Wolfspeed (WOLF) 10-Q 19 Oct 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 25, 2016	Oct. 14, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	CREE INC
Entity Central Index Key	895,419
Current Fiscal Year End Date	--06-25
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 25, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		99,704,078
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Current assets:
Cash and cash equivalents	$ 127,841	$ 166,154
Short-term investments	461,207	439,151
Total cash, cash equivalents and short-term investments	589,048	605,305
Accounts receivable, net	146,067	138,772
Income tax receivable	9,855	6,304
Inventories	291,533	281,671
Prepaid expenses	23,344	25,728
Other current assets	41,584	44,501
Disposal Group, Including Discontinued Operation, Assets, Current	421,094	54,426
Total current assets	1,522,525	1,156,707
Property and equipment, net	373,211	387,167
Goodwill	518,059	518,059
Intangible assets, net	252,568	259,400
Other long-term investments	39,049	40,179
Deferred income taxes	38,708	38,564
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent	0	356,735
Other assets	8,635	9,249
Total assets	2,752,755	2,766,060
Current liabilities:
Accounts payable, trade	114,302	122,808
Accrued salaries and wages	36,250	40,128
Other Liabilities, Current	41,940	45,101
Disposal Group, Including Discontinued Operation, Liabilities, Current	18,383	14,962
Total current liabilities	210,875	222,999
Long-term liabilities:
Long-term debt	187,000	160,000
Deferred income taxes	945	943
Other long-term liabilities	11,676	12,444
Long-term liabilities held for sale	0	1,850
Total long-term liabilities	199,621	175,237
Commitments and contingencies (Note 13)
Shareholders' equity:
Preferred stock, par value $0.01; 3,000 shares authorized at September 25, 2016 and June 26, 2016; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at September 25, 2016 and June 26, 2016; 99,689 and 100,829 shares issued and outstanding at September 25, 2016 and June 26, 2016, respectively	124	125
Additional paid-in-capital	2,369,408	2,359,584
Accumulated other comprehensive income, net of taxes	8,437	8,728
Accumulated deficit	(35,710)	(613)
Total shareholders’ equity	2,342,259	2,367,824
Total liabilities and shareholders’ equity	$ 2,752,755	$ 2,766,060

Consolidated Balance Sheets Con

Consolidated Balance Sheets Consolidation Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 25, 2016	Jun. 26, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000	3,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00125	$ 0.00125
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	99,689	100,829
Common stock, shares outstanding	99,689	100,829

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Income Statement [Abstract]
Revenue, net	$ 321,329	$ 381,549
Cost of revenue, net	234,988	274,357
Gross profit	86,341	107,192
Operating expenses:
Research and development	28,531	32,731
Sales, general and administrative	61,371	70,172
Amortization or impairment of acquisition-related intangibles	6,266	6,469
Loss on disposal or impairment of long-lived assets	316	9,565
Total operating expenses	96,484	118,937
Operating loss	(10,143)	(11,745)
Non-operating expense	(158)	(22,803)
Loss from continuing operations before income taxes	(10,301)	(34,548)
Income tax benefit	(7,443)	(8,812)
Loss from continuing operations	(2,858)	(25,736)
Income from discontinued operations, net of tax	3,424	1,247
Net income (loss)	$ 566	$ (24,489)
Earnings (loss) per share-basic
Continuing operations, basic	$ (0.03)	$ (0.25)
Discontinued operations, basic	0.03	0.01
Basic	0	(0.24)
Continuing operations, diluted	(0.03)	(0.25)
Discontinued operations, diluted	0.03	0.01
Diluted	$ 0	$ (0.24)
Weighted average shares used in per share calculation:
Basic	100,559	103,473
Diluted	100,559	103,473

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 566	$ (24,489)
Currency translation gain (loss)	29	(359)
Net unrealized (loss) gain on available-for-sale securities, net of tax benefit (expense) of $199 and ($490), respectively	(320)	792
Other comprehensive (loss) income	(291)	433
Comprehensive income (loss)	$ 275	$ (24,056)

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Statement of Comprehensive Income [Abstract]
Tax (expense) benefit on net unrealized gain (loss) on available-for-sale securities	$ 199	$ (490)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Cash flows from operating activities:
Net income (loss)	$ 566	$ (24,489)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,939	41,360
Stock-based compensation	14,650	15,074
Excess tax benefit from stock-based payment arrangements	(12)	(3)
Loss on disposal or impairment of long-lived assets	325	14,573
Amortization of premium/discount on investments	1,382	1,361
Loss on equity investment	2,487	19,948
Foreign exchange loss on equity investment	(1,373)	3,036
Deferred income taxes	54	979
Changes in operating assets and liabilities:
Accounts receivable, net	(9,227)	(6,406)
Inventories	(10,808)	(8,428)
Prepaid expenses and other assets	(1,922)	(772)
Accounts payable, trade	(2,111)	(459)
Accrued salaries and wages and other liabilities	(11,852)	(8,940)
Net cash provided by operating activities	18,098	46,834
Cash flows from investing activities:
Purchases of property and equipment	(19,337)	(49,883)
Purchases of patent and licensing rights	(2,252)	(4,314)
Proceeds from sale of property and equipment	165	3
Purchases of short-term investments	(106,749)	(121,628)
Proceeds from maturities of short-term investments	77,645	137,121
Proceeds from sale of short-term investments	5,148	8,643
Purchase of acquired business, net of cash acquired	(2,775)	(12,513)
Net cash used in investing activities	(48,155)	(42,571)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	110,000	195,000
Payments on long-term debt borrowings	(83,000)	(188,000)
Net proceeds from issuance of common stock	406	2,801
Excess tax benefit from stock-based payment arrangements	12	3
Repurchases of common stock	(35,663)	(69,604)
Net cash used in financing activities	(8,245)	(59,800)
Effects of foreign exchange changes on cash and cash equivalents	(11)	(804)
Net decrease in cash and cash equivalents	(38,313)	(56,341)
Cash and cash equivalents:
Beginning of period	166,154	139,710
End of period	127,841	83,369
Accrued property and equipment	$ 3,103	$ 17,672

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	3 Months Ended
	Sep. 25, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and New Accounting Standards	Basis of Presentation and New Accounting Standards Overview Cree, Inc. (the Company) is a leading innovator of lighting-class light emitting diode (LED) products, lighting products and wide bandgap semiconductor products for power and radio-frequency (RF) applications. The Company's products are targeted for applications such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems. The Company's lighting products primarily consist of LED lighting systems and bulbs. The Company designs, manufactures and sells lighting fixtures and lamps for the commercial, industrial and consumer markets. The Company's LED products consist of LED components and LED chips. The Company's LED products enable its customers to develop and market LED-based products for lighting, video screens and other industrial applications. In addition, the Company develops, manufactures and sells silicon carbide (SiC) materials, power devices and RF devices based on wide bandgap semiconductor materials such as SiC and gallium nitride (GaN). The Company's SiC materials products are sold to customers developing power and RF products as well as gemstones. These SiC materials products had previously been included within the LED Products segment. The Company's power products are made from SiC and provide increased efficiency, faster switching speeds and reduced system size and weight over comparable silicon-based power devices. The Company's RF devices are made from GaN and provide improved efficiency, bandwidth and frequency of operation as compared to silicon or gallium arsenide (GaAs). Collectively, the Company refers to these product lines as the Wolfspeed business. As discussed more fully below in Note 2, “Discontinued Operations,” on July 13, 2016, the Company executed a definitive agreement to sell its Wolfspeed business to Infineon Technologies AG (Infineon). As a result, the Company has classified the results of the Wolfspeed business as discontinued operations in its consolidated statements of income (loss) for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The majority of the Company's products are manufactured at its production facilities located in North Carolina, Wisconsin and China. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. The Company operates research and development facilities in North Carolina, California, Wisconsin, India, Italy and China (including Hong Kong). Cree, Inc. is a North Carolina corporation established in 1987 and is headquartered in Durham, North Carolina. The Company's two reportable segments are: • Lighting Products • LED Products For financial results by reportable segment, please refer to Note 14, "Reportable Segments." Basis of Presentation The consolidated balance sheet at September 25, 2016 , the consolidated statements of income (loss) for the three months ended September 25, 2016 and September 27, 2015 , the consolidated statements of comprehensive income (loss) for the three months ended September 25, 2016 and September 27, 2015 , and the consolidated statements of cash flows for the three months ended September 25, 2016 and September 27, 2015 (collectively, the consolidated financial statements) have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive income and cash flows at September 25, 2016 , and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 26, 2016 has been derived from the audited financial statements as of that date. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 26, 2016 (fiscal 2016 ). The results of operations for the three months ended September 25, 2016 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 25, 2017 (fiscal 2017 ). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual amounts could differ materially from those estimates. Certain fiscal 2016 amounts in the accompanying consolidated financial statements have been reclassified to conform to the fiscal 2017 presentation. These reclassifications had no effect on previously reported consolidated net income or shareholders’ equity. Revision of Prior Period Financial Statements During the third quarter of fiscal 2016, the Company identified errors in its previously reported financial statements in which amortization expense was understated as certain patents were being amortized over a life longer than the life of the underlying patent right. The Company assessed the materiality of these errors on prior periods’ financial statements in accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 99, Materiality, codified in the Accounting Standards Codification (ASC) 250, Presentation of Financial Statements, and concluded that they were not material individually or in the aggregate to any prior annual or interim periods. However, through the second quarter of fiscal 2016 the aggregate amount of the prior period errors of $6.8 million before income taxes would have been material to the Company's interim Consolidated Statements of Income (Loss) for the third quarter of fiscal 2016. Consequently, in accordance with ASC 250, the Company corrected these errors, and other immaterial errors, for all prior periods presented by revising the consolidated financial statements and other financial information included herein. Periods not presented herein will be revised, as applicable in future filings. The following table summarizes the effects of the revision on the consolidated statements of income (loss) (in thousands): Three Months Ended September 27, 2015 As Reported Revision Adjustments As Revised Cost of revenue, net $273,256 $1,101 $274,357 Gross profit 108,293 (1,101 ) 107,192 Operating loss (10,644 ) (1,101 ) (11,745 ) Loss from continuing operations before income taxes (33,447 ) (1,101 ) (34,548 ) Income tax benefit (8,528 ) (284 ) (8,812 ) Loss from continuing operations (24,919 ) (817 ) (25,736 ) Income (loss) from discontinued operations, net of tax 1,296 (49 ) 1,247 Net income (loss) ($23,623 ) ($866 ) ($24,489 ) (Loss) earnings per share-basic Continuing operations ($0.24 ) ($0.01 ) ($0.25 ) Discontinued operations 0.01 — 0.01 (Loss) earnings per share-basic ($0.23 ) ($0.01 ) ($0.24 ) (Loss) earnings per share-diluted Continuing operations ($0.24 ) ($0.01 ) ($0.25 ) Discontinued operations 0.01 — 0.01 (Loss) earnings per share-diluted ($0.23 ) ($0.01 ) ($0.24 ) The revision had no net impact on the Company’s net cash provided by operating activities. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09: Revenue from Contracts with Customers (Topic 606). The FASB has subsequently issued multiple ASUs which amend and clarify the guidance in Topic 606. The ASU establishes a principles-based approach for accounting for revenue arising from contracts with customers and supersedes existing revenue recognition guidance. The ASU provides that an entity should apply a five-step approach for recognizing revenue, including (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, the entity satisfies a performance obligation. Also, the entity must provide various disclosures concerning the nature, amount and timing of revenue and cash flows arising from contracts with customers. The effective date will be the first quarter of the Company's fiscal year ending June 30, 2019, using one of two retrospective application methods. The Company is currently analyzing the impact of this new accounting guidance. Leases In February 2016, the FASB issued ASU No. 2016-02: Leases (Topic 842). The ASU requires that a lessee recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. For income statement purposes, leases are still required to be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The effective date will be the first quarter of the Company's fiscal year ending June 28, 2020, using a modified retrospective approach. The Company is currently analyzing the impact of this new pronouncement. Stock Compensation In March 2016, the FASB issued ASU No. 2016-09: Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU simplifies the current stock compensation guidance for tax consequences. The ASU requires an entity to recognize all excess tax benefits and tax deficiencies as income tax expense or benefit in its income statement. The ASU also eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For cash flows statement purposes, excess tax benefits should be classified as an operating activity and cash payments made to taxing authorities on the employee’s behalf for withheld shares should be classified as financing activity. The ASU is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently analyzing the impact of this new pronouncement.

Acquisition

Acquisition	3 Months Ended
	Sep. 25, 2016
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Acquisition On July 8, 2015, the Company closed on the acquisition of Arkansas Power Electronics International, Inc. (APEI), a global leader in power modules and power electronics applications, pursuant to a merger agreement with APEI and certain shareholders of APEI, whereby the Company acquired all of the outstanding share capital of APEI in exchange for a base purchase price of $13.8 million , subject to certain adjustments. In addition, if certain goals are achieved over the subsequent two years, additional cash payments totaling up to $4.6 million may be made to the former APEI shareholders. Payments totaling $2.8 million were made to the former APEI shareholders in July 2016 based on achievement of the first year goals. The Company expects that the second year goals will also be achieved. In connection with this acquisition, APEI became a wholly owned subsidiary of the Company, renamed Cree Fayetteville, Inc. (Cree Fayetteville). Cree Fayetteville is not considered a significant subsidiary of the Company and its results from operations were reported as part of the Company's Power and RF Products segment prior to the classification of the Wolfspeed business as discontinued operations and is discussed more fully in Note 2, "Discontinued Operations." The total purchase price for this acquisition was as follows (in thousands): Cash consideration paid to shareholders $13,797 Post-closing adjustments 181 Contingent consideration 4,625 Total purchase price $18,603 The purchase price for this acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values as follows (in thousands): Tangible assets: Cash and cash equivalents $1,284 Accounts receivable 1,006 Inventories 143 Property and equipment 935 Other assets 270 Total tangible assets 3,638 Intangible assets: Patents 40 Customer relationships 4,500 Developed technology 11,403 In-process research and development 7,565 Non-compete agreements 231 Goodwill 2,483 Total intangible assets 26,222 Liabilities assumed: Accounts payable 55 Accrued expenses and liabilities 1,911 Other long-term liabilities 9,291 Total liabilities assumed 11,257 Net assets acquired $18,603 Prior to the classification of the Wolfspeed business as discontinued operations, the identifiable intangible assets acquired as a result of the acquisition were being amortized over their respective estimated useful lives as follows (in thousands, except for years): Asset Amount Estimated Life in Years Patents $40 20 Customer relationships 4,500 4 Developed technology 11,403 10 In-process research and development 1 7,565 7 Non-compete agreements 231 3 Total identifiable intangible assets $23,739 (1) In-process research and development (IPR&D) is initially classified as indefinite-lived assets and tested for impairment at least annually or when indications of potential impairment exist. The IPR&D was completed in January 2016. Goodwill largely consists of expansion of product offerings of power modules and power electronics applications, manufacturing and other synergies of the combined companies, and the value of the assembled workforce. The assets, liabilities, and operating results of APEI have been included in the Company's consolidated financial statements from the date of acquisition and are not significant to the Company as a whole.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Sep. 25, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 2 – Discontinued Operations On July 13, 2016, the Company executed an Asset Purchase Agreement (the APA) with Infineon. The transaction, which was approved by both the Company’s Board of Directors and Infineon’s Supervisory Board, is expected to close by the end of calendar year 2016, subject to customary closing conditions and governmental approvals. Pursuant to the APA, the Company will sell to Infineon, and Infineon will (i) purchase from the Company (a) the assets comprising the Company’s Power and RF Products segment, including manufacturing facilities and equipment, inventory, intellectual property rights, contracts, real estate, and the outstanding equity interests of Cree Fayetteville, Inc, one of the Company’s wholly-owned subsidiaries, and (b) certain related portions of the Company’s SiC materials and gemstones business previously included within the LED Products segment and (ii) assume certain liabilities related to the Wolfspeed business. The Company will retain certain liabilities associated with the Wolfspeed business arising prior to the closing of the transaction. Infineon is expected to hire most of the Company’s approximately 564 Wolfspeed employees either at the closing of the transaction or following a transition period. The purchase price for the Wolfspeed business will be $850 million in cash, which is subject to certain adjustments. In connection with the transaction, the Company and Infineon will also enter into certain ancillary and related agreements, including (i) an intellectual property assignment and license agreement, which will assign to Infineon certain intellectual property owned by the Company and license to Infineon certain additional intellectual property owned by the Company, (ii) a transition services agreement, which is designed to ensure a smooth transition of the Wolfspeed business to Infineon, and (iii) a wafer supply agreement, pursuant to which the Company will supply Infineon with silicon carbide wafers and silicon carbide boules for a transitional period of time. The APA contains customary representations, warranties and covenants, including covenants to cooperate in seeking regulatory approvals, as well as the Company’s agreement to not compete with the Wolfspeed business for five years following the closing of the transaction and to indemnify Infineon for certain damages that Infineon may suffer following the closing of the transaction. Infineon's obligation to purchase the Wolfspeed business is subject to the satisfaction or waiver of a number of conditions set forth in the APA, including regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and certain similar non-U.S. regulations, the approval of the Committee on Foreign Investment in the United States and other customary closing conditions. The APA provides for customary termination rights of the parties and also provides that in the event the APA is terminated for certain specified regulatory-related circumstances, Infineon may be required to pay the Company a termination fee ranging from $12.5 million to $42.5 million. The Company has classified the results of the Wolfspeed business as discontinued operations in the Company’s consolidated statements of income (loss) for all periods presented. The Company ceased recording depreciation and amortization of long-lived assets of the Wolfspeed business upon classification as discontinued operations in July 2016. Additionally, the related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets. The assets and liabilities held for sale as of September 25, 2016 are classified as current in the consolidated balance sheet as the Company expects the transaction to close within one year. The following table presents the financial results of the Wolfspeed business as income from discontinued operations, net of income taxes in the Company's consolidated statements of income (loss) (in thousands): Three Months Ended September 25, 2016 September 27, 2015 Revenue, net $49,902 $43,939 Cost of revenue, net 26,314 20,548 Gross profit 23,588 23,391 Total operating expenses 18,654 21,514 Income from discontinued operations before income taxes 4,934 1,877 Income tax expense 1,510 630 Income from discontinued operations, net of income taxes $3,424 $1,247 The following table presents the assets and liabilities related to the Wolfspeed business held for sale (in thousands): September 25, 2016 June 26, 2016 Assets Held For Sale Accounts receivable, net $28,794 $26,839 Prepaid and other Current Assets 1,491 1,369 Inventories 19,005 21,871 Property and equipment, net 224,773 214,934 Intangible assets, net 44,352 43,409 Goodwill 100,769 100,769 Total Assets Held for Sale* $419,184 $409,191 Liabilities Held for Sale Accounts payable $12,470 $9,477 Accrued salaries and wages 3,740 4,514 Other accrued liabilities 2,173 971 Other long term liabilities — 1,850 Total Liabilities Held for Sale* $18,383 $16,812 *Amounts in the June 26th, 2016 column are classified as current and long-term in the consolidated balance sheet. The following table presents the cash flow of the Wolfspeed business (in thousands): Three Months Ended September 25, 2016 September 27, 2015 Net cash provided by discontinued operating activities $9,138 $12,868 Net cash used in discontinued investing activities $12,507 $53,049

Financial Statement Details

Financial Statement Details	3 Months Ended
	Sep. 25, 2016
Financial Statement Details [Abstract]
Financial Statement Details	Financial Statement Details Accounts Receivable, net The following table summarizes the components of accounts receivable, net (in thousands): September 25, 2016 June 26, 2016 Billed trade receivables $194,218 $188,672 Unbilled contract receivables 192 59 194,410 188,731 Allowance for sales returns, discounts and other incentives (42,802 ) (44,543 ) Allowance for bad debts (5,541 ) (5,416 ) Accounts receivable, net $146,067 $138,772 Inventories The following table summarizes the components of inventories (in thousands): September 25, 2016 June 26, 2016 Raw material $74,159 $79,957 Work-in-progress 87,552 84,459 Finished goods 129,822 117,255 Inventories $291,533 $281,671 Other Current Liabilities The following table summarizes the components of other current liabilities (in thousands): September 25, 2016 June 26, 2016 Accrued taxes $11,887 $12,023 Accrued professional fees 6,411 7,959 Accrued warranty 18,495 20,102 Accrued other 5,147 5,017 Other current liabilities $41,940 $45,101 Accumulated Other Comprehensive Income, net of taxes The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): September 25, 2016 June 26, 2016 Currency translation gain $4,653 $4,624 Net unrealized gain on available-for-sale securities 3,784 4,104 Accumulated other comprehensive income, net of taxes $8,437 $8,728 Non-Operating Expense, net The following table summarizes the components of non-operating expense, net (in thousands): Three Months Ended September 25, 2016 September 27, 2015 Foreign currency gain (loss), net $1,361 ($4,294 ) Gain on sale of investments, net 12 2 Loss on equity investment (2,487 ) (19,948 ) Interest income, net 887 1,297 Other, net 69 140 Non-operating expense, net ($158 ) ($22,803 ) Reclassifications Out of Accumulated Other Comprehensive Income, net of taxes The following table summarizes the amounts reclassified out of accumulated other comprehensive income, net of taxes (in thousands): Accumulated Other Comprehensive Income Component Amount Reclassified Out of Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income (Loss) Three Months Ended September 25, 2016 September 27, 2015 Net unrealized gain on available-for-sale securities, net of taxes $12 $2 Non-operating expense 12 2 Loss from continuing operations before income taxes 9 1 Income tax benefit $3 $1 Loss from continuing operations

Investments

Investments	3 Months Ended
	Sep. 25, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments consist of municipal bonds, corporate bonds, commercial paper and certificates of deposit. All short-term investments are classified as available-for-sale. Other long-term investments consist of the Company's ownership interest in Lextar Electronics Corporation. The following tables summarize short-term investments (in thousands): September 25, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $183,585 $2,775 ($50 ) $186,310 Corporate bonds 165,897 3,347 (43 ) 169,201 Non-U.S. certificates of deposit 93,103 — — 93,103 U.S. certificates of deposit 8,791 — — 8,791 Commercial paper $3,802 $— $— 3,802 Total short-term investments $455,178 $6,122 ($93 ) $461,207 June 26, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $186,893 $3,562 ($15 ) $190,440 Corporate bonds 165,766 3,074 (73 ) 168,767 Non-U.S. certificates of deposit 73,127 — — 73,127 U.S. certificates of deposit 3,500 — — 3,500 Commercial paper 3,317 — — 3,317 Total short-term investments $432,603 $6,636 ($88 ) $439,151 The following tables present the gross unrealized losses and estimated fair value of the Company's short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): September 25, 2016 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $17,003 ($41 ) $1,620 ($9 ) $18,623 ($50 ) Corporate bonds 12,632 (30 ) 2,487 (13 ) 15,119 (43 ) Total $29,635 ($71 ) $4,107 ($22 ) $33,742 ($93 ) Number of securities with an unrealized loss 30 3 33 June 26, 2016 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $2,936 ($9 ) $3,535 ($6 ) $6,471 ($15 ) Corporate bonds 27,578 (73 ) — — 27,578 (73 ) Total $30,514 ($82 ) $3,535 ($6 ) $34,049 ($88 ) Number of securities with an unrealized loss 22 3 25 The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses from the sale of investments are included in Non-operating expense in the consolidated statements of income (loss) and unrealized gains and losses are included as a separate component of equity, net of tax, unless the loss is determined to be other-than-temporary. The Company evaluates its investments for possible impairment or a decline in fair value below cost basis that is deemed to be other-than-temporary on a periodic basis. It considers such factors as the length of time and extent to which the fair value has been below the cost basis, the financial condition of the investee, and its ability and intent to hold the investment for a period of time that may be sufficient for an anticipated full recovery in market value. Accordingly, the Company considered declines in its investments to be temporary in nature, and did not consider its securities to be impaired as of September 25, 2016 and June 26, 2016 . The contractual maturities of short-term investments as of September 25, 2016 were as follows (in thousands): Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $43,513 $110,598 $32,199 $— $186,310 Corporate bonds 22,617 108,207 38,377 — 169,201 Non-U.S. certificates of deposit 93,103 — — — 93,103 U.S. certificates of deposit 5,791 3,000 — — 8,791 Commercial paper $3,802 $— $— $— 3,802 Total short-term investments $168,826 $221,805 $70,576 $— $461,207

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Sep. 25, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The financial assets for which the Company performs recurring fair value remeasurements are cash equivalents, short-term investments and long-term investments. As of September 25, 2016 , financial assets utilizing Level 1 inputs included money market funds, and financial assets utilizing Level 2 inputs included municipal bonds, corporate bonds, certificates of deposit, and common stock of non-U.S. corporations. Level 2 assets are valued based on quoted prices in active markets for instruments that are similar or using a third-party pricing service's consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company did not have any financial assets requiring the use of Level 3 inputs as of September 25, 2016 . There were no transfers between Level 1 and Level 2 during the three months ended September 25, 2016 . The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): September 25, 2016 June 26, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: U.S. agency securities $— $— $— $— $— $— $— $— Non-U.S. certificates of deposit — 137 — 137 — 137 — 137 Money market funds 1,360 — — 1,360 576 — — 576 Total cash equivalents 1,360 137 — 1,497 576 137 — 713 Short-term investments: Municipal bonds — 186,310 — 186,310 — 190,440 — 190,440 Corporate bonds — 169,201 — 169,201 — 168,767 — 168,767 U.S. certificates of deposit — 8,791 — 8,791 — 3,500 — 3,500 Commercial paper — 3,802 — 3,802 — 3,317 — 3,317 Non-U.S. certificates of deposit — 93,103 — 93,103 — 73,127 — 73,127 Total short-term investments — 461,207 — 461,207 — 439,151 — 439,151 Other long-term investments: Common stock of non-U.S. corporations — 39,049 — 39,049 — 40,179 — 40,179 Total other long-term investments — 39,049 — 39,049 — 40,179 — 40,179 Total assets $1,360 $500,393 $— $501,753 $576 $479,467 $— $480,043

Intangible Assets

Intangible Assets	3 Months Ended
	Sep. 25, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible Assets, net The following table presents the components of intangible assets, net (in thousands): September 25, 2016 June 26, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $136,920 ($78,591 ) $58,329 $136,920 ($77,313 ) $59,607 Developed technology 162,760 (114,864 ) 47,896 162,760 (110,204 ) 52,556 Non-compete agreements 10,244 (10,244 ) — 10,244 (9,917 ) 327 Trade names, finite-lived 520 (520 ) — 520 (520 ) — Patent and licensing rights 106,273 (39,610 ) 66,663 105,035 (37,805 ) 67,230 Total intangible assets with finite lives 416,717 (243,829 ) 172,888 415,479 (235,759 ) 179,720 Trade names, indefinite-lived 79,680 — 79,680 79,680 — 79,680 Total intangible assets $496,397 ($243,829 ) $252,568 $495,159 ($235,759 ) $259,400 For the three months ended September 25, 2016 , total amortization of finite-lived intangible assets was $9.4 million . For the three months ended September 27, 2015 , total amortization of finite-lived intangible assets was $9.2 million . Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands): Fiscal Year Ending June 25, 2017 (remainder of fiscal 2017) $24,096 June 24, 2018 31,319 June 30, 2019 18,683 June 28, 2020 14,680 June 27, 2021 13,430 Thereafter 70,680 Total future amortization expense $172,888

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 25, 2016
Long-term Debt, Unclassified [Abstract]
Long-term Debt	Long-term Debt As of September 25, 2016 , the Company had a $500 million secured revolving line of credit under which the Company can borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2020. The Company classifies balances outstanding under its line of credit as long-term debt in the consolidated balance sheets. At September 25, 2016 , the Company had $187 million outstanding under the line of credit and $313 million available for borrowing. For the three months ended September 25, 2016 , the average interest rate was 1.41% . For the three months ended September 25, 2016 the average commitment fee percentage was 0.09% . The Company was in compliance with all covenants in the line of credit at September 25, 2016 .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Sep. 25, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity As of September 25, 2016 , pursuant to an approval by the Board of Directors, the Company is authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $300 million for all purchases from August 24, 2016 through the expiration of the program on June 25, 2017 . During the three months ended September 25, 2016 , the Company repurchased 1.5 million shares of common stock for $35.7 million under the stock repurchase program.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 25, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings (Loss) Per Share The following table presents the computation of basic earnings (loss) per share (in thousands, except per share amounts): Three Months Ended September 25, September 27, Loss from continuing operations ($2,858 ) ($25,736 ) Income from discontinued operations, net of tax 3,424 1,247 Net income (loss) $566 ($24,489 ) Weighted average common shares 100,559 103,473 Basic loss per share from continuing operations ($0.03 ) ($0.25 ) Basic earnings per share from discontinued operations 0.03 0.01 Earnings (loss) per share-basic $— ($0.24 ) The following computation reconciles the differences between the basic and diluted earnings (loss) per share presentations (in thousands, except per share amounts): Three Months Ended September 25, September 27, Loss from continuing operations ($2,858 ) ($25,736 ) Income from discontinued operations, net of tax 3,424 1,247 Net income (loss) $566 ($24,489 ) Weighted average common shares - basic 100,559 103,473 Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights — — Weighted average common shares - diluted 100,559 103,473 Diluted earnings (loss) per share from continuing operations ($0.03 ) ($0.25 ) Diluted earnings (loss) per share from discontinued operations 0.03 0.01 Earnings (loss) per share-diluted $— ($0.24 ) Potential common shares that would have the effect of increasing diluted earnings per share or decreasing diluted loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted earnings per share. For the three months ended September 25, 2016 , there were 11.4 million of potential common shares not included in the calculation of diluted earnings (loss) per share because their effect was anti-dilutive. For the three months ended September 27, 2015 , there were 7.7 million of potential common shares not included in the calculation of diluted earnings (loss) per share because their effect was anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 25, 2016
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation Overview of Employee Stock-Based Compensation Plans The Company currently has one equity-based compensation plan, the 2013 Long-Term Incentive Compensation Plan (2013 LTIP), from which stock-based compensation awards can be granted to employees and directors. The 2013 LTIP provides for awards in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other awards. The Company has other equity-based compensation plans that have been terminated so that no future grants can be made under those plans, but under which stock options, restricted stock and restricted stock units are currently outstanding. The Company’s stock-based awards can be either service-based or performance-based. Performance-based conditions are generally tied to future financial and/or operating performance of the Company. The compensation expense with respect to performance-based grants is recognized if the Company believes it is probable that the performance condition will be achieved. The Company reassesses the probability of the achievement of the performance condition at each reporting period, and adjusts the compensation expense for subsequent changes in the estimate or actual outcome. As with non-performance based awards, compensation expense is recognized over the vesting period. The vesting period runs from the date of grant to the expected date that the performance objective is likely to be achieved. The Company also has an Employee Stock Purchase Plan (ESPP) that provides employees with the opportunity to purchase common stock at a discount. The ESPP limits employee contributions to 15% of each employee’s compensation (as defined in the plan) and allows employees to purchase shares at a 15% discount to the fair market value of common stock on the purchase date two times per year. The ESPP provides for a twelve-month participation period, divided into two equal six-month purchase periods, and also provides for a look-back feature. At the end of each six-month period in April and October, participants purchase the Company’s common stock through the ESPP at a 15% discount to the fair market value of the common stock on the first day of the twelve-month participation period or the purchase date, whichever is lower. The plan also provides for an automatic reset feature to start participants on a new twelve-month participation period if the fair market value of common stock declines during the first six-month purchase period. Stock Option Awards The following table summarizes stock option awards outstanding as of September 25, 2016 and changes during the three months then ended (numbers of shares in thousands): Number of Shares Weighted Average Exercise Price Outstanding at June 26, 2016 11,247 $40.42 Granted 1,651 $24.42 Exercised (16 ) $25.90 Forfeited or expired (666 ) $37.53 Outstanding at September 25, 2016 12,216 $38.43 Restricted Stock Awards and Units A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of September 25, 2016 , and changes during the three months then ended is as follows (numbers of awards and units in thousands): Number of RSAs/RSUs Weighted Average Grant-Date Fair Value Nonvested at June 26, 2016 1,631 $31.66 Granted 1,091 $24.40 Vested (536 ) $34.38 Forfeited (18 ) $27.43 Nonvested at September 25, 2016 2,168 $27.37 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the Company’s stock option and ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. For RSAs and RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Total stock-based compensation expense was as follows (in thousands): Three Months Ended September 25, September 27, Income Statement Classification: Cost of revenue, net $2,779 $2,622 Research and development 2,606 2,631 Sales, general and administrative 7,635 7,712 Income from discontinued operations, net of tax 1,630 2,109 Total stock-based compensation expense $14,650 $15,074

Income Taxes

Income Taxes	3 Months Ended
	Sep. 25, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The variation between the Company's effective income tax rate and the U.S. statutory rate of 35% is due to the impact of the Company’s pre-tax income or loss relative to favorable tax rate impacts associated predominantly with the Company’s: (i) projected income for the full year derived from international locations with lower tax rates than the U.S. and (ii) projected tax credits generated. Tax credits and other deductions have the impact of increasing the tax rate above the statutory rate of 35% in periods in which the Company reports pre-tax losses as they provide a benefit that is recoverable in future periods. U.S. GAAP requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is cumulatively more than 50% likely to be realized upon ultimate settlement. As of June 26, 2016 , the Company's liability for unrecognized tax benefits was $17.7 million . During the three months ended September 25, 2016 , the Company did not record any material movement in its unrecognized tax benefits. As a result, the total liability for unrecognized tax benefits as of September 25, 2016 was $17.7 million . If any portion of this $17.7 million is recognized, the Company will then include that portion in the computation of its effective tax rate. Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that $4.3 million of gross unrecognized tax benefits will change in the next 12 months as a result of audit closures and statute requirements. The Company files U.S. federal, U.S. state and foreign tax returns. For U.S. federal purposes, the Company is generally no longer subject to tax examinations for fiscal years prior to 2013. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2012. For foreign purposes, the Company is generally no longer subject to tax examinations for tax periods 2006 and prior. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture. The Company is currently under audit by the Italian Revenue Agency for the fiscal year ended June 30, 2013. During the fourth quarter of fiscal 2016, the Company concluded it is likely that sufficient future taxable income needed to fully utilize net operating loss carryovers in Luxembourg will not be generated due to additional losses on the Company’s equity investment held there. The Company recorded a $9.5 million valuation allowance against the related deferred tax asset, representing the $32.4 million net operating loss carryover net of tax. During the three months ended September 25, 2016, the Company recorded an additional $0.3 million valuation allowance against the loss carryover deferred tax asset as a result of the $1.1 million year-to-date loss on the equity investment held in Luxembourg.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 25, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Warranties The following table summarizes the changes in the Company's product warranty liabilities (in thousands): Balance at June 26, 2016 $21,426 Warranties accrued in current period 5,520 Recall costs accrued in current period — Expenditures (7,093 ) Balance at September 25, 2016 $19,853 Product warranties are estimated and recognized at the time the Company recognizes revenue. The warranty periods range from 90 days to 10 years . The Company accrues warranty liabilities at the time of sale, based on historical and projected incident rates and expected future warranty costs. The Company accrues estimated costs related to product recalls based on a formal campaign soliciting repair or return of that product when they are deemed probable and reasonably estimable. The warranty reserves, which are primarily related to Lighting Products, are evaluated quarterly based on various factors including historical warranty claims, assumptions about the frequency of warranty claims, and assumptions about the frequency of product failures derived from quality testing, field monitoring and the Company's reliability estimates. As of September 25, 2016 , $1.4 million of the Company's product warranty liabilities were classified as long-term. The Company has voluntarily recalled its linear LED T8 replacement lamps due to the hazard of overheating and melting. The Company expects the majority of the costs of the recall to be recoverable from insurance proceeds resulting in an immaterial impact to the Company’s financial results. Litigation The Company is currently a party to various legal proceedings. While management presently believes that the ultimate outcome of such proceedings, individually and in the aggregate, will not materially harm the Company’s financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include money damages or, in matters for which injunctive relief or other conduct remedies may be sought, an injunction prohibiting the Company from selling one or more products at all or in particular ways. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on the Company’s business, results of operation, financial position and overall trends. The outcomes in these matters are not reasonably estimable.

Reportable Segments

Reportable Segments	3 Months Ended
	Sep. 25, 2016
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments The Company's operating and reportable segments are: • Lighting Products • LED Products As discussed more fully in Note 2, “Discontinued Operations,” on July 13, 2016, the Company executed a definitive agreement to sell the Wolfspeed business to Infineon. As a result, the Company has classified the results of the Wolfspeed business as discontinued operations in its consolidated statements of income (loss) for all periods presented. For comparative purposes, the prior segment results have been revised to conform to the current segment presentation. Reportable Segments Description The Company's Lighting Products segment primarily consists of LED lighting systems and bulbs. The Company's LED Products segment includes LED chips and LED components. Financial Results by Reportable Segment The table below reflects the results of the Company's reportable segments as reviewed by the Chief Operating Decision Maker (CODM) for the three months ended September 25, 2016 and September 27, 2015 . The Company's CODM is the Chief Executive Officer. The Company used the same accounting policies to derive the segment results reported below as those used in the Company's consolidated financial statements. The Company's CODM does not review inter-segment transactions when evaluating segment performance and allocating resources to each segment, and inter-segment transactions are not included in the segment revenue presented in the table below. As such, total segment revenue in the table below is equal to the Company's consolidated revenue. The Company's CODM reviews gross profit as the lowest and only level of segment profit. As such, all items below gross profit in the consolidated statements of income (loss) must be included to reconcile the consolidated gross profit presented in the table below to the Company's consolidated loss from continuing operations before income taxes. In order to determine gross profit for each reportable segment, the Company allocates direct costs and indirect costs to each segment's cost of revenue. The Company allocates indirect costs, such as employee benefits for manufacturing employees, shared facilities services, information technology, purchasing, and customer service, when the costs are identifiable and beneficial to the reportable segment. The Company allocates these indirect costs based on a reasonable measure of utilization that considers the specific facts and circumstances of the costs being allocated. Unallocated costs in the table below consisted primarily of manufacturing employees’ stock-based compensation, expenses for profit sharing and quarterly or annual incentive plans and matching contributions under the Company’s 401(k) plan. These costs were not allocated to the reportable segments’ gross profit because the Company’s CODM does not review them regularly when evaluating segment performance and allocating resources. Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): Three Months Ended September 25, September 27, Revenue: Lighting Products revenue $183,836 $248,031 LED Products revenue 137,493 133,518 Total revenue $321,329 $381,549 Gross Profit and Gross Margin: Lighting Products gross profit $49,290 $69,081 Lighting Products gross margin 26.8 % 27.9 % LED Products gross profit 41,770 41,869 LED Products gross margin 30.4 % 31.4 % Total segment gross profit 91,060 110,950 Unallocated costs (4,719 ) (3,758 ) Consolidated gross profit $86,341 $107,192 Consolidated gross margin 26.9 % 28.1 % Assets by Reportable Segment Inventories are the only assets reviewed by the Company's CODM when evaluating segment performance and allocating resources to the segments. The CODM reviews all of the Company's assets other than inventories on a consolidated basis. Unallocated inventories in the table below were not allocated to the reportable segments because the Company’s CODM does not review them when evaluating performance and allocating resources to each segment. Unallocated inventories consisted primarily of manufacturing employees’ stock-based compensation, profit sharing and quarterly or annual incentive compensation and matching contributions under the Company’s 401(k) plan . Inventories for each of the Company's segments were as follows (in thousands): September 25, June 26, Lighting Products $183,529 $172,261 LED Products 103,540 104,544 Total segment inventories 287,069 276,805 Unallocated inventories 4,464 4,866 Consolidated inventories $291,533 $281,671

Costs Associated with LED Busin

Costs Associated with LED Business Restructuring	3 Months Ended
	Sep. 25, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Costs Associated with LED Business Restructuring In June 2015, the Company’s Board of Directors approved a plan to restructure the LED Products business. The restructuring reduced excess capacity and overhead in order to improve the cost structure moving forward. The primary components of the restructuring include the planned sale or abandonment of certain manufacturing equipment, facility consolidation and the elimination of certain positions. The restructuring activity ended in the second quarter of fiscal 2016. The Company incurred a total of $ 102.4 million , of which $4.9 million related to discontinued operations, pursuant to this restructuring plan. See Note 18, "Costs Associated with LED Business Restructuring" in Part II, Item 8 of the Company's Form 10K for the fiscal year ended June 26, 2016 for additional information. The following table summarizes the actual charges incurred for the three months ended September 27, 2015 (in thousands): Capacity and Overhead Cost Reductions Amounts incurred for the three months ended September 27, 2015 Affected Line Item in the Consolidated Statements of Income (Loss) Loss on disposal or impairment of long-lived assets $9,005 Loss on disposal or impairment of long-lived assets Loss on disposal or impairment of long-lived assets 4,873 Income from discontinued operations, net of tax Severance expense 300 Sales, general and administrative expenses Lease termination and facility consolidation costs 1,735 Sales, general and administrative expenses Total restructuring charges $15,913

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 25, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet at September 25, 2016 , the consolidated statements of income (loss) for the three months ended September 25, 2016 and September 27, 2015 , the consolidated statements of comprehensive income (loss) for the three months ended September 25, 2016 and September 27, 2015 , and the consolidated statements of cash flows for the three months ended September 25, 2016 and September 27, 2015 (collectively, the consolidated financial statements) have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive income and cash flows at September 25, 2016 , and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 26, 2016 has been derived from the audited financial statements as of that date. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 26, 2016 (fiscal 2016 ). The results of operations for the three months ended September 25, 2016 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 25, 2017 (fiscal 2017 ). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual amounts could differ materially from those estimates. Certain fiscal 2016 amounts in the accompanying consolidated financial statements have been reclassified to conform to the fiscal 2017 presentation. These reclassifications had no effect on previously reported consolidated net income or shareholders’ equity.
Comparability of Prior Period Financial Data	Revision of Prior Period Financial Statements During the third quarter of fiscal 2016, the Company identified errors in its previously reported financial statements in which amortization expense was understated as certain patents were being amortized over a life longer than the life of the underlying patent right. The Company assessed the materiality of these errors on prior periods’ financial statements in accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 99, Materiality, codified in the Accounting Standards Codification (ASC) 250, Presentation of Financial Statements, and concluded that they were not material individually or in the aggregate to any prior annual or interim periods. However, through the second quarter of fiscal 2016 the aggregate amount of the prior period errors of $6.8 million before income taxes would have been material to the Company's interim Consolidated Statements of Income (Loss) for the third quarter of fiscal 2016. Consequently, in accordance with ASC 250, the Company corrected these errors, and other immaterial errors, for all prior periods presented by revising the consolidated financial statements and other financial information included herein. Periods not presented herein will be revised, as applicable in future filings. The following table summarizes the effects of the revision on the consolidated statements of income (loss) (in thousands): Three Months Ended September 27, 2015 As Reported Revision Adjustments As Revised Cost of revenue, net $273,256 $1,101 $274,357 Gross profit 108,293 (1,101 ) 107,192 Operating loss (10,644 ) (1,101 ) (11,745 ) Loss from continuing operations before income taxes (33,447 ) (1,101 ) (34,548 ) Income tax benefit (8,528 ) (284 ) (8,812 ) Loss from continuing operations (24,919 ) (817 ) (25,736 ) Income (loss) from discontinued operations, net of tax 1,296 (49 ) 1,247 Net income (loss) ($23,623 ) ($866 ) ($24,489 ) (Loss) earnings per share-basic Continuing operations ($0.24 ) ($0.01 ) ($0.25 ) Discontinued operations 0.01 — 0.01 (Loss) earnings per share-basic ($0.23 ) ($0.01 ) ($0.24 ) (Loss) earnings per share-diluted Continuing operations ($0.24 ) ($0.01 ) ($0.25 ) Discontinued operations 0.01 — 0.01 (Loss) earnings per share-diluted ($0.23 ) ($0.01 ) ($0.24 ) The revision had no net impact on the Company’s net cash provided by operating activities.
New Accounting Standards	Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09: Revenue from Contracts with Customers (Topic 606). The FASB has subsequently issued multiple ASUs which amend and clarify the guidance in Topic 606. The ASU establishes a principles-based approach for accounting for revenue arising from contracts with customers and supersedes existing revenue recognition guidance. The ASU provides that an entity should apply a five-step approach for recognizing revenue, including (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, the entity satisfies a performance obligation. Also, the entity must provide various disclosures concerning the nature, amount and timing of revenue and cash flows arising from contracts with customers. The effective date will be the first quarter of the Company's fiscal year ending June 30, 2019, using one of two retrospective application methods. The Company is currently analyzing the impact of this new accounting guidance. Leases In February 2016, the FASB issued ASU No. 2016-02: Leases (Topic 842). The ASU requires that a lessee recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. For income statement purposes, leases are still required to be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The effective date will be the first quarter of the Company's fiscal year ending June 28, 2020, using a modified retrospective approach. The Company is currently analyzing the impact of this new pronouncement. Stock Compensation In March 2016, the FASB issued ASU No. 2016-09: Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU simplifies the current stock compensation guidance for tax consequences. The ASU requires an entity to recognize all excess tax benefits and tax deficiencies as income tax expense or benefit in its income statement. The ASU also eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For cash flows statement purposes, excess tax benefits should be classified as an operating activity and cash payments made to taxing authorities on the employee’s behalf for withheld shares should be classified as financing activity. The ASU is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently analyzing the impact of this new pronouncement.
Stock-Based Compensation Valuation and Expense	Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the Company’s stock option and ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. For RSAs and RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates.
Financial Results by Reportable Segment	Financial Results by Reportable Segment The table below reflects the results of the Company's reportable segments as reviewed by the Chief Operating Decision Maker (CODM) for the three months ended September 25, 2016 and September 27, 2015 . The Company's CODM is the Chief Executive Officer. The Company used the same accounting policies to derive the segment results reported below as those used in the Company's consolidated financial statements. The Company's CODM does not review inter-segment transactions when evaluating segment performance and allocating resources to each segment, and inter-segment transactions are not included in the segment revenue presented in the table below. As such, total segment revenue in the table below is equal to the Company's consolidated revenue. The Company's CODM reviews gross profit as the lowest and only level of segment profit. As such, all items below gross profit in the consolidated statements of income (loss) must be included to reconcile the consolidated gross profit presented in the table below to the Company's consolidated loss from continuing operations before income taxes. In order to determine gross profit for each reportable segment, the Company allocates direct costs and indirect costs to each segment's cost of revenue. The Company allocates indirect costs, such as employee benefits for manufacturing employees, shared facilities services, information technology, purchasing, and customer service, when the costs are identifiable and beneficial to the reportable segment. The Company allocates these indirect costs based on a reasonable measure of utilization that considers the specific facts and circumstances of the costs being allocated. Unallocated costs in the table below consisted primarily of manufacturing employees’ stock-based compensation, expenses for profit sharing and quarterly or annual incentive plans and matching contributions under the Company’s 401(k) plan. These costs were not allocated to the reportable segments’ gross profit because the Company’s CODM does not review them regularly when evaluating segment performance and allocating resources.

Basis of Presentation and New24

Basis of Presentation and New Accounting Standards Revision of Prior Period Financial Statements (Tables)	3 Months Ended
	Sep. 25, 2016
Accounting Changes and Error Corrections [Abstract]
Schedule of error corrections and prior period adjustments	The following table summarizes the effects of the revision on the consolidated statements of income (loss) (in thousands): Three Months Ended September 27, 2015 As Reported Revision Adjustments As Revised Cost of revenue, net $273,256 $1,101 $274,357 Gross profit 108,293 (1,101 ) 107,192 Operating loss (10,644 ) (1,101 ) (11,745 ) Loss from continuing operations before income taxes (33,447 ) (1,101 ) (34,548 ) Income tax benefit (8,528 ) (284 ) (8,812 ) Loss from continuing operations (24,919 ) (817 ) (25,736 ) Income (loss) from discontinued operations, net of tax 1,296 (49 ) 1,247 Net income (loss) ($23,623 ) ($866 ) ($24,489 ) (Loss) earnings per share-basic Continuing operations ($0.24 ) ($0.01 ) ($0.25 ) Discontinued operations 0.01 — 0.01 (Loss) earnings per share-basic ($0.23 ) ($0.01 ) ($0.24 ) (Loss) earnings per share-diluted Continuing operations ($0.24 ) ($0.01 ) ($0.25 ) Discontinued operations 0.01 — 0.01 (Loss) earnings per share-diluted ($0.23 ) ($0.01 ) ($0.24 )

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Sep. 25, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The total purchase price for this acquisition was as follows (in thousands): Cash consideration paid to shareholders $13,797 Post-closing adjustments 181 Contingent consideration 4,625 Total purchase price $18,603
Purchase Price Allocation [Table Text Block]	The purchase price for this acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values as follows (in thousands): Tangible assets: Cash and cash equivalents $1,284 Accounts receivable 1,006 Inventories 143 Property and equipment 935 Other assets 270 Total tangible assets 3,638 Intangible assets: Patents 40 Customer relationships 4,500 Developed technology 11,403 In-process research and development 7,565 Non-compete agreements 231 Goodwill 2,483 Total intangible assets 26,222 Liabilities assumed: Accounts payable 55 Accrued expenses and liabilities 1,911 Other long-term liabilities 9,291 Total liabilities assumed 11,257 Net assets acquired $18,603
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	he identifiable intangible assets acquired as a result of the acquisition were being amortized over their respective estimated useful lives as follows (in thousands, except for years): Asset Amount Estimated Life in Years Patents $40 20 Customer relationships 4,500 4 Developed technology 11,403 10 In-process research and development 1 7,565 7 Non-compete agreements 231 3 Total identifiable intangible assets $23,739 (1) In-process research and development (IPR&D) is initially classified as indefinite-lived assets and tested for impairment at least annually or when indications of potential impairment exist.

Discontinued Operations Discont

Discontinued Operations Discontinued Operations (Tables)	3 Months Ended
	Sep. 25, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	The following table presents the assets and liabilities related to the Wolfspeed business held for sale (in thousands): September 25, 2016 June 26, 2016 Assets Held For Sale Accounts receivable, net $28,794 $26,839 Prepaid and other Current Assets 1,491 1,369 Inventories 19,005 21,871 Property and equipment, net 224,773 214,934 Intangible assets, net 44,352 43,409 Goodwill 100,769 100,769 Total Assets Held for Sale* $419,184 $409,191 Liabilities Held for Sale Accounts payable $12,470 $9,477 Accrued salaries and wages 3,740 4,514 Other accrued liabilities 2,173 971 Other long term liabilities — 1,850 Total Liabilities Held for Sale* $18,383 $16,812
Disposal Groups, Including Discontinued Operations [Table Text Block]	The following table presents the financial results of the Wolfspeed business as income from discontinued operations, net of income taxes in the Company's consolidated statements of income (loss) (in thousands): Three Months Ended September 25, 2016 September 27, 2015 Revenue, net $49,902 $43,939 Cost of revenue, net 26,314 20,548 Gross profit 23,588 23,391 Total operating expenses 18,654 21,514 Income from discontinued operations before income taxes 4,934 1,877 Income tax expense 1,510 630 Income from discontinued operations, net of income taxes $3,424 $1,247

Financial Statement Details (Ta

Financial Statement Details (Tables)	3 Months Ended
	Sep. 25, 2016
Financial Statement Details [Abstract]
Summary of the Components of Accounts Receivable, Net	The following table summarizes the components of accounts receivable, net (in thousands): September 25, 2016 June 26, 2016 Billed trade receivables $194,218 $188,672 Unbilled contract receivables 192 59 194,410 188,731 Allowance for sales returns, discounts and other incentives (42,802 ) (44,543 ) Allowance for bad debts (5,541 ) (5,416 ) Accounts receivable, net $146,067 $138,772
Summary of the Components of Inventories	The following table summarizes the components of inventories (in thousands): September 25, 2016 June 26, 2016 Raw material $74,159 $79,957 Work-in-progress 87,552 84,459 Finished goods 129,822 117,255 Inventories $291,533 $281,671
Summary of the Components of Other Current Liabilities	The following table summarizes the components of other current liabilities (in thousands): September 25, 2016 June 26, 2016 Accrued taxes $11,887 $12,023 Accrued professional fees 6,411 7,959 Accrued warranty 18,495 20,102 Accrued other 5,147 5,017 Other current liabilities $41,940 $45,101
Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes	The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): September 25, 2016 June 26, 2016 Currency translation gain $4,653 $4,624 Net unrealized gain on available-for-sale securities 3,784 4,104 Accumulated other comprehensive income, net of taxes $8,437 $8,728
Summary of the Components of Non-operating Income, Net	The following table summarizes the components of non-operating expense, net (in thousands): Three Months Ended September 25, 2016 September 27, 2015 Foreign currency gain (loss), net $1,361 ($4,294 ) Gain on sale of investments, net 12 2 Loss on equity investment (2,487 ) (19,948 ) Interest income, net 887 1,297 Other, net 69 140 Non-operating expense, net ($158 ) ($22,803 )
Summary of the Amounts Reclassified Out of Accumulated Other Comprehensive Income	The following table summarizes the amounts reclassified out of accumulated other comprehensive income, net of taxes (in thousands): Accumulated Other Comprehensive Income Component Amount Reclassified Out of Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income (Loss) Three Months Ended September 25, 2016 September 27, 2015 Net unrealized gain on available-for-sale securities, net of taxes $12 $2 Non-operating expense 12 2 Loss from continuing operations before income taxes 9 1 Income tax benefit $3 $1 Loss from continuing operations

Investments (Tables)

Investments (Tables)	3 Months Ended
	Sep. 25, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments by Type	The following tables summarize short-term investments (in thousands): September 25, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $183,585 $2,775 ($50 ) $186,310 Corporate bonds 165,897 3,347 (43 ) 169,201 Non-U.S. certificates of deposit 93,103 — — 93,103 U.S. certificates of deposit 8,791 — — 8,791 Commercial paper $3,802 $— $— 3,802 Total short-term investments $455,178 $6,122 ($93 ) $461,207 June 26, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $186,893 $3,562 ($15 ) $190,440 Corporate bonds 165,766 3,074 (73 ) 168,767 Non-U.S. certificates of deposit 73,127 — — 73,127 U.S. certificates of deposit 3,500 — — 3,500 Commercial paper 3,317 — — 3,317 Total short-term investments $432,603 $6,636 ($88 ) $439,151
Summary of Gross Unrealized Losses and Estimated Fair Value of Short-term Investments, Aggregated by Investment Type and Length of Time	The following tables present the gross unrealized losses and estimated fair value of the Company's short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): September 25, 2016 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $17,003 ($41 ) $1,620 ($9 ) $18,623 ($50 ) Corporate bonds 12,632 (30 ) 2,487 (13 ) 15,119 (43 ) Total $29,635 ($71 ) $4,107 ($22 ) $33,742 ($93 ) Number of securities with an unrealized loss 30 3 33 June 26, 2016 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $2,936 ($9 ) $3,535 ($6 ) $6,471 ($15 ) Corporate bonds 27,578 (73 ) — — 27,578 (73 ) Total $30,514 ($82 ) $3,535 ($6 ) $34,049 ($88 ) Number of securities with an unrealized loss 22 3 25
Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of September 25, 2016 were as follows (in thousands): Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $43,513 $110,598 $32,199 $— $186,310 Corporate bonds 22,617 108,207 38,377 — 169,201 Non-U.S. certificates of deposit 93,103 — — — 93,103 U.S. certificates of deposit 5,791 3,000 — — 8,791 Commercial paper $3,802 $— $— $— 3,802 Total short-term investments $168,826 $221,805 $70,576 $— $461,207

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Sep. 25, 2016
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value	The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): September 25, 2016 June 26, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: U.S. agency securities $— $— $— $— $— $— $— $— Non-U.S. certificates of deposit — 137 — 137 — 137 — 137 Money market funds 1,360 — — 1,360 576 — — 576 Total cash equivalents 1,360 137 — 1,497 576 137 — 713 Short-term investments: Municipal bonds — 186,310 — 186,310 — 190,440 — 190,440 Corporate bonds — 169,201 — 169,201 — 168,767 — 168,767 U.S. certificates of deposit — 8,791 — 8,791 — 3,500 — 3,500 Commercial paper — 3,802 — 3,802 — 3,317 — 3,317 Non-U.S. certificates of deposit — 93,103 — 93,103 — 73,127 — 73,127 Total short-term investments — 461,207 — 461,207 — 439,151 — 439,151 Other long-term investments: Common stock of non-U.S. corporations — 39,049 — 39,049 — 40,179 — 40,179 Total other long-term investments — 39,049 — 39,049 — 40,179 — 40,179 Total assets $1,360 $500,393 $— $501,753 $576 $479,467 $— $480,043

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Sep. 25, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Components of intangible assets, net	The following table presents the components of intangible assets, net (in thousands): September 25, 2016 June 26, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $136,920 ($78,591 ) $58,329 $136,920 ($77,313 ) $59,607 Developed technology 162,760 (114,864 ) 47,896 162,760 (110,204 ) 52,556 Non-compete agreements 10,244 (10,244 ) — 10,244 (9,917 ) 327 Trade names, finite-lived 520 (520 ) — 520 (520 ) — Patent and licensing rights 106,273 (39,610 ) 66,663 105,035 (37,805 ) 67,230 Total intangible assets with finite lives 416,717 (243,829 ) 172,888 415,479 (235,759 ) 179,720 Trade names, indefinite-lived 79,680 — 79,680 79,680 — 79,680 Total intangible assets $496,397 ($243,829 ) $252,568 $495,159 ($235,759 ) $259,400
Schedule of future amortization expense of finite-lived intangible assets	Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands): Fiscal Year Ending June 25, 2017 (remainder of fiscal 2017) $24,096 June 24, 2018 31,319 June 30, 2019 18,683 June 28, 2020 14,680 June 27, 2021 13,430 Thereafter 70,680 Total future amortization expense $172,888

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 25, 2016
Earnings Per Share [Abstract]
Basic Earnings Per Share Computation	The following table presents the computation of basic earnings (loss) per share (in thousands, except per share amounts): Three Months Ended September 25, September 27, Loss from continuing operations ($2,858 ) ($25,736 ) Income from discontinued operations, net of tax 3,424 1,247 Net income (loss) $566 ($24,489 ) Weighted average common shares 100,559 103,473 Basic loss per share from continuing operations ($0.03 ) ($0.25 ) Basic earnings per share from discontinued operations 0.03 0.01 Earnings (loss) per share-basic $— ($0.24 )
Diluted Earnings Per Share Computation	The following computation reconciles the differences between the basic and diluted earnings (loss) per share presentations (in thousands, except per share amounts): Three Months Ended September 25, September 27, Loss from continuing operations ($2,858 ) ($25,736 ) Income from discontinued operations, net of tax 3,424 1,247 Net income (loss) $566 ($24,489 ) Weighted average common shares - basic 100,559 103,473 Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights — — Weighted average common shares - diluted 100,559 103,473 Diluted earnings (loss) per share from continuing operations ($0.03 ) ($0.25 ) Diluted earnings (loss) per share from discontinued operations 0.03 0.01 Earnings (loss) per share-diluted $— ($0.24 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 25, 2016
Share-based Compensation [Abstract]
Summary of Outstanding Option Awards	The following table summarizes stock option awards outstanding as of September 25, 2016 and changes during the three months then ended (numbers of shares in thousands): Number of Shares Weighted Average Exercise Price Outstanding at June 26, 2016 11,247 $40.42 Granted 1,651 $24.42 Exercised (16 ) $25.90 Forfeited or expired (666 ) $37.53 Outstanding at September 25, 2016 12,216 $38.43
Summary of Nonvested Shares of Restricted Stock Awards and Restricted Stock Unit Awards Outstanding	A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of September 25, 2016 , and changes during the three months then ended is as follows (numbers of awards and units in thousands): Number of RSAs/RSUs Weighted Average Grant-Date Fair Value Nonvested at June 26, 2016 1,631 $31.66 Granted 1,091 $24.40 Vested (536 ) $34.38 Forfeited (18 ) $27.43 Nonvested at September 25, 2016 2,168 $27.37
Summary of Total Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended September 25, September 27, Income Statement Classification: Cost of revenue, net $2,779 $2,622 Research and development 2,606 2,631 Sales, general and administrative 7,635 7,712 Income from discontinued operations, net of tax 1,630 2,109 Total stock-based compensation expense $14,650 $15,074

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 25, 2016
Commitments and Contingencies Disclosure [Abstract]
Summary of changes in product warranty liabilities	The following table summarizes the changes in the Company's product warranty liabilities (in thousands): Balance at June 26, 2016 $21,426 Warranties accrued in current period 5,520 Recall costs accrued in current period — Expenditures (7,093 ) Balance at September 25, 2016 $19,853

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Sep. 25, 2016
Segment Reporting [Abstract]
Revenues, Gross Profit, Gross Margin, and Inventories by Segment	Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): Three Months Ended September 25, September 27, Revenue: Lighting Products revenue $183,836 $248,031 LED Products revenue 137,493 133,518 Total revenue $321,329 $381,549 Gross Profit and Gross Margin: Lighting Products gross profit $49,290 $69,081 Lighting Products gross margin 26.8 % 27.9 % LED Products gross profit 41,770 41,869 LED Products gross margin 30.4 % 31.4 % Total segment gross profit 91,060 110,950 Unallocated costs (4,719 ) (3,758 ) Consolidated gross profit $86,341 $107,192 Consolidated gross margin 26.9 % 28.1 % Inventories for each of the Company's segments were as follows (in thousands): September 25, June 26, Lighting Products $183,529 $172,261 LED Products 103,540 104,544 Total segment inventories 287,069 276,805 Unallocated inventories 4,464 4,866 Consolidated inventories $291,533 $281,671

Costs Associated with LED Bus35

Costs Associated with LED Business Restructuring Costs Associated with LED Business Restructuring (Tables)	3 Months Ended
	Sep. 25, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	The following table summarizes the actual charges incurred for the three months ended September 27, 2015 (in thousands): Capacity and Overhead Cost Reductions Amounts incurred for the three months ended September 27, 2015 Affected Line Item in the Consolidated Statements of Income (Loss) Loss on disposal or impairment of long-lived assets $9,005 Loss on disposal or impairment of long-lived assets Loss on disposal or impairment of long-lived assets 4,873 Income from discontinued operations, net of tax Severance expense 300 Sales, general and administrative expenses Lease termination and facility consolidation costs 1,735 Sales, general and administrative expenses Total restructuring charges $15,913

Basis of Presentation and New36

Basis of Presentation and New Accounting Standards Narrative (Details)	3 Months Ended
	Sep. 25, 2016reportable_segments
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	2

Basis of Presentation and New37

Basis of Presentation and New Accounting Standards Revision of Prior Period Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 25, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 26, 2016
Revision of Prior Period Financial Statement [Line Items]
Intangible assets, net	$ 252,568			$ 259,400
Deferred income taxes	38,708			38,564
Total assets	2,752,755			2,766,060
Deferred income taxes	945			943
Total long-term liabilities	199,621			175,237
Retained earnings	(35,710)			(613)
Total shareholders' equity	2,342,259			2,367,824
Total liabilities and shareholders' equity	2,752,755			$ 2,766,060
Gross profit	86,341		$ 107,192
Operating loss	(10,143)		(11,745)
Loss from continuing operations before income taxes	(10,301)		(34,548)
Income tax benefit	(7,443)		(8,812)
Loss from continuing operations	(2,858)		(25,736)
Net income (loss)	566		(24,489)
Income from discontinued operations, net of tax	$ 3,424		$ 1,247
Basic	$ 0		$ (0.24)
Continuing operations, basic	(0.03)		(0.25)
Discontinued operations, basic	0.03		0.01
Diluted	0		(0.24)
Continuing operations, diluted	(0.03)		(0.25)
Discontinued operations, diluted	$ 0.03		$ 0.01
As Previously Reported
Revision of Prior Period Financial Statement [Line Items]
Cost of revenue, net			$ 273,256
Gross profit			108,293
Operating loss			(10,644)
Loss from continuing operations before income taxes			(33,447)
Income tax benefit			(8,528)
Loss from continuing operations			(24,919)
Net income (loss)			(23,623)
Income from discontinued operations, net of tax			$ 1,296
Basic			$ (0.23)
Continuing operations, basic			(0.24)
Discontinued operations, basic			0.01
Diluted			(0.23)
Continuing operations, diluted			(0.24)
Discontinued operations, diluted			$ 0.01
As Revised
Revision of Prior Period Financial Statement [Line Items]
Cost of revenue, net			$ 274,357
Gross profit			107,192
Operating loss			(11,745)
Loss from continuing operations before income taxes			(34,548)
Income tax benefit			(8,812)
Loss from continuing operations			$ (25,736)
Basic			$ (0.24)
Diluted			$ (0.24)
Revision Adjustments
Revision of Prior Period Financial Statement [Line Items]
Cost of revenue, net			$ 1,101
Gross profit			(1,101)
Operating loss			(1,101)
Loss from continuing operations before income taxes		$ 6,800	(1,101)
Income tax benefit			(284)
Loss from continuing operations			(817)
Restatement Adjustment [Member]
Revision of Prior Period Financial Statement [Line Items]
Net income (loss)			(866)
Income from discontinued operations, net of tax			$ (49)
Basic			$ (0.01)
Continuing operations, basic			(0.01)
Discontinued operations, basic			0
Diluted			(0.01)
Continuing operations, diluted			(0.01)
Discontinued operations, diluted			$ 0

Acquisition Acquisition (Detail

Acquisition Acquisition (Details) $ in Thousands	3 Months Ended
	Sep. 25, 2016USD ($)
Purchase Price Allocation [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 2,800
Cash consideration paid to shareholders	13,797
Business Combination, Contingent Consideration, Liability	4,600
Post-closing adjustments	181
Contingent consideration	4,625
Total purchase price	18,603
Cash and cash equivalents	1,284
Accounts receivable	1,006
Inventories	143
Property and equipment	935
Other assets	270
Finite-lived intangible assets	23,739
Accounts payable	55
Accrued expenses and liabilities	1,911
Other long-term liabilities	9,291
Net assets acquired	18,603
Patents
Purchase Price Allocation [Line Items]
Finite-lived intangible assets	$ 40
Estimated Life in Years	20 years
Customer relationships
Purchase Price Allocation [Line Items]
Finite-lived intangible assets	$ 4,500
Estimated Life in Years	4 years
Developed technology
Purchase Price Allocation [Line Items]
Finite-lived intangible assets	$ 11,403
Estimated Life in Years	10 years
In-process research and development
Purchase Price Allocation [Line Items]
Finite-lived intangible assets	$ 7,565
Estimated Life in Years	7 years
Non-compete agreements
Purchase Price Allocation [Line Items]
Finite-lived intangible assets	$ 231
Estimated Life in Years	3 years
Total tangible assets
Purchase Price Allocation [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 3,638
Goodwill
Purchase Price Allocation [Line Items]
Goodwill	2,483
Total intangible assets
Purchase Price Allocation [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	26,222
Total liabilities assumed
Purchase Price Allocation [Line Items]
Total liabilities assumed	$ 11,257

Discontinued Operations Disco39

Discontinued Operations Discontinued Operations (Details)	3 Months Ended		6 Months Ended
	Sep. 25, 2016USD ($)	Sep. 27, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 30, 2016USD ($)	Jun. 26, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Document Period End Date	Sep. 25, 2016
Cash Provided by (Used in) Operating Activities, Discontinued Operations	$ 9,138,000,000	$ 12,868,000,000
Disposal Group, Including Discontinued Operation, Revenue	49,902,000	43,939,000
Disposal Group, Including Discontinued Operation, Costs of Goods Sold	26,314,000	20,548,000
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)	23,588,000	23,391,000
Disposal Group, Including Discontinued Operation, Operating Expense	18,654,000	21,514,000
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	4,934,000	1,877,000
Discontinued Operation, Tax Effect of Discontinued Operation	1,510,000	630,000
Income from discontinued operations, net of tax	3,424,000	1,247,000
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	28,794,000				$ 26,839,000
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets	1,491,000				1,369,000
Disposal Group, Including Discontinued Operation, Inventory	19,005,000				21,871,000
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	224,773,000				214,934,000
Disposal Group, Including Discontinued Operation, Intangible Assets	44,352,000				43,409,000
Disposal Group, Including Discontinued Operation, Goodwill	100,769,000				100,769,000
Disposal Group, Including Discontinued Operation, Assets	419,184,000				409,191,000
Disposal Group, Including Discontinued Operation, Accounts Payable	12,470,000				9,477,000
Disposal Group, Including Discontinued Operation, Other Liabilities, Current	3,740,000				4,514,000
Disposal Group, Including Discontinued Operation, Accrued Liabilities	2,173,000				971,000
Long-term liabilities held for sale	0				1,850,000
Disposal Group, Including Discontinued Operation, Liabilities	18,383,000				$ 16,812,000
Cash Provided by (Used in) Investing Activities, Discontinued Operations	$ 12,507,000,000	$ 53,049,000,000
Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, number of employees			564
Proceeds from Divestiture of Businesses				$ 850
Subsequent Event [Member] | Minimum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Contract Termination			$ 12.5
Subsequent Event [Member] | Maximum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Contract Termination				$ 42.5

Financial Statement Details (Su

Financial Statement Details (Summary of the Components of Accounts Receivable, Net) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 194,410	$ 188,731
Allowance for bad debts	(5,541)	(5,416)
Accounts receivable, net	146,067	138,772
Allowance for sales returns, discounts and other incentives [Member]
Accounts Receivable, Net, Current [Abstract]
Allowance for sales returns, discounts and other incentives	(42,802)	(44,543)
Billed trade receivables [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	194,218	188,672
Unbilled contract receivables [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 192	$ 59

Financial Statement Details (41

Financial Statement Details (Summary of the Components of Inventories) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Inventory, Net [Abstract]
Raw material	$ 74,159	$ 79,957
Work-in-progress	87,552	84,459
Finished goods	129,822	117,255
Inventories	$ 291,533	$ 281,671

Financial Statement Details (42

Financial Statement Details (Summary of the Components of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Accrued Liabilities, Current [Abstract]
Accrued taxes	$ 11,887	$ 12,023
Accrued professional fees	6,411	7,959
Accrued warranty	18,495	20,102
Accrued other	5,147	5,017
Other current liabilities	$ 41,940	$ 45,101

Financial Statement Details (43

Financial Statement Details (Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Financial Statement Details [Abstract]
Currency translation gain	$ 4,653	$ 4,624
Net unrealized gain on available-for-sale securities	3,784	4,104
Accumulated other comprehensive income, net of taxes	$ 8,437	$ 8,728

Financial Statement Details (44

Financial Statement Details (Summary of the Components of Non-operating Income, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Other Income and Expenses [Abstract]
Foreign currency gain (loss), net	$ 1,361	$ (4,294)
Gain on sale of investments, net	12	2
Loss on equity investment	(2,487)	(19,948)
Interest income, net	887	1,297
Other, net	69	140
Non-operating expense, net	$ (158)	$ (22,803)

Financial Statement Details (45

Financial Statement Details (Summary of the Amounts Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expense	$ (158)	$ (22,803)
Loss from continuing operations before income taxes	(10,301)	(34,548)
Income tax benefit	(7,443)	(8,812)
Net income (loss)	566	(24,489)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expense	12	2
Loss from continuing operations before income taxes	12	2
Income tax benefit	9	1
Net income (loss)	$ 3	$ 1

Investments (Summary of Short-t

Investments (Summary of Short-term Investments by Type) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	$ 461,207	$ 439,151
Amortized Cost	455,178	432,603
Gross Unrealized Gains	6,122	6,636
Gross Unrealized Losses	(93)	(88)
Estimated Fair Value	461,207	439,151
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	186,310
Amortized Cost	183,585	186,893
Gross Unrealized Gains	2,775	3,562
Gross Unrealized Losses	(50)	(15)
Estimated Fair Value	186,310	190,440
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	169,201
Amortized Cost	165,897	165,766
Gross Unrealized Gains	3,347	3,074
Gross Unrealized Losses	(43)	(73)
Estimated Fair Value	169,201	168,767
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,802	3,317
Estimated Fair Value	3,802	3,317
U.S. | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	93,103
Amortized Cost	8,791	3,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	8,791	3,500
Non-US [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	8,791
Amortized Cost	93,103	73,127
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	93,103	$ 73,127
Non-US [Member] | Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	$ 3,802

Investments (Summary of Gross U

Investments (Summary of Gross Unrealized Losses and Estimated Fair Value of Short-term Investments, Aggregated by Investment Type and Length of Time) (Details) $ in Thousands	Sep. 25, 2016USD ($)	Jun. 26, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	$ 29,635	$ 30,514
Unrealized Loss, Less than 12 Months	(71)	(82)
Fair Value, Greater than 12 Months	4,107	3,535
Unrealized Loss, Greater than 12 Months	(22)	(6)
Fair Value, Total	33,742	34,049
Unrealized Loss, Total	$ (93)	$ (88)
Number of Securities with an Unrealized Loss, Less than 12 Months	30	22
Number of Securities with an Unrealized Loss, Greater than 12 Months	3	3
Number of Securities with an Unrealized Loss, Total	33	25
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	$ 17,003	$ 2,936
Unrealized Loss, Less than 12 Months	(41)	(9)
Fair Value, Greater than 12 Months	1,620	3,535
Unrealized Loss, Greater than 12 Months	(9)	(6)
Fair Value, Total	18,623	6,471
Unrealized Loss, Total	(50)	(15)
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	12,632	27,578
Unrealized Loss, Less than 12 Months	(30)	(73)
Fair Value, Greater than 12 Months	2,487	0
Unrealized Loss, Greater than 12 Months	(13)	0
Fair Value, Total	15,119	27,578
Unrealized Loss, Total	$ (43)	$ (73)

Investments (Contractual Maturi

Investments (Contractual Maturities of Short-term Investments by Type) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Schedule of Available-for-sale Securities [Line Items]
Within One Year	$ 168,826
After One, Within Five Years	221,805
After Five, Within Ten Years	70,576
After Ten Years	0
Total	461,207	$ 439,151
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	3,802
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	43,513
After One, Within Five Years	110,598
After Five, Within Ten Years	32,199
After Ten Years	0
Total	186,310
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	22,617
After One, Within Five Years	108,207
After Five, Within Ten Years	38,377
After Ten Years	0
Total	169,201
U.S. | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	93,103
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	93,103
Non-US [Member] | Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	3,802
Non-US [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	5,791
After One, Within Five Years	3,000
After Five, Within Ten Years	0
After Ten Years	0
Total	$ 8,791

Fair Value of Financial Instr49

Fair Value of Financial Instruments (Financial Instruments Carried at Fair Value) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value transfers level 1 to level 2	$ 0
Fair value transfers, level 2 to level 1	0
Assets, Fair Value Disclosure [Abstract]
Short-term investments	461,207	$ 439,151
Other long-term investments	39,049	40,179
Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	1,497	713
Short-term investments	461,207	439,151
Other long-term investments	39,049	40,179
Total assets	501,753	480,043
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	1,360	576
Short-term investments	0	0
Other long-term investments	0	0
Total assets	1,360	576
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	137	137
Short-term investments	461,207	439,151
Other long-term investments	39,049	40,179
Total assets	500,393	479,467
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Short-term investments	0	0
Other long-term investments	0	0
Total assets	0	0
Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	186,310	190,440
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	186,310	190,440
Municipal Bonds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Municipal Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	186,310	190,440
Municipal Bonds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Corporate Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	169,201	168,767
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	169,201	168,767
Corporate Bonds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Corporate Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	169,201	168,767
Corporate Bonds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Common stock of non-U.S. corporations [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Other long-term investments	39,049	40,179
Common stock of non-U.S. corporations [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Other long-term investments	0	0
Common stock of non-U.S. corporations [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Other long-term investments	39,049	40,179
Common stock of non-U.S. corporations [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Other long-term investments	0	0
Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	3,802	3,317
Commercial Paper [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	3,802	3,317
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
US Government Agencies Debt Securities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
US Government Agencies Debt Securities [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
US Government Agencies Debt Securities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	137	137
Certificates of Deposit [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Certificates of Deposit [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	137	137
Certificates of Deposit [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	1,360	576
Money Market Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	1,360	576
Money Market Funds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Money Market Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
U.S. | Certificates of Deposit [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	8,791	3,500
U.S. | Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	8,791	3,500
U.S. | Certificates of Deposit [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
U.S. | Certificates of Deposit [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	8,791	3,500
U.S. | Certificates of Deposit [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Non-US [Member] | Certificates of Deposit [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	93,103	73,127
Non-US [Member] | Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	93,103	73,127
Non-US [Member] | Certificates of Deposit [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Non-US [Member] | Certificates of Deposit [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	93,103	73,127
Non-US [Member] | Certificates of Deposit [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	$ 0	$ 0

Intangible Assets (Components o

Intangible Assets (Components of intangible assets, net) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 416,717	$ 415,479
Finite-lived intangible assets, accumulated amortization	(243,829)	(235,759)
Finite-lived intangible assets, net	172,888	179,720
Trade names, indefinite-lived	79,680	79,680
Intangible Assets, Gross (Excluding Goodwill)	496,397	495,159
Intangible assets, net	252,568	259,400
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	136,920	136,920
Finite-lived intangible assets, accumulated amortization	(78,591)	(77,313)
Finite-lived intangible assets, net	58,329	59,607
Developed technology
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	162,760	162,760
Finite-lived intangible assets, accumulated amortization	(114,864)	(110,204)
Finite-lived intangible assets, net	47,896	52,556
Non-compete agreements
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	10,244	10,244
Finite-lived intangible assets, accumulated amortization	(10,244)	(9,917)
Finite-lived intangible assets, net	0	327
Trade names, finite-lived
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	520	520
Finite-lived intangible assets, accumulated amortization	(520)	(520)
Finite-lived intangible assets, net	0	0
Patent and licensing rights
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	106,273	105,035
Finite-lived intangible assets, accumulated amortization	(39,610)	(37,805)
Finite-lived intangible assets, net	$ 66,663	$ 67,230

Intangible Assets Intangible As

Intangible Assets Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 9.4	$ 9.2

Intangible Assets Intangible 52

Intangible Assets Intangible Assets (Schedule of future amortization expense of finite-lived intangible assets) (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
June 25, 2017 (remainder of fiscal 2017)	$ 24,096
June 24, 2018	31,319
June 30, 2019	18,683
June 28, 2020	14,680
June 27, 2021	13,430
Thereafter	70,680
Finite-lived intangible assets, net	$ 172,888	$ 179,720

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Jun. 26, 2016
Long-term Debt, Unclassified [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
Long-term debt	187,000	$ 160,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 313,000
Long-term Debt, Average Interest Rate	1.41%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.09%

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - Common Stock [Member] shares in Millions, $ in Millions	3 Months Ended
	Sep. 25, 2016USD ($)shares
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 300
Repurchased share number | shares	1.5
Repurchased share value	$ 35.7

Earnings Per Share (Basic Earni

Earnings Per Share (Basic Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Earnings Per Share, Basic [Abstract]
Loss from continuing operations	$ (2,858)	$ (25,736)
Income from discontinued operations, net of tax	3,424	1,247
Net income (loss)	$ 566	$ (24,489)
Weighted average common shares - basic	100,559	103,473
Continuing operations, basic	$ (0.03)	$ (0.25)
Discontinued operations, basic	0.03	0.01
Basic earnings (loss) per share	$ 0	$ (0.24)

Earnings Per Share (Diluted Ear

Earnings Per Share (Diluted Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Earnings Per Share, Diluted [Abstract]
Loss from continuing operations	$ (2,858)	$ (25,736)
Income from discontinued operations, net of tax	3,424	1,247
Net income (loss)	$ 566	$ (24,489)
Weighted average common shares - basic	100,559	103,473
Weighted average common shares - diluted	100,559	103,473
Diluted earnings (loss) per share from continuing operations	$ (0.03)	$ (0.25)
Diluted earnings (loss) per share from discontinued operations	0.03	0.01
Diluted earnings (loss) per share	$ 0	$ (0.24)

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation	11.4	7.7

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details)	3 Months Ended
	Sep. 25, 2016plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans	1
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contribution of employee's compensation, percentage	15.00%
Number of opportunities to purchase common stock at discount, per year	2
Employee Stock Purchase Plan Prior to Second Quarter Fiscal 2012 Amendment [Member] | Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock plan purchase discount at purchase date	15.00%
Employee Stock Purchase Plan After Second Quarter Fiscal 2012 Amendment [Member] | Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock plan purchase discount at beginning of participation period or purchase date	15.00%

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Outstanding Option Awards) (Details) - Stock Option [Member] shares in Thousands	3 Months Ended
	Sep. 25, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding number of shares at beginning of period | shares	11,247
Granted, number of shares | shares	1,651
Exercised, number of shares | shares	(16)
Forfeited or expired, number of shares | shares	(666)
Outstanding number of shares at end of period | shares	12,216
Outstanding weighted-average exercise price at beginning of period | $ / shares	$ 40.42
Granted, weighted-average exercise price | $ / shares	24.42
Exercised, weighted-average exercise price | $ / shares	25.90
Forfeited or expired, weighted-average exercise price | $ / shares	37.53
Outstanding weighted-average exercised price at end of period | $ / shares	$ 38.43

Stock-Based Compensation (Sum60

Stock-Based Compensation (Summary of Nonvested Shares of Restricted Stock and Stock Unit Awards Outstanding) (Details) - Restricted Stock Awards And Restricted Stock Units [Member] shares in Thousands	3 Months Ended
	Sep. 25, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Number of RSAs/RSUs at beginning of period | shares	1,631
Granted, Number of RSAs/RSUs | shares	1,091
Vested, number of RSAs/RSUs | shares	(536)
Forfeited, number of RSAs/RSUs | shares	(18)
Nonvested, Number of RSAs/RSUs at end of period | shares	2,168
Nonvested, weighted-average grant-date fair value at beginning of period | $ / shares	$ 31.66
Granted, weighted-average grant-date fair value | $ / shares	24.40
Vested, weighted-average grant-date fair value | $ / shares	34.38
Forfeited, weighted-average grant-date fair value | $ / shares	27.43
Nonvested, weighted-average grant-date fair value at end of period | $ / shares	$ 27.37

Stock-Based Compensation (Total

Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 14,650	$ 15,074
Cost of revenue, net [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,779	2,622
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,606	2,631
Selling, general and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	7,635	7,712
Wolfspeed business [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,630	$ 2,109

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 25, 2016	Jun. 26, 2016
Operating Loss Carryforwards [Line Items]
U.S. statutory tax rate	35.00%
Unrecognized tax benefits balance	$ 17.7	$ 17.7
Document Period End Date	Sep. 25, 2016
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 17.7
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	4.3
Income (Loss) from Equity Method Investments	1.1
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 0.3	9.5
Net operating loss carryovers offset by valuation allowance, amount		$ 32.4

Commitments and Contingencies63

Commitments and Contingencies (Warranties) (Details) $ in Thousands	3 Months Ended
	Sep. 25, 2016USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty accrual, beginning balance	$ 21,426
Warranties accrued in current period	5,520
Recall costs accrued in current period	0
Expenditures	(7,093)
Warranty accrual, ending balance	19,853
Product Warranty Liability, Long-Term	$ 1,400
Minimum [Member]
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product Warranty, Range Period	90 days
Maximum [Member]
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product Warranty, Range Period	10 years

Reportable Segments (Revenues,

Reportable Segments (Revenues, Gross Profit and Gross Margin, by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2016	Sep. 27, 2015
Segment Reporting Information [Line Items]
Revenue, net	$ 321,329	$ 381,549
Gross profit	$ 86,341	$ 107,192
Gross margin	26.90%	28.10%
Lighting Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 183,836	$ 248,031
Gross profit	$ 49,290	$ 69,081
Gross margin	26.80%	27.90%
LED Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 137,493	$ 133,518
Gross profit	$ 41,770	$ 41,869
Gross margin	30.40%	31.40%
Total segment gross profit [Member]
Segment Reporting Information [Line Items]
Gross profit	$ 91,060	$ 110,950
Unallocated Costs [Member]
Segment Reporting Information [Line Items]
Gross profit	$ (4,719)	$ (3,758)

Reportable Segments Schedule of

Reportable Segments Schedule of Inventory by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 25, 2016	Jun. 26, 2016
Segment Reporting Information [Line Items]
Inventories	$ 291,533	$ 281,671
Lighting Products [Member]
Segment Reporting Information [Line Items]
Inventories	183,529	172,261
LED Products [Member]
Segment Reporting Information [Line Items]
Inventories	103,540	104,544
Total segment inventories [Member]
Segment Reporting Information [Line Items]
Inventories	287,069	276,805
Unallocated inventories [Member]
Segment Reporting Information [Line Items]
Inventories	$ 4,464	$ 4,866

Costs Associated with LED Bus66

Costs Associated with LED Business Restructuring Costs Associated with LED Business Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 25, 2016	Dec. 27, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 15,913	$ 102,400
Loss on disposal or impairment of long-lived assets | Loss on disposal or impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	9,005
Severance expense | Sales, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	300
Lease termination and facility consolidation costs | Sales, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	1,735
Wolfspeed business [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost		$ 4,900
Wolfspeed business [Member] | Loss on disposal or impairment of long-lived assets | Loss on disposal or impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 4,873