Wolfspeed (WOLF) 10-Q 28 Jan 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 27, 2020	Jan. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 27, 2020
Document Transition Report	false
Entity File Number	0-21154
Entity Registrant Name	CREE, INC.
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-1572719
Entity Address, Address Line One	4600 Silicon Drive
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	407-5300
Title of 12(b) Security	Common Stock, $0.00125 par value
Trading Symbol	CREE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		111,016,056
Entity Central Index Key	0000895419
Current Fiscal Year End Date	--06-27
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Current assets:
Cash and cash equivalents	$ 388.1	$ 448.8
Short-term investments	580.6	790.9
Total cash, cash equivalents and short-term investments	968.7	1,239.7
Accounts receivable, net	82	72.4
Inventories	144.3	121.9
Income taxes receivable	8	6.6
Prepaid expenses	26.1	26.2
Other current assets	11.2	8.7
Current assets held for sale	1.7	1.3
Current assets of discontinued operations	237.3	116
Total current assets	1,479.3	1,592.8
Property and equipment, net	1,036.3	770.8
Goodwill	359.2	349.7
Intangible assets, net	148.9	156.9
Other long-term investments	66.1	55.9
Deferred tax assets	1.2	1.2
Other assets	33.9	33.6
Long-term assets of discontinued operations	0	270.1
Total assets	3,124.9	3,231
Current liabilities:
Accounts payable and accrued expenses	267.3	189.8
Accrued contract liabilities	18	14.2
Income taxes payable	2.9	1.2
Finance lease liabilities	0.4	3.6
Other current liabilities	26.3	22.2
Current liabilities of discontinued operations	70.7	60.2
Total current liabilities	385.6	291.2
Long-term liabilities:
Convertible notes, net	803.5	783.8
Deferred tax liabilities	4.1	1.8
Finance lease liabilities - long-term	10.2	11.4
Other long-term liabilities	49.9	43.8
Long-term liabilities of discontinued operations	0	9.8
Total long-term liabilities	867.7	850.6
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at December 27, 2020 and June 28, 2020; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at December 27, 2020 and June 28, 2020; 110,977 and 109,230 shares issued and outstanding at December 27, 2020 and June 28, 2020, respectively	0.1	0.1
Additional paid-in-capital	3,155.9	3,106.2
Accumulated other comprehensive income	15.5	16
Accumulated deficit	(1,306.6)	(1,039.2)
Total shareholders’ equity	1,864.9	2,083.1
Noncontrolling interest from discontinued operations	6.7	6.1
Total equity	1,871.6	2,089.2
Total liabilities and shareholders’ equity	$ 3,124.9	$ 3,231

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 27, 2020	Jun. 28, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (shares)	3,000,000	3,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.00125	$ 0.00125
Common stock authorized (shares)	200,000,000	200,000,000
Common stock issued (shares)	110,977,000	109,230,000
Common stock outstanding (shares)	110,977,000	109,230,000

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Income Statement [Abstract]
Revenue, net	$ 127	$ 120.7	$ 242.5	$ 248.4
Cost of revenue, net	85.7	85.1	165.7	160.3
Gross profit	41.3	35.6	76.8	88.1
Operating expenses:
Research and development	45.5	38.7	86.7	73.9
Sales, general and administrative	46.8	45	90.8	94
Amortization or impairment of acquisition-related intangibles	3.6	3.6	7.2	7.2
Loss on disposal or impairment of other assets	0.4	0.8	0.7	1.6
Other operating expense	2.6	10.9	11.2	17
Operating loss	(57.6)	(63.4)	(119.8)	(105.6)
Non-operating (income) expense, net	(3.1)	(5)	10.8	(6.6)
Loss before income taxes	(54.5)	(58.4)	(130.6)	(99)
Income tax benefit	(0.2)	(0.5)	(1)	(1.8)
Net loss from continuing operations	(54.3)	(57.9)	(129.6)	(97.2)
Net (loss) income from discontinued operations	(28.4)	3.9	(137.2)	5.4
Net loss	(82.7)	(54)	(266.8)	(91.8)
Net income from discontinued operations attributable to noncontrolling interest	0.3	0.3	0.6	0.3
Net loss attributable to controlling interest	$ (83)	$ (54.3)	$ (267.4)	$ (92.1)
Basic and diluted loss per share
Continuing operations (USD per share)	$ (0.49)	$ (0.54)	$ (1.18)	$ (0.90)
Net loss attributable to controlling interest (USD per share)	$ (0.75)	$ (0.50)	$ (2.42)	$ (0.86)
Weighted average shares - basic and diluted (shares)	110,688	107,925	110,297	107,519

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (82.7)	$ (54)	$ (266.8)	$ (91.8)
Other comprehensive loss:
Net unrealized (loss) gain on available-for-sale securities	(0.5)	(0.3)	(0.5)	0.2
Comprehensive loss	(83.2)	(54.3)	(267.3)	(91.6)
Net income from discontinued operations attributable to noncontrolling interest	0.3	0.3	0.6	0.3
Comprehensive loss attributable to controlling interest	$ (83.5)	$ (54.6)	$ (267.9)	$ (91.9)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Total Equity - Controlled Interest	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Non-controlling Interest from Discontinued Operations
Balance at beginning of period (shares) at Jun. 30, 2019			106,570
Balance at beginning of period at Jun. 30, 2019	$ 2,041.2	$ 2,036.2	$ 0.1	$ 2,874.1	$ (847.5)	$ 9.5	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(37.8)	(37.8)			(37.8)
Unrealized gain on available-for-sale securities	0.5	0.5				0.5
Comprehensive (loss) income	(37.3)	(37.3)
Tax withholding on vested equity awards	(14.3)	(14.3)		(14.3)
Stock-based compensation	17.4	17.4		17.4
Exercise of stock options and issuance of shares (shares)			1,127
Exercise of stock options and issuance of shares	18.6	18.6		18.6
Balance at end of period (shares) at Sep. 29, 2019			107,697
Balance at end of period at Sep. 29, 2019	2,025.6	2,020.6	$ 0.1	2,895.8	(885.3)	10	5
Balance at beginning of period (shares) at Jun. 30, 2019			106,570
Balance at beginning of period at Jun. 30, 2019	2,041.2	2,036.2	$ 0.1	2,874.1	(847.5)	9.5	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(91.8)
Unrealized gain on available-for-sale securities	0.2
Comprehensive (loss) income	(91.6)
Balance at end of period (shares) at Dec. 29, 2019			108,031
Balance at end of period at Dec. 29, 2019	1,995	1,989.7	$ 0.1	2,919.5	(939.6)	9.7	5.3
Balance at beginning of period (shares) at Sep. 29, 2019			107,697
Balance at beginning of period at Sep. 29, 2019	2,025.6	2,020.6	$ 0.1	2,895.8	(885.3)	10	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(54)	(54.3)			(54.3)		0.3
Unrealized gain on available-for-sale securities	(0.3)	(0.3)				(0.3)
Comprehensive (loss) income	(54.3)	(54.6)					0.3
Tax withholding on vested equity awards	(0.4)	(0.4)		(0.4)
Stock-based compensation	13.4	13.4		13.4
Exercise of stock options and issuance of shares (shares)			334
Exercise of stock options and issuance of shares	10.7	10.7		10.7
Balance at end of period (shares) at Dec. 29, 2019			108,031
Balance at end of period at Dec. 29, 2019	$ 1,995	1,989.7	$ 0.1	2,919.5	(939.6)	9.7	5.3
Balance at beginning of period (shares) at Jun. 28, 2020	109,230		109,230
Balance at beginning of period at Jun. 28, 2020	$ 2,089.2	2,083.1	$ 0.1	3,106.2	(1,039.2)	16	6.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(184.1)	(184.4)			(184.4)		0.3
Unrealized gain on available-for-sale securities	0	0				0
Comprehensive (loss) income	(184.1)	(184.4)					0.3
Tax withholding on vested equity awards	(22.7)	(22.7)		(22.7)
Stock-based compensation	16.2	16.2		16.2
Exercise of stock options and issuance of shares (shares)			1,066
Exercise of stock options and issuance of shares	16.5	16.5		16.5
Balance at end of period (shares) at Sep. 27, 2020			110,296
Balance at end of period at Sep. 27, 2020	$ 1,915.1	1,908.7	$ 0.1	3,116.2	(1,223.6)	16	6.4
Balance at beginning of period (shares) at Jun. 28, 2020	109,230		109,230
Balance at beginning of period at Jun. 28, 2020	$ 2,089.2	2,083.1	$ 0.1	3,106.2	(1,039.2)	16	6.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(266.8)
Unrealized gain on available-for-sale securities	(0.5)
Comprehensive (loss) income	$ (267.3)
Balance at end of period (shares) at Dec. 27, 2020	110,977		110,977
Balance at end of period at Dec. 27, 2020	$ 1,871.6	1,864.9	$ 0.1	3,155.9	(1,306.6)	15.5	6.7
Balance at beginning of period (shares) at Sep. 27, 2020			110,296
Balance at beginning of period at Sep. 27, 2020	1,915.1	1,908.7	$ 0.1	3,116.2	(1,223.6)	16	6.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(82.7)	(83)			(83)		0.3
Unrealized gain on available-for-sale securities	(0.5)	(0.5)				(0.5)
Comprehensive (loss) income	(83.2)	(83.5)					0.3
Tax withholding on vested equity awards	(1.6)	(1.6)		(1.6)
Stock-based compensation	18.6	18.6		18.6
Exercise of stock options and issuance of shares (shares)			681
Exercise of stock options and issuance of shares	$ 22.7	22.7		22.7
Balance at end of period (shares) at Dec. 27, 2020	110,977		110,977
Balance at end of period at Dec. 27, 2020	$ 1,871.6	$ 1,864.9	$ 0.1	$ 3,155.9	$ (1,306.6)	$ 15.5	$ 6.7

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Operating activities:
Net loss	$ (266.8)	$ (91.8)
Net (loss) income from discontinued operations	(137.2)	5.4
Net loss from continuing operations	(129.6)	(97.2)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation and amortization	56.2	46.2
Amortization of debt issuance costs and discount, net of capitalized interest	18.1	11.4
Stock-based compensation	27.4	27.1
Loss on disposal or impairment of long-lived assets	1.5	1.6
Amortization of premium/discount on investments	3.2	0.2
Realized gain on sale of investments	(0.2)	(0.1)
Gain on equity investment	(7)	(9.9)
Foreign exchange gain on equity investment	(3.2)	(1.3)
Deferred income taxes	2.3	(2.4)
Changes in operating assets and liabilities:
Accounts receivable, net	(9.5)	(11.7)
Inventories	(21.1)	9.8
Prepaid expenses and other assets	(1.8)	7.7
Accounts payable, trade	9.9	(5)
Accrued salaries and wages and other liabilities	17.9	(26)
Accrued contract liabilities	3.8	10
Net cash used in operating activities of continuing operations	(32.1)	(39.6)
Net cash provided by operating activities of discontinued operations	6.2	27.8
Cash used in operating activities	(25.9)	(11.8)
Investing activities:
Purchases of property and equipment	(257.5)	(100.3)
Purchases of patent and licensing rights	(1.9)	(1.4)
Proceeds from sale of property and equipment	0.1	1.7
Purchases of short-term investments	(85.8)	(295.3)
Proceeds from maturities of short-term investments	268.5	212.6
Proceeds from sale of short-term investments	24.1	61.8
Net cash used in investing activities of continuing operations	(52.5)	(120.9)
Net cash provided by investing activities of discontinued operations	2.7	0.4
Cash used in investing activities	(49.8)	(120.5)
Financing activities:
Payments on long-term debt borrowings, including finance lease obligations	(0.2)	(0.1)
Proceeds from issuance of common stock	39.2	29.3
Tax withholding on vested equity awards	(24)	(14.7)
Commitment fee on long-term incentive agreement	(0.5)	0
Cash provided by financing activities	14.5	14.5
Effects of foreign exchange changes on cash and cash equivalents	0.5	(0.1)
Net change in cash and cash equivalents	(60.7)	(117.9)
Cash and cash equivalents, beginning of period	448.8	500.5
Cash and cash equivalents, end of period	$ 388.1	$ 382.6

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	6 Months Ended
	Dec. 27, 2020
Accounting Policies [Abstract]
Basis of Presentation and New Accounting Standards	Basis of Presentation and New Accounting Standards Overview Cree, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on silicon carbide and gallium nitride (GaN) materials and devices for power and radio-frequency (RF) applications. The Company's silicon carbide and GaN materials and devices are targeted for applications such as transportation, power supplies, inverters and wireless systems. In addition, the Company is an innovator of specialty lighting-class light emitting diode (LED) products. The Company's LEDs are targeted for use in indoor and outdoor lighting, electronic signs and signals and video displays. As discussed more fully below in Note 2, “Discontinued Operations,” on October 18, 2020, the Company entered into a definitive agreement to sell certain assets and subsidiaries comprising its former LED Products segment (the LED Business) to SMART Global Holdings, Inc. (SGH) and its wholly owned newly-created acquisition subsidiary (collectively with SGH, SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration (the LED Business Divestiture). As a result, the Company has classified the results and cash flows of the LED Products segment as discontinued operations in its consolidated statements of operations and consolidated statements of cash flows for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The Company’s continuing operations consist of the Wolfspeed business, which includes silicon carbide and GaN materials, power devices and RF devices based on wide bandgap semiconductor materials and silicon. The Company’s materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. The Company’s materials products and 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, California, Arkansas and China. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. Additionally, the Company is in the process of building a silicon carbide fabrication facility in New York. The Company operates research and development facilities in North Carolina, Arizona, Arkansas, New York, California and China (including Hong Kong). Cree, Inc. is a North Carolina corporation established in 1987, and its headquarters are in Durham, North Carolina. Basis of Presentation The consolidated financial statements presented herein 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 loss, shareholders' equity and cash flows at December 27, 2020, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 28, 2020 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 28, 2020 (fiscal 2020). The results of operations for the three and six months ended December 27, 2020 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 27, 2021 (fiscal 2021). Additionally, the impact of the COVID-19 pandemic to the results of operations is uncertain. 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. The Company revised income tax expense for the three and six months ended December 29, 2019 to correct the income tax provision calculation for the second quarter of fiscal 2020. The Company increased income tax expense for the three and six months ended December 29, 2019, resulting in a net increase to net loss of $1.5 million in each period. The Company will also revise the unaudited statements of operations for the three months ended March 29, 2020 in the unaudited interim consolidated financial statements to be filed in the Quarterly Report on Form 10-Q for the corresponding period in fiscal 2021 to decrease income tax expense by $1.5 million for the three months ended March 29, 2020, which will result in a net decrease to net loss of $1.5 million for the three months ended March 29, 2020. No revision will be required to the unaudited statement of operations for the nine months ended March 29, 2020 in the unaudited interim consolidated financial statements to be filed in the Quarterly Report on Form 10-Q for the corresponding period in fiscal 2021. The Company concluded these errors were not material individually or in the aggregate to any of the periods impacted. Certain accounting matters that generally require consideration of forecasted financial information were assessed regarding impacts from the COVID-19 outbreak as of December 27, 2020 and through the date of this Quarterly Report using reasonably available information as of those dates. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, the carrying value of goodwill and other long-lived tangible and intangible assets, the potential impact to earnings of unrealized losses on investments, valuation allowances for tax assets and the ability to estimate an annual effective tax rate. While the assessments resulted in no material impacts to the consolidated financial statements as of and for the quarter ended December 27, 2020, the Company believes the full impact of the outbreak remains uncertain and will continue to assess if ongoing developments related to the outbreak may cause future material impacts to its consolidated financial statements. Segment Reporting As a result of the pending LED Business Divestiture, the Company has determined that it operates a single reporting segment within continuing operations, Wolfspeed. Accordingly, the Chief Operating Decision Maker (CODM) allocates resources and assesses performance on a consolidated basis. The Company's identified CODM is the Chief Executive Officer. Recently Adopted Accounting Pronouncements Credit Losses In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This standard replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The Company adopted this standard using the modified retrospective transition method on June 29, 2020, the first day of its 2021 fiscal year. Upon adoption, prior period balances were not adjusted and the Company determined no cumulative-effect adjustment to retained earnings as of June 29, 2020 was required. Under this new standard, expected credit losses for the Company's receivables are evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These aggregated risk pools are reassessed at each measurement date. A combination of factors is considered in determining the appropriate estimate of expected credit losses, including broad-based economic indicators as well as customers' financial strength, credit standing, payment history and any historical defaults. Available-for-sale debt securities in an unrealized loss position at each measurement date are individually evaluated for expected credit losses. The Company evaluates whether the unrealized loss is due to market factors or changes in the investment holdings' credit rating. An expected credit loss will be recorded when an investment in an unrealized loss position is determined to have lost value from a decreased credit rating and the Company does not expect to recover the fair value of the security. Accounting Pronouncements Pending Adoption Convertible Debt Instruments In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This standard simplifies the accounting for convertible instruments by eliminating the cash conversion and the beneficial conversion accounting models. This update also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity. The update requires an entity to use the if-converted method for all convertible instruments in the diluted earnings per share calculation. An entity may use either a modified or full retrospective approach for adoption. The Company expects to adopt this standard by June 27, 2022 and is currently evaluating the impact on its consolidated financial statements.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Dec. 27, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On October 18, 2020, the Company entered into an Asset Purchase Agreement (the Purchase Agreement) with SMART with respect to the LED Business Divestiture. The transaction is targeted to close in the first calendar quarter of 2021, subject to customary closing conditions and governmental approvals. Pursuant to the Purchase Agreement, the Company will sell to SMART, and SMART will (i) purchase from the Company, (a) certain equipment, inventory, intellectual property rights, contracts, and real estate comprising the Company’s LED Products segment, (b) all of the issued and outstanding equity interests of Cree Huizhou Solid State Lighting Company Limited, a limited liability company organized under the laws of the People’s Republic of China and an indirect wholly owned subsidiary of the Company, and (c) the Company’s ownership interest in Cree Venture LED Company Limited, the Company’s joint venture with San’an Optoelectronics Co., Ltd. (collectively, the LED Business); and (ii) assume certain liabilities related to the LED Business. The Company will retain certain assets used in and pre-closing liabilities associated with the LED Products segment. The purchase price for the LED Business consists of (i) a payment of $50 million in cash, subject to customary adjustments, (ii) an unsecured promissory note issued to the Company by SGH in the amount of $125 million (the Purchase Price Note), (iii) the potential to receive an earn-out payment of up to $125 million based on the revenue and gross profit performance of the LED Business in the first four full fiscal quarters following the closing (the Earnout Period), also payable in the form of a unsecured promissory note of SGH (the Earnout Note), and (iv) the assumption of certain liabilities. The Purchase Price Note and the Earnout Note, if earned, will accrue interest at a rate of three-month LIBOR plus 3.0% with interest paid every three months and one bullet payment of principal and all accrued and unpaid interest will be payable on each note’s maturity date. The Purchase Price Note will mature on August 15, 2023, and the Earnout Note, if issued, will mature on the third anniversary of the completion of the Earnout Period. In connection with the closing of the LED Business Divestiture, the Company and SMART will also enter into certain ancillary and related agreements, including (i) an Intellectual Property Assignment and License Agreement, which will assign to SMART certain intellectual property owned by the Company and its affiliates and license to SMART certain additional intellectual property owned by the Company, (ii) a Transition Services Agreement, which is designed to ensure a smooth transition of the LED Business to SMART, (iii) a Wafer Supply and Fabrication Services Agreement (the Wafer Supply Agreement), pursuant to which the Company will supply SMART with certain silicon carbide materials and fabrication services for four years, and (iv) a Real Estate License Agreement, which will allow SMART to use certain premises owned by the Company to conduct the LED Business for a period of up to 24 months after closing. The completion of the LED Business Divestiture is subject to the satisfaction or waiver of a number of conditions set forth in the Purchase Agreement, including the receipt of governmental and regulatory consents and approvals and expiration of any mandatory waiting period related thereto, and other customary closing conditions. The Purchase Agreement provides for customary termination rights of the parties. Because the LED Business Divestiture represents a strategic shift that will have a major effect on the Company’s operations and financial results, the Company has classified the results of the LED Business as discontinued operations in the Company’s consolidated statements of operations for all periods presented. The Company ceased recording depreciation and amortization of long-lived assets conveying in the Purchase Agreement upon classification as discontinued operations in October 2020. Additionally, the related assets and liabilities associated with discontinued operations are classified as held for sale in the consolidated balance sheets. The assets and liabilities held for sale as of December 27, 2020 are classified as current in the consolidated balance sheet as the Company expects the transaction to close and proceeds to be collected within one year. The following table presents the financial results of the LED Business as (loss) income from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Revenue, net $105.2 $119.2 $206.3 $234.3 Cost of revenue, net 80.4 92.9 163.0 186.3 Gross profit 24.8 26.3 43.3 48.0 Operating expenses: Research and development 8.0 8.6 16.4 17.1 Sales, general and administrative 9.0 7.8 16.9 16.4 Goodwill impairment 6.9 — 112.6 — Impairment on assets held for sale 19.5 — 19.5 — (Gain) loss on disposal or impairment of long-lived assets (0.5) — (1.0) 0.2 Other operating expense 7.7 2.9 12.5 4.0 Operating (loss) income (25.8) 7.0 (133.6) 10.3 Non-operating income (0.1) (0.1) — (0.1) (Loss) income before income taxes (25.7) 7.1 (133.6) 10.4 Income tax expense 2.7 3.2 3.6 5.0 Net (loss) income (28.4) 3.9 (137.2) 5.4 Net income attributable to noncontrolling interest 0.3 0.3 0.6 0.3 Net (loss) income attributable to controlling interest ($28.7) $3.6 ($137.8) $5.1 As of September 27, 2020, the Company determined it would more likely than not sell all or a portion of the assets comprising the LED Products segment below carrying value. As a result, the Company recorded an impairment to goodwill of $105.7 million. As of December 27, 2020, the Company recorded an additional impairment to goodwill of $6.9 million and an impairment to assets held for sale associated with the pending LED Business Divestiture of $19.5 million. The following table presents the assets and liabilities of the LED Business classified as discontinued operations: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Assets Short-term investments $8.0 $12.0 Accounts receivable, net 48.1 41.6 Inventories 49.8 57.2 Prepaid expenses 0.4 0.1 Other current assets 4.7 5.1 Current assets of discontinued operations 111.0 116.0 Property and equipment, net 57.8 60.3 Goodwill 58.3 180.3 Intangible assets, net 22.7 22.7 Deferred tax assets 5.1 5.1 Other assets 1.9 1.7 Valuation allowance on held for sale assets (19.5) — Long-term assets of discontinued operations (1) 126.3 270.1 Liabilities Accounts payable and accrued expenses 34.2 31.0 Accrued contract liabilities 22.1 24.1 Income taxes payable 0.9 2.0 Other current liabilities 3.4 3.1 Current liabilities of discontinued operations 60.6 60.2 Other long-term liabilities 10.1 9.8 Long-term liabilities of discontinued operations (1) 10.1 9.8 (1) Long-term assets and liabilities of discontinued operations as of December 27, 2020 are classified as current on the consolidated balance sheet as the Company expects the transaction to close within twelve months of the balance sheet date.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 27, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition In accordance with FASB Accounting Standards Codification 606 "Revenue from Contracts with Customers" (ASC 606), the Company follows a five-step approach defined by the standard for recognizing revenue, consisting of the following: (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. Contract liabilities primarily include various rights of return and customer deposits, as well as deferred revenue and price protection guarantees. Contract liabilities were $51.7 million as of December 27, 2020 and $47.9 million as of June 28, 2020. The increase was primarily due to increased reserve liabilities. Contract liabilities are recorded within accrued contract liabilities and other long-term liabilities on the balance sheet. Before the adoption of ASC 606, liabilities relating to various rights of return were recorded as a deduction to accounts receivable. For the three and six months ended December 27, 2020, the Company did not recognize any revenue that was included in contract liabilities as of June 28, 2020. Revenue recognized related to performance obligations that were satisfied or partially satisfied in previous periods was not material for the three and six months ended December 27, 2020. The Company conducts business in several geographic areas. Revenue is attributed to a particular geographic region based on the shipping address for the products. Disaggregated revenue from external customers by geographic area is as follows: Three months ended Six months ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue United States $25.0 19.7 % $28.7 23.8 % $53.9 22.2 % $56.3 22.7 % China 24.2 19.1 % 14.4 11.9 % 46.6 19.2 % 33.9 13.6 % Europe 53.3 42.0 % 45.8 37.9 % 89.1 36.7 % 90.8 36.6 % Other 24.5 19.2 % 31.8 26.4 % 52.9 21.9 % 67.4 27.1 % Total $127.0 $120.7 $242.5 $248.4

Leases

Leases	6 Months Ended
	Dec. 27, 2020
Leases [Abstract]
Leases	Leases The Company primarily leases manufacturing, office and warehousing space. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to manufacturing space in Malaysia and a 49-year ground lease on a future silicon carbide fabrication facility in New York. Balance Sheet Lease assets and liabilities and the corresponding balance sheet classifications are as follows (in millions of U.S. Dollars): Operating Leases: December 27, 2020 June 28, 2020 Right-of-use asset (1) $11.2 $12.3 Current lease liability (2) 4.9 4.8 Non-current lease liability (3) 6.5 7.5 Total operating lease liabilities 11.4 12.3 Finance Leases: Finance lease assets (4) $11.2 $15.4 Current portion of finance lease liabilities 0.4 3.6 Finance lease liabilities, less current portion 10.2 11.4 Total finance lease liabilities 10.6 15.0 (1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net on the consolidated balance sheets. Statement of Operations Operating lease expense was $1.4 million and $2.8 million for the three and six months ended December 27, 2020, respectively, and $1.2 million and $2.4 million for the three and six months ended December 29, 2019, respectively. Short-term lease expense, variable lease expense and lease income were immaterial for the three and six months ended December 27, 2020 and December 29, 2019. Finance lease amortization was $0.2 million and $0.4 million and interest expense was $0.1 million and $0.2 million for the three and six months ended December 27, 2020, respectively. Finance lease amortization and interest expense were less than $0.1 million for the three and six months ended December 29, 2019. Cash Flows Cash flow information consisted of the following: Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 Cash used in operating activities: Cash paid for operating leases $2.7 $2.6 Cash paid for interest portion of financing leases (1) 0.1 — Cash used in financing activities: Cash paid for principal portion of finance leases 0.2 0.1 Non-cash activities: Operating lease additions due to adoption of ASC 842 — 11.0 Operating lease additions and modifications, net 1.4 4.8 Finance lease additions — 3.3 Transfer of finance lease liability to accounts payable and accrued expenses (2) 4.2 — (1) Less than $0.1 million for the six months ended December 29, 2019. (2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 27, 2020 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 27, 2021 (remainder of fiscal 2021) $3.1 $0.3 $3.4 June 26, 2022 4.3 0.6 4.9 June 25, 2023 2.4 0.7 3.1 June 30, 2024 1.0 0.7 1.7 June 29, 2025 0.8 0.7 1.5 Thereafter 0.4 15.3 15.7 Total lease payments 12.0 18.3 30.3 Imputed lease interest (0.6) (7.7) (8.3) Total lease liabilities $11.4 $10.6 $22.0 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 35 467 Weighted average discount rate (2) 3.28 % 2.77 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 71 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.40%.
Leases	Leases The Company primarily leases manufacturing, office and warehousing space. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to manufacturing space in Malaysia and a 49-year ground lease on a future silicon carbide fabrication facility in New York. Balance Sheet Lease assets and liabilities and the corresponding balance sheet classifications are as follows (in millions of U.S. Dollars): Operating Leases: December 27, 2020 June 28, 2020 Right-of-use asset (1) $11.2 $12.3 Current lease liability (2) 4.9 4.8 Non-current lease liability (3) 6.5 7.5 Total operating lease liabilities 11.4 12.3 Finance Leases: Finance lease assets (4) $11.2 $15.4 Current portion of finance lease liabilities 0.4 3.6 Finance lease liabilities, less current portion 10.2 11.4 Total finance lease liabilities 10.6 15.0 (1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net on the consolidated balance sheets. Statement of Operations Operating lease expense was $1.4 million and $2.8 million for the three and six months ended December 27, 2020, respectively, and $1.2 million and $2.4 million for the three and six months ended December 29, 2019, respectively. Short-term lease expense, variable lease expense and lease income were immaterial for the three and six months ended December 27, 2020 and December 29, 2019. Finance lease amortization was $0.2 million and $0.4 million and interest expense was $0.1 million and $0.2 million for the three and six months ended December 27, 2020, respectively. Finance lease amortization and interest expense were less than $0.1 million for the three and six months ended December 29, 2019. Cash Flows Cash flow information consisted of the following: Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 Cash used in operating activities: Cash paid for operating leases $2.7 $2.6 Cash paid for interest portion of financing leases (1) 0.1 — Cash used in financing activities: Cash paid for principal portion of finance leases 0.2 0.1 Non-cash activities: Operating lease additions due to adoption of ASC 842 — 11.0 Operating lease additions and modifications, net 1.4 4.8 Finance lease additions — 3.3 Transfer of finance lease liability to accounts payable and accrued expenses (2) 4.2 — (1) Less than $0.1 million for the six months ended December 29, 2019. (2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 27, 2020 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 27, 2021 (remainder of fiscal 2021) $3.1 $0.3 $3.4 June 26, 2022 4.3 0.6 4.9 June 25, 2023 2.4 0.7 3.1 June 30, 2024 1.0 0.7 1.7 June 29, 2025 0.8 0.7 1.5 Thereafter 0.4 15.3 15.7 Total lease payments 12.0 18.3 30.3 Imputed lease interest (0.6) (7.7) (8.3) Total lease liabilities $11.4 $10.6 $22.0 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 35 467 Weighted average discount rate (2) 3.28 % 2.77 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 71 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.40%.

Financial Statement Details

Financial Statement Details	6 Months Ended
	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Details	Financial Statement Details Accounts Receivable, net Accounts receivable, net consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Billed trade receivables $81.1 $71.5 Unbilled contract receivables 1.1 1.2 Royalties 0.5 0.4 82.7 73.1 Allowance for bad debts (0.7) (0.7) Accounts receivable, net $82.0 $72.4 Changes in the Company’s allowance for bad debts were as follows: (in millions of U.S. Dollars) December 27, 2020 Balance at beginning of period $0.7 Current period provision change — Write-offs, net of recoveries — Balance at end of period $0.7 Inventories Inventories consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Raw material $43.5 $36.9 Work-in-progress 85.8 73.9 Finished goods 15.0 11.1 Inventories $144.3 $121.9 In addition to inventory held by the Company associated with the Wolfspeed business, the Company holds inventory related to a future Wafer Supply Agreement to be entered into in connection with the LED Business Divestiture as well as unallocated inventoried costs consisting primarily of manufacturing employees’ stock-based compensation, profit sharing and quarterly or annual incentive compensation, matching contributions under the Company’s 401(k) plan, and acquisition related costs. December 27, 2020 June 28, 2020 Wolfspeed $116.4 $97.3 Inventory related to future Wafer Supply Agreement 17.1 19.0 Unallocated inventories 10.8 5.6 Consolidated inventories $144.3 $121.9 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Accounts payable, trade $85.1 $88.1 Accrued salaries and wages 54.1 42.3 Accrued expenses 124.1 55.3 Other 4.0 4.1 Accounts payable and accrued expenses $267.3 $189.8 Other Operating Expense Other operating expense consisted of the following: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Factory optimization restructuring $1.3 $1.2 $2.9 $2.4 Severance and other restructuring — — 2.8 0.8 Total restructuring costs 1.3 1.2 5.7 3.2 Project, transformation and transaction costs 0.1 7.9 1.3 9.4 Factory optimization start-up costs 1.2 1.5 4.2 2.9 Non-restructuring related executive severance — 0.3 — 1.5 Other operating expense $2.6 $10.9 $11.2 $17.0 Accumulated Other Comprehensive Income, net of taxes Accumulated other comprehensive income, net of taxes, consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Currency translation gain $9.5 $9.5 Net unrealized gain on available-for-sale securities (1) 6.0 6.5 Accumulated other comprehensive income, net of taxes $15.5 $16.0 (1) Amounts as of December 27, 2020 and June 28, 2020 include a $2.4 million loss related to tax on unrealized gain (loss) on available-for-sale securities. Reclassifications Out of Accumulated Other Comprehensive Income Reclassifications out of accumulated other comprehensive income were $0.2 million for the three and six months ended December 27, 2020 and $0.1 million for the three and six months ended December 29, 2019. Amounts were reclassified to non-operating expense, net on the consolidated statements of operations. Non-Operating (Income) Expense, net The following table summarizes the components of non-operating (income) expense, net: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Foreign currency loss, net ($2.2) ($1.3) ($2.4) ($1.2) Gain on sale of investments, net (0.2) (0.1) (0.2) (0.1) Gain on equity investment, net (10.4) (6.4) (7.0) (9.9) Interest income (2.2) (4.7) (4.9) (10.2) Interest expense, net of capitalized interest 11.9 7.7 25.0 15.1 Other, net — (0.2) 0.3 (0.3) Non-operating (income) expense, net ($3.1) ($5.0) $10.8 ($6.6) The change in gain on equity investment, net is due to fluctuations in the Lextar Electronics Corporation (Lextar) stock price. Statements of Cash Flows - non-cash activities Six months ended December 27, 2020 December 29, 2019 Lease asset and liability additions (1) $1.2 $14.3 Lease asset and liability modifications, net 0.2 4.8 Transfer of finance lease liability to accounts payable and accrued expenses (2) 4.2 — (1) $11.0 million of the lease asset and liability additions for the six months ended December 29, 2019 relates to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 4, "Leases", for further information. (2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets. Accrued property and equipment as of December 27, 2020 and December 29, 2019 was $145.0 million and $6.2 million, respectively.

Investments

Investments	6 Months Ended
	Dec. 27, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	InvestmentsInvestments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. treasury securities, variable rate demand notes, 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. Short-term investments as of December 27, 2020 and June 28, 2020 consisted of the following: December 27, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Credit Loss Allowance (2) Estimated Fair Value Municipal bonds $126.5 $2.3 $— $— $128.8 Corporate bonds 398.9 5.7 — — 404.6 U.S. agency securities 12.0 — — — 12.0 U.S. treasury securities 23.3 0.4 — — 23.7 Certificates of deposit 7.7 — — — 7.7 Variable rate demand note 2.1 — — — 2.1 Commercial paper 1.7 — — — 1.7 Total short-term investments $572.2 $8.4 $— $— $580.6 June 28, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Estimated Fair Value Municipal bonds $130.0 $2.0 $— $132.0 Corporate bonds 473.8 6.3 — 480.1 U.S. agency securities 29.1 — — 29.1 U.S. treasury securities 52.3 0.6 — 52.9 Certificates of deposit 83.3 — — 83.3 Variable rate demand note 2.5 — — 2.5 Commercial paper 11.0 — — 11.0 Total short-term investments $782.0 $8.9 $— $790.9 (1) The Company had an unrealized loss of less than $0.1 million as of December 27, 2020 and June 28, 2020. (2) Credit loss allowance is applicable beginning in the first quarter of fiscal 2021 due to adoption of ASU 2016-13, which replaced the Company's other than temporary impairment analysis with an expected credit losses model. The Company does not include accrued interest in estimated fair values of short-term investments and does not record an allowance for credit losses on receivables related to accrued interest. Accrued interest receivable was $3.8 million and $4.3 million as of December 27, 2020 and June 28, 2020, respectively, and is recorded in other current assets on the consolidated balance sheets. When necessary, write offs of noncollectable interest income are recorded as a reversal to interest income. There were no write offs of noncollectable interest income for each of the three and six month periods ended December 27, 2020 and December 29, 2019. 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: December 27, 2020 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss (1) Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $1.0 $— $— $— $1.0 $— Corporate bonds 7.0 — — — 7.0 — U.S. agency securities 2.0 — — — 2.0 — U.S. treasury securities 2.0 — — — 2.0 — Total $12.0 $— $— $— $12.0 $— Number of securities with an unrealized loss 10 — 10 June 28, 2020 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss (1) Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $14.3 $— $— $— $14.3 $— Corporate bonds 29.1 — — — 29.1 — U.S. agency securities 8.6 — — — 8.6 — U.S. treasury securities 13.8 — — — 13.8 — Total $65.8 $— $— $— $65.8 $— Number of securities with an unrealized loss 46 — 46 (1) S ecurities with an unrealized loss of less than 12 months for the periods as of December 27, 2020 and June 28, 2020 have an unrealized loss value of less than $0.1 million, individually and in the aggregate. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains of $0.2 million for the three and six months ended December 27, 2020 and $0.1 million for the three and six months ended December 29, 2019 are included in non-operating expense in the consolidated statements of operations. Unrealized gains and losses are included as a separate component of equity, net of tax, unless the Company determines there is an expected credit loss. The Company evaluates its investments for expected credit losses. The Company believes it is able to and intends to hold each of the investments held with an unrealized loss as of December 27, 2020 until the investments fully recover in market value. None of the investments with an unrealized loss as of December 27, 2020 had credit downgrades in the current period. No allowance for credit losses was recorded as of December 27, 2020. The contractual maturities of short-term investments as of December 27, 2020 were as follows: Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $23.7 $105.1 $— $— $128.8 Corporate bonds 156.6 248.0 — — 404.6 U.S. agency securities 3.0 9.0 — — 12.0 U.S. treasury securities 10.6 13.1 — — 23.7 Certificates of deposit 7.7 — — — 7.7 Variable rate demand note — — — 2.1 2.1 Commercial paper 1.7 — — — 1.7 Total short-term investments $203.3 $375.2 $— $2.1 $580.6

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Dec. 27, 2020
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 December 27, 2020 and June 28, 2020, financial assets utilizing Level 1 inputs included money market funds and U.S. treasury securities. Financial assets utilizing Level 2 inputs included municipal bonds, corporate bonds, certificates of deposit, commercial paper, U.S. agency securities, variable rate demand notes 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 December 27, 2020 and June 28, 2020. The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: December 27, 2020 June 28, 2020 (in millions of U.S. Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $135.6 $— $— $135.6 $199.9 $— $— $199.9 U.S. agency securities — 14.5 — 14.5 — 19.6 — 19.6 U.S. treasury securities 51.5 — — 51.5 19.0 — — 19.0 Certificates of deposit — — — — — 54.3 — 54.3 Commercial paper — 19.2 — 19.2 — 11.1 — 11.1 Total cash equivalents 187.1 33.7 — 220.8 218.9 85.0 — 303.9 Short-term investments: Municipal bonds — 128.8 — 128.8 — 132.0 — 132.0 Corporate bonds — 404.6 — 404.6 — 480.1 — 480.1 U.S. agency securities — 12.0 — 12.0 — 29.1 — 29.1 U.S. treasury securities 23.7 — — 23.7 52.9 — — 52.9 Certificates of deposit — 7.7 — 7.7 — 83.3 — 83.3 Commercial paper — 1.7 — 1.7 — 11.0 — 11.0 Variable rate demand note — 2.1 — 2.1 — 2.5 — 2.5 Total short-term investments 23.7 556.9 — 580.6 52.9 738.0 — 790.9 Other long-term investments: Common stock of non-U.S. corporations — 66.1 — 66.1 — 55.9 — 55.9 Total assets $210.8 $656.7 $— $867.5 $271.8 $878.9 $— $1,150.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Dec. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table summarizes changes in goodwill during the six months ended December 27, 2020: (in millions of U.S. Dollars) Total Balance at June 28, 2020 $349.7 Transfer in connection with LED Business Divestiture (1) 9.5 Balance at December 27, 2020 $359.2 (1) In the second quarter of fiscal 2021, the Company determined that as part of its goodwill impairment analysis on held for sale assets related to the pending LED Business Divestiture, it was necessary to transfer a portion of goodwill from the former LED Products segment, now classified as discontinued operations, to goodwill associated with continuing operations. Intangible Assets, net The following table presents the components of intangible assets, net: December 27, 2020 June 28, 2020 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $96.8 ($22.0) $74.8 $96.8 ($19.0) $77.8 Developed technology 68.0 (25.5) 42.5 68.0 (22.8) 45.2 Non-compete agreements 12.2 (8.6) 3.6 12.2 (7.1) 5.1 Acquisition related intangible assets 177.0 (56.1) 120.9 177.0 (48.9) 128.1 Patent and licensing rights 69.7 (41.7) 28.0 69.3 (40.5) 28.8 Total intangible assets $246.7 ($97.8) $148.9 $246.3 ($89.4) $156.9 Total amortization of acquisition-related intangibles assets was $3.6 million and $7.2 million for the three and six months ended December 27, 2020 and $3.6 million and $7.2 million for the three and six months ended December 29, 2019. Total amortization of patents and licensing rights was $1.4 million and $2.6 million for the three and six months ended December 27, 2020 and $1.2 million and $2.4 million for the three and six months ended December 29, 2019. Total future amortization expense of intangible assets is estimated to be as follows: (in millions of U.S. Dollars) Fiscal Year Ending Acquisition Related Intangibles Patents Total June 27, 2021 $7.2 $2.6 $9.8 June 26, 2022 13.5 4.6 18.1 June 25, 2023 11.0 3.9 14.9 June 30, 2024 10.4 3.3 13.7 June 29, 2025 10.4 2.5 12.9 Thereafter 68.4 11.1 79.5 Total future amortization expense $120.9 $28.0 $148.9

Long-term Debt

Long-term Debt	6 Months Ended
	Dec. 27, 2020
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Revolving Line of Credit As of December 27, 2020, the Company had a $125.0 million secured revolving line of credit (the Credit Agreement) under which the Company can borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2023. The Credit Agreement requires the Company to maintain a ratio of certain cash equivalents and marketable securities to outstanding loans and letter of credit obligations greater than 1.25:1, with no other financial covenants. The Company classifies balances outstanding under the Credit Agreement as long-term debt in the consolidated balance sheets. As of December 27, 2020, the Company had no outstanding borrowings under the Credit Agreement, $125.0 million in available commitments under the Credit Agreement and $125.0 million available for borrowing. For the three and six months ended December 27, 2020, the average interest rate was 0.00%. As of December 27, 2020, the unused line fee on available borrowings is 25 basis points. 2023 Convertible Notes On August 24, 2018, the Company sold $500.0 million aggregate principal amount of 0.875% convertible senior notes due September 1, 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and an additional $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2023 Notes). The total net proceeds from the debt offering was approximately $562.1 million. The conversion rate will initially be 16.6745 shares of common stock per one thousand dollars in principal amount of 2023 Notes (equivalent to an initial conversion price of approximately $59.97 per share of common stock). The conversion rate will be subject to adjustment for some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or following the Company's issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its 2023 Notes in connection with such a corporate event, or who elects to convert any 2023 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2023 Notes prior to September 1, 2021. The Company may redeem for cash all or any portion of the 2023 Notes, at its option, on a redemption date occurring on or after September 1, 2021 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sales price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be 100% of the principal amount of the 2023 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes certain fundamental changes related to the Company's common stock, holders may require the Company to repurchase for cash all or any portion of their 2023 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2023 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders may convert their 2023 Notes at their option at any time prior to the close of business on the business day immediately preceding March 1, 2023 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending December 31, 2018 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five ten 2026 Convertible Notes On April 21, 2020, the Company sold $500.0 million aggregate principal amount of 1.75% convertible senior notes due May 1, 2026 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and an additional $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2026 Notes). The total net proceeds from the debt offerings was approximately $561.4 million. The conversion rate will initially be 21.1346 shares of common stock per one thousand dollars in principal amount of 2026 Notes (equivalent to an initial conversion price of approximately $47.32 per share of common stock). The conversion rate will be subject to adjustment for some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or following the Company's issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its 2026 Notes in connection with such a corporate event, or who elects to convert any 2026 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2026 Notes prior to May 1, 2023. The Company may redeem for cash all or any portion of the 2026 Notes, at its option, on a redemption date occurring on or after May 1, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sales price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes certain fundamental changes related to the Company's common stock, holders may require the Company to repurchase for cash all or any portions of their 2026 Notes at a fundamental repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders may convert their 2026 Notes at their option at any time prior to the close of business on the business day immediately preceding November 3, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five ten The Company used approximately $144.3 million of the net proceeds from the sale of the 2026 Notes to repurchase approximately $150.2 million aggregate principal amount of the 2023 Notes, including approximately $0.2 million of accrued interest on such notes, in privately negotiated transactions. Accounting for 2023 Notes and 2026 Notes (collectively, the Notes) In accounting for the issuance of the 2023 Notes and 2026 Notes, the Company separated the Notes into liability and equity components. The carrying amount of the liability of the equity component representing the conversion option was $110.6 million and $145.4 million for the 2023 and 2026 Notes, respectively. The amounts were determined by deducting the fair value of the liability component from the par value of each of the Notes. Due to the partial extinguishment of the 2023 Notes, the equity component of the 2023 Notes was reduced by $27.7 million. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (the debt discount), along with related issuance fees, are amortized to interest expense over the term of the Notes at an effective annual interest rate of 5.87% and 7.45% for the 2023 and 2026 Notes, respectively. The net carrying amount of the liability component of the Notes is as follows: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Principal $999.8 $999.8 Unamortized discount and issuance costs (196.3) (216.0) Net carrying amount $803.5 $783.8 The net carrying amount of the equity component of the Notes is as follows: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Discount related to value of conversion option $262.3 $262.3 Partial extinguishment of 2023 Notes (27.7) (27.7) Debt issuance costs (6.3) (6.3) Net carrying amount $228.3 $228.3 The interest expense, net recognized related to the Notes is as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Interest expense, net of capitalized interest $2.8 $1.2 $6.0 $2.5 Amortization of discount and issuance costs, net of capitalized interest 8.7 5.8 18.1 11.4 Total interest expense, net $11.5 $7.0 $24.1 $13.9 The Company capitalizes interest related to the Notes in connection with the building of a new silicon carbide fabrication facility in New York. For the three and six months ended December 27, 2020, the Company capitalized $0.6 million and $0.8 million of interest expense, respectively, and $1.3 million and $1.7 million of amortization of discount and issuance costs, respectively. No interest expense was capitalized for the three and six months ended December 29, 2019. The estimated fair value of the Notes is $2,053.8 million as of December 27, 2020, as determined by a Level 2 valuation.

Loss Per Share

Loss Per Share	6 Months Ended
	Dec. 27, 2020
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The details of the computation of basic and diluted loss per share are as follows: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Net loss from continuing operations ($54.3) ($57.9) ($129.6) ($97.2) Net (loss) income from discontinued operations (28.4) 3.9 (137.2) 5.4 Net income from discontinued operations attributable to noncontrolling interest 0.3 0.3 0.6 0.3 Net (loss) income from discontinued operations attributable to controlling interest (28.7) 3.6 (137.8) 5.1 Weighted average shares - basic and diluted (in thousands) 110,688 107,925 110,297 107,519 Loss per share - basic and diluted: Continuing operations ($0.49) ($0.54) ($1.18) ($0.90) Discontinued operations attributable to controlling interest ($0.26) $0.03 ($1.25) $0.05 Diluted net loss per share is the same as basic net loss per share for the periods presented due to potentially dilutive items being anti-dilutive given the Company's net loss from continuing operations. For the three and six months ended December 27, 2020, 3.5 million and 3.9 million of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. For the three and six months ended December 29, 2019, 5.2 million and 5.5 million of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. In addition, future earnings per share of the Company are also subject to dilution from conversion of its Notes under certain conditions as described in Note 9, “Long-term Debt.”

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 27, 2020
Share-based Payment Arrangement [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 and/or external based market metrics. 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. For performance awards with market conditions, the Company estimates the grant date fair value using the Monte Carlo valuation model and expenses the awards over the vesting period regardless of whether the market condition is ultimately satisfied. 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 A summary of stock option awards outstanding as of December 27, 2020 and changes during the six months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 28, 2020 983 $37.88 Granted — $— Exercised (738) $40.65 Forfeited or expired (10) $64.51 Outstanding at December 27, 2020 235 $27.94 Restricted Stock Awards and Units A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of December 27, 2020 and changes during the six months then ended is as follows: (awards and units in thousands) Number of RSAs/RSUs Weighted Average Nonvested at June 28, 2020 2,932 $43.89 Granted 1,021 $66.81 Vested (1,118) $37.56 Forfeited (137) $41.39 Nonvested at December 27, 2020 2,698 $55.50 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, projected employee stock option exercise term, 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. Compensation expense for awards that have performance-based conditions 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. For performance awards with market conditions, the Company estimates the grant date fair value using the Monte Carlo valuation model and expenses the awards over the vesting period regardless of whether the market condition is ultimately satisfied. The Monte Carlo option pricing models require the input of highly subjective assumptions. The estimates involve inherent uncertainties and the application of judgment. As a result, if other assumptions had been used, recorded stock-based compensation expense could have been materially different from that depicted below. 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 classified in the consolidated statements of operations as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Cost of revenue, net $3.7 $2.4 $7.1 $4.4 Research and development 2.2 2.0 4.6 4.1 Sales, general and administrative 7.8 7.2 15.7 18.6 Total stock-based compensation expense $13.7 $11.6 $27.4 $27.1 Stock-based compensation expense may differ from the impact of stock-based compensation to additional paid in capital due to manufacturing related stock-based compensation capitalized within inventory.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 27, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In general, the variation between the Company's effective income tax rate and the U.S. statutory rate of 21% 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 differing tax rates than the U.S. and (iii) projected tax credits generated. The Company did not record an income tax benefit related to the goodwill impairment expenses described in Note 2, “Discontinued Operations,” as the impairment is non-deductible for income tax purposes. 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, as of the six months ended December 27, 2020. 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 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 28, 2020, the Company's liability for unrecognized tax benefits was $7.4 million. During the six months ended December 27, 2020, 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 December 27, 2020 was $7.4 million. If any portion of this $7.4 million is recognized, the Company will then include that portion in the computation of its effective tax rate. Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that $0.3 million of gross unrecognized tax benefits will change in the next 12 months as a result of statute requirements or settlement with tax authorities. 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 2017. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2016. For foreign purposes, the Company is generally no longer subject to

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 monetary 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 operations, financial position and overall trends. The outcomes in these matters are not reasonably estimable. Grant Disbursement Agreement (GDA) with the State of New York The Company currently has a GDA with the State of New York Urban Development Corporation (doing business as Empire State Development). The GDA provides a potential total grant amount of $500.0 million to partially and fully reimburse the Company for certain property, plant and equipment costs related to the Company's construction of a new silicon carbide fabrication facility in Marcy, New York. The GDA was signed in the fourth quarter of fiscal 2020 and requires the Company to satisfy a number of objectives for the Company to receive reimbursements through the span of the 13-year agreement. These objectives include maintaining a certain level of local employment, investing a certain amount in locally administered research and development activities and the payment of an annual commitment fee for the first six years. Additionally, the Company has agreed, under a separate agreement (the SUNY Agreement), to sponsor the creation of two endowed faculty chairs and fund a scholarship program at SUNY Polytechnic Institute. The annual cost of satisfying the objectives of the GDA and the SUNY Agreement, excluding the direct and indirect costs associated with employment, varies from $1.0 million to $5.2 million per year through fiscal 2031.

Restructuring

Restructuring	6 Months Ended
	Dec. 27, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company has approved various operational plans that include restructuring costs. All restructuring costs are recorded in other operating expense on the consolidated statement of operations. Factory Optimization Restructuring In May 2019, the Company started a significant, multi-year factory optimization plan anchored by a state-of-the-art, automated 200mm capable silicon carbide and GaN fabrication facility and a large materials factory at its U.S. campus headquarters in Durham, North Carolina. As part of the plan, the Company will incur restructuring charges associated with the movement of equipment as well as disposals on certain long-lived assets. In September 2019, the Company announced its intent to build the new fabrication facility in Marcy, New York to complement the factory expansion underway at its U.S. campus headquarters in Durham, North Carolina. The Company has commenced the building of the New York facility and is currently evaluating the impact of this decision on future restructuring charges. The Company expects approximately $70.0 million in restructuring charges related to the factory optimization plan to be incurred through 2024. For the three and six months ended December 27, 2020, the Company expensed $0.9 million and $3.1 million of restructuring charges associated with the movement of equipment related to the factory optimization plan, respectively, of which $0.1 million is accrued for as of December 27, 2020. Additionally, the Company expensed $0.4 million and $0.8 million of restructuring charges associated with disposals of certain long-lived assets for the three and six months ended December 27, 2020. For the three and six months ended December 29, 2019, the Company expensed and paid $1.2 million and $2.4 million, respectively, of restructuring charges associated with the movement of equipment related to the factory optimization plan. Corporate Restructuring In September 2020, the Company realigned certain resources to further focus on areas vital to our growth while driving efficiencies. As a result, the Company recorded $0.0 million and $2.8 million in severance-related costs during the three and six months ended December 27, 2020. The plan has concluded and all expenses have been paid as of December 27, 2020. Sales Representatives Restructuring In July 2019, the Company realigned its sales resources as part of the Company's transition to a more focused semiconductor company. As a result, the Company recorded $0.0 million and $0.8 million in contract termination costs during the three and six months ended December 29, 2019. The plan has concluded and all expenses have paid as of December 27, 2020.

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	6 Months Ended
	Dec. 27, 2020
Accounting Policies [Abstract]
Overview	Overview Cree, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on silicon carbide and gallium nitride (GaN) materials and devices for power and radio-frequency (RF) applications. The Company's silicon carbide and GaN materials and devices are targeted for applications such as transportation, power supplies, inverters and wireless systems. In addition, the Company is an innovator of specialty lighting-class light emitting diode (LED) products. The Company's LEDs are targeted for use in indoor and outdoor lighting, electronic signs and signals and video displays. As discussed more fully below in Note 2, “Discontinued Operations,” on October 18, 2020, the Company entered into a definitive agreement to sell certain assets and subsidiaries comprising its former LED Products segment (the LED Business) to SMART Global Holdings, Inc. (SGH) and its wholly owned newly-created acquisition subsidiary (collectively with SGH, SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration (the LED Business Divestiture). As a result, the Company has classified the results and cash flows of the LED Products segment as discontinued operations in its consolidated statements of operations and consolidated statements of cash flows for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The Company’s continuing operations consist of the Wolfspeed business, which includes silicon carbide and GaN materials, power devices and RF devices based on wide bandgap semiconductor materials and silicon. The Company’s materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. The Company’s materials products and 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, California, Arkansas and China. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. Additionally, the Company is in the process of building a silicon carbide fabrication facility in New York. The Company operates research and development facilities in North Carolina, Arizona, Arkansas, New York, California and China (including Hong Kong). Cree, Inc. is a North Carolina corporation established in 1987, and its headquarters are in Durham, North Carolina.
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein 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 loss, shareholders' equity and cash flows at December 27, 2020, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 28, 2020 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 28, 2020 (fiscal 2020). The results of operations for the three and six months ended December 27, 2020 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 27, 2021 (fiscal 2021). Additionally, the impact of the COVID-19 pandemic to the results of operations is uncertain. 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. The Company revised income tax expense for the three and six months ended December 29, 2019 to correct the income tax provision calculation for the second quarter of fiscal 2020. The Company increased income tax expense for the three and six months ended December 29, 2019, resulting in a net increase to net loss of $1.5 million in each period. The Company will also revise the unaudited statements of operations for the three months ended March 29, 2020 in the unaudited interim consolidated financial statements to be filed in the Quarterly Report on Form 10-Q for the corresponding period in fiscal 2021 to decrease income tax expense by $1.5 million for the three months ended March 29, 2020, which will result in a net decrease to net loss of $1.5 million for the three months ended March 29, 2020. No revision will be required to the unaudited statement of operations for the nine months ended March 29, 2020 in the unaudited interim consolidated financial statements to be filed in the Quarterly Report on Form 10-Q for the corresponding period in fiscal 2021. The Company concluded these errors were not material individually or in the aggregate to any of the periods impacted. Certain accounting matters that generally require consideration of forecasted financial information were assessed regarding impacts from the COVID-19 outbreak as of December 27, 2020 and through the date of this Quarterly Report using reasonably available information as of those dates. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, the carrying value of goodwill and other long-lived tangible and intangible assets, the potential impact to earnings of unrealized losses on investments, valuation allowances for tax assets and the ability to estimate an annual effective tax rate. While the assessments resulted in no material impacts to the consolidated financial statements as of and for the quarter ended December 27, 2020, the Company believes the full impact of the outbreak remains uncertain and will continue to assess if ongoing developments related to the outbreak may cause future material impacts to its consolidated financial statements.
Financial Results by Reportable Segment	Segment Reporting As a result of the pending LED Business Divestiture, the Company has determined that it operates a single reporting segment within continuing operations, Wolfspeed. Accordingly, the Chief Operating Decision Maker (CODM) allocates resources and assesses performance on a consolidated basis. The Company's identified CODM is the Chief Executive Officer.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements Credit Losses In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This standard replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The Company adopted this standard using the modified retrospective transition method on June 29, 2020, the first day of its 2021 fiscal year. Upon adoption, prior period balances were not adjusted and the Company determined no cumulative-effect adjustment to retained earnings as of June 29, 2020 was required. Under this new standard, expected credit losses for the Company's receivables are evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These aggregated risk pools are reassessed at each measurement date. A combination of factors is considered in determining the appropriate estimate of expected credit losses, including broad-based economic indicators as well as customers' financial strength, credit standing, payment history and any historical defaults. Available-for-sale debt securities in an unrealized loss position at each measurement date are individually evaluated for expected credit losses. The Company evaluates whether the unrealized loss is due to market factors or changes in the investment holdings' credit rating. An expected credit loss will be recorded when an investment in an unrealized loss position is determined to have lost value from a decreased credit rating and the Company does not expect to recover the fair value of the security. Accounting Pronouncements Pending Adoption Convertible Debt Instruments In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This standard simplifies the accounting for convertible instruments by eliminating the cash conversion and the beneficial conversion accounting models. This update also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity. The update requires an entity to use the if-converted method for all convertible instruments in the diluted earnings per share calculation. An entity may use either a modified or full retrospective approach for adoption. The Company expects to adopt this standard by June 27, 2022 and is currently evaluating the impact on its consolidated financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Dec. 27, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table presents the financial results of the LED Business as (loss) income from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Revenue, net $105.2 $119.2 $206.3 $234.3 Cost of revenue, net 80.4 92.9 163.0 186.3 Gross profit 24.8 26.3 43.3 48.0 Operating expenses: Research and development 8.0 8.6 16.4 17.1 Sales, general and administrative 9.0 7.8 16.9 16.4 Goodwill impairment 6.9 — 112.6 — Impairment on assets held for sale 19.5 — 19.5 — (Gain) loss on disposal or impairment of long-lived assets (0.5) — (1.0) 0.2 Other operating expense 7.7 2.9 12.5 4.0 Operating (loss) income (25.8) 7.0 (133.6) 10.3 Non-operating income (0.1) (0.1) — (0.1) (Loss) income before income taxes (25.7) 7.1 (133.6) 10.4 Income tax expense 2.7 3.2 3.6 5.0 Net (loss) income (28.4) 3.9 (137.2) 5.4 Net income attributable to noncontrolling interest 0.3 0.3 0.6 0.3 Net (loss) income attributable to controlling interest ($28.7) $3.6 ($137.8) $5.1 The following table presents the assets and liabilities of the LED Business classified as discontinued operations: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Assets Short-term investments $8.0 $12.0 Accounts receivable, net 48.1 41.6 Inventories 49.8 57.2 Prepaid expenses 0.4 0.1 Other current assets 4.7 5.1 Current assets of discontinued operations 111.0 116.0 Property and equipment, net 57.8 60.3 Goodwill 58.3 180.3 Intangible assets, net 22.7 22.7 Deferred tax assets 5.1 5.1 Other assets 1.9 1.7 Valuation allowance on held for sale assets (19.5) — Long-term assets of discontinued operations (1) 126.3 270.1 Liabilities Accounts payable and accrued expenses 34.2 31.0 Accrued contract liabilities 22.1 24.1 Income taxes payable 0.9 2.0 Other current liabilities 3.4 3.1 Current liabilities of discontinued operations 60.6 60.2 Other long-term liabilities 10.1 9.8 Long-term liabilities of discontinued operations (1) 10.1 9.8 (1) Long-term assets and liabilities of discontinued operations as of December 27, 2020 are classified as current on the consolidated balance sheet as the Company expects the transaction to close within twelve months of the balance sheet date.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 27, 2020
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue from External Customers by Geographic Area	Disaggregated revenue from external customers by geographic area is as follows: Three months ended Six months ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue United States $25.0 19.7 % $28.7 23.8 % $53.9 22.2 % $56.3 22.7 % China 24.2 19.1 % 14.4 11.9 % 46.6 19.2 % 33.9 13.6 % Europe 53.3 42.0 % 45.8 37.9 % 89.1 36.7 % 90.8 36.6 % Other 24.5 19.2 % 31.8 26.4 % 52.9 21.9 % 67.4 27.1 % Total $127.0 $120.7 $242.5 $248.4

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 27, 2020
Leases [Abstract]
Schedule of Lease Assets and Liabilities	Lease assets and liabilities and the corresponding balance sheet classifications are as follows (in millions of U.S. Dollars): Operating Leases: December 27, 2020 June 28, 2020 Right-of-use asset (1) $11.2 $12.3 Current lease liability (2) 4.9 4.8 Non-current lease liability (3) 6.5 7.5 Total operating lease liabilities 11.4 12.3 Finance Leases: Finance lease assets (4) $11.2 $15.4 Current portion of finance lease liabilities 0.4 3.6 Finance lease liabilities, less current portion 10.2 11.4 Total finance lease liabilities 10.6 15.0 (1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net on the consolidated balance sheets.
Schedule of Cash Flow Information	Cash flow information consisted of the following: Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 Cash used in operating activities: Cash paid for operating leases $2.7 $2.6 Cash paid for interest portion of financing leases (1) 0.1 — Cash used in financing activities: Cash paid for principal portion of finance leases 0.2 0.1 Non-cash activities: Operating lease additions due to adoption of ASC 842 — 11.0 Operating lease additions and modifications, net 1.4 4.8 Finance lease additions — 3.3 Transfer of finance lease liability to accounts payable and accrued expenses (2) 4.2 — (1) Less than $0.1 million for the six months ended December 29, 2019. (2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets. Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 35 467 Weighted average discount rate (2) 3.28 % 2.77 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 71 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.40%.
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating and finance lease liabilities as of December 27, 2020 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 27, 2021 (remainder of fiscal 2021) $3.1 $0.3 $3.4 June 26, 2022 4.3 0.6 4.9 June 25, 2023 2.4 0.7 3.1 June 30, 2024 1.0 0.7 1.7 June 29, 2025 0.8 0.7 1.5 Thereafter 0.4 15.3 15.7 Total lease payments 12.0 18.3 30.3 Imputed lease interest (0.6) (7.7) (8.3) Total lease liabilities $11.4 $10.6 $22.0
Schedule of Maturities of Finance Lease Liabilities	Maturities of operating and finance lease liabilities as of December 27, 2020 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 27, 2021 (remainder of fiscal 2021) $3.1 $0.3 $3.4 June 26, 2022 4.3 0.6 4.9 June 25, 2023 2.4 0.7 3.1 June 30, 2024 1.0 0.7 1.7 June 29, 2025 0.8 0.7 1.5 Thereafter 0.4 15.3 15.7 Total lease payments 12.0 18.3 30.3 Imputed lease interest (0.6) (7.7) (8.3) Total lease liabilities $11.4 $10.6 $22.0

Financial Statement Details (Ta

Financial Statement Details (Tables)	6 Months Ended
	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Billed trade receivables $81.1 $71.5 Unbilled contract receivables 1.1 1.2 Royalties 0.5 0.4 82.7 73.1 Allowance for bad debts (0.7) (0.7) Accounts receivable, net $82.0 $72.4
Schedule of Allowance for Bad Debts	Changes in the Company’s allowance for bad debts were as follows: (in millions of U.S. Dollars) December 27, 2020 Balance at beginning of period $0.7 Current period provision change — Write-offs, net of recoveries — Balance at end of period $0.7
Schedule of Inventories	Inventories consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Raw material $43.5 $36.9 Work-in-progress 85.8 73.9 Finished goods 15.0 11.1 Inventories $144.3 $121.9 December 27, 2020 June 28, 2020 Wolfspeed $116.4 $97.3 Inventory related to future Wafer Supply Agreement 17.1 19.0 Unallocated inventories 10.8 5.6 Consolidated inventories $144.3 $121.9
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Accounts payable, trade $85.1 $88.1 Accrued salaries and wages 54.1 42.3 Accrued expenses 124.1 55.3 Other 4.0 4.1 Accounts payable and accrued expenses $267.3 $189.8
Schedule of Other Operating Expense	Other operating expense consisted of the following: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Factory optimization restructuring $1.3 $1.2 $2.9 $2.4 Severance and other restructuring — — 2.8 0.8 Total restructuring costs 1.3 1.2 5.7 3.2 Project, transformation and transaction costs 0.1 7.9 1.3 9.4 Factory optimization start-up costs 1.2 1.5 4.2 2.9 Non-restructuring related executive severance — 0.3 — 1.5 Other operating expense $2.6 $10.9 $11.2 $17.0
Schedule of Accumulated Other Comprehensive Income, Net of Taxes	Accumulated other comprehensive income, net of taxes, consisted of the following: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Currency translation gain $9.5 $9.5 Net unrealized gain on available-for-sale securities (1) 6.0 6.5 Accumulated other comprehensive income, net of taxes $15.5 $16.0 (1) Amounts as of December 27, 2020 and June 28, 2020 include a $2.4 million loss related to tax on unrealized gain (loss) on available-for-sale securities.
Schedule of Non-Operating Expense (Income), Net	The following table summarizes the components of non-operating (income) expense, net: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Foreign currency loss, net ($2.2) ($1.3) ($2.4) ($1.2) Gain on sale of investments, net (0.2) (0.1) (0.2) (0.1) Gain on equity investment, net (10.4) (6.4) (7.0) (9.9) Interest income (2.2) (4.7) (4.9) (10.2) Interest expense, net of capitalized interest 11.9 7.7 25.0 15.1 Other, net — (0.2) 0.3 (0.3) Non-operating (income) expense, net ($3.1) ($5.0) $10.8 ($6.6)
Schedule of Noncash Operating Activities	Six months ended December 27, 2020 December 29, 2019 Lease asset and liability additions (1) $1.2 $14.3 Lease asset and liability modifications, net 0.2 4.8 Transfer of finance lease liability to accounts payable and accrued expenses (2) 4.2 — (1) $11.0 million of the lease asset and liability additions for the six months ended December 29, 2019 relates to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 4, "Leases", for further information. (2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 27, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-term Investments by Type	Short-term investments as of December 27, 2020 and June 28, 2020 consisted of the following: December 27, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Credit Loss Allowance (2) Estimated Fair Value Municipal bonds $126.5 $2.3 $— $— $128.8 Corporate bonds 398.9 5.7 — — 404.6 U.S. agency securities 12.0 — — — 12.0 U.S. treasury securities 23.3 0.4 — — 23.7 Certificates of deposit 7.7 — — — 7.7 Variable rate demand note 2.1 — — — 2.1 Commercial paper 1.7 — — — 1.7 Total short-term investments $572.2 $8.4 $— $— $580.6 June 28, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Estimated Fair Value Municipal bonds $130.0 $2.0 $— $132.0 Corporate bonds 473.8 6.3 — 480.1 U.S. agency securities 29.1 — — 29.1 U.S. treasury securities 52.3 0.6 — 52.9 Certificates of deposit 83.3 — — 83.3 Variable rate demand note 2.5 — — 2.5 Commercial paper 11.0 — — 11.0 Total short-term investments $782.0 $8.9 $— $790.9 (1) The Company had an unrealized loss of less than $0.1 million as of December 27, 2020 and June 28, 2020. (2) Credit loss allowance is applicable beginning in the first quarter of fiscal 2021 due to adoption of ASU 2016-13, which replaced the Company's other than temporary impairment analysis with an expected credit losses model.
Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by 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: December 27, 2020 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss (1) Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $1.0 $— $— $— $1.0 $— Corporate bonds 7.0 — — — 7.0 — U.S. agency securities 2.0 — — — 2.0 — U.S. treasury securities 2.0 — — — 2.0 — Total $12.0 $— $— $— $12.0 $— Number of securities with an unrealized loss 10 — 10 June 28, 2020 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss (1) Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $14.3 $— $— $— $14.3 $— Corporate bonds 29.1 — — — 29.1 — U.S. agency securities 8.6 — — — 8.6 — U.S. treasury securities 13.8 — — — 13.8 — Total $65.8 $— $— $— $65.8 $— Number of securities with an unrealized loss 46 — 46 (1) S ecurities with an unrealized loss of less than 12 months for the periods as of December 27, 2020 and June 28, 2020 have an unrealized loss value of less than $0.1 million, individually and in the aggregate.
Schedule of Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of December 27, 2020 were as follows: Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $23.7 $105.1 $— $— $128.8 Corporate bonds 156.6 248.0 — — 404.6 U.S. agency securities 3.0 9.0 — — 12.0 U.S. treasury securities 10.6 13.1 — — 23.7 Certificates of deposit 7.7 — — — 7.7 Variable rate demand note — — — 2.1 2.1 Commercial paper 1.7 — — — 1.7 Total short-term investments $203.3 $375.2 $— $2.1 $580.6

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 27, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Carried at Fair Value	The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: December 27, 2020 June 28, 2020 (in millions of U.S. Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $135.6 $— $— $135.6 $199.9 $— $— $199.9 U.S. agency securities — 14.5 — 14.5 — 19.6 — 19.6 U.S. treasury securities 51.5 — — 51.5 19.0 — — 19.0 Certificates of deposit — — — — — 54.3 — 54.3 Commercial paper — 19.2 — 19.2 — 11.1 — 11.1 Total cash equivalents 187.1 33.7 — 220.8 218.9 85.0 — 303.9 Short-term investments: Municipal bonds — 128.8 — 128.8 — 132.0 — 132.0 Corporate bonds — 404.6 — 404.6 — 480.1 — 480.1 U.S. agency securities — 12.0 — 12.0 — 29.1 — 29.1 U.S. treasury securities 23.7 — — 23.7 52.9 — — 52.9 Certificates of deposit — 7.7 — 7.7 — 83.3 — 83.3 Commercial paper — 1.7 — 1.7 — 11.0 — 11.0 Variable rate demand note — 2.1 — 2.1 — 2.5 — 2.5 Total short-term investments 23.7 556.9 — 580.6 52.9 738.0 — 790.9 Other long-term investments: Common stock of non-U.S. corporations — 66.1 — 66.1 — 55.9 — 55.9 Total assets $210.8 $656.7 $— $867.5 $271.8 $878.9 $— $1,150.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	The following table summarizes changes in goodwill during the six months ended December 27, 2020: (in millions of U.S. Dollars) Total Balance at June 28, 2020 $349.7 Transfer in connection with LED Business Divestiture (1) 9.5 Balance at December 27, 2020 $359.2 (1) In the second quarter of fiscal 2021, the Company determined that as part of its goodwill impairment analysis on held for sale assets related to the pending LED Business Divestiture, it was necessary to transfer a portion of goodwill from the former LED Products segment, now classified as discontinued operations, to goodwill associated with continuing operations.
Schedule of Components of Intangible Assets	The following table presents the components of intangible assets, net: December 27, 2020 June 28, 2020 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $96.8 ($22.0) $74.8 $96.8 ($19.0) $77.8 Developed technology 68.0 (25.5) 42.5 68.0 (22.8) 45.2 Non-compete agreements 12.2 (8.6) 3.6 12.2 (7.1) 5.1 Acquisition related intangible assets 177.0 (56.1) 120.9 177.0 (48.9) 128.1 Patent and licensing rights 69.7 (41.7) 28.0 69.3 (40.5) 28.8 Total intangible assets $246.7 ($97.8) $148.9 $246.3 ($89.4) $156.9
Schedule of Future Amortization Expense of Finite-lived Intangible Assets	Total future amortization expense of intangible assets is estimated to be as follows: (in millions of U.S. Dollars) Fiscal Year Ending Acquisition Related Intangibles Patents Total June 27, 2021 $7.2 $2.6 $9.8 June 26, 2022 13.5 4.6 18.1 June 25, 2023 11.0 3.9 14.9 June 30, 2024 10.4 3.3 13.7 June 29, 2025 10.4 2.5 12.9 Thereafter 68.4 11.1 79.5 Total future amortization expense $120.9 $28.0 $148.9

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Dec. 27, 2020
Debt Disclosure [Abstract]
Schedule of Liability and Equity Components of Long-term Debt	The net carrying amount of the liability component of the Notes is as follows: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Principal $999.8 $999.8 Unamortized discount and issuance costs (196.3) (216.0) Net carrying amount $803.5 $783.8 The net carrying amount of the equity component of the Notes is as follows: (in millions of U.S. Dollars) December 27, 2020 June 28, 2020 Discount related to value of conversion option $262.3 $262.3 Partial extinguishment of 2023 Notes (27.7) (27.7) Debt issuance costs (6.3) (6.3) Net carrying amount $228.3 $228.3
Schedule of Interest Expense	The interest expense, net recognized related to the Notes is as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Interest expense, net of capitalized interest $2.8 $1.2 $6.0 $2.5 Amortization of discount and issuance costs, net of capitalized interest 8.7 5.8 18.1 11.4 Total interest expense, net $11.5 $7.0 $24.1 $13.9

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Dec. 27, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The details of the computation of basic and diluted loss per share are as follows: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Net loss from continuing operations ($54.3) ($57.9) ($129.6) ($97.2) Net (loss) income from discontinued operations (28.4) 3.9 (137.2) 5.4 Net income from discontinued operations attributable to noncontrolling interest 0.3 0.3 0.6 0.3 Net (loss) income from discontinued operations attributable to controlling interest (28.7) 3.6 (137.8) 5.1 Weighted average shares - basic and diluted (in thousands) 110,688 107,925 110,297 107,519 Loss per share - basic and diluted: Continuing operations ($0.49) ($0.54) ($1.18) ($0.90) Discontinued operations attributable to controlling interest ($0.26) $0.03 ($1.25) $0.05

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 27, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Awards Outstanding	A summary of stock option awards outstanding as of December 27, 2020 and changes during the six months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 28, 2020 983 $37.88 Granted — $— Exercised (738) $40.65 Forfeited or expired (10) $64.51 Outstanding at December 27, 2020 235 $27.94
Schedule of Nonvested 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 December 27, 2020 and changes during the six months then ended is as follows: (awards and units in thousands) Number of RSAs/RSUs Weighted Average Nonvested at June 28, 2020 2,932 $43.89 Granted 1,021 $66.81 Vested (1,118) $37.56 Forfeited (137) $41.39 Nonvested at December 27, 2020 2,698 $55.50
Schedule of Total Stock-Based Compensation Expense	Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Cost of revenue, net $3.7 $2.4 $7.1 $4.4 Research and development 2.2 2.0 4.6 4.1 Sales, general and administrative 7.8 7.2 15.7 18.6 Total stock-based compensation expense $13.7 $11.6 $27.4 $27.1

Basis of Presentation and New_3

Basis of Presentation and New Accounting Standards - Narrative (Details)	Oct. 18, 2020USD ($)	Dec. 27, 2020USD ($)	Sep. 27, 2020USD ($)	Mar. 29, 2020USD ($)	Dec. 29, 2019USD ($)	Sep. 29, 2019USD ($)	Dec. 27, 2020USD ($)segment	Dec. 29, 2019USD ($)	Jun. 28, 2020USD ($)	Jun. 30, 2019USD ($)
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Number of reportable segments | segment							1
Stockholders' equity		$ 1,871,600,000	$ 1,915,100,000		$ 1,995,000,000	$ 2,025,600,000	$ 1,871,600,000	$ 1,995,000,000	$ 2,089,200,000	$ 2,041,200,000
Duration of single purchase period for ESPP							6 months
Net loss		(82,700,000)	(184,100,000)		(54,000,000)	(37,800,000)	$ (266,800,000)	(91,800,000)
Income tax benefit		(200,000)			(500,000)		(1,000,000)	(1,800,000)
Restatement Adjustment
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Net loss				$ 1,500,000	(1,500,000)			(1,500,000)
Income tax benefit				$ (1,500,000)
Retained Earnings
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Stockholders' equity		(1,306,600,000)	(1,223,600,000)		(939,600,000)	(885,300,000)	$ (1,306,600,000)	$ (939,600,000)	$ (1,039,200,000)	$ (847,500,000)
Net loss		$ (83,000,000)	$ (184,400,000)		$ (54,300,000)	$ (37,800,000)
LED Business | Maximum
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Proceeds from divestiture of business	$ 300,000,000

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($)	Oct. 18, 2020	Dec. 27, 2020	Sep. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of certain silicon carbide materials and fabrication services	4 years
Discontinued Operations, Held-for-sale | LED Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from divestiture	$ 50,000,000
Unsecured promissory note issued to parent in disposition	$ 125,000,000
Goodwill impairment		$ 6,900,000	$ 105,700,000	$ 0	$ 112,600,000	$ 0
Impairment on assets held for sale		$ 19,500,000		$ 0	$ 19,500,000	$ 0
Discontinued Operations, Held-for-sale | LED Business | Purchase Price Note | Unsecured Promissory Note | LIBOR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Basis spread on variable rate of debt instrument (as a percent)	3.00%
Discontinued Operations, Held-for-sale | LED Business | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Potential earn-out payment	$ 125,000,000
Term of real estate license agreement	24 months

Discontinued Operations - Loss

Discontinued Operations - Loss from Discontinued Operations, Net of Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Operating expenses:
Net (loss) income	$ (28.4)		$ 3.9	$ (137.2)	$ 5.4
Net income from discontinued operations attributable to noncontrolling interest	0.3		0.3	0.6	0.3
Net (loss) income from discontinued operations attributable to controlling interest	(28.7)		3.6	(137.8)	5.1
Discontinued Operations, Held-for-sale | LED Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net	105.2		119.2	206.3	234.3
Cost of revenue, net	80.4		92.9	163	186.3
Gross profit	24.8		26.3	43.3	48
Operating expenses:
Research and development	8		8.6	16.4	17.1
Sales, general and administrative	9		7.8	16.9	16.4
Goodwill impairment	6.9	$ 105.7	0	112.6	0
Impairment on assets held for sale	19.5		0	19.5	0
(Gain) loss on disposal or impairment of long-lived assets	(0.5)		0	(1)	0.2
Other operating expense	7.7		2.9	12.5	4
Operating (loss) income	(25.8)		7	(133.6)	10.3
Non-operating income	(0.1)		(0.1)	0	(0.1)
(Loss) income before income taxes	(25.7)		7.1	(133.6)	10.4
Income tax expense	2.7		3.2	3.6	5
Net (loss) income	(28.4)		3.9	(137.2)	5.4
Net income from discontinued operations attributable to noncontrolling interest	0.3		0.3	0.6	0.3
Net (loss) income from discontinued operations attributable to controlling interest	$ (28.7)		$ 3.6	$ (137.8)	$ 5.1

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities Classified as Discontinued Operations (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Assets
Current assets of discontinued operations	$ 237.3	$ 116
Long-term assets of discontinued operations	0	270.1
Liabilities
Current liabilities of discontinued operations	70.7	60.2
Long-term liabilities of discontinued operations	0	9.8
Discontinued Operations, Held-for-sale | LED Business
Assets
Short-term investments	8	12
Accounts receivable, net	48.1	41.6
Inventories	49.8	57.2
Prepaid expenses	0.4	0.1
Other current assets	4.7	5.1
Current assets of discontinued operations	111	116
Property and equipment, net	57.8	60.3
Goodwill	58.3	180.3
Intangible assets, net	22.7	22.7
Deferred tax assets	5.1	5.1
Other assets	1.9	1.7
Valuation allowance on held for sale assets	(19.5)	0
Long-term assets of discontinued operations	126.3	270.1
Liabilities
Accounts payable and accrued expenses	34.2	31
Accrued contract liabilities	22.1	24.1
Income taxes payable	0.9	2
Other current liabilities	3.4	3.1
Current liabilities of discontinued operations	60.6	60.2
Other long-term liabilities	10.1	9.8
Long-term liabilities of discontinued operations	$ 10.1	$ 9.8

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 51.7	$ 47.9

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 127	$ 120.7	$ 242.5	$ 248.4
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 25	$ 28.7	$ 53.9	$ 56.3
United States | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	19.70%	23.80%	22.20%	22.70%
China
Disaggregation of Revenue [Line Items]
Revenue	$ 24.2	$ 14.4	$ 46.6	$ 33.9
China | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	19.10%	11.90%	19.20%	13.60%
Europe
Disaggregation of Revenue [Line Items]
Revenue	$ 53.3	$ 45.8	$ 89.1	$ 90.8
Europe | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	42.00%	37.90%	36.70%	36.60%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 24.5	$ 31.8	$ 52.9	$ 67.4
Other | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	19.20%	26.40%	21.90%	27.10%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1.4	$ 1.2	$ 2.8	$ 2.4
Finance lease amortization	0.2		0.4	$ 0.1
Interest expense on finance leases	$ 0.1	$ 0.1	$ 0.2
New York
Lessee, Lease, Description [Line Items]
Term of finance lease	49 years		49 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Leases [Abstract]
Operating lease, right-of-use asset	$ 11.2	$ 12.3
Current operating lease liability	4.9	4.8
Noncurrent operating lease liability	6.5	7.5
Total operating lease liabilities	11.4	12.3
Finance lease assets	11.2	15.4
Current portion of finance lease obligations	0.4	3.6
Finance lease obligations, less current portion	10.2	11.4
Total finance lease liabilities	$ 10.6	$ 15
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Lessee, Lease, Description [Line Items]
Cash paid for interest portion of financing leases			$ 0.1	$ 0
Cash used in operating activities:
Cash paid for operating leases			2.7	2.6
Cash paid for interest portion of financing leases	$ 0.1	$ 0.1	0.2
Cash used in financing activities:
Cash paid for principal portion of finance leases			0.2	0.1
Non-cash activities:
Operating lease additions due to adoption of ASC 842			0	11
Operating lease additions and modifications, net			1.4	4.8
Finance lease additions			0	3.3
Transfer of finance lease liability to accounts payable and accrued expenses (2)			$ 4.2	0
Maximum
Lessee, Lease, Description [Line Items]
Cash paid for interest portion of financing leases				$ 0.1

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Operating Leases
June 27, 2021 (remainder of fiscal 2021)	$ 3.1
June 26, 2022	4.3
June 25, 2023	2.4
June 30, 2024	1
June 29, 2025	0.8
Thereafter	0.4
Total lease payments	12
Imputed lease interest	(0.6)
Total lease liabilities	11.4	$ 12.3
Finance Leases
June 27, 2021 (remainder of fiscal 2021)	0.3
June 26, 2022	0.6
June 25, 2023	0.7
June 30, 2024	0.7
June 29, 2025	0.7
Thereafter	15.3
Total lease payments	18.3
Imputed lease interest	(7.7)
Total lease liabilities	10.6	$ 15
Total
June 27, 2021 (remainder of fiscal 2021)	3.4
June 26, 2022	4.9
June 25, 2023	3.1
June 30, 2024	1.7
June 29, 2025	1.5
Thereafter	15.7
Total lease payments	30.3
Imputed lease interest	(8.3)
Total lease liabilities	$ 22

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	6 Months Ended
	Dec. 27, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term of operating leases (in months)	35 months
Weighted average remaining lease term of finance leases (in months)	467 months
Weighted average discount rate of operating leases (as a percent)	3.28%
Weighted average discount rate of finance leases (as a percent)	2.77%
Weighted average remaining lease term of finance leases excluding 49-year ground lease (in months)	71 months
Weighted average discount rate of finance leases excluding 49-year ground lease (as a percent)	3.40%
New York
Lessee, Lease, Description [Line Items]
Term of finance lease	49 years

Financial Statement Details - A

Financial Statement Details - Accounts Receivable, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Jun. 28, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 82.7		$ 73.1
Allowance for bad debts	(0.7)		(0.7)
Accounts receivable, net	82		72.4
Lease asset and liability additions	1.2	$ 14.3
Royalties
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	0.5		0.4
Billed trade receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	81.1		71.5
Unbilled contract receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 1.1		$ 1.2

Financial Statement Details -_2

Financial Statement Details - Allowance for Bad Debts (Details) $ in Millions	6 Months Ended
	Dec. 27, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0.7
Balance at end of period	0.7
SEC Schedule, 12-09, Allowance, Notes Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0.7
Current period provision change	0
Write-offs, net of recoveries	0
Balance at end of period	$ 0.7

Financial Statement Details - I

Financial Statement Details - Inventories (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Inventory, Net [Abstract]
Raw material	$ 43.5	$ 36.9
Work-in-progress	85.8	73.9
Finished goods	15	11.1
Inventories	144.3	121.9
Inventory [Line Items]
Inventories	144.3	121.9
Operating Segments | Wolfspeed Segment
Inventory, Net [Abstract]
Inventories	116.4	97.3
Inventory [Line Items]
Inventories	116.4	97.3
Operating Segments | Inventory related to future Wafer Supply Agreement
Inventory, Net [Abstract]
Inventories	17.1	19
Inventory [Line Items]
Inventories	17.1	19
Unallocated inventories
Inventory, Net [Abstract]
Inventories	10.8	5.6
Inventory [Line Items]
Inventories	$ 10.8	$ 5.6

Financial Statement Details -_3

Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable, trade	$ 85.1	$ 88.1
Accrued salaries and wages	54.1	42.3
Accrued expenses	124.1	55.3
Other	4	4.1
Accounts payable and accrued expenses	$ 267.3	$ 189.8

Financial Statement Details - O

Financial Statement Details - Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Factory optimization restructuring	$ 1.3	$ 1.2	$ 2.9	$ 2.4
Severance and other restructuring	0	0	2.8	0.8
Total restructuring costs	1.3	1.2	5.7	3.2
Project, transformation and transaction costs	0.1	7.9	1.3	9.4
Factory optimization start-up costs	1.2	1.5	4.2	2.9
Non-restructuring related executive severance	0	0.3	0	1.5
Other operating expense	$ 2.6	$ 10.9	$ 11.2	$ 17

Financial Statement Details -_4

Financial Statement Details - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 27, 2020	Jun. 28, 2020	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Currency translation gain		$ 9.5	$ 9.5
Net unrealized gain on available-for-sale securities		6.5	6
Accumulated other comprehensive income, net of taxes		16	$ 15.5
Unrealized gain (loss) on available-for-sale securities	$ 2.4	$ 2.4

Financial Statement Details - N

Financial Statement Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Realized gain on sale of investments	$ (0.2)	$ (0.1)	$ (0.2)	$ (0.1)
Accrued property and equipment			$ 145	$ 6.2

Financial Statement Details -_5

Financial Statement Details - Non-Operating (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency loss, net	$ (2.2)	$ (1.3)	$ (2.4)	$ (1.2)
Realized gain on sale of investments	(0.2)	(0.1)	(0.2)	(0.1)
Gain on equity investment, net	(10.4)	(6.4)	(7)	(9.9)
Interest income	(2.2)	(4.7)	(4.9)	(10.2)
Interest expense, net of capitalized interest	11.9	7.7	25	15.1
Other, net	0	(0.2)	0.3	(0.3)
Non-operating (income) expense, net	$ (3.1)	$ (5)	$ 10.8	$ (6.6)

Financial Statement Details -_6

Financial Statement Details - Non-cash Activities (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Statements of Cash Flows - non-cash activities
Lease asset and liability additions	$ 1.2	$ 14.3
Lease asset and liability modifications, net	0.2	4.8
Transfer of finance lease liability to accounts payable and accrued expenses (2)	4.2	0
Increase of right-of-use assets	$ 1.2	14.3
Accounting Standards Update 2016-02
Statements of Cash Flows - non-cash activities
Lease asset and liability additions		11
Increase of right-of-use assets		$ 11

Investments - Short-term Invest

Investments - Short-term Investments by Type (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 572.2	$ 782
Gross Unrealized Gains	8.4	8.9
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	580.6	790.9
Maximum
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(0.1)	(0.1)
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	126.5	130
Gross Unrealized Gains	2.3	2
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	128.8	132
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	398.9	473.8
Gross Unrealized Gains	5.7	6.3
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	404.6	480.1
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12	29.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	12	29.1
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23.3	52.3
Gross Unrealized Gains	0.4	0.6
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	23.7	52.9
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7.7	83.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	7.7	83.3
Variable rate demand note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2.1	2.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	2.1	2.5
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1.7	11
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0
Estimated Fair Value	$ 1.7	$ 11

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivable	$ 3.8	$ 4.3

Investments - Investment Securi

Investments - Investment Securities, Aggregated by Investment Type and Length of Time (Details) $ in Millions	Dec. 27, 2020USD ($)security	Jun. 28, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	$ 12	$ 65.8
Fair value of securities in an unrealized loss position for greater than 12 months	0	0
Fair value of securities in an unrealized loss position	12	65.8
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	$ 0	$ 0
Number of securities in an unrealized loss position for less than 12 months | security	10	46
Number of securities in an unrealized loss position for greater than 12 months | security	0	0
Number of securities in an unrealized loss position | security	10	46
Maximum
Debt Securities, Available-for-sale [Line Items]
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	$ (0.1)	$ (0.1)
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	1	14.3
Fair value of securities in an unrealized loss position for greater than 12 months	0	0
Fair value of securities in an unrealized loss position	1	14.3
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	0	0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	7	29.1
Fair value of securities in an unrealized loss position for greater than 12 months	0	0
Fair value of securities in an unrealized loss position	7	29.1
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	0	0
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	2	8.6
Fair value of securities in an unrealized loss position for greater than 12 months	0	0
Fair value of securities in an unrealized loss position	2	8.6
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	0	0
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	2	13.8
Fair value of securities in an unrealized loss position for greater than 12 months	0	0
Fair value of securities in an unrealized loss position	2	13.8
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	$ 0	$ 0

Investments - Contractual Matur

Investments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Debt Securities, Available-for-sale [Line Items]
Within One Year	$ 203.3
After One, Within Five Years	375.2
After Five, Within Ten Years	0
After Ten Years	2.1
Total	580.6	$ 790.9
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	23.7
After One, Within Five Years	105.1
After Five, Within Ten Years	0
After Ten Years	0
Total	128.8	132
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	156.6
After One, Within Five Years	248
After Five, Within Ten Years	0
After Ten Years	0
Total	404.6	480.1
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	3
After One, Within Five Years	9
After Five, Within Ten Years	0
After Ten Years	0
Total	12	29.1
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	10.6
After One, Within Five Years	13.1
After Five, Within Ten Years	0
After Ten Years	0
Total	23.7	52.9
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within One Year	7.7
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	7.7	83.3
Variable rate demand note
Debt Securities, Available-for-sale [Line Items]
Within One Year	0
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	2.1
Total	2.1	2.5
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within One Year	1.7
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	$ 1.7	$ 11

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 220.8	$ 303.9
Total short-term investments	580.6	790.9
Common stock of non-U.S. corporations	66.1	55.9
Total assets	867.5	1,150.7
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	128.8	132
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	404.6	480.1
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	12	29.1
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	23.7	52.9
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	7.7	83.3
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	1.7	11
Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	2.1	2.5
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	135.6	199.9
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	14.5	19.6
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	51.5	19
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	54.3
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	19.2	11.1
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	187.1	218.9
Total short-term investments	23.7	52.9
Common stock of non-U.S. corporations	0	0
Total assets	210.8	271.8
Level 1 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	23.7	52.9
Level 1 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	135.6	199.9
Level 1 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	51.5	19
Level 1 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	33.7	85
Total short-term investments	556.9	738
Common stock of non-U.S. corporations	66.1	55.9
Total assets	656.7	878.9
Level 2 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	128.8	132
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	404.6	480.1
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	12	29.1
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 2 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	7.7	83.3
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	1.7	11
Level 2 | Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	2.1	2.5
Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	14.5	19.6
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	54.3
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	19.2	11.1
Level 3
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Total short-term investments	0	0
Common stock of non-U.S. corporations	0	0
Total assets	0	0
Level 3 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Dec. 27, 2020USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 349.7
Transfer in connection with LED Business Divestiture	9.5
Balance at end of period	$ 359.2

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Intangible Assets, Net (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 246.7	$ 246.3
Accumulated Amortization	(97.8)	(89.4)
Total future amortization expense	148.9	156.9
Acquisition related intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	177	177
Accumulated Amortization	(56.1)	(48.9)
Total future amortization expense	120.9	128.1
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	96.8	96.8
Accumulated Amortization	(22)	(19)
Total future amortization expense	74.8	77.8
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	68	68
Accumulated Amortization	(25.5)	(22.8)
Total future amortization expense	42.5	45.2
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	12.2	12.2
Accumulated Amortization	(8.6)	(7.1)
Total future amortization expense	3.6	5.1
Patent and licensing rights
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	69.7	69.3
Accumulated Amortization	(41.7)	(40.5)
Total future amortization expense	$ 28	$ 28.8

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of acquisition-related intangibles	$ 3.6	$ 3.6	$ 7.2	$ 7.2
Patent and licensing rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1.4	$ 1.2	$ 2.6	$ 2.4

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
June 27, 2021	$ 9.8
June 26, 2022	18.1
June 25, 2023	14.9
June 30, 2024	13.7
June 29, 2025	12.9
Thereafter	79.5
Total future amortization expense	148.9	$ 156.9
Acquisition Related Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
June 27, 2021	7.2
June 26, 2022	13.5
June 25, 2023	11
June 30, 2024	10.4
June 29, 2025	10.4
Thereafter	68.4
Total future amortization expense	120.9	128.1
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
June 27, 2021	2.6
June 26, 2022	4.6
June 25, 2023	3.9
June 30, 2024	3.3
June 29, 2025	2.5
Thereafter	11.1
Total future amortization expense	$ 28	$ 28.8

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	Apr. 21, 2020USD ($)trading_day$ / shares	Aug. 24, 2018USD ($)trading_day$ / shares	Dec. 27, 2020USD ($)	Dec. 29, 2019USD ($)	Dec. 27, 2020USD ($)	Dec. 29, 2019USD ($)	Jun. 28, 2020USD ($)
Debt Instrument [Line Items]
Repurchase of aggregate principal amount of debt instrument					$ 200,000	$ 100,000
Convertible Notes
Debt Instrument [Line Items]
Carrying amount of equity component of convertible debt			$ 228,300,000		228,300,000		$ 228,300,000
Interest expense capitalized			600,000	$ 0	800,000	$ 0
Discount and issuance costs capitalized			1,300,000		1,700,000
Convertible Notes | Level 2
Debt Instrument [Line Items]
Fair value of debt instrument			2,053,800,000		2,053,800,000
Convertible Notes | Convertible Notes due September 1, 2023
Debt Instrument [Line Items]
Aggregate principal amount		$ 500,000,000
Stated interest rate (as a percent)		0.875%
Aggregate principal amount of conversion feature		$ 75,000,000
Proceeds from issuance of long-term debt		$ 562,100,000
Conversion rate		16.6745
Conversion price (USD per share) | $ / shares		$ 59.97
Threshold percentage of stock price trigger (as a percent)		130.00%
Threshold trading days | trading_day		20
Threshold consecutive trading days | trading_day		30
Conversion ratio (as a percent)		1
Period of reported sale price of common stock		5 days
Period of consecutive reported sale price of common stock		10 days
Percentage of product of last reported price (as a percent)		98.00%
Repurchase of aggregate principal amount of debt instrument					150,200,000
Decrease in accrued interest from repurchase of debt					200,000
Carrying amount of equity component of convertible debt			110,600,000		110,600,000
Decrease in carrying amount of equity component of convertible debt					27,700,000
Effective interest rate (as a percent)		5.87%
Convertible Notes | Convertible Notes due May 1, 2026
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Stated interest rate (as a percent)	1.75%
Aggregate principal amount of conversion feature	$ 75,000,000
Proceeds from issuance of long-term debt	$ 561,400,000
Conversion rate	21.1346
Conversion price (USD per share) | $ / shares	$ 47.32
Threshold percentage of stock price trigger (as a percent)	130.00%
Threshold trading days | trading_day	20
Threshold consecutive trading days | trading_day	30
Conversion ratio (as a percent)	1
Period of reported sale price of common stock	5 days
Period of consecutive reported sale price of common stock	10 days
Percentage of product of last reported price (as a percent)	98.00%
Proceeds from Notes used to repurchase debt					144,300,000
Carrying amount of equity component of convertible debt			145,400,000		145,400,000
Effective interest rate (as a percent)	7.45%
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 125,000,000		$ 125,000,000
Minimum required ratio of cash equivalents and marketable securities to outstanding loans and letters of credit obligations			1.25		1.25
Outstanding borrowings			$ 0		$ 0
Remaining borrowing capacity			$ 125,000,000		$ 125,000,000
Average interest rate (as a percent)			0.00%		0.00%
Commitment fee rate (as a percent)					0.25%

Long-term Debt - Liability and

Long-term Debt - Liability and Equity Component of Convertible Notes (Details) - Convertible Notes - USD ($) $ in Millions	Dec. 27, 2020	Jun. 28, 2020
Liability Component:
Principal	$ 999.8	$ 999.8
Unamortized discount and issuance costs	(196.3)	(216)
Net carrying amount	803.5	783.8
Equity Component:
Discount related to value of conversion option	262.3	262.3
Partial extinguishment of 2023 Notes	(27.7)	(27.7)
Debt issuance costs	(6.3)	(6.3)
Net carrying amount	$ 228.3	$ 228.3

Long-term Debt - Interest Expen

Long-term Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Debt Instrument [Line Items]
Amortization of debt issuance costs and discount, net of capitalized interest			$ 18.1	$ 11.4
Convertible Notes
Debt Instrument [Line Items]
Interest expense, net of capitalized interest	$ 2.8	$ 1.2	6	2.5
Amortization of debt issuance costs and discount, net of capitalized interest	8.7	5.8	18.1	11.4
Total interest expense, net	$ 11.5	$ 7	$ 24.1	$ 13.9

Loss Per Share - Summary (Detai

Loss Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (54.3)	$ (57.9)	$ (129.6)	$ (97.2)
Net (loss) income from discontinued operations	(28.4)	3.9	(137.2)	5.4
Net income from discontinued operations attributable to noncontrolling interest	0.3	0.3	0.6	0.3
Net (loss) income from discontinued operations attributable to controlling interest	$ (28.7)	$ 3.6	$ (137.8)	$ 5.1
Weighted average shares - basic and diluted (shares)	110,688	107,925	110,297	107,519
Loss per share - basic and diluted:
Continuing operations (USD per share)	$ (0.49)	$ (0.54)	$ (1.18)	$ (0.90)
Discontinued operations attributable to controlling interest (USD per share)	$ (0.26)	$ 0.03	$ (1.25)	$ 0.05

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (shares)	3.5	5.2	3.9	5.5

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	6 Months Ended
	Dec. 27, 2020stockPurchasenumberOfCompensationPlan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans | numberOfCompensationPlan	1
Duration of single purchase period for ESPP	6 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contribution of employee's compensation (as a percent)	15.00%
Employee stock plan purchase price of fair value (as a percent)	15.00%
Number of times employees can purchase stock per year | stockPurchase	2
Discount from market price, beginning of participation period or purchase date (as a percent)	15.00%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Awards Outstanding (Details) shares in Thousands	6 Months Ended
	Dec. 27, 2020$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	983
Granted (shares) | shares	0
Exercised (shares) | shares	(738)
Forfeited or expired (shares) | shares	(10)
Outstanding at end of period (shares) | shares	235
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share) | $ / shares	$ 37.88
Granted (USD per share) | $ / shares	0
Exercised (USD per share) | $ / shares	40.65
Forfeited or expired (USD per share) | $ / shares	64.51
Outstanding at end of period (USD per share) | $ / shares	$ 27.94

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Shares of Restricted Stock Awards and Restricted Stock Units Outstanding (Details) - Restricted Stock Awards and Restricted Stock Units shares in Thousands	6 Months Ended
	Dec. 27, 2020$ / sharesshares
Number of RSAs/RSUs
Nonvested at beginning of period (shares) | shares	2,932
Granted (shares) | shares	1,021
Vested (shares) | shares	(1,118)
Forfeited (shares) | shares	(137)
Nonvested at end of period (shares) | shares	2,698
Weighted Average  Grant-Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 43.89
Granted (USD per share) | $ / shares	66.81
Vested (USD per share) | $ / shares	37.56
Forfeited (USD per share) | $ / shares	41.39
Nonvested at end of period (USD per share) | $ / shares	$ 55.50

Stock-Based Compensation - Tota

Stock-Based Compensation - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 13.7	$ 11.6	$ 27.4	$ 27.1
Cost of revenue, net
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3.7	2.4	7.1	4.4
Research and development
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2.2	2	4.6	4.1
Sales, general and administrative
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7.8	$ 7.2	$ 15.7	$ 18.6

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended
	Dec. 27, 2020	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 7,400,000	$ 7,400,000
Increase (decrease) in unrecognized tax benefits during the period	0
Estimated change in gross unrecognized tax benefits	$ 300,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 28, 2020endowedFacultyChair	Dec. 27, 2020USD ($)
Loss Contingencies [Line Items]
GDA term	13 years
Duration of annual commitment fee payment of GDA	6 years
Number of endowed faculty chairs created | endowedFacultyChair	2
Minimum
Loss Contingencies [Line Items]
Annual cost of GDA		$ 1,000,000
Maximum
Loss Contingencies [Line Items]
Potential total grant amount of GDA		500,000,000
Annual cost of GDA		$ 5,200,000

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 27, 2020	Dec. 29, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	$ 1.3	$ 1.2	$ 5.7	$ 3.2
Severance and other restructuring	0	0	2.8	0.8
Factory Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring charges expected to be incurred	70		70
Restructuring costs expensed	0.9	1.2	3.1	2.4
Restructuring costs accrued	0.1		0.1
Factory Optimization | Long-lived assets
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	$ 0.4		$ 0.8
Sales Representatives
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed		$ 0		$ 0.8