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v3.23.1

Leases (Tables) | 9 Months Ended
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Apr. 01, 2023
Leases [Abstract] |
Schedule of Lease Cost | The components of lease cost for the three months and nine months ended April 1, 2023 were (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | April 1, 2023 |  | April 2, 2022 |  | April 1, 2023 |  | April 2, 2022
Lease cost | Classification |  |  |
Operating lease cost | Cost of sales | $ | 962 |  |  | $ | 1,645 |  |  | $ | 3,402 |  |  | $ | 4,676 |
Operating lease cost | Selling, general and administrative expenses | $ | 187 |  |  | $ | 184 |  |  | 554 |  |  | 742 |
Financing lease cost | Cost of sales | $ | 1,062 |  |  | $ | 271 |  |  | $ | 2,922 |  |  | $ | 1,322 |
Financing lease cost | Selling, general and administrative expenses | $ | 40 |  |  | $ | 7 |  |  | $ | 117 |  |  | $ | 34 |
Total lease cost |  | $ | 2,251 |  |  | $ | 2,107 |  |  | $ | 6,995 |  |  | $ | 6,774 |
Fixed lease cost |  | $ | 1,956 |  |  | $ | 1,717 |  |  | $ | 6,156 |  |  | $ | 5,575 |
Short-term lease cost |  | $ | 295 |  |  | $ | 390 |  |  | $ | 839 |  |  | $ | 1,199 |
Total lease cost |  | $ | 2,251 |  |  | $ | 2,107 |  |  | $ | 6,995 |  |  | $ | 6,774 |
Schedule of Lease Assets and Liabilities | Amounts reported in the Consolidated Balance Sheet as of April 1, 2023 were (in thousands, except weighted average lease term and discount rate):
|  | April 1, 2023 |  | July 2, 2022
Operating Leases: |  |  |  |
Operating lease right of use assets |  | $ | 17,471 |  |  | $ | 16,731 |
Operating lease liabilities (1) |  | $ | 17,471 |  |  | $ | 16,731 |
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 4.68 |  | 5.28
Weighted-average discount rate |  |  |  |
Operating leases |  | 4.0 | % |  | 4.0 | %
Financing Leases (2): |  |  |  |
Financing lease right of use assets |  | $ | 13,441 |  |  | $ | 12,464 |
Financing lease liabilities |  | $ | 12,113 |  |  | $ | 11,211 |
Weighted-average remaining lease term (in years) |  |  |  |
Financing leases |  | 3.19 |  | 2.56
Weighted-average discount rate |  |  |  |
Financing leases |  | 8.4 | % |  | 8.8 | %
(1) The current portion of the total operating lease liabilities of $5.4 million is classified under Other Current Liabilities, resulting in $12.1 million classified under Operating Lease Liabilities in the Long-term Liabilities section of the condensed consolidated balance sheet. (2) The total finance lease right of use assets of $13.4 million is classified under Other Long-term Assets. The current portion of the total finance lease liabilities of $5.4 million is classified under Current portion of debt, net, resulting in $6.8 million classified in Other Long-term Liabilities section of the condensed consolidated balance sheet. Other information related to leases was as follows (in thousands):
|  | Nine Months Ended
|  | April 1, 2023 |  | April 2, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 4,412 |  |  | $ | 3,154 |
Financing cash flows used in financing leases |  | $ | 3,075 |  |  | $ | 2,561 |
Schedule of Maturities of Operating Leases Liability | Future lease payments under non-cancellable leases as of April 1, 2023 are as follows (in thousands):
Fiscal Years Ending |  | Operating Leases |  | Finance Leases
2023 (1) |  | $ | 1,468 |  |  | $ | 1,528 |
2024 |  | 5,100 |  |  | 4,859 |
2025 |  | 3,987 |  |  | 3,438 |
2026 |  | 3,365 |  |  | 1,006 |
2027 |  | 2,464 |  |  | 970 |
Thereafter |  | 3,240 |  |  | 1,378 |
Total undiscounted lease payments |  | 19,624 |  |  | 13,179 |
Less: present value discount |  | (2,153) |  |  | (1,066) |
Total lease liabilities |  | $ | 17,471 |  |  | $ | 12,113 |
(1) Represents estimated lease payments for the remaining three-month period ending July 1, 2023.
Schedule of Maturities of Finance Leases Liability | Future lease payments under non-cancellable leases as of April 1, 2023 are as follows (in thousands):
Fiscal Years Ending |  | Operating Leases |  | Finance Leases
2023 (1) |  | $ | 1,468 |  |  | $ | 1,528 |
2024 |  | 5,100 |  |  | 4,859 |
2025 |  | 3,987 |  |  | 3,438 |
2026 |  | 3,365 |  |  | 1,006 |
2027 |  | 2,464 |  |  | 970 |
Thereafter |  | 3,240 |  |  | 1,378 |
Total undiscounted lease payments |  | 19,624 |  |  | 13,179 |
Less: present value discount |  | (2,153) |  |  | (1,066) |
Total lease liabilities |  | $ | 17,471 |  |  | $ | 12,113 |
(1) Represents estimated lease payments for the remaining three-month period ending July 1, 2023.

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