Leases

6 Months Ended

Jan. 01, 2022

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 comprised 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 January 1, 2022 and January 2, 2021, the total operating lease costs were $3.7 million and $3.4 million, respectively. For the six months ended January 1, 2022 and January 2, 2021, the total operating lease costs were $7.2 million and $6.8 million, respectively. Total variable lease costs were immaterial during the three and six months ended January 1, 2022 and January 2, 2021. 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 January 1, 2022, the weighted-average remaining lease term was 6.6 years, and the weighted-average discount rate was 4.7%.

For the three months ended January 1, 2022 and January 2, 2021, cash paid for amounts included in the measurement of operating lease liabilities were $3.5 million and $3.7 million, respectively; and operating ROU assets obtained in exchange of new operating lease liabilities were $6.4 million and $1.9 million, respectively.

For the six months ended January 1, 2022 and January 2, 2021, cash paid for amounts included in the measurement of operating lease liabilities were $8.7 million and $8.1 million, respectively; and operating ROU assets obtained in exchange of new operating lease liabilities were $6.5 million and $3.5 million, respectively

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



	January 1, 2022
Other non-current assets	$	44.9
Total operating ROU assets	$	44.9

Other current liabilities	$	9.7
Other non-current liabilities	32.1
Total operating lease liabilities	$	41.8

Future minimum operating lease payments as of January 1, 2022 are as follows (in millions):


Fiscal Years	Operating Leases
Remainder of 2022	$	4.4
2023	10.4
2024	7.9
2025	6.0
2026	4.7
Thereafter	16.4
Total lease payments	49.8
Less: Interest	(8.0)
Present value of lease liabilities	$	41.8

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