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Leases | 12 Months Ended
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Jun. 29, 2025
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. 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 2025, 2024, and 2023 were $176.6 million, $176.6 million, and $227.7 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 2025, 2024, and 2023, respectively. Supplemental cash flow information related to leases was as follows as of June 29, 2025, June 30, 2024, and June 25, 2023:
| Year Ended
| June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows paid for operating leases | $ | 85,558 |  |  | $ | 97,447 |  |  | $ | 74,397 |
Financing cash flows paid for principal portion of finance leases | 4,059 |  |  | 255,695 |  |  | 14,985 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 81,011 |  |  | $ | 146,169 |  |  | $ | 91,592 |
Finance leases | 2,884 |  |  | 226,519 |  |  | 20,161 |
Supplemental balance sheet information related to leases was as follows as of June 29, 2025 and June 30, 2024:
| June 29, 2025 |  | June 30, 2024
| (in thousands)
Operating leases |  |  |
Other assets | $ | 286,980 |  |  | $ | 308,336 |
Accrued expenses and other current liabilities | $ | 78,707 |  |  | $ | 64,443 |
Other long-term liabilities | 193,343 |  |  | 223,273 |
Total operating lease liabilities | $ | 272,050 |  |  | $ | 287,716 |
As of June 29, 2025 and June 30, 2024 outstanding finance lease obligations were immaterial.
| June 29, 2025 |  | June 30, 2024
| Weighted-Average Remaining Lease Term |  | Weighted-Average Discount Rate |  | Weighted-Average Remaining Lease Term |  | Weighted-Average Discount Rate
| (in years) |  |  |  | (in years) |  |
Operating leases | 4.9 |  | 3.75 | % |  | 4.9 |  | 3.54 | %
As of June 29, 2025, the maturities of operating lease liabilities are as follows:
| Operating Leases |  |
| (in thousands)
2026 | $ | 86,814 |  |  |
2027 | 66,407 |  |  |
2028 | 41,259 |  |  |
2029 | 36,836 |  |  |
2030 | 25,962 |  |  |
Thereafter | 43,267 |  |  |
Total lease payments | $ | 300,545 |  |  |
Less imputed interest | (28,495) |  |  |
Total | $ | 272,050 |  |  |
Selected Leases and Related Guarantees 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 are for buildings located at its Tualatin, Oregon campus; and certain other facility leases provide the Company with options to extend the leases for additional periods or to purchase the facilities. Certain of the Company’s facility leases provide for periodic rent increases based on the general rate of inflation. The Company elected to exercise purchase options available under its finance leases for certain improved properties in Fremont and Livermore, California (the “California Facility Leases”) in the three months ended September 24, 2023. As a result, the Company released cash collateral in an aggregate of approximately $250 million of restricted cash that was reported in Other assets in the Company’s Consolidated Balance Sheet. Additionally, guarantees made to the lessor that each property would have a certain minimum residual value totaling $298.4 million as of June 25, 2023 in the aggregate were eliminated with the extinguishment of the California Facility Leases. As a result of the purchase of the improved properties, $250.5 million of additions were made to Property and equipment, net in the Company’s Consolidated Balance Sheets primarily comprised of land ($40.5 million) and buildings and improvements ($210.0 million).
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. 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 2025, 2024, and 2023 were $176.6 million, $176.6 million, and $227.7 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 2025, 2024, and 2023, respectively. Supplemental cash flow information related to leases was as follows as of June 29, 2025, June 30, 2024, and June 25, 2023:
| Year Ended
| June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows paid for operating leases | $ | 85,558 |  |  | $ | 97,447 |  |  | $ | 74,397 |
Financing cash flows paid for principal portion of finance leases | 4,059 |  |  | 255,695 |  |  | 14,985 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 81,011 |  |  | $ | 146,169 |  |  | $ | 91,592 |
Finance leases | 2,884 |  |  | 226,519 |  |  | 20,161 |
Supplemental balance sheet information related to leases was as follows as of June 29, 2025 and June 30, 2024:
| June 29, 2025 |  | June 30, 2024
| (in thousands)
Operating leases |  |  |
Other assets | $ | 286,980 |  |  | $ | 308,336 |
Accrued expenses and other current liabilities | $ | 78,707 |  |  | $ | 64,443 |
Other long-term liabilities | 193,343 |  |  | 223,273 |
Total operating lease liabilities | $ | 272,050 |  |  | $ | 287,716 |
As of June 29, 2025 and June 30, 2024 outstanding finance lease obligations were immaterial.
| June 29, 2025 |  | June 30, 2024
| Weighted-Average Remaining Lease Term |  | Weighted-Average Discount Rate |  | Weighted-Average Remaining Lease Term |  | Weighted-Average Discount Rate
| (in years) |  |  |  | (in years) |  |
Operating leases | 4.9 |  | 3.75 | % |  | 4.9 |  | 3.54 | %
As of June 29, 2025, the maturities of operating lease liabilities are as follows:
| Operating Leases |  |
| (in thousands)
2026 | $ | 86,814 |  |  |
2027 | 66,407 |  |  |
2028 | 41,259 |  |  |
2029 | 36,836 |  |  |
2030 | 25,962 |  |  |
Thereafter | 43,267 |  |  |
Total lease payments | $ | 300,545 |  |  |
Less imputed interest | (28,495) |  |  |
Total | $ | 272,050 |  |  |
Selected Leases and Related Guarantees 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 are for buildings located at its Tualatin, Oregon campus; and certain other facility leases provide the Company with options to extend the leases for additional periods or to purchase the facilities. Certain of the Company’s facility leases provide for periodic rent increases based on the general rate of inflation. The Company elected to exercise purchase options available under its finance leases for certain improved properties in Fremont and Livermore, California (the “California Facility Leases”) in the three months ended September 24, 2023. As a result, the Company released cash collateral in an aggregate of approximately $250 million of restricted cash that was reported in Other assets in the Company’s Consolidated Balance Sheet. Additionally, guarantees made to the lessor that each property would have a certain minimum residual value totaling $298.4 million as of June 25, 2023 in the aggregate were eliminated with the extinguishment of the California Facility Leases. As a result of the purchase of the improved properties, $250.5 million of additions were made to Property and equipment, net in the Company’s Consolidated Balance Sheets primarily comprised of land ($40.5 million) and buildings and improvements ($210.0 million).

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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 + Details
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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 + Details
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