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Leases

3 Months Ended

Oct. 02, 2021

Leases [Abstract]

Leases

Note 12. Leases

The Company is a lessee in several operating leases, primarily real estate facilities for office space. The Company's lease arrangements are composed of operating leases with various expiration dates through March 31, 2042. The Company's leases do not contain any material residual value guarantees.

For the three months ended October 2, 2021 and October 3, 2020, the total operating lease costs were $3.5 million and $3.4 million, respectively. Total variable lease costs were immaterial during the three months ended October 2, 2021 and October 3, 2020. The total operating costs were included in cost of revenues, research and development, and selling, general and administrative in the Company’s Consolidated Statements of Operations.

As of October 2, 2021, the weighted-average remaining lease term was 7.7 years, and the weighted-average discount rate was 4.7%.

For the three months ended October 2, 2021 and October 3, 2020, cash paid for amounts included in the measurement of operating lease liabilities were $5.2 million and $4.4 million, respectively; and operating ROU assets obtained in exchange of new operating lease liabilities were $0.1 million and $1.6 million, respectively.

The balance sheet information related to the Company’s operating leases is as follows (in millions):

						October 2, 2021
Other non-current assets						$	41.9
Total operating ROU assets						$	41.9
Other current liabilities						$	10.4
Other non-current liabilities						28.4
Total operating lease liabilities						$	38.8

Future minimum operating lease payments as of October 2, 2021 are as follows (in millions):

Fiscal Years									Operating Leases
Remainder of 2022									$	7.8
2023									9.4
2024									6.9
2025									4.9
2026									3.7
Thereafter									13.5
Total lease payments									46.2
Less: Interest									(7.4)
Present value of lease liabilities									$	38.8

Future minimum operating lease payments as of July 3, 2021, were as follows (in millions):

Fiscal Years									Operating Leases
2022									$	11.7
2023									9.4
2024									6.8
2025									4.9
2026									3.8
Thereafter									13.7
Total lease payments									50.3
Less: Interest									(7.9)
Present value of lease liabilities									$	42.4

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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