Wolfspeed (WOLF) 10-Q 27 Apr 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 26, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 26, 2023
Document Transition Report	false
Entity File Number	001-40863
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		124,474,270
Entity Central Index Key	0000895419
Current Fiscal Year End Date	--06-25
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Current assets:
Cash and cash equivalents	$ 795.1	$ 449.5
Short-term investments	1,453.1	749.3
Total cash, cash equivalents and short-term investments	2,248.2	1,198.8
Accounts receivable, net	164	150.2
Inventories	288.9	227
Income taxes receivable	1.1	1.3
Prepaid expenses	34.6	32.1
Other current assets	112	151.4
Current assets held for sale	0	1.6
Total current assets	2,848.8	1,762.4
Property and equipment, net	1,904	1,481.1
Goodwill	359.2	359.2
Intangible assets, net	118	125.4
Long-term receivables	2.7	104.7
Deferred tax assets	1	1
Other assets	221	83.7
Total assets	5,454.7	3,917.5
Current liabilities:
Accounts payable and accrued expenses	522.2	307.7
Accrued contract liabilities	41.5	37
Income taxes payable	9.5	11.6
Finance lease liabilities	0.5	0.5
Other current liabilities	33.5	31.7
Total current liabilities	607.2	388.5
Long-term liabilities:
Convertible notes, net	3,023.3	1,021.6
Deferred tax liabilities	3.7	3.2
Finance lease liabilities - long-term	9.3	9.6
Other long-term liabilities	104.4	55.3
Total long-term liabilities	3,140.7	1,089.7
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at March 26, 2023 and June 26, 2022; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at March 26, 2023 and June 26, 2022; 124,437 and 123,795 shares issued and outstanding at March 26, 2023 and June 26, 2022, respectively	0.2	0.2
Additional paid-in-capital	3,680.6	4,228.4
Accumulated other comprehensive loss	(23.1)	(25.3)
Accumulated deficit	(1,950.9)	(1,764)
Total shareholders’ equity	1,706.8	2,439.3
Total liabilities and shareholders’ equity	$ 5,454.7	$ 3,917.5

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 26, 2023	Jun. 26, 2022
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 (in shares)	124,437,000	123,795,000
Common stock outstanding (shares)	124,437,000	123,795,000

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Income Statement [Abstract]
Revenue, net	$ 228.7	$ 188	$ 686.1	$ 517.7
Cost of revenue, net	160.6	124	471.2	347.3
Gross profit	68.1	64	214.9	170.4
Operating expenses:
Research and development	56.1	48.1	168.3	148.2
Sales, general and administrative	60.5	51.5	171.2	148.5
Amortization or impairment of acquisition-related intangibles	2.6	3.4	8.3	10.6
Loss (gain) on disposal or impairment of other assets	1.7	(0.6)	1.9	(0.3)
Other operating expense	49.1	23.9	134.1	52.3
Operating loss	(101.9)	(62.3)	(268.9)	(188.9)
Non-operating (income) expense, net	(2.9)	3.8	(53.4)	35.7
Loss before income taxes	(99)	(66.1)	(215.5)	(224.6)
Income tax expense	0.5	0.4	1.1	8.7
Net loss	$ (99.5)	$ (66.5)	$ (216.6)	$ (233.3)
Basic and diluted loss per share
Net loss, basic (USD per share)	$ (0.80)	$ (0.54)	$ (1.74)	$ (1.96)
Net loss, diluted (USD per share)	$ (0.80)	$ (0.54)	$ (1.74)	$ (1.96)
Weighted average shares - basic (shares)	124,439	123,597	124,273	118,917
Weighted average shares - diluted (shares)	124,439	123,597	124,273	118,917

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Mar. 26, 2023	Dec. 25, 2022	Sep. 25, 2022	Mar. 27, 2022	Dec. 26, 2021	Sep. 26, 2021	Mar. 26, 2023	Mar. 27, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (99.5)	$ (90.9)	$ (26.2)	$ (66.5)	$ (96.7)	$ (70.1)	$ (216.6)	$ (233.3)
Other comprehensive loss:
Net unrealized gain (loss) on available-for-sale securities	5.5	3.7	(7)	(16.3)	(3.6)	(0.8)	2.2	(20.7)
Comprehensive loss	$ (94)	$ (87.2)	$ (33.2)	$ (82.8)	$ (100.3)	$ (70.9)	$ (214.4)	$ (254)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income
Balance at beginning of period (in shares) at Jun. 27, 2021			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	(70.1)					(70.1)
Unrealized loss on available-for-sale securities	(0.8)							(0.8)
Comprehensive loss	(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 (in shares)			495
Exercise of stock options and issuance of shares	0.7			0.7
Balance at end of period (in shares) at Sep. 26, 2021			116,186
Balance at end of period at Sep. 26, 2021	2,039.4		$ 0.1	3,670.6		(1,633.2)		1.9
Balance at beginning of period (in shares) at Jun. 27, 2021			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	(233.3)
Unrealized loss on available-for-sale securities	(20.7)
Comprehensive loss	(254)
Balance at end of period (in shares) at Mar. 27, 2022			123,599
Balance at end of period at Mar. 27, 2022	2,390.4		$ 0.2	4,204.6		(1,796.4)		(18)
Balance at beginning of period (in shares) at Sep. 26, 2021			116,186
Balance at beginning of period at Sep. 26, 2021	2,039.4		$ 0.1	3,670.6		(1,633.2)		1.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(96.7)					(96.7)
Unrealized loss on available-for-sale securities	(3.6)							(3.6)
Comprehensive loss	(100.3)
Tax withholding on vested equity awards	(2.8)			(2.8)
Stock-based compensation	15.7			15.7
Exercise of stock options and issuance of shares (in shares)			258
Exercise of stock options and issuance of shares	10.7			10.7
Issuance of shares related to the extinguishment of convertible notes due September 1, 2023 (in shares)			7,126
Issuance of shares related to the extinguishment of convertible notes due September 1, 2023	416.2		$ 0.1	416.1
Balance at end of period (in shares) at Dec. 26, 2021			123,570
Balance at end of period at Dec. 26, 2021	2,378.9		$ 0.2	4,110.3		(1,729.9)		(1.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(66.5)					(66.5)
Unrealized loss on available-for-sale securities	(16.3)							(16.3)
Comprehensive loss	(82.8)
Tax withholding on vested equity awards	(0.8)			(0.8)
Stock-based compensation	15.4			15.4
Exercise of stock options and issuance of shares (in shares)			29
Exercise of stock options and issuance of shares	0.3			0.3
Issuance of convertible notes due February 15, 2028	187.6			187.6
Capped call transactions related to the issuance of convertible notes due December 1, 2029	(108.2)			(108.2)
Balance at end of period (in shares) at Mar. 27, 2022			123,599
Balance at end of period at Mar. 27, 2022	$ 2,390.4		$ 0.2	4,204.6		(1,796.4)		(18)
Balance at beginning of period (in shares) at Jun. 26, 2022	123,795		123,795
Balance at beginning of period at Jun. 26, 2022	$ 2,439.3	$ (303.3)	$ 0.2	4,228.4	$ (333)	(1,764)	$ 29.7	(25.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26.2)					(26.2)
Unrealized loss on available-for-sale securities	(7)							(7)
Comprehensive loss	(33.2)
Tax withholding on vested equity awards	(16.9)			(16.9)
Stock-based compensation	23.2			23.2
Exercise of stock options and issuance of shares (in shares)			415
Exercise of stock options and issuance of shares	0.5			0.5
Balance at end of period (in shares) at Sep. 25, 2022			124,210
Balance at end of period at Sep. 25, 2022	$ 2,109.6		$ 0.2	3,902.2		(1,760.5)		(32.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2020-06 [Extensible Enumeration]	Adoption of ASU 2020-06
Balance at beginning of period (in shares) at Jun. 26, 2022	123,795		123,795
Balance at beginning of period at Jun. 26, 2022	$ 2,439.3	$ (303.3)	$ 0.2	4,228.4	$ (333)	(1,764)	$ 29.7	(25.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(216.6)
Unrealized loss on available-for-sale securities	2.2
Comprehensive loss	$ (214.4)
Balance at end of period (in shares) at Mar. 26, 2023	124,437		124,437
Balance at end of period at Mar. 26, 2023	$ 1,706.8		$ 0.2	3,680.6		(1,950.9)		(23.1)
Balance at beginning of period (in shares) at Sep. 25, 2022			124,210
Balance at beginning of period at Sep. 25, 2022	2,109.6		$ 0.2	3,902.2		(1,760.5)		(32.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(90.9)					(90.9)
Unrealized loss on available-for-sale securities	3.7							3.7
Comprehensive loss	(87.2)
Tax withholding on vested equity awards	(0.4)			(0.4)
Stock-based compensation	21.4			21.4
Exercise of stock options and issuance of shares (in shares)			203
Exercise of stock options and issuance of shares	10.7			10.7
Capped call transactions related to the issuance of convertible notes due December 1, 2029	(273.9)			(273.9)
Balance at end of period (in shares) at Dec. 25, 2022			124,413
Balance at end of period at Dec. 25, 2022	1,780.2		$ 0.2	3,660		(1,851.4)		(28.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(99.5)					(99.5)
Unrealized loss on available-for-sale securities	5.5							5.5
Comprehensive loss	(94)
Tax withholding on vested equity awards	(0.4)			(0.4)
Stock-based compensation	20.8			20.8
Exercise of stock options and issuance of shares (in shares)			24
Exercise of stock options and issuance of shares	$ 0.2			0.2
Balance at end of period (in shares) at Mar. 26, 2023	124,437		124,437
Balance at end of period at Mar. 26, 2023	$ 1,706.8		$ 0.2	$ 3,680.6		$ (1,950.9)		$ (23.1)

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Operating activities:
Net loss	$ (216.6)	$ (233.3)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	118.2	97.9
Amortization of debt issuance costs and discount, net of non-cash capitalized interest	5.2	12.9
Loss on extinguishment of debt	0	24.8
Stock-based compensation	62.8	45.2
Loss on disposal or impairment of long-lived assets, including loss on disposal portion of factory optimization and start-up costs	3.7	1
Amortization of (premium) discount on investments, net	(1.3)	4.5
Realized gain on sale of investments	0	(0.3)
Deferred income taxes	0.5	0.7
Changes in operating assets and liabilities:
Accounts receivable, net	(13.8)	(26.5)
Inventories	(59.3)	(61.6)
Prepaid expenses and other assets	(11.1)	(3.3)
Accounts payable, trade	4.1	11.3
Accrued salaries and wages and other liabilities	(7.6)	6.5
Accrued contract liabilities	24.5	(3.2)
Cash used in operating activities	(90.7)	(123.4)
Investing activities:
Purchases of property and equipment	(530.2)	(535.5)
Purchases of patent and licensing rights	(4.7)	(4.2)
Proceeds from sale of property and equipment, including insurance proceeds	1.7	2.7
Purchases of short-term investments	(1,020.5)	(408.2)
Proceeds from maturities of short-term investments	238.4	135.5
Proceeds from sale of short-term investments	81.8	223.2
Reimbursement of property and equipment purchases from long-term incentive agreement	131	83.5
Proceeds from sale of business resulting from the receipt of transaction related note receivable	101.8	125
Cash used in investing activities	(1,000.7)	(378)
Financing activities:
Proceeds from long-term debt borrowings	0	20
Payments on long-term debt borrowings, including finance lease obligations	(0.4)	(20.4)
Proceeds from issuance of common stock	11.4	11.7
Tax withholding on vested equity awards	(17.7)	(26.1)
Proceeds from convertible notes	1,750	750
Payments of debt issuance costs	(31.4)	(17.7)
Cash paid for capped call transactions	(273.9)	(108.2)
Commitment fees on long-term incentive agreement	(1)	(1)
Cash provided by financing activities	1,437	608.3
Effects of foreign exchange changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	345.6	106.9
Cash and cash equivalents, beginning of period	449.5	379
Cash and cash equivalents, end of period	$ 795.1	$ 485.9

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	9 Months Ended
	Mar. 26, 2023
Accounting Policies [Abstract]
Basis of Presentation and New Accounting Standards	Basis of Presentation and New Accounting Standards Overview Wolfspeed, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on Silicon Carbide and gallium nitride (GaN) materials and devices for power and radio-frequency (RF) applications. The Company’s product families include Silicon Carbide and GaN materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. The Company’s materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. The Company’s materials products and RF devices are used in military communications, radar, satellite and telecommunication applications. The majority of the Company's products are manufactured at its production facilities located in North Carolina, California and Arkansas. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. Additionally, the Company recently opened its 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 March 26, 2023, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 26, 2022 has been derived from the audited financial statements as of that date. Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net loss or shareholders’ equity. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 26, 2022 (fiscal 2022) (the 2022 Form 10-K). The results of operations for the three and nine months ended March 26, 2023 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 25, 2023 (fiscal 2023). Recently Adopted Accounting Pronouncements Convertible Debt Instruments In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 adopted this standard on June 27, 2022, the first day of its 2023 fiscal year, under the modified retrospective approach. The adoption resulted in (i) a reduction of additional paid in capital by $333.0 million for the recombination of the equity conversion component of the convertible notes outstanding, which was initially separated and recorded in equity, (ii) an increase in the cumulative convertible note carrying value of $277.9 million as a result of removing previously recorded debt discounts, (iii) a decrease in property, plant and equipment for previously capitalized non-cash interest of $25.4 million and (iv) a decrease to beginning accumulated deficit as of June 27, 2022 of $29.7 million to recognize the cumulative gain on adoption. The Company did not recognize a discrete tax impact related to the opening deferred tax balances as of June 27, 2022 due to a full U.S. valuation allowance. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance. This standard will require entities to provide annual disclosures regarding government assistance. More specifically, the amendments in the standard improve financial reporting by requiring disclosures that increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions; (2) the accounting for those transactions; and (3) the effect of those transactions on an entity's financial statements. An entity can apply the amendments prospectively or retrospectively. The Company adopted this standard on June 27, 2022 and will apply the amendments prospectively. The required disclosures will be reflected in the Company’s Annual Report on Form 10-K for the fiscal year ending June 25, 2023. Accounting Pronouncements Pending Adoption None.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Mar. 26, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On March 1, 2021, the Company completed the sale of certain assets and subsidiaries comprising its former LED Products segment to SMART Global Holdings, Inc. (SGH) and its wholly owned subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART) (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 an unsecured promissory note (the Earnout Note), and (iv) the assumption of certain liabilities. The Purchase Price Note had a maturity date of August 15, 2023, and as explained further below, was prepaid by SGH in full pursuant to its terms, along with outstanding accrued and unpaid interest as of the payment date, in the third quarter of fiscal 2022. The Earnout Note was issued by CreeLED in the fourth quarter of 2022, had a maturity date of March 27, 2025 and as explained further below, was prepaid by CreeLED in full pursuant to its terms, in connection with the forgiveness by the Company of outstanding accrued and unpaid interest as of the payment date, in the first quarter of fiscal 2023. 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. In the third quarter of fiscal 2022, the Company received an early payment for the Purchase Price Note. The principal amount of $125.0 million was paid in full, along with outstanding accrued interest as of the payment date. In the first quarter of fiscal 2023, the Company received an early payment for the Earnout Note. The principal amount of $101.8 million was paid in full and the Company agreed to forgo payment by CreeLED of the outstanding accrued interest as of the payment date. For the three and nine months ended March 26, 2023, the Company recognized $0.6 million and $2.4 million in administrative fees related to the LED RELA, respectively, none of which is included in accounts receivable, net in the consolidated balance sheet as of March 26, 2023. For the three and nine months ended March 27, 2022, the Company recognized $0.9 million and $2.7 million in administrative fees related to the LED RELA, respectively. Fees related to the LED RELA were recorded as lease income, see Note 4, "Leases." For the three and nine months ended March 26, 2023, the Company recognized $1.5 million and $5.2 million in administrative fees related to the LED TSA, respectively, of which $0.5 million is included in accounts receivable, net in the consolidated balance sheet as of March 26, 2023. For the three and nine months ended March 27, 2022, the Company recognized $2.1 million and $7.4 million in administrative fees related to the LED TSA, respectively. 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, none of which was outstanding as of March 26, 2023. For the three and nine months ended March 26, 2023, the Company recognized a net loss of $4.8 million and $7.3 million, respectively, in non-operating income, net related to the Wafer Supply Agreement, of which a receivable of $2.0 million is included in other assets in the consolidated balance sheet as of March 26, 2023. For the three and nine months ended March 27, 2022, the Company recognized a net loss of $0.5 million and $1.4 million, respectively, in non-operating income, net related to the Wafer Supply Agreement.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Mar. 26, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition 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 $72.3 million as of March 26, 2023 and $47.8 million as of June 26, 2022. The increase was primarily due to increased customer reserve deposits and ship and debit reserves. Contract liabilities are recorded within accrued contract liabilities and other long-term liabilities on the consolidated balance sheets. For the three and nine months ended March 26, 2023, the Company did not recognize revenue that was included in contract liabilities as of June 26, 2022. 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 Nine months ended March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Europe $73.2 32.0 % $63.2 33.6 % $212.5 31.0 % $183.0 35.3 % China 63.7 27.9 % 50.4 26.8 % 181.7 26.5 % 143.0 27.6 % Asia Pacific (excluding China) 51.1 22.3 % 30.7 16.3 % 145.0 21.1 % 88.6 17.1 % United States 39.8 17.4 % 42.4 22.6 % 143.5 20.9 % 101.1 19.5 % Other 0.9 0.4 % 1.3 0.7 % 3.4 0.5 % 2.0 0.4 % Total $228.7 $188.0 $686.1 $517.7

Leases

Leases	9 Months Ended
	Mar. 26, 2023
Leases [Abstract]
Leases	Leases The Company primarily leases manufacturing and office spaces. 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 primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's 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: March 26, 2023 June 26, 2022 Right-of-use asset (1) $70.0 $48.5 Current lease liability (2) 5.7 4.6 Non-current lease liability (3) 72.9 43.6 Total operating lease liabilities $78.6 $48.2 Finance Leases: Finance lease assets (4) $9.8 $10.3 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.3 9.6 Total finance lease liabilities $9.8 $10.1 (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 $2.7 million and $7.4 million for the three and nine months ended March 26, 2023, respectively, and $1.8 million and $6.6 million for the three and nine months ended March 27, 2022, respectively. Short-term lease expense, variable lease expense and sublease income were immaterial for the three and nine months ended March 26, 2023 and March 27, 2022. Finance lease amortization was $0.2 million and $0.6 million and interest expense was $0.1 million and $0.2 million for the three and nine months ended March 26, 2023, respectively. Finance lease amortization was $0.2 million and $0.9 million and interest expense was less than $0.1 million and $0.2 million for the three and nine months ended March 27, 2022, respectively. Cash Flows Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 Cash (used in) provided by operating activities: Cash paid for operating leases ($4.7) ($5.8) Cash received from tenant improvement allowance on operating lease 7.4 — Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of March 26, 2023 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 25, 2023 (remainder of fiscal 2023) $1.8 $0.3 $2.1 June 30, 2024 10.3 0.7 11.0 June 29, 2025 11.1 0.7 11.8 June 28, 2026 10.8 0.7 11.5 June 27, 2027 9.5 0.4 9.9 Thereafter 81.2 14.1 95.3 Total lease payments 124.7 16.9 141.6 Future tenant improvement allowances (14.1) — (14.1) Imputed lease interest (32.0) (7.1) (39.1) Total lease liabilities $78.6 $9.8 $88.4 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 146 470 Weighted average discount rate (2) 4.62 % 2.69 % (1) Weighted average remaining lease term of finance leases excluding the 49-year ground lease is 42 months. (2) Weighted average discount rate of finance leases excluding the 49-year ground lease is 3.55%. 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 leased 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 was 24 months and expired on February 26, 2023. The Company recognized lease income of $0.6 million and $2.4 million for the three and nine months ended March 26, 2023, respectively. The Company recognized lease income of $0.9 million and $2.7 million for the three and nine months ended March 27, 2022, respectively. The Company did not recognize any variable lease income for the three and nine months ended March 26, 2023 and March 27, 2022.
Leases	Leases The Company primarily leases manufacturing and office spaces. 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 primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's 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: March 26, 2023 June 26, 2022 Right-of-use asset (1) $70.0 $48.5 Current lease liability (2) 5.7 4.6 Non-current lease liability (3) 72.9 43.6 Total operating lease liabilities $78.6 $48.2 Finance Leases: Finance lease assets (4) $9.8 $10.3 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.3 9.6 Total finance lease liabilities $9.8 $10.1 (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 $2.7 million and $7.4 million for the three and nine months ended March 26, 2023, respectively, and $1.8 million and $6.6 million for the three and nine months ended March 27, 2022, respectively. Short-term lease expense, variable lease expense and sublease income were immaterial for the three and nine months ended March 26, 2023 and March 27, 2022. Finance lease amortization was $0.2 million and $0.6 million and interest expense was $0.1 million and $0.2 million for the three and nine months ended March 26, 2023, respectively. Finance lease amortization was $0.2 million and $0.9 million and interest expense was less than $0.1 million and $0.2 million for the three and nine months ended March 27, 2022, respectively. Cash Flows Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 Cash (used in) provided by operating activities: Cash paid for operating leases ($4.7) ($5.8) Cash received from tenant improvement allowance on operating lease 7.4 — Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of March 26, 2023 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 25, 2023 (remainder of fiscal 2023) $1.8 $0.3 $2.1 June 30, 2024 10.3 0.7 11.0 June 29, 2025 11.1 0.7 11.8 June 28, 2026 10.8 0.7 11.5 June 27, 2027 9.5 0.4 9.9 Thereafter 81.2 14.1 95.3 Total lease payments 124.7 16.9 141.6 Future tenant improvement allowances (14.1) — (14.1) Imputed lease interest (32.0) (7.1) (39.1) Total lease liabilities $78.6 $9.8 $88.4 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 146 470 Weighted average discount rate (2) 4.62 % 2.69 % (1) Weighted average remaining lease term of finance leases excluding the 49-year ground lease is 42 months. (2) Weighted average discount rate of finance leases excluding the 49-year ground lease is 3.55%. 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 leased 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 was 24 months and expired on February 26, 2023. The Company recognized lease income of $0.6 million and $2.4 million for the three and nine months ended March 26, 2023, respectively. The Company recognized lease income of $0.9 million and $2.7 million for the three and nine months ended March 27, 2022, respectively. The Company did not recognize any variable lease income for the three and nine months ended March 26, 2023 and March 27, 2022.
Leases	Leases The Company primarily leases manufacturing and office spaces. 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 primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's 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: March 26, 2023 June 26, 2022 Right-of-use asset (1) $70.0 $48.5 Current lease liability (2) 5.7 4.6 Non-current lease liability (3) 72.9 43.6 Total operating lease liabilities $78.6 $48.2 Finance Leases: Finance lease assets (4) $9.8 $10.3 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.3 9.6 Total finance lease liabilities $9.8 $10.1 (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 $2.7 million and $7.4 million for the three and nine months ended March 26, 2023, respectively, and $1.8 million and $6.6 million for the three and nine months ended March 27, 2022, respectively. Short-term lease expense, variable lease expense and sublease income were immaterial for the three and nine months ended March 26, 2023 and March 27, 2022. Finance lease amortization was $0.2 million and $0.6 million and interest expense was $0.1 million and $0.2 million for the three and nine months ended March 26, 2023, respectively. Finance lease amortization was $0.2 million and $0.9 million and interest expense was less than $0.1 million and $0.2 million for the three and nine months ended March 27, 2022, respectively. Cash Flows Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 Cash (used in) provided by operating activities: Cash paid for operating leases ($4.7) ($5.8) Cash received from tenant improvement allowance on operating lease 7.4 — Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of March 26, 2023 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 25, 2023 (remainder of fiscal 2023) $1.8 $0.3 $2.1 June 30, 2024 10.3 0.7 11.0 June 29, 2025 11.1 0.7 11.8 June 28, 2026 10.8 0.7 11.5 June 27, 2027 9.5 0.4 9.9 Thereafter 81.2 14.1 95.3 Total lease payments 124.7 16.9 141.6 Future tenant improvement allowances (14.1) — (14.1) Imputed lease interest (32.0) (7.1) (39.1) Total lease liabilities $78.6 $9.8 $88.4 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 146 470 Weighted average discount rate (2) 4.62 % 2.69 % (1) Weighted average remaining lease term of finance leases excluding the 49-year ground lease is 42 months. (2) Weighted average discount rate of finance leases excluding the 49-year ground lease is 3.55%. 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 leased 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 was 24 months and expired on February 26, 2023. The Company recognized lease income of $0.6 million and $2.4 million for the three and nine months ended March 26, 2023, respectively. The Company recognized lease income of $0.9 million and $2.7 million for the three and nine months ended March 27, 2022, respectively. The Company did not recognize any variable lease income for the three and nine months ended March 26, 2023 and March 27, 2022.

Financial Statement Details

Financial Statement Details	9 Months Ended
	Mar. 26, 2023
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) March 26, 2023 June 26, 2022 Billed trade receivables $161.0 $148.0 Unbilled contract receivables 2.8 2.7 Royalties 0.9 0.7 164.7 151.4 Allowance for bad debts (0.7) (1.2) Accounts receivable, net $164.0 $150.2 Changes in the Company’s allowance for bad debts were as follows: (in millions of U.S. Dollars) March 26, 2023 Balance at beginning of period $1.2 Current period provision change (0.5) Write-offs, net of recoveries — Balance at end of period $0.7 Inventories Inventories consisted of the following: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Raw material $87.3 $60.2 Work-in-progress 172.9 135.9 Finished goods 28.7 30.9 Inventories $288.9 $227.0 Other Current Assets Other current assets consisted of the following: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Reimbursement receivable on long-term incentive agreement $86.9 $132.5 Accrued interest receivable 12.0 5.9 Inventory related to Wafer Supply Agreement 4.0 3.9 VAT receivables 3.3 0.2 Receivable on Wafer Supply Agreement 2.0 2.7 Other receivables 1.6 2.2 Deferred product costs 0.4 2.5 Other 1.8 1.5 Other current assets $112.0 $151.4 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Accounts payable, trade $45.3 $57.8 Accrued salaries and wages 71.4 80.6 Accrued property and equipment 306.0 132.1 Accrued expenses and other 99.5 37.2 Accounts payable and accrued expenses $522.2 $307.7 Other Operating Expense Other operating expense consisted of the following: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Factory start-up costs 44.7 21.4 120.7 41.0 Project, transformation and transaction costs 3.9 1.2 11.4 5.3 Factory optimization restructuring (1) — 0.8 — 5.5 Severance costs 0.5 0.5 2.0 0.5 Other operating expense $49.1 $23.9 $134.1 $52.3 (1) Factory optimization restructuring costs relate to the Company's multi-year factory optimization restructuring plan, which was implemented in connection with the Company's expansion activities between fiscal 2019 and fiscal 2022. As part of the factory optimization restructuring plan, the Company incurred restructuring charges associated with the movement of equipment as well as disposals on certain long-lived assets. The factory optimization restructuring plan concluded in fiscal 2022. Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $23.1 million and $25.3 million of net unrealized losses on available-for-sale securities as of March 26, 2023 and June 26, 2022, respectively. Amounts for both periods include a $2.4 million loss related to tax on unrealized loss on available-for-sale securities. Reclassifications Out of Accumulated Other Comprehensive Loss Reclassifications out of accumulated other comprehensive loss was a loss of less than $0.1 million for both the three and nine months ended March 26, 2023 and a less than $0.1 million gain and a $0.3 million gain for the three and nine months ended March 27, 2022, respectively. Amounts were reclassified to non-operating (income) expense, net on the consolidated statements of operations. Non-Operating (Income) Expense, net The following table summarizes the components of non-operating (income) expense, net: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Interest income (22.2) (2.8) (38.1) (7.8) Interest expense, net of capitalized interest 14.1 5.1 26.7 17.1 Gain on arbitration proceedings (1) — — (50.3) — Loss on debt extinguishment (2) — — — 24.8 Loss on Wafer Supply Agreement 4.8 0.5 7.3 1.4 Loss on early payment of transaction-related note receivable (3) — 1.2 — 1.2 Gain on sale of investments, net — — — (0.3) Other, net 0.4 (0.2) 1.0 (0.7) Non-operating (income) expense, net ($2.9) $3.8 ($53.4) $35.7 (1) In the first quarter of fiscal 2023, the Company received an arbitration award in relation to a former customer failing to fulfill contractual obligations to purchase a certain amount of product over a period of time. In the second quarter of fiscal 2023, a final payment, net of legal fees, was received. The arbitration award is recognized as non-operating income, net of legal fees incurred. (2) As discussed further in Note 9, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 2023 Notes (as defined below) were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash. (3) As discussed further in Note 2, "Discontinued Operations," in the third quarter of fiscal 2022, the Company recognized a loss of $1.2 million related to the early payment of the Purchase Price Note. Statements of Cash Flows - non-cash activities Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 Lease asset and liability additions $26.7 $6.3 Lease asset and liability modifications, net 0.5 3.3 Lease terminations — (0.2) Settlement of 2023 Notes in shares of common stock (1) — 416.1 Decrease in property, plant and equipment from investment tax credit receivables 106.0 — Decrease in property, plant and equipment from long-term incentive related receivables 85.2 137.3 (1) As discussed further in Note 9, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 2023 Notes were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash. Accrued property and equipment as of March 26, 2023 and March 27, 2022 was $306.0 million and $88.3 million, respectively.

Investments

Investments	9 Months Ended
	Mar. 26, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Short-term investments consisted of the following (in millions of U.S. Dollars): March 26, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Corporate bonds $612.8 $0.1 ($16.7) $— $596.2 U.S. treasury securities 299.0 0.4 (0.8) — 298.6 Certificates of deposit 203.5 — — — 203.5 Municipal bonds 191.3 0.1 (3.8) — 187.6 U.S. agency securities 76.9 0.1 (0.1) — 76.9 Variable rate demand notes 55.6 — — — 55.6 Commercial paper 34.7 — — — 34.7 Total short-term investments $1,473.8 $0.7 ($21.4) $— $1,453.1 June 26, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Corporate bonds $465.8 $— ($17.8) $— $448.0 Municipal bonds 166.5 0.1 (4.4) — 162.2 U.S. treasury securities 66.5 — (0.7) — 65.8 Variable rate demand notes 69.4 — — — 69.4 U.S. agency securities 4.0 — (0.1) — 3.9 Total short-term investments $772.2 $0.1 ($23.0) $— $749.3 All short-term investments are classified as available-for-sale. The Company did not have any long-term investments as of March 26, 2023 and June 26, 2022. The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in millions of U.S. Dollars): March 26, 2023 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $176.5 ($0.5) $352.4 ($16.3) $528.9 ($16.8) Municipal bonds 22.1 (0.1) 112.4 (3.7) 134.5 (3.8) U.S. treasury securities 54.6 — 31.2 (0.7) 85.8 (0.7) U.S. agency securities 26.5 — 1.9 (0.1) 28.4 (0.1) Total $279.7 ($0.6) $497.9 ($20.8) $777.6 ($21.4) Number of securities with an unrealized loss 67 262 329 June 26, 2022 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $431.1 ($17.4) $8.3 ($0.4) $439.4 ($17.8) Municipal bonds 150.0 (4.4) 1.0 — 151.0 (4.4) U.S. treasury securities 65.8 (0.7) — — 65.8 (0.7) U.S. agency securities 3.9 (0.1) — — 3.9 (0.1) Total $650.8 ($22.6) $9.3 ($0.4) $660.1 ($23.0) Number of securities with an unrealized loss 346 5 351 Additionally, the Company held cash equivalent securities in unrealized loss positions as of March 26, 2023 and June 26, 2022. As of March 26, 2023, the Company held one cash equivalent security in an unrealized loss position with a fair value of $14.8 million and an unrealized loss of less than $0.1 million. As of June 26, 2022, the Company held six cash equivalent securities in unrealized loss positions with an aggregate fair value of $69.0 million and an aggregate unrealized loss of less than $0.1 million. All cash equivalents in unrealized loss positions as of March 26, 2023 and June 26, 2022 have been in unrealized loss positions for less than 12 months. 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 $12.0 million and $5.9 million as of March 26, 2023 and June 26, 2022, 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 and nine months ended March 26, 2023 and March 27, 2022. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses are included in non-operating (income) 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 March 26, 2023 until the investments fully recover in market value. No allowance for credit losses was recorded as of March 26, 2023. The contractual maturities of short-term investments as of March 26, 2023 were as follows: (in millions of U.S. Dollars) Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Corporate bonds $356.5 $239.7 $— $— $596.2 U.S. treasury securities 249.1 49.5 — — 298.6 Certificates of deposit 203.5 — — — 203.5 Municipal bonds 88.9 96.3 — 2.4 187.6 U.S. agency securities 56.9 20.0 — — 76.9 Variable rate demand notes — — 14.7 40.9 55.6 Commercial paper 34.7 — — — 34.7 Total short-term investments $989.6 $405.5 $14.7 $43.3 $1,453.1

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Mar. 26, 2023
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. Because 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 March 26, 2023 and June 26, 2022, financial assets utilizing Level 1 inputs included U.S. treasury securities and money market funds. Financial assets utilizing Level 2 inputs included commercial paper, certificates of deposit, corporate bonds, municipal bonds, variable rate demand notes and U.S. agency securities. Level 2 assets are valued based on quoted prices in active markets for instruments that are similar or using a third-party pricing service’s consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company did not have any financial assets requiring the use of Level 3 inputs as of March 26, 2023 and June 26, 2022. The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: March 26, 2023 June 26, 2022 (in millions of U.S. Dollars) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $208.3 $— $208.3 $115.9 $— $115.9 U.S. treasury securities 144.6 — 144.6 69.0 — 69.0 Commercial paper — 12.4 12.4 — 59.4 59.4 Total cash equivalents 352.9 12.4 365.3 184.9 59.4 244.3 Short-term investments: Corporate bonds — 596.2 596.2 — 448.0 448.0 U.S. treasury securities 298.6 — 298.6 65.8 — 65.8 Certificates of deposit — 203.5 203.5 — — — Municipal bonds — 187.6 187.6 — 162.2 162.2 U.S. agency securities — 76.9 76.9 — 3.9 3.9 Variable rate demand notes — 55.6 55.6 — 69.4 69.4 Commercial paper — 34.7 34.7 — — — Total short-term investments 298.6 1,154.5 1,453.1 65.8 683.5 749.3 Total cash equivalents and short-term investments $651.5 $1,166.9 $1,818.4 $250.7 $742.9 $993.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Mar. 26, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill There were no changes to goodwill during the nine months ended March 26, 2023. Intangible Assets, net The following table presents the components of intangible assets, net: March 26, 2023 June 26, 2022 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $96.8 ($35.8) $61.0 $96.8 ($31.2) $65.6 Developed technology 68.0 (37.3) 30.7 68.0 (33.6) 34.4 Non-compete agreements 12.2 (12.2) — 12.2 (12.2) — Acquisition related intangible assets 177.0 (85.3) 91.7 177.0 (77.0) 100.0 Patent and licensing rights 63.4 (37.1) 26.3 65.5 (40.1) 25.4 Total intangible assets $240.4 ($122.4) $118.0 $242.5 ($117.1) $125.4 Total amortization of acquisition-related intangibles assets was $2.6 million and $8.3 million for the three and nine months ended March 26, 2023, respectively, and $3.4 million and $10.6 million for the three and nine months ended March 27, 2022, respectively. Total amortization of patents and licensing rights was $1.2 million and $3.7 million for the three and nine months ended March 26, 2023, respectively, and $1.3 million and $4.1 million for the three and nine months ended March 27, 2022, 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 25, 2023 (remainder of fiscal 2023) $2.7 $1.2 $3.9 June 30, 2024 10.4 4.2 14.6 June 29, 2025 10.4 3.3 13.7 June 28, 2026 9.3 2.5 11.8 June 27, 2027 9.3 2.0 11.3 Thereafter 49.6 13.1 62.7 Total future amortization expense $91.7 $26.3 $118.0

Long-term Debt

Long-term Debt	9 Months Ended
	Mar. 26, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Revolving Line of Credit As of March 26, 2023, 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, 2026. 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 March 26, 2023, the Company had no outstanding borrowings under the Credit Agreement, $125.0 million in available commitments under the Credit Agreement and $125.0 million available for borrowing. For the three and nine months ended March 26, 2023, the average interest rate was 0.00% due to no borrowings. As of March 26, 2023, the unused line fee on available borrowings is 25 basis points. 2023 Convertible Notes On August 24, 2018, the Company sold $500.0 million aggregate principal amount of 0.875% convertible senior notes due September 1, 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and an additional $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (collectively, the 2023 Notes). The total net proceeds from the 2023 Notes offering was approximately $562.1 million. As discussed further below, the Company repurchased approximately $150.2 million aggregate principal amount of the 2023 Notes using a portion of net proceeds from the sale of an additional convertible note offering (the 2026 Notes, as defined and explained below) in April 2020. On December 8, 2021 (the Redemption Notice Date), the Company issued a notice (the Redemption Notice) to holders of the 2023 Notes calling all outstanding 2023 Notes for redemption. The Redemption Notice designated December 23, 2021 as the redemption date (the Redemption Date). On the Redemption Date, the Redemption Price (as defined below) would have become due and payable on each of the 2023 Notes to be redeemed, and interest thereon would cease to accrue. However, any 2023 Notes called for redemption would not be redeemed if such note was converted before the Redemption Date. The Redemption Price for the 2023 Notes called for redemption was an amount in cash equal to the principal amount of such note plus accrued and unpaid interest on such note to, but excluding, the Redemption Date, which equated to a Redemption Price of $1,002.72222 per $1,000 principal amount of 2023 Notes (the Redemption Price). As of the Redemption Notice Date, the conversion rate of the 2023 Notes was 16.6745 shares of the Company's common stock per $1,000 principal amount of such notes. However, in accordance with the Indenture, dated as of August 24, 2018, between the Company and U.S. Bank National Association, as trustee, which governed the terms of the 2023 Notes, the conversion rate for 2023 Notes that were converted after the Redemption Notice Date was increased to 16.7769 shares of the Company's common stock per $1,000 principal amount of such notes. Before the Redemption Date, all outstanding 2023 Notes were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in approximately 7.1 million shares of the Company's common stock, with cash in lieu of any fractional shares. The fair value of shares issued upon conversion of all outstanding 2023 Notes was $788.0 million. The amount of cash paid for fractional shares was immaterial. 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 2026 Notes offering 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 business day period after any ten consecutive trading day period in which the trading price per $1.0 thousand principal amount of 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of its common stock and the conversion rate on each such trading day; (3) if the Company calls such 2026 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 3, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2026 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The Company used approximately $144.3 million of the net proceeds from the sale of the 2026 Notes in April 2020 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. 2028 Convertible Notes On February 3, 2022, the Company sold $650.0 million aggregate principal amount of 0.25% convertible senior notes due February 15, 2028 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and an additional $100.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2028 Notes). The total net proceeds from the 2028 Notes offering was approximately $732.3 million. The Company used approximately $108.2 million of the net proceeds from the 2028 Notes to fund the cost of entering into capped call transactions, as described below. The conversion rate will initially be 7.8602 shares of common stock per one thousand dollars in principal amount of 2028 Notes (equivalent to an initial conversion price of approximately $127.22 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 2028 Notes in connection with such a corporate event, or who elects to convert any 2028 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2028 Notes prior to February 18, 2025. The Company may redeem for cash all or any portion of the 2028 Notes, at its option, on a redemption date occurring on or after February 18, 2025 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 2028 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 2028 Notes at a fundamental repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders may convert their 2028 Notes at their option at any time prior to the close of business on the business day immediately preceding August 16, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending March 31, 2022 (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 business day period after any ten consecutive trading day period in which the trading price per $1.0 thousand principal amount of 2028 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of its common stock and the conversion rate on each such trading day; (3) if the Company calls such 2028 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after August 16, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2028 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. Capped Call Transactions in relation to the 2028 Notes On January 31, 2022, in connection with the pricing of the 2028 Notes, the Company entered into privately negotiated capped call transactions with certain of the initial purchasers or affiliates thereof (the 2028 Notes Capped Call Counterparties). In connection with the exercise by the initial purchasers of their option to purchase additional notes, the Company entered into additional privately negotiated capped call transactions (such transactions, collectively, the 2028 Notes Capped Call Transactions) with each of the 2028 Notes Capped Call Counterparties. The 2028 Notes Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the 2028 Notes. The 2028 Notes Capped Call Transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2028 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2028 Notes, as the case may be, with such reduction and/or offset subject to a cap which initially is $212.04 per share, representing a premium of 125% over the last reported sale price per share of our common stock on January 31, 2022, subject to certain adjustments under the terms of the 2028 Notes Capped Call Transactions. The 2028 Notes Capped Call Transactions are separate transactions entered into by the Company with each of the 2028 Notes Capped Call Counterparties, are not part of the terms of the 2028 Notes, and do not affect any holder’s rights under the 2028 Notes. Holders of the 2028 Notes do not have any rights with respect to the 2028 Notes Capped Call Transactions. 2029 Convertible Notes On November 21, 2022, the Company sold $1,525.0 million aggregate principal amount of 1.875% convertible senior notes due December 1, 2029 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and an additional $225.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2029 Notes). The total net proceeds from the 2029 Notes offering was approximately $1,718.6 million. The Company used approximately $273.9 million of the net proceeds from the 2029 Notes to fund the cost of entering into capped call transactions, as described below. The conversion rate will initially be 8.4118 shares of common stock per one thousand dollars in principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $118.88 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 2029 Notes in connection with such a corporate event, or who elects to convert any 2029 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2029 Notes prior to December 4, 2026. The Company may redeem for cash all or any portion of the 2029 Notes, at its option, on a redemption date occurring on or after December 4, 2026 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 2029 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 2029 Notes at a fundamental repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders may convert their 2029 Notes at their option at any time prior to the close of business on the business day immediately preceding June 1, 2029 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ended March 31, 2023 (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 business day period after any ten consecutive trading day period in which the trading price per $1.0 thousand principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of its common stock and the conversion rate on each such trading day; (3) if the Company calls such 2029 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after June 1, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2029 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. Capped Call Transactions in relation to the 2029 Notes On November 16, 2022, in connection with the pricing of the 2029 Notes, the Company entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and another financial institution (the 2029 Notes Capped Call Counterparties). In connection with the exercise by the initial purchasers of their option to purchase additional notes, the Company entered into additional privately negotiated capped call transactions (such transactions, collectively, the 2029 Notes Capped Call Transactions) with each of the 2029 Notes Capped Call Counterparties. The 2029 Notes Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the 2029 Notes. The 2029 Notes Capped Call Transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2029 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2029 Notes, as the case may be, with such reduction and/or offset subject to a cap which initially is $202.538 per share, representing a premium of 130% over the last reported sale price per share of our common stock on November 16, 2022, subject to certain adjustments under the terms of the 2029 Notes Capped Call Transactions. The 2029 Notes Capped Call Transactions are separate transactions entered into by the Company with each of the 2029 Notes Capped Call Counterparties, are not part of the terms of the 2029 Notes, and do not affect any holder’s rights under the 2029 Notes. Holders of the 2029 Notes do not have any rights with respect to the 2029 Notes Capped Call Transactions. Accounting for 2023 Notes, 2026 Notes, 2028 Notes and 2029 Notes In accounting for the issuance of the 2023 Notes, 2026 Notes and 2028 Notes, the Company separated such notes into liability and equity components. The carrying amount of the equity component representing the conversion option was $110.6 million, $145.4 million and $187.6 million for the 2023 Notes, 2026 Notes and 2028 Notes, respectively. The amounts were determined by deducting the fair value of the liability component from the par value of each of the 2023 Notes, 2026 Notes and 2028 Notes. Due to the partial extinguishment of the 2023 Notes in connection with the issuance of the 2026 Notes, the equity component of the 2023 Notes was reduced by $27.7 million during the fourth quarter of fiscal 2020. As a result of the full conversion of all outstanding 2023 Notes, the Company remeasured the outstanding liability for the 2023 Notes using a market rate for debt without a conversion option (the Market Rate) as of the Redemption Notice Date. The Company performed a present value calculation using the Market Rate and determined the fair value of the debt as of the Redemption Notice Date was $416.1 million, $24.7 million higher than the carrying value of the 2023 Notes as of the Redemption Notice Date. As a result, the Company recorded a loss on extinguishment of $24.8 million, which included a $0.1 million loss on extinguishment expense related to third party fees. Additionally, the equity component of the 2023 Notes was reduced to zero. Upon adoption of ASU 2020-06 on June 27, 2022, the first day of fiscal 2023, the unamortized discounts on the 2026 Notes and 2028 Notes were eliminated and the liability and equity components relating to the debt issuance costs for the 2026 Notes and 2028 Notes are now presented as a single liability. Debt issuance costs in relation to the 2029 Notes were accounted for as a reduction of the principal balance and will be amortized over the term of the 2029 Notes. The 2026 Notes, 2028 Notes and 2029 Notes (the Outstanding 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 Outstanding 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 Outstanding Notes is as follows: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Principal $3,075.0 $1,325.0 Unamortized discount and issuance costs (51.7) (303.4) Net carrying amount $3,023.3 $1,021.6 The net carrying amount of the equity component of the Outstanding Notes is as follows: (in millions of U.S. Dollars) March 26, 2023 (1) June 26, 2022 Discount related to value of conversion option $— $341.1 Debt issuance costs — (8.1) Net carrying amount $— $333.0 (1) As discussed above, the equity components of the 2026 Notes and 2028 Notes were eliminated upon adoption of ASU 2020-06 on June 27, 2022, the first day of fiscal 2023. The interest expense, net recognized related to the Outstanding Notes is as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Interest expense, net of capitalized interest $11.0 $0.2 $19.7 $2.1 Amortization of discount and debt issuance costs, net of capitalized interest 2.3 3.9 5.2 12.9 Total interest expense, net $13.3 $4.1 $24.9 $15.0 The Company capitalizes interest in connection with ongoing capacity expansions. For both the three and nine months ended March 26, 2023, the Company capitalized $0.2 million of interest expense and less than $0.1 million of amortization of issuance costs. For the three and nine months ended March 27, 2022, the Company capitalized $2.4 million and $7.3 million of interest expense, respectively, and $5.9 million and $17.1 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 the 2026 Notes for at least 20 trading days in the 30 consecutive trading days ended on March 31, 2023. As a result, the 2026 Notes are convertible at the option of the holders through June 30, 2023. As of March 26, 2023, the if-converted value of the 2026 Notes exceeded their respective principal amounts by $169.9 million. The estimated fair value of the Outstanding Notes is $3.0 billion as of March 26, 2023, as determined by a Level 2 valuation.

Loss Per Share

Loss Per Share	9 Months Ended
	Mar. 26, 2023
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 Nine months ended (in millions of U.S. Dollars, except share data) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Net loss ($99.5) ($66.5) ($216.6) ($233.3) Weighted average shares - basic and diluted (in thousands) 124,439 123,597 124,273 118,917 Loss per share - basic and diluted ($0.80) ($0.54) ($1.74) ($1.96) 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. For both the three and nine months ended March 26, 2023, 2.9 million of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. For the three and nine months ended March 27, 2022, 2.3 million and 2.4 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 the 2026 Notes, 2028 Notes and 2029 Notes under certain conditions as described in Note 9, “Long-term Debt.”

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 26, 2023
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 its 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’s stock-based awards can be either service-based or performance-based. Performance-based conditions may be tied to future financial and/or operating performance of the Company, external based market metrics or internal performance metrics. 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 March 26, 2023 and changes during the nine months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 26, 2022 69 $25.12 Granted — $— Exercised (36) $25.54 Forfeited or expired (2) $27.09 Outstanding at March 26, 2023 31 $24.52 Restricted Stock Units A summary of nonvested restricted stock unit awards (RSUs) outstanding as of March 26, 2023 and changes during the nine months then ended is as follows: (unit awards in thousands) Number of RSUs Weighted Average Grant-Date Fair Value Nonvested at June 26, 2022 1,894 $75.67 Granted 1,375 $87.57 Vested (649) $67.15 Forfeited (209) $77.72 Nonvested at March 26, 2023 2,411 $84.57 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 service-based RSUs and performance-based RSUs with internal metrics, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. For performance-based RSUs, 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. This fair value is then amortized to compensation expense over the requisite service period or vesting term. For performance-based 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. 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. These assumptions 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 Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Cost of revenue, net $5.8 $4.2 $17.7 $11.5 Research and development 3.4 2.3 12.0 7.3 Sales, general and administrative 10.4 8.7 33.1 26.4 Total stock-based compensation expense $19.6 $15.2 $62.8 $45.2 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	9 Months Ended
	Mar. 26, 2023
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., (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 March 26, 2023, the Company has concluded that it is necessary to recognize a full valuation allowance against its U.S. deferred tax assets. 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 26, 2022, the Company's liability for unrecognized tax benefits was $7.2 million. During the nine months ended March 26, 2023, the Company recognized a $0.2 million decrease to the liability for unrecognized tax benefits due to statute expiration. As a result, the total liability for unrecognized tax benefits as of March 26, 2023 was $7.0 million. If any portion of this $7.0 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 $1.5 million of gross unrecognized tax benefits will change in the next 12 months as a result of statutory 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 2018. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2018. For foreign purposes, the Company is generally no longer subject to examination for tax periods prior to 2012. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 26, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is currently a party to various legal proceedings, including the case described below. 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. In October 2021, The Trustees of Purdue University (Purdue) filed a complaint against the Company in the U.S. District Court for the Middle District of North Carolina, alleging infringement of U.S. Patent Nos. 7,498,633 (the '633 Patent), entitled "High-voltage power semiconductor device," and 8,035,112 (the '112 Patent), entitled "SIC power DMOSFET with self-aligned source contact." In the complaint, Purdue also alleges willful infringement, and seeks unspecified monetary damages and attorneys’ fees. In August 2022, Purdue voluntarily withdrew all allegations as to the '112 Patent after having disclaimed all rights to that patent. The Company denies Purdue’s remaining allegations and has developed numerous defenses, including non-infringement, multiple invalidity grounds, and unenforceability due to inequitable conduct before the U.S. Patent & Trademark Office. The litigation with Purdue is in the middle of fact discovery, and trial is currently scheduled to begin in August 2024. Due to the stage of the case, the Company is unable to estimate the possible range of loss, if any, at this time. 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 its 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 $2.7 million to $5.2 million per year through fiscal 2031. As of March 26, 2023, the Company has reduced property and equipment, net by a total of $370.3 million as a result of GDA reimbursements, of which $280.7 million has been received in cash and an additional $89.6 million in receivables are recorded in other current assets and in other assets in the consolidated balance sheet. The Company started receiving cash reimbursements in the fourth quarter of fiscal 2021. Supply Commitments In the third quarter of fiscal 2023, the Company entered into an agreement with a supplier which requires a minimum commitment of product purchases on a take-or-pay basis of $200.0 million over the next five years. During the three and nine months ended March 26, 2023, the Company purchased $3.5 million of product under this agreement. As of March 26, 2023, minimum future product purchases for fiscal years 2024, 2025, 2026, 2027 and 2028 are $9.9 million, $26.8 million, $36.0 million, $50.1 million and $73.7 million, respectively. In addition, the Company will pay quarterly capacity reservation deposits through the second quarter of fiscal 2026. The capacity reservation deposits will total $60.0 million and are refundable through credits on future product purchases. The Company paid $5.5 million in the third quarter of fiscal 2023 in connection with the agreement, which is recognized in prepaid expenses on the consolidated balance sheet.

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	9 Months Ended
	Mar. 26, 2023
Accounting Policies [Abstract]
Overview	Overview Wolfspeed, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on Silicon Carbide and gallium nitride (GaN) materials and devices for power and radio-frequency (RF) applications. The Company’s product families include Silicon Carbide and GaN materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. The Company’s materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. The Company’s materials products and RF devices are used in military communications, radar, satellite and telecommunication applications. The majority of the Company's products are manufactured at its production facilities located in North Carolina, California and Arkansas. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. Additionally, the Company recently opened its 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 March 26, 2023, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 26, 2022 has been derived from the audited financial statements as of that date. Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net loss or shareholders’ equity. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 26, 2022 (fiscal 2022) (the 2022 Form 10-K). The results of operations for the three and nine months ended March 26, 2023 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 25, 2023 (fiscal 2023).
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements Convertible Debt Instruments In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 adopted this standard on June 27, 2022, the first day of its 2023 fiscal year, under the modified retrospective approach. The adoption resulted in (i) a reduction of additional paid in capital by $333.0 million for the recombination of the equity conversion component of the convertible notes outstanding, which was initially separated and recorded in equity, (ii) an increase in the cumulative convertible note carrying value of $277.9 million as a result of removing previously recorded debt discounts, (iii) a decrease in property, plant and equipment for previously capitalized non-cash interest of $25.4 million and (iv) a decrease to beginning accumulated deficit as of June 27, 2022 of $29.7 million to recognize the cumulative gain on adoption. The Company did not recognize a discrete tax impact related to the opening deferred tax balances as of June 27, 2022 due to a full U.S. valuation allowance. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance. This standard will require entities to provide annual disclosures regarding government assistance. More specifically, the amendments in the standard improve financial reporting by requiring disclosures that increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions; (2) the accounting for those transactions; and (3) the effect of those transactions on an entity's financial statements. An entity can apply the amendments prospectively or retrospectively. The Company adopted this standard on June 27, 2022 and will apply the amendments prospectively. The required disclosures will be reflected in the Company’s Annual Report on Form 10-K for the fiscal year ending June 25, 2023. Accounting Pronouncements Pending Adoption None.
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. Because 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Mar. 26, 2023
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 Nine months ended March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Europe $73.2 32.0 % $63.2 33.6 % $212.5 31.0 % $183.0 35.3 % China 63.7 27.9 % 50.4 26.8 % 181.7 26.5 % 143.0 27.6 % Asia Pacific (excluding China) 51.1 22.3 % 30.7 16.3 % 145.0 21.1 % 88.6 17.1 % United States 39.8 17.4 % 42.4 22.6 % 143.5 20.9 % 101.1 19.5 % Other 0.9 0.4 % 1.3 0.7 % 3.4 0.5 % 2.0 0.4 % Total $228.7 $188.0 $686.1 $517.7

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 26, 2023
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: March 26, 2023 June 26, 2022 Right-of-use asset (1) $70.0 $48.5 Current lease liability (2) 5.7 4.6 Non-current lease liability (3) 72.9 43.6 Total operating lease liabilities $78.6 $48.2 Finance Leases: Finance lease assets (4) $9.8 $10.3 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.3 9.6 Total finance lease liabilities $9.8 $10.1 (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 (1) : Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 Cash (used in) provided by operating activities: Cash paid for operating leases ($4.7) ($5.8) Cash received from tenant improvement allowance on operating lease 7.4 — Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 146 470 Weighted average discount rate (2) 4.62 % 2.69 % (1) Weighted average remaining lease term of finance leases excluding the 49-year ground lease is 42 months. (2) Weighted average discount rate of finance leases excluding the 49-year ground lease is 3.55%.
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating and finance lease liabilities as of March 26, 2023 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 25, 2023 (remainder of fiscal 2023) $1.8 $0.3 $2.1 June 30, 2024 10.3 0.7 11.0 June 29, 2025 11.1 0.7 11.8 June 28, 2026 10.8 0.7 11.5 June 27, 2027 9.5 0.4 9.9 Thereafter 81.2 14.1 95.3 Total lease payments 124.7 16.9 141.6 Future tenant improvement allowances (14.1) — (14.1) Imputed lease interest (32.0) (7.1) (39.1) Total lease liabilities $78.6 $9.8 $88.4
Schedule of Maturities of Finance Lease Liabilities	Maturities of operating and finance lease liabilities as of March 26, 2023 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 25, 2023 (remainder of fiscal 2023) $1.8 $0.3 $2.1 June 30, 2024 10.3 0.7 11.0 June 29, 2025 11.1 0.7 11.8 June 28, 2026 10.8 0.7 11.5 June 27, 2027 9.5 0.4 9.9 Thereafter 81.2 14.1 95.3 Total lease payments 124.7 16.9 141.6 Future tenant improvement allowances (14.1) — (14.1) Imputed lease interest (32.0) (7.1) (39.1) Total lease liabilities $78.6 $9.8 $88.4

Financial Statement Details (Ta

Financial Statement Details (Tables)	9 Months Ended
	Mar. 26, 2023
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) March 26, 2023 June 26, 2022 Billed trade receivables $161.0 $148.0 Unbilled contract receivables 2.8 2.7 Royalties 0.9 0.7 164.7 151.4 Allowance for bad debts (0.7) (1.2) Accounts receivable, net $164.0 $150.2
Schedule of Allowance for Bad Debts	Changes in the Company’s allowance for bad debts were as follows: (in millions of U.S. Dollars) March 26, 2023 Balance at beginning of period $1.2 Current period provision change (0.5) Write-offs, net of recoveries — Balance at end of period $0.7
Schedule of Inventories	Inventories consisted of the following: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Raw material $87.3 $60.2 Work-in-progress 172.9 135.9 Finished goods 28.7 30.9 Inventories $288.9 $227.0
Schedule of Other Current Assets	Other current assets consisted of the following: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Reimbursement receivable on long-term incentive agreement $86.9 $132.5 Accrued interest receivable 12.0 5.9 Inventory related to Wafer Supply Agreement 4.0 3.9 VAT receivables 3.3 0.2 Receivable on Wafer Supply Agreement 2.0 2.7 Other receivables 1.6 2.2 Deferred product costs 0.4 2.5 Other 1.8 1.5 Other current assets $112.0 $151.4
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Accounts payable, trade $45.3 $57.8 Accrued salaries and wages 71.4 80.6 Accrued property and equipment 306.0 132.1 Accrued expenses and other 99.5 37.2 Accounts payable and accrued expenses $522.2 $307.7
Schedule of Other Operating Expense	Other operating expense consisted of the following: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Factory start-up costs 44.7 21.4 120.7 41.0 Project, transformation and transaction costs 3.9 1.2 11.4 5.3 Factory optimization restructuring (1) — 0.8 — 5.5 Severance costs 0.5 0.5 2.0 0.5 Other operating expense $49.1 $23.9 $134.1 $52.3 (1) Factory optimization restructuring costs relate to the Company's multi-year factory optimization restructuring plan, which was implemented in connection with the Company's expansion activities between fiscal 2019 and fiscal 2022. As part of the factory optimization restructuring plan, the Company incurred restructuring charges associated with the movement of equipment as well as disposals on certain long-lived assets. The factory optimization restructuring plan concluded in fiscal 2022.
Schedule of Non-Operating (Income) Expense, Net	The following table summarizes the components of non-operating (income) expense, net: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Interest income (22.2) (2.8) (38.1) (7.8) Interest expense, net of capitalized interest 14.1 5.1 26.7 17.1 Gain on arbitration proceedings (1) — — (50.3) — Loss on debt extinguishment (2) — — — 24.8 Loss on Wafer Supply Agreement 4.8 0.5 7.3 1.4 Loss on early payment of transaction-related note receivable (3) — 1.2 — 1.2 Gain on sale of investments, net — — — (0.3) Other, net 0.4 (0.2) 1.0 (0.7) Non-operating (income) expense, net ($2.9) $3.8 ($53.4) $35.7 (1) In the first quarter of fiscal 2023, the Company received an arbitration award in relation to a former customer failing to fulfill contractual obligations to purchase a certain amount of product over a period of time. In the second quarter of fiscal 2023, a final payment, net of legal fees, was received. The arbitration award is recognized as non-operating income, net of legal fees incurred. (2) As discussed further in Note 9, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 2023 Notes (as defined below) were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash. (3) As discussed further in Note 2, "Discontinued Operations," in the third quarter of fiscal 2022, the Company recognized a loss of $1.2 million related to the early payment of the Purchase Price Note.
Schedule of Noncash Operating Activities	Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 Lease asset and liability additions $26.7 $6.3 Lease asset and liability modifications, net 0.5 3.3 Lease terminations — (0.2) Settlement of 2023 Notes in shares of common stock (1) — 416.1 Decrease in property, plant and equipment from investment tax credit receivables 106.0 — Decrease in property, plant and equipment from long-term incentive related receivables 85.2 137.3 (1) As discussed further in Note 9, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 2023 Notes were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Mar. 26, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-term Investments by Type	Short-term investments consisted of the following (in millions of U.S. Dollars): March 26, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Corporate bonds $612.8 $0.1 ($16.7) $— $596.2 U.S. treasury securities 299.0 0.4 (0.8) — 298.6 Certificates of deposit 203.5 — — — 203.5 Municipal bonds 191.3 0.1 (3.8) — 187.6 U.S. agency securities 76.9 0.1 (0.1) — 76.9 Variable rate demand notes 55.6 — — — 55.6 Commercial paper 34.7 — — — 34.7 Total short-term investments $1,473.8 $0.7 ($21.4) $— $1,453.1 June 26, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Corporate bonds $465.8 $— ($17.8) $— $448.0 Municipal bonds 166.5 0.1 (4.4) — 162.2 U.S. treasury securities 66.5 — (0.7) — 65.8 Variable rate demand notes 69.4 — — — 69.4 U.S. agency securities 4.0 — (0.1) — 3.9 Total short-term investments $772.2 $0.1 ($23.0) $— $749.3 All short-term investments are classified as available-for-sale. The Company did not have any long-term investments as of March 26, 2023 and June 26, 2022.
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 (in millions of U.S. Dollars): March 26, 2023 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $176.5 ($0.5) $352.4 ($16.3) $528.9 ($16.8) Municipal bonds 22.1 (0.1) 112.4 (3.7) 134.5 (3.8) U.S. treasury securities 54.6 — 31.2 (0.7) 85.8 (0.7) U.S. agency securities 26.5 — 1.9 (0.1) 28.4 (0.1) Total $279.7 ($0.6) $497.9 ($20.8) $777.6 ($21.4) Number of securities with an unrealized loss 67 262 329 June 26, 2022 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $431.1 ($17.4) $8.3 ($0.4) $439.4 ($17.8) Municipal bonds 150.0 (4.4) 1.0 — 151.0 (4.4) U.S. treasury securities 65.8 (0.7) — — 65.8 (0.7) U.S. agency securities 3.9 (0.1) — — 3.9 (0.1) Total $650.8 ($22.6) $9.3 ($0.4) $660.1 ($23.0) Number of securities with an unrealized loss 346 5 351
Schedule of Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of March 26, 2023 were as follows: (in millions of U.S. Dollars) Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Corporate bonds $356.5 $239.7 $— $— $596.2 U.S. treasury securities 249.1 49.5 — — 298.6 Certificates of deposit 203.5 — — — 203.5 Municipal bonds 88.9 96.3 — 2.4 187.6 U.S. agency securities 56.9 20.0 — — 76.9 Variable rate demand notes — — 14.7 40.9 55.6 Commercial paper 34.7 — — — 34.7 Total short-term investments $989.6 $405.5 $14.7 $43.3 $1,453.1

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Mar. 26, 2023
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: March 26, 2023 June 26, 2022 (in millions of U.S. Dollars) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $208.3 $— $208.3 $115.9 $— $115.9 U.S. treasury securities 144.6 — 144.6 69.0 — 69.0 Commercial paper — 12.4 12.4 — 59.4 59.4 Total cash equivalents 352.9 12.4 365.3 184.9 59.4 244.3 Short-term investments: Corporate bonds — 596.2 596.2 — 448.0 448.0 U.S. treasury securities 298.6 — 298.6 65.8 — 65.8 Certificates of deposit — 203.5 203.5 — — — Municipal bonds — 187.6 187.6 — 162.2 162.2 U.S. agency securities — 76.9 76.9 — 3.9 3.9 Variable rate demand notes — 55.6 55.6 — 69.4 69.4 Commercial paper — 34.7 34.7 — — — Total short-term investments 298.6 1,154.5 1,453.1 65.8 683.5 749.3 Total cash equivalents and short-term investments $651.5 $1,166.9 $1,818.4 $250.7 $742.9 $993.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 26, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Intangible Assets	The following table presents the components of intangible assets, net: March 26, 2023 June 26, 2022 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $96.8 ($35.8) $61.0 $96.8 ($31.2) $65.6 Developed technology 68.0 (37.3) 30.7 68.0 (33.6) 34.4 Non-compete agreements 12.2 (12.2) — 12.2 (12.2) — Acquisition related intangible assets 177.0 (85.3) 91.7 177.0 (77.0) 100.0 Patent and licensing rights 63.4 (37.1) 26.3 65.5 (40.1) 25.4 Total intangible assets $240.4 ($122.4) $118.0 $242.5 ($117.1) $125.4
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 25, 2023 (remainder of fiscal 2023) $2.7 $1.2 $3.9 June 30, 2024 10.4 4.2 14.6 June 29, 2025 10.4 3.3 13.7 June 28, 2026 9.3 2.5 11.8 June 27, 2027 9.3 2.0 11.3 Thereafter 49.6 13.1 62.7 Total future amortization expense $91.7 $26.3 $118.0

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Mar. 26, 2023
Debt Disclosure [Abstract]
Schedule of Liability and Equity Components of Long-term Debt	The net carrying amount of the liability component of the Outstanding Notes is as follows: (in millions of U.S. Dollars) March 26, 2023 June 26, 2022 Principal $3,075.0 $1,325.0 Unamortized discount and issuance costs (51.7) (303.4) Net carrying amount $3,023.3 $1,021.6 The net carrying amount of the equity component of the Outstanding Notes is as follows: (in millions of U.S. Dollars) March 26, 2023 (1) June 26, 2022 Discount related to value of conversion option $— $341.1 Debt issuance costs — (8.1) Net carrying amount $— $333.0 (1) As discussed above, the equity components of the 2026 Notes and 2028 Notes were eliminated upon adoption of ASU 2020-06 on June 27, 2022, the first day of fiscal 2023.
Schedule of Interest Expense	The interest expense, net recognized related to the Outstanding Notes is as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Interest expense, net of capitalized interest $11.0 $0.2 $19.7 $2.1 Amortization of discount and debt issuance costs, net of capitalized interest 2.3 3.9 5.2 12.9 Total interest expense, net $13.3 $4.1 $24.9 $15.0

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Mar. 26, 2023
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 Nine months ended (in millions of U.S. Dollars, except share data) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Net loss ($99.5) ($66.5) ($216.6) ($233.3) Weighted average shares - basic and diluted (in thousands) 124,439 123,597 124,273 118,917 Loss per share - basic and diluted ($0.80) ($0.54) ($1.74) ($1.96)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 26, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Awards Outstanding	A summary of stock option awards outstanding as of March 26, 2023 and changes during the nine months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 26, 2022 69 $25.12 Granted — $— Exercised (36) $25.54 Forfeited or expired (2) $27.09 Outstanding at March 26, 2023 31 $24.52
Schedule of Nonvested Restricted Stock Awards and Restricted Stock Unit Awards Outstanding	A summary of nonvested restricted stock unit awards (RSUs) outstanding as of March 26, 2023 and changes during the nine months then ended is as follows: (unit awards in thousands) Number of RSUs Weighted Average Grant-Date Fair Value Nonvested at June 26, 2022 1,894 $75.67 Granted 1,375 $87.57 Vested (649) $67.15 Forfeited (209) $77.72 Nonvested at March 26, 2023 2,411 $84.57
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 Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 27, 2022 March 26, 2023 March 27, 2022 Cost of revenue, net $5.8 $4.2 $17.7 $11.5 Research and development 3.4 2.3 12.0 7.3 Sales, general and administrative 10.4 8.7 33.1 26.4 Total stock-based compensation expense $19.6 $15.2 $62.8 $45.2

Basis of Presentation and New_3

Basis of Presentation and New Accounting Standards - Narrative (Details) - USD ($) $ in Millions	Mar. 26, 2023	Dec. 25, 2022	Sep. 25, 2022	Jun. 27, 2022	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021	Sep. 26, 2021	Jun. 27, 2021
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity	$ (1,706.8)	$ (1,780.2)	$ (2,109.6)		$ (2,439.3)	$ (2,390.4)	$ (2,378.9)	$ (2,039.4)	$ (2,116.5)
Convertible notes, net	3,023.3				1,021.6
Property and equipment, net	(1,904)				(1,481.1)
Additional Paid-in Capital
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity	(3,680.6)	(3,660)	(3,902.2)		(4,228.4)	(4,204.6)	(4,110.3)	(3,670.6)	(3,676.8)
Accumulated Deficit
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity	$ 1,950.9	$ 1,851.4	$ 1,760.5		1,764	$ 1,796.4	$ 1,729.9	$ 1,633.2	$ 1,563.1
Cumulative Effect, Period of Adoption, Adjustment
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity					303.3
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity					333
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity					(29.7)
Cumulative Effect, Period of Adoption, Adjustment | Adoption of ASU 2020-06
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Convertible notes, net				$ 277.9
Property and equipment, net				$ 25.4
Cumulative Effect, Period of Adoption, Adjustment | Adoption of ASU 2020-06 | Additional Paid-in Capital
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity					333
Cumulative Effect, Period of Adoption, Adjustment | Adoption of ASU 2020-06 | Accumulated Deficit
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Shareholders’ equity					$ 29.7

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 01, 2021	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022	Sep. 25, 2022
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
Proceeds from sale of business resulting from the receipt of transaction related note receivable				$ 101,800,000	125,000,000
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
Potential earn-out payment						$ 101,800,000
Loss on sale					29,100,000
Proceeds from sale of business resulting from the receipt of transaction related note receivable			$ 125,000,000
Supply agreement liability	31,000,000	$ 0		0
Other assets		2,000,000		2,000,000
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		600,000	900,000	2,400,000	2,700,000
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				0
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		$ 1,500,000	$ 2,100,000	5,200,000	$ 7,400,000
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				$ 500,000

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 26, 2023	Mar. 26, 2023	Jun. 26, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 72,300,000	$ 72,300,000	$ 47,800,000
Revenue recognized during period	$ 0	$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 228.7	$ 188	$ 686.1	$ 517.7
Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	228.7	188	686.1	517.7
Europe | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 73.2	$ 63.2	$ 212.5	$ 183
% of Revenue	32%	33.60%	31%	35.30%
China | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 63.7	$ 50.4	$ 181.7	$ 143
% of Revenue	27.90%	26.80%	26.50%	27.60%
Asia Pacific (excluding China) | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 51.1	$ 30.7	$ 145	$ 88.6
% of Revenue	22.30%	16.30%	21.10%	17.10%
United States | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 39.8	$ 42.4	$ 143.5	$ 101.1
% of Revenue	17.40%	22.60%	20.90%	19.50%
Other | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 0.9	$ 1.3	$ 3.4	$ 2
% of Revenue	0.40%	0.70%	0.50%	0.40%

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023 USD ($) ft²	Mar. 27, 2022 USD ($)	Mar. 26, 2023 USD ($) ft²	Mar. 27, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 2.7	$ 1.8	$ 7.4	$ 6.6
Finance lease amortization	0.2	0.2	0.6	0.9
Interest expense on finance leases (less than)	$ 0.1	0.1	$ 0.2	0.2
Area of property in lease agreement (square feet) | ft²	58		58
Lease income per year	$ 3.6		$ 3.6
Operating lease, term of contract	24 months		24 months
Lease income	$ 0.6	$ 0.9	$ 2.4	$ 2.7
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)	49 years		49 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Operating Leases:
Right-of-use asset	$ 70	$ 48.5
Current lease liability	5.7	4.6
Non-current lease liability	72.9	43.6
Total operating lease liabilities	78.6	48.2
Finance Leases:
Finance lease assets	9.8	10.3
Current portion of finance lease liabilities	0.5	0.5
Finance lease liabilities, less current portion	9.3	9.6
Total finance lease liabilities	$ 9.8	$ 10.1
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	9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Cash (used in) provided by operating activities:
Cash paid for operating leases	$ (4.7)	$ (5.8)
Cash received from tenant improvement allowance on operating lease	7.4	0
Cash paid for interest portion of financing leases	(0.2)	(0.2)
Cash used in financing activities:
Cash paid for principal portion of finance leases	$ (0.4)	$ (0.4)

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Operating Leases
June 25, 2023 (remainder of fiscal 2023)	$ 1.8
June 30, 2024	10.3
June 29, 2025	11.1
June 28, 2026	10.8
June 27, 2027	9.5
Thereafter	81.2
Total lease payments	124.7
Future tenant improvement allowances	(14.1)
Imputed lease interest	(32)
Total lease liabilities	78.6	$ 48.2
Finance Leases
June 25, 2023 (remainder of fiscal 2023)	0.3
June 30, 2024	0.7
June 29, 2025	0.7
June 28, 2026	0.7
June 27, 2027	0.4
Thereafter	14.1
Total lease payments	16.9
Future tenant improvement allowances	0
Imputed lease interest	(7.1)
Total lease liabilities	9.8	$ 10.1
Total
June 25, 2023 (remainder of fiscal 2023)	2.1
June 30, 2024	11
June 29, 2025	11.8
June 28, 2026	11.5
June 27, 2027	9.9
Thereafter	95.3
Total lease payments	141.6
Future tenant improvement allowances	(14.1)
Imputed lease interest	(39.1)
Total lease liabilities	$ 88.4

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	9 Months Ended
	Mar. 26, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term of operating leases (in months)	146 months
Weighted average remaining lease term of finance leases (in months)	470 months
Weighted average discount rate of operating leases (as a percent)	4.62%
Weighted average discount rate of finance leases (as a percent)	2.69%
Weighted average remaining lease term of finance leases excluding 49-year ground lease (in months)	42 months
Weighted average discount rate of finance leases excluding 49-year ground lease (as a percent)	3.55%
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)	49 years

Financial Statement Details - A

Financial Statement Details - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 164.7	$ 151.4
Allowance for bad debts	(0.7)	(1.2)
Accounts receivable, net	164	150.2
Royalties
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	0.9	0.7
Billed trade receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	161	148
Unbilled contract receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 2.8	$ 2.7

Financial Statement Details -_2

Financial Statement Details - Allowance for Bad Debts (Details) $ in Millions	9 Months Ended
	Mar. 26, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 1.2
Balance at end of period	0.7
SEC Schedule, 12-09, Allowance, Notes Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1.2
Current period provision change	(0.5)
Write-offs, net of recoveries	0
Balance at end of period	$ 0.7

Financial Statement Details - I

Financial Statement Details - Inventories (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Inventory, Net [Abstract]
Raw material	$ 87.3	$ 60.2
Work-in-progress	172.9	135.9
Finished goods	28.7	30.9
Inventories	$ 288.9	$ 227

Financial Statement Details - O

Financial Statement Details - Other Current Assets (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reimbursement receivable on long-term incentive agreement	$ 86.9	$ 132.5
Accrued interest receivable	12	5.9
Inventory related to Wafer Supply Agreement	4	3.9
VAT receivables	3.3	0.2
Receivable on Wafer Supply Agreement	2	2.7
Other receivables	1.6	2.2
Deferred product costs	0.4	2.5
Other	1.8	1.5
Other current assets	$ 112	$ 151.4

Financial Statement Details -_3

Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable, trade	$ 45.3	$ 57.8
Accrued salaries and wages	71.4	80.6
Accrued property and equipment	306	132.1
Accrued expenses and other	99.5	37.2
Accounts payable and accrued expenses	$ 522.2	$ 307.7

Financial Statement Details -_4

Financial Statement Details - Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Factory start-up costs	$ 44.7	$ 21.4	$ 120.7	$ 41
Project, transformation and transaction costs	3.9	1.2	11.4	5.3
Restructuring Charges	0	0.8	0	5.5
Severance costs	0.5	0.5	2	0.5
Other operating expense	$ 49.1	$ 23.9	$ 134.1	$ 52.3

Financial Statement Details -_5

Financial Statement Details - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net unrealized gain on available-for-sale securities	$ (23.1)		$ (25.3)
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		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating Income (Expense)	$ 2.9	$ (3.8)	$ 53.4	$ (35.7)
Accrued property and equipment			306	88.3
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating Income (Expense)				$ 0.3
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | Maximum
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating Income (Expense)	$ 0.1		$ 0.1

Financial Statement Details -_6

Financial Statement Details - Non-Operating Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ (22.2)	$ (2.8)	$ (38.1)	$ (7.8)
Interest expense, net of capitalized interest	14.1	5.1	26.7	17.1
Gain on arbitration proceedings	0	0	(50.3)	0
Loss on extinguishment of debt	0	0	0	24.8
Loss on Wafer Supply Agreement	4.8	0.5	7.3	1.4
Loss on early payment of transaction-related note receivable	0	1.2	0	1.2
Gain on sale of investments, net	0	0	0	(0.3)
Other, net	0.4	(0.2)	1	(0.7)
Non-operating (income) expense, net	$ (2.9)	$ 3.8	$ (53.4)	$ 35.7

Financial Statement Details -_7

Financial Statement Details - Non-cash Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Statements of Cash Flows - non-cash activities
Lease asset and liability additions	$ 26.7	$ 6.3
Lease asset and liability modifications, net	0.5	3.3
Lease terminations	0	(0.2)
Settlement of 2023 Notes in shares of common stock	0	416.1
Decrease in property, plant and equipment from investment tax credit receivables	106	0
Decrease in property, plant and equipment from long-term incentive related receivables	$ 85.2	$ 137.3

Investments - Short-term Invest

Investments - Short-term Investments by Type (Details) - USD ($)	Mar. 26, 2023	Jun. 26, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,473,800,000	$ 772,200,000
Gross Unrealized Gains	700,000	100,000
Gross Unrealized Losses	(21,400,000)	(23,000,000)
Credit Loss Allowance	0	0
Estimated Fair Value	1,453,100,000	749,300,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	612,800,000	465,800,000
Gross Unrealized Gains	100,000	0
Gross Unrealized Losses	(16,700,000)	(17,800,000)
Credit Loss Allowance	0	0
Estimated Fair Value	596,200,000	448,000,000
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	299,000,000	66,500,000
Gross Unrealized Gains	400,000	0
Gross Unrealized Losses	(800,000)	(700,000)
Credit Loss Allowance	0	0
Estimated Fair Value	298,600,000	65,800,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	203,500,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Credit Loss Allowance	0
Estimated Fair Value	203,500,000
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	191,300,000	166,500,000
Gross Unrealized Gains	100,000	100,000
Gross Unrealized Losses	(3,800,000)	(4,400,000)
Credit Loss Allowance	0	0
Estimated Fair Value	187,600,000	162,200,000
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	76,900,000	4,000,000
Gross Unrealized Gains	100,000	0
Gross Unrealized Losses	(100,000)	(100,000)
Credit Loss Allowance	0	0
Estimated Fair Value	76,900,000	3,900,000
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,600,000	69,400,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	55,600,000	$ 69,400,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	34,700,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Credit Loss Allowance	0
Estimated Fair Value	$ 34,700,000

Investments - Investment Securi

Investments - Investment Securities, Aggregated by Investment Type and Length of Time (Details) $ in Millions	Mar. 26, 2023 USD ($) security	Jun. 26, 2022 USD ($) security
Fair Value
Less than 12 Months	$ 279.7	$ 650.8
Greater than 12 Months	497.9	9.3
Total	777.6	660.1
Unrealized Loss
Less than 12 Months	(0.6)	(22.6)
Greater than 12 Months	(20.8)	(0.4)
Total	$ (21.4)	$ (23)
Number of securities with an unrealized loss
Less than 12 Months | security	67	346
Greater than 12 Months | security	262	5
Total | security	329	351
Corporate bonds
Fair Value
Less than 12 Months	$ 176.5	$ 431.1
Greater than 12 Months	352.4	8.3
Total	528.9	439.4
Unrealized Loss
Less than 12 Months	(0.5)	(17.4)
Greater than 12 Months	(16.3)	(0.4)
Total	(16.8)	(17.8)
Municipal bonds
Fair Value
Less than 12 Months	22.1	150
Greater than 12 Months	112.4	1
Total	134.5	151
Unrealized Loss
Less than 12 Months	(0.1)	(4.4)
Greater than 12 Months	(3.7)	0
Total	(3.8)	(4.4)
U.S. treasury securities
Fair Value
Less than 12 Months	54.6	65.8
Greater than 12 Months	31.2	0
Total	85.8	65.8
Unrealized Loss
Less than 12 Months	0	(0.7)
Greater than 12 Months	(0.7)	0
Total	(0.7)	(0.7)
U.S. agency securities
Fair Value
Less than 12 Months	26.5	3.9
Greater than 12 Months	1.9	0
Total	28.4	3.9
Unrealized Loss
Less than 12 Months	0	(0.1)
Greater than 12 Months	(0.1)	0
Total	$ (0.1)	$ (0.1)

Investments - Narrative (Detail

Investments - Narrative (Details)	Mar. 26, 2023 USD ($) security	Jun. 26, 2022 USD ($) security
Net Investment Income [Line Items]
Number of instruments in loss position | security	67	346
Fair value of instruments in loss position	$ 279,700,000	$ 650,800,000
Unrealized loss	600,000	22,600,000
Accrued interest receivable	12,000,000	5,900,000
Credit Loss Allowance	$ 0	$ 0
Cash and Cash Equivalents
Net Investment Income [Line Items]
Number of instruments in loss position | security	1	6
Fair value of instruments in loss position	$ 14,800,000	$ 69,000,000
Unrealized loss	$ 100,000	$ 100,000

Investments - Contractual Matur

Investments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Debt Securities, Available-for-sale [Line Items]
Within One Year	$ 989.6
After One, Within Five Years	405.5
After Five, Within Ten Years	14.7
After Ten Years	43.3
Total	1,453.1	$ 749.3
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	356.5
After One, Within Five Years	239.7
After Five, Within Ten Years	0
After Ten Years	0
Total	596.2	448
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	249.1
After One, Within Five Years	49.5
After Five, Within Ten Years	0
After Ten Years	0
Total	298.6	65.8
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within One Year	203.5
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	203.5	0
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	88.9
After One, Within Five Years	96.3
After Five, Within Ten Years	0
After Ten Years	2.4
Total	187.6	162.2
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	56.9
After One, Within Five Years	20
After Five, Within Ten Years	0
After Ten Years	0
Total	76.9	3.9
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	14.7
After Ten Years	40.9
Total	55.6	$ 69.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within One Year	34.7
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	$ 34.7

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 365.3	$ 244.3
Total short-term investments	1,453.1	749.3
Total cash equivalents and short-term investments	1,818.4	993.6
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	596.2	448
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	298.6	65.8
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	203.5	0
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	187.6	162.2
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	76.9	3.9
Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	55.6	69.4
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	34.7	0
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	208.3	115.9
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	144.6	69
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	12.4	59.4
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	352.9	184.9
Total short-term investments	298.6	65.8
Total cash equivalents and short-term investments	651.5	250.7
Level 1 | Corporate bonds
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	298.6	65.8
Level 1 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Municipal 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 | Variable rate demand notes
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 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	208.3	115.9
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	144.6	69
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	12.4	59.4
Total short-term investments	1,154.5	683.5
Total cash equivalents and short-term investments	1,166.9	742.9
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	596.2	448
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	203.5	0
Level 2 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	187.6	162.2
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	76.9	3.9
Level 2 | Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	55.6	69.4
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	34.7	0
Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 12.4	$ 59.4

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Finite-Lived Intangible Assets [Line Items]
Changes in goodwill			$ 0
Amortization of acquisition-related intangibles	$ 2,600,000	$ 3,400,000	8,300,000	$ 10,600,000
Patent and licensing rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,200,000	$ 1,300,000	$ 3,700,000	$ 4,100,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 240.4	$ 242.5
Accumulated Amortization	(122.4)	(117.1)
Total future amortization expense	118	125.4
Acquisition related intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	177	177
Accumulated Amortization	(85.3)	(77)
Total future amortization expense	91.7	100
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	96.8	96.8
Accumulated Amortization	(35.8)	(31.2)
Total future amortization expense	61	65.6
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	68	68
Accumulated Amortization	(37.3)	(33.6)
Total future amortization expense	30.7	34.4
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	12.2	12.2
Accumulated Amortization	(12.2)	(12.2)
Total future amortization expense	0	0
Patent and licensing rights
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	63.4	65.5
Accumulated Amortization	(37.1)	(40.1)
Total future amortization expense	$ 26.3	$ 25.4

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 26, 2023	Jun. 26, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
June 25, 2023 (remainder of fiscal 2023)	$ 3.9
June 30, 2024	14.6
June 29, 2025	13.7
June 28, 2026	11.8
June 27, 2027	11.3
Thereafter	62.7
Total future amortization expense	118	$ 125.4
Acquisition Related Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
June 25, 2023 (remainder of fiscal 2023)	2.7
June 30, 2024	10.4
June 29, 2025	10.4
June 28, 2026	9.3
June 27, 2027	9.3
Thereafter	49.6
Total future amortization expense	91.7	100
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
June 25, 2023 (remainder of fiscal 2023)	1.2
June 30, 2024	4.2
June 29, 2025	3.3
June 28, 2026	2.5
June 27, 2027	2
Thereafter	13.1
Total future amortization expense	$ 26.3	$ 25.4

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)					1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 21, 2022 USD ($) day $ / shares	Feb. 03, 2022 USD ($) day $ / shares	Apr. 21, 2020 USD ($) day $ / shares	Aug. 24, 2018 USD ($) shares	Apr. 30, 2020 USD ($)	Mar. 26, 2023 USD ($)	Mar. 27, 2022 USD ($)	Jun. 28, 2020 USD ($)	Mar. 26, 2023 USD ($) day	Mar. 27, 2022 USD ($)	Nov. 16, 2022 $ / shares	Jun. 26, 2022 USD ($)	Jan. 31, 2022 $ / shares	Dec. 08, 2021 USD ($)
Debt Instrument [Line Items]
Repurchase of aggregate principal amount of debt instrument									$ 400,000	$ 20,400,000
Cash paid for capped call transactions									273,900,000	108,200,000
Cap price (in USD per share) | $ / shares											$ 202.538		$ 212.04
Capped call premium (as a percent)											130%		125%
Loss on extinguishment of debt						$ 0	$ 0		0	(24,800,000)
Convertible Notes
Debt Instrument [Line Items]
Carrying amount of equity component of convertible debt						0			0			$ 333,000,000
Interest expense capitalized						200,000	2,400,000		200,000	7,300,000
Discount and issuance costs capitalized						100,000	$ 5,900,000		$ 100,000	$ 17,100,000
Convertible Notes | Conversion Circumstance One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger (as a percent)									130%
Threshold trading days | day									20
Threshold consecutive trading days | day									30
Convertible Notes | Level 2
Debt Instrument [Line Items]
Fair value of debt instrument						3,000,000,000			$ 3,000,000,000
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
Repurchase of aggregate principal amount of debt instrument					$ 150,200,000
Conversion rate (shares) | shares				7,100,000
Debt conversion, converted amount				$ 788,000,000
Decrease in accrued interest from repurchase of debt					200,000
Carrying amount of equity component of convertible debt						110,600,000			110,600,000
Decrease in carrying amount of equity component of convertible debt								$ 27,700,000
Fair value of debt instrument														$ 416,100,000
Debt extinguishment														$ 24,700,000
Loss on extinguishment of debt						(24,800,000)
Third party fees						100,000
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 price (USD per share) | $ / shares			$ 47.32
Scheduled trading days | day			40
Threshold percentage of stock price trigger (as a percent)			130%
Threshold trading days | day			20
Threshold consecutive trading days | day			30
Redemption price (as a percent)			100%
Period of reported sale price of common stock | day			5
Period of consecutive reported sale price of common stock | day			10
Percentage of product of last reported price (as a percent)			98%
Proceeds from Notes used to repurchase debt					$ 144,300,000
Carrying amount of equity component of convertible debt						145,400,000			145,400,000
Principal amount exceeded on if-converted debt									169,900,000
Convertible Notes | Convertible Notes Due 2028
Debt Instrument [Line Items]
Aggregate principal amount		$ 650,000,000
Stated interest rate (as a percent)		0.25%
Proceeds from issuance of long-term debt		$ 732,300,000
Conversion price (USD per share) | $ / shares		$ 127.22
Scheduled trading days | day		40
Threshold percentage of stock price trigger (as a percent)		130%
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Redemption price (as a percent)		100%
Period of reported sale price of common stock | day		5
Period of consecutive reported sale price of common stock | day		10
Percentage of product of last reported price (as a percent)		98%
Cash paid for capped call transactions		$ 108,200,000
Carrying amount of equity component of convertible debt						187,600,000			187,600,000
Convertible Notes | Convertible Notes Due 2028 | Underwriters
Debt Instrument [Line Items]
Aggregate principal amount		$ 100,000,000
Convertible Notes | Convertible Notes Due 2029
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,525,000,000
Stated interest rate (as a percent)	1.875%
Proceeds from issuance of long-term debt	$ 1,718,600,000
Conversion price (USD per share) | $ / shares	$ 118.88
Scheduled trading days | day	40
Threshold percentage of stock price trigger (as a percent)	130%
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Redemption price (as a percent)	100%
Period of reported sale price of common stock | day	5
Period of consecutive reported sale price of common stock | day	10
Percentage of product of last reported price (as a percent)	98%
Cash paid for capped call transactions	$ 273,900,000
Convertible Notes | Convertible Notes Due 2029 | Underwriters
Debt Instrument [Line Items]
Aggregate principal amount	$ 225,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 125,000,000			$ 125,000,000
Minimum required ratio of cash equivalents and marketable securities to outstanding loans and letters of credit obligations						1.25			1.25
Outstanding borrowings						$ 0			$ 0
Remaining borrowing capacity						$ 125,000,000			$ 125,000,000
Average interest rate (as a percent)									0%
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	Mar. 26, 2023	Jun. 26, 2022
Liability Component:
Principal	$ 3,075	$ 1,325
Unamortized discount and issuance costs	(51.7)	(303.4)
Net carrying amount	3,023.3	1,021.6
Equity Component:
Discount related to value of conversion option	0	341.1
Debt issuance costs	0	(8.1)
Net carrying amount	$ 0	$ 333

Long-term Debt - Interest Expen

Long-term Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Debt Instrument [Line Items]
Amortization of discount and debt issuance costs, net of capitalized interest			$ 5.2	$ 12.9
Convertible Notes
Debt Instrument [Line Items]
Interest expense, net of capitalized interest	$ 11	$ 0.2	19.7	2.1
Amortization of discount and debt issuance costs, net of capitalized interest	2.3	3.9	5.2	12.9
Total interest expense, net	$ 13.3	$ 4.1	$ 24.9	$ 15

Long-term Debt - Phantom (Detai

Long-term Debt - Phantom (Details)	Nov. 21, 2022	Feb. 03, 2022	Dec. 24, 2021	Dec. 08, 2021	Apr. 21, 2020
Convertible Notes due September 1, 2023
Debt Instrument [Line Items]
Conversion ratio (as a percent)				1.00272222
Convertible Notes due September 1, 2023 | Convertible Notes
Debt Instrument [Line Items]
Conversion rate			16.6745
Convertible Notes due May 1, 2026 | Convertible Notes
Debt Instrument [Line Items]
Conversion ratio (as a percent)					0.0211346
Convertible Notes Due 2028 | Convertible Notes
Debt Instrument [Line Items]
Conversion ratio (as a percent)		0.0078602
Convertible Notes Due 2029 | Convertible Notes
Debt Instrument [Line Items]
Conversion ratio (as a percent)	0.0084118

Loss Per Share - Summary (Detai

Loss Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended						9 Months Ended
	Mar. 26, 2023	Dec. 25, 2022	Sep. 25, 2022	Mar. 27, 2022	Dec. 26, 2021	Sep. 26, 2021	Mar. 26, 2023	Mar. 27, 2022
Earnings Per Share [Abstract]
Net loss	$ (99.5)	$ (90.9)	$ (26.2)	$ (66.5)	$ (96.7)	$ (70.1)	$ (216.6)	$ (233.3)
Weighted average shares - basic (shares)	124,439			123,597			124,273	118,917
Weighted average shares - diluted (shares)	124,439			123,597			124,273	118,917
Net loss attributable to controlling interest, basic (USD per share)	$ (0.80)			$ (0.54)			$ (1.74)	$ (1.96)
Net loss attributable to controlling interest, diluted (USD per share)	$ (0.80)			$ (0.54)			$ (1.74)	$ (1.96)

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (shares)	2.9	2.3	2.9	2.4

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	9 Months Ended
	Mar. 26, 2023 stockPurchase compensationPlan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans | compensationPlan	1
Duration of purchase period for ESPP (in months)	12 months
Duration of single purchase period for ESPP (in months)	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%
Employee stock plan purchase price of fair value (as a percent)	15%
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%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Awards Outstanding (Details) shares in Thousands	9 Months Ended
	Mar. 26, 2023 $ / shares shares
Number of Shares
Outstanding at beginning of period (shares) | shares	69
Granted (shares) | shares	0
Exercised (shares) | shares	(36)
Forfeited or expired (shares) | shares	(2)
Outstanding at end of period (shares) | shares	31
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share) | $ / shares	$ 25.12
Granted (USD per share) | $ / shares	0
Exercised (USD per share) | $ / shares	25.54
Forfeited or expired (USD per share) | $ / shares	27.09
Outstanding at end of period (USD per share) | $ / shares	$ 24.52

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	9 Months Ended
	Mar. 26, 2023 $ / shares shares
Number of RSUs
Nonvested at beginning of period (shares) | shares	1,894
Granted (shares) | shares	1,375
Vested (shares) | shares	(649)
Forfeited (shares) | shares	(209)
Nonvested at end of period (shares) | shares	2,411
Weighted Average Grant-Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 75.67
Granted (USD per share) | $ / shares	87.57
Vested (USD per share) | $ / shares	67.15
Forfeited (USD per share) | $ / shares	77.72
Nonvested at end of period (USD per share) | $ / shares	$ 84.57

Stock-Based Compensation - Tota

Stock-Based Compensation - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 26, 2023	Mar. 27, 2022
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 19.6	$ 15.2	$ 62.8	$ 45.2
Cost of revenue, net
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5.8	4.2	17.7	11.5
Research and development
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3.4	2.3	12	7.3
Sales, general and administrative
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 10.4	$ 8.7	$ 33.1	$ 26.4

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 26, 2023	Jun. 26, 2022
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Unrecognized tax benefits	$ 7	$ 7.2
Increase (decrease) in unrecognized tax benefits during the period	0.2
Estimated change in gross unrecognized tax benefits	$ 1.5

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended		9 Months Ended
	Mar. 26, 2023 USD ($)	Jun. 28, 2020 endowedFacultyChair	Mar. 26, 2023 USD ($)	Mar. 27, 2022 USD ($)
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	$ 370,300,000
Reimbursement of property and equipment purchases from long-term incentive agreement	280,700,000		$ 131,000,000	$ 83,500,000
Reimbursement of property and equipment purchases from long-term incentive agreement, receivables	89,600,000
Purchase commitment, amount committed	$ 200,000,000		200,000,000
Purchase commitment, term	5 years
Current purchases under agreement	$ 3,500,000		3,500,000
Product purchases year one	9,900,000		9,900,000
Product purchases year two	26,800,000		26,800,000
Product purchases year three	36,000,000		36,000,000
Product purchases year four	50,100,000		50,100,000
Product purchases after year four	73,700,000		73,700,000
Capacity reserve deposit	60,000,000		60,000,000
Capacity reserve payment	5,500,000
Minimum
Loss Contingencies [Line Items]
Annual cost of GDA			2,700,000
Maximum
Loss Contingencies [Line Items]
Potential total grant amount of GDA	$ 500,000,000		500,000,000
Annual cost of GDA			$ 5,200,000