Wolfspeed (WOLF) 10-Q 18 Oct 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 24, 2017	Oct. 13, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	CREE INC
Entity Central Index Key	895,419
Current Fiscal Year End Date	--06-24
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 24, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		98,135,192
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Statement of Financial Position [Abstract]
Document Period End Date	Sep. 24, 2017
Current assets:
Cash and cash equivalents	$ 152,058	$ 132,597
Short-term investments	472,796	478,341
Total cash, cash equivalents and short-term investments	624,854	610,938
Accounts receivable, net	154,854	148,392
Income tax receivable	7,639	8,040
Inventories, net	277,944	284,385
Prepaid expenses	23,572	23,305
Other current assets	15,352	23,390
Current assets held for sale	2,254	2,180
Total current assets	1,106,469	1,100,630
Property and equipment, net	594,698	581,263
Goodwill	618,828	618,828
Intangible assets, net	267,066	274,315
Other long-term investments	47,298	50,366
Deferred income taxes	11,137	11,763
Other assets	12,491	12,702
Total assets	2,657,987	2,649,867
Current liabilities:
Accounts payable, trade	146,578	133,185
Accrued salaries and wages	39,766	41,860
Other Liabilities, Current	43,024	36,978
Total current liabilities	229,368	212,023
Long-term liabilities:
Long-term debt	141,000	145,000
Deferred income taxes	52,895	49,860
Other long-term liabilities	18,743	20,179
Total long-term liabilities	212,638	215,039
Commitments and contingencies (Note 13)
Shareholders' equity:
Preferred stock, par value $0.01; 3,000 shares authorized at September 24, 2017 and June 25, 2017; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at September 24, 2017 and June 25, 2017; 98,045 issued and 98,039 outstanding at September 24, 2017 and 97,674 shares issued and outstanding at June 25, 2017	121	121
Additional paid-in-capital	2,426,063	2,419,517
Accumulated other comprehensive income, net of taxes	7,512	5,909
Accumulated deficit	(222,599)	(202,742)
Total shareholders’ equity	2,211,097	2,222,805
Stockholders' Equity Attributable to Noncontrolling Interest	4,884	0
Total liabilities and equity	$ 2,657,987	$ 2,649,867

Consolidated Balance Sheets Con

Consolidated Balance Sheets Consolidation Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 24, 2017	Jun. 25, 2017
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	98,045	100,829
Common stock, shares outstanding	98,039	100,829

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Document Period End Date	Sep. 24, 2017
Revenue, net	$ 360,398	$ 371,231
Cost of revenue, net	260,066	261,302
Gross profit	100,332	109,929
Operating expenses:
Research and development	41,859	39,948
Sales, general and administrative	62,964	68,458
Amortization or impairment of acquisition-related intangibles	6,792	6,408
Loss on disposal or impairment of long-lived assets	2,825	324
Total operating expenses	114,440	115,138
Operating loss	(14,108)	(5,209)
Non-operating expense, net	(1,068)	(158)
Loss before income taxes	(15,176)	(5,367)
Income tax expense (benefit)	4,697	(5,933)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(19,873)	566
Net loss attributable to noncontrolling interest	(16)	0
Net (loss) income	$ (19,857)	$ 566
(Loss) earnings per share:
Basic (loss) earnings per share	$ (0.20)	$ 0.01
Diluted (loss) earnings per share	$ (0.20)	$ 0.01
Weighted average shares used in per share calculation:
Basic	97,811	100,559
Diluted	97,811	100,559

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Attributable to Parent	$ (19,857)	$ 566
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(19,873)	566
Currency translation gain	1,642	29
Net unrealized loss on available-for-sale securities, net of tax benefit of $0 and $199, respectively	(39)	(320)
Other comprehensive (loss) income	1,603	(291)
Comprehensive (loss) income	$ (18,254)	$ 275

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Statement of Comprehensive Income [Abstract]
Tax (expense) benefit on net unrealized gain (loss) on available-for-sale securities	$ 0	$ 199

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (19,873)	$ 566
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,400	35,939
Stock-based compensation	10,135	14,650
Excess tax benefit from stock-based payment arrangements	0	(12)
Loss on disposal or impairment of long-lived assets	2,824	325
Amortization of premium/discount on investments	1,310	1,382
Loss on equity investment	3,267	2,487
Foreign exchange gain on equity investment	(199)	(1,373)
Deferred income taxes	3,133	54
Changes in operating assets and liabilities:
Accounts receivable, net	(5,996)	(9,227)
Inventories	6,960	(10,808)
Prepaid expenses and other assets	9,323	(1,922)
Accounts payable, trade	6,442	(2,111)
Accrued salaries and wages and other liabilities	(603)	(11,852)
Net cash provided by operating activities	54,123	18,098
Cash flows from investing activities:
Purchases of property and equipment	(36,450)	(19,337)
Purchases of patent and licensing rights	(2,476)	(2,252)
Proceeds from sale of property and equipment	327	165
Purchases of short-term investments	(117,607)	(106,749)
Proceeds from maturities of short-term investments	119,928	77,645
Proceeds from sale of short-term investments	1,974	5,148
Net cash used in investing activities	(34,304)	(45,380)
Cash flows from financing activities:
Proceeds from issuing shares to non-controlling interest	4,900	0
Payment of acquisition-related contingent consideration	(1,850)	(2,775)
Proceeds from long-term debt borrowings	95,000	110,000
Payments on long-term debt borrowings	(99,000)	(83,000)
Net proceeds from issuance of common stock	119	406
Excess tax benefit from stock-based payment arrangements	0	12
Repurchases of common stock	0	(35,663)
Net cash used in financing activities	(831)	(11,020)
Effects of foreign exchange changes on cash and cash equivalents	473	(11)
Net increase (decrease) in cash and cash equivalents	19,461	(38,313)
Cash and cash equivalents:
Beginning of period	132,597	166,154
End of period	152,058	127,841
Accrued property and equipment	$ 18,909	$ 3,103

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	3 Months Ended
	Sep. 24, 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 lamps. 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 chips and LED components. The Company's LED products enable its customers to develop and market LED-based products for lighting, video screens, automotive 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 materials products and power devices are used in solar, electric vehicles, motor drives, power supplies and transportation applications. The Company’s RF devices are used in military communications, radar, satellite and telecommunication applications. 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 September 24, 2017 , the consolidated statements of (loss) income for the three months ended September 24, 2017 and September 25, 2016 , the consolidated statements of comprehensive (loss) income for the three months ended September 24, 2017 and September 25, 2016 , and the consolidated statements of cash flows for the three months ended September 24, 2017 and September 25, 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 September 24, 2017 , and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 25, 2017 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 25, 2017 (fiscal 2017 ). The results of operations for the three months ended September 24, 2017 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 24, 2018 (fiscal 2018 ). 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 2017 amounts related to the Wolfspeed business in the accompanying consolidated financial statements have been reclassified to continuing operations to conform to the fiscal 2018 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 Company’s evaluation of ASU 2014-09 is ongoing and not complete; however, the Company anticipates the primary changes to revenue recognition to be related to certain patent license arrangements. The FASB has issued and may issue in the future, interpretive guidance, which may cause our evaluation to change. The effective date will be the first quarter of the Company's fiscal year ending June 30, 2019 and the Company currently expects to use the modified retrospective method. Leases In February 2016, the FASB issued ASU No. 2016-02: Leases (Topic 842). The ASU requires that a lessee recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. For income statement purposes, leases are still required to be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The effective date will be the first quarter of the Company's fiscal year ending June 28, 2020, using a modified retrospective approach. The Company is currently analyzing the impact of this new pronouncement. Stock Compensation In March 2016, the FASB issued ASU No. 2016-09: Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU simplifies the current stock compensation guidance for tax consequences. The ASU requires an entity to recognize all excess tax benefits and tax deficiencies as income tax expense or benefit in its income statement. The ASU also eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For cash flows statement purposes, excess tax benefits should be classified as an operating activity and cash payments made to taxing authorities on the employee’s behalf for withheld shares should be classified as financing activity. The ASU grants an entity the right to withhold up to the employee’s maximum statutory tax rate in the applicable jurisdiction without triggering liability accounting. The effective date was the first quarter of the Company's fiscal year ending June 24, 2018. The Company's adoption of this ASU did not have a material impact on its consolidated financial statements. All excess tax benefits and deficiencies in the current and future periods will be recognized as income tax expense in the Company’s income statement in the reporting period in which they occur. This could result in increased volatility in the Company’s effective tax rate. For the three months ended September 24, 2017, the Company did not recognize a discrete event related to the excess tax benefits from stock-based compensation due to a full U.S. valuation allowance on the impact. The Company plans to continue its existing practice of estimating expected forfeitures in determining compensation cost. 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 continue to perform Step 1 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	3 Months Ended
	Sep. 27, 2015
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 were achieved over the subsequent two years, additional cash payments totaling up to $4.6 million were to 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 final payment of $1.9 million was made in July 2017 based on achievement of the second year goals. 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.

Joint Venture (Notes)

Joint Venture (Notes)	3 Months Ended
	Sep. 24, 2017
Joint Venture [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 2 – Joint Venture Effective July 17, 2017, we entered into a Shareholders Agreement with San’an Optoelectronics Co., Ltd. (San’an) and Cree Venture LED Company Limited. (Cree Venture LED) pursuant to which we and San’an funded our contributions to Cree Venture LED and agreed upon the management and operation of Cree Venture LED. We contributed $5.1 million of cash for a 51% ownership interest and San’an contributed $4.9 million of cash for a 49% ownership interest. Cree Venture LED has a five-member board of directors, three of which were designated by Cree and two of which were designated by San’an. As a result of our majority voting interest, we consolidate the operations of Cree Venture LED and report its revenue and gross profit within our LED Products segment. We classify the 49% ownership interest held by San'an as "Noncontrolling interest" on the consolidated balance sheet. In connection with forming Cree Venture LED and entering into the Shareholders Agreement, Cree Venture LED and San’an also entered into a manufacturing agreement pursuant to which San’an will supply Cree Venture LED with mid-power LED products, and we and Cree Venture LED entered into a sales agency agreement pursuant to which we will be the independent sales representative of Cree Venture LED in the exclusive markets, among certain other ancillary agreements related to the transaction. Cree Venture LED will produce and deliver to market high performing, mid-power lighting class LEDs in an exclusive arrangement to serve the expanding markets of North and South America, Europe and Japan, and serve China and the rest of the world on a non-exclusive basis.

Financial Statement Details

Financial Statement Details	3 Months Ended
	Sep. 24, 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): September 24, 2017 June 25, 2017 Billed trade receivables $213,345 $205,516 Unbilled contract receivables 1,294 912 214,639 206,428 Allowance for sales returns, discounts and other incentives (51,076 ) (49,425 ) Allowance for bad debts (8,709 ) (8,611 ) Accounts receivable, net $154,854 $148,392 Inventories The following table summarizes the components of inventories (in thousands): September 24, 2017 June 25, 2017 Raw material $77,097 $73,410 Work-in-progress 95,720 100,402 Finished goods 105,127 110,573 Inventories $277,944 $284,385 Other Current Liabilities The following table summarizes the components of other current liabilities (in thousands): September 24, 2017 June 25, 2017 Accrued taxes $12,561 $11,148 Accrued professional fees 6,625 5,545 Accrued warranty 16,627 13,631 Accrued other 7,211 6,654 Other current liabilities $43,024 $36,978 Accumulated Other Comprehensive Income, net of taxes The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): September 24, 2017 June 25, 2017 Currency translation gain $6,114 $4,471 Net unrealized gain on available-for-sale securities 1,398 1,438 Accumulated other comprehensive income, net of taxes $7,512 $5,909 Non-Operating Expense, net The following table summarizes the components of non-operating expense, net (in thousands): Three Months Ended September 24, 2017 September 25, 2016 Foreign currency gain, net $767 $1,361 Gain on sale of investments, net 45 12 Loss on equity investment (3,267 ) (2,487 ) Interest income, net 1,151 887 Other, net 236 69 Non-operating expense, net ($1,068 ) ($158 ) 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 September 24, 2017 September 25, 2016 Net unrealized gain on available-for-sale securities, net of taxes $45 $12 Non-operating expense, net 45 12 (Loss) income before income taxes — 9 Income tax expense (benefit) $45 $3

Investments

Investments	3 Months Ended
	Sep. 24, 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): September 24, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $183,070 $2,247 ($77 ) $185,240 Corporate bonds 171,326 1,830 (189 ) 172,967 Non-U.S. certificates of deposit 112,478 31 — 112,509 Commercial paper 2,080 — — 2,080 Total short-term investments $468,954 $4,108 ($266 ) $472,796 June 25, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $177,890 $2,219 ($68 ) $180,041 Corporate bonds 175,991 1,925 (195 ) 177,721 Non-U.S. certificates of deposit 120,379 — — 120,379 Commercial paper 200 — — 200 Total short-term investments $474,460 $4,144 ($263 ) $478,341 The following tables present the gross unrealized losses and estimated fair value of the Company's short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): September 24, 2017 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $22,844 ($40 ) $3,795 ($22 ) $26,639 ($62 ) Corporate bonds 45,214 (159 ) 5,572 (45 ) 50,786 (204 ) Total $68,058 ($199 ) $9,367 ($67 ) $77,425 ($266 ) Number of securities with an unrealized loss 53 11 64 June 25, 2017 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $26,816 ($68 ) $— $— $26,816 ($68 ) Corporate bonds 57,404 (195 ) — — 57,404 (195 ) Total $84,220 ($263 ) $— $— $84,220 ($263 ) Number of securities with an unrealized loss 67 — 67 The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses from the sale of investments are included in Non-operating expense, 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 September 24, 2017 and June 25, 2017 . The contractual maturities of short-term investments as of September 24, 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 $45,350 $116,758 $23,132 $— $185,240 Corporate bonds 33,399 107,050 32,518 — 172,967 Non-U.S. certificates of deposit 107,788 4,721 — — 112,509 Commercial paper 2,080 — — — 2,080 Total short-term investments $188,617 $228,529 $55,650 $— $472,796

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Sep. 24, 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 September 24, 2017 , financial assets utilizing Level 1 inputs included money market funds and certificates of deposit, and financial assets utilizing Level 2 inputs included municipal bonds, corporate bonds, certificates of deposit, commercial paper and common stock of non-U.S. corporations. Level 2 assets are valued based on quoted prices in active markets for instruments that are similar or using a third-party pricing service's consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company did not have any financial assets requiring the use of Level 3 inputs as of September 24, 2017 . There were no transfers between Level 1 and Level 2 during the three months ended September 24, 2017 . The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): September 24, 2017 June 25, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Municipal bonds $— $— $— $— $— $1,802 $— $1,802 Non-U.S. certificates of deposit — 86,161 — 86,161 — 736 — 736 Money market funds 861 — — 861 1,184 — — 1,184 Total cash equivalents 861 86,161 — 87,022 1,184 2,538 — 3,722 Short-term investments: Municipal bonds — 185,240 — 185,240 — 180,041 — 180,041 Corporate bonds — 172,967 — 172,967 — 177,721 — 177,721 Commercial paper — 2,080 — 2,080 — 200 — 200 Non-U.S. certificates of deposit — 112,509 — 112,509 — 120,379 — 120,379 Total short-term investments — 472,796 — 472,796 — 478,341 — 478,341 Other long-term investments: Common stock of non-U.S. corporations — 47,298 — 47,298 — 50,366 — 50,366 Total other long-term investments — 47,298 — 47,298 — 50,366 — 50,366 Total assets $861 $606,255 $— $607,116 $1,184 $531,245 $— $532,429

Intangible Assets

Intangible Assets	3 Months Ended
	Sep. 24, 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): September 24, 2017 June 25, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $141,420 ($86,232 ) $55,188 $141,420 ($84,673 ) $56,747 Developed technology 181,728 (137,963 ) 43,765 181,728 (132,747 ) 48,981 Non-compete agreements 10,475 (10,417 ) 58 10,475 (10,398 ) 77 Trade names, finite-lived 520 (520 ) — 520 (520 ) — Patent and licensing rights 153,893 (65,518 ) 88,375 151,985 (63,155 ) 88,830 Total intangible assets with finite lives 488,036 (300,650 ) 187,386 486,128 (291,493 ) 194,635 Trade names, indefinite-lived 79,680 — 79,680 79,680 — 79,680 Total intangible assets $567,716 ($300,650 ) $267,066 $565,808 ($291,493 ) $274,315 For the three months ended September 24, 2017 , total amortization of finite-lived intangible assets was $9.9 million . For the three months ended September 25, 2016 , total amortization of finite-lived intangible assets was $9.4 million . Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands): Fiscal Year Ending June 24, 2018 (remainder of fiscal 2018) $28,618 June 30, 2019 25,225 June 28, 2020 19,821 June 27, 2021 18,444 June 26, 2022 16,323 Thereafter 78,955 Total future amortization expense $187,386

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 24, 2017
Long-term Debt, Unclassified [Abstract]
Long-term Debt	Long-term Debt As of September 24, 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 September 24, 2017 , the Company had $141 million outstanding under the line of credit and $359 million available for borrowing. For the three months ended September 24, 2017 , the average interest rate was 1.78% . For the three months ended September 24, 2017 the average commitment fee percentage was 0.09% . The Company was in compliance with all covenants in the line of credit at September 24, 2017 .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Sep. 24, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity As of September 24, 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 $200 million for all purchases from June 26, 2017 through the expiration of the program on June 24, 2018 . During the three months ended September 24, 2017 , the Company repurchased no shares of common stock under the stock repurchase program.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 24, 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 September 24, September 25, Net (loss) income ($19,857 ) $566 Weighted average common shares 97,811 100,559 Basic (loss) earnings per share ($0.20 ) $0.01 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 September 24, September 25, Net (loss) income ($19,857 ) $566 Weighted average common shares - basic 97,811 100,559 Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights — — Weighted average common shares - diluted 97,811 100,559 Diluted (loss) earnings per share ($0.20 ) $0.01 Potential common shares that would have the effect of increasing diluted earnings per share or decreasing diluted loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted earnings per share. For the three months ended September 24, 2017 , there were 10.1 million of potential common shares not included in the calculation of diluted (loss) earnings per share because their effect was anti-dilutive. For the three months ended September 25, 2016 , there were 11.4 million 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	3 Months Ended
	Sep. 24, 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 September 24, 2017 and changes during the three months then ended (numbers of shares in thousands): Number of Shares Weighted Average Exercise Price Outstanding at June 25, 2017 10,604 $38.27 Granted 53 $24.66 Exercised (5 ) $25.13 Forfeited or expired (1,133 ) $50.88 Outstanding at September 24, 2017 9,519 $36.70 Restricted Stock Awards and Units A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of September 24, 2017 , and changes during the three months then ended is as follows (numbers of awards and units in thousands): Number of RSAs/RSUs Weighted Average Grant-Date Fair Value Nonvested at June 25, 2017 2,412 $26.74 Granted 1,705 $24.44 Vested (523 ) $29.91 Forfeited (191 ) $25.20 Nonvested at September 24, 2017 3,403 $25.18 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the Company’s stock option and ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. For RSAs and RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Total stock-based compensation expense was as follows (in thousands): Three Months Ended September 24, September 25, Income Statement Classification: Cost of revenue, net $1,775 $2,805 Research and development 2,457 3,439 Sales, general and administrative 5,903 8,406 Total stock-based compensation expense $10,135 $14,650

Income Taxes

Income Taxes	3 Months Ended
	Sep. 24, 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 25, 2017 , the Company's liability for unrecognized tax benefits was $13.3 million . During the three months ended September 24, 2017 , the Company did not record any material movement in its unrecognized tax benefits. As a result, the total liability for unrecognized tax benefits as of September 24, 2017 was $13.3 million . If any portion of this $13.3 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 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 2007 and prior. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture. 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. The Company has concluded that it is necessary to recognize a full valuation allowance against its U.S. and Luxembourg deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 24, 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 25, 2017 $27,919 Warranties accrued in current period 7,142 Expenditures (4,890 ) Balance at September 24, 2017 $30,171 Product warranties are estimated and recognized at the time the Company recognizes revenue. The warranty periods range from 90 days to 10 years . The Company accrues warranty liabilities at the time of sale, based on historical and projected incident rates and expected future warranty costs. The Company accrues estimated costs related to product recalls based on a formal campaign soliciting repair or return of that product when they are deemed probable and reasonably estimable. The warranty reserves, which are primarily related to Lighting Products, are evaluated quarterly based on various factors including historical warranty claims, assumptions about the frequency of warranty claims, and assumptions about the frequency of product failures derived from quality testing, field monitoring and the Company's reliability estimates. As of September 24, 2017 , $13.5 million of the Company's product warranty liabilities were classified as long-term. The Company has voluntarily recalled its linear LED T8 replacement lamps due to the hazard of overheating and melting. The Company expects the majority of the costs of the recall to be recoverable from insurance proceeds resulting in an immaterial impact to the Company’s financial results. Litigation The Company is currently a party to various legal proceedings. While management presently believes that the ultimate outcome of such proceedings, individually and in the aggregate, will not materially harm the Company’s financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include money damages or, in matters for which injunctive relief or other conduct remedies may be sought, an injunction prohibiting the Company from selling one or more products at all or in particular ways. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on the Company’s business, results of operation, financial position and overall trends. The outcomes in these matters are not reasonably estimable.

Reportable Segments

Reportable Segments	3 Months Ended
	Sep. 24, 2017
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments The Company's operating and reportable segments are: • Lighting Products • LED Products • Wolfspeed 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 months ended September 24, 2017 . 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. Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): Three Months Ended September 24, September 25, Revenue: Lighting Products revenue $149,724 $183,836 LED Products revenue 144,520 137,493 Wolfspeed revenue 66,154 49,902 Total revenue $360,398 $371,231 Gross Profit and Gross Margin: Lighting Products gross profit $31,883 $49,290 Lighting Products gross margin 21.3 % 26.8 % LED Products gross profit 38,810 41,770 LED Products gross margin 26.9 % 30.4 % Wolfspeed gross profit 32,398 23,460 Wolfspeed gross margin 49.0 % 47.0 % Total segment gross profit 103,091 114,520 Unallocated costs (2,759 ) (4,591 ) Consolidated gross profit $100,332 $109,929 Consolidated gross margin 27.8 % 29.6 % Assets by Reportable Segment Inventories are the only assets reviewed by the Company's CODM when evaluating segment performance and allocating resources to the segments. The CODM reviews all of the Company's assets other than inventories on a consolidated basis. Unallocated inventories in the table below were not allocated to the reportable segments because the Company’s CODM does not review them when evaluating performance and allocating resources to each segment. Unallocated inventories consisted primarily of manufacturing employees’ stock-based compensation, profit sharing and quarterly or annual incentive compensation and matching contributions under the Company’s 401(k) plan . Inventories for each of the Company's segments were as follows (in thousands): September 24, June 25, Lighting Products $141,544 $145,710 LED Products 105,799 108,297 Wolfspeed 26,172 26,453 Total segment inventories 273,515 280,460 Unallocated inventories 4,429 3,925 Consolidated inventories $277,944 $284,385

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 24, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet at September 24, 2017 , the consolidated statements of (loss) income for the three months ended September 24, 2017 and September 25, 2016 , the consolidated statements of comprehensive (loss) income for the three months ended September 24, 2017 and September 25, 2016 , and the consolidated statements of cash flows for the three months ended September 24, 2017 and September 25, 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 September 24, 2017 , and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 25, 2017 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 25, 2017 (fiscal 2017 ). The results of operations for the three months ended September 24, 2017 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 24, 2018 (fiscal 2018 ). 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 2017 amounts related to the Wolfspeed business in the accompanying consolidated financial statements have been reclassified to continuing operations to conform to the fiscal 2018 presentation. These reclassifications had no effect on previously reported consolidated net income or shareholders’ equity.
Comparability of Prior Period Financial Data	Certain fiscal 2017 amounts related to the Wolfspeed business in the accompanying consolidated financial statements have been reclassified to continuing operations to conform to the fiscal 2018 presentation. These reclassifications had no effect on previously reported consolidated net income or shareholders’ equity.
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 Company’s evaluation of ASU 2014-09 is ongoing and not complete; however, the Company anticipates the primary changes to revenue recognition to be related to certain patent license arrangements. The FASB has issued and may issue in the future, interpretive guidance, which may cause our evaluation to change. The effective date will be the first quarter of the Company's fiscal year ending June 30, 2019 and the Company currently expects to use the modified retrospective method. Leases In February 2016, the FASB issued ASU No. 2016-02: Leases (Topic 842). The ASU requires that a lessee recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. For income statement purposes, leases are still required to be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The effective date will be the first quarter of the Company's fiscal year ending June 28, 2020, using a modified retrospective approach. The Company is currently analyzing the impact of this new pronouncement. Stock Compensation In March 2016, the FASB issued ASU No. 2016-09: Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU simplifies the current stock compensation guidance for tax consequences. The ASU requires an entity to recognize all excess tax benefits and tax deficiencies as income tax expense or benefit in its income statement. The ASU also eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For cash flows statement purposes, excess tax benefits should be classified as an operating activity and cash payments made to taxing authorities on the employee’s behalf for withheld shares should be classified as financing activity. The ASU grants an entity the right to withhold up to the employee’s maximum statutory tax rate in the applicable jurisdiction without triggering liability accounting. The effective date was the first quarter of the Company's fiscal year ending June 24, 2018. The Company's adoption of this ASU did not have a material impact on its consolidated financial statements. All excess tax benefits and deficiencies in the current and future periods will be recognized as income tax expense in the Company’s income statement in the reporting period in which they occur. This could result in increased volatility in the Company’s effective tax rate. For the three months ended September 24, 2017, the Company did not recognize a discrete event related to the excess tax benefits from stock-based compensation due to a full U.S. valuation allowance on the impact. The Company plans to continue its existing practice of estimating expected forfeitures in determining compensation cost. 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 continue to perform Step 1 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 months ended September 24, 2017 . 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.

Financial Statement Details (Ta

Financial Statement Details (Tables)	3 Months Ended
	Sep. 24, 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): September 24, 2017 June 25, 2017 Billed trade receivables $213,345 $205,516 Unbilled contract receivables 1,294 912 214,639 206,428 Allowance for sales returns, discounts and other incentives (51,076 ) (49,425 ) Allowance for bad debts (8,709 ) (8,611 ) Accounts receivable, net $154,854 $148,392
Summary of the Components of Inventories	The following table summarizes the components of inventories (in thousands): September 24, 2017 June 25, 2017 Raw material $77,097 $73,410 Work-in-progress 95,720 100,402 Finished goods 105,127 110,573 Inventories $277,944 $284,385
Summary of the Components of Other Current Liabilities	The following table summarizes the components of other current liabilities (in thousands): September 24, 2017 June 25, 2017 Accrued taxes $12,561 $11,148 Accrued professional fees 6,625 5,545 Accrued warranty 16,627 13,631 Accrued other 7,211 6,654 Other current liabilities $43,024 $36,978
Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes	The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): September 24, 2017 June 25, 2017 Currency translation gain $6,114 $4,471 Net unrealized gain on available-for-sale securities 1,398 1,438 Accumulated other comprehensive income, net of taxes $7,512 $5,909
Summary of the Components of Non-operating Income, Net	The following table summarizes the components of non-operating expense, net (in thousands): Three Months Ended September 24, 2017 September 25, 2016 Foreign currency gain, net $767 $1,361 Gain on sale of investments, net 45 12 Loss on equity investment (3,267 ) (2,487 ) Interest income, net 1,151 887 Other, net 236 69 Non-operating expense, net ($1,068 ) ($158 )
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 September 24, 2017 September 25, 2016 Net unrealized gain on available-for-sale securities, net of taxes $45 $12 Non-operating expense, net 45 12 (Loss) income before income taxes — 9 Income tax expense (benefit) $45 $3

Investments (Tables)

Investments (Tables)	3 Months Ended
	Sep. 24, 2017
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments by Type	The following tables summarize short-term investments (in thousands): September 24, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $183,070 $2,247 ($77 ) $185,240 Corporate bonds 171,326 1,830 (189 ) 172,967 Non-U.S. certificates of deposit 112,478 31 — 112,509 Commercial paper 2,080 — — 2,080 Total short-term investments $468,954 $4,108 ($266 ) $472,796 June 25, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $177,890 $2,219 ($68 ) $180,041 Corporate bonds 175,991 1,925 (195 ) 177,721 Non-U.S. certificates of deposit 120,379 — — 120,379 Commercial paper 200 — — 200 Total short-term investments $474,460 $4,144 ($263 ) $478,341
Summary of Gross Unrealized Losses and Estimated Fair Value of Short-term Investments, Aggregated by Investment Type and Length of Time	The following tables present the gross unrealized losses and estimated fair value of the Company's short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): September 24, 2017 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $22,844 ($40 ) $3,795 ($22 ) $26,639 ($62 ) Corporate bonds 45,214 (159 ) 5,572 (45 ) 50,786 (204 ) Total $68,058 ($199 ) $9,367 ($67 ) $77,425 ($266 ) Number of securities with an unrealized loss 53 11 64 June 25, 2017 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $26,816 ($68 ) $— $— $26,816 ($68 ) Corporate bonds 57,404 (195 ) — — 57,404 (195 ) Total $84,220 ($263 ) $— $— $84,220 ($263 ) Number of securities with an unrealized loss 67 — 67
Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of September 24, 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 $45,350 $116,758 $23,132 $— $185,240 Corporate bonds 33,399 107,050 32,518 — 172,967 Non-U.S. certificates of deposit 107,788 4,721 — — 112,509 Commercial paper 2,080 — — — 2,080 Total short-term investments $188,617 $228,529 $55,650 $— $472,796

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Sep. 24, 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): September 24, 2017 June 25, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Municipal bonds $— $— $— $— $— $1,802 $— $1,802 Non-U.S. certificates of deposit — 86,161 — 86,161 — 736 — 736 Money market funds 861 — — 861 1,184 — — 1,184 Total cash equivalents 861 86,161 — 87,022 1,184 2,538 — 3,722 Short-term investments: Municipal bonds — 185,240 — 185,240 — 180,041 — 180,041 Corporate bonds — 172,967 — 172,967 — 177,721 — 177,721 Commercial paper — 2,080 — 2,080 — 200 — 200 Non-U.S. certificates of deposit — 112,509 — 112,509 — 120,379 — 120,379 Total short-term investments — 472,796 — 472,796 — 478,341 — 478,341 Other long-term investments: Common stock of non-U.S. corporations — 47,298 — 47,298 — 50,366 — 50,366 Total other long-term investments — 47,298 — 47,298 — 50,366 — 50,366 Total assets $861 $606,255 $— $607,116 $1,184 $531,245 $— $532,429

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Sep. 24, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Components of intangible assets, net	The following table presents the components of intangible assets, net (in thousands): September 24, 2017 June 25, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $141,420 ($86,232 ) $55,188 $141,420 ($84,673 ) $56,747 Developed technology 181,728 (137,963 ) 43,765 181,728 (132,747 ) 48,981 Non-compete agreements 10,475 (10,417 ) 58 10,475 (10,398 ) 77 Trade names, finite-lived 520 (520 ) — 520 (520 ) — Patent and licensing rights 153,893 (65,518 ) 88,375 151,985 (63,155 ) 88,830 Total intangible assets with finite lives 488,036 (300,650 ) 187,386 486,128 (291,493 ) 194,635 Trade names, indefinite-lived 79,680 — 79,680 79,680 — 79,680 Total intangible assets $567,716 ($300,650 ) $267,066 $565,808 ($291,493 ) $274,315
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 24, 2018 (remainder of fiscal 2018) $28,618 June 30, 2019 25,225 June 28, 2020 19,821 June 27, 2021 18,444 June 26, 2022 16,323 Thereafter 78,955 Total future amortization expense $187,386

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 24, 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 September 24, September 25, Net (loss) income ($19,857 ) $566 Weighted average common shares 97,811 100,559 Basic (loss) earnings per share ($0.20 ) $0.01
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 September 24, September 25, Net (loss) income ($19,857 ) $566 Weighted average common shares - basic 97,811 100,559 Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights — — Weighted average common shares - diluted 97,811 100,559 Diluted (loss) earnings per share ($0.20 ) $0.01

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 24, 2017
Share-based Compensation [Abstract]
Summary of Outstanding Option Awards	The following table summarizes stock option awards outstanding as of September 24, 2017 and changes during the three months then ended (numbers of shares in thousands): Number of Shares Weighted Average Exercise Price Outstanding at June 25, 2017 10,604 $38.27 Granted 53 $24.66 Exercised (5 ) $25.13 Forfeited or expired (1,133 ) $50.88 Outstanding at September 24, 2017 9,519 $36.70
Summary of Nonvested Shares of Restricted Stock Awards and Restricted Stock Unit Awards Outstanding	A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of September 24, 2017 , and changes during the three months then ended is as follows (numbers of awards and units in thousands): Number of RSAs/RSUs Weighted Average Grant-Date Fair Value Nonvested at June 25, 2017 2,412 $26.74 Granted 1,705 $24.44 Vested (523 ) $29.91 Forfeited (191 ) $25.20 Nonvested at September 24, 2017 3,403 $25.18
Summary of Total Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended September 24, September 25, Income Statement Classification: Cost of revenue, net $1,775 $2,805 Research and development 2,457 3,439 Sales, general and administrative 5,903 8,406 Total stock-based compensation expense $10,135 $14,650

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 24, 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 25, 2017 $27,919 Warranties accrued in current period 7,142 Expenditures (4,890 ) Balance at September 24, 2017 $30,171

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Sep. 24, 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): September 24, June 25, Lighting Products $141,544 $145,710 LED Products 105,799 108,297 Wolfspeed 26,172 26,453 Total segment inventories 273,515 280,460 Unallocated inventories 4,429 3,925 Consolidated inventories $277,944 $284,385 Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): Three Months Ended September 24, September 25, Revenue: Lighting Products revenue $149,724 $183,836 LED Products revenue 144,520 137,493 Wolfspeed revenue 66,154 49,902 Total revenue $360,398 $371,231 Gross Profit and Gross Margin: Lighting Products gross profit $31,883 $49,290 Lighting Products gross margin 21.3 % 26.8 % LED Products gross profit 38,810 41,770 LED Products gross margin 26.9 % 30.4 % Wolfspeed gross profit 32,398 23,460 Wolfspeed gross margin 49.0 % 47.0 % Total segment gross profit 103,091 114,520 Unallocated costs (2,759 ) (4,591 ) Consolidated gross profit $100,332 $109,929 Consolidated gross margin 27.8 % 29.6 %

Basis of Presentation and New31

Basis of Presentation and New Accounting Standards Narrative (Details)	3 Months Ended
	Sep. 24, 2017reportable_segments
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	3

Acquisition Acquisition (Detail

Acquisition Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Jun. 26, 2016
Purchase Price Allocation [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 1,850	$ 2,775
Cash consideration paid to shareholders			$ 13,800
Business Combination, Contingent Consideration, Liability			$ 4,600

Joint Venture (Details)

Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Noncontrolling Interest [Line Items]
Payments to Acquire Interest in Joint Venture	$ 5,100
Noncontrolling Interest, Ownership Percentage by Parent	51.00%
Proceeds from issuing shares to non-controlling interest	$ 4,900	$ 0
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%

Financial Statement Details (Su

Financial Statement Details (Summary of the Components of Accounts Receivable, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Document Period End Date	Sep. 24, 2017
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 214,639	$ 206,428
Allowance for sales returns, discounts and other incentives	(51,076)	(49,425)
Allowance for bad debts	(8,709)	(8,611)
Accounts receivable, net	154,854	148,392
Billed trade receivables [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	213,345	205,516
Unbilled contract receivables [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 1,294	$ 912

Financial Statement Details (35

Financial Statement Details (Summary of the Components of Inventories) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Financial Statement Details [Abstract]
Document Period End Date	Sep. 24, 2017
Inventory, Net [Abstract]
Raw material	$ 77,097	$ 73,410
Work-in-progress	95,720	100,402
Finished goods	105,127	110,573
Inventories	$ 277,944	$ 284,385

Financial Statement Details (36

Financial Statement Details (Summary of the Components of Other Current Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Financial Statement Details [Abstract]
Document Period End Date	Sep. 24, 2017
Accrued Liabilities, Current [Abstract]
Accrued taxes	$ 12,561	$ 11,148
Accrued professional fees	6,625	5,545
Accrued warranty	16,627	13,631
Accrued other	7,211	6,654
Other current liabilities	$ 43,024	$ 36,978

Financial Statement Details (37

Financial Statement Details (Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Financial Statement Details [Abstract]
Document Period End Date	Sep. 24, 2017
Currency translation gain	$ 6,114	$ 4,471
Net unrealized gain on available-for-sale securities	1,398	1,438
Accumulated other comprehensive income, net of taxes	$ 7,512	$ 5,909

Financial Statement Details (38

Financial Statement Details (Summary of the Components of Non-operating Income, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Financial Statement Details [Abstract]
Document Period End Date	Sep. 24, 2017
Other Income and Expenses [Abstract]
Foreign currency gain, net	$ 767	$ 1,361
Gain on sale of investments, net	45	12
Loss on equity investment	(3,267)	(2,487)
Interest income, net	1,151	887
Other, net	236	69
Non-operating expense, net	$ (1,068)	$ (158)

Financial Statement Details (39

Financial Statement Details (Summary of the Amounts Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Document Period End Date	Sep. 24, 2017
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	$ 45	$ 12
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	45	12
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	0	9
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	$ 45	$ 3

Investments (Summary of Short-t

Investments (Summary of Short-term Investments by Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Schedule of Available-for-sale Securities [Line Items]
Document Period End Date	Sep. 24, 2017
Available-for-sale Securities, Debt Securities, Current	$ 472,796	$ 478,341
Amortized Cost	468,954	474,460
Gross Unrealized Gains	4,108	4,144
Gross Unrealized Losses	(266)	(263)
Estimated Fair Value	472,796	478,341
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	185,240
Amortized Cost	183,070	177,890
Gross Unrealized Gains	2,247	2,219
Gross Unrealized Losses	(77)	(68)
Estimated Fair Value	185,240	180,041
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	172,967
Amortized Cost	171,326	175,991
Gross Unrealized Gains	1,830	1,925
Gross Unrealized Losses	(189)	(195)
Estimated Fair Value	172,967	177,721
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	2,080
Amortized Cost	2,080	200
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value	2,080	200
Non-US [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities, Current	112,509
Amortized Cost	112,478	120,379
Gross Unrealized Gains	31	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 112,509	120,379
Non-US [Member] | Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Gains		0
Gross Unrealized Losses		$ 0

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	3 Months Ended
	Sep. 24, 2017USD ($)	Jun. 25, 2017USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 266	$ 263
Document Period End Date	Sep. 24, 2017
Fair Value, Less than 12 Months	$ 68,058	84,220
Unrealized Loss, Less than 12 Months	(199)	(263)
Fair Value, Greater than 12 Months	9,367	0
Unrealized Loss, Greater than 12 Months	(67)	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 77,425	$ 84,220
Number of Securities with an Unrealized Loss, Less than 12 Months	53	67
Number of Securities with an Unrealized Loss, Greater than 12 Months	11	0
Number of Securities with an Unrealized Loss, Total	64	67
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 62	$ 68
Fair Value, Less than 12 Months	22,844	26,816
Unrealized Loss, Less than 12 Months	(40)	(68)
Fair Value, Greater than 12 Months	3,795	0
Unrealized Loss, Greater than 12 Months	(22)	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	26,639	26,816
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	204	195
Fair Value, Less than 12 Months	45,214	57,404
Unrealized Loss, Less than 12 Months	(159)	(195)
Fair Value, Greater than 12 Months	5,572	0
Unrealized Loss, Greater than 12 Months	(45)	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 50,786	$ 57,404

Investments (Contractual Maturi

Investments (Contractual Maturities of Short-term Investments by Type) (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Jun. 25, 2017
Schedule of Available-for-sale Securities [Line Items]
Within One Year	$ 188,617
After One, Within Five Years	228,529
After Five, Within Ten Years	55,650
After Ten Years	0
Total short-term investments	472,796	$ 478,341
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	2,080
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total short-term investments	2,080
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	45,350
After One, Within Five Years	116,758
After Five, Within Ten Years	23,132
After Ten Years	0
Total short-term investments	185,240
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	33,399
After One, Within Five Years	107,050
After Five, Within Ten Years	32,518
After Ten Years	0
Total short-term investments	172,967
Non-US [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Within One Year	107,788
After One, Within Five Years	4,721
After Five, Within Ten Years	0
After Ten Years	0
Total short-term investments	$ 112,509

Fair Value of Financial Instr43

Fair Value of Financial Instruments (Financial Instruments Carried at Fair Value) (Details) - USD ($)	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Document Period End Date	Sep. 24, 2017
Fair value transfers level 1 to level 2	$ 0
Assets, Fair Value Disclosure [Abstract]
Short-term investments	472,796,000	$ 478,341,000
Other long-term investments	47,298,000	50,366,000
Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	87,022,000	3,722,000
Short-term investments	472,796,000	478,341,000
Other long-term investments	47,298,000	50,366,000
Total assets	607,116,000	532,429,000
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	861,000	1,184,000
Short-term investments	0	0
Other long-term investments	0	0
Total assets	861,000	1,184,000
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	86,161,000	2,538,000
Short-term investments	472,796,000	478,341,000
Other long-term investments	47,298,000	50,366,000
Total assets	606,255,000	531,245,000
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	185,240,000	180,041,000
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	185,240,000	180,041,000
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	185,240,000	180,041,000
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	172,967,000	177,721,000
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	172,967,000	177,721,000
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	172,967,000	177,721,000
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	47,298,000	50,366,000
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	47,298,000	50,366,000
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	2,080,000	200,000
Commercial Paper [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Commercial Paper [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	2,080,000	200,000
Commercial Paper [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	0	0
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	1,802,000
Municipal Bonds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Municipal Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	1,802,000
Municipal Bonds [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	861,000	1,184,000
Money Market Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	861,000	1,184,000
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
Non-US [Member] | Certificates of Deposit [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	112,509,000	120,379,000
Non-US [Member] | Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Short-term investments	112,509,000	120,379,000
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	112,509,000	120,379,000
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
Non-US [Member] | Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	86,161,000	736,000
Non-US [Member] | Certificates of Deposit [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Non-US [Member] | Certificates of Deposit [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	86,161,000	736,000
Non-US [Member] | Certificates of Deposit [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	$ 0	$ 0

Intangible Assets (Components o

Intangible Assets (Components of intangible assets, net) (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Jun. 25, 2017
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 488,036	$ 486,128
Finite-lived intangible assets, accumulated amortization	(300,650)	(291,493)
Finite-lived intangible assets, net	187,386	194,635
Trade names, indefinite-lived	79,680	79,680
Intangible Assets, Gross (Excluding Goodwill)	567,716	565,808
Intangible assets, net	267,066	274,315
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	141,420	141,420
Finite-lived intangible assets, accumulated amortization	(86,232)	(84,673)
Finite-lived intangible assets, net	55,188	56,747
Developed technology
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	181,728	181,728
Finite-lived intangible assets, accumulated amortization	(137,963)	(132,747)
Finite-lived intangible assets, net	43,765	48,981
Non-compete agreements
Intangible Assets [Line Items]
Finite-lived intangible assets, gross	10,475	10,475
Finite-lived intangible assets, accumulated amortization	(10,417)	(10,398)
Finite-lived intangible assets, net	58	77
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	153,893	151,985
Finite-lived intangible assets, accumulated amortization	(65,518)	(63,155)
Finite-lived intangible assets, net	$ 88,375	$ 88,830

Intangible Assets Intangible As

Intangible Assets Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 9.9	$ 9.4

Intangible Assets Intangible 46

Intangible Assets Intangible Assets (Schedule of future amortization expense of finite-lived intangible assets) (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Jun. 25, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
June 24, 2018 (remainder of fiscal 2018)	$ 28,618
June 30, 2019	25,225
June 28, 2020	19,821
June 27, 2021	18,444
June 26, 2022	16,323
Thereafter	78,955
Finite-lived intangible assets, net	$ 187,386	$ 194,635

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Long-term Debt, Unclassified [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
Line of Credit, Maturity Date	Jan. 9, 2020
Long-term debt	$ 141,000	$ 145,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 359,000
Long-term Debt, Average Interest Rate	1.78%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.09%

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - Common Stock [Member] shares in Millions, $ in Millions	3 Months Ended
	Sep. 24, 2017USD ($)shares
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount | $	$ 200
Repurchased share number | shares	0

Earnings Per Share (Basic Earni

Earnings Per Share (Basic Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Earnings Per Share, Basic [Abstract]
Net (loss) income	$ (19,857)	$ 566
Weighted average common shares - basic	97,811	100,559
Basic (loss) earnings per share	$ (0.20)	$ 0.01

Earnings Per Share (Diluted Ear

Earnings Per Share (Diluted Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Earnings Per Share, Diluted [Abstract]
Net (loss) income	$ (19,857)	$ 566
Weighted average common shares - basic	97,811	100,559
Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights	0	0
Weighted average common shares - diluted	97,811	100,559
Diluted (loss) earnings per share	$ (0.20)	$ 0.01

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Sep. 24, 2017	Sep. 25, 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	10.1	11.4

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details)	3 Months Ended
	Sep. 24, 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	3 Months Ended
	Sep. 24, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding number of shares at beginning of period | shares	10,604
Granted, number of shares | shares	53
Exercised, number of shares | shares	(5)
Forfeited or expired, number of shares | shares	(1,133)
Outstanding number of shares at end of period | shares	9,519
Outstanding weighted-average exercise price at beginning of period | $ / shares	$ 38.27
Granted, weighted-average exercise price | $ / shares	24.66
Exercised, weighted-average exercise price | $ / shares	25.13
Forfeited or expired, weighted-average exercise price | $ / shares	50.88
Outstanding weighted-average exercised price at end of period | $ / shares	$ 36.70

Stock-Based Compensation (Sum54

Stock-Based Compensation (Summary of Nonvested Shares of Restricted Stock and Stock Unit Awards Outstanding) (Details) - Restricted Stock Awards And Restricted Stock Units [Member] shares in Thousands	3 Months Ended
	Sep. 24, 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	2,412
Granted, Number of RSAs/RSUs | shares	1,705
Vested, number of RSAs/RSUs | shares	(523)
Forfeited, number of RSAs/RSUs | shares	(191)
Nonvested, Number of RSAs/RSUs at end of period | shares	3,403
Nonvested, weighted-average grant-date fair value at beginning of period | $ / shares	$ 26.74
Granted, weighted-average grant-date fair value | $ / shares	24.44
Vested, weighted-average grant-date fair value | $ / shares	29.91
Forfeited, weighted-average grant-date fair value | $ / shares	25.20
Nonvested, weighted-average grant-date fair value at end of period | $ / shares	$ 25.18

Stock-Based Compensation (Total

Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 10,135	$ 14,650
Cost of revenue, net [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,775	2,805
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,457	3,439
Selling, general and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 5,903	$ 8,406

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Operating Loss Carryforwards [Line Items]
U.S. statutory tax rate	35.00%
Unrecognized tax benefits balance	$ 13.3	$ 13.3
Document Period End Date	Sep. 24, 2017
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 13.3
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0.2

Commitments and Contingencies57

Commitments and Contingencies (Warranties) (Details) $ in Thousands	3 Months Ended
	Sep. 24, 2017USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty accrual, beginning balance	$ 27,919
Warranties accrued in current period	7,142
Expenditures	(4,890)
Warranty accrual, ending balance	30,171
Product Warranty Liability, Long-Term	$ 13,500
Minimum [Member]
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product Warranty, Range Period	90 days
Maximum [Member]
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product Warranty, Range Period	10 years

Reportable Segments (Revenues,

Reportable Segments (Revenues, Gross Profit and Gross Margin, by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Segment Reporting Information [Line Items]
Document Period End Date	Sep. 24, 2017
Revenue, net	$ 360,398	$ 371,231
Gross profit	$ 100,332	$ 109,929
Gross margin	27.80%	29.60%
Lighting Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 149,724	$ 183,836
Gross profit	$ 31,883	$ 49,290
Gross margin	21.30%	26.80%
LED Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 144,520	$ 137,493
Gross profit	$ 38,810	$ 41,770
Gross margin	26.90%	30.40%
Power and RF Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 66,154	$ 49,902
Gross profit	$ 32,398	$ 23,460
Gross margin	49.00%	47.00%
Total segment gross profit [Member]
Segment Reporting Information [Line Items]
Gross profit	$ 103,091	$ 114,520
Unallocated Costs [Member]
Segment Reporting Information [Line Items]
Gross profit	$ (2,759)	$ (4,591)

Reportable Segments Schedule of

Reportable Segments Schedule of Inventory by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2017	Jun. 25, 2017
Segment Reporting Information [Line Items]
Document Period End Date	Sep. 24, 2017
Inventories, net	$ 277,944	$ 284,385
Lighting Products [Member]
Segment Reporting Information [Line Items]
Inventories, net	141,544	145,710
LED Products [Member]
Segment Reporting Information [Line Items]
Inventories, net	105,799	108,297
Power and RF Products [Member]
Segment Reporting Information [Line Items]
Inventories, net	26,172	26,453
Total segment inventories [Member]
Segment Reporting Information [Line Items]
Inventories, net	273,515	280,460
Unallocated inventories [Member]
Segment Reporting Information [Line Items]
Inventories, net	$ 4,429	$ 3,925