Leases

9 Months Ended

Mar. 30, 2024

9. Leases

Our leases primarily 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 2034, some of which include options to extend the lease for up to seven years. For the three months ended March 2024 and March 2023, we recorded operating lease expense of approximately $3.0 million and $2.9 million, respectively. For the nine months ended March 2024 and March 2023, we recorded operating lease expense of approximately $8.8 million and $9.1 million, respectively. Our short-term leases are immaterial.

As of March 2024 and June 2023, the components of leases are as follows (in millions):


	March		June
	2024		2023
Operating lease right-of-use assets	$	45.9	$	49.0
Operating lease liabilities	$	9.5	$	9.0
Operating lease liabilities, long-term		39.3		42.4
Total operating lease liabilities	$	48.8	$	51.4

Supplemental cash flow information related to leases, including from acquisitions, is as follows (in millions):


	Nine Months Ended
	March
	2024		2023
Cash paid for operating leases included in operating cash flows	$	8.2	$	7.0
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	4.1	$	7.2

As of March 2024, the weighted average remaining lease term is 6.83 years, and the weighted average discount rate is 5.26%.

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


	Operating
	Lease
Fiscal Year	Payments
Remainder of 2024	$	3.0
2025		11.1
2026		9.4
2027		7.9
2028		6.3
Thereafter		20.3
Total future minimum operating lease payments		58.0
Less: interest		(9.2	)
Total lease liabilities	$	48.8