Company: SNPS
Filing Date: 2025-02-26
Form Type: 10-Q
Source: 0000883241-25-000014
Chunk: 57

Company: SYNOPSYS INC
Filing Date: 2025-02-26
Form: 10-Q
Item: Item 1
Chunk 57
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 revolving commitment.There was no outstanding balance under the Revolving Credit Agreement as of January 31, 2025 and October 31, 2024. In July 2018, we entered into a 12-year 220.0 million Renminbi (approximately $33.0 million) credit agreement with a lender in China to support our facilities expansion. Borrowings bear interest at a floating rate based on the 5-year 

18

Loan Prime Rate plus 0.74%. As of January 31, 2025, we had $14.2 million outstanding balance under the agreement.The carrying amount of the short-term and long-term debt approximates the estimated fair value.

Note 11. Leases

We have operating lease arrangements for office space, data center, equipment and other corporate assets. These leases have various expiration dates through December 31, 2042, some of which include options to extend the leases for up to 10 years. Because we are not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments.The components of our lease expense during the period presented are as follows:Three Months Ended January 31,20252024(in thousands)Operating lease expense (1)$25,052 $22,234 Variable lease expense (2)6,760 5,627 Total lease expense$31,812 $27,861 (1) Operating lease expense includes immaterial amounts of short-term leases, net of sublease income.(2) Variable lease expense includes payments to lessors that are not fixed or determinable at lease commencement date. These payments primarily consist of maintenance, property taxes, insurance and variable indexed based payments. Supplemental cash flow information during the period presented is as follows:Three Months Ended January 31,20252024(in thousands)Cash paid for amounts included in the measurement of operating lease liabilities(1)$24,925 $24,172 ROU assets obtained in exchange for operating lease liabilities(2)$8,848 $5,004 (1) Cash paid for amounts included in the measurement of operating lease liabilities included cash from discontinued operations of  $1.5 million during the three months ended January 31, 2024.(2) ROU assets obtained in exchange for operating lease liabilities included ROU assets from discontinued operations of $0.1 million during the three months ended January 31, 2024.Lease term and