What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-01-31 compared with 2024-10-28 · 148 added, 82 removed, 352 unchanged (40% of the section changed)

3 unchanged sentences

(in thousands, except per share data)

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

Revenue $ 4,376,047 $ 3,758,259 $ 8,544,023 $ 7,240,321

23 unchanged sentences

(in thousands)

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

Net income $ 1,191,018 $ 954,266 $ 2,307,462 $ 1,841,664

2 unchanged sentences

Cash flow hedges:

Net unrealized (losses) gains during the period ( 2,436 ) 8,598

Net unrealized gains during the period 4,552 1,671 2,116 10,269

Net gains reclassified into net income ( 2,260 ) ( 12,826 ) ( 2,364 ) ( 21,743 )

11 unchanged sentences

(in thousands, except per share data)

September 29,

2024 June 30,

1 unchanged sentence

Cash and cash equivalents $ 5,665,379 $ 5,847,856

Accounts receivable, less allowance of $ 5,580 as of September 29, 2024, and $ 5,277 as of June 30, 2024

Accounts receivable, less allowance of $ 5,713 as of December 29, 2024, and $ 5,277 as of June 30, 2024

3,304,946 2,519,250

21 unchanged sentences

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

authorized, 4,000,000 shares as of September 29, 2024 and June 30, 2024;

issued and outstanding, 1,291,958 shares as of September 29, 2024, and 1,303,769 shares as of June 30, 2024

authorized, 4,000,000 shares as of December 29, 2024 and June 30, 2024;

issued and outstanding, 1,284,956 shares as of December 29, 2024, and 1,303,769 shares as of June 30, 2024

Additional paid-in capital 8,439,903 8,223,046

Treasury stock, at cost;

1,660,250 shares as of September 29, 2024, and 1,648,239 shares as of June 30, 2024

1,667,484 shares as of December 29, 2024, and 1,648,239 shares as of June 30, 2024

( 26,024,098 ) ( 24,365,783 )

9 unchanged sentences

(in thousands)

Three Months Ended

September 29,

2024 September 24,

Six Months Ended

2024 December 24,

CASH FLOWS FROM OPERATING ACTIVITIES:

14 unchanged sentences

Principal payments on debt, including finance lease obligations ( 1,966 ) ( 254,095 )

Treasury stock purchases ( 997,035 ) ( 843,238 )

Treasury stock purchases, including excise tax payments ( 1,694,723 ) ( 1,488,696 )

Dividends paid ( 558,619 ) ( 494,746 )

Reissuance of treasury stock related to employee stock purchase plan 60,557 53,081

Proceeds from issuance of common stock, net issuance costs ( 237 ) 4,522

12 unchanged sentences

Transfers of finished goods inventory to property and equipment 58,801 37,927

Reconciliation of cash, cash equivalents, and restricted cash September 29,

2024 September 24,

Reconciliation of cash, cash equivalents, and restricted cash December 29,

2024 December 24,

Cash and cash equivalents $ 5,665,379 $ 5,623,289

8 unchanged sentences

Three Months Ended

September 29, 2024

December 29, 2024

Shares Common

5 unchanged sentences

Earnings Total

Balance at September 29, 2024 1,291,958 $ 1,292 $ 8,303,014 $ ( 25,374,657 ) $ ( 87,803 ) $ 25,630,045 $ 8,471,891

Issuance of common stock 232 — ( 194 ) — — — ( 194 )

Purchase of treasury stock ( 8,396 ) ( 8 ) — ( 654,873 ) — — ( 654,881 )

Reissuance of treasury stock 1,162 1 55,124 5,432 — — 60,557

Equity-based compensation expense — — 81,959 — — — 81,959

Net income — — — — — 1,191,018 1,191,018

Other comprehensive loss — — — — ( 46,282 ) — ( 46,282 )

Cash dividends declared ($ 0.23 per common share)

— — — — — ( 296,042 ) ( 296,042 )

Balance at December 29, 2024 1,284,956 $ 1,285 $ 8,439,903 $ ( 26,024,098 ) $ ( 134,085 ) $ 26,525,021 $ 8,808,026

Six Months Ended

December 29, 2024

Shares Common

Stock Additional

Capital Treasury

Stock Accumulated

Comprehensive

Loss Retained

Earnings Total

Balance at June 30, 2024 1,303,769 $ 1,304 $ 8,223,046 $ ( 24,365,783 ) $ ( 130,428 ) $ 24,811,315 $ 8,539,454

1 unchanged sentence

Purchase of treasury stock ( 20,407 ) ( 20 ) — ( 1,663,747 ) — — ( 1,663,767 )

Reissuance of treasury stock 1,162 1 55,124 5,432 — — 60,557

Equity-based compensation expense — — 161,970 — — — 161,970

Net income — — — — — 2,307,462 2,307,462

Other comprehensive income — — — — 42,625 — 42,625

Other comprehensive loss — — — — ( 3,657 ) — ( 3,657 )

Cash dividends declared ($ 0.46 per common share)

— — — — — ( 593,756 ) ( 593,756 )

Balance at September 29, 2024 1,291,958 $ 1,292 $ 8,303,014 $ ( 25,374,657 ) $ ( 87,803 ) $ 25,630,045 $ 8,471,891

Balance at December 29, 2024 1,284,956 $ 1,285 $ 8,439,903 $ ( 26,024,098 ) $ ( 134,085 ) $ 26,525,021 $ 8,808,026

See Notes to Condensed Consolidated Financial Statements

Lam Research Corporation 2025 Q2 10-Q 7

Three Months Ended

September 24, 2023

December 24, 2023

Shares Common

5 unchanged sentences

Earnings Total

Balance at September 24, 2023 1,320,721 $ 1,320 $ 7,876,778 $ ( 22,364,807 ) $ ( 121,350 ) $ 22,655,389 $ 8,047,330

Issuance of common stock 312 1 1,703 — — — 1,704

Purchase of treasury stock ( 9,755 ) ( 9 ) — ( 644,944 ) — — ( 644,953 )

Reissuance of treasury stock 1,504 1 46,615 6,465 — — 53,081

Equity-based compensation expense — — 69,901 — — — 69,901

Net income — — — — — 954,266 954,266

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

Cash dividends declared ($ 0.20 per common share)

— — — — — ( 262,507 ) ( 262,507 )

Balance at December 24, 2023 1,312,782 $ 1,313 $ 7,994,997 $ ( 23,003,286 ) $ ( 117,694 ) $ 23,347,148 $ 8,222,478

Six Months Ended

December 24, 2023

Shares Common

Stock Additional

Capital Treasury

Stock Accumulated

Comprehensive

Loss Retained

Earnings Total

Balance at June 25, 2023 1,332,966 $ 1,333 $ 7,806,749 $ ( 21,529,300 ) $ ( 100,706 ) $ 22,032,096 $ 8,210,172

1 unchanged sentence

Purchase of treasury stock ( 22,414 ) ( 22 ) — ( 1,480,451 ) — — ( 1,480,473 )

Reissuance of treasury stock 1,504 1 46,615 6,465 — — 53,081

Equity-based compensation expense — — 137,112 — — — 137,112

3 unchanged sentences

— — — — — ( 526,612 ) ( 526,612 )

Balance at September 24, 2023 1,320,721 $ 1,320 $ 7,876,778 $ ( 22,364,807 ) $ ( 121,350 ) $ 22,655,389 $ 8,047,330

Balance at December 24, 2023 1,312,782 $ 1,313 $ 7,994,997 $ ( 23,003,286 ) $ ( 117,694 ) $ 23,347,148 $ 8,222,478

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 29, 2024

December 29, 2024

NOTE 1 — BASIS OF PRESENTATION

8 unchanged sentences

The Company’s current fiscal year will end June 29, 2025 and includes 52 weeks.

The quarters ended September 29, 2024 (the “September 2024 quarter”) and September 24, 2023 included 13 weeks.

The quarters ended December 29, 2024 (the “December 2024 quarter”) and December 24, 2023 included 13 weeks.

Common Stock Split:

On May 21, 2024, the Company announced a ten -for-one stock split which was effective October 2, 2024.

On October 2, 2024, the Company effected a ten -for-one stock split of its common stock and a proportionate increase in the number of authorized shares.

All share and per share amounts throughout this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the stock split.

4 unchanged sentences

Recently Adopted or Effective

The Company has not adopted any new accounting standards during the three months ended September 29, 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements.

The Company has not adopted any new accounting standards during the six months ended December 29, 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements.

Updates Not Yet Effective

10 unchanged sentences

The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses,” which requires disaggregation of certain expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement.

In January 2025, the FASB issued ASU 2025-01 which clarified the effective date for entities that do not have an annual reporting period that ends on December 31st.

The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

The Company is required to adopt this standard either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements.

The Company is required to adopt this standard in fiscal year 2028 for the annual reporting period ending June 25, 2028.

Lam Research Corporation 2025 Q2 10-Q 9

will apply the guidance prospectively and is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

NOTE 3 — REVENUE

3 unchanged sentences

The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution.

Lam Research Corporation 2025 Q1 10-Q 8

The Company operates in seven geographic regions:

4 unchanged sentences

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

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(In thousands)

5 unchanged sentences

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

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(In thousands)

8 unchanged sentences

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

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

Memory 50 % 48 % 43 % 43 %

1 unchanged sentence

Logic/integrated device manufacturing 15 % 14 % 19 % 20 %

Lam Research Corporation 2025 Q2 10-Q 10

Deferred Revenue

Revenue of $ 371.4 million included in deferred profit at June 30, 2024 was recognized during the three months ended September 29, 2024, representing 24 % of the $ 1,551.6 million of deferred revenue as of June 30, 2024.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of September 29, 2024 and when the Company expects to recognize the amounts as revenue:

Revenue of $ 311.7 million and $ 683.1 million included in deferred profit at June 30, 2024 was recognized during the three and six months ended December 29, 2024, representing 20 % and 44 %, respectively, of the $ 1,551.6 million of deferred revenue as of June 30, 2024.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of December 29, 2024 and when the Company expects to recognize the amounts as revenue:

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

2 unchanged sentences

(1) This amount is reported in Deferred profit on the Company's Condensed Consolidated Balance Sheets as the customers can demand the performance to be satisfied at any time.

Lam Research Corporation 2025 Q1 10-Q 9

NOTE 4 — EQUITY-BASED COMPENSATION PLANS

6 unchanged sentences

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

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(in thousands)

3 unchanged sentences

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

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(in thousands)

1 unchanged sentence

Interest expense ( 45,299 ) ( 46,313 ) ( 90,245 ) ( 91,644 )

Gains (losses) on deferred compensation plan-related assets, net 17,420 ( 2,901 )

Gains on deferred compensation plan-related assets, net 4,502 25,530 21,922 22,629

Foreign exchange (losses) gains, net ( 5,117 ) ( 568 ) ( 14,803 ) 701

1 unchanged sentence

$ 14,262 $ 29,839 $ 44,343 $ 32,440

Lam Research Corporation 2025 Q2 10-Q 11

NOTE 6 — INCOME TAX EXPENSE

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

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(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 months ended September 29, 2024 and September 24, 2023 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 six months ended December 29, 2024 and December 24, 2023 was primarily due to income in lower tax jurisdictions.

The Internal Revenue Service (“IRS”) is examining the Company’s U.S.

5 unchanged sentences

The change in uncertain tax positions as a result of lapses of statutes of limitation may range up to $ 211.1 million.

Lam Research Corporation 2025 Q1 10-Q 10

NOTE 7 — NET INCOME PER SHARE

2 unchanged sentences

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

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(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.

These anti-dilutive securities, including options and RSUs, were not material for the three months ended September 29, 2024 and September 24, 2023.

These anti-dilutive securities, including options and RSUs, were not material for the three and six months ended December 29, 2024 and December 24, 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 the Consolidated Financial Statements in Part II, Item 8 of its 2024 Form 10-K.

As of September 29, 2024 and June 30, 2024, the fair value of mutual funds and equity investments were not material.

The Company had no debt security investments as of September 29, 2024 and June 30, 2024.

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 months ended September 29, 2024 and September 24, 2023.

The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of September 29, 2024, and June 30, 2024 consisted of the following:

September 29,

As of December 29, 2024 and June 30, 2024, the fair value of mutual funds and equity investments were not material.

The Company had no debt security investments as of December 29, 2024 and June 30, 2024.

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 29, 2024 and December 24, 2023.

Lam Research Corporation 2025 Q2 10-Q 12

The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of December 29, 2024, and June 30, 2024 consisted of the following:

2024 June 30,

6 unchanged sentences

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 2024 Form 10-K.

As of September 29, 2024 and June 30, 2024, 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 months ended September 29, 2024 and September 24, 2023.

As of December 29, 2024 and June 30, 2024, 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 29, 2024 and December 24, 2023.

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 the Consolidated Financial Statements in Part II, Item 8 of its 2024 Form 10-K.

Lam Research Corporation 2025 Q1 10-Q 11

NOTE 9 — INVENTORIES

1 unchanged sentence

Inventories consist of the following:

September 29,

2024 June 30,

4 unchanged sentences

$ 4,358,152 $ 4,217,924

NOTE 10 — GOODWILL

The balance of goodwill is approximately $ 1.6 billion as of September 29, 2024 and June 30, 2024.

As of September 29, 2024 and June 30, 2024, $ 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.

NOTE 10 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

September 29,

2024 June 30,

6 unchanged sentences

$ 2,095,989 $ 1,801,877

NOTE 11 — LONG-TERM DEBT AND OTHER BORROWINGS

The Company’s outstanding Senior Notes are unchanged from those disclosed in Note 14, “Long-term Debt and Other Borrowings,” to the Consolidated Financial Statements in Part II, Item 8 of its 2024 Form 10-K.

Lam Research Corporation 2025 Q2 10-Q 13

Revolving Credit Facility

On March 12, 2014, the Company established an unsecured Credit Agreement.

This agreement was amended on November 10, 2015 (the “Amended and Restated Credit Agreement”), October 13, 2017 (the “2nd Amendment”), February 25, 2019 (the “3rd Amendment”), June 17, 2021 (the “Second Amended and Restated Credit Agreement”), December 7, 2022 (“Amendment No.1 to Second Amended and Restated Credit Agreement”), and January 27, 2025 (the “Third Amended and Restated Credit Agreement”).

The Third Amended and Restated Credit Agreement provides for a $ 2.0 billion revolving credit facility with a syndicate of lenders, along with an expansion option that will allow the Company, subject to certain requirements, to request an increase in the facility of up to an additional $ 750.0 million, for a potential total commitment of $ 2.75 billion.

The facility matures on January 25, 2030.

Interest on amounts borrowed under the credit facility is, at the Company’s option, based on (1) a base rate, plus a spread of 0.00 % to 0.10 %, or (2) an adjusted term Secured Overnight Financing Rate, plus a spread of 0.70 % to 1.10 %, in each case plus a facility fee, with such spread and facility fee determined in accordance with the Third Amended and Restated Credit Agreement, and with the spread and facility fee based on the rating of the Company’s non-credit enhanced, senior unsecured long-term debt.

Principal and any accrued and unpaid interest are due and payable upon maturity.

Additionally, the Company will pay the lenders a quarterly commitment fee that varies based on the Company’s credit rating as described above.

As of December 29, 2024, the Company had no borrowings outstanding under the credit facility and was in compliance with all financial covenants.

Commercial Paper Program

The Company’s commercial paper program is unchanged from those disclosed in Note 14, “Long-term Debt and Other Borrowings,” to the Consolidated Financial Statements in Part II, Item 8 of its 2024 Form 10-K.

NOTE 12 — COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

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

As of September 29, 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.

As of December 29, 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 September 29, 2024, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ 210.8 million.

As of December 29, 2024, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ 203.6 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.

3 unchanged sentences

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 under such indemnification agreements or statutory obligations.

Lam Research Corporation 2025 Q1 10-Q 12

The Company provides standard warranties on its systems.

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 September 29, 2024, warranty reserves totaling $ 23.3 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 December 29, 2024, warranty reserves totaling $ 23.4 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.

Lam Research Corporation 2025 Q2 10-Q 14

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

Three Months Ended

September 29,

2024 September 24,

Three Months Ended Six Months Ended

2024 December 24,

2023 December 29,

2024 December 24,

(in thousands)

25 unchanged sentences

Quarter ended September 29, 2024 11,952 $ 1,003,654 $ 83.97 $ 9,821,006

Quarter ended December 29, 2024 8,336 $ 650,445 $ 78.03 $ 9,170,561

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

Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share.

In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three months ended September 29, 2024, the Company acquired 59 thousand shares at a total cost of $ 5.2 million, 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.

Lam Research Corporation 2025 Q1 10-Q 13

NOTE 14 — RESTRUCTURING CHARGES, NET

3 unchanged sentences

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.

No restructuring charges were recorded during the three months ending September 29, 2024.

During the three months ended September 24, 2023, net restructuring costs of $ 7.9 million and $ 2.0 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.

Lam Research Corporation 2025 Q2 10-Q 15

No restructuring charges were recorded during the three and six months ended December 29, 2024.

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 in the Condensed Consolidated Statements of Operations.

The restructuring plan was substantially completed as of June 30, 2024, and cumulative costs as of June 30, 2024 totaled $ 181.9 million.

The restructuring liability reported as of June 30, 2024 totaling $ 1.1 million has been substantially satisfied in the three months ended September 29, 2024.

The restructuring liability reported as of June 30, 2024 totaling $ 1.1 million was substantially satisfied in the three months ended September 29, 2024.

Lam Research Corporation 2025 Q2 10-Q 16

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