v3.26.1
Leases
 12 Months Ended
Jun. 28, 2026
Leases [Abstract]  
Leases Leases
The Company leases certain office spaces, manufacturing and warehouse spaces, equipment, and vehicles. While the majority of the Company’s lease arrangements are operating leases, the Company has certain leases that qualify as finance leases.
The Company leases some of its administrative, research and development and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable leases. Certain of the Company’s facility leases provide the Company with options to extend the leases for additional periods, to purchase the facilities, or provide for periodic rent increases based on the general rate of inflation.
Variable lease payments are expensed as incurred and are not included within the right of use asset and lease liability calculation. Variable lease payments primarily include costs associated with the Company’s third-party logistics arrangements that contain one or more embedded leases. Variable lease costs will fluctuate based on factory output and material receipt volumes. Variable lease costs for fiscal years 2026, 2025, and 2024 were $165.9 million, $176.6 million, and $176.6 million; respectively. Finance lease costs, including amortization of right of use assets and interest on lease liabilities; short-term rental expense for agreements less than one year in duration; and operating lease costs were immaterial for fiscal years 2026, 2025, and 2024, respectively.
Supplemental cash flow information related to leases was as follows as of June 28, 2026, June 29, 2025, and June 30, 2024:
Year Ended
June 28,
2026		June 29,
2025		June 30,
2024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases$95,019 $85,558 $97,447 
Financing cash flows paid for principal portion of finance leases4,971 4,059 255,695 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$207,172 $81,011 $146,169 
Finance leases3,308 2,884 226,519 
Supplemental balance sheet information related to leases was as follows as of June 28, 2026 and June 29, 2025:
June 28,
2026		June 29,
2025
(in thousands)
Operating leases
Other assets$397,359 $286,980 
Accrued expenses and other current liabilities$90,415 $78,707 
Other long-term liabilities296,587 193,343 
Total operating lease liabilities$387,002 $272,050 
As of June 28, 2026 and June 29, 2025 outstanding finance lease obligations were immaterial.
June 28, 2026June 29, 2025
Weighted-Average Remaining Lease TermWeighted-Average Discount RateWeighted-Average Remaining Lease TermWeighted-Average Discount Rate
(in years)(in years)
Operating leases5.94.20 %4.93.75 %
As of June 28, 2026, the maturities of operating lease liabilities are as follows:
Operating Leases
(in thousands)
2027$103,302 
202876,961 
202970,599 
203056,984 
203141,741 
Thereafter92,164 
Total lease payments$441,751 
Less imputed interest(54,749)
Total$387,002 
Leases Leases
The Company leases certain office spaces, manufacturing and warehouse spaces, equipment, and vehicles. While the majority of the Company’s lease arrangements are operating leases, the Company has certain leases that qualify as finance leases.
The Company leases some of its administrative, research and development and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable leases. Certain of the Company’s facility leases provide the Company with options to extend the leases for additional periods, to purchase the facilities, or provide for periodic rent increases based on the general rate of inflation.
Variable lease payments are expensed as incurred and are not included within the right of use asset and lease liability calculation. Variable lease payments primarily include costs associated with the Company’s third-party logistics arrangements that contain one or more embedded leases. Variable lease costs will fluctuate based on factory output and material receipt volumes. Variable lease costs for fiscal years 2026, 2025, and 2024 were $165.9 million, $176.6 million, and $176.6 million; respectively. Finance lease costs, including amortization of right of use assets and interest on lease liabilities; short-term rental expense for agreements less than one year in duration; and operating lease costs were immaterial for fiscal years 2026, 2025, and 2024, respectively.
Supplemental cash flow information related to leases was as follows as of June 28, 2026, June 29, 2025, and June 30, 2024:
Year Ended
June 28,
2026		June 29,
2025		June 30,
2024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases$95,019 $85,558 $97,447 
Financing cash flows paid for principal portion of finance leases4,971 4,059 255,695 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$207,172 $81,011 $146,169 
Finance leases3,308 2,884 226,519 
Supplemental balance sheet information related to leases was as follows as of June 28, 2026 and June 29, 2025:
June 28,
2026		June 29,
2025
(in thousands)
Operating leases
Other assets$397,359 $286,980 
Accrued expenses and other current liabilities$90,415 $78,707 
Other long-term liabilities296,587 193,343 
Total operating lease liabilities$387,002 $272,050 
As of June 28, 2026 and June 29, 2025 outstanding finance lease obligations were immaterial.
June 28, 2026June 29, 2025
Weighted-Average Remaining Lease TermWeighted-Average Discount RateWeighted-Average Remaining Lease TermWeighted-Average Discount Rate
(in years)(in years)
Operating leases5.94.20 %4.93.75 %
As of June 28, 2026, the maturities of operating lease liabilities are as follows:
Operating Leases
(in thousands)
2027$103,302 
202876,961 
202970,599 
203056,984 
203141,741 
Thereafter92,164 
Total lease payments$441,751 
Less imputed interest(54,749)
Total$387,002