Wolfspeed (WOLF) 10-Q 28 Oct 21 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 26, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2021
Document Transition Report	false
Entity File Number	0-21154
Entity Registrant Name	WOLFSPEED, 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	WOLF
Security Exchange Name	NYSE
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		116,217,170
Entity Central Index Key	0000895419
Current Fiscal Year End Date	--06-26
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Current assets:
Cash and cash equivalents	$ 261.5	$ 379
Short-term investments	596.3	775.6
Total cash, cash equivalents and short-term investments	857.8	1,154.6
Accounts receivable, net	106.4	95.9
Inventories	183	166.6
Income taxes receivable	6.5	6.4
Prepaid expenses	33.3	25.7
Other current assets	43.2	27.9
Current assets held for sale	1.7	1.6
Total current assets	1,231.9	1,478.7
Property and equipment, net	1,343.3	1,292.3
Goodwill	359.2	359.2
Intangible assets, net	136.5	140.5
Long-term receivables	140	138.4
Deferred tax assets	1	1
Other assets	36.9	35.5
Long-term assets of discontinued operations	0	1.2
Total assets	3,248.8	3,446.8
Current liabilities:
Accounts payable and accrued expenses	247.7	381.1
Accrued contract liabilities	25.6	22.9
Income taxes payable	0.4	0.4
Finance lease liabilities	8.7	5.2
Other current liabilities	36.6	38.6
Current liabilities of discontinued operations	0	0.6
Total current liabilities	319	448.8
Long-term liabilities:
Convertible notes, net	834.4	823.9
Deferred tax liabilities	2.7	2.5
Finance lease liabilities - long-term	9.9	10
Other long-term liabilities	43.4	44.5
Long-term liabilities of discontinued operations	0	0.6
Total long-term liabilities	890.4	881.5
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at September 26, 2021 and June 27, 2021; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at September 26, 2021 and June 27, 2021; 116,186 and 115,691 shares issued and outstanding at September 26, 2021 and June 27, 2021, respectively	0.1	0.1
Additional paid-in-capital	3,670.6	3,676.8
Accumulated other comprehensive income	1.9	2.7
Accumulated deficit	(1,633.2)	(1,563.1)
Total shareholders’ equity	2,039.4	2,116.5
Total liabilities and shareholders’ equity	$ 3,248.8	$ 3,446.8

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 26, 2021	Jun. 27, 2021
Shareholders’ equity:
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)	116,186,000	115,691,000
Common stock outstanding (shares)	116,186,000	115,691,000

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Income Statement [Abstract]
Revenue, net	$ 156.6	$ 115.5
Cost of revenue, net	107.2	80
Gross profit	49.4	35.5
Operating expenses:
Research and development	49.9	41.2
Sales, general and administrative	49	44
Amortization or impairment of acquisition-related intangibles	3.6	3.6
(Gain) loss on disposal or impairment of other assets	(0.2)	0.3
Other operating expense	12.8	8.6
Operating loss	(65.7)	(62.2)
Non-operating expense, net	4.1	13.9
Loss before income taxes	(69.8)	(76.1)
Income tax expense (benefit)	0.3	(0.8)
Net loss from continuing operations	(70.1)	(75.3)
Net loss from discontinued operations	0	(108.8)
Net loss	(70.1)	(184.1)
Net income from discontinued operations attributable to noncontrolling interest	0	0.3
Net loss attributable to controlling interest	$ (70.1)	$ (184.4)
Basic and diluted loss per share
Continuing operations, basic (USD per share)	$ (0.60)	$ (0.69)
Continuing operations, diluted (USD per share)	(0.60)	(0.69)
Net loss attributable to controlling interest, basic (USD per share)	(0.60)	(1.68)
Net loss attributable to controlling interest, diluted (USD per share)	$ (0.60)	$ (1.68)
Weighted average shares - basic (shares)	115,919	109,705
Weighted average shares - diluted (shares)	115,919	109,705

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (70.1)	$ (184.1)
Other comprehensive loss:
Net unrealized loss on available-for-sale securities	(0.8)	0
Comprehensive loss	(70.9)	(184.1)
Net income from discontinued operations attributable to noncontrolling interest	0	0.3
Comprehensive loss attributable to controlling interest	$ (70.9)	$ (184.4)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Total Shareholders' Equity	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. 28, 2020			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 loss on available-for-sale securities	0	0				0
Comprehensive loss	(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. 27, 2021	115,691		115,691
Balance at beginning of period at Jun. 27, 2021		2,116.5	$ 0.1	3,676.8	(1,563.1)	2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (70.1)	(70.1)			(70.1)
Unrealized loss on available-for-sale securities	(0.8)	(0.8)				(0.8)
Comprehensive loss	$ (70.9)	(70.9)
Tax withholding on vested equity awards		(22.5)		(22.5)
Stock-based compensation		15.6		15.6
Exercise of stock options and issuance of shares (shares)			495
Exercise of stock options and issuance of shares		0.7		0.7
Balance at end of period (shares) at Sep. 26, 2021	116,186		116,186
Balance at end of period at Sep. 26, 2021		$ 2,039.4	$ 0.1	$ 3,670.6	$ (1,633.2)	$ 1.9

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021
Operating activities:
Net loss	$ (70.1)	$ (184.1)
Net loss from discontinued operations	0	(108.8)
Net loss from continuing operations	(70.1)	(75.3)
Adjustments to reconcile net loss from continuing operations to cash (used in) provided by operating activities:
Depreciation and amortization	34.6	27.4
Amortization of debt issuance costs and discount, net of non-cash capitalized interest	5.1	9.4
Stock-based compensation	14.6	13.7
Loss on disposal or impairment of long-lived assets	0.8	0.2
Amortization of premium/discount on investments	1.7	1.5
Realized gain on sale of investments	(0.2)	0
Loss on equity investment	0	3.4
Foreign exchange gain on equity investment	0	(0.5)
Deferred income taxes	0.2	0.3
Changes in operating assets and liabilities:
Accounts receivable, net	(10.5)	11.4
Inventories	(22.5)	(11)
Prepaid expenses and other assets	1.2	5.3
Accounts payable, trade	(5.2)	(2.7)
Accrued salaries and wages and other liabilities	(14.9)	17.4
Accrued contract liabilities	2.7	0.2
Net cash (used in) provided by operating activities of continuing operations	(62.5)	0.7
Net cash used in operating activities of discontinued operations	0	(0.3)
Cash (used in) provided by operating activities	(62.5)	0.4
Investing activities:
Purchases of property and equipment	(259.3)	(113.5)
Purchases of patent and licensing rights	(1)	(1.2)
Proceeds from sale of property and equipment	0.5	0.6
Purchases of short-term investments	(8.7)	(61.7)
Proceeds from maturities of short-term investments	77.2	157.8
Proceeds from sale of short-term investments	108.5	3.2
Reimbursement of property and equipment purchases from long-term incentive agreement	50.8	0	$ 61.5
Net cash used in investing activities of continuing operations	(32)	(14.8)
Net cash used in investing activities of discontinued operations	0	(1.2)
Cash used in investing activities	(32)	(16)
Financing activities:
Proceeds from long-term debt borrowings	20	0
Payments on long-term debt borrowings, including finance lease obligations	(20.1)	(0.1)
Proceeds from issuance of common stock	0.7	16.5
Tax withholding on vested equity awards	(22.5)	(12.8)
Commitment fee on long-term incentive agreement	(1)	(0.5)
Cash (used in) provided by financing activities	(22.9)	3.1
Effects of foreign exchange changes on cash and cash equivalents	(0.1)	0.1
Net change in cash and cash equivalents	(117.5)	(12.4)
Cash and cash equivalents, beginning of period	379	448.8
Cash and cash equivalents, end of period	$ 261.5	$ 436.4	$ 261.5

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	3 Months Ended
	Sep. 26, 2021
Accounting Policies [Abstract]
Basis of Presentation and New Accounting Standards	Basis of Presentation and New Accounting Standards Overview Wolfspeed, Inc. (the Company), formally known as Cree, Inc., 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. Previously, the Company designed, manufactured and sold specialty lighting-class light emitting diode (LED) products 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 March 1, 2021, the Company completed the sale of certain assets and subsidiaries comprising its former LED Products segment (the LED Business Divestiture) to SMART Global Holdings, Inc. (SGH) and its wholly owned newly-created acquisition subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART). Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. 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. In January 2021, the Company announced plans to change its corporate name from Cree, Inc. to Wolfspeed, Inc., which was completed on October 4, 2021. In addition, the Company transferred the listing of its common stock to the New York Stock Exchange (NYSE) from The Nasdaq Global Select Market (Nasdaq). The Company ceased trading as a Nasdaq-listed company at the end of the day on October 1, 2021 and commenced trading as a NYSE-listed company at market open on October 4, 2021 under the new ticker symbol ‘WOLF’. The majority of the Company's products are manufactured at its production facilities located in North Carolina, California and Arkansas. 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 device fabrication facility in New York. The Company operates research and development facilities in North Carolina, California, Arkansas, Arizona and New York. Wolfspeed, 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 September 26, 2021, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 27, 2021 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 27, 2021 (fiscal 2021) (the 2021 Form 10-K). The results of operations for the three months ended September 26, 2021 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 26, 2022 (fiscal 2022). Additionally, the impact of the COVID-19 pandemic to the results of operations remains uncertain. Certain accounting matters that generally require consideration of forecasted financial information were assessed regarding impacts from the COVID-19 pandemic as of September 26, 2021 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 September 26, 2021, the Company believes the full impact of the COVID-19 pandemic remains uncertain and will continue to assess if ongoing developments related to the COVID-19 pandemic may cause future material impacts to its consolidated financial statements. Change in Estimate 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. As a result of the LED Business Divestiture and the Company's continued investment in 200mm technology, the Company evaluated the useful lives applied to certain machinery and equipment assets by considering industry standards and reviewing the assets' historical and estimated future use. In the first quarter of fiscal 2022, the Company increased the expected useful lives of these assets by two Recently Adopted Accounting Pronouncements None. 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 will adopt this standard on June 27, 2022, as required, and is currently evaluating the impact on its consolidated financial statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Sep. 26, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On March 1, 2021, the Company completed the LED Business Divestiture pursuant to the terms of the Asset Purchase Agreement (the LED Purchase Agreement), dated October 18, 2020, as amended. Pursuant to the LED Purchase Agreement, (i) the Company completed the sale to SMART of (a) certain equipment, inventory, intellectual property rights, contracts, and real estate comprising the Company’s former LED Products segment, (b) all of the issued and outstanding equity interests of Cree Huizhou Solid State Lighting Company Limited (Cree Huizhou), 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) SMART assumed certain liabilities related to the LED Business. The Company retained certain assets used in and pre-closing liabilities associated with the former LED Products segment. The purchase price for the LED Business consisted 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 between $2.5 million and $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 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 the maturity date of the Purchase Price Note and Earnout Note. The Purchase Price Note will mature on August 15, 2023, and the Earnout Note will mature on March 27, 2025. In fiscal 2021, the Company recognized a loss on sale of the LED Business of $29.1 million. The cost of selling the LED Business was $27.4 million, which was recognized throughout fiscal 2020 and 2021. In connection with the closing of the LED Business Divestiture, the Company and CreeLED also entered into certain ancillary and related agreements, including (i) an Intellectual Property Assignment and License Agreement, which assigned to CreeLED certain intellectual property owned by the Company and its affiliates and licensed to CreeLED certain additional intellectual property owned by the Company, (ii) a Transition Services Agreement (LED TSA), (iii) a Wafer Supply and Fabrication Services Agreement (the Wafer Supply Agreement), pursuant to which the Company will supply CreeLED with certain Silicon Carbide materials and fabrication services for up to four years, and (iv) a Real Estate License Agreement (LED RELA), which will allow CreeLED to use certain premises owned by the Company to conduct the LED Business for a period of up to 24 months after closing. The following table presents the financial results of the LED Business as loss from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended (in millions of U.S. Dollars) September 27, 2020 Revenue, net $101.1 Cost of revenue, net 82.6 Gross profit 18.5 Operating expenses: Research and development 8.4 Sales, general and administrative 7.9 Goodwill impairment 105.7 Gain on disposal or impairment of long-lived assets (0.5) Other operating expense 4.8 Operating loss (107.8) Non-operating expense, net 0.1 Loss before income taxes (107.9) Income tax expense 0.9 Net loss (108.8) Net income attributable to noncontrolling interest 0.3 Net loss attributable to controlling interest ($109.1) As of September 27, 2020, the Company determined it would more likely than not sell all or a portion of the assets comprising its former LED Products segment below carrying value. As a result, the Company recorded an impairment to goodwill of $105.7 million. For the three months ended September 26, 2021, the Company recognized $0.9 million and $2.9 million in administrative fees related to the LED RELA and the LED TSA, respectively, of which $0.3 million and $0.9 million are included in accounts receivable, net in the consolidated balance sheets as of September 26, 2021. Fees related to the LED RELA were recorded as lease income, see Note 4, "Leases." Fees related to the LED TSA were recorded as a reduction in expense within the line item in the consolidated statements of operations in which costs were incurred. At the inception of the Wafer Supply Agreement, the Company recorded a supply agreement liability of $31.0 million, of which $17.5 million was outstanding as of September 26, 2021. The Wafer Supply Agreement liability is recognized in other current liabilities and other long-term liabilities on the consolidated balance sheets. The Company recognized a net loss of $0.8 million in non-operating expense, net for the three months ended September 26, 2021 related to the Wafer Supply Agreement. A receivable of $3.1 million was included in other assets in the consolidated balance sheets as of September 26, 2021.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Sep. 26, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition In accordance with ASC 606, the Company follows a five-step approach 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 a reserve on the Company's "ship and debit" program. Contract liabilities were $47.8 million as of September 26, 2021 and $45.2 million as of June 27, 2021. The increase was primarily due to increased reserves on the Company's "ship and debit" program. Contract liabilities are recorded within accrued contract liabilities and other long-term liabilities on the consolidated balance sheets. For the three months ended September 26, 2021, the Company did not recognize any revenue that was included in contract liabilities as of June 27, 2021. Revenue recognized related to performance obligations that were satisfied or partially satisfied in previous periods was not material for the three months ended September 26, 2021. 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 September 26, 2021 September 27, 2020 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Europe $58.1 37.1 % $35.8 31.0 % United States 26.0 16.6 % 28.9 25.0 % China 42.9 27.4 % 22.4 19.4 % Japan 10.3 6.6 % 11.3 9.8 % South Korea 7.5 4.8 % 7.4 6.4 % Other 11.8 7.5 % 9.7 8.4 % Total $156.6 $115.5

Leases

Leases	3 Months Ended
	Sep. 26, 2021
Leases [Abstract]
Leases	Leases The Company primarily leases manufacturing and office space. The Company also has a number of bulk gas leases. 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 include manufacturing equipment, manufacturing space in Malaysia, and a 49-year ground lease on a future Silicon Carbide device 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: September 26, 2021 June 27, 2021 Right-of-use asset (1) $13.3 $12.1 Current lease liability (2) 6.6 4.5 Non-current lease liability (3) 6.4 7.5 Total operating lease liabilities 13.0 12.0 Finance Leases: Finance lease assets (4) $18.6 $15.5 Current portion of finance lease liabilities 8.7 5.2 Finance lease liabilities, less current portion 9.9 10.0 Total finance lease liabilities 18.6 15.2 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Operating lease expense was $1.5 million for the three months ended September 26, 2021 and $1.4 million for the three months ended September 27, 2020. Short-term lease expense, variable lease expense and sublease income were immaterial for the three months ended September 26, 2021 and September 27, 2020. Finance lease amortization was $0.4 million and interest expense was $0.1 million for the three months ended September 26, 2021. Finance lease amortization was $0.2 million and interest expense was $0.1 million for the three months ended September 27, 2020. Cash Flows Cash flow information consisted of the following: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Cash used in operating activities: Cash paid for operating leases $1.6 $1.3 Cash paid for interest portion of financing leases 0.1 0.1 Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 0.1 Non-cash activities: Operating lease additions and modifications, net 2.6 1.2 Finance lease additions 3.5 — Transfer of finance lease liability to accounts payable and accrued expenses (1) — 4.2 (1) 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 September 26, 2021 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 26, 2022 (remainder of fiscal 2022) $5.7 $8.8 $14.5 June 25, 2023 3.6 0.7 4.3 June 30, 2024 2.2 0.7 2.9 June 29, 2025 1.2 0.7 1.9 June 28, 2026 0.7 0.7 1.4 Thereafter 0.1 14.5 14.6 Total lease payments 13.5 26.1 39.6 Imputed lease interest (0.5) (7.5) (8.0) Total lease liabilities $13.0 $18.6 $31.6 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 27 353 Weighted average discount rate (2) 2.54 % 2.26 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 24 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 1.78%. Lease Income As mentioned in Note 2, "Discontinued Operations", on March 1, 2021 and in connection with the sale of its LED Business, the Company entered into the LED RELA pursuant to which the Company leases to CreeLED approximately 58,000 square feet of the Company’s property and certain facilities in Durham, North Carolina for a total of $3.6 million per year. The lease term is 24 months and expires on February 28, 2023. Subject to certain provisions in the LED RELA, CreeLED may terminate its rights or a portion of its rights under the agreement at any time with sixty days written notice. A notice of thirty days is permitted under certain circumstances as defined in the agreement. The agreement does not contain any renewal provisions. The Company recognized lease income of $0.9 million for the three months ended September 26, 2021. The Company did not recognize lease income for the three months ended September 27, 2020. The Company did not recognize any variable lease income for the three months ended September 26, 2021 and September 27, 2020. Future minimum rental income relating to the LED RELA is as follows (in millions of U.S. Dollars): June 26, 2022 (remainder of fiscal 2022) 2.7 June 25, 2023 2.4 Total future minimum rental income 5.1
Leases	Leases The Company primarily leases manufacturing and office space. The Company also has a number of bulk gas leases. 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 include manufacturing equipment, manufacturing space in Malaysia, and a 49-year ground lease on a future Silicon Carbide device 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: September 26, 2021 June 27, 2021 Right-of-use asset (1) $13.3 $12.1 Current lease liability (2) 6.6 4.5 Non-current lease liability (3) 6.4 7.5 Total operating lease liabilities 13.0 12.0 Finance Leases: Finance lease assets (4) $18.6 $15.5 Current portion of finance lease liabilities 8.7 5.2 Finance lease liabilities, less current portion 9.9 10.0 Total finance lease liabilities 18.6 15.2 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Operating lease expense was $1.5 million for the three months ended September 26, 2021 and $1.4 million for the three months ended September 27, 2020. Short-term lease expense, variable lease expense and sublease income were immaterial for the three months ended September 26, 2021 and September 27, 2020. Finance lease amortization was $0.4 million and interest expense was $0.1 million for the three months ended September 26, 2021. Finance lease amortization was $0.2 million and interest expense was $0.1 million for the three months ended September 27, 2020. Cash Flows Cash flow information consisted of the following: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Cash used in operating activities: Cash paid for operating leases $1.6 $1.3 Cash paid for interest portion of financing leases 0.1 0.1 Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 0.1 Non-cash activities: Operating lease additions and modifications, net 2.6 1.2 Finance lease additions 3.5 — Transfer of finance lease liability to accounts payable and accrued expenses (1) — 4.2 (1) 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 September 26, 2021 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 26, 2022 (remainder of fiscal 2022) $5.7 $8.8 $14.5 June 25, 2023 3.6 0.7 4.3 June 30, 2024 2.2 0.7 2.9 June 29, 2025 1.2 0.7 1.9 June 28, 2026 0.7 0.7 1.4 Thereafter 0.1 14.5 14.6 Total lease payments 13.5 26.1 39.6 Imputed lease interest (0.5) (7.5) (8.0) Total lease liabilities $13.0 $18.6 $31.6 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 27 353 Weighted average discount rate (2) 2.54 % 2.26 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 24 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 1.78%. Lease Income As mentioned in Note 2, "Discontinued Operations", on March 1, 2021 and in connection with the sale of its LED Business, the Company entered into the LED RELA pursuant to which the Company leases to CreeLED approximately 58,000 square feet of the Company’s property and certain facilities in Durham, North Carolina for a total of $3.6 million per year. The lease term is 24 months and expires on February 28, 2023. Subject to certain provisions in the LED RELA, CreeLED may terminate its rights or a portion of its rights under the agreement at any time with sixty days written notice. A notice of thirty days is permitted under certain circumstances as defined in the agreement. The agreement does not contain any renewal provisions. The Company recognized lease income of $0.9 million for the three months ended September 26, 2021. The Company did not recognize lease income for the three months ended September 27, 2020. The Company did not recognize any variable lease income for the three months ended September 26, 2021 and September 27, 2020. Future minimum rental income relating to the LED RELA is as follows (in millions of U.S. Dollars): June 26, 2022 (remainder of fiscal 2022) 2.7 June 25, 2023 2.4 Total future minimum rental income 5.1
Leases	Leases The Company primarily leases manufacturing and office space. The Company also has a number of bulk gas leases. 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 include manufacturing equipment, manufacturing space in Malaysia, and a 49-year ground lease on a future Silicon Carbide device 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: September 26, 2021 June 27, 2021 Right-of-use asset (1) $13.3 $12.1 Current lease liability (2) 6.6 4.5 Non-current lease liability (3) 6.4 7.5 Total operating lease liabilities 13.0 12.0 Finance Leases: Finance lease assets (4) $18.6 $15.5 Current portion of finance lease liabilities 8.7 5.2 Finance lease liabilities, less current portion 9.9 10.0 Total finance lease liabilities 18.6 15.2 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Operating lease expense was $1.5 million for the three months ended September 26, 2021 and $1.4 million for the three months ended September 27, 2020. Short-term lease expense, variable lease expense and sublease income were immaterial for the three months ended September 26, 2021 and September 27, 2020. Finance lease amortization was $0.4 million and interest expense was $0.1 million for the three months ended September 26, 2021. Finance lease amortization was $0.2 million and interest expense was $0.1 million for the three months ended September 27, 2020. Cash Flows Cash flow information consisted of the following: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Cash used in operating activities: Cash paid for operating leases $1.6 $1.3 Cash paid for interest portion of financing leases 0.1 0.1 Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 0.1 Non-cash activities: Operating lease additions and modifications, net 2.6 1.2 Finance lease additions 3.5 — Transfer of finance lease liability to accounts payable and accrued expenses (1) — 4.2 (1) 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 September 26, 2021 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 26, 2022 (remainder of fiscal 2022) $5.7 $8.8 $14.5 June 25, 2023 3.6 0.7 4.3 June 30, 2024 2.2 0.7 2.9 June 29, 2025 1.2 0.7 1.9 June 28, 2026 0.7 0.7 1.4 Thereafter 0.1 14.5 14.6 Total lease payments 13.5 26.1 39.6 Imputed lease interest (0.5) (7.5) (8.0) Total lease liabilities $13.0 $18.6 $31.6 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 27 353 Weighted average discount rate (2) 2.54 % 2.26 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 24 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 1.78%. Lease Income As mentioned in Note 2, "Discontinued Operations", on March 1, 2021 and in connection with the sale of its LED Business, the Company entered into the LED RELA pursuant to which the Company leases to CreeLED approximately 58,000 square feet of the Company’s property and certain facilities in Durham, North Carolina for a total of $3.6 million per year. The lease term is 24 months and expires on February 28, 2023. Subject to certain provisions in the LED RELA, CreeLED may terminate its rights or a portion of its rights under the agreement at any time with sixty days written notice. A notice of thirty days is permitted under certain circumstances as defined in the agreement. The agreement does not contain any renewal provisions. The Company recognized lease income of $0.9 million for the three months ended September 26, 2021. The Company did not recognize lease income for the three months ended September 27, 2020. The Company did not recognize any variable lease income for the three months ended September 26, 2021 and September 27, 2020. Future minimum rental income relating to the LED RELA is as follows (in millions of U.S. Dollars): June 26, 2022 (remainder of fiscal 2022) 2.7 June 25, 2023 2.4 Total future minimum rental income 5.1

Financial Statement Details

Financial Statement Details	3 Months Ended
	Sep. 26, 2021
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) September 26, 2021 June 27, 2021 Billed trade receivables $106.0 $95.6 Unbilled contract receivables 0.9 0.6 Royalties 0.4 0.5 107.3 96.7 Allowance for bad debts (0.9) (0.8) Accounts receivable, net $106.4 $95.9 Changes in the Company’s allowance for bad debts were as follows: (in millions of U.S. Dollars) September 26, 2021 Balance at beginning of period $0.8 Current period provision change 0.1 Write-offs, net of recoveries — Balance at end of period $0.9 Inventories Inventories consisted of the following: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 Raw material $46.8 $43.3 Work-in-progress 121.6 109.5 Finished goods 14.6 13.8 Inventories $183.0 $166.6 In addition, the Company holds inventory related to the Wafer Supply Agreement entered into in connection with the LED Business Divestiture, which is recorded within other current assets on the consolidated balance sheets. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 Accounts payable, trade $38.2 $44.2 Accrued salaries and wages 60.2 69.5 Accrued property and equipment 128.9 248.3 Accrued expenses 19.5 17.4 Other 0.9 1.7 Accounts payable and accrued expenses $247.7 $381.1 Other Operating Expense Other operating expense consisted of the following: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Factory optimization restructuring $2.6 $1.6 Severance and other restructuring — 2.8 Total restructuring costs 2.6 4.4 Project, transformation and transaction costs 1.6 1.2 Factory optimization start-up costs 8.6 3.0 Other operating expense $12.8 $8.6 Accumulated Other Comprehensive Income, net of taxes Accumulated other comprehensive income, net of taxes, consisted of $1.9 million and $2.7 million of net unrealized gains on available-for-sale securities as of September 26, 2021 and June 27, 2021, respectively. Amounts for both periods 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 months ended September 26, 2021 and less than $0.1 million for the three months ended September 27, 2020. Amounts were reclassified to non-operating expense, net on the consolidated statements of operations. Non-Operating Expense, net The following table summarizes the components of non-operating expense, net: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Foreign currency gain, net ($0.1) ($0.2) Gain on sale of investments, net (0.2) — Loss on equity investment, net — 3.4 Interest income (2.6) (2.7) Interest expense, net of capitalized interest 6.7 13.1 Loss on Wafer Supply Agreement 0.8 — Other, net (0.5) 0.3 Non-operating expense, net $4.1 $13.9 Statements of Cash Flows - non-cash activities Three months ended September 26, 2021 September 27, 2020 Lease asset and liability additions $3.5 $1.1 Lease asset and liability modifications, net 2.6 0.1 Transfer of finance lease liability to accounts payable and accrued expenses (1) — 4.2 Decrease in property, plant and equipment from long-term incentive related receivables 23.2 — (1) 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

Investments	3 Months Ended
	Sep. 26, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. treasury securities, certificates of deposit, commercial paper and variable rate demand notes. All short-term investments are classified as available-for-sale. Short-term investments as of September 26, 2021 and June 27, 2021 consisted of the following: September 26, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Municipal bonds $135.7 $1.7 $— $— $137.4 Corporate bonds 366.9 2.6 (0.2) — 369.3 U.S. agency securities 13.8 — — — 13.8 U.S. treasury securities 46.1 0.2 — — 46.3 Certificates of deposit 9.5 — — — 9.5 Variable rate demand notes 20.0 — — — 20.0 Total short-term investments $592.0 $4.5 ($0.2) $— $596.3 June 27, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Municipal bonds $139.4 $1.9 $— $— $141.3 Corporate bonds 456.5 3.3 (0.3) — 459.5 U.S. agency securities 15.8 — — — 15.8 U.S. treasury securities 72.3 0.3 (0.1) — 72.5 Certificates of deposit 16.5 — — — 16.5 Commercial paper 50.0 — — — 50.0 Variable rate demand notes 20.0 — — — 20.0 Total short-term investments $770.5 $5.5 ($0.4) $— $775.6 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 $4.1 million and $5.5 million as of September 26, 2021 and June 27, 2021, 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 during the three months ended September 26, 2021 and September 27, 2020. 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: September 26, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $14.0 $— $— $— $14.0 $— Corporate bonds 94.1 (0.2) — — 94.1 (0.2) U.S. agency securities 7.7 — — — 7.7 — U.S. treasury securities 20.8 — — — 20.8 — Total $136.6 ($0.2) $— $— $136.6 ($0.2) Number of securities with an unrealized loss 75 — 75 June 27, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $28.8 $— $— $— $28.8 $— Corporate bonds 133.8 (0.3) — — 133.8 (0.3) U.S. agency securities 16.7 — — — 16.7 — U.S. treasury securities 47.9 (0.1) — — 47.9 (0.1) Certificates of deposit 0.7 — — — 0.7 — Total $227.9 ($0.4) $— $— $227.9 ($0.4) Number of securities with an unrealized loss 134 — 134 The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains of $0.2 million and less than $0.1 million for the three months ended September 26, 2021 and September 27, 2020, respectively, are included in non-operating expense, net 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 September 26, 2021 until the investments fully recover in market value. No allowance for credit losses was recorded as of September 26, 2021. The contractual maturities of short-term investments as of September 26, 2021 were as follows: Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $27.5 $109.9 $— $— $137.4 Corporate bonds 65.5 303.8 — — 369.3 U.S. agency securities 5.5 8.3 — — 13.8 U.S. treasury securities 16.6 29.7 — — 46.3 Certificates of deposit 9.5 — — — 9.5 Variable rate demand notes — — — 20.0 20.0 Total short-term investments $124.6 $451.7 $— $20.0 $596.3

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Sep. 26, 2021
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 and short-term investments. As of September 26, 2021 and June 27, 2021, 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, and variable rate demand notes. Level 2 assets are valued based on quoted prices in active markets for instruments that are similar or using a third-party pricing service’s consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company did not have any financial assets requiring the use of Level 3 inputs as of September 26, 2021 and June 27, 2021. The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: September 26, 2021 June 27, 2021 (in millions of U.S. Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $108.5 $— $— $108.5 $96.9 $— $— $96.9 Municipal bonds — — — — — 16.0 — 16.0 U.S. agency securities — — — — — 6.0 — 6.0 Commercial paper — 32.0 — 32.0 — 62.4 — 62.4 Variable rate demand notes — — — — — 22.9 — 22.9 Total cash equivalents 108.5 32.0 — 140.5 96.9 107.3 — 204.2 Short-term investments: Municipal bonds — 137.4 — 137.4 — 141.3 — 141.3 Corporate bonds — 369.3 — 369.3 — 459.5 — 459.5 U.S. agency securities — 13.8 — 13.8 — 15.8 — 15.8 U.S. treasury securities 46.3 — — 46.3 72.5 — — 72.5 Certificates of deposit — 9.5 — 9.5 — 16.5 — 16.5 Commercial paper — — — — — 50.0 — 50.0 Variable rate demand notes — 20.0 — 20.0 — 20.0 — 20.0 Total short-term investments 46.3 550.0 — 596.3 72.5 703.1 — 775.6 Total cash equivalents and short-term investments $154.8 $582.0 $— $736.8 $169.4 $810.4 $— $979.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Sep. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill There were no changes to goodwill during the three months ended September 26, 2021. Intangible Assets, net The following table presents the components of intangible assets, net: September 26, 2021 June 27, 2021 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $96.8 ($26.6) $70.2 $96.8 ($25.1) $71.7 Developed technology 68.0 (29.5) 38.5 68.0 (28.2) 39.8 Non-compete agreements 12.2 (10.9) 1.3 12.2 (10.1) 2.1 Acquisition related intangible assets 177.0 (67.0) 110.0 177.0 (63.4) 113.6 Patent and licensing rights 66.9 (40.4) 26.5 67.1 (40.2) 26.9 Total intangible assets $243.9 ($107.4) $136.5 $244.1 ($103.6) $140.5 Total amortization of acquisition-related intangibles assets was $3.6 million and $3.6 million for the three months ended September 26, 2021 and September 27, 2020, respectively. Total amortization of patents and licensing rights was $1.3 million and $1.2 million for the three months ended September 26, 2021 and September 27, 2020, respectively. 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 26, 2022 (remainder of fiscal 2022) $9.9 $3.8 $13.7 June 25, 2023 11.0 4.1 15.1 June 30, 2024 10.4 3.5 13.9 June 29, 2025 10.4 2.7 13.1 June 28, 2026 9.3 2.0 11.3 Thereafter 59.0 10.4 69.4 Total future amortization expense $110.0 $26.5 $136.5

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 26, 2021
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Revolving Line of Credit As of September 26, 2021, 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 September 26, 2021, 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 months ended September 26, 2021, the average interest rate was 0.15%, related to a ten 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 Notes are equal in right of payment to any of the Company’s unsecured indebtedness; senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Notes; effectively subordinated in right of payment of any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The net carrying amount of the liability component of the Notes is as follows: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 Principal $999.8 $999.8 Unamortized discount and issuance costs (165.4) (175.9) Net carrying amount $834.4 $823.9 The net carrying amount of the equity component of the Notes is as follows: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 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 (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Interest expense, net of capitalized interest $1.1 $3.2 Amortization of discount and issuance costs, net of capitalized interest 5.1 9.4 Total interest expense, net $6.2 $12.6 The Company capitalizes interest related to the Notes in connection with the building of a new Silicon Carbide device fabrication facility in New York. For the three months ended September 26, 2021 and September 27, 2020, the Company capitalized $2.3 million and $0.2 million of interest expense, respectively, and $5.4 million and $0.4 million of amortization of discount and issuance costs, respectively. The last reported sale price of the Company's common stock was greater than or equal to 130% of the applicable conversion price for both the 2023 and 2026 Notes for at least 20 trading days in the 30 consecutive trading days ended on September 30, 2021. As a result, the Notes are convertible at the option of the holders through December 31, 2021. As of September 26, 2021, the if-converted values of the 2023 and 2026 Notes exceeded their respective principal amounts by $175.6 million and $455.0 million, respectively. The estimated fair value of the Notes is $1.7 billion as of September 26, 2021, as determined by a Level 2 valuation.

Loss Per Share

Loss Per Share	3 Months Ended
	Sep. 26, 2021
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 (in millions of U.S. Dollars, except share data) September 26, 2021 September 27, 2020 Net loss from continuing operations ($70.1) ($75.3) Net loss from discontinued operations — (108.8) Net income from discontinued operations attributable to noncontrolling interest — 0.3 Net loss from discontinued operations attributable to controlling interest — (109.1) Weighted average shares - basic and diluted (in thousands) 115,919 109,705 Loss per share - basic and diluted: Continuing operations ($0.60) ($0.69) Discontinued operations attributable to controlling interest $— ($0.99) 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 months ended September 26, 2021 and September 27, 2020, 2.7 million and 4.5 million, respectively, 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	3 Months Ended
	Sep. 26, 2021
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 September 26, 2021 and changes during the three months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 27, 2021 142 $27.37 Granted — $— Exercised (17) $39.59 Forfeited or expired — $— Outstanding at September 26, 2021 125 $25.62 Restricted Stock Units A summary of nonvested restricted stock unit awards (RSUs) outstanding as of September 26, 2021 and changes during the three months then ended is as follows: (awards and units in thousands) Number of RSUs Weighted Average Nonvested at June 27, 2021 2,168 $57.38 Granted 629 $92.52 Vested (733) $51.59 Forfeited (20) $67.05 Nonvested at September 26, 2021 2,044 $70.18 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the Company’s 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, 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 RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The Black-Scholes and Monte Carlo option pricing models require the input of highly subjective assumptions. The assumptions listed below represent management's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, recorded share-based compensation expense could have been materially different from that depicted below. Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Cost of revenue, net $3.1 $3.4 Research and development 2.4 2.4 Sales, general and administrative 9.1 7.9 Total stock-based compensation expense $14.6 $13.7 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	3 Months Ended
	Sep. 26, 2021
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 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. As of September 26, 2021, the Company has concluded that it is necessary to recognize a full valuation allowance against its U.S. and Luxembourg deferred tax assets. As a result of the LED Business Divestiture and the liquidation of the Company’s common stock ownership interest in ENNOSTAR, Inc., the Company began reviewing its legal entity structure, including its Luxembourg holding company, during the fourth quarter of fiscal 2021. As of September 26, 2021, the Company is still performing the due diligence necessary to understand its ability and desire to restructure its Luxembourg holding company. If the Company determines it is willing and able to execute a restructuring of its Luxembourg holding company, it is reasonably possible the action could generate taxable income of the right character to utilize all or a portion of the Company’s existing $121.8 million of deferred tax assets in Luxembourg. As a result, the Company believes it is reasonably possible within the next twelve months, and potentially as early as the second quarter of fiscal 2022, that objective positive evidence may become available to allow the Company to conclude that all or a portion of the $121.8 million of Luxembourg deferred tax assets are realizable. This determination would result in the release of all or a portion of the Luxembourg valuation allowance. The release of the Luxembourg valuation allowance could result in the recognition of $121.8 million of net operating loss deferred tax assets and a decrease to income tax expense in the period the release is recorded. 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 27, 2021, the Company's liability for unrecognized tax benefits was $7.4 million. During the three months ended September 26, 2021, the Company did not record any material movement in its unrecognized tax benefits. As a result, the total liability for unrecognized tax benefits as of September 26, 2021 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 $0.6 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 2017. For foreign purposes, the Company is generally no longer subject to examination for tax periods prior to 2011. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 26, 2021
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 device 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 $2.5 million to $5.2 million per year through fiscal 2031. As of September 26, 2021, the Company has reduced property and equipment, net by $101.1 million as a result of GDA reimbursements, of which $61.5 million has been received in cash and an additional $26.4 million and $13.2 million are recorded as receivables in other current assets and other assets, respectively, in the consolidated balance sheets.

Restructuring

Restructuring	3 Months Ended
	Sep. 26, 2021
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 a new Silicon Carbide device 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 $90.0 million in restructuring charges related to the factory optimization plan to be incurred through 2024. For the three months ended September 26, 2021, the Company expensed $1.6 million of restructuring charges associated with the movement of equipment related to the factory optimization plan, of which $0.3 million is accrued for as of September 26, 2021. Additionally, the Company expensed $1.0 million of restructuring charges associated with disposals of certain long-lived assets for the three months ended September 26, 2021. For the three months ended September 27, 2020, the Company expensed and paid $2.6 million 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 $2.8 million in severance-related costs during the three months ended September 27, 2020. The plan has concluded and all expenses were paid as of June 27, 2021.

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	3 Months Ended
	Sep. 26, 2021
Accounting Policies [Abstract]
Overview	Overview Wolfspeed, Inc. (the Company), formally known as Cree, Inc., 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. Previously, the Company designed, manufactured and sold specialty lighting-class light emitting diode (LED) products 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 March 1, 2021, the Company completed the sale of certain assets and subsidiaries comprising its former LED Products segment (the LED Business Divestiture) to SMART Global Holdings, Inc. (SGH) and its wholly owned newly-created acquisition subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART). Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. 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. In January 2021, the Company announced plans to change its corporate name from Cree, Inc. to Wolfspeed, Inc., which was completed on October 4, 2021. In addition, the Company transferred the listing of its common stock to the New York Stock Exchange (NYSE) from The Nasdaq Global Select Market (Nasdaq). The Company ceased trading as a Nasdaq-listed company at the end of the day on October 1, 2021 and commenced trading as a NYSE-listed company at market open on October 4, 2021 under the new ticker symbol ‘WOLF’. The majority of the Company's products are manufactured at its production facilities located in North Carolina, California and Arkansas. 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 device fabrication facility in New York. The Company operates research and development facilities in North Carolina, California, Arkansas, Arizona and New York. Wolfspeed, 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 September 26, 2021, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 27, 2021 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 27, 2021 (fiscal 2021) (the 2021 Form 10-K). The results of operations for the three months ended September 26, 2021 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 26, 2022 (fiscal 2022). Additionally, the impact of the COVID-19 pandemic to the results of operations remains uncertain. Certain accounting matters that generally require consideration of forecasted financial information were assessed regarding impacts from the COVID-19 pandemic as of September 26, 2021 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 September 26, 2021, the Company believes the full impact of the COVID-19 pandemic remains uncertain and will continue to assess if ongoing developments related to the COVID-19 pandemic may cause future material impacts to its consolidated financial statements.
Change in Estimate	Change in Estimate 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.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements None. 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 will adopt this standard on June 27, 2022, as required, and is currently evaluating the impact on its consolidated financial statements.
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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Sep. 26, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table presents the financial results of the LED Business as loss from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended (in millions of U.S. Dollars) September 27, 2020 Revenue, net $101.1 Cost of revenue, net 82.6 Gross profit 18.5 Operating expenses: Research and development 8.4 Sales, general and administrative 7.9 Goodwill impairment 105.7 Gain on disposal or impairment of long-lived assets (0.5) Other operating expense 4.8 Operating loss (107.8) Non-operating expense, net 0.1 Loss before income taxes (107.9) Income tax expense 0.9 Net loss (108.8) Net income attributable to noncontrolling interest 0.3 Net loss attributable to controlling interest ($109.1)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Sep. 26, 2021
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 September 26, 2021 September 27, 2020 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Europe $58.1 37.1 % $35.8 31.0 % United States 26.0 16.6 % 28.9 25.0 % China 42.9 27.4 % 22.4 19.4 % Japan 10.3 6.6 % 11.3 9.8 % South Korea 7.5 4.8 % 7.4 6.4 % Other 11.8 7.5 % 9.7 8.4 % Total $156.6 $115.5

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 26, 2021
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: September 26, 2021 June 27, 2021 Right-of-use asset (1) $13.3 $12.1 Current lease liability (2) 6.6 4.5 Non-current lease liability (3) 6.4 7.5 Total operating lease liabilities 13.0 12.0 Finance Leases: Finance lease assets (4) $18.6 $15.5 Current portion of finance lease liabilities 8.7 5.2 Finance lease liabilities, less current portion 9.9 10.0 Total finance lease liabilities 18.6 15.2 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net
Schedule of Cash Flow Information	Cash flow information consisted of the following: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Cash used in operating activities: Cash paid for operating leases $1.6 $1.3 Cash paid for interest portion of financing leases 0.1 0.1 Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 0.1 Non-cash activities: Operating lease additions and modifications, net 2.6 1.2 Finance lease additions 3.5 — Transfer of finance lease liability to accounts payable and accrued expenses (1) — 4.2 (1) 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) 27 353 Weighted average discount rate (2) 2.54 % 2.26 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 24 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 1.78%.
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating and finance lease liabilities as of September 26, 2021 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 26, 2022 (remainder of fiscal 2022) $5.7 $8.8 $14.5 June 25, 2023 3.6 0.7 4.3 June 30, 2024 2.2 0.7 2.9 June 29, 2025 1.2 0.7 1.9 June 28, 2026 0.7 0.7 1.4 Thereafter 0.1 14.5 14.6 Total lease payments 13.5 26.1 39.6 Imputed lease interest (0.5) (7.5) (8.0) Total lease liabilities $13.0 $18.6 $31.6
Schedule of Maturities of Finance Lease Liabilities	Maturities of operating and finance lease liabilities as of September 26, 2021 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 26, 2022 (remainder of fiscal 2022) $5.7 $8.8 $14.5 June 25, 2023 3.6 0.7 4.3 June 30, 2024 2.2 0.7 2.9 June 29, 2025 1.2 0.7 1.9 June 28, 2026 0.7 0.7 1.4 Thereafter 0.1 14.5 14.6 Total lease payments 13.5 26.1 39.6 Imputed lease interest (0.5) (7.5) (8.0) Total lease liabilities $13.0 $18.6 $31.6
Schedule of Future Minimum Rental Income	Future minimum rental income relating to the LED RELA is as follows (in millions of U.S. Dollars): June 26, 2022 (remainder of fiscal 2022) 2.7 June 25, 2023 2.4 Total future minimum rental income 5.1

Financial Statement Details (Ta

Financial Statement Details (Tables)	3 Months Ended
	Sep. 26, 2021
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) September 26, 2021 June 27, 2021 Billed trade receivables $106.0 $95.6 Unbilled contract receivables 0.9 0.6 Royalties 0.4 0.5 107.3 96.7 Allowance for bad debts (0.9) (0.8) Accounts receivable, net $106.4 $95.9
Schedule of Allowance for Bad Debts	Changes in the Company’s allowance for bad debts were as follows: (in millions of U.S. Dollars) September 26, 2021 Balance at beginning of period $0.8 Current period provision change 0.1 Write-offs, net of recoveries — Balance at end of period $0.9
Schedule of Inventories	Inventories consisted of the following: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 Raw material $46.8 $43.3 Work-in-progress 121.6 109.5 Finished goods 14.6 13.8 Inventories $183.0 $166.6
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 Accounts payable, trade $38.2 $44.2 Accrued salaries and wages 60.2 69.5 Accrued property and equipment 128.9 248.3 Accrued expenses 19.5 17.4 Other 0.9 1.7 Accounts payable and accrued expenses $247.7 $381.1
Schedule of Other Operating Expense	Other operating expense consisted of the following: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Factory optimization restructuring $2.6 $1.6 Severance and other restructuring — 2.8 Total restructuring costs 2.6 4.4 Project, transformation and transaction costs 1.6 1.2 Factory optimization start-up costs 8.6 3.0 Other operating expense $12.8 $8.6
Schedule of Non-Operating Expense (Income), Net	The following table summarizes the components of non-operating expense, net: Three months ended (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Foreign currency gain, net ($0.1) ($0.2) Gain on sale of investments, net (0.2) — Loss on equity investment, net — 3.4 Interest income (2.6) (2.7) Interest expense, net of capitalized interest 6.7 13.1 Loss on Wafer Supply Agreement 0.8 — Other, net (0.5) 0.3 Non-operating expense, net $4.1 $13.9
Schedule of Noncash Operating Activities	Three months ended September 26, 2021 September 27, 2020 Lease asset and liability additions $3.5 $1.1 Lease asset and liability modifications, net 2.6 0.1 Transfer of finance lease liability to accounts payable and accrued expenses (1) — 4.2 Decrease in property, plant and equipment from long-term incentive related receivables 23.2 — (1) 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)	3 Months Ended
	Sep. 26, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-term Investments by Type	Short-term investments as of September 26, 2021 and June 27, 2021 consisted of the following: September 26, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Municipal bonds $135.7 $1.7 $— $— $137.4 Corporate bonds 366.9 2.6 (0.2) — 369.3 U.S. agency securities 13.8 — — — 13.8 U.S. treasury securities 46.1 0.2 — — 46.3 Certificates of deposit 9.5 — — — 9.5 Variable rate demand notes 20.0 — — — 20.0 Total short-term investments $592.0 $4.5 ($0.2) $— $596.3 June 27, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Municipal bonds $139.4 $1.9 $— $— $141.3 Corporate bonds 456.5 3.3 (0.3) — 459.5 U.S. agency securities 15.8 — — — 15.8 U.S. treasury securities 72.3 0.3 (0.1) — 72.5 Certificates of deposit 16.5 — — — 16.5 Commercial paper 50.0 — — — 50.0 Variable rate demand notes 20.0 — — — 20.0 Total short-term investments $770.5 $5.5 ($0.4) $— $775.6
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: September 26, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $14.0 $— $— $— $14.0 $— Corporate bonds 94.1 (0.2) — — 94.1 (0.2) U.S. agency securities 7.7 — — — 7.7 — U.S. treasury securities 20.8 — — — 20.8 — Total $136.6 ($0.2) $— $— $136.6 ($0.2) Number of securities with an unrealized loss 75 — 75 June 27, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $28.8 $— $— $— $28.8 $— Corporate bonds 133.8 (0.3) — — 133.8 (0.3) U.S. agency securities 16.7 — — — 16.7 — U.S. treasury securities 47.9 (0.1) — — 47.9 (0.1) Certificates of deposit 0.7 — — — 0.7 — Total $227.9 ($0.4) $— $— $227.9 ($0.4) Number of securities with an unrealized loss 134 — 134
Schedule of Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of September 26, 2021 were as follows: Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $27.5 $109.9 $— $— $137.4 Corporate bonds 65.5 303.8 — — 369.3 U.S. agency securities 5.5 8.3 — — 13.8 U.S. treasury securities 16.6 29.7 — — 46.3 Certificates of deposit 9.5 — — — 9.5 Variable rate demand notes — — — 20.0 20.0 Total short-term investments $124.6 $451.7 $— $20.0 $596.3

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Sep. 26, 2021
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: September 26, 2021 June 27, 2021 (in millions of U.S. Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $108.5 $— $— $108.5 $96.9 $— $— $96.9 Municipal bonds — — — — — 16.0 — 16.0 U.S. agency securities — — — — — 6.0 — 6.0 Commercial paper — 32.0 — 32.0 — 62.4 — 62.4 Variable rate demand notes — — — — — 22.9 — 22.9 Total cash equivalents 108.5 32.0 — 140.5 96.9 107.3 — 204.2 Short-term investments: Municipal bonds — 137.4 — 137.4 — 141.3 — 141.3 Corporate bonds — 369.3 — 369.3 — 459.5 — 459.5 U.S. agency securities — 13.8 — 13.8 — 15.8 — 15.8 U.S. treasury securities 46.3 — — 46.3 72.5 — — 72.5 Certificates of deposit — 9.5 — 9.5 — 16.5 — 16.5 Commercial paper — — — — — 50.0 — 50.0 Variable rate demand notes — 20.0 — 20.0 — 20.0 — 20.0 Total short-term investments 46.3 550.0 — 596.3 72.5 703.1 — 775.6 Total cash equivalents and short-term investments $154.8 $582.0 $— $736.8 $169.4 $810.4 $— $979.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Sep. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Intangible Assets	The following table presents the components of intangible assets, net: September 26, 2021 June 27, 2021 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $96.8 ($26.6) $70.2 $96.8 ($25.1) $71.7 Developed technology 68.0 (29.5) 38.5 68.0 (28.2) 39.8 Non-compete agreements 12.2 (10.9) 1.3 12.2 (10.1) 2.1 Acquisition related intangible assets 177.0 (67.0) 110.0 177.0 (63.4) 113.6 Patent and licensing rights 66.9 (40.4) 26.5 67.1 (40.2) 26.9 Total intangible assets $243.9 ($107.4) $136.5 $244.1 ($103.6) $140.5
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 26, 2022 (remainder of fiscal 2022) $9.9 $3.8 $13.7 June 25, 2023 11.0 4.1 15.1 June 30, 2024 10.4 3.5 13.9 June 29, 2025 10.4 2.7 13.1 June 28, 2026 9.3 2.0 11.3 Thereafter 59.0 10.4 69.4 Total future amortization expense $110.0 $26.5 $136.5

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Sep. 26, 2021
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) September 26, 2021 June 27, 2021 Principal $999.8 $999.8 Unamortized discount and issuance costs (165.4) (175.9) Net carrying amount $834.4 $823.9 The net carrying amount of the equity component of the Notes is as follows: (in millions of U.S. Dollars) September 26, 2021 June 27, 2021 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 (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Interest expense, net of capitalized interest $1.1 $3.2 Amortization of discount and issuance costs, net of capitalized interest 5.1 9.4 Total interest expense, net $6.2 $12.6

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Sep. 26, 2021
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 (in millions of U.S. Dollars, except share data) September 26, 2021 September 27, 2020 Net loss from continuing operations ($70.1) ($75.3) Net loss from discontinued operations — (108.8) Net income from discontinued operations attributable to noncontrolling interest — 0.3 Net loss from discontinued operations attributable to controlling interest — (109.1) Weighted average shares - basic and diluted (in thousands) 115,919 109,705 Loss per share - basic and diluted: Continuing operations ($0.60) ($0.69) Discontinued operations attributable to controlling interest $— ($0.99)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 26, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Awards Outstanding	A summary of stock option awards outstanding as of September 26, 2021 and changes during the three months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 27, 2021 142 $27.37 Granted — $— Exercised (17) $39.59 Forfeited or expired — $— Outstanding at September 26, 2021 125 $25.62
Schedule of Nonvested Restricted Stock Awards and Restricted Stock Unit Awards Outstanding	A summary of nonvested restricted stock unit awards (RSUs) outstanding as of September 26, 2021 and changes during the three months then ended is as follows: (awards and units in thousands) Number of RSUs Weighted Average Nonvested at June 27, 2021 2,168 $57.38 Granted 629 $92.52 Vested (733) $51.59 Forfeited (20) $67.05 Nonvested at September 26, 2021 2,044 $70.18
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 (in millions of U.S. Dollars) September 26, 2021 September 27, 2020 Cost of revenue, net $3.1 $3.4 Research and development 2.4 2.4 Sales, general and administrative 9.1 7.9 Total stock-based compensation expense $14.6 $13.7

Basis of Presentation and New_3

Basis of Presentation and New Accounting Standards - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Sep. 26, 2021USD ($)segment$ / shares	Sep. 27, 2020USD ($)$ / shares	Jun. 27, 2021
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Number of reportable segments | segment	1
Gross profit	$ 49.4	$ 35.5
Loss before income taxes	(69.8)	(76.1)
Net loss	$ (70.1)	$ (184.1)
Net loss attributable to controlling interest, basic (USD per share) | $ / shares	$ (0.60)	$ (1.68)
Net loss attributable to controlling interest, diluted (USD per share) | $ / shares	$ (0.60)	$ (1.68)
Service Life
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Useful life (in years)	5 years		2 years
Decrease in depreciation expense	$ (8.4)
Change in deprecation expense effect on earnings	1.3
Gross profit	0.5
Loss before income taxes	1.3
Net loss	$ 1.3
Net loss attributable to controlling interest, basic (USD per share) | $ / shares	$ 0.01
Net loss attributable to controlling interest, diluted (USD per share) | $ / shares	$ 0.01
Inventories | Service Life
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Inventory adjustments	$ (7.1)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($)	Mar. 01, 2021	Sep. 26, 2021	Sep. 27, 2020	Mar. 28, 2021	Jun. 27, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs of selling business					$ 27,400,000
Term of certain silicon carbide materials and fabrication services	4 years
Non-operating expense, net		$ 800,000	$ 0
Discontinued Operations, Disposed of by 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
Loss on sale		(29,100,000)
Goodwill impairment			105,700,000
Income tax expense			900,000
Supply Agreement liability	$ 31,000,000	17,500,000
Non-operating expense, net		800,000	$ 100,000
Other assets		3,100,000
Discontinued Operations, Disposed of by 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, Disposed of by Sale | LED Business | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Potential earn-out payment	$ 2,500,000
Discontinued Operations, Disposed of by 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, Disposed of by Sale | LED Business, Real Estate License Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees		900,000
Discontinued Operations, Disposed of by Sale | LED Business, Real Estate License Agreement | Accounts Receivable, Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees		300,000
Discontinued Operations, Disposed of by Sale | LED Business, Transition Services Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees		2,900,000
Discontinued Operations, Disposed of by Sale | LED Business, Transition Services Agreement | Accounts Receivable, Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees		$ 900,000
Discontinued Operations, Held-for-sale | LED Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment				$ 105,700,000

Discontinued Operations - Loss

Discontinued Operations - Loss from Discontinued Operations, Net of Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Operating expenses:
Non-operating expense, net	$ 0.8	$ 0
Net loss	0	(108.8)
Net income from discontinued operations attributable to noncontrolling interest	0	0.3
Net loss from discontinued operations attributable to controlling interest	0	(109.1)
Discontinued Operations, Disposed of by Sale | LED Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net		101.1
Cost of revenue, net		82.6
Gross profit		18.5
Operating expenses:
Research and development		8.4
Sales, general and administrative		7.9
Goodwill impairment		105.7
Gain on disposal or impairment of long-lived assets		(0.5)
Other operating expense		4.8
Operating loss		(107.8)
Non-operating expense, net	$ 0.8	0.1
Loss before income taxes		(107.9)
Income tax expense		0.9
Net loss		(108.8)
Net income from discontinued operations attributable to noncontrolling interest		0.3
Net loss from discontinued operations attributable to controlling interest		$ (109.1)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 26, 2021	Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 47,800,000	$ 45,200,000
Revenue recognized during period	$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 156.6	$ 115.5
Europe
Disaggregation of Revenue [Line Items]
Revenue	$ 58.1	$ 35.8
Europe | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	37.10%	31.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 26	$ 28.9
United States | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	16.60%	25.00%
China
Disaggregation of Revenue [Line Items]
Revenue	$ 42.9	$ 22.4
China | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	27.40%	19.40%
Japan
Disaggregation of Revenue [Line Items]
Revenue	$ 10.3	$ 11.3
Japan | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	6.60%	9.80%
South Korea
Disaggregation of Revenue [Line Items]
Revenue	$ 7.5	$ 7.4
South Korea | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	4.80%	6.40%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 11.8	$ 9.7
Other | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
% of Revenue	7.50%	8.40%

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended
	Sep. 26, 2021USD ($)ft²	Sep. 27, 2020USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1.5	$ 1.4
Finance lease amortization	0.4	0.2
Interest expense on finance leases	$ 0.1	0.1
Area of property in lease agreement (square feet) | ft²	58
Lease income per year	$ 3.6
Operating lease, term of contract	24 months
Lease income	$ 0.9
Variable lease income		$ 0
Maximum
Lessee, Lease, Description [Line Items]
Notice of termination (in days)	60 days
Minimum
Lessee, Lease, Description [Line Items]
Notice of termination (in days)	30 days
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)	49 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Operating Leases:
Right-of-use asset	$ 13.3	$ 12.1
Current lease liability	6.6	4.5
Non-current lease liability	6.4	7.5
Total operating lease liabilities	13	12
Finance Leases:
Finance lease assets	18.6	15.5
Current portion of finance lease liabilities	8.7	5.2
Finance lease liabilities, less current portion	9.9	10
Total finance lease liabilities	$ 18.6	$ 15.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Cash used in operating activities:
Cash paid for operating leases	$ 1.6	$ 1.3
Cash paid for interest portion of financing leases	0.1	0.1
Cash used in financing activities:
Cash paid for principal portion of finance leases	0.1	0.1
Non-cash activities:
Operating lease additions and modifications, net	2.6	1.2
Finance lease additions	3.5	0
Transfer of finance lease liability to accounts payable and accrued expenses	$ 0	$ 4.2

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Operating Leases
June 26, 2022 (remainder of fiscal 2022)	$ 5.7
June 26, 2022	3.6
June 25, 2023	2.2
June 30, 2024	1.2
June 29, 2025	0.7
Thereafter	0.1
Total lease payments	13.5
Imputed lease interest	(0.5)
Total lease liabilities	13	$ 12
Finance Leases
June 26, 2022 (remainder of fiscal 2022)	8.8
June 26, 2022	0.7
June 25, 2023	0.7
June 30, 2024	0.7
June 29, 2025	0.7
Thereafter	14.5
Total lease payments	26.1
Imputed lease interest	(7.5)
Total lease liabilities	18.6	$ 15.2
Total
June 26, 2022 (remainder of fiscal 2022)	14.5
June 26, 2022	4.3
June 25, 2023	2.9
June 30, 2024	1.9
June 29, 2025	1.4
Thereafter	14.6
Total lease payments	39.6
Imputed lease interest	(8)
Total lease liabilities	$ 31.6

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	3 Months Ended
	Sep. 26, 2021
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term of operating leases (in months)	27 months
Weighted average remaining lease term of finance leases (in months)	353 months
Weighted average discount rate of operating leases (as a percent)	2.54%
Weighted average discount rate of finance leases (as a percent)	2.26%
Weighted average remaining lease term of finance leases excluding 49-year ground lease (in months)	24 months
Weighted average discount rate of finance leases excluding 49-year ground lease (as a percent)	1.78%
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)	49 years

Leases - Future Minimum Rental

Leases - Future Minimum Rental Income (Details) $ in Millions	Sep. 26, 2021USD ($)
Leases [Abstract]
June 26, 2022 (remainder of fiscal 2022)	$ 2.7
June 25, 2023	2.4
Total future minimum rental income	$ 5.1

Financial Statement Details - A

Financial Statement Details - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 107.3	$ 96.7
Allowance for bad debts	(0.9)	(0.8)
Accounts receivable, net	106.4	95.9
Royalties
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	0.4	0.5
Billed trade receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	106	95.6
Unbilled contract receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 0.9	$ 0.6

Financial Statement Details -_2

Financial Statement Details - Allowance for Bad Debts (Details) $ in Millions	3 Months Ended
	Sep. 26, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0.8
Balance at end of period	0.9
SEC Schedule, 12-09, Allowance, Notes Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0.8
Current period provision change	0.1
Write-offs, net of recoveries	0
Balance at end of period	$ 0.9

Financial Statement Details - I

Financial Statement Details - Inventories (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Inventory, Net [Abstract]
Raw material	$ 46.8	$ 43.3
Work-in-progress	121.6	109.5
Finished goods	14.6	13.8
Inventories	$ 183	$ 166.6

Financial Statement Details -_3

Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable, trade	$ 38.2	$ 44.2
Accrued salaries and wages	60.2	69.5
Accrued property and equipment	128.9	248.3
Accrued expenses	19.5	17.4
Other	0.9	1.7
Accounts payable and accrued expenses	$ 247.7	$ 381.1

Financial Statement Details - O

Financial Statement Details - Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Factory optimization restructuring	$ 2.6	$ 1.6
Severance and other restructuring	0	2.8
Total restructuring costs	2.6	4.4
Project, transformation and transaction costs	1.6	1.2
Factory optimization start-up costs	8.6	3
Other operating expense	$ 12.8	$ 8.6

Financial Statement Details -_4

Financial Statement Details - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 26, 2021	Jun. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net unrealized gain on available-for-sale securities	$ 1.9	$ 2.7
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
	Sep. 26, 2021	Sep. 27, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expense, net	$ 4.1	$ 13.9
Accrued property and equipment	128.9	108.2
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expense, net	$ (0.2)	$ 0.1

Financial Statement Details -_5

Financial Statement Details - Non-Operating Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency gain, net	$ (0.1)	$ (0.2)
Realized gain on sale of investments	(0.2)	0
Loss on equity investment, net	0	3.4
Interest income	(2.6)	(2.7)
Interest expense, net of capitalized interest	6.7	13.1
Loss on Wafer Supply Agreement	0.8	0
Other, net	(0.5)	0.3
Non-operating expense, net	$ 4.1	$ 13.9

Financial Statement Details -_6

Financial Statement Details - Non-cash Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Statements of Cash Flows - non-cash activities
Lease asset and liability additions	$ 3.5	$ 1.1
Lease asset and liability modifications, net	2.6	0.1
Transfer of finance lease liability to accounts payable and accrued expenses	0	4.2
Decrease in property, plant and equipment from long-term incentive related receivables	$ 23.2	$ 0

Investments - Short-term Invest

Investments - Short-term Investments by Type (Details) - USD ($)	Sep. 26, 2021	Jun. 27, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 592,000,000	$ 770,500,000
Gross Unrealized Gains	4,500,000	5,500,000
Gross Unrealized Losses	(200,000)	(400,000)
Credit Loss Allowance	0	0
Estimated Fair Value	596,300,000	775,600,000
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	135,700,000	139,400,000
Gross Unrealized Gains	1,700,000	1,900,000
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	137,400,000	141,300,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	366,900,000	456,500,000
Gross Unrealized Gains	2,600,000	3,300,000
Gross Unrealized Losses	(200,000)	(300,000)
Credit Loss Allowance	0	0
Estimated Fair Value	369,300,000	459,500,000
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,800,000	15,800,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	13,800,000	15,800,000
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,100,000	72,300,000
Gross Unrealized Gains	200,000	300,000
Gross Unrealized Losses	0	(100,000)
Credit Loss Allowance	0	0
Estimated Fair Value	46,300,000	72,500,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,500,000	16,500,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	9,500,000	16,500,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		50,000,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Credit Loss Allowance		0
Estimated Fair Value		50,000,000
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,000,000	20,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	$ 20,000,000	$ 20,000,000

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Jun. 27, 2021
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivable	$ 4,100,000		$ 5,500,000
Realized gain on sale of investments	200,000	$ 0
Credit Loss Allowance	$ 0		$ 0

Investments - Investment Securi

Investments - Investment Securities, Aggregated by Investment Type and Length of Time (Details) $ in Millions	Sep. 26, 2021USD ($)security	Jun. 27, 2021USD ($)security
Fair Value
Less than 12 Months	$ 136.6	$ 227.9
Greater than 12 Months	0	0
Total	136.6	227.9
Unrealized Loss
Less than 12 Months	(0.2)	(0.4)
Greater than 12 Months	0	0
Total	$ (0.2)	$ (0.4)
Number of securities with an unrealized loss
Less than 12 Months | security	75	134
Greater than 12 Months | security	0	0
Total | security	75	134
Municipal bonds
Fair Value
Less than 12 Months	$ 14	$ 28.8
Greater than 12 Months	0	0
Total	14	28.8
Unrealized Loss
Less than 12 Months	0	0
Greater than 12 Months	0	0
Total	0	0
Corporate bonds
Fair Value
Less than 12 Months	94.1	133.8
Greater than 12 Months	0	0
Total	94.1	133.8
Unrealized Loss
Less than 12 Months	(0.2)	(0.3)
Greater than 12 Months	0	0
Total	(0.2)	(0.3)
U.S. agency securities
Fair Value
Less than 12 Months	7.7	16.7
Greater than 12 Months	0	0
Total	7.7	16.7
Unrealized Loss
Less than 12 Months	0	0
Greater than 12 Months	0	0
Total	0	0
U.S. treasury securities
Fair Value
Less than 12 Months	20.8	47.9
Greater than 12 Months	0	0
Total	20.8	47.9
Unrealized Loss
Less than 12 Months	0	(0.1)
Greater than 12 Months	0	0
Total	$ 0	(0.1)
Certificates of deposit
Fair Value
Less than 12 Months		0.7
Greater than 12 Months		0
Total		0.7
Unrealized Loss
Less than 12 Months		0
Greater than 12 Months		0
Total		$ 0

Investments - Contractual Matur

Investments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Debt Securities, Available-for-sale [Line Items]
Within One Year	$ 124.6
After One, Within Five Years	451.7
After Five, Within Ten Years	0
After Ten Years	20
Total	596.3	$ 775.6
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	27.5
After One, Within Five Years	109.9
After Five, Within Ten Years	0
After Ten Years	0
Total	137.4	141.3
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	65.5
After One, Within Five Years	303.8
After Five, Within Ten Years	0
After Ten Years	0
Total	369.3	459.5
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	5.5
After One, Within Five Years	8.3
After Five, Within Ten Years	0
After Ten Years	0
Total	13.8	15.8
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	16.6
After One, Within Five Years	29.7
After Five, Within Ten Years	0
After Ten Years	0
Total	46.3	72.5
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within One Year	9.5
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	9.5	16.5
Variable rate demand notes
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	20
Total	$ 20	$ 20

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 140.5	$ 204.2
Total short-term investments	596.3	775.6
Total cash equivalents and short-term investments	736.8	979.8
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	137.4	141.3
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	369.3	459.5
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	13.8	15.8
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	46.3	72.5
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	9.5	16.5
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	50
Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	20	20
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	108.5	96.9
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	16
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	6
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	32	62.4
Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	22.9
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	108.5	96.9
Total short-term investments	46.3	72.5
Total cash equivalents and short-term investments	154.8	169.4
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	46.3	72.5
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 notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	108.5	96.9
Level 1 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | U.S. agency securities
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 1 | Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	32	107.3
Total short-term investments	550	703.1
Total cash equivalents and short-term investments	582	810.4
Level 2 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	137.4	141.3
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	369.3	459.5
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	13.8	15.8
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	9.5	16.5
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	50
Level 2 | Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	20	20
Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	16
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	6
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	32	62.4
Level 2 | Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	22.9
Level 3
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Total short-term investments	0	0
Total cash equivalents and short-term investments	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 notes
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 | Municipal bonds
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 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Finite-Lived Intangible Assets [Line Items]
Changes in Goodwill	$ 0
Amortization of acquisition-related intangibles	3,600,000	$ 3,600,000
Patent and licensing rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,300,000	$ 1,200,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 243.9	$ 244.1
Accumulated Amortization	(107.4)	(103.6)
Total future amortization expense	136.5	140.5
Acquisition related intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	177	177
Accumulated Amortization	(67)	(63.4)
Total future amortization expense	110	113.6
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	96.8	96.8
Accumulated Amortization	(26.6)	(25.1)
Total future amortization expense	70.2	71.7
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	68	68
Accumulated Amortization	(29.5)	(28.2)
Total future amortization expense	38.5	39.8
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	12.2	12.2
Accumulated Amortization	(10.9)	(10.1)
Total future amortization expense	1.3	2.1
Patent and licensing rights
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	66.9	67.1
Accumulated Amortization	(40.4)	(40.2)
Total future amortization expense	$ 26.5	$ 26.9

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
June 26, 2022	$ 13.7
June 25, 2023	15.1
June 30, 2024	13.9
June 29, 2025	13.1
June 28, 2026	11.3
Thereafter	69.4
Total future amortization expense	136.5	$ 140.5
Acquisition Related Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
June 26, 2022	9.9
June 25, 2023	11
June 30, 2024	10.4
June 29, 2025	10.4
June 28, 2026	9.3
Thereafter	59
Total future amortization expense	110	113.6
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
June 26, 2022	3.8
June 25, 2023	4.1
June 30, 2024	3.5
June 29, 2025	2.7
June 28, 2026	2
Thereafter	10.4
Total future amortization expense	$ 26.5	$ 26.9

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	Apr. 21, 2020USD ($)day$ / shares	Aug. 24, 2018USD ($)day$ / shares	Sep. 26, 2021USD ($)day	Sep. 27, 2020USD ($)	Jun. 27, 2021USD ($)
Debt Instrument [Line Items]
Repurchase of aggregate principal amount of debt instrument			$ 20,100,000	$ 100,000
Convertible Notes
Debt Instrument [Line Items]
Carrying amount of equity component of convertible debt			228,300,000		$ 228,300,000
Interest expense capitalized			2,300,000	200,000
Discount and issuance costs capitalized			$ 5,400,000	$ 400,000
Convertible Notes | Conversion Circumstance One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger (as a percent)			130.00%
Threshold trading days | day			20
Threshold consecutive trading days | day			30
Convertible Notes | Level 2
Debt Instrument [Line Items]
Fair value of debt instrument			$ 1,700,000,000
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
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
Decrease in carrying amount of equity component of convertible debt			27,700,000
Effective interest rate (as a percent)		5.87%
Threshold percentage of stock price trigger (as a percent)		130.00%
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Principal amount exceeded on if-converted debt			175,600,000
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
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
Effective interest rate (as a percent)	7.45%
Threshold percentage of stock price trigger (as a percent)	130.00%
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Principal amount exceeded on if-converted debt			455,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 125,000,000
Minimum required ratio of cash equivalents and marketable securities to outstanding loans and letters of credit obligations			1.25
Outstanding borrowings			$ 0
Remaining borrowing capacity			$ 125,000,000
Average interest rate (as a percent)			0.15%
Line of credit facility, draw period (in days)			10 days
Seven day draw on line of credit			$ 20,000,000
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	Sep. 26, 2021	Jun. 27, 2021
Liability Component:
Principal	$ 999.8	$ 999.8
Unamortized discount and issuance costs	(165.4)	(175.9)
Net carrying amount	834.4	823.9
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
	Sep. 26, 2021	Sep. 27, 2020
Debt Instrument [Line Items]
Amortization of debt issuance costs and discount, net of non-cash capitalized interest	$ 5.1	$ 9.4
Convertible Notes
Debt Instrument [Line Items]
Interest expense, net of capitalized interest	1.1	3.2
Amortization of debt issuance costs and discount, net of non-cash capitalized interest	5.1	9.4
Total interest expense, net	$ 6.2	$ 12.6

Loss Per Share - Summary (Detai

Loss Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (70.1)	$ (75.3)
Net loss from discontinued operations	0	(108.8)
Net income from discontinued operations attributable to noncontrolling interest	0	0.3
Net loss from discontinued operations attributable to controlling interest	$ 0	$ (109.1)
Weighted average shares - basic and diluted (shares)	115,919	109,705
Loss per share - basic and diluted:
Continuing operations, basic (USD per share)	$ (0.60)	$ (0.69)
Continuing operations, diluted (USD per share)	(0.60)	(0.69)
Discontinued operations attributable to controlling interest, basic (USD per share)	0	(0.99)
Discontinued operations attributable to controlling interest, diluted (USD per share)	$ 0	$ (0.99)

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (shares)	2.7	4.5

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	3 Months Ended
	Sep. 26, 2021stockPurchasecompensationPlan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans | compensationPlan	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	3 Months Ended
	Sep. 26, 2021$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	142
Granted (shares) | shares	0
Exercised (shares) | shares	(17)
Forfeited or expired (shares) | shares	0
Outstanding at end of period (shares) | shares	125
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share) | $ / shares	$ 27.37
Granted (USD per share) | $ / shares	0
Exercised (USD per share) | $ / shares	39.59
Forfeited or expired (USD per share) | $ / shares	0
Outstanding at end of period (USD per share) | $ / shares	$ 25.62

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	3 Months Ended
	Sep. 26, 2021$ / sharesshares
Number of RSUs
Nonvested at beginning of period (shares) | shares	2,168
Granted (shares) | shares	629
Vested (shares) | shares	(733)
Forfeited (shares) | shares	(20)
Nonvested at end of period (shares) | shares	2,044
Weighted Average  Grant-Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 57.38
Granted (USD per share) | $ / shares	92.52
Vested (USD per share) | $ / shares	51.59
Forfeited (USD per share) | $ / shares	67.05
Nonvested at end of period (USD per share) | $ / shares	$ 70.18

Stock-Based Compensation - Tota

Stock-Based Compensation - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 14.6	$ 13.7
Cost of revenue, net
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3.1	3.4
Research and development
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2.4	2.4
Sales, general and administrative
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 9.1	$ 7.9

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 26, 2021	Jun. 27, 2021
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Unrecognized tax benefits	$ 7.4	$ 7.4
Estimated change in gross unrecognized tax benefits	0.6
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets	121.8
Realizable deferred tax assets	121.8
Net operating loss deferred tax assets	$ 121.8

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended			6 Months Ended	12 Months Ended
	Sep. 26, 2021USD ($)	Dec. 27, 2020endowedFacultyChair	Sep. 27, 2020USD ($)	Sep. 26, 2021USD ($)	Jun. 27, 2021USD ($)
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
Reduction in property, plant, and equipment				$ 101,100,000
Reimbursement of property and equipment purchases from long-term incentive agreement	$ 50,800,000		$ 0	$ 61,500,000
Reimbursement of property and equipment purchases from long-term incentive agreement, receivables	26,400,000
Reimbursement of property and equipment purchases from long-term incentive agreement, other assets	$ 13,200,000
Minimum
Loss Contingencies [Line Items]
Annual cost of GDA					$ 2,500,000
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
	Sep. 26, 2021	Sep. 27, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	$ 2.6	$ 4.4
Severance and other restructuring	0	2.8
Factory Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring charges expected to be incurred	90
Restructuring costs expensed	1.6	2.6
Restructuring costs accrued	0.3
Factory Optimization | Long-lived assets
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	$ 1
Corporate Restructuring
Restructuring Cost and Reserve [Line Items]
Severance and other restructuring		$ 2.8