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Leases

9 Months Ended

Mar. 29, 2025

Leases [Abstract]

Leases

Leases

The Company has several commitments under operating and financing leases for warehouses, manufacturing facilities, office buildings, and equipment with initial terms that expire at various dates during the next 1 year to 7 years.

The Company has some leases that include an extension clause. Management has considered the likelihood of exercising each extension option included and estimated the duration of the extension option, for those leases management determined to be reasonably certain, in calculating the lease term for measurement of the right of use asset and liability.

For operating leases, management assumed a discount rate of 4.10%. The weighted average discount rate is disclosed in the tables below.

The components of lease cost for the three months and nine months ended March 29, 2025 and March 30, 2024 were (in thousands): 

						Three Months Ended												Nine Months Ended
						March 29, 2025						March 30, 2024						March 29, 2025						March 30, 2024
Lease cost			Classification
Operating lease cost			Cost of sales			$	654					$	1,199					$	2,827					$	3,548
Operating lease cost			Selling, general and administrative expenses			$	33					$	184					$	132					$	551
Financing lease cost			Cost of sales			$	1,268					$	1,129					$	3,868					$	3,594
Financing lease cost			Selling, general and administrative expenses			$	183					$	51					$	549					$	155
Total lease cost						$	2,138					$	2,563					$	7,376					$	7,848
Fixed lease cost						$	1,078					$	1,331					$	4,936					$	4,657
Short-term lease cost						1,060						1,232						$	2,440					$	3,191
Total lease cost						$	2,138					$	2,563					$	7,376					$	7,848

Amounts reported in the Consolidated Balance Sheet as of March 29, 2025 and June 29, 2024 were (in thousands, except weighted average lease term and discount rate):

						March 29, 2025						June 29, 2024
Operating Leases:
Operating lease right of use assets						$	12,592					$	15,416
Operating lease liabilities (1)						$	12,592					$	15,416
Weighted-average remaining lease term (in years)
Operating leases						3.41						3.97
Weighted-average discount rate
Operating leases						4.10%						4.00%
Financing Leases (2):
Financing lease right of use assets						$	1,332					$	3,569
Financing lease liabilities						$	706					$	2,128
Weighted-average remaining lease term (in years)
Financing leases						0.74						1.06
Weighted-average discount rate
Financing leases						12.15%						11.18%

(1) The current portion of the total operating lease liabilities of $4.9 million is classified under Other Current Liabilities resulting in $7.7 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 $1.3 million is classified under Other Long-term Assets. The current portion of the total finance lease liabilities of $0.7 million is classified under Current portion of debt, net, resulting in no balance in Other Long-term Liabilities section of the condensed consolidated balance sheet.

Future lease payments under non-cancellable leases as of March 29, 2025 are as follows (in thousands):

Fiscal Years Ending						Operating Leases						Finance Leases
2025 (1)						$	1,362					$	188
2026						4,488						563
2027						3,404						—
2028						2,324						—
2029						1,051						—
Thereafter						822						—
Total undiscounted lease payments						$	13,451					$	751
Less: present value discount						(859)						(45)
Total lease liabilities						$	12,592					$	706

(1) Represents estimated lease payments for the remaining three-month period ending June 28, 2025.

As of March 29, 2025, we have additional operating leases for commercial properties that have not yet commenced with future lease payments of approximately $22 million.

Leases

Leases

The Company has several commitments under operating and financing leases for warehouses, manufacturing facilities, office buildings, and equipment with initial terms that expire at various dates during the next 1 year to 7 years.

The Company has some leases that include an extension clause. Management has considered the likelihood of exercising each extension option included and estimated the duration of the extension option, for those leases management determined to be reasonably certain, in calculating the lease term for measurement of the right of use asset and liability.

For operating leases, management assumed a discount rate of 4.10%. The weighted average discount rate is disclosed in the tables below.

The components of lease cost for the three months and nine months ended March 29, 2025 and March 30, 2024 were (in thousands): 

						Three Months Ended												Nine Months Ended
						March 29, 2025						March 30, 2024						March 29, 2025						March 30, 2024
Lease cost			Classification
Operating lease cost			Cost of sales			$	654					$	1,199					$	2,827					$	3,548
Operating lease cost			Selling, general and administrative expenses			$	33					$	184					$	132					$	551
Financing lease cost			Cost of sales			$	1,268					$	1,129					$	3,868					$	3,594
Financing lease cost			Selling, general and administrative expenses			$	183					$	51					$	549					$	155
Total lease cost						$	2,138					$	2,563					$	7,376					$	7,848
Fixed lease cost						$	1,078					$	1,331					$	4,936					$	4,657
Short-term lease cost						1,060						1,232						$	2,440					$	3,191
Total lease cost						$	2,138					$	2,563					$	7,376					$	7,848

Amounts reported in the Consolidated Balance Sheet as of March 29, 2025 and June 29, 2024 were (in thousands, except weighted average lease term and discount rate):

						March 29, 2025						June 29, 2024
Operating Leases:
Operating lease right of use assets						$	12,592					$	15,416
Operating lease liabilities (1)						$	12,592					$	15,416
Weighted-average remaining lease term (in years)
Operating leases						3.41						3.97
Weighted-average discount rate
Operating leases						4.10%						4.00%
Financing Leases (2):
Financing lease right of use assets						$	1,332					$	3,569
Financing lease liabilities						$	706					$	2,128
Weighted-average remaining lease term (in years)
Financing leases						0.74						1.06
Weighted-average discount rate
Financing leases						12.15%						11.18%

(1) The current portion of the total operating lease liabilities of $4.9 million is classified under Other Current Liabilities resulting in $7.7 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 $1.3 million is classified under Other Long-term Assets. The current portion of the total finance lease liabilities of $0.7 million is classified under Current portion of debt, net, resulting in no balance in Other Long-term Liabilities section of the condensed consolidated balance sheet.

Future lease payments under non-cancellable leases as of March 29, 2025 are as follows (in thousands):

Fiscal Years Ending						Operating Leases						Finance Leases
2025 (1)						$	1,362					$	188
2026						4,488						563
2027						3,404						—
2028						2,324						—
2029						1,051						—
Thereafter						822						—
Total undiscounted lease payments						$	13,451					$	751
Less: present value discount						(859)						(45)
Total lease liabilities						$	12,592					$	706

(1) Represents estimated lease payments for the remaining three-month period ending June 28, 2025.

As of March 29, 2025, we have additional operating leases for commercial properties that have not yet commenced with future lease payments of approximately $22 million.

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- References

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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