Subsequent Events

12 Months Ended

Jun. 29, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 19. Subsequent Events

In July 2024, we purchased the land and building of our wafer fabrication facility located in Sagamihara, Japan for a total transaction price of $46.5 million including related fees and refundable consumption taxes. Our lease of the building at the premises, which was originally scheduled to end in March 2033, was terminated as a result of the purchase. We derecognized the related right-of-use assets of $31.9 million and lease liability of $17.4 million at the purchase completion date. In connection with the transaction, we entered into a secured mortgage loan agreement with Sumitomo Mitsui Banking Corporation (“SMBC”) that provided us with a term loan in an aggregate principal amount of 6.4 billion Japanese yen (“JPY”), which is approximately $43.5 million based on the exchange rate on August 9 2024, the loan effective date. The loan requires monthly payment of principal totaling approximately 3.2 billion JPY and interest based on a fixed annual interest rate of 1.04%, with the remaining principle of approximately 3.2 billion JPY due on the loan maturity date of July 31, 2029