,505 |  |  | $ | 93,416 |
Assets obtained in exchange for finance lease obligations |  | 191,523 |  |  | 8,687 |
Operating lease asset adjustments, including renewals and remeasurements |  | 22,087 |  |  | 82,026 |
Operating lease liability adjustments, including renewals and remeasurements |  | 13,045 |  |  | 90,578 |
Lease Term and Discount Rate: |  |  |  |
Weighted-average remaining lease term (years): |  |  |  |
Operating leases |  | 11.04 years |  | 12.34 years
Financing leases |  | 14.65 years |  | 3.67 years
Weighted-average discount rate: |  |  |  |
Operating leases |  | 2.85 | % |  | 2.84 | %
Financing leases |  | 3.17 | % |  | 4.04 | %
Schedule of minimum operating lease obligations | Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of July 2, 2022 are as follows:
|  | Operating Leases |  | Finance Leases
|  | (In thousands)
2023 |  | $ | 124,640 |  |  | $ | 45,499 |
2024 |  | 99,585 |  |  | 33,135 |
2025 |  | 92,018 |  |  | 26,899 |
2026 |  | 83,072 |  |  | 19,611 |
2027 |  | 82,587 |  |  | 15,545 |
Thereafter |  | 422,708 |  |  | 150,465 |
Total undiscounted lease obligations |  | 904,610 |  |  | 291,154 |
Less imputed interest |  | (162,504) |  |  | (64,809) |
Present value of lease obligations |  | $ | 742,106 |  |  | $ | 226,345 |
Schedule of minimum finance lease obligations | Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of July 2, 2022 are as follows:
|  | Operating Leases |  | Finance Leases
|  | (In thousands)
2023 |  | $ | 124,640 |  |  | $ | 45,499 |
2024 |  | 99,585 |  |  | 33,135 |
2025 |  | 92,018 |  |  | 26,899 |
2026 |  | 83,072 |  |  | 19,611 |
2027 |  | 82,587 |  |  | 15,545 |
Thereafter |  | 422,708 |  |  | 150,465 |
Total undiscounted lease obligations |  | 904,610 |  |  | 291,154 |
Less imputed interest |  | (162,504) |  |  | (64,809) |
Present value of lease obligations |  | $ | 742,106 |  |  | $ | 226,345 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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