Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 100

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 100
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, we have an additional operating lease that has not yet commenced with an estimated lease obligation of approximately $5 million.  This operating lease will commence in fiscal year 2026 with a lease term of approximately 10 years.Future lease commitments and income under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 29, 2025, are as follows (in thousands):Fiscal YearOperating Lease CommitmentsOperating Lease Income2026$21,915 $(1,578)202719,239 (1,889)202819,702 (2,029)202919,487 (1,418)203016,945 — Thereafter86,104 — Total$183,392 $(6,914)Less imputed interest and other(39,673)— Total$143,719 $(6,914)Operating lease liabilities consisted of the following (in thousands):March 29, 2025March 30, 2024Current lease liabilities$21,811 $20,640 Non-current lease liabilities121,908 134,576 Total operating lease liabilities$143,719 $155,216 

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11.    Postretirement Benefit Plans

We have Defined Contribution Plans (“the Plans”) covering all of our qualifying employees.  Under the Plans, employees may elect to contribute any percentage of their annual compensation up to the annual regulatory limits.  The Company made matching employee contributions of $11.3 million, $11.0 million, and $10.2 million during fiscal years 2025, 2024, and 2023, respectively.

12.    Equity Compensation

The Company is currently granting equity awards from the 2018 Long Term Incentive Plan (the “Plan”), which was approved by stockholders in August 2018 and subsequently amended and restated on July 26, 2024.  The Plan provides for granting of stock options, restricted stock awards, restricted stock units, performance awards, and bonus stock awards, or any combination of the foregoing.  To date, the Company has granted stock options, restricted stock units, and performance awards (including market stock units and performance stock units).  Each stock option granted reduces the total shares available for grant under the Plan by one share.  Each full value award granted (including restricted stock awards, restricted stock units, market stock units, and performance stock units) reduces the total shares available for grant under