Wolfspeed (WOLF) 10-Q 26 Apr 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 26, 2017	Apr. 21, 2017
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	Mar. 26, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		97,288,271
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2017	Jun. 26, 2016
Current assets:
Cash and cash equivalents	$ 117,094	$ 166,154
Short-term investments	474,783	439,151
Total cash, cash equivalents and short-term investments	591,877	605,305
Accounts receivable, net	149,508	165,611
Income tax receivable	7,453	6,304
Inventories	291,133	303,542
Prepaid expenses	23,200	26,810
Other current assets	32,138	44,788
Disposal Group, Including Discontinued Operation, Assets, Current	4,062	4,347
Total current assets	1,099,371	1,156,707
Property and equipment, net	574,275	599,723
Goodwill	618,828	618,828
Intangible assets, net	281,535	302,810
Other long-term investments	42,759	40,179
Deferred income taxes	12,140	38,564
Other assets	8,266	9,249
Total assets	2,637,174	2,766,060
Current liabilities:
Accounts payable, trade	124,968	132,286
Accrued salaries and wages	41,818	44,642
Other Liabilities, Current	40,615	46,071
Total current liabilities	207,401	222,999
Long-term liabilities:
Long-term debt	153,000	160,000
Deferred income taxes	46,699	943
Other long-term liabilities	19,827	14,294
Total long-term liabilities	219,526	175,237
Commitments and contingencies (Note 13)
Shareholders' equity:
Preferred stock, par value $0.01; 3,000 shares authorized at March 26, 2017 and June 26, 2016; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at March 26, 2017 and June 26, 2016; 97,283 and 100,829 shares issued and outstanding at March 26, 2017 and June 26, 2016, respectively	120	125
Additional paid-in-capital	2,403,741	2,359,584
Accumulated other comprehensive income, net of taxes	3,240	8,728
Accumulated deficit	(196,854)	(613)
Total shareholders’ equity	2,210,247	2,367,824
Total liabilities and shareholders’ equity	$ 2,637,174	$ 2,766,060

Consolidated Balance Sheets Con

Consolidated Balance Sheets Consolidation Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 26, 2017	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	97,283	100,829
Common stock, shares outstanding	97,283	100,829

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Document Period End Date			Mar. 26, 2017
Revenue, net	$ 341,505	$ 366,919	$ 1,114,064	$ 1,228,214
Cost of revenue, net	255,429	257,886	777,490	854,163
Gross profit	86,076	109,033	336,574	374,051
Operating expenses:
Research and development	41,451	41,871	119,292	127,363
Sales, general and administrative	68,165	64,489	213,136	214,443
Amortization or impairment of acquisition-related intangibles	8,362	7,318	20,707	21,442
Loss (gain) on disposal or impairment of long-lived assets	500	(104)	1,541	16,483
Gain (Loss) on Contract Termination	(12,500)	0	(12,500)	0
Total operating expenses	105,978	113,574	342,176	379,731
Operating loss	(19,902)	(4,541)	(5,602)	(5,680)
Non-operating income (expense), net	9,865	717	4,946	(14,075)
Loss before income taxes	(10,037)	(3,824)	(656)	(19,755)
Income tax expense (benefit)	88,976	(3,976)	91,574	(8,860)
Net income (loss)	$ (99,013)	$ 152	$ (92,230)	$ (10,895)
(Loss) earnings per share:
Basic	$ (1.02)	$ 0	$ (0.93)	$ (0.11)
Diluted	$ (1.02)	$ 0	$ (0.93)	$ (0.11)
Weighted average shares used in per share calculation:
Basic	97,346	100,606	98,791	102,157
Diluted	97,346	101,221	98,791	102,157

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (99,013)	$ 152	$ (92,230)	$ (10,895)
Currency translation gain (loss)	550	432	(765)	(357)
Net unrealized (loss) gain on available-for-sale securities, net of tax benefit (expense) of $1,948 and ($716), ($4,723) and ($1,092), respectively	(608)	1,152	(4,723)	1,765
Other comprehensive (loss) income	(58)	1,584	(5,488)	1,408
Comprehensive (loss) income	$ (99,071)	$ 1,736	$ (97,718)	$ (9,487)

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Statement of Comprehensive Income [Abstract]
Tax (expense) benefit on net unrealized gain (loss) on available-for-sale securities	$ 1,948	$ (716)	$ (4,723)	$ (1,092)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Cash flows from operating activities:
Net (loss) income	$ (92,230)	$ (10,895)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	113,459	119,920
Stock-based compensation	38,417	44,318
Excess tax benefit from stock-based payment arrangements	(1)	(12)
Loss on disposal or impairment of long-lived assets	1,345	16,483
Amortization of premium/discount on investments	4,150	4,100
Loss on equity investment	144	(13,712)
Foreign exchange (gain) loss on equity investment	(2,436)	2,220
Deferred income taxes	71,342	537
Changes in operating assets and liabilities:
Accounts receivable, net	16,080	8,594
Inventories	12,064	(17,517)
Prepaid expenses and other assets	11,478	(14,792)
Accounts payable, trade	(10,891)	(18,279)
Accrued salaries and wages and other liabilities	521	(9,626)
Net cash provided by operating activities	163,154	138,763
Cash flows from investing activities:
Purchases of property and equipment	(56,895)	(99,692)
Purchases of patent and licensing rights	(8,876)	(11,034)
Proceeds from sale of property and equipment	1,111	5,199
Purchases of short-term investments	(169,414)	(192,728)
Proceeds from maturities of short-term investments	112,307	228,774
Proceeds from sale of short-term investments	13,613	31,262
Purchase of acquired business, net of cash acquired	0	(12,513)
Net cash used in investing activities	(108,154)	(50,732)
Cash flows from financing activities:
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(2,775)	0
Proceeds from long-term debt borrowings	373,000	538,000
Payments on long-term debt borrowings	(380,000)	(513,000)
Net proceeds from issuance of common stock	10,160	13,321
Excess tax benefit from stock-based payment arrangements	1	12
Repurchases of common stock	(104,014)	(149,555)
Net cash used in financing activities	(103,628)	(111,222)
Effects of foreign exchange changes on cash and cash equivalents	(432)	(957)
Net decrease in cash and cash equivalents	(49,060)	(24,148)
Cash and cash equivalents:
Beginning of period	166,154	139,710
End of period	117,094	115,562
Accrued property and equipment	$ 7,243	$ 7,317

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	9 Months Ended
	Mar. 26, 2017
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. The Company's Wolfspeed business consists of 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 consist of crystals, bare and epitaxial wafers. The Company's materials products enable devices that power renewable energy, base stations and telecom, traction, industrial motor control, power management, automotive and gemstone applications. The Company's power products consist of SiC Schottky diodes, metal oxide semiconductor field effect transistors (MOSFETs), power modules and gate driver boards. The Company's power devices are used in solar, electric vehicle charging, motor drives, industrial power supplies, IT power supplies, traction and transportation applications. The Company's RF devices consist of GaN die, high-electron mobility transistors (HEMT) and monolithic microwave integrated circuits (MMIC). The Company's RF devices are used in military communications, radar, satellite communications, point to point radio, telecom, data link and broadband amplifier applications. As discussed more fully below in Note 2, “Termination of Wolfspeed Sale Transaction,” on July 13, 2016, the Company executed a definitive agreement to sell its Wolfspeed business to Infineon Technologies AG (Infineon), which agreement was subsequently terminated on March 6, 2017. As a result of the termination of the agreement, the Company has reclassified the results of the Wolfspeed business as continuing operations in its consolidated statements of (loss) income, and presented it as a separate reportable segment for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations were reclassified as held and used in the consolidated balance sheets for all periods presented. 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, Arkansas, 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 three reportable segments are: • Lighting Products • LED Products • Wolfspeed For financial results by reportable segment, please refer to Note 14, "Reportable Segments." Basis of Presentation The consolidated balance sheet at March 26, 2017 , the consolidated statements of (loss) income for the three and nine months ended March 26, 2017 and March 27, 2016 , the consolidated statements of comprehensive (loss) income for the three and nine months ended March 26, 2017 and March 27, 2016 , and the consolidated statements of cash flows for the nine months ended March 26, 2017 and March 27, 2016 (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 March 26, 2017 , 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 and nine months ended March 26, 2017 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. 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 pronouncement. 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 effective date will be the first quarter of the Company's fiscal year ending June 30, 2018. The Company is currently analyzing the impact of this new pronouncement. Goodwill Impairment Testing In January 2017, the FASB issued ASU No. 2017-04: Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The ASU simplifies the manner in which an entity is required to test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Additionally, the ASU removes the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. The effective date will be the first quarter of the Company's fiscal year ending June 27, 2021. The Company’s adoption of this guidance is not expected to have a significant impact on its consolidated financial statements.

Acquisition

Acquisition	9 Months Ended
	Mar. 26, 2017
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 are reported as part of the Company's Wolfspeed segment. 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 The identifiable intangible assets acquired as a result of the acquisition will be 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	9 Months Ended
	Mar. 26, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 2 – Termination of Wolfspeed Sale Transaction On July 13, 2016, the Company executed an Asset Purchase Agreement (the APA) with Infineon, which was approved by both the Company’s Board of Directors and Infineon’s Supervisory Board. Pursuant to the APA, the Company agreed to sell to Infineon, and Infineon agreed to (i) purchase from the Company (a) the assets comprising the Company’s power and RF product lines (formerly 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. Beginning in July 2016, the Company classified the results of the Wolfspeed business as discontinued operations in the Company’s consolidated statements of (loss) income for all periods presented. The Company also 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 were classified as held for sale in the consolidated balance sheets. On February 16, 2017, the Company announced that the APA would be terminated because the Company and Infineon were unable to identify alternatives to modify the transaction to address the national security concerns of, and obtain approval from, the Committee on Foreign Investment in the United States, one of the closing conditions under the APA. On March 6, 2017, the Company and Infineon entered into a Termination Agreement pursuant to which the APA was terminated. Pursuant to the APA and the Termination Agreement, Infineon paid the Company a termination fee of $12.5 million in cash on March 10, 2017, which is included in Wolfspeed transaction termination fee in the Company’s consolidated statements of (loss) income and in net cash provided by operating activities in the Company’s consolidated statements of cash flows. As a result of the announcement of the termination of the APA and the Company’s decision to continue operating the Wolfspeed business, as of February 16, 2017, the Company reclassified the results of the Wolfspeed business as continuing operations in the Company’s consolidated statements of (loss) income, and presented it as a separate reportable segment for all periods presented. Additionally, the related assets and liabilities of the Wolfspeed business were reclassified as held and used in the consolidated balance sheets for all periods presented. The long-lived assets were measured at the lower of their carrying amount before being classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the assets been continuously classified as held and used, or their fair value at the date of the subsequent decision not to sell. The following table presents the adjustment recognized during the three months ended March 26, 2017 for depreciation and amortization that would have been recognized had the assets been continuously classified as held and used (in thousands): Inventories $4,067 Cost of Revenue, net 4,601 Research and development 2,801 Sales, general and administrative 1,161 Amortization or impairment of acquisition-related intangibles 1,569 Total depreciation and amortization adjustment $14,199 As a result of this adjustment, the depreciation and amortization for the nine months ended March 26, 2017 equals the depreciation and amortization that would have been recognized had the assets been continuously classified as held and used.

Financial Statement Details

Financial Statement Details	9 Months Ended
	Mar. 26, 2017
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): March 26, 2017 June 26, 2016 Billed trade receivables $203,645 $217,691 Unbilled contract receivables 1,761 2,135 205,406 219,826 Allowance for sales returns, discounts and other incentives (49,048 ) (48,710 ) Allowance for bad debts (6,850 ) (5,505 ) Accounts receivable, net $149,508 $165,611 Inventories The following table summarizes the components of inventories (in thousands): March 26, 2017 June 26, 2016 Raw material $72,455 $83,299 Work-in-progress 102,799 96,779 Finished goods 115,879 123,464 Inventories $291,133 $303,542 Other Current Liabilities The following table summarizes the components of other current liabilities (in thousands): March 26, 2017 June 26, 2016 Accrued taxes $12,286 $12,720 Accrued professional fees 9,153 7,980 Accrued warranty 11,918 20,207 Accrued other 7,258 5,164 Other current liabilities $40,615 $46,071 Accumulated Other Comprehensive Income, net of taxes The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): March 26, 2017 June 26, 2016 Currency translation gain $3,860 $4,624 Net unrealized (loss) gain on available-for-sale securities (620 ) 4,104 Accumulated other comprehensive income, net of taxes $3,240 $8,728 Non-Operating Income (Expense), net The following table summarizes the components of non-operating income (expense) income, net (in thousands): Three Months Ended Nine Months Ended March 26, 2017 March 27, 2016 March 26, 2017 March 27, 2016 Foreign currency gain (loss), net $2,434 $348 $1,939 ($4,331 ) Gain on sale of investments, net 1 47 13 63 Gain (loss) on equity investment 6,443 (790 ) 160 (13,712 ) Interest income, net 927 1,024 2,714 3,541 Other, net 60 88 120 364 Non-operating income (expense), net $9,865 $717 $4,946 ($14,075 ) 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 (Loss) Income Three Months Ended Nine Months Ended March 26, 2017 March 27, 2016 March 26, 2017 March 27, 2016 Net unrealized gain on available-for-sale securities, net of taxes $1 $47 $13 $63 Non-operating income (expense), net 1 47 13 63 (Loss) income before income taxes — 49 — 28 Income tax expense (benefit) $1 ($2 ) $13 $35

Investments

Investments	9 Months Ended
	Mar. 26, 2017
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): March 26, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $182,500 $1,266 ($218 ) $183,548 Corporate bonds 168,792 1,254 (477 ) 169,569 Non-U.S. certificates of deposit 109,901 — — 109,901 U.S. certificates of deposit 11,087 — — 11,087 Commercial paper 678 — — 678 Total short-term investments $472,958 $2,520 ($695 ) $474,783 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): March 26, 2017 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $51,923 ($218 ) $— $— $51,923 ($218 ) Corporate bonds 65,492 (477 ) — — 65,492 (477 ) Total $117,415 ($695 ) $— $— $117,415 ($695 ) Number of securities with an unrealized loss 85 0 85 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 income (expense), net in the consolidated statements of (loss) income 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 March 26, 2017 and June 26, 2016 . The contractual maturities of short-term investments as of March 26, 2017 were as follows (in thousands): Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $46,459 $108,079 $29,010 $— $183,548 Corporate bonds 50,835 83,479 35,255 — 169,569 Non-U.S. certificates of deposit 109,901 — — — 109,901 U.S. certificates of deposit 6,365 4,722 — — 11,087 Commercial paper 678 — — — 678 Total short-term investments $214,238 $196,280 $64,265 $— $474,783

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Mar. 26, 2017
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 March 26, 2017 , 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 March 26, 2017 . There were no transfers between Level 1 and Level 2 during the nine months ended March 26, 2017 . The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): March 26, 2017 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 Money market funds 3,522 — — 3,522 576 — — 576 Total cash equivalents 3,522 — — 3,522 576 137 — 713 Short-term investments: Municipal bonds — 183,548 — 183,548 — 190,440 — 190,440 Corporate bonds — 169,569 — 169,569 — 168,767 — 168,767 U.S. certificates of deposit — 11,087 — 11,087 — 3,500 — 3,500 Commercial paper — 678 — 678 — 3,317 — 3,317 Non-U.S. certificates of deposit — 109,901 — 109,901 — 73,127 — 73,127 Total short-term investments — 474,783 — 474,783 — 439,151 — 439,151 Other long-term investments: Common stock of non-U.S. corporations — 42,759 — 42,759 — 40,179 — 40,179 Total other long-term investments — 42,759 — 42,759 — 40,179 — 40,179 Total assets $3,522 $517,542 $— $521,064 $576 $479,467 $— $480,043

Intangible Assets

Intangible Assets	9 Months Ended
	Mar. 26, 2017
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): March 26, 2017 June 26, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $141,420 ($83,115 ) $58,305 $141,420 ($78,438 ) $62,982 Developed technology 181,728 (127,532 ) 54,196 181,728 (111,884 ) 69,844 Non-compete agreements 10,475 (10,379 ) 96 10,475 (9,994 ) 481 Trade names, finite-lived 520 (520 ) — 520 (520 ) — Patent and licensing rights 150,378 (61,120 ) 89,258 145,780 (55,957 ) 89,823 Total intangible assets with finite lives 484,521 (282,666 ) 201,855 479,923 (256,793 ) 223,130 Trade names, indefinite-lived 79,680 — 79,680 79,680 — 79,680 Total intangible assets $564,201 ($282,666 ) $281,535 $559,603 ($256,793 ) $302,810 For the three and nine months ended March 26, 2017 , total amortization of finite-lived intangible assets was $13.0 million and $29.9 million , respectively. Additionally, as discussed more fully in Note 2, “Termination of Wolfspeed Sale Transaction,” for the three and nine months ended March 26, 2017, total amortization of finite-lived intangible assets includes $3.2 million for amortization that would have been recognized had the Wolfspeed assets been continuously classified as held and used. For the three and nine months ended March 27, 2016 , total amortization of finite-lived intangible assets was $10.2 million and $29.9 million , respectively. 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) $14,165 June 24, 2018 31,611 June 30, 2019 18,965 June 28, 2020 14,948 June 27, 2021 13,681 Thereafter 108,485 Total future amortization expense $201,855

Long-term Debt

Long-term Debt	9 Months Ended
	Mar. 26, 2017
Long-term Debt, Unclassified [Abstract]
Long-term Debt	Long-term Debt As of March 26, 2017 , 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 March 26, 2017 , the Company had $153 million outstanding under the line of credit and $347 million available for borrowing. For the three and nine months ended March 26, 2017 , the average interest rate was 1.58% and 1.46% , respectively. For the three and nine months ended March 26, 2017 the average commitment fee percentage was 0.09% . The Company was in compliance with all covenants in the line of credit at March 26, 2017 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Mar. 26, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity As of March 26, 2017 , 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 nine months ended March 26, 2017 , the Company repurchased 4.4 million shares of common stock for $104.1 million under the stock repurchase program.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 26, 2017
Earnings Per Share [Abstract]
Earnings Per Share	(Loss) Earnings Per Share The following table presents the computation of basic (loss) earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended March 26, March 27, March 26, March 27, Net (loss) income ($99,013 ) $152 ($92,230 ) ($10,895 ) Weighted average common shares 97,346 100,606 98,791 102,157 Basic (loss) earnings per share ($1.02 ) $— ($0.93 ) ($0.11 ) The following computation reconciles the differences between the basic and diluted (loss) earnings per share presentations (in thousands, except per share amounts): Three Months Ended Nine Months Ended March 26, March 27, March 26, March 27, Net (loss) income ($99,013 ) $152 ($92,230 ) ($10,895 ) Weighted average common shares - basic 97,346 100,606 98,791 102,157 Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights — 615 — — Weighted average common shares - diluted 97,346 101,221 98,791 102,157 Diluted (loss) earnings per share ($1.02 ) $— ($0.93 ) ($0.11 ) 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 and nine months ended March 26, 2017 , there were 11.3 million and 11.5 million , respectively, of potential common shares not included in the calculation of diluted (loss) earnings per share because their effect was anti-dilutive. For the three and nine months ended March 27, 2016 , there were 10.2 million and 11.5 million , respectively, of potential common shares not included in the calculation of diluted (loss) earnings per share because their effect was anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 26, 2017
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 March 26, 2017 and changes during the nine 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 1,761 $24.52 Exercised (114 ) $26.47 Forfeited or expired (1,785 ) $38.70 Outstanding at March 26, 2017 11,109 $38.32 Restricted Stock Awards and Units A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of March 26, 2017 , and changes during the nine 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 1,528 $24.62 Vested (565 ) $34.72 Forfeited (138 ) $29.73 Nonvested at March 26, 2017 2,456 $26.78 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 Nine Months Ended March 26, March 27, March 26, March 27, Income Statement Classification: Cost of revenue, net $2,229 $3,078 $8,012 $9,221 Research and development 2,542 3,694 8,468 10,554 Sales, general and administrative 6,790 8,084 21,937 24,539 Total stock-based compensation expense $11,561 $14,856 $38,417 $44,314

Income Taxes

Income Taxes	9 Months Ended
	Mar. 26, 2017
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 primarily due to: (i) changes in the Company’s valuation allowances against deferred tax assets in the U.S. and Luxembourg, (ii) projected income for the full year derived from international locations with lower tax rates than the U.S. and (iii) projected tax credits generated. 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 nine months ended March 26, 2017 , the Company released $4.3 million of its unrecognized tax benefits; $3.7 million following statute expirations, and $0.6 million related to settlement of the audit by the Italian Revenue Agency. As a result, the total liability for unrecognized tax benefits as of March 26, 2017 was $13.4 million . If any portion of this $13.4 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 $0.2 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 2014. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2013. 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. On January 20, 2017, the Company settled an ongoing audit by the Italian Revenue Agency for the fiscal year ended June 30, 2013, resulting in immaterial impact on tax expense. The Company assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets by jurisdiction. During the third quarter of fiscal 2017, the Company concluded that it was necessary to recognize a full valuation allowance against its U.S. deferred tax assets and other deferred charges primarily due to the Company’s three-year cumulative pre-tax loss position in the U.S. and the termination of the Wolfspeed sale transaction, which was anticipated to generate U.S. taxable income upon the closing of the sale. Based on this evaluation, during the three months ended March 26, 2017, the Company recorded a valuation allowance of $ 67.6 million against its U.S. deferred tax assets. In addition, the company recognized a related deferred tax charge of $17.9 million . 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. As a result, 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 nine months ended March 26, 2017 , the Company recorded an additional $0.9 million valuation allowance against the loss carryover deferred tax asset as a result of the $3.2 million year-to-date loss in Luxembourg.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 26, 2017
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 $21,531 Warranties accrued in current period 24,571 Expenditures (20,904 ) Balance at March 26, 2017 $25,198 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 March 26, 2017 , $13.3 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	9 Months Ended
	Mar. 26, 2017
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments The Company's operating and reportable segments are: • Lighting Products • LED Products • Wolfspeed As discussed more fully in Note 2, “Termination of Wolfspeed Sale Transaction,” on July 13, 2016, the Company executed a definitive agreement to sell the Wolfspeed business to Infineon, which agreement was subsequently terminated on March 6, 2017. As a result of the termination of the agreement, the Company has reclassified the results of the Wolfspeed business as continuing operations in its consolidated statements of (loss) income, and presented it as a separate reportable segment, for all periods presented. For comparative purposes, the prior segment results have been recast 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. The Company's Wolfspeed segment includes power devices, RF devices, and SiC materials. 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 and nine months ended March 26, 2017 and March 27, 2016 . 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 (loss) income 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. The depreciation and amortization adjustment in the table below represents the depreciation and amortization that would have been recognized had the Wolfspeed assets been continuously classified as held and used, as discussed more fully in Note 2, “Termination of Wolfspeed Sale Transaction.” These costs were not allocated to the reportable segments’ gross profit for the three months ended March 26, 2017 because they represent an adjustment which does not provide comparability to the corresponding prior period and therefore were not reviewed by the Company’s CODM when evaluating segment performance and allocating resources. These costs were allocated to the Wolfspeed segment’s gross profit for the nine months ended March 26, 2017 because they provide comparability to the corresponding prior period and were reviewed by the Company’s CODM 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 Nine Months Ended March 26, March 27, March 26, March 27, Revenue: Lighting Products revenue $154,045 $187,714 $546,805 $690,715 LED Products revenue 131,327 135,552 406,858 407,873 Wolfspeed revenue 56,133 43,653 160,401 129,626 Total revenue $341,505 $366,919 $1,114,064 $1,228,214 Gross Profit and Gross Margin: Lighting Products gross profit $35,355 $48,808 $159,415 $190,531 Lighting Products gross margin 23.0 % 26.0 % 29.2 % 27.6 % LED Products gross profit 32,385 42,829 115,499 127,645 LED Products gross margin 24.7 % 31.6 % 28.4 % 31.3 % Wolfspeed gross profit 26,396 22,750 74,737 70,990 Wolfspeed gross margin 47.0 % 52.1 % 46.6 % 54.8 % Total segment gross profit 94,136 114,387 349,651 389,166 Unallocated costs (3,459 ) (5,354 ) (13,077 ) (15,115 ) Depreciation and amortization adjustment (4,601 ) — — — Consolidated gross profit $86,076 $109,033 $336,574 $374,051 Consolidated gross margin 25.2 % 29.7 % 30.2 % 30.5 % 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): March 26, June 26, Lighting Products $151,698 $172,261 LED Products 111,308 104,544 Wolfspeed 24,041 21,871 Total segment inventories 287,047 298,676 Unallocated inventories 4,086 4,866 Consolidated inventories $291,133 $303,542

Costs Associated with LED Busin

Costs Associated with LED Business Restructuring	9 Months Ended
	Mar. 26, 2017
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. While no charges were incurred for the three months ended March 27, 2016, the Company did realize a gain on the sale of long-lived assets related to the restructuring which were sold for a value in excess of their estimated net realizable value. The Company incurred a total of $ 102.4 million pursuant to this restructuring plan. See Note 18, "Costs Associated with LED Business Restructuring" in Part II, Item 8 of the Company's Annual Report on Form 10K for the fiscal year ended June 26, 2016 for additional information. The following table summarizes the actual charges incurred for the three and nine months ended March 27, 2016 (in thousands): Capacity and Overhead Cost Reductions Amounts incurred for Amounts incurred for Affected Line Item in the Consolidated Statements of (Loss) Income Loss on disposal or impairment of long-lived assets $— $15,519 Loss on disposal or impairment of long-lived assets Severance expense — 264 Sales, general and administrative expenses Lease termination and facility consolidation costs — 2,933 Sales, general and administrative expenses Total restructuring charges $— $18,716

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Mar. 26, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet at March 26, 2017 , the consolidated statements of (loss) income for the three and nine months ended March 26, 2017 and March 27, 2016 , the consolidated statements of comprehensive (loss) income for the three and nine months ended March 26, 2017 and March 27, 2016 , and the consolidated statements of cash flows for the nine months ended March 26, 2017 and March 27, 2016 (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 March 26, 2017 , 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 and nine months ended March 26, 2017 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
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 pronouncement. 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 effective date will be the first quarter of the Company's fiscal year ending June 30, 2018. The Company is currently analyzing the impact of this new pronouncement. Goodwill Impairment Testing In January 2017, the FASB issued ASU No. 2017-04: Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The ASU simplifies the manner in which an entity is required to test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Additionally, the ASU removes the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. The effective date will be the first quarter of the Company's fiscal year ending June 27, 2021. The Company’s adoption of this guidance is not expected to have a significant impact on its consolidated financial statements.
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 and nine months ended March 26, 2017 and March 27, 2016 . 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 (loss) income 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.

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Mar. 26, 2017
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 will be 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)	9 Months Ended
	Mar. 26, 2017
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]	Inventories $4,067 Cost of Revenue, net 4,601 Research and development 2,801 Sales, general and administrative 1,161 Amortization or impairment of acquisition-related intangibles 1,569 Total depreciation and amortization adjustment $14,199

Financial Statement Details (Ta

Financial Statement Details (Tables)	9 Months Ended
	Mar. 26, 2017
Financial Statement Details [Abstract]
Summary of the Components of Accounts Receivable, Net	The following table summarizes the components of accounts receivable, net (in thousands): March 26, 2017 June 26, 2016 Billed trade receivables $203,645 $217,691 Unbilled contract receivables 1,761 2,135 205,406 219,826 Allowance for sales returns, discounts and other incentives (49,048 ) (48,710 ) Allowance for bad debts (6,850 ) (5,505 ) Accounts receivable, net $149,508 $165,611
Summary of the Components of Inventories	The following table summarizes the components of inventories (in thousands): March 26, 2017 June 26, 2016 Raw material $72,455 $83,299 Work-in-progress 102,799 96,779 Finished goods 115,879 123,464 Inventories $291,133 $303,542
Summary of the Components of Other Current Liabilities	The following table summarizes the components of other current liabilities (in thousands): March 26, 2017 June 26, 2016 Accrued taxes $12,286 $12,720 Accrued professional fees 9,153 7,980 Accrued warranty 11,918 20,207 Accrued other 7,258 5,164 Other current liabilities $40,615 $46,071
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): March 26, 2017 June 26, 2016 Currency translation gain $3,860 $4,624 Net unrealized (loss) gain on available-for-sale securities (620 ) 4,104 Accumulated other comprehensive income, net of taxes $3,240 $8,728
Summary of the Components of Non-operating Income, Net	The following table summarizes the components of non-operating income (expense) income, net (in thousands): Three Months Ended Nine Months Ended March 26, 2017 March 27, 2016 March 26, 2017 March 27, 2016 Foreign currency gain (loss), net $2,434 $348 $1,939 ($4,331 ) Gain on sale of investments, net 1 47 13 63 Gain (loss) on equity investment 6,443 (790 ) 160 (13,712 ) Interest income, net 927 1,024 2,714 3,541 Other, net 60 88 120 364 Non-operating income (expense), net $9,865 $717 $4,946 ($14,075 )
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 (Loss) Income Three Months Ended Nine Months Ended March 26, 2017 March 27, 2016 March 26, 2017 March 27, 2016 Net unrealized gain on available-for-sale securities, net of taxes $1 $47 $13 $63 Non-operating income (expense), net 1 47 13 63 (Loss) income before income taxes — 49 — 28 Income tax expense (benefit) $1 ($2 ) $13 $35

Investments (Tables)

Investments (Tables)	9 Months Ended
	Mar. 26, 2017
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments by Type	The following tables summarize short-term investments (in thousands): March 26, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $182,500 $1,266 ($218 ) $183,548 Corporate bonds 168,792 1,254 (477 ) 169,569 Non-U.S. certificates of deposit 109,901 — — 109,901 U.S. certificates of deposit 11,087 — — 11,087 Commercial paper 678 — — 678 Total short-term investments $472,958 $2,520 ($695 ) $474,783 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): March 26, 2017 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $51,923 ($218 ) $— $— $51,923 ($218 ) Corporate bonds 65,492 (477 ) — — 65,492 (477 ) Total $117,415 ($695 ) $— $— $117,415 ($695 ) Number of securities with an unrealized loss 85 0 85 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 March 26, 2017 were as follows (in thousands): Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $46,459 $108,079 $29,010 $— $183,548 Corporate bonds 50,835 83,479 35,255 — 169,569 Non-U.S. certificates of deposit 109,901 — — — 109,901 U.S. certificates of deposit 6,365 4,722 — — 11,087 Commercial paper 678 — — — 678 Total short-term investments $214,238 $196,280 $64,265 $— $474,783

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Mar. 26, 2017
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): March 26, 2017 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 Money market funds 3,522 — — 3,522 576 — — 576 Total cash equivalents 3,522 — — 3,522 576 137 — 713 Short-term investments: Municipal bonds — 183,548 — 183,548 — 190,440 — 190,440 Corporate bonds — 169,569 — 169,569 — 168,767 — 168,767 U.S. certificates of deposit — 11,087 — 11,087 — 3,500 — 3,500 Commercial paper — 678 — 678 — 3,317 — 3,317 Non-U.S. certificates of deposit — 109,901 — 109,901 — 73,127 — 73,127 Total short-term investments — 474,783 — 474,783 — 439,151 — 439,151 Other long-term investments: Common stock of non-U.S. corporations — 42,759 — 42,759 — 40,179 — 40,179 Total other long-term investments — 42,759 — 42,759 — 40,179 — 40,179 Total assets $3,522 $517,542 $— $521,064 $576 $479,467 $— $480,043

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Mar. 26, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Components of intangible assets, net	The following table presents the components of intangible assets, net (in thousands): March 26, 2017 June 26, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $141,420 ($83,115 ) $58,305 $141,420 ($78,438 ) $62,982 Developed technology 181,728 (127,532 ) 54,196 181,728 (111,884 ) 69,844 Non-compete agreements 10,475 (10,379 ) 96 10,475 (9,994 ) 481 Trade names, finite-lived 520 (520 ) — 520 (520 ) — Patent and licensing rights 150,378 (61,120 ) 89,258 145,780 (55,957 ) 89,823 Total intangible assets with finite lives 484,521 (282,666 ) 201,855 479,923 (256,793 ) 223,130 Trade names, indefinite-lived 79,680 — 79,680 79,680 — 79,680 Total intangible assets $564,201 ($282,666 ) $281,535 $559,603 ($256,793 ) $302,810
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) $14,165 June 24, 2018 31,611 June 30, 2019 18,965 June 28, 2020 14,948 June 27, 2021 13,681 Thereafter 108,485 Total future amortization expense $201,855

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 26, 2017
Earnings Per Share [Abstract]
Basic Earnings Per Share Computation	The following table presents the computation of basic (loss) earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended March 26, March 27, March 26, March 27, Net (loss) income ($99,013 ) $152 ($92,230 ) ($10,895 ) Weighted average common shares 97,346 100,606 98,791 102,157 Basic (loss) earnings per share ($1.02 ) $— ($0.93 ) ($0.11 )
Diluted Earnings Per Share Computation	The following computation reconciles the differences between the basic and diluted (loss) earnings per share presentations (in thousands, except per share amounts): Three Months Ended Nine Months Ended March 26, March 27, March 26, March 27, Net (loss) income ($99,013 ) $152 ($92,230 ) ($10,895 ) Weighted average common shares - basic 97,346 100,606 98,791 102,157 Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights — 615 — — Weighted average common shares - diluted 97,346 101,221 98,791 102,157 Diluted (loss) earnings per share ($1.02 ) $— ($0.93 ) ($0.11 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 26, 2017
Share-based Compensation [Abstract]
Summary of Outstanding Option Awards	The following table summarizes stock option awards outstanding as of March 26, 2017 and changes during the nine 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 1,761 $24.52 Exercised (114 ) $26.47 Forfeited or expired (1,785 ) $38.70 Outstanding at March 26, 2017 11,109 $38.32
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 March 26, 2017 , and changes during the nine 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 1,528 $24.62 Vested (565 ) $34.72 Forfeited (138 ) $29.73 Nonvested at March 26, 2017 2,456 $26.78
Summary of Total Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended March 26, March 27, March 26, March 27, Income Statement Classification: Cost of revenue, net $2,229 $3,078 $8,012 $9,221 Research and development 2,542 3,694 8,468 10,554 Sales, general and administrative 6,790 8,084 21,937 24,539 Total stock-based compensation expense $11,561 $14,856 $38,417 $44,314

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 26, 2017
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 $21,531 Warranties accrued in current period 24,571 Expenditures (20,904 ) Balance at March 26, 2017 $25,198

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Mar. 26, 2017
Segment Reporting [Abstract]
Revenues, Gross Profit, Gross Margin, and Inventories by Segment	Inventories for each of the Company's segments were as follows (in thousands): March 26, June 26, Lighting Products $151,698 $172,261 LED Products 111,308 104,544 Wolfspeed 24,041 21,871 Total segment inventories 287,047 298,676 Unallocated inventories 4,086 4,866 Consolidated inventories $291,133 $303,542 Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): Three Months Ended Nine Months Ended March 26, March 27, March 26, March 27, Revenue: Lighting Products revenue $154,045 $187,714 $546,805 $690,715 LED Products revenue 131,327 135,552 406,858 407,873 Wolfspeed revenue 56,133 43,653 160,401 129,626 Total revenue $341,505 $366,919 $1,114,064 $1,228,214 Gross Profit and Gross Margin: Lighting Products gross profit $35,355 $48,808 $159,415 $190,531 Lighting Products gross margin 23.0 % 26.0 % 29.2 % 27.6 % LED Products gross profit 32,385 42,829 115,499 127,645 LED Products gross margin 24.7 % 31.6 % 28.4 % 31.3 % Wolfspeed gross profit 26,396 22,750 74,737 70,990 Wolfspeed gross margin 47.0 % 52.1 % 46.6 % 54.8 % Total segment gross profit 94,136 114,387 349,651 389,166 Unallocated costs (3,459 ) (5,354 ) (13,077 ) (15,115 ) Depreciation and amortization adjustment (4,601 ) — — — Consolidated gross profit $86,076 $109,033 $336,574 $374,051 Consolidated gross margin 25.2 % 29.7 % 30.2 % 30.5 %

Costs Associated with LED Bus34

Costs Associated with LED Business Restructuring Costs Associated with LED Business Restructuring (Tables)	9 Months Ended
	Mar. 26, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	The following table summarizes the actual charges incurred for the three and nine months ended March 27, 2016 (in thousands): Capacity and Overhead Cost Reductions Amounts incurred for Amounts incurred for Affected Line Item in the Consolidated Statements of (Loss) Income Loss on disposal or impairment of long-lived assets $— $15,519 Loss on disposal or impairment of long-lived assets Severance expense — 264 Sales, general and administrative expenses Lease termination and facility consolidation costs — 2,933 Sales, general and administrative expenses Total restructuring charges $— $18,716

Basis of Presentation and New35

Basis of Presentation and New Accounting Standards Narrative (Details)	3 Months Ended
	Mar. 26, 2017reportable_segments
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	3

Basis of Presentation and New36

Basis of Presentation and New Accounting Standards Revision of Prior Period Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016	Jun. 26, 2016
Revision of Prior Period Financial Statement [Line Items]
Intangible assets, net	$ 281,535		$ 281,535		$ 302,810
Deferred income taxes	12,140		12,140		38,564
Total assets	2,637,174		2,637,174		2,766,060
Deferred income taxes	46,699		46,699		943
Total long-term liabilities	219,526		219,526		175,237
Retained earnings	(196,854)		(196,854)		(613)
Total shareholders' equity	2,210,247		2,210,247		2,367,824
Total liabilities and shareholders' equity	2,637,174		2,637,174		$ 2,766,060
Gross profit	86,076	$ 109,033	336,574	$ 374,051
Operating income (loss)	(19,902)	(4,541)	(5,602)	(5,680)
Loss from continuing operations before income taxes	(10,037)	(3,824)	(656)	(19,755)
Income tax expense (benefit)	88,976	(3,976)	91,574	(8,860)
Net (loss) income	$ (99,013)	$ 152	$ (92,230)	$ (10,895)
Basic	$ (1.02)	$ 0	$ (0.93)	$ (0.11)
Diluted	$ (1.02)	$ 0	$ (0.93)	$ (0.11)

Acquisition Acquisition (Detail

Acquisition Acquisition (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Purchase Price Allocation [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 2,775	$ 0
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 Disco38

Discontinued Operations Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 10, 2017	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Contract Termination	$ 12,500	$ 12,500	$ 0	$ 12,500	$ 0
General and Administrative Expense [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization catch-up due to termination of Sale				1,161
Cost of revenue, net [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization catch-up due to termination of Sale				4,601
Inventories [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization catch-up due to termination of Sale				4,067
Research and Development Expense [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization catch-up due to termination of Sale				2,801
Intangible Assets, Amortization Period [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization catch-up due to termination of Sale				1,569
Prior Period Revision Adjustments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization catch-up due to termination of Sale				$ 14,199

Financial Statement Details (Su

Financial Statement Details (Summary of the Components of Accounts Receivable, Net) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Document Period End Date	Mar. 26, 2017
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 205,406	$ 219,826
Allowance for bad debts	(6,850)	(5,505)
Accounts receivable, net	149,508	165,611
Allowance for sales returns, discounts and other incentives [Member]
Accounts Receivable, Net, Current [Abstract]
Allowance for sales returns, discounts and other incentives	(49,048)	(48,710)
Billed trade receivables [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	203,645	217,691
Unbilled contract receivables [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 1,761	$ 2,135

Financial Statement Details (40

Financial Statement Details (Summary of the Components of Inventories) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Financial Statement Details [Abstract]
Document Period End Date	Mar. 26, 2017
Inventory, Net [Abstract]
Raw material	$ 72,455	$ 83,299
Work-in-progress	102,799	96,779
Finished goods	115,879	123,464
Inventories	$ 291,133	$ 303,542

Financial Statement Details (41

Financial Statement Details (Summary of the Components of Other Current Liabilities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Financial Statement Details [Abstract]
Document Period End Date	Mar. 26, 2017
Accrued Liabilities, Current [Abstract]
Accrued taxes	$ 12,286	$ 12,720
Accrued professional fees	9,153	7,980
Accrued warranty	11,918	20,207
Accrued other	7,258	5,164
Other current liabilities	$ 40,615	$ 46,071

Financial Statement Details (42

Financial Statement Details (Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Financial Statement Details [Abstract]
Document Period End Date	Mar. 26, 2017
Currency translation gain	$ 3,860	$ 4,624
Net unrealized (loss) gain on available-for-sale securities	(620)	4,104
Accumulated other comprehensive income, net of taxes	$ 3,240	$ 8,728

Financial Statement Details (43

Financial Statement Details (Summary of the Components of Non-operating Income, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Financial Statement Details [Abstract]
Document Period End Date			Mar. 26, 2017
Other Income and Expenses [Abstract]
Foreign currency gain (loss), net	$ 2,434	$ 348	$ 1,939	$ (4,331)
Gain on sale of investments, net	1	47	13	63
Unrealized Gain (Loss) on Investments	6,443	(790)	160	(13,712)
Interest income, net	927	1,024	2,714	3,541
Other, net	60	88	120	364
Non-operating income (expense), net	$ 9,865	$ 717	$ 4,946	$ (14,075)

Financial Statement Details (44

Financial Statement Details (Summary of the Amounts Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Non-operating income (expense), net	$ 9,865	$ 717	$ 4,946	$ (14,075)
Income tax expense (benefit)	88,976	(3,976)	91,574	(8,860)
Net (loss) income	(99,013)	152	(92,230)	(10,895)
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 income (expense), net	1	47	13	63
Other Comprehensive Income (Loss), before Tax	1	47	13	63
Income tax expense (benefit)	0	49	0	28
Net (loss) income	$ 1	$ (2)	$ 13	$ 35

Investments (Summary of Short-t

Investments (Summary of Short-term Investments by Type) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Schedule of Available-for-sale Securities [Line Items]
Document Period End Date	Mar. 26, 2017
Available-for-sale Securities, Debt Securities, Current	$ 474,783	$ 439,151
Amortized Cost	472,958	432,603
Gross Unrealized Gains	2,520	6,636
Gross Unrealized Losses	(695)	(88)
Estimated Fair Value	474,783	439,151
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	183,548
Amortized Cost	182,500	186,893
Gross Unrealized Gains	1,266	3,562
Gross Unrealized Losses	(218)	(15)
Estimated Fair Value	183,548	190,440
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	169,569
Amortized Cost	168,792	165,766
Gross Unrealized Gains	1,254	3,074
Gross Unrealized Losses	(477)	(73)
Estimated Fair Value	169,569	168,767
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	678
Amortized Cost	678	3,317
Estimated Fair Value	678	3,317
U.S. | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	11,087
Amortized Cost	11,087	3,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	11,087	3,500
Non-US [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	109,901
Amortized Cost	109,901	73,127
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 109,901	$ 73,127

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	9 Months Ended
	Mar. 26, 2017USD ($)	Jun. 26, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Document Period End Date	Mar. 26, 2017
Fair Value, Less than 12 Months	$ 117,415	$ 30,514
Unrealized Loss, Less than 12 Months	(695)	(82)
Fair Value, Greater than 12 Months	0	3,535
Unrealized Loss, Greater than 12 Months	0	(6)
Fair Value, Total	117,415	34,049
Unrealized Loss, Total	$ (695)	$ (88)
Number of Securities with an Unrealized Loss, Less than 12 Months	85	22
Number of Securities with an Unrealized Loss, Greater than 12 Months	0	3
Number of Securities with an Unrealized Loss, Total	85	25
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	$ 51,923	$ 2,936
Unrealized Loss, Less than 12 Months	(218)	(9)
Fair Value, Greater than 12 Months	0	3,535
Unrealized Loss, Greater than 12 Months	0	(6)
Fair Value, Total	51,923	6,471
Unrealized Loss, Total	(218)	(15)
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	65,492	27,578
Unrealized Loss, Less than 12 Months	(477)	(73)
Fair Value, Greater than 12 Months	0	0
Unrealized Loss, Greater than 12 Months	0	0
Fair Value, Total	65,492	27,578
Unrealized Loss, Total	$ (477)	$ (73)

Investments (Contractual Maturi

Investments (Contractual Maturities of Short-term Investments by Type) (Details) - USD ($) $ in Thousands	Mar. 26, 2017	Jun. 26, 2016
Schedule of Available-for-sale Securities [Line Items]
Within One Year	$ 214,238
After One, Within Five Years	196,280
After Five, Within Ten Years	64,265
After Ten Years	0
Total	474,783	$ 439,151
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	678
Total	678
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	46,459
After One, Within Five Years	108,079
After Five, Within Ten Years	29,010
After Ten Years	0
Total	183,548
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	50,835
After One, Within Five Years	83,479
After Five, Within Ten Years	35,255
After Ten Years	0
Total	169,569
U.S. | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	6,365
After One, Within Five Years	4,722
After Five, Within Ten Years	0
After Ten Years	0
Total	11,087
Non-US [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	109,901
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	$ 109,901

Fair Value of Financial Instr48

Fair Value of Financial Instruments (Financial Instruments Carried at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 26, 2017	Jun. 26, 2016
Assets, Fair Value Disclosure [Abstract]
Short-term investments	$ 474,783	$ 439,151
Other long-term investments	42,759	40,179
Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	3,522	713
Short-term investments	474,783	439,151
Other long-term investments	42,759	40,179
Total assets	521,064	480,043
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	3,522	576
Short-term investments	0	0
Other long-term investments	0	0
Total assets	3,522	576
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	137
Short-term investments	474,783	439,151
Other long-term investments	42,759	40,179
Total assets	517,542	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	183,548	190,440
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	183,548	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	183,548	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	169,569	168,767
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	169,569	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	169,569	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	42,759	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	42,759	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	678	3,317
Commercial Paper [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	678	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	0	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	0	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	3,522	576
Money Market Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	3,522	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	11,087	3,500
U.S. | Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	11,087	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	11,087	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	109,901	73,127
Non-US [Member] | Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	109,901	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	109,901	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	Mar. 26, 2017	Jun. 26, 2016
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 484,521	$ 479,923
Finite-lived intangible assets, accumulated amortization	(282,666)	(256,793)
Finite-lived intangible assets, net	201,855	223,130
Trade names, indefinite-lived	79,680	79,680
Intangible Assets, Gross (Excluding Goodwill)	564,201	559,603
Intangible assets, net	281,535	302,810
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	141,420	141,420
Finite-lived intangible assets, accumulated amortization	(83,115)	(78,438)
Finite-lived intangible assets, net	58,305	62,982
Developed technology
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	181,728	181,728
Finite-lived intangible assets, accumulated amortization	(127,532)	(111,884)
Finite-lived intangible assets, net	54,196	69,844
Non-compete agreements
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	10,475	10,475
Finite-lived intangible assets, accumulated amortization	(10,379)	(9,994)
Finite-lived intangible assets, net	96	481
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	150,378	145,780
Finite-lived intangible assets, accumulated amortization	(61,120)	(55,957)
Finite-lived intangible assets, net	$ 89,258	$ 89,823

Intangible Assets Intangible As

Intangible Assets Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 13	$ 10.2	$ 29.9	$ 29.9

Intangible Assets Intangible 51

Intangible Assets Intangible Assets (Schedule of future amortization expense of finite-lived intangible assets) (Details) - USD ($) $ in Thousands	Mar. 26, 2017	Jun. 26, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
June 25, 2017 (remainder of fiscal 2017)	$ 14,165
June 24, 2018	31,611
June 30, 2019	18,965
June 28, 2020	14,948
June 27, 2021	13,681
Thereafter	108,485
Finite-lived intangible assets, net	$ 201,855	$ 223,130

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Long-term Debt, Unclassified [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
Long-term debt	153,000	$ 160,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 347,000
Long-term Debt, Average Interest Rate	1.58%
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	9 Months Ended
	Mar. 26, 2017USD ($)shares
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 300
Repurchased share number | shares	4.4
Repurchased share value	$ 104.1

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		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Earnings Per Share, Basic [Abstract]
Net income (loss)	$ (99,013)	$ 152	$ (92,230)	$ (10,895)
Weighted average common shares - basic	97,346	100,606	98,791	102,157
Basic earnings (loss) per share	$ (1.02)	$ 0	$ (0.93)	$ (0.11)

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		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Earnings Per Share, Diluted [Abstract]
Net income (loss)	$ (99,013)	$ 152	$ (92,230)	$ (10,895)
Weighted average common shares - basic	97,346	100,606	98,791	102,157
Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights		615		0
Weighted average common shares - diluted	97,346	101,221	98,791	102,157
Diluted earnings (loss) per share	$ (1.02)	$ 0	$ (0.93)	$ (0.11)

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
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	11.3	10.2	11.5	11.5

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details)	9 Months Ended
	Mar. 26, 2017plans
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	9 Months Ended
	Mar. 26, 2017$ / 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	1,761
Exercised, number of shares | shares	(114)
Forfeited or expired, number of shares | shares	(1,785)
Outstanding number of shares at end of period | shares	11,109
Outstanding weighted-average exercise price at beginning of period | $ / shares	$ 40.42
Granted, weighted-average exercise price | $ / shares	24.52
Exercised, weighted-average exercise price | $ / shares	26.47
Forfeited or expired, weighted-average exercise price | $ / shares	38.70
Outstanding weighted-average exercised price at end of period | $ / shares	$ 38.32

Stock-Based Compensation (Sum59

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	9 Months Ended
	Mar. 26, 2017$ / 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	1,528
Vested, number of RSAs/RSUs | shares	(565)
Forfeited, number of RSAs/RSUs | shares	(138)
Nonvested, Number of RSAs/RSUs at end of period | shares	2,456
Nonvested, weighted-average grant-date fair value at beginning of period | $ / shares	$ 31.66
Granted, weighted-average grant-date fair value | $ / shares	24.62
Vested, weighted-average grant-date fair value | $ / shares	34.72
Forfeited, weighted-average grant-date fair value | $ / shares	29.73
Nonvested, weighted-average grant-date fair value at end of period | $ / shares	$ 26.78

Stock-Based Compensation (Total

Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 11,561	$ 14,856	$ 38,417	$ 44,314
Cost of revenue, net [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,229	3,078	8,012	9,221
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,542	3,694	8,468	10,554
Selling, general and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 6,790	$ 8,084	$ 21,937	$ 24,539

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 26, 2017	Mar. 26, 2017	Mar. 27, 2016	Jun. 26, 2016
Operating Loss Carryforwards [Line Items]
U.S. statutory tax rate		35.00%
Unrecognized tax benefits balance	$ 13.4	$ 13.4		$ 17.7
Document Period End Date		Mar. 26, 2017
Unrecognized Tax Benefits, Period Increase (Decrease)		$ 4.3
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	13.4	13.4
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0.2	0.2
Expiration of Tax Credit Carryforward		3.7
ITALY
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities		0.6
U.S.
Operating Loss Carryforwards [Line Items]
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense	67.6
Deferred Income Tax Expense (Benefit)	17.9
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		0.9	$ 9.5
Net operating loss carryovers offset by valuation allowance, amount	$ 3.2	$ 3.2		$ 32.4

Commitments and Contingencies62

Commitments and Contingencies (Warranties) (Details) $ in Thousands	9 Months Ended
	Mar. 26, 2017USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty accrual, beginning balance	$ 21,531
Warranties accrued in current period	24,571
Expenditures	(20,904)
Warranty accrual, ending balance	25,198
Product Warranty Liability, Long-Term	$ 13,300
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		9 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 26, 2017	Mar. 27, 2016
Segment Reporting Information [Line Items]
Document Period End Date			Mar. 26, 2017
Revenue, net	$ 341,505	$ 366,919	$ 1,114,064	$ 1,228,214
Gross profit	$ 86,076	$ 109,033	$ 336,574	$ 374,051
Gross margin	25.20%	29.70%	30.20%	30.50%
Lighting Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 154,045	$ 187,714	$ 546,805	$ 690,715
Gross profit	$ 35,355	$ 48,808	$ 159,415	$ 190,531
Gross margin	23.00%	26.00%	29.20%	27.60%
LED Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 131,327	$ 135,552	$ 406,858	$ 407,873
Gross profit	$ 32,385	$ 42,829	$ 115,499	$ 127,645
Gross margin	24.70%	31.60%	28.40%	31.30%
Power and RF Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 56,133	$ 43,653	$ 160,401	$ 129,626
Gross profit	$ 26,396	$ 22,750	$ 74,737	$ 70,990
Gross margin	47.00%	52.10%	46.60%	54.80%
Total segment gross profit [Member]
Segment Reporting Information [Line Items]
Gross profit	$ 94,136	$ 114,387	$ 349,651	$ 389,166
Unallocated Costs [Member]
Segment Reporting Information [Line Items]
Gross profit	$ (3,459)	$ (5,354)	$ (13,077)	$ (15,115)

Reportable Segments Schedule of

Reportable Segments Schedule of Inventory by Reportable Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2017	Jun. 26, 2016
Segment Reporting Information [Line Items]
Document Period End Date	Mar. 26, 2017
Inventories	$ 291,133	$ 303,542
Lighting Products [Member]
Segment Reporting Information [Line Items]
Inventories	151,698	172,261
LED Products [Member]
Segment Reporting Information [Line Items]
Inventories	111,308	104,544
Power and RF Products [Member]
Segment Reporting Information [Line Items]
Inventories	24,041	21,871
Total segment inventories [Member]
Segment Reporting Information [Line Items]
Inventories	287,047	298,676
Unallocated inventories [Member]
Segment Reporting Information [Line Items]
Inventories	$ 4,086	$ 4,866

Costs Associated with LED Bus65

Costs Associated with LED Business Restructuring Costs Associated with LED Business Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 26, 2017	Mar. 26, 2017	Dec. 27, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 0	$ 18,716	$ 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	0	15,519
Severance expense | Sales, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	0	264
Lease termination and facility consolidation costs | Sales, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 0	$ 2,933