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Leases
9 Months Ended
Mar. 27, 2021
Leases [Abstract]  
Leases

8. Leases

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 2029, some of which include options to extend the lease for up to 5 years. For the nine months ended March 27, 2021, we recorded approximately $7.5 million of operating leases expense. Our short-term leases are immaterial and we do not have finance leases.

As of March 27, 2021, the components of leases and lease costs are as follows (in millions):

 

 

 

March

 

 

June

 

 

 

 

 

 

 

2021

 

 

2020

 

 

 

 

 

Operating lease right-of-use assets

 

$

35.1

 

 

$

21.0

 

 

 

 

 

Operating lease liabilities

 

$

9.7

 

 

$

6.5

 

 

 

 

 

Operating lease liabilities, long-term

 

 

26.9

 

 

 

14.6

 

 

 

 

 

Total operating lease liabilities

 

$

36.6

 

 

$

21.1

 

 

 

 

 

 

Supplemental cash flow information related to leases is as follows (in millions):

 

 

 

Nine Months Ended

 

 

 

March

 

 

 

2021

 

 

2020

 

Cash paid for operating leases included in operating cash flows

 

$

7.3

 

 

$

7.1

 

Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets

 

 

21.7

 

 

2.8

 

 

As of March 27, 2021, the weighted average remaining lease term is 6.2 years, and the weighted average discount rate is 4.0%.  

Future minimum lease payments for the operating lease liabilities are as follows (in millions):

 

 

 

Operating

 

 

 

Lease

 

Fiscal Year

 

Payments

 

Remainder of 2021

 

$

2.7

 

2022

 

 

10.1

 

2023

 

 

6.3

 

2024

 

 

4.8

 

2025

 

 

4.0

 

Thereafter

 

 

13.4

 

Total future minimum operating lease payments

 

 

41.3

 

Less: interest

 

 

(4.7

)

Total lease liabilities

 

$

36.6