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Leases, Commitments and Contingencies | 12 Months Ended
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Jun. 26, 2021
Leases Commitments And Contingencies [Abstract] |
Leases, Commitments and Contingencies |
7. | Leases, Commitments and Contingencies
Leases In fiscal 2020, we adopted Accounting Standards Codification Topic 842, or ASC 842, Leases, which requires recognition of ROU assets and lease liabilities for most leases on our consolidated balance sheet. We adopted ASC 842 using a modified retrospective transition approach as of the effective date as permitted. As a result, we were not required to adjust our comparative period financial information for effects of the standard or make the new required lease disclosures for the periods before the date of adoption. We elected the package of practical expedients which allows us not to reassess (1) whether existing or expired contracts, as of the adoption date, contain leases, (2) the lease classification for existing leases, and (3) whether existing initial direct costs meet the new definition. We also elected the practical expedient to not separate lease and non-lease components for our leases, and to not recognize ROU assets and liabilities for short-term leases. The most significant impact of the adoption of the standard was the recognition of ROU assets and lease liabilities for operating leases on our consolidated balance sheet. Adoption of the standard did not have a material impact on our consolidated statements of operations or cash flows. Our leases mainly include our worldwide office and research and development facilities which are all classified as operating leases. Certain leases include renewal options that are under our discretion. The leases expire at various dates through fiscal year 2030, some of which include options to extend the lease for up to 5 years. For the fiscal year ended June 26, 2021, we recorded approximately $10.1 million of operating leases expense. Our short-term leases are immaterial and we do not have finance leases. As of June 26, 2021, and June 27, 2020 the components of leases are as follows (in millions):
|  | June |  |  | June |
|  | 2021 |  |  | 2020 |
Operating lease right-of-use assets |  | $ | 31.7 |  |  | $ | 21.0 |
Operating lease liabilities |  | $ | 9.3 |  |  | $ | 6.5 |
Operating lease liabilities, long-term |  |  | 24.0 |  |  |  | 14.6 |
Total operating lease liabilities |  | $ | 33.3 |  |  | $ | 21.1 |
Supplemental cash flow information related to leases is as follows (in millions):
|  | Fiscal |  |  | Fiscal |
|  | 2021 |  |  | 2020 |
Cash paid for operating leases included in operating cash flows |  | $ | 10.0 |  |  | $ | 8.4 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets |  |  | 21.8 |  |  |  | 2.9 |
As of June 26, 2021, the weighted average remaining lease term was 6.18 years, and the weighted average discount rate was 4.01%. Future minimum lease payments for the operating lease liabilities are as follows (in millions):
|  | Operating |
|  | Lease |
Fiscal Year |  | Payments |
2022 |  | $ | 10.0 |
2023 |  |  | 5.9 |
2024 |  |  | 4.4 |
2025 |  |  | 3.8 |
2026 |  |  | 3.9 |
Thereafter |  |  | 9.7 |
Total future minimum operating lease payments |  |  | 37.7 |
Less: interest |  |  | (4.4 | )
Total lease liabilities |  | $ | 33.3 |
We recognized rent expense on a straight-line basis of $10.1 million, and $10.3 million for fiscal 2021 and 2020, respectively. Contingencies We have in the past and may in the future receive notices from third parties that claim our products infringe their intellectual property rights. We cannot be certain that our technologies and products do not and will not infringe issued patents or other proprietary rights of third parties. Any infringement claims, with or without merit, could result in significant litigation costs and diversion of management and financial resources, including the payment of damages, which could have a material adverse effect on our business, financial condition, and results of operations. Indemnifications In connection with certain agreements, we are obligated to indemnify the counterparty against third-party claims alleging infringement of certain intellectual property rights by us. We have also entered into indemnification agreements with our officers and directors. Maximum potential future payments under these agreements cannot be estimated because these agreements do not have a maximum stated liability. However, historical costs related to these indemnification provisions have not been significant. We have not recorded any liability in our consolidated financial statements for such indemnification obligations.

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