Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) equivalent) practical expedient and are not included in the three levels of the fair value hierarchy. The following table sets forth the fair value of the Plan’s investments as of June 29, 2019: Each of these investments may be redeemed without restrictions in the normal course of business and there were no material unfunded commitments as of June 27, 2020. The components of lease cost related to the Company’s operating leases were as follows (in thousands): 11. Leases 66 Year Ended June 27, 2020 Operating lease cost $ 75,748 Variable lease cost 20,804 Total lease cost $ 96,552 Future minimum operating lease payments as of June 27, 2020, are as follows (in thousands): Fiscal Year 2021 $ 61,497 2022 52,951 2023 44,975 2024 34,665 2025 29,215 Thereafter 152,229 Total future operating lease payments 375,532 Total imputed interest on operating lease liabilities (68,500) Total operating lease liabilities $ 307,032 Level 1 Level 2 Level 3 Total (Thousands) Cash and cash equivalents $ 2,441 $ — $ — $ 2,441 Equities: U.S. common stocks — 254,139 — 254,139 International common stocks — 131,847 — 131,847 Fixed Income: U.S. government agencies — 97,015 — 97,015 U.S. and international corporate bonds — 153,891 — 153,891 Other — 24,730 — 24,730 Total $ 2,441 $ 661,622 $ — $ 664,063