What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-04-29 compared with 2024-01-29 · 111 added, 100 removed, 431 unchanged (33% of the section changed)

3 unchanged sentences

(in thousands, except per share data)

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

Revenue $ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259

23 unchanged sentences

(in thousands)

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

Net income $ 965,826 $ 814,008 $ 2,807,490 $ 3,708,394

21 unchanged sentences

Investments — 37,641

Accounts receivable, less allowance of $ 5,322 as of December 24, 2023, and $ 5,344 as of June 25, 2023

Accounts receivable, less allowance of $ 5,286 as of March 31, 2024, and $ 5,344 as of June 25, 2023

2,203,707 2,823,376

22 unchanged sentences

Common stock, at par value of $ 0.001 per share;

authorized, 400,000 shares as of December 24, 2023 and June 25, 2023;

issued and outstanding, 131,278 shares as of December 24, 2023, and 133,297 shares as of June 25, 2023

authorized, 400,000 shares as of March 31, 2024 and June 25, 2023;

issued and outstanding, 130,736 shares as of March 31, 2024, and 133,297 shares as of June 25, 2023

Additional paid-in capital 8,082,339 7,809,002

Treasury stock, at cost;

163,472 shares as of December 24, 2023, and 161,380 shares as of June 25, 2023

164,423 shares as of March 31, 2024, and 161,380 shares as of June 25, 2023

( 23,984,518 ) ( 21,530,353 )

9 unchanged sentences

(in thousands) (unaudited)

Six Months Ended

2023 December 25,

Nine Months Ended

2024 March 26,

CASH FLOWS FROM OPERATING ACTIVITIES:

11 unchanged sentences

Proceeds from maturities of available-for-sales securities 34,336 65,015

Proceeds from sales of available-for-sale securities 3,430 6,837

Other, net ( 10,845 ) ( 8,381 )

19 unchanged sentences

Transfers of finished goods inventory to property and equipment 55,290 64,932

Reconciliation of cash, cash equivalents, and restricted cash December 24,

2023 December 25,

Reconciliation of cash, cash equivalents, and restricted cash March 31,

2024 March 26,

Cash and cash equivalents $ 5,672,232 $ 5,305,648

9 unchanged sentences

Three Months Ended

December 24, 2023

March 31, 2024

Shares Common

5 unchanged sentences

Earnings Total

Balance at September 24, 2023 132,072 $ 132 $ 7,879,031 $ ( 22,365,872 ) $ ( 121,350 ) $ 22,655,389 $ 8,047,330

Balance at December 24, 2023 131,278 $ 131 $ 7,997,251 $ ( 23,004,358 ) $ ( 117,694 ) $ 23,347,148 $ 8,222,478

Issuance of common stock 409 1 8,234 — — — 8,235

Purchase of treasury stock ( 951 ) ( 1 ) — ( 980,160 ) — — ( 980,161 )

Reissuance of treasury stock 150 — 46,615 6,466 — — 53,081

Equity-based compensation expense — — 76,854 — — — 76,854

Net income — — — — — 965,826 965,826

Other comprehensive income — — — — 3,656 — 3,656

Other comprehensive loss — — — — ( 10,094 ) — ( 10,094 )

Cash dividends declared ($ 2.00 per common share)

— — — — — ( 261,037 ) ( 261,037 )

Balance at December 24, 2023 131,278 $ 131 $ 7,997,251 $ ( 23,004,358 ) $ ( 117,694 ) $ 23,347,148 $ 8,222,478

Six Months Ended

December 24, 2023

Balance at March 31, 2024 130,736 $ 131 $ 8,082,339 $ ( 23,984,518 ) $ ( 127,788 ) $ 24,051,937 $ 8,022,101

Nine Months Ended

March 31, 2024

Shares Common

14 unchanged sentences

— — — — — ( 787,649 ) ( 787,649 )

Balance at December 24, 2023 131,278 $ 131 $ 7,997,251 $ ( 23,004,358 ) $ ( 117,694 ) $ 23,347,148 $ 8,222,478

Balance at March 31, 2024 130,736 $ 131 $ 8,082,339 $ ( 23,984,518 ) $ ( 127,788 ) $ 24,051,937 $ 8,022,101

See Notes to Condensed Consolidated Financial Statements

1 unchanged sentence

Three Months Ended

December 25, 2022

March 26, 2023

Shares Common

5 unchanged sentences

Earnings Total

Balance at September 25, 2022 136,374 $ 136 $ 7,492,822 $ ( 19,591,249 ) $ ( 133,765 ) $ 19,644,623 $ 7,412,567

Balance at December 25, 2022 135,403 $ 135 $ 7,606,149 $ ( 20,071,931 ) $ ( 108,871 ) $ 20,879,153 $ 8,304,635

Issuance of common stock 454 1 ( 1 ) — — — —

Purchase of treasury stock ( 1,165 ) ( 1 ) — ( 555,898 ) — — ( 555,899 )

Reissuance of treasury stock 131 — 39,366 5,630 — — 44,996

Equity-based compensation expense — — 73,911 — — — 73,911

3 unchanged sentences

— — — — — ( 233,043 ) ( 233,043 )

Balance at December 25, 2022 135,403 $ 135 $ 7,606,149 $ ( 20,071,931 ) $ ( 108,871 ) $ 20,879,153 $ 8,304,635

Six Months Ended

December 25, 2022

Balance at March 26, 2023 134,692 $ 135 $ 7,680,059 $ ( 20,627,829 ) $ ( 105,095 ) $ 21,460,118 $ 8,407,388

Nine Months Ended

March 26, 2023

Shares Common

14 unchanged sentences

— — — — — ( 703,000 ) ( 703,000 )

Balance at December 25, 2022 135,403 $ 135 $ 7,606,149 $ ( 20,071,931 ) $ ( 108,871 ) $ 20,879,153 $ 8,304,635

Balance at March 26, 2023 134,692 $ 135 $ 7,680,059 $ ( 20,627,829 ) $ ( 105,095 ) $ 21,460,118 $ 8,407,388

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 24, 2023

March 31, 2024

NOTE 1 — BASIS OF PRESENTATION

8 unchanged sentences

The Company’s current fiscal year will end June 30, 2024 and includes 53 weeks.

The quarters ended December 24, 2023 (the “December 2023 quarter”) and December 25, 2022 included 13 weeks.

The quarters ended March 31, 2024 (the “March 2024 quarter”) and March 26, 2023 included 14 weeks and 13 weeks, respectively.

Reclassification:

2 unchanged sentences

Recently Adopted or Effective

The Company has not adopted any new accounting standards during the six months ended December 24, 2023 that have a material impact on the Company’s Condensed Consolidated Financial Statements.

The Company has not adopted any new accounting standards during the nine months ended March 31, 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements.

Updates Not Yet Effective

21 unchanged sentences

Lam Research Corporation 2024 Q3 10-Q 9

The following table presents the Company’s revenues disaggregated between system and its customer support-related revenue:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

The following table presents the Company’s revenues disaggregated between systems and customer support-related revenue:

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(In thousands)

5 unchanged sentences

The following table presents the Company’s revenues disaggregated by geographic region:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(In thousands)

4 unchanged sentences

United States 227,085 594,426 728,098 1,402,641

Europe 175,767 337,818 414,236 600,406

Southeast Asia 190,328 155,935 495,060 1,225,835

Europe 177,357 311,843 591,593 912,249

$ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259

The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

Memory 44 % 32 % 44 % 46 %

2 unchanged sentences

Deferred Revenue

Revenue of $ 364.1 million and $ 925.8 million included in deferred profit at June 25, 2023 was recognized during the three and six months ended December 24, 2023, representing 20 % and 50 %, respectively, of the $ 1,837.9 million of deferred revenue as of June 25, 2023.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of December 24, 2023 and when the Company expects to recognize the amounts as revenue:

Revenue of $ 302.5 million and $ 1,228.4 million included in deferred profit at June 25, 2023 was recognized during the three and nine months ended March 31, 2024, representing 16 % and 67 %, respectively, of the $ 1,837.9 million of deferred revenue as of June 25, 2023.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 31, 2024 and when the Company expects to recognize the amounts as revenue:

Less than 1 Year 1-3 Years More than 3 Years Total

9 unchanged sentences

The Company’s option, RSU, and market-based PRSU awards typically vest over a period of three years .

The Company also has an employee stock purchase plan that allows employees to purchase its Common Stock at a discount through payroll deductions.

The Company also has an employee stock purchase plan that allows eligible employees to purchase its Common Stock at a discount through payroll deductions.

The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Condensed Consolidated Statements of Operations:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(in thousands)

3 unchanged sentences

The significant components of other income (expense), net, are as follows:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(in thousands)

1 unchanged sentence

Interest expense ( 47,153 ) ( 47,217 ) ( 138,797 ) ( 139,930 )

Gains (losses) on deferred compensation plan-related assets, net 25,530 10,871 22,629 ( 1,855 )

Foreign exchange (losses) gains, net ( 568 ) ( 10,114 ) 701 ( 3,293 )

Gains on deferred compensation plan-related assets, net 26,495 5,443 49,124 3,588

Foreign exchange losses, net ( 4,344 ) ( 5,519 ) ( 3,643 ) ( 8,812 )

Other, net ( 10,677 ) 1,988 ( 24,082 ) ( 12,661 )

2 unchanged sentences

The Company’s provision for income taxes and effective tax rate are as follows:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(in thousands, except percentages)

2 unchanged sentences

The difference between the U.S.

federal statutory tax rate of 21% and the Company’s effective tax rate for the three and six months ended December 24, 2023 and December 25, 2022 was primarily due to income in lower tax jurisdictions.

federal statutory tax rate of 21% and the Company’s effective tax rate for the three and nine months ended March 31, 2024 and March 26, 2023 was primarily due to income in lower tax jurisdictions.

On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law.

13 unchanged sentences

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period.

Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units, and convertible notes.

Diluted net income per share is computed using the treasury stock method, for dilutive stock options, and restricted stock units.

The following table reconciles the inputs to the basic and diluted computations for net income per share.

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(in thousands, except per share data)

7 unchanged sentences

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method.

The impact from potentially dilutive securities, including options and RSUs, was not material for the three and six months ended December 24, 2023 and December 25, 2022.

These anti-dilutive securities, including options and RSUs, were not material for the three and nine months ended March 31, 2024 and March 26, 2023.

NOTE 8 — FINANCIAL INSTRUMENTS

The Company’s investment strategies and investment and fair value policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K.

As of December 24, 2023 and June 25, 2023 the fair value of mutual funds and debt and equity investments were not material.

The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three and six months ended December 24, 2023 and December 25, 2022.

The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of December 24, 2023, and June 25, 2023 consisted of the following:

The Company’s investment strategies and investment and fair value policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2023 Form 10-K.

As of March 31, 2024 and June 25, 2023, the fair value of mutual funds and debt and equity investments were not material.

The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three and nine months ended March 31, 2024 and March 26, 2023.

The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2024, and June 25, 2023 consisted of the following:

2024 June 25,

6 unchanged sentences

Derivative Instruments and Hedging

The Company’s hedging strategies and policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K.

As of December 24, 2023 and June 25, 2023 the fair value of outstanding cash flow and balance sheet hedges were not material.

The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three and six months ended December 24, 2023 and December 25, 2022.

The Company’s hedging strategies and policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2023 Form 10-K.

As of March 31, 2024 and June 25, 2023, the fair value of outstanding cash flow and balance sheet hedges were not material.

The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three and nine months ended March 31, 2024 and March 26, 2023.

Lam Research Corporation 2024 Q3 10-Q 12

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk and the Company’s mitigation strategies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K.

Financial instruments that potentially subject the Company to concentrations of credit risk and the Company’s mitigation strategies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2023 Form 10-K.

NOTE 9 — INVENTORIES

9 unchanged sentences

NOTE 10 — GOODWILL AND INTANGIBLE ASSETS

The balance of goodwill is approximately $ 1.6 billion as of December 24, 2023 and June 25, 2023.

As of December 24, 2023 and June 25, 2023, $ 65.4 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law.

The balance of goodwill is approximately $ 1.6 billion as of March 31, 2024 and June 25, 2023.

As of March 31, 2024 and June 25, 2023, $ 65.4 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law.

Intangible Assets

The following table provides the Company’s intangible assets, other than goodwill:

December 24, 2023 June 25, 2023

March 31, 2024 June 25, 2023

Gross Accumulated

8 unchanged sentences

Total intangible assets $ 1,593,968 $ ( 1,451,489 ) $ 142,479 $ 1,591,082 $ ( 1,422,628 ) $ 168,454

The Company recognized $ 12.8 million and $ 12.2 million in intangible asset amortization expense during the three months ended December 24, 2023 and December 25, 2022, respectively.

The Company recognized $ 26.8 million and $ 23.8 million in intangible asset amortization expense during the six months ended December 24, 2023 and December 25, 2022, respectively.

The Company recognized $ 15.2 million and $ 13.8 million in intangible asset amortization expense during the three months ended March 31, 2024 and March 26, 2023, respectively.

The Company recognized $ 42.0 million and $ 37.4 million in intangible asset amortization expense during the nine months ended March 31, 2024 and March 26, 2023, respectively.

Lam Research Corporation 2024 Q3 10-Q 13

The estimated future amortization expense of intangible assets as of December 24, 2023, is reflected in the table below.

The estimated future amortization expense of intangible assets as of March 31, 2024, is reflected in the table below.

The table excludes $ 8.2 million of capitalized costs for intangible assets that have not been placed into service.

22 unchanged sentences

The Company has entered into insurance contracts that are intended to limit its exposure to such indemnifications.

As of December 24, 2023, the Company had not recorded any liability on its Condensed Consolidated Financial Statements in connection with these indemnifications, as it does not believe that it is probable that any material amounts will be paid under these guarantees.

As of March 31, 2024, the Company had not recorded any liability on its Condensed Consolidated Financial Statements in connection with these indemnifications, as it does not believe that it is probable that any material amounts will be paid under these guarantees.

Generally, the Company indemnifies, under pre-determined conditions and limitations, its customers for infringement of third-party intellectual property rights by the Company’s products or services.

2 unchanged sentences

The Company provides guarantees and standby letters of credit to certain parties as required for certain transactions initiated during the ordinary course of business.

As of December 24, 2023, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ 196.9 million.

As of March 31, 2024, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ 171.0 million.

The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid.

6 unchanged sentences

The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements.

As of December 24, 2023, warranty reserves totaling $ 17.7 million were reported in other long-term liabilities, the remainder were included in accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets.

As of March 31, 2024, warranty reserves totaling $ 23.2 million were reported in Other long-term liabilities, the remainder were included in Accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets.

Changes in the Company’s product warranty reserves were as follows:

Three Months Ended Six Months Ended

2023 December 25,

2022 December 24,

2023 December 25,

Three Months Ended Nine Months Ended

2024 March 26,

2023 March 31,

2024 March 26,

(in thousands)

25 unchanged sentences

Quarter ended December 24, 2023 970 $ 640,267 $ 660.04 $ 2,067,076

Quarter ended March 31, 2024 828 $ 860,084 $ 774.77 (2) $ 1,206,992

(1) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act.

1 unchanged sentence

Lam Research Corporation 2024 Q3 10-Q 15

In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and six months ended December 24, 2023, the Company acquired 6 thousand shares at a total cost of $ 4.5 million and 15 thousand shares at a total cost of $ 10.0 million, respectively, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans.

(2) Average price paid per share excludes the effect of accelerated share repurchase activities.

See additional disclosure below regarding the Company’s accelerated share repurchase activity during the nine months ended March 31, 2024.

In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and nine months ended March 31, 2024, the Company acquired 123 thousand shares at a total cost of $ 120.1 million and 138 thousand shares at a total cost of $ 130.0 million, respectively, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans.

The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plan.

Accelerated Share Repurchase Agreements

On February 1, 2024, the Company entered into accelerated share repurchase agreements (the "February 2024 ASRs") with two financial institutions to repurchase a total of $ 700 million of Common Stock.

The Company took an initial delivery of approximately 631 thousand shares, which represented 75 % of the prepayment amount divided by the Company’s closing stock price on February 1, 2024.

The total number of shares received under the February 2024 ASRs is based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount.

Final settlement of the February 2024 ASRs occurred during April 2024, resulting in the receipt of approximately 140 thousand shares, which yielded a weighted-average share price of $ 917.38 (net of applicable excise taxes) for the transaction period.

The Company recorded the February 2024 ASRs as equity transactions;

as such, at the time of receipt, shares were included in treasury stock at fair market value as of the corresponding trade date.

The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share.

NOTE 15 — RESTRUCTURING CHARGES, NET

6 unchanged sentences

In the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company’s cost structure with its outlook for the economic environment and business opportunities.

Under the plan, through December 24, 2023, the Company terminated approximately 1,650 employees, incurring expenses related to employee severance and separation costs.

Under the plan, through March 31, 2024, the Company terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs.

Employee severance and separation costs primarily relate to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits.

Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements.

During the three months ended December 24, 2023, net restructuring costs of $ 15.0 million and $ 1.7 million were recorded in restructuring charges, net - cost of goods sold, and restructuring charges, net - operating expenses, respectively, in the Condensed Consolidated Statements of Operations.

During the six months ended December 24, 2023, net restructuring costs of $ 22.9 million and $ 3.7 million were recorded in restructuring charges, net - cost of goods sold, and restructuring charges, net - operating expenses, respectively.

No restructuring charges were recognized during the three and six months ended December 25, 2022.

The restructuring plan is expected to be substantially completed by the June 2024 quarter, and cumulative costs as of December 24, 2023 total $ 146.9 million.

During the three months ended March 31, 2024, net restructuring costs of $ 15.2 million and $ 15.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively, in the Condensed Consolidated Statements of Operations.

During the nine months ended March 31, 2024, net restructuring costs of $ 38.1 million and $ 19.0 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Condensed Consolidated Statements of Operations.

During the three and nine months ended March 26, 2023, net restructuring costs of $ 66.7 million and $ 40.4 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Condensed Consolidated Statements of Operations.

The restructuring plan is expected to be substantially completed by the June 2024 quarter, and cumulative costs as of March 31, 2024 total $ 177.4 million.

Lam Research Corporation 2024 Q3 10-Q 16

The following table is a summary of the activity related to the restructuring plan:

5 unchanged sentences

Non-cash activities ( 158 ) ( 6,936 ) ( 7,094 )

Restructuring liability as of December 24, 2023 $ 2,823 $ 874 $ 3,697

Restructuring liability as of March 31, 2024 $ 19,592 $ 4,130 $ 23,722

Lam Research Corporation 2024 Q3 10-Q 17

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements