XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.24.4

Leases | 6 Months Ended
--- | ---
Dec. 29, 2024
Leases [Abstract] |
Leases | Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars):
Operating Leases: | December 29, 2024 |  | June 30, 2024
Right-of-use asset (1) | $122.2 |  |  | $99.2 |
Current lease liability (2) | 8.8 |  |  | 6.9 |
Non-current lease liability (3) | 134.4 |  |  | 114.0 |
Total operating lease liabilities | $143.2 |  |  | $120.9 |
Finance Leases: |  |  |
Finance lease assets (4) | $8.7 |  |  | $9.1 |
Current portion of finance lease liabilities | 0.5 |  |  | 0.5 |
Finance lease liabilities, less current portion | 8.7 |  |  | 8.9 |
Total finance lease liabilities | $9.2 |  |  | $9.4 |
(1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities on the consolidated balance sheets. (3) Within other long-term liabilities on the consolidated balance sheets. (4) Within property and equipment, net on the consolidated balance sheets. Statement of Operations
| Three months ended | Six months ended
(in millions of U.S. Dollars) | December 29, 2024 | December 31, 2023 |  | December 29, 2024 |  | December 31, 2023
Operating lease expense | $4.1 | $3.9 |  | $8.1 |  | $7.2
Finance lease amortization | 0.2 |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Interest expense for finance leases was immaterial for all periods presented. Cash Flows Cash flow information consisted of the following (1):
| Six months ended
(in millions of U.S. Dollars) | December 29, 2024 |  | December 31, 2023
Cash (used in) provided by operating activities from continuing operations: |  |  |
Cash paid for operating leases | ($4.1) |  |  | ($5.6) |
Cash received for tenant allowance on operating lease | — |  |  | 0.4 |
Cash paid for interest portion of financing leases | (0.1) |  |  | (0.1) |
Cash used in financing activities: |  |  |
Cash paid for principal portion of finance leases | (0.1) |  |  | (0.3) |
(1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars):
Fiscal Year Ending | Operating Leases | Finance Leases | Total
June 29, 2025 (remainder of fiscal 2025) | $8.2 |  | $0.4 |  | $8.6 |
June 28, 2026 | 16.1 |  | 0.8 |  | 16.9 |
June 27, 2027 | 15.5 |  | 0.5 |  | 16.0 |
June 25, 2028 | 15.3 |  | 0.2 |  | 15.5 |
June 24, 2029 | 15.5 |  | 0.2 |  | 15.7 |
Thereafter | 122.3 |  | 13.8 |  | 136.1 |
Total lease payments | 192.9 |  | 15.9 |  | 208.8 |
Future tenant improvement allowances | (1.6) |  | — |  | (1.6) |
Imputed lease interest | (48.1) |  | (6.7) |  | (54.8) |
Total lease liabilities | $143.2 |  | $9.2 |  | $152.4 |
Supplemental Disclosures
| Operating Leases | Finance Leases
Weighted average remaining lease term (in months) (1) | 152 | 477
Weighted average discount rate (2) | 4.62 | % | 2.67 | %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. In addition, the Company leases space to a third party at one of its owned facilities.
Leases | Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars):
Operating Leases: | December 29, 2024 |  | June 30, 2024
Right-of-use asset (1) | $122.2 |  |  | $99.2 |
Current lease liability (2) | 8.8 |  |  | 6.9 |
Non-current lease liability (3) | 134.4 |  |  | 114.0 |
Total operating lease liabilities | $143.2 |  |  | $120.9 |
Finance Leases: |  |  |
Finance lease assets (4) | $8.7 |  |  | $9.1 |
Current portion of finance lease liabilities | 0.5 |  |  | 0.5 |
Finance lease liabilities, less current portion | 8.7 |  |  | 8.9 |
Total finance lease liabilities | $9.2 |  |  | $9.4 |
(1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities on the consolidated balance sheets. (3) Within other long-term liabilities on the consolidated balance sheets. (4) Within property and equipment, net on the consolidated balance sheets. Statement of Operations
| Three months ended | Six months ended
(in millions of U.S. Dollars) | December 29, 2024 | December 31, 2023 |  | December 29, 2024 |  | December 31, 2023
Operating lease expense | $4.1 | $3.9 |  | $8.1 |  | $7.2
Finance lease amortization | 0.2 |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Interest expense for finance leases was immaterial for all periods presented. Cash Flows Cash flow information consisted of the following (1):
| Six months ended
(in millions of U.S. Dollars) | December 29, 2024 |  | December 31, 2023
Cash (used in) provided by operating activities from continuing operations: |  |  |
Cash paid for operating leases | ($4.1) |  |  | ($5.6) |
Cash received for tenant allowance on operating lease | — |  |  | 0.4 |
Cash paid for interest portion of financing leases | (0.1) |  |  | (0.1) |
Cash used in financing activities: |  |  |
Cash paid for principal portion of finance leases | (0.1) |  |  | (0.3) |
(1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars):
Fiscal Year Ending | Operating Leases | Finance Leases | Total
June 29, 2025 (remainder of fiscal 2025) | $8.2 |  | $0.4 |  | $8.6 |
June 28, 2026 | 16.1 |  | 0.8 |  | 16.9 |
June 27, 2027 | 15.5 |  | 0.5 |  | 16.0 |
June 25, 2028 | 15.3 |  | 0.2 |  | 15.5 |
June 24, 2029 | 15.5 |  | 0.2 |  | 15.7 |
Thereafter | 122.3 |  | 13.8 |  | 136.1 |
Total lease payments | 192.9 |  | 15.9 |  | 208.8 |
Future tenant improvement allowances | (1.6) |  | — |  | (1.6) |
Imputed lease interest | (48.1) |  | (6.7) |  | (54.8) |
Total lease liabilities | $143.2 |  | $9.2 |  | $152.4 |
Supplemental Disclosures
| Operating Leases | Finance Leases
Weighted average remaining lease term (in months) (1) | 152 | 477
Weighted average discount rate (2) | 4.62 | % | 2.67 | %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. In addition, the Company leases space to a third party at one of its owned facilities.
Leases | Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars):
Operating Leases: | December 29, 2024 |  | June 30, 2024
Right-of-use asset (1) | $122.2 |  |  | $99.2 |
Current lease liability (2) | 8.8 |  |  | 6.9 |
Non-current lease liability (3) | 134.4 |  |  | 114.0 |
Total operating lease liabilities | $143.2 |  |  | $120.9 |
Finance Leases: |  |  |
Finance lease assets (4) | $8.7 |  |  | $9.1 |
Current portion of finance lease liabilities | 0.5 |  |  | 0.5 |
Finance lease liabilities, less current portion | 8.7 |  |  | 8.9 |
Total finance lease liabilities | $9.2 |  |  | $9.4 |
(1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities on the consolidated balance sheets. (3) Within other long-term liabilities on the consolidated balance sheets. (4) Within property and equipment, net on the consolidated balance sheets. Statement of Operations
| Three months ended | Six months ended
(in millions of U.S. Dollars) | December 29, 2024 | December 31, 2023 |  | December 29, 2024 |  | December 31, 2023
Operating lease expense | $4.1 | $3.9 |  | $8.1 |  | $7.2
Finance lease amortization | 0.2 |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Interest expense for finance leases was immaterial for all periods presented. Cash Flows Cash flow information consisted of the following (1):
| Six months ended
(in millions of U.S. Dollars) | December 29, 2024 |  | December 31, 2023
Cash (used in) provided by operating activities from continuing operations: |  |  |
Cash paid for operating leases | ($4.1) |  |  | ($5.6) |
Cash received for tenant allowance on operating lease | — |  |  | 0.4 |
Cash paid for interest portion of financing leases | (0.1) |  |  | (0.1) |
Cash used in financing activities: |  |  |
Cash paid for principal portion of finance leases | (0.1) |  |  | (0.3) |
(1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars):
Fiscal Year Ending | Operating Leases | Finance Leases | Total
June 29, 2025 (remainder of fiscal 2025) | $8.2 |  | $0.4 |  | $8.6 |
June 28, 2026 | 16.1 |  | 0.8 |  | 16.9 |
June 27, 2027 | 15.5 |  | 0.5 |  | 16.0 |
June 25, 2028 | 15.3 |  | 0.2 |  | 15.5 |
June 24, 2029 | 15.5 |  | 0.2 |  | 15.7 |
Thereafter | 122.3 |  | 13.8 |  | 136.1 |
Total lease payments | 192.9 |  | 15.9 |  | 208.8 |
Future tenant improvement allowances | (1.6) |  | — |  | (1.6) |
Imputed lease interest | (48.1) |  | (6.7) |  | (54.8) |
Total lease liabilities | $143.2 |  | $9.2 |  | $152.4 |
Supplemental Disclosures
| Operating Leases | Finance Leases
Weighted average remaining lease term (in months) (1) | 152 | 477
Weighted average discount rate (2) | 4.62 | % | 2.67 | %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. In addition, the Company leases space to a third party at one of its owned facilities.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration