lam research annual report 2021

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Lam Research Corporation

Ticker LRCX Exchange NASDAQ More
Industry Semiconductor Equipment & Materials More
Sector Technology More

5001-10,000 Employees
Based in Fremont, California

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Lam Research Corp (LRCX) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, June 27, 2021

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Last10K.com | 10-K Annual Report Tue Aug 17 2021

Lam research corp.

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We believe it is more likely than not that such assets will be realized; however, ultimate realization could be negatively impacted by market conditions and other variables not known or anticipated at this time.

Our critical accounting estimates include: the recognition and valuation of revenue from arrangements with multiple performance obligations which impacts revenue; the valuation of inventory, which impacts gross margin; the valuation of warranty reserves, which impacts gross margin; the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions, which impact our provision for income tax expenses; and the valuation and recoverability of long-lived assets, which impacts gross margin and operating expenses when we record asset impairments or accelerate their depreciation or amortization.

Actual results could differ significantly from those estimates, which could have a material impact on our business, results of operations, and financial condition.

Income Tax Expense Our provision for income taxes and effective tax rate for the periods indicated were as follows: The decrease in the effective tax rate in fiscal year 2021 as compared to fiscal year 2020 was primarily due to a cumulative income tax benefit reversal due to a court ruling in fiscal year 2020, as outlined below.

Lam Research Corporation 2021 10-K 31 Revenue Recognition: We recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services by following a five-step process, (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when or as we satisfy a performance obligation, as further described below.

Risks and uncertainties related to... Read more

The decrease in SG&A expense... Read more

Gains on deferred compensation plan... Read more

However, the ongoing COVID-19 pandemic... Read more

As of our fiscal year... Read more

However, uncertainty in the global... Read more

The amounts in the table... Read more

Interest expense increased in fiscal... Read more

Our policy is to include... Read more

The increase in R&D expense... Read more

Over the longer term, we... Read more

Results of Operations Revenue Revenue... Read more

As of June 27, 2021,... Read more

Commercial Paper Program On November... Read more

The change in gross deferred... Read more

Cash Flow from Operating Activities... Read more

In performing a qualitative assessment,... Read more

Changes in judgment on these... Read more

We may redeem the 2025,... Read more

Lam Research Corporation 2021 10-K... Read more

On May 21, 2021, the... Read more

We believe we are in... Read more

Critical Accounting Policies and Estimates... Read more

If future customer demand or... Read more

In estimating the fair value... Read more

We generally consider documentation of... Read more

Several factors create opportunity for... Read more

In that quarter, we evaluated... Read more

Gross margin as a percentage... Read more

If we conclude that it... Read more

Our products and services are... Read more

Fiscal year 2020 revenue increased... Read more

In the longer term, liquidity... Read more

Standalone selling prices are based... Read more

Throughout the 2021 fiscal year,... Read more

Revenue for systems and spares... Read more

We have built a strong... Read more

Financial Statements, Disclosures and Schedules Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more Lam Research Corp provided additional information to their SEC Filing as exhibits

Ticker: LRCX CIK: 707549 Form Type: 10-K Annual Report Accession Number: 0000707549-21-000136 Submitted to the SEC: Tue Aug 17 2021 4:06:57 PM EST Accepted by the SEC: Tue Aug 17 2021 Period: Sunday, June 27, 2021 Industry: Special Industry Machinery

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