v3.22.4
Leases
6 Months Ended
Dec. 24, 2022
Leases [Abstract]  
Leases . 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 2034, some of which include options to extend the lease for up to seven years. For the six months ended December 2022 and December 2021, we recorded approximately $6.3 million and $5.7 million, respectively, of operating leases expense. Our short-term leases are immaterial.

As of December 2022 and June 2022, the components of leases are as follows (in millions):

 

 

 

December

 

 

June

 

 

 

2022

 

 

2022

 

Operating lease right-of-use assets

 

$

53.0

 

 

$

61.2

 

Operating lease liabilities

 

$

7.8

 

 

$

7.6

 

Operating lease liabilities, long-term

 

 

45.3

 

 

 

51.5

 

Total operating lease liabilities

 

$

53.1

 

 

$

59.1

 

 

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

 

 

 

Six Months Ended

 

 

 

December

 

 

 

2022

 

 

2021

 

Cash paid for operating leases included in operating cash flows

 

$

6.2

 

 

$

5.4

 

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

 

$

6.7

 

 

$

17.6

 

As of December 2022, the weighted average remaining lease term is 7.5 years, and the weighted average discount rate is 5.1%.

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

 

 

 

Operating

 

 

 

Lease

 

Fiscal Year

 

Payments

 

Remainder of 2023

 

$

2.5

 

2024

 

 

11.2

 

2025

 

 

9.8

 

2026

 

 

8.3

 

2027

 

 

7.3

 

Thereafter

 

 

26.0

 

Total future minimum operating lease payments

 

 

65.1

 

Less: interest

 

 

(12.0

)

Total lease liabilities

 

$

53.1